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| RESIDENTIAL
PROPERTY NEWS |
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Significant
Improvement in Sentiment as PGP
Western Cape sees upswing in sales volumes
during final quarter of the financial year
ending 28 February 2010 according to Pam
Golding Properties’ MD for the Western
Cape metro region, Laurier Wener. Read
Wener’s full report on all areas here
Increased American Interest in SA
Property Market - SA remains popular
among retirees. With more and more international
media attention focused on South Africa,
Pam Golding Properties (PGP) reports increasing
interest from the USA in the local residential
property market. Read
about this interesting market here
Smart Money is Buying Property in
Umhlanga - Shrewd investors are
investing in residential property in Umhlanga,
reports Pam Golding Properties (PGP) area
principal Elwyn Schenk. He says that in
many instances Umhlanga offers better value
for money than equivalent Cape Town properties
and smart investors are taking advantage
of this. Read why Umhlanga
is better value here
Sunset Links Golf Estate Shows its
Heart - Residents of Sunset Links
Golf Estate, Cape Town, have opened their
hearts to children in need, collecting supplies
for the non-profit organisation, “Home
of Hope”.
The campaign was spearheaded by Pam Golding
Properties, under the umbrella of the group’s
Corporate Social Investment initiative,
“Joy of Giving”. Read
this heart-warming story here
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RESIDENTIAL
LIFESTYLE PROPERTIES FOR SALE IN
SOUTH AFRICA: |
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SIGNIFICANT
IMPROVEMENT IN SENTIMENT
PGP Western Cape sees upswing in sales
volumes during final quarter |
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The
final quarter of the financial
year ending 28 February
2010 saw a distinct improvement
in sentiment in the Western
Cape property market.
OVERVIEW
That’s according
to Pam Golding Properties’
MD for the Western Cape
metro region, Laurier
Wener, who says her region
recorded higher levels
of buyer activity and
increased sales volumes,
compared to the preceding
quarters. Significantly,
the trend occurred across
all price bands and in
all the metropolitan areas
of Cape Town.
Sales Figures
PGP’s sales in the
Western Cape metro region
totalled R717 million
for the quarter, with
R323 million sold in February
alone – a figure
last achieved in August
2007.
2009 Comparisons
“Compared to the
same period last year
(2009), these figures
showed a 47% increase
in total sales value,
and a 17% increase in
unit sales,” says
Wener. “Of the total
number of units sold in
this quarter, 11% were
priced over R5 million,
with the highest individual
sale being R40 million.”
Attributing Factors
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Wener attributes
the improvement to a number
of factors, including
the building excitement
as the World Cup draws
ever closer. |
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“The
preparations for this
huge event have brought
about substantial improvements
in infrastructure to the
city of Cape Town,”
she says, |
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as well
as a general improvement
in cleanliness, and numerous
beautification projects
to build on the already-spectacular
canvas provide by Mother
Nature. |
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This, coupled
with the sustained low
interest rate environment,
and a growing sense that
the recession has bottomed
out, has been one of the
biggest contributing factors
to the improved sentiment
among perennially resilient
South Africans.”
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Cash Sales
A staggering 68% of all sales
in the quarter were cash sales
– an indicator of the
continued restrictive lending
policies of banks resulting
in the general unavailability
of mortgage finance, particularly
in areas regarded as high risk.
Unsuccessful Sales
Wener says there was an easing
up of lending policies in perceived
low-risk areas such as the Southern
Suburbs and Atlantic Seaboard.
“But in many other areas,
as many as half of all potential
sales were unable to reach finalisation
due to the inability of purchasers
to obtain home loans,”
she says.
SECTIONAL TITLE
The final quarter of the financial
year saw a substantial increase
in sales of sectional title
apartments in the City Bowl,
Central City, Atlantic Seaboard
and Southern Suburbs.
Wener says this upswing demonstrates
a cautious return of residential
buyers and cash investors taking
advantage of softer prices,
as well as the wider-than-normal
selection of stock available
on the market.
| “The
negotiating power of cash
continued to play a huge
role in an environment
where bond finance was
still in short supply,”
says Wener. |
Among the highlights for the
region was the performance of
the agents in Sea Point and
Green Point selling under the
R2.5 million mark, who concluded
a new personal best of 20 sales
in the month of February alone.
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This
five-bedroomed home
in Constantia was
recently sold by
Pam Golding Properties
for
R30 million.. |
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LUXURY
MARKET
At the top end of the
market, PGP continued
to enjoy the benefit of
its positioning as the
agency of choice for buyers
and sellers of luxury
homes.
The company increased
its market share in areas
such as Bishopscourt,
Upper Claremont, Bantry
Bay, Camps Bay and the
V&A Waterfront.
