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| RESIDENTIAL
PROPERTY NEWS |
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Pam Golding
Properties’ Unit Sales Increase Significantly
- The residential property market continues
to reflect an increase in unit sales as
interest rates remain low and the gap narrows
between sellers’ asking prices and
the price purchasers are prepared to pay,
says Dr Andrew Golding, CE of the Pam Golding
Property group. Read
more here
New
Country Estate in Heart of Apple Country
- A new tranquil country estate has been
launched in the Western Cape’s Elgin
Valley, situated just an hour’s drive
from Cape Town. The area is world-famous
for its apple production and other fruit
exports, as well as for its award-winning
wines. Read more here
Final Penthouses Released for
Sale at Luxury Cape Hotel - The
developers of the ultra-luxury Cape Town
hotel, “15 on Orange”, have
released the building’s final 4 penthouse
apartments for sale. The first 8 penthouse
units were quickly snapped up by buyers
with an eye for artistic design and prime
location, and are almost ready for occupation.
Read more here
EXTRA
- Final Apartments Released at The Orangerie
- Under R3 million for luxury living on
the urban edge. Pam Golding Properties has
the exclusive mandate to market the final
13 units, which consist of both 1- and 2-bedroom
apartments, including two penthouse units,
and range from 69m² to 127m² in
size.
Read more here
East Rand Scores with Value for
Money Homes - Since the start of
2010 the residential property market in
the East Rand has seen a turnaround with
homes in Benoni, Brakpan, Boksburg and Kempton
Park in demand as home purchasers prioritise
value for money, says Nelson Ferreira, Pam
Golding Properties East Rand area principal.
Read more here |
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PROPERTY
OUTLOOK
By Stuart Murray,
Editor of IP
IT ALL
ADDS UP
House prices
continue to advance at a fairly
steady pace in spite of numerous
“affordability“
factors militating against
consumers’ pockets.
It’s also a question
of confidence – and
this should receive a boost
from the World Cup.
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RESIDENTIAL
LIFESTYLE PROPERTIES FOR SALE IN
SOUTH AFRICA: |
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| PAM
GOLDING PROPERTIES’ UNIT SALES
INCREASE SIGNIFICANTLY |
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The
residential property market
continues to reflect an
increase in unit sales
as interest rates remain
low and the gap narrows
between sellers’
asking prices and the
price purchasers are prepared
to pay, says Dr Andrew
Golding, CE of the Pam
Golding Property group.
Increase Comparison
“For the
first five [calendar]
months of 2010 Pam Golding
Properties’ (PGP)
sales volumes, i.e. units
sold, show an increase
of 39% compared to the
same period last year.
Generally show house attendance
has improved significantly,
however, purchasers with
low or no deposit continue
to experience difficulty
greater with access to
bond finance,” he
says.
Strong Demand
While the bulk of PGP’s
sales volume activity
is in the price sector
up to R6 million, the
top end of the market
remains active and the
Western Cape region reports
a strong demand for exceptional
properties among South
African cash buyers.
Top-End Sales
Notable sales by the company
include homes on the Western
Cape Atlantic Seaboard
sold for R45 million,
R36.5 million, R35 million
and R30.2 million. In
Kommetjie, a high-end
sale was concluded for
R10 million while in Hermanus
two properties comprising
an apartment and a house
were each sold in the
R8 million price bracket.
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Stellenbosch
The company’s Stellenbosch
office reports an ongoing strong
demand for correctly-priced
homes as families prioritise
locations with access to good
educational facilities. Two
property transactions recently
concluded were sold within a
few days of listing as they
were set at market-related asking
prices. In addition, high-end
properties in Stellenbosch remain
sought after among Gauteng buyers.
Pretoria
In Pretoria PGP reports increased
interest in the top end of the
market with sales of R6.5 million
and R9.8 million concluded in
the new east - both in secure
estates, as security remains
a high priority for home buyers.
