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Showing posts from June, 2008

PHANTOM SLUMP??

In a follow-up to my previous post, it is interesting that the “whistle blower” (Maurice Levin) who released the Lew Geffen memo to the public has been fired. He states that: “Mr Geffen terminated my contract on the simple grounds that he did not authorize the release of the memorandum content to the media. It is a sad day when an until-now respected property veteran with forty years of experience is wholly comfortable telling his staff that he predicts the residential property market will plummet 40% in the next year, but not the media community serving the ordinary man in the street. “ There is no doubt that a genuine “whistle blower” performs a valuable, noble and righteous task when he reveals criminality (fraud, corruption, etc.) or unethical behavior within his organisation, however, I don’t believe that revealing your employer’s market assessment and strategy serves the same lofty ideals. My skepticism is shared by “CJ” in a comment to the above story when he says: “8 Stories

PROPERTY MARKET SLUMP????

What exactly is the state of the Property Market in South Africa? Well, when assessing the health of any sector, you need to see what the people on the “frontline” have to say about it. Estate Agents are surely the vanguard of all others involved in the Property Market since they are the individuals who are out there on a daily basis initiating the deals that banks, investors and conveyancers usually only see after the deal has already been concluded. It is therefore very insightful to read the internal memo by Lew Geffen that was leaked to the public. This memo is indeed a prophecy of doom wherein it is suggested that the property market is already down 15% and is likely to fall another 25% (i.e. a total fall of 40%) from the highs of last year. On the opposite side of the spectrum is Dr Andrew Golding (CE of the Pam Golding Property Group). He has said in a post on Realestateweb that “While there are a range of factors at play which are currently affecting the residential pro

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!