Our regular Sea Point reporter PJ writes:
I saw this ad on Gumtree for a 90m2 flat in Sea Point going for R1.5 million. Don’t let the price fool you, that block is a slum. I doubt the going rentals in that place will cover a quarter of the bond payment and maintenance costs (if there are any) must be huge.
What that photo doesn’t show is immediately to your left is a Shoprite and directly across the road are a liquor store, both the biggest bergie magnets in Sea Point with various dodgy characters hanging around morning, noon and night.
Original Post on Cape Town Property Bubble: Sea Point: Don’t Be Fooled By The Price – It’s A Slum
