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

[wingnut771]

If it was rated on R9m, then around R5000 a month.

Eish! Daylight robbery!

 

[ForceFate]

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What's special about it? It's almost obscured by tall buildings. I'm a property novice (even that is a stretch).

 

[wbot]

Why is this even news? People buy outdated fixer uppers for a lot of money in prime locations all over the world all the time...

People who mocked the house and asking price made fools of themselves lol. The house will be fixed and sold for a fortune, no problem.

 

[Grant]

What are the rates? R9000 per month?

 

[LazyLion]

How about this one....

 

[wingnut771]

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Daylight robbery.

 

[wingnut771]

How about this one....

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Would like to see the approved plans for this one.

 

[Stinkbeaver]

How about this one....

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[Grant]

What's special about it? It's almost obscured by tall buildings. I'm a property novice (even that is a stretch).

it's zoning is GR5 - can be redeveloped into townhouses / apartment.
close to the beach

surrounded by very expensive properties -
1 bedroom flat around there (direct vicinity) would be about R4.8m minimum (rental about R25k pm),
2 bed flat at about R5.6m minimum (rental about R32k pm)

 

[Grant]

Daylight robbery.

CoCT is milking us furiously down here.
my teats are raw !

 

[ForceFate]

it's zoning is GR5 - can be redeveloped into townhouses / apartment.
close to the beach

surrounded by very expensive properties -
1 bedroom flat around there (direct vicinity) would be about R4.8m minimum (rental about R25k pm),
2 bed flat at about R5.6m minimum (rental about R32k pm)

Thank you.

That's the most expensive 500m² plot I've ever seen. Lol.

 

[Grant]

meanwhile in johannesburg

 

[ForceFate]

How about this one....

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Saw this last night. I was stunned into a nervous laugh.

 

[Jan van Riebeeckstad]

behold - the majesty:

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Ewww, who is the peasant trying to mingle with the rich folk?

 

[Grant]

Thank you.

That's the most expensive 500m² plot I've ever seen. Lol.

i'm guessing it will be redeveloped into a 3 floor apartment building.
each being sold at around R6.5m

property purchase = R9m
demolition and construction costs = R7m
total purchase & reconstruction cost = R16m

total sale value of 3 new apartments = R19.5m
minus costs of R16m = R3.5m winnings

 

[ForceFate]

i'm guessing it will be redeveloped into a 3 floor apartment building.
each being sold at around R6.5m

property purchase = R9m
demolition and construction costs = R7m
total purchase & reconstruction cost = R16m

total sale value of 3 new apartments = R19.5m
minus costs of R16m = R3.5m winnings

 

[Werner1975]

Proof that money can't buy intelligence.

 

[Nerfherder]

And how will that affect the property market in CPT?

We mean the property bubble.

Its always higher in CT but currently its exceptionally high... overdue for a correction.
It could just take a small thing like AirBnB legislation or rent control to completely turn it on its head.

 

[Nerfherder]

What's special about it? It's almost obscured by tall buildings. I'm a property novice (even that is a stretch).

Its probably one of the nicest places to live in the country. The tourists love it as well so you can get good rentals.

 

[Splinter]

Proof that money can't buy intelligence.

So the person who can afford R9m to buy that, and make even more money, is stupid?