Back in November 2008 this house in Glencairn Heights was on sale for R1 985 000, along with a used Land Rover as an incentive. 18 months later the same house is for sale for R1 695 000, although this time there’s no car thrown in to sweeten the deal. I can’t tell from the ad if it’s still the original seller who couldn’t sell the house and is now selling it R290 000 cheaper than they were asking 18 months ago or if it’s the person who bought the house back then and now realises they’re paying a massive bond and the days of 25% price growth they were pegging everything on are long gone and has decided to get rid of the albatross.
In this market either of those are feasible.
Original Post on Cape Town Property Bubble: Glencairn Heights: 18 Months Later, R290 000 Cheaper