Durban
Says Dr Golding: “A region
which is showing signs of increasing
positive sentiment and is one
to watch is the greater
Durban area, with the completion
of the new King Shaka International
Airport and revamped beachfront,
and with improved infrastructure
around the new Moses Mabhida
Stadium boosting confidence.”
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| NEW
COUNTRY ESTATE IN HEART OF APPLE COUNTRY |
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| The
new “Elgin Village
Country Estate”
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A
new tranquil country estate
has been launched in the Western
Cape’s Elgin Valley, situated
just an hour’s drive from
Cape Town. The area is world-famous
for its apple production and
other fruit exports, as well
as for its award-winning wines.
Famous for Fruit
Elgin Village Country Estate
will offer buyers the opportunity
to enjoy a quiet country life
surrounded by these rich orchards
and vineyards, in a tranquil,
secure and community-oriented
environment.
Exclusive
Mandate
Pam Golding Properties has the
exclusive mandate to market
26 of the development’s
46 freehold erven, which range
in size from 907m2 to 1900m2,
and are spread over an expanse
of 20ha. |
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Prices of
stands range from just
R400 000 to R875 000, |
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There is
a 5-year building clause.
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Buyers may
build their dream home
subject to architectural
guidelines which are aimed
at preserving the feel
of a typical Overberg
farm |
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- design
elements include simple
rural structures with
dark pitched roofs and
pale walls. |
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All service
lines are laid underground
to preserve the rural
character, and services
including water, electricity,
refuse collection, road
maintenance and sewerage
will be privately supplied
- making them cheaper
and easier to maintain
than municipal equivalents. |
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The estate
lies on a working apple
and wine farm named “Glen
Elgin”, situated
just outside the town
of Grabouw. |
Nature Reserve
PGP’s development manager
Louise Varga says it is an astonishingly
beautiful location: “This
area is surrounded by the Kogelberg
Nature Reserve and offers endless
vistas of rolling hills, orchards
and vineyards laden with fruit,
and mountains surrounding the
valley.
Famous
Gardens
It is also famous for its magnificent
gardens, which are put on show
to the public each October.
Elgin Village Country Estate
will make the most of this environment,
encouraging buyers to enjoy
a healthy outdoor lifestyle.
Scenic Dam and
Walks
There will be a range of walkways
and cycle tracks for their private
use and they will have access
to a small scenic dam in the
village as well as the larger
farm dam, ideal for swimming,
braais and picnics.
Bird Hide
The farm also has its own wetland
bird hide as well as a walkway
directly to the Grabouw Village
commercial cluster - legendary
for its Peregrine Farm Stall,
groaning with home-made produce,
delicious jams and farm preserves.
Easy Access to
Facilities
There is easy access to the
Elgin Country Club, offering
bowls, tennis and squash facilities,
and to the Theewaterskloof Dam
for watersports, just 20 minutes
away.
Best
Farm Living
And of course the surrounding
hills are famous for their numerous
beautiful hikes and mountain
bike trails. This is the very
best of farm living on offer
and buyers will become part
of a warm and vibrant local
community. |
Quieter
Living
PGP’s MD for the Boland
and Overberg regions, Annien
Borg, says the development will
be suitable for both permanent
residents and holiday use. “For
those wishing to live a quieter,
slower way of life in a healthy
environment, there can be no
better place to raise children,”
she says.
Schools
“The area now has a range
of schooling options, including
the private Applewood Prep and
Kingsway College. It has low
crime rates, and the Village
will enjoy security protection
at night to enhance residents’
peace of mind.
Beaches
and Amenities
The beaches of Hermanus and
Gordon’s Bay are less
than 45 minutes’ drive
away, and there is a wealth
of healthy sporting activities
for families to enjoy. Elgin
Village will be a simple, unaffected
development, blending harmoniously
into its surroundings and offering
a good, clean way of living. |
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| Pam
Golding Properties has
the exclusive mandate
to market 26 of the development’s
46 freehold erven |
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Defined Area
The department of Agriculture has
firmly delineated the urban edge of
Grabouw, and this will ensure the
development is never encroached upon
by its neighbouring town – yet
residents will have access to shopping,
medical facilities and the like just
5 minutes away in Grabouw.
