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.
01 September 2011
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!