Irrational value increase

LUCKY you who have only experienced an increase of 50% from the last valuation!

We encountered a whopping 87% increase in value at our block of flats in Belgravia.

The only question now is: Where can I see the added value, where is it hidden as there was no development to the building, no additions or alterations at all, no new pool, no new windows, no upgrading!

So why all of a sudden is there an added value of R 1.7-million? Where is it coming from?

Mr or Mrs Valuer where did you find this hidden assets? Please show me.

The cast iron pipes are rusting more and more on a daily base, the wooden fascia and barge boards have rot, the putty is falling out of the old iron window frames and you can see wear and tear everywhere.

Value increase of 87%?

The only logical explanation for me is that it’s because of the municipality’s payroll!

The actual amount of rates is no more sufficient to pay for family members and friends who want to be employed as public servants, getting (not earning) obscene salaries with obscene allowances for houses, cars, medical aid and so on, on top!

How else can such an irrational increase of value be explained while next door an illegal primary school in the old ECPTA building has been established in January with a noise coming every hour during break times.

Some of our tenants, who work nightshift, are already complaining that their health is compromised as they cannot sleep well during the day and threatened to shorten the rent!

Value increase 87%?

Or with more student accommodation built just across the road with drinking binges from Friday to Sunday and the street littered with broken glass and fast food leftovers! Value increase 87%?

Am I now entitled to increase the rent for the flats by 87% as well, as the tenants are now living in an upmarket and privileged block of flats? It’s an increase from let’s say R4 000 to R7 200. What do you think the reaction of the tenants would be?

They surely will advise me to visit a certain building in St Marks Road. — Name supplied, via e-mail