Affordable Investment
All this comes at a very affordable
price – it is a superb investment
opportunity, whether you are looking
for a permanent home or a holiday
property where you can retreat from
city life.
For
more information on Elgin
Village Country Estate, contact
PGP agent Daniel Joubert on
+27 (0) 82 823 5933 or call
the PGP Elgin office on +27
(0) 21 848 9612. Development
manager Louise Varga can be
reached at louise.varga@pamgolding.co.za |
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| FINAL
PENTHOUSES RELEASED FOR SALE AT LUXURY CAPE
HOTEL |
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The
developers of the ultra-luxury
Cape Town hotel, “15 on
Orange”, have released
the building’s final four
penthouse apartments for sale.
Snapped
Up
The first 8 penthouse units
were quickly snapped up by buyers
with an eye for artistic design
and prime location and are almost
ready for occupation.
Exclusive Mandate
Pam Golding Properties now has
the exclusive mandate to market
the remaining units, which are
all generously proportioned
and offer high-quality fittings
and finishes, ensuring a lifestyle
of elegance and comfort.
Access to Hotel
Services
Buyers will have access to the
full range of luxury hotel services
and amenities, from housekeeping,
butlers and room service to
valet parking and the in-house
spa and wellness centre.
Benchmark Style and Hospitality
PGP’s area manager
for the City Bowl and Atlantic
Seaboard, Basil Moraitis, says
the hotel, which opened in late
2009, is already setting a new
benchmark for exclusive hospitality
and ultra-modern style.
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| The
ultra-luxury Cape Town
hotel, “15 on Orange”. |
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| The apartments
range in price from R6.8
million to R20 million,
inclusive of VAT. |
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Heart of Cape Town
“15 on Orange is located in
the very heart of Cape Town’s
buzzing diplomatic and legal district,
close to numerous museums, the Company’s
Gardens, the Labia Theatre and several
leading restaurants and night-spots.
Stylish Bar Area
Its lounges and cocktail bar are already
among the leading spots for sundowners
and after-work drinks, attracting
an upmarket and sophisticated clientele.
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Opulent
The hotel’s opulence and
avant-garde design create a
dramatic and eye-catching space
where the city’s elite
can relax in style – particularly
in the spectacular Murano Bar,
with its distinctive Venetian
glass curtains and suspended
VIP bar.
Last
Remaining Opportunity
Says PGP’s MD for the
Western Cape metro region, Laurie
Wener: “These four penthouses
represent the last remaining
opportunity to buy into this
enviable lifestyle and secure
a stylish rooftop apartment
with excellent security and
every possible convenience at
your fingertips – not
to mention stunning views over
Cape Town.”
Big
Benefits
“This
is an ideal base for up-country
or foreign businesspeople who
travel frequently to Cape Town
and would like a secure pad
in the city where their every
need can be catered for. They
can leave housekeeping to the
hotel staff, eat at the restaurant
or order off the room-service
menu, work out in the hotel’s
private gym or cool off in the
rooftop pool. |
Rental Pool
“And
when not in use, their apartment can
be added to the hotel rental pool,
managed via the central reservation
system, and earn them rental income
without any effort on their part.”
Wener adds that the apartments would
also be ideal purchases for the diplomatic
and legal community, given their proximity
to several embassies and the courts.
Choice of Apartment
The four apartments offer a choice
of 2- and 3-bedroom layouts, and some
have their own private swimming pools.
They range in size from 180m2 to 337m2,
and each comes with 2 secure undercover
parking bays.
