“Willing Seller, Willing Buyer”: R9m Sea Point Fixer-Upper Finds Buyer Despite Online Mockery

[Grant]

A R9 million Sea Point home has sold despite being mocked as a fixer-upper. The four-bedroom Atlantic Seaboard house went viral this week after a video clip surfaced online.

The property is located in Sea Point, a prime area in Cape Town’s Atlantic Seaboard.
Social media users criticised the home after spotting damp patches and visible mould. According to a report by The South African, property agents later confirmed the sale went through at the original asking price.

According to a report by The South African, agents shared the update on social media. The update quickly drew even more reactions from surprised social media users. The identity of the property’s new owner has not been made public.

South Africans divided over pricey Sea Point fixer-upper sale

A R9 million Sea Point fixer-upper sold for its asking price, igniting debate over property values and buyer motivations amidst social media mockery.

briefly.co.za

 

[Grant]

behold - the majesty:

 

[ShaunSA]

Peasants arguing about what rich folk do

 

[Nerfherder]

It will take less than 1 mill to make that place worth 15 mil.

Just beware the current bubble.

 

[Rickster]

The mold on the shower ceiling, yuck.

 

[Grant]

It will take less than 1 mill to make that place worth 15 mil.

Just beware the current bubble.

indeed
that bubble has got to burst - i'm guessing within 24months

 

[Jet-Fighter7700]

they will sell a dog kennel for 20 million in sea point,
just a parking spot for a car costs 5 million.

completely overinflated prices

 

[HAL 9000]

Peasants arguing about what rich folk do

 

[Grant]

 

[theratman]

That doesn't seem too bad for 9 million tbh. Great location and looks fairly structurally sound. Needs a ton of work but could be a great spot. Renovation work in CPT is pricey though.

CPT market is mad too, and that madness has stretched out to the suburbs, where there is little supply, and you get into bidding wars to pay over asking in desirable areas.

 

[ToxicBunny]

R9m for that location seems like a steal if you ask me.

 

[PlanesTrainsAutomobiles]

that bubble has got to burst - i'm guessing within 24months

And how will that affect the property market in CPT?

 

[I.am.Sam]

View attachment 1923511

View attachment 1923512

no sea view

surrounded by 2 main roads

cars racing every sunday

cant swim

crazy pricing as usual

 

[I.am.Sam]

but people will buy it as the land is worth the 9m alone

 

[HumanShield]

The seller must've been some old couple that had the house since the 70s. Maybe renovated here and there, but pretty much kept everything the same.

 

[vigras rojara]

but people will buy it as the land is worth the 9m alone

Yup, I don't see the zoning mentioned in the article. In that area it may well not be just single residential.

 

[wingnut771]

The seller must've been some old couple that had the house since the 70s. Maybe renovated here and there, but pretty much kept everything the same.

And couldn’t afford the rates anymore.

 

[Kyle15]

Bargain, given the market the buyer will increase the value by R500k for every R100k he puts into that place.

 

[gogga_]

behold - the majesty:







View attachment 1923505

Yoh check that fridge out. Ancient.

 

[wingnut771]

Yoh check that fridge out. Ancient.

Still only uses 1.5kWh per day.