From doctorhousingbubble.com USA: "The never ending pipeline of shadow inventory – 1,800,000 homes in foreclosure while another 2,000,000 are underwater by 50 percent. No housing recovery without clearing out shadow inventory and expanding real household wages."
I heard the SA banks are sitting on a depressing list of homes they actually want to bring on the market, but are afraid to do so as this would crash the market with 50%. So rather kick the can down the road and wait till Jezus returns to earth with a pot of gold.
Just came from a weekend up the West Coast. What a genuine sad state the Shelly Point, Britannia Bay, and St Helena Bay areas are. Those poor towns were roped into the hype of the property boom and developers snatched huge plots up, walled them all off, subdivided them, and built roads and municiple services. Now they are empty. Most didn't even get to build houses on and the roads are falling apart. There are For Sale signs scattered all over and huge billboards promising 100% finance with no interest in the first 3 years. You can see that even the walled off plots are not maintained, the developers not even have the cash to maintain a wall, and the council certainly can't maintain the roads. It's lost all romantic west coast appeal if it ever had any. Many towns up the coast like Paternoster and Elands Bay escaped with only a couple of deserted beachfront mansions. Others however have died a sad death, and are probably bankrupt. It's a good leasson learnt for those in charge of those places, and for those that fell for the hype.
On a side note, Atlancit Beach Golf Esate up on Melkbos has houses going for a song. A lot of stock on the market and growing daily. Somebody trying to offload before it crumbles?
And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth and to cut the Cape property market by 50% at the very least.
@ Anon 8.29am - what's your take on Langebaan? By the looks of it, not as rosy as what it used to be , but definitely not the same degree as Shelley Point etc??
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From doctorhousingbubble.com USA:
"The never ending pipeline of shadow inventory – 1,800,000 homes in foreclosure while another 2,000,000 are underwater by 50 percent. No housing recovery without clearing out shadow inventory and expanding real household wages."
I heard the SA banks are sitting on a depressing list of homes they actually want to bring on the market, but are afraid to do so as this would crash the market with 50%. So rather kick the can down the road and wait till Jezus returns to earth with a pot of gold.
Can anyone confirm this list? Numbers?
Just came from a weekend up the West Coast. What a genuine sad state the Shelly Point, Britannia Bay, and St Helena Bay areas are. Those poor towns were roped into the hype of the property boom and developers snatched huge plots up, walled them all off, subdivided them, and built roads and municiple services. Now they are empty. Most didn't even get to build houses on and the roads are falling apart. There are For Sale signs scattered all over and huge billboards promising 100% finance with no interest in the first 3 years. You can see that even the walled off plots are not maintained, the developers not even have the cash to maintain a wall, and the council certainly can't maintain the roads. It's lost all romantic west coast appeal if it ever had any. Many towns up the coast like Paternoster and Elands Bay escaped with only a couple of deserted beachfront mansions. Others however have died a sad death, and are probably bankrupt. It's a good leasson learnt for those in charge of those places, and for those that fell for the hype.
On a side note, Atlancit Beach Golf Esate up on Melkbos has houses going for a song. A lot of stock on the market and growing daily. Somebody trying to offload before it crumbles?
SELL BABY SELL!!!!!!!!!!!!!
THIS IS THE END!!!!!!!!!!!!
GET OUT WHILE YOU CAN!!!!!!!!!!
And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth and to cut the Cape property market by 50% at the very least.
Repent! I mean, SELL! SELL! SELL!
@ Anon 8.29am - what's your take on Langebaan? By the looks of it, not as rosy as what it used to be , but definitely not the same degree as Shelley Point etc??
Langebaan is also full of "For Sale" signs and has many empty plots in and around new estates, etc. At least that is how it looked in March.
Advertised prices still seemed unrealistically high the last time I checked.
L.S.
Great blog article about this topic, I have been lately in your blog once or twice now. I just wanted to say my thanks for the information provided here.
cottages for rent in quebec
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