Royal Carlisle is an about to be completed (transfer in May 2009) development in Milnerton and is supposedly 80% sold out. That last 20% however is turning out to be <a href=”http://capetown.gumtree.co.za/c-Flat-House-Real-Estate-vacant-land-properties-for-sale-Modern-Milnerton-Apartments-Less-25-Registation-April-May2009-W0QQAdIdZ108107809″>tougher than expected.
2 bed/1 bath apartments were on the market for R790 000 and are now going for R590 000 while 1 bed apartments were going for R550 000, then according to the developers own site, reduced to R490 000 and now down to R420 000. And these reductions are taking place for a block that only requires a R10 000 deposit and offers R3 500/month rental assistance!
I would hate to be one of the early buyers who bought off plan at R790 000 (or even R490 000) only to watch over 25% of my ‘investment’ disappear.
Original Post on Cape Town Property Bubble: <a target=”_blank” href=”http://capetownbubble.blogspot.com/2009/02/Milnerton-royal-carlisle-developers.html”>Milnerton: Royal Carlisle Developers Slashing Prices