Collective buying emerges in Kempton Park

The latest trend to manifest in the family-orientated Kempton Park is that black families are pooling their resources to overcome lending restrictions and buy shared properties.

So says Mario Grobler, principal of leading local agency Homenet OR Tambo who notes that these buyers are increasingly approaching the banks for bonds with collateral derived from two or three relatives or even two separate families. And they are being approved.

"Typically these buyers are qualifying for properties priced between R400 000 and R600 000. Many have realised that now is the time to buy given the slowdown in property prices, and freehold homes are their most popular choice," he says.

"Interestingly, despite the purchase being a combined one, the buyers themselves don't always actually reside at the property, choosing to rent or live elsewhere instead and leaving members their extended families in residence."

Such tactics have evolved out of necessity, says Grobler. "The National Credit Act and a tight economy are forcing people to innovate and the banks seem happy to grant loans to these 'collective buyers' as long as they meet the income and deposit criteria."

Meanwhile, Kempton Park property values are holding steady. Properties priced between R550 000 and R750 000 are also selling reasonably well as are sectional title properties priced at around R650 000.

Prospects for future growth are good due to the fact that the local municipality has embargoed further development for some time to come. Authorities cite excessive strain on existing infrastructure as the reason for their restrictions. Commercial re-zoning of homes has also been put on hold for the same reason and only projects approved 18 months ago are being allowed to be completed.

The local rental market, however, is also cooling off slightly as a result of overpricing. According to Grobler, many landlords have pushed up their rents in an effort to cover their own bond costs and priced themselves out of the market. Two-bedroom homes renting for around R4000 a month are however still in relatively high demand.

ISSUED BY HOMENET

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Entegral Technologies to rebrand Property 100

Entegral Technologies, together with the head of Property 100 Group Consulting division, Alex Fenwick, recently started a revamping project on the Property 100 Groups’ Corporate Identity.  The idea behind the revamp was to give the Property 100 Group a new, fresh look and feel but at the same time ensure that Property 100 clients still recognise the brand.

The first element tackled was the logo of the company.  The goal was to transform it into a more streamlined identity element, but still keeping all the characteristics of the old Property100 brand experience.  One of the characteristics that were focused on when planning the redesign was that the logo and other elements could be extended to the other business areas of the group. 

The logo needed to be updated to have a more modern look and feel.  The existing colour palette was retained but updated to more vivid colours. The key elements in the logo were also retained but simplified to ensure that the golden thread is pulled through the whole identity of the Property 100 Group.

A new website is in the process of being developed by Entegral’s Development team. It will be based on the new Corporate Identity and new web design principles. The website will be more user-friendly and will also integrate the additional Group Services websites such as Bonds100, Credit100, Legal100, Insure100, Edu100.

The basic new corporate identity is already being implemented throughout Group100.  In addition the new Property 100 website will be launched soon.

 

 

With a starting price of R295 000 Roodepoort is on track

Roodepoort on the West Rand has weathered the recent property storm better than most areas and local experts are predicting a good 12 months ahead for the West Rand town.

 

Werner van Schalkwyk, principal of the local Chas Everitt International franchise, says that property values in Roodepoort have been comparatively resilient in recent months, thanks mostly to ongoing commercial development that has underpinned housing demand.

 

Current projects include commercial extensions to the existing MTN hub in Constantia Kloof and a new 5 000sqm shopping centre being planned off Hendrik Potgieter Drive.

 

“Roodepoort has remained popular with both commercial and residential clients,” he says. “Due to its location and excellent facilities, there will always be a demand for property here if it is priced correctly. And now the more stable interest rate climate is beginning to boost buyer sentiment again.”

 

The area’s appeal is bolstered by a host of excellent shopping, entertainment, sporting, educational and medical facilities. Its ecological attributes include the Witwatersrand Botanical Gardens and the famous black eagles. Many homes also enjoy panoramic views of the Magaliesberg mountain range, and business logistics are made easy via the major highways that feed into the area.

 

“In addition, Roodepoort offers properties to suit just about every pocket, ranging from R295 000 sectional title homes to luxury mansions costing R3 and R4m. There are also many homes to rent, with a typical two-bedroom unit renting for R2 800 a month,” says Van Schalkwyk.

 

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Stay sane during renovations

Remodelling an existing home rather than buying a new property is becoming a popular option in the current tough credit climate.

But, says Berry Everitt, MD of the Chas Everitt International property group, while renovations can increase the value of a home, owners should not lose sight of the inevitable disruptions the process will cause and the need to be properly prepared to deal with them.

Writing in the Property Signposts newsletter, he says detailed project planning is the first step, whether the owner supervises the process or leaves that to a builder or architect. "It is vital to understand all the implications of the planned work and double-check that all eventualities have been taken into account - complications that crop up because of poor planning can drag out the alteration process and wreck the budget."

The second step is to devise strategies to minimise the disruption to daily routines once the renovation gets under way. Homeowners should for example map out which parts of the house will be affected and plan alternative arrangements, especially if they are renovating a kitchen or bathroom.

They should also take into account what will happen if the electricity or water supply needs to be disconnected during their revamp. It is also wise to remove and store all breakable items to prevent damage and to cover furniture to protect it against dust.

