PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Rhyno
 
Comments: 2
Article views: 603
 
 
Latest Badges:



 
View all Rhyno's badges.
 

This article has been selected as an Editor’s Choice report. Articles are selected based on quality of writing, audience response, newsworthiness and originality, and is at the discretion of the MyNews24 editors.

Property Market: Sensibility seems to be returning

13 March 2012, 12:39

Not too long ago, I practised as an attorney during the first effects of the global recession on economies around the world.

As most would know, we weren’t spared the fate of a collapsing property market and the copious amounts of houses for sale as people awoke from the hangover of being property moguls.

At that stage, most upper middle class to upper class incomes in South Africa owned at least two properties, one of which was usually vacant land in yet another overzealous and cigarette box conceived development that was built “in the tranquillity of nature” or on “the next Fancourt”.

The eventuality of all of this was fully bank owned farms on any bit of land conceivable, with battered and torn “for sale” and “on auction” signs.

Now, the advantages of practising law is the following; there is always some hype that makes money, or becomes your greatest earner; when times are good, property transfers, bond registrations/cancellations is the name of the game.

When times are bad, sequestrations and liquidations do the trick, normally with a property transfer to follow anyway.

At the risk of sounding insensitive to clients falling in the latter group, I have to state that the band wagon during tough times was quite a spectacle.

So many people were making their “cut” in the deal!

Out of work estate agents would kill to get their hands on auction lists for bank repossessed properties.

Cash is, and was king during these deals as well, as Curators, Liquidators, Auctioneers, Attorneys and Advocates all formed part of the production line that is someone else’s misery.

Recently, Auction Alliance CEO Rael Levitt was fingered in a range of auction “scandals” such as kickbacks, price inflation and believe me, in some cases the misuse of inside information. You’ll note that I used inverted commas for the word "scandals", and the simple reason therefore is this:

All of this, is standard practice in the industry, and is definitely not regarded as scandalous to anyone operating therein.

Currently, I don’t practise anymore, and have found solace in using my legal knowledge and experience in business rather.

Although I have the worlds respect for the legal industry and have a passion for law, I wasn’t happy doing it, and I only realised it after my departure.

Recently, my fiancé and me have been browsing for houses and I once again found myself in the mercy of estate agents.

I have to say, not all of them are bad, which made me wonder everyones opinion on them in the first place...

The conclusion I reached was that every jobless salesman became an estate agent during the late 90’s and early to middle 2000’s, because of the property boom.

When the market corrected itself after 2006, only the "real" agents remained as the rootless weeds were washed away, and the mushroom phenomenon in agencies faded with the current property drought.

The property market seems to have been pretty much corrected as well, as the highly inflated prices on residential, which in turn became bargains of the decade, seems to have calmed down, possibly due to agents advising sellers correctly for the first time in years.

Be that as it may, it’s great to have some sense back in a market that’s been as erratic and crazy as Julius’s slurs, and to actually be in a position to negotiate sensibly, with sensible people.

   

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.
 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Tiisetso Maloma
Open letter to minister of Small ...

Below I list a few things which I believe frustrate entrepreneurship growth and acceleration in South Africa.  Read more...

9 comments 999 views
The alarming issues relating to y...

Unemployment is one of the key indicators of poverty and has various negative effects on people. Read more...

18 comments 470 views
Submitted by
Logan
Impeach President Zuma

Why do we expect the best from professionals in all areas of our normal day-to-day, but accept what clearly is nowhere near sufficient from our President? Read more...

15 comments 1083 views
Submitted by
Juanne Coetzee
Potential armed shopping robbers ...

ARREST - SAPS at their best Read more...

3 comments 1080 views
Submitted by
Jotta Malvern Booysen
Open letter to Premier Helen Zill...

After kidney failure people need a new kidney or dialysis to live. If you do not get dialysis, toxins will build up in your blood and water will fill your lungs and you will die. Read more...

32 comments 2279 views
Submitted by
Natalie Paulse Fourie
Justice in this country is not re...

I have recently be made aware of an acquaintance who has been given over a year in prison for Drunk driving. There was no accident and no one was hurt. Read more...

18 comments 861 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Seen something you like in our catalogue?

Find the perfect gift and save up to R5000 – As seen on the catalogue. Hurry and shop now!

Save up to R1000 on Hisense smartphones!

View the large range of Hisense smartphones. Buy today and save up to R1000!

Toys 4 for the price of 3

Buy 4 toys and get the cheapest FREE! Offer valid while stocks last. Shop now!

Mind blowing prices – As seen on TV

Get mind blowing prices on 1000’s of products! Shop now.

Deal of the week!

Save R1200 on the Samsung 48” smart full HD LED television now only R8799. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on your iPhone Get News24 headlines on your iPhone.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2014 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.