75 Upper Orange Street, Oranjezicjt (Deceased Estate)
75 Upper Orange Street was sold by public auction on Saturday 26 October 2013; the auctioneer was Robin Mills. Deceased Estate auctions are always very exciting; there are usually no reserve price and properties go for well below municipal valuations.
The municipal valuation for 75 Orange Street, is R 4 150 000 (municipal value is usually lower than market value), and at the end of the day the property was sold for R 4 000 000.
The property was sold for around 3.5% below municipal value. A good price at an auction would be between 10-20% below municipal value, anything above that is a bonus. With this property the price at the end of the day was high. Nonetheless this is a special property excellently situated and I have no doubt the lucky buyer made a good investment