“This segment of
the market is relatively
recession-proof,”
says Wener, “but
the impact of the global
economic climate, coupled
with unfavourable exchange
rates, has resulted in
a noticeable fall-off
in foreign buyers.
On the positive side,
however, we have seen
that local buyers are
not reticent to pay top
, market-related prices
for exceptional properties
in prime positions.”
DEVELOPMENTS
The development market
remains quiet with respect
to the launch and sale
of new off-planunits.
“There remains limited
appetite for off-plan
buying at present,”
says Wener, “but
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we are seeing demand for completed
developments, such as phases
one and two at The Quadrant
in Claremont, and The Orangerie
in Gardens.
These developments are experiencing
increasingly good uptake by
end-users, supported by quality
tenants who are prepared to
pay a premium for the lifestyle
offering, excellent security
and high quality of these brand
new apartments.”
PGP’s development managers
Bev Bloch and Ivan Swart report
a steady stream of enquiries
from developers in the planning
stages of new developments,
many of whom have been vigilantly
waiting for market conditions
to turn.
RESIDENTIAL RENTALS
The PGP Rental Division had
an excellent final quarter,
putting the cap on a record
year. “This success was
driven by a number of factors,”
says Wener, “including
the shortage of home loan funding,
general economic uncertainty,
and the absence of capital growth
in the market.”
Another contributing factor
was the increasing number of
expatriates returning home,
many of them uncertain about
where they would ultimately
resettle.
“For
this market, the relatively
low commitment of renting
is ideal,” says
Wener, “until such
time as they have made
the significant decisions
which will guide where
they choose to purchase
property.”
POSITIVE OUTLOOK
In conclusion, Wener says
the company remains optimistic
about the prospects for
the property market in
the year ahead.
“The global recovery
from recession will take
time, but we are sure
it will begin to impact
on the property market
to the positive within
the next 12 months,”
she says.
“Last month’s
surprise drop in interest
rates provides another
welcome boost to sentiment,
and the effects of the
World Cup will surely
be felt in the second
half of the year and beyond.
We can only hope that
this will be coupled with
a continued easing off
of bank’s lending
policies, resulting in
greater availability of
mortgage finance.” |
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| This
spectacular four-bedroomed
home on Clifton’s
famous Nettleton
Road was recently
sold by Pam Golding
Properties for R35
million. |
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| INCREASED
AMERICAN INTEREST IN SA PROPERTY MARKET |
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| This
400sqm, four bedroom,
two bathroom home in suburb
of Oudtshoorn, was sold
for just over R1.4 million
by Pam Golding Properties
to a couple from the UK. |
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SA
remains popular among retirees.
With more and more international
media attention focused on South
Africa, Pam Golding Properties
(PGP) reports increasing interest
from the USA in the local residential
property market.
170 Countries
Comments Dr Andrew Golding,
CE of the Pam Golding Property
group: “Every month people
from over 170 countries around
the world view properties on
our website.
Increase in the Number
of Website Visits
Interestingly, what we have
noticed currently is a dramatic
increase in the number of website
visits from the United States
of America – to the extent
that this group, in terms of
foreign interest, is now only
second in number to the amount
of visits we receive on our
website from those in the UK.
USA Interest in World
Cup
“This
is somewhat revealing, as to
date, it appears that Americans
comprise the largest group of
overseas visitors who will be
coming to South Africa during
the Soccer World Cup, so it
seems that awareness of South
Africa has certainly increased
among Americans. |
Interest
from Berenberg
During the Berenberg Masters
Golf Tournament recently
held at Fancourt, 140
high net worth clients
and wealth managers of
Berenberg Bank visited
the Garden Route and during
their stay viewed properties
in the region.
AREAS OF INTEREST
Knysna,
and the Garden Route
Popular among overseas
visitors and leisure property
owners, Knysna, and the
Garden Route, sees an
annual influx of international
‘swallows’
during the period from
September to April. With
its spectacular scenery,
outstanding golf courses
and outdoor activities
and safe and relaxed lifestyle,
many overseas buyers look
to retire here either
now or in the future,
and they tend to look
in the price range from
R2.5 million upwards for
a lock-up-and-go home
either in a secure estate
or close to the beaches. |
Other
Countries
Other countries
currently showing
the most interest
in the SA property
market via PGP’s
website are:
• Germany,
• Netherlands,
• Australia,
• Mauritius,
• France,
• Switzerland
and
•
Canada. |
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St
Francis Bay
In St Francis Bay, PGP reports
that overseas buyers generally
spend six summer months there,
buying mainly in the lower price
range from R1 million up to
approximately R3 million. These
are mostly UK buyers as well
as a number of Dutch and Scandinavian
purchasers.
East
London
In East London overseas buyers
wanting to retire in South Africa
seek homes mainly in the R2
million price range but also
up to around R6 million - in
good urban locations such as
Bonnie Doon and Nahoon –
sometimes in gated estates but
mostly a good middle size home
with an attractive garden.
