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

Nerfherder said:
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
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Well, maybe the ANC would - you know, because CT is showing them up while joburg collapses into being a dry cesspit (becuase there's no water, you see) :)
 
Jet-Fighter7700 said:
you think Sea point is bad, just wait till you see Rothschild boulevard in tel aviv.
Sea point will feel like a township in comparison.
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ye, its entry level even in SA. Gets a lot of attention because of the Jews obviously.

Spots like that will go for much more just round the corner, but everything in Green/Sea Point gets front page attention.
 
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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Say whaaat? You extrapolating your behaviour? ;)
 
Grant said:
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
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I had the same idea, except for 4 floors at closer to 10m each if they are done really well.
 
I don't think that's a bad price for the area.

Microscopic 0.5 bedroom flats that are further from the sea go for R3m.

The coastal areas in the Western Cape are becoming increasingly internationalized (is that a word?), and if you look in USD/GBP terms property prices haven't even kept up with inflation over the last 20 or so years, and are pretty cheap for international buyers.

In fact, adjusting for inflation, the ZAR prices are pretty much where they were 20 years ago, so I don't think we're in bubble territory. (excluding some pockets of insanity)
 
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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.
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well, not really
on the property, one can redevelop that within a 6month period - its not a massive project

so the one would take about 6months for a return, the other takes 2yrs

you can then repeat the same exersise with property another 3 times (every 6 months) in that same 24month period
 
ghaye said:
@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.
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completely different
coct very quietly changed some land use regulations - in stealth mode and without a public participation process.

so now if you are a developer and build within 50m of a public transport route - you no longer have to include any off-street parking - not even a single parking bay.
this is why there is a building frenzy along main / regent road, from greenpoint to bantry bay
 
Grant said:
coct pumps sewerage into the sea always has - but there has been an exponential population growth over the last 10yrs.
still pumping schite into the ocean - but double the volume
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I had to quote them once to clean the macerators at Mouillie Point, made damn sure we didn't get that job!!
 
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