R440m will get you this fixer-upper

[Grant]

A house in Camps Bay is on the market for a neat $35-million (about R440-million).


Marketed as South Africa's most expensive residence, the Geneva Drive mansion is a contemporary version of a neoclassical home "designed and built for an international mogul who enjoys lavish entertaining on a grand scale", according to the Sotheby's International Realty website.

Its triple-volumed reception rooms can accommodate 1000 guests and its parquet-floored garage can house 14 cars.

The asking price is way above the average price of R10.5-million for houses on the same street since 2010.
"To change the rand sign to a dollar sign is excessive," said Steven Delit, an agent at Re/MAX Living.

"If you had $35-million you could buy all the houses sold in Camps Bay this year and still go grocery shopping at Woolworths. But there isn't a Woolworths in Camps Bay," he said.

more:
http://www.timeslive.co.za/thetimes/2015/08/11/R440m-will-get-you-this-fixer-upper

 

[theratman]

Was thinking about buying this place, then I realised I have no use for the other 13 parking spots. I'd have to buy another 13 cars, too much hassle

 

[Stevi]

Is that the house from the great Gatsby?

 

[ShiiZZo]

I can't find this house on Sotheby's site. ad pulled?

 

[greg_SA]

The estate agent said on the radio that the extremely high price is just quoted for the media attention - it will realistically only sell for ~ R70 million.

 

[aybbleek]

Wonder if I will get approved for a bond?

Below is an overview of your results.

Minimum Gross Monthly Income R 13,671,624.53

WHAT YOU PAY INITIALLY

Transfer Cost R 1,408,730.00
Bond Cost R 1,351,262.00
Transfer Duty R 35,117,000.00
Total R 37,876,992.00

WHAT YOU PAY MONTHLY

Repayments R 4,101,430.36
Service Fees R 57.00

Total R 4,101,487.36

 

[Stevi]

Wonder if I will get approved for a bond?

Below is an overview of your results.

Minimum Gross Monthly Income R 13,671,624.53

WHAT YOU PAY INITIALLY

Transfer Cost R 1,408,730.00
Bond Cost R 1,351,262.00
Transfer Duty R 35,117,000.00
Total R 37,876,992.00

WHAT YOU PAY MONTHLY

Repayments R 4,101,430.36
Service Fees R 57.00

Total R 4,101,487.36

That's the deciding factor that put me off

 

[aybbleek]

That's the deciding factor that put me off

I must agree, especially for a premium customer

 

[Grant]

The estate agent said on the radio that the extremely high price is just quoted for the media attention - it will realistically only sell for ~ R70 million.

i'm thinking someone's on crack.

geneva drive is one of the 3 main roads through camps bay - a busy road.
the house is street facing
it has virtually no privacy and zero garden

 

[satanboy]

Doesn't look fixer-upper

and no Woolworths!! I'm out.

 

[ToxicBunny]

Strange that its on the market since the building itself is not even 2 years old... that is a shyteload of money to invest in a property and then sell it so quickly.

 

[Grant]

View attachment 246098

Doesn't look fixer-upper

artist's impression is terribly grand

 

[satanboy]

wtf those sections aren't even level!

 

[Grant]

wtf those sections aren't even level!

dont come here with your colonial tendencies !

 

[satanboy]

dont come here with your colonial tendencies !

I prefer most things straight.

 

[Grant]

I prefer most things straight.

oddly, so do i
it's always interesting to see just how far one can get away with bending & twisting things before they reach breaking point

 

[dualmeister]

Bleh. I will demolish it for the plot.

 

[Nokkie]

nah, I can get better places for 11million rand.

 

[saturnz]

nah, I can get better places for 11million rand.

yes, but not in the same location

 

[Nokkie]

yes, but not in the same location

true, luckily you have to actually like it to want to stay there

Richard Bransons island were $2m