Mandela Rhodes Place Liquidated

When we first wrote about Mandela Rhodes Pace back in February 2007, it was literally underwater.

Then in July 2011 we heard that even though it had been completed years earlier it was still releasing unsold apartments onto the market.

And now, it's being liquidated with supposedly 62(!) unsold apartments hitting the market. If you bought into MRP and are trying to sell... my condolences.

Saturday Open Thread

It's the Saturday Open Thread!

Ugliest House in Cape Town on Auction!

Reader DM wrote in to tell us that the ugliest house in Cape Town, last seen on sale for 10 bar in April 2011, is now up for auction.

Just read this opening sentence: 'Buy the plot and get the house for free'. It's so ugly it's nearly worthless!

Sunday Open Thread

It's the Sunday Open Thread.

Folks I'm being absolutely smashed at work at the moment and there's a very good chance I'm going to be sent to Ol' Blighty for a month or so, so posting might be light till then...

Saturday Open Thread

It's the Saturday Open Thread!

Saturday Open Thread

It's the Saturday open thread!

Golf Estate Holiday Homes - A Match Made in Financial Hell

We know that when things turn south in the property market, holiday homes are usually the first to be offloaded at discount prices. And we also know that golf estates tend to be crap investments. So combine the two and what do you get? The Garden Route!

Property slump hits Garden Route golf estates

The property market slump has also taken the shine off the host of multimillion-rand golf estate developments on the Garden Route, a sector which less than 10 years ago was still being heralded as a major economic driver for the region.

This year alone the golf estates of Pinnacle Point in Mossel Bay and Le Grande in George have been on the receiving end of insolvency rulings, while property advertising suggests other Garden Route golf estates are under pressure.

Last week there were 26 properties for sale at the Oubaai golf estate outside George, with stands from R1 million to luxury houses listed for R10m up for grabs.

Pinnacle Point had 15 properties for sale, including a R14m luxury house, 53 properties were listed at Pezula in Knysnawhile 46 properties were on sale at Kingswood in George.