Port
Elizabeth
Generally the foreign retirees
PGP sees in Port Elizabeth are
those who have either worked
there or had businesses in the
area prior to retirement.
They also receive enquiries
from foreigners in the middle
age group, mainly Dutch and
German, looking at guesthouse
options where they can scale
down, yet still have a business
interest |
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| Situated
in Santareme in St Francis
Bay this multi-storey,
five bedroom, home is
going for R3.495 million.
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with an income to sustain mainly their
cost of living instead of just living
off their capital.
The Karoo
Wayne Rubidge, area manager for PGP
in the Karoo says: “We see overseas
buyers often from the Netherlands
and UK looking at retirement options
in the Karoo, mostly in the price
range between R1 million and R3 million.
The two towns which have attracted
these foreign, early retirement buyers
are Prince Albert and Graaff-Reinet.”
Oudtshoorn
In Oudtshoorn PGP has sold to three
foreign retired couples during the
past year – the main reason
being the excellent weather. These
properties were priced between R750
000 and R2.1 million, for homes in
good areas.
This is an increasing trend and two
further couples are currently looking
at property in Oudtshoorn. Most of
PGP’s enquiries here are from
the UK and these buyers, who know
what they want, say they find value
for money with large homes and stands
available at affordable prices.
Cape
Town Metropolitan
Laurie Wener, MD for PGP in the Western
Cape, operating in the Cape Town metropolitan
areas says: “Cape Town, with
its natural beauty, good climate,
cosmopolitan ambiance and relaxed
casual lifestyle is very appealing.
Many foreigners who purchase here,
tend to divide their time between
South Africa and abroad. Prices paid
for property among those retiring
here vary as they may buy anything
from a wine farm, luxury apartment
on the coast for millions to a modest
apartment at the R2 million mark.
It’s really a broad cross-section
from expensive coastal properties
to country cottages.”
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| This
graceful, spacious home
within an upmarket security
estate in Somerset West
is priced at R3.3 million. |
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Boland
and Overberg Regions
In the Boland and Overberg regions
overseas buyers tend to buy
lifestyle farms, smallholdings,
and lock-up-and-go apartments
for those who are abroad for
about six months of the year.
“These are usually in
the price range between R1.5
million and R5 million,”
says Annien Borg, PGP’s
MD in the Boland and Overberg.
“They prefer towns like
Somerset West with good infrastructure
and in close proximity to beaches,
wine farms and the airport.
B&B properties are also
popular.
Importantly, in relation to
other countries the size of
our properties are much larger
for the price they pay, giving
them a sense of value for money,
more privacy and the opportunity
to enjoy outdoor activities
such as gardening and entertaining
and with the benefit of having
extra room to accommodate family
and friends visiting from overseas,”
she says. |
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| SMART
MONEY IS BUYING PROPERTY IN UMHLANGA |
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Shrewd
investors are investing in residential
property in Umhlanga, reports
Pam Golding Properties (PGP)
area principal Elwyn Schenk.
Better
Value for Money
“In many instances Umhlanga
offers better value for money
than equivalent Cape Town properties
and smart investors are taking
advantage of this.
Mix of Quaint ‘Village
Style’ Living
This area benefits from a mix
of quaint ‘village style’
living, glistening beaches and
glamorous shopping at Gateway
Shopping Centre, so it has much
to offer all age groups,”
he says.
“And with a high percentage
of corporate and large businesses
having relocated from Durban
CBD to upper La Lucia and Umhlanga,
this has also had a positive
impact on residential sales.
Strong Trends
“Currently
there’s a strong trend
towards large suburban homes
for use as a primary residence
as well as secure, upmarket
beachfront apartments and complexes.
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| Oyster
Pearls: View of Oyster
Pearls, one of the four
buildings within the Oysters
development, where Pam
Golding Properties are
marketing upmarket apartments
priced between R3.7 million
and R17.5 million. |
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Holiday Destination
At the same time, interest in leisure
homes has increased, particularly
among Gauteng buyers as Umhlanga is
just six hours’ drive, and,
with a warm climate and all year round
beaches, it’s a holiday destination
of choice for upcountry visitors.”
Spiked Interest in Areas
He says the new King Shaka International
Airport has spiked interest in the
Umhlanga/Umdloti/La Mercy node, in
properties both to buy and rent.
Buy to Let
As a result, the buy to let market
is particularly buoyant. Top end buyers,
who are mainly high net worth locals,
remain discerning.
SPECTACULAR OCEAN VIEWS
The
Pearls
Currently PGP is marketing a range
of prime, luxury beachfront apartments
with spectacular ocean views. At The
Pearls, arguably the most prestigious
apartment building on the KwaZulu-Natal
north coast:
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One bedroom, one
bathroom apartments are priced
from R2.95 million, |
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Two bedroom, two
bathroom from R5.5 million,
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Three bedroom,
three bathroom from R6.6 million,
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While the penthouse of 580m2
is priced at R22.5 million. |
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All are open plan
and with exquisite finishes.