"If the planned renovations are extensive, it might be better to move out of the house for a while, especially if you have young children. And if you do elect to stay put, you must plan how children will be kept out of the way of work in progress and away from building materials and tools," says Everitt.

"And finally, be sure to arrange with the contractor that no advance payments will be made. Materials should be delivered on site before you pay for them and the project, or an agreed part of it, should be completed to your absolute satisfaction before you part with any money."

Issued by Chas Everitt International

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UNIQUE WATERFRONT LEASE SECURED BY PAM GOLDING COMMERCIAL ON BEHALF OF GLOBAL AD AGENCY

A 10-year lease for 2695sqm of prime-located warehousing space at Cape Town's V&A Waterfront has been concluded by Pam Golding Commercial leasing, sales and investment consultant Graham Freeling on behalf of Lowe Bull, an internationally renowned advertising agency. These premises will serve as Lowe Bull's Cape Town headquarters. The capital value of the lease is undisclosed.

Comments Freeling: "Situated right on the water's edge overlooking the V&A Waterfront with views of the harbour and Table Mountain, and within walking distance of the Cape Town city centre and easy reach of all major routes, this is one of the most sought after locations one could wish for. The site is on the south pier directly opposite the Port Control office, with good security and easy accessibility. It would be hard to beat the appeal of such a scenic, landmark location for any working environment, and it's ideal for a prestigious, award-winning agency such as Lowe Bull, which has a global blue-chip clientele. The agency, formerly located in Cape Town's Long Street area, is currently expanding its local operation."

Formerly tenanted by a fishing company, the huge warehouse is being completely renovated into a studio/office accommodation to suit the requirements of the new tenant, with certain aspects of the existing building being retained and adapted as key features.

Says Freeling: "Given the high demand for the V&A Waterfront, where there's a waiting list for retail space, it's extremely rare to find such a unique and large space as this. Currently we have 2000sqm of prime A grade office accommodation available in Granger Bay Court."

He adds: "Not only is the V&A Waterfront considered one of the world's major tourist attractions, it's within walking distance of the highly successful Cape Town International Convention Centre, which draws delegates from around the globe. As a result, this is one of the most prestigious addresses for any business."

Issued by Gaye de Villiers

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DISCOVERING THE PEARL OF THE OVERBERG

Buyers turn to Villiersdorp in search of safe country lifestyle. In the face of rising traffic congestion, stress, crime and transport costs, many South Africans are opting to leave the city and seek out a new life in the smaller rural towns, where life moves at a slower pace, children still play in the street, and neighbours know one another. An added attraction is the lower cost of housing in such areas, especially for those wishing to retire on a fixed income, or those just starting out as property owners. Pam Golding Properties reports that one such town experiencing consistent levels of interest is Villiersdorp, situated at the north-western corner of the Western Cape's Overberg region, just over an hour's drive from Cape Town. It's not for nothing that the town is known as the "Pearl of the Overberg". Nestled in the Elands River Valley, in the shadow of the Stettynsberg and Riviersonderend mountains, it offers a picturesque setting and a tranquil pace of life, and is surrounded by abundant vineyards and orchards. First settled in the early 1840's, the area is one of the most prosperous farming regions in the Cape, with high-yielding crops of apples, grapes, onions, peaches and apricots. It is also extremely affordable, offering a wide range of homes to suit everyone from first-time buyers to young married couples, families and retirees. Says PGP's area manager Linda Killick: "We have apartments on the market in this town from as little as R245 000, while a family home can still be obtained for under R700 000. Larger family homes are extremely affordably priced at around R1 to R1.5 million, while the very top end of our market sees homes priced from just over R2 million and above, situated within the exclusive Theewaterskloof Country Estate, which is a controlled access estate with its own nine-hole golf course, just five minutes outside of town. These prices mean that even those on a tight budget should be able to find decent housing that is within their reach - and all this, in a stunning natural environment. This is a wonderful place to raise a family, with lots of safe outdoor activities and a very low crime rate." The beautiful scenery has not surprisingly attracted a sizeable community of artists and crafters, who have made the town their permanent home and whose works are on display in its art galleries. Pharmacists, doctors and teachers have also been attracted by the lifestyle, and the town boasts very good dual medium schooling from grades one to matric, as well as a well-stocked library, several major grocery chains, and its own ambulance, fire and police services. Besides the local wine routes, there is much to tempt those in need of relaxation, from gentle hiking and birdwatching to sailing on the nearby Theewaterskloof Dam, which is the seventh largest in the country and one of the most popular Cape venues for watersports. Its excellent Sports Club offers facilities for water-ski'ing, sailing, swimming and fishing, as well as power-boating, wind-surfing, and jet-ski'ing. Outdoor enthusiasts will also enjoy the numerous 4x4 and mountain-biking trails in the area. Adds PGP's MD for the Boland and Overberg, Annien Borg: "The town itself offers numerous historic and picturesque buildings, including the national monument 'Dagbreek' which has been turned into a restaurant and museum. And for those who miss the bright lights on occasion, the Caledon Casino complex is just 25 minutes' drive away. Another close neighbour is Franschhoek, with its scenic winelands and gourmet restaurants. A highlight of the Villiersdorp calendar is the annual fruit and wine expo held in October, showcasing the areas' rich agricultural heritage. Pam Golding Properties Click to read more real estate news