For
more information, contact
PGP agents Mariel Burger [+27
(0) 82 372 2573], Peter Spencer
[+27 (0) 83 264 0971], Jeanne
Hingston [+27 (0) 82 888 1630]
or Scott Irving [+27 (0) 82
465 8444], or call their office
on +27 (0) 21 423 2150. PGP’s
area manager for the City
Bowl and Atlantic Seaboard,
Basil Moraitis, can be reached
at basil.moraitis@pamgolding.co.za |
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EXTRA
- APARTMENTS AT THE ORANGERIE
FINAL UNITS
RELEASED AT THE ORANGERIE |
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| Orangerie
Apartments - Mountain View |
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Under
R3 million for luxury living
on the urban edge. The developers
of “The Orangerie”
in Gardens, Cape Town, have
released the final units in
the stylish complex onto the
market.
Next to Mount
Nelson Hotel
Situated at the top of the
Company’s Gardens in
Cape Town, next to the famous
Mount Nelson Hotel, the complex
occupies 8000m² of land,
and offers a total of 94 apartments,
set in a tranquil green environment
with a central waterway as
one of its highlights.
Final 13 Apartments
Pam Golding Properties has
the exclusive mandate to market
the final 13 units, which
consist of both one- and two-bedroomed
apartments, including two
penthouse units, and which
range in size from 69m²
to 127m².
Competitively
Prices
Despite their prime location
on the verge where leafy suburbia
meets the buzzing Cape Town
Central City, the apartments
are extremely competitively
priced, with units available
from just R1.85 million to
R3.050 million, inclusive
of VAT.
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Apartment Types Available
The final apartments which have
now become available for sale
all come with secure undercover
parking bays and include a mix
of some garden units as well
as upper-floor apartments with
balconies to maximise the mountain
and city views.
Sound
Investment in Top Area
This is a superb opportunity
to buy into a high-quality complex
with top-end fittings and finishes,
in a central, convenient location
– especially for those
working in the Central City
and the greater City Bowl area.
This area is always in demand,
ensuring sound capital return
on investment, and a consistently
high demand for rental accommodation.
To
view the 13 apartments
or for more information,
contact PGP agents Mariel
Burger [+27 (0) 82 372
2573], Peter Spencer
[+27 (0) 83 264 0971],
Jeanne Hingston [+27
(0) 82 888 1630] or
Scott Irving [+27 (0)
82 465 8444], or call
their office on +27
(0) 21 423 2150. PGP’s
area manager for the
City Bowl and Atlantic
Seaboard, Basil Moraitis,
can be reached at basil.moraitis@pamgolding.co.za |
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| EAST
RAND SCORES WITH VALUE FOR MONEY HOMES |
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| This
luxury home in Benoni was recently
sold for R5.4 million. |
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Since the start of 2010 the residential
property market in the East Rand has
seen a turnaround with homes in Benoni,
Brakpan, Boksburg and Kempton Park
in demand as home purchasers prioritise
value for money, says Nelson Ferreira,
Pam Golding Properties East Rand area
principal.
Increase in Sales
“For the trading period from
January to May 2010 we concluded 64
sales at a total value of just over
R57 million, compared with 47 sales
at a total value of R39.5 million
during the same period in 2009. In
addition, we sold a shopping centre
on the East Rand to a local investor
for R6.8 million.
Value for Money
“Homes in these areas offer
far greater value for money than those
in Sandton and Bedfordview. For example,
for R3.7 million you can buy a 450-500m2
home in Lakefield, Benoni on a 1000m2
stand with the best finishes available,
which would cost in the region of
R12 million if situated in Sandton.
Finance Accessed
“We are finding that access
to finance has eased considerably.
In Brakpan, homes below R600 000 are
moving steadily with buyers obtaining
100% home loans.
Price Range Activity
Similarly, in Benoni there’s
a great deal of activity below the
R800 000 mark with mortgages being
made available, while buyers in the
R1.3 million - R1.5 million price
bracket are generally having bonds
approved with minimal deposits required.
There’s also considerable movement
at the top end of the property market
and we recently sold homes for R4
million and R5.4 million.
| In addition, PGP
recently sold a home in Kempton
Park to Bafana Bafana player
Franklin Cale. |
Realistic
Pricing
“It’s encouraging
to note that many of the deals
we are negotiating - which are
often subject to the sale of
the purchaser’s home -
are being concluded, mainly
due to the fact that sellers
are being more realistic in
terms of asking prices,”
says Ferreira.
