East London stand attracts record price

A stand of 1200sqm located on the Nahoon River has just been bought for R3,5m – or R2917/sqm, the highest price yet paid for undeveloped residential land in East London.

The purchase was negotiated by Colin Kuhlmann of the Chas Everitt International property group, who says the buyer is an out-of-town businessman who does not want to be named.

“The property was listed with us just two weeks ago, but fortunately matched the requirements of a buyer already on our books, who flew to East London to view the stand and quickly decided to buy it. His intention is not to develop the land but to build a single family home there for own use.”

Kuhlmann was recently honoured by the Chas Everitt International group as one of its top performers of the past 12 months, having been responsible for seven of the eight most expensive property sales made in East London during that time and having broken quite a few records in the process.

And speaking during the recent Eastern Cape event held to mark the group’s 30th anniversary, CEO Berry Everitt noted: “What is even more impressive is that he achieved these results in one of the worst property markets of the past 30 years. We salute the dynamic approach that made this possible.”

An award-winning financial planner before he joined Chas Everitt International, Kuhlmann says he strives to apply the same levels of diligence and care required in that field to the real estate transactions he now handles - and that he is fortunate to have a large existing client base of professionals and executives.

He also says that the demand for properties along the Nahoon River and in other plush parts of East London has remained steady despite last year’s economic downturn – thanks mostly to the fact that wealthy buyers were not much affected by the credit crunch.

“Such buyers often have access to cash to pay sizeable deposits or even the whole purchase price, instead of having to rely on bank finance, and the prices of luxury homes here have consequently held up well, especially when compared to other coastal towns.”

Article from: www.chaseveritt.co.za