The economy (locally and globally) is in a serious state of distress...
Yet those with some spare capital can now make some serious money!
It seems now is the time to purchase property at huge discounts off their market values (as much as 50% off) where the realistic rental earnings now look quite attractive.
This chap has been attending bank repo auctions and reports back on the actual price the properties were bought for at auction, with comparisons to the original purchase price, or local market equivalent selling prices or current market values.
Makes interesting reading at:
capetownbubble.blogspot.com/
2008/10/more-plunging-prices-from-repo-auctions
Those forced to default on their bonds are losing out big time, but those who can snap up these bargains are laughing all the way to the bank.
Thursday, October 30, 2008
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