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

Nerfherder said:
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.
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CoCT is never going to do that. As Grant mentioned in a previous post - 840 new units since 2023 in a small strip of land.

That's a shyte-load more rate's income. Plus likely tech-nomads etc. buying/renting them. Lots more money floating around CT.
 
Nerfherder said:
Its probably one of the nicest places to live in the country. The tourists love it as well so you can get good rentals.
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I grew up in Fresnaye......for alllll the money in the world, I'd never ever move back to the Atlantic Seaboard.... densely populated, traffic, going to the shops a nightmare.....I love the burbs now where we have space and it's quiet.
 
EMAM said:
I grew up in Fresnaye......for alllll the money in the world, I'd never ever move back to the Atlantic Seaboard.... densely populated, traffic, going to the shops a nightmare.....I love the burbs now where we have space and it's quiet.
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Me too (not growing up there) but I'm also not that demographic anymore.
 
Splinter said:
CoCT is never going to do that. As Grant mentioned in a previous post - 840 new units since 2023 in a small strip of land.

That's a shyte-load more rate's income. Plus likely tech-nomads etc. buying/renting them. Lots more money floating around CT.
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Exactly why they wouldn't do that... just giving an example of how... but don't expect nothing to happen and don't think that national government might meddle in their own way
 
Werner1975 said:
OK, you proved me wrong. Give yourself a well deserved pat on the back and after all that back-breaking research give yourself the rest of the day off.
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I mean you get the same return just letting money sit in the bank vs buying the place, flattening it and building a bunch of condos.

Or maybe the owner will extort levies on top of the extortionate city rates so he'll also get a stable income afterwards. The problem is that nobody pays their levies really.
 
RedViking said:
Will be demolished and turned into an apartment. Pay for the land , not the house.
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Exactly what should be happening because the land value is so high.

Of course some filthy hippies are likely now to go to the constitutional court to force the developer to put in an apartment at the bottom for the help social housing.
 
wingnut771 said:
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and then when they sell for 18 mil ?

Also, if they sell half the units, then rent the other ones out for life ?

Point is people are making money here, otherwise people wouldn't be doing this.

Anyway its probably just Germans who are buying this for pennies as an occasional beach house.
 
@Grant, are the rules around parking different in your neck of the woods? A 3 unit development would require at least 6 garages elsewhere in Cape Town.
 
wingnut771 said:
I mean you get the same return just letting money sit in the bank vs buying the place, flattening it and building a bunch of condos.

Or maybe the owner will extort levies on top of the extortionate city rates so he'll also get a stable income afterwards. The problem is that nobody pays their levies really.
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Developers usually have overheads to pay, which don't go away when they aren't busy. So they need projects happening and development stock in the pipeline. They may not even build on that site anytime soon, but you can't always find appropriate development sites when you need them, so you buy them when they're available.
 
vigras rojara said:
Developers usually have overheads to pay, which don't go away when they aren't busy. So they need projects happening and development stock in the pipeline. They may not even build on that site anytime soon, but you can't always find appropriate development sites when you need them, so you buy them when they're available.
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Welcome back, where've you been?
 
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