Sales Cycles
“If a property is correctly
priced it is selling in approximately
3 weeks, with a home in an upmarket
suburb of Benoni, priced at
R2.8 million selling for R2.7
million the very next day. What
was interesting was that from
this one transaction we ended
up selling 3 homes in total
as we sold the buyer’s
previous home and also sold
the home of the purchaser of
that property – the reason
being that each of these transactions
was subject to the sale of the
buyer’s home.
The other 2 homes sold for R1.95
million from an asking price
of R2.05 million in less than
a month, and for R1.3 million
from an asking price of R1.35
million in just 4 days.
Our agents also sold another
house in Atlasville, Boksburg,
for the full asking price of
R1.3 million virtually immediately.
The property was listed on a
Friday and during the showhouse
on the Sunday we received 3
offers and concluded the sale,”
says Ferreira.
Crystal Park
In the Benoni suburb of Crystal
Park, where the average house
price is around R600 000, PGP
sold 5 homes in one week - all
in a similar price bracket,
with 1 home sold at the full
asking price of R420 000 and
the balance sold very close
to the asking prices. These
homes sold between R565 000
and R760 000.
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Gautrain Impact
Ferreira says the Gautrain is also
having a marked impact on the property
market. With businesses increasingly
seeking space in close proximity to
the Gautrain stations, this also boosts
the demand for residential accommodation
in these areas.
Staying in East Rand
In Rhodesfield in Kempton Park, where
a large number of homes have been
purchased by a company for commercial
business, with the benefit of exposure
on the R21 corridor, which runs from
Boksburg to Tshwane, most of these
sellers have in turn purchased a home
- still in the East Rand region -
through Pam Golding Properties.
Positive Impact
“The Gautrain has impacted positively
on the East Rand, making it more accessible
for business people commuting to Sandton,
coupled with the fact that they can
now afford the luxury of acquiring
homes here at a fraction of the price
in the north,” he says.
Interesting Trend
An interesting trend which has emerged
in the East Rand region is that purchasers
seem to be moving away from purchasing
townhouses and apartments to freestanding
homes. Says Ferreira: “We believe
this is due to the fact that those
living in sectional title complexes
are now being billed individually
in regard to rates and taxes.
| It seems that their
monthly expenses have now increased,
as reportedly in some instances,
their levies have not reduced.
As a result this purchase offering
appears less appealing to them.
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Guesthouse Appeal
“Conversely, we are finding
that interest in guesthouses has increased
and in recent months we’ve sold
3 such establishments in the price
range between R1.6 million and R2.8
million. The appeal of guesthouses
in the area is further boosted by
a new incentive scheme, the Tourism
Support Programme, launched by the
government in an effort to help stimulate
the tourism industry in South Africa
outside of the traditional hotspots.”
Private Deal Pitfalls
Ferreira offers a word of caution
to sellers regarding the pitfalls
of doing private deals with potential
buyers. “While there are a number
of things, which can go wrong in such
an arrangement – where no professional
real estate companies are involved
- recently we’ve become aware
of situations whereby purchasers who
do not have sufficient finance for
a deposit and who do not qualify for
bond finance, try to arrange a private
deal with the seller after viewing
the property.
Delay Tactics
We’ve heard of instances where
the seller has agreed to let the purchaser
have a period of time, for example,
six months, in order to accumulate
the capital for a deposit and agreed
to occupational rental in the interim.
Negative Outcome
However, the unfortunate outcome is
that the so-called purchaser does
not come up with the money and as
they are paying occupational rental
the seller finds it difficult to evict
them.”
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Pam Golding Property
Group Head Office:
Monterey, 12-14 Klaassens Road, Bishopscourt, Cape Town,
7708.
South Africa
www.pamgolding.co.za |
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