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Casa
Blanca
At sought after Casa Blanca, an exclusive,
private block comprising just five
units and located right on the beach:
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Three bedroom,
three bathroom apartments are
priced at R9 million and |
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The penthouse
R12 million. |
Oyster
Developments
Apartments at Oysters are priced at:
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R3.7 million for
two bedroom, two bathroom units,
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From R4.8 - R5.8
million for three bedroom, two
bathroom apartments, |
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From R7.9 - R8.5
million for four bedroom, four
bathroom units and |
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Penthouses are priced between
R16.5 million and R17.5 million.
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There are four
buildings within this development
– Oyster Pearls, Oyster
Schelles, Oyster Quays and Oyster
Rock. |
Northshore
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Right on the beach
at Northshore, an 850m2 double-storey
penthouse with a sound-proof
media room and its own private
pool is on the market at R18.5
million. |
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| View
of Northshore, where a
luxurious 850sqm, double-storey
penthouse is marketed
by Pam Golding Properties
at R18.5 million. |
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In
Good Shape
Schenk says in general the Umhlanga
property market is in far better
shape than it was this time
last year. “Attendance
at show days has increased substantially
as has the level of enquiries.
Price Resistant
However the market is still
price resistant and some sellers
are not pricing their homes
realistically so as a result
there is a price gap between
some buyers and sellers.
Some Buoyancy
The market up to R3 million
is showing signs of buoyancy
but the middle market from R3-R10
million, while still active,
remains somewhat under pressure
due to banks’ stringent
lending criteria and not finding
sufficient value in properties.
Positive Sentiment
Sales are still being achieved
in the price range between R10
million and R30 million. On
the whole, trading conditions
are looking more upbeat this
year and market sentiment is
positive.” |
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| SUNSET
LINKS GOLF ESTATE SHOWS ITS HEART |
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Residents
of Sunset Links Golf Estate,
Cape Town, have opened their
hearts to children in need,
collecting supplies for the
non-profit organisation, “Home
of Hope”.
Joy of Giving
The campaign was spearheaded
by Pam Golding Properties,
under the umbrella of the
group’s Corporate Social
Investment initiative, “Joy
of Giving”. This ongoing
national project has already
benefited over 8500 recipients
countrywide.
Home of Hope Invaluable
PGP’s resident agent
for Sunset Links Golf Estate,
Ivan Swart, says the Home
of Hope provides an invaluable
service to vulnerable children
in the surrounding communities.
Safe Houses
“Not only do they provide
two safe-houses for children
who’ve been removed
from abusive and neglectful
environments,” he says,
“but they also
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help
place children in suitable foster
care, ensuring that their physical,
emotional and educational needs
can be met on a more long-term
basis.
Vital
Role
They are playing a vital role
in helping to break the cycle
of abuse, and in re-building
communities to be caring and
safe places in which to raise
children.”
Support System
The Home of Hope was established
in 2005, and acts as a support
system for local social workers,
helping to care for abandoned
and abused children, those affected
by HIV and drug abuse, as well
as children suffering from Foetal
Alcohol Syndrome.
The Project
The project is run by 26 full-time
staff plus volunteers who assist
with everything from social
intervention projects to community
awareness programmes and distribution
of donated goods. Home of Hope’s
places of safety have cared
for over 250 children since
their inception.
Latest Campaign
PGP has been working for several
years to raise awareness of
the Home’s activities
among the Sunset Links community.
This latest campaign saw the
agents distribute letters to
every one of the 250 households
in the suburb, appealing for
their support.
Huge Response
Over 150 residents responded,
and PGP distributed gift boxes
and a list of the Home’s
requirements to these interested
households. They then filled
the boxes with items such as
non-perishable foods, toiletries
and first aid supplies.
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150 boxes were formally
handed over to the Home
of Hope at a function
held at Sunset Links’
Tanglewood Gardens play-park,
on Saturday 24 April 2010. |
Kind Hearted
“Residents of Sunset Links
enjoy an exceptional lifestyle
in one of the most beautiful
suburbs in Cape Town,”
says PGP’s MD for the
Western Cape Metro region, Laurie
Wener. “We are delighted
that they have responded to
this campaign with such enthusiasm,
showing their care and support
for those in need.”
Sunset Links Golf Estate
Sunset Links Golf Estate is
situated on the Milnerton golf
course, alongside the Rietvlei
Nature Reserve. The community
has four boardwalks supplying
direct access to the beach,
and enjoys 24-hour CCTV manned
security. It also offers four
fully-equipped play-parks for
children living on the estate.
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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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