THE 2010 Soccer World Cup is drawing closer and the extensive global exposure of SA is expected to result in an increasing number of visitors to the country and ultimately a hugely increased investment in property.

“As we start approaching the six-month build-up prior to the World Cup, it is likely that the hype and enthusiasm generated will have a positive effect on all segments of the market — supplemented by the favourable and significant infrastructural spend,” Pam Golding Property group CE Andrew Golding says...

The latest interest rate cut by the Reserve Bank will free up many billions of rand, which will help offset the impact of the recession and stimulate the economy. This is the word from Brian Falconer, MD of Colliers International Residential, South Africa''s fastest-growing real estate group.

"For every million rand bonded, a homeowner will save R704.90 a month relative to their previous repayments, given the new prime rate of 12 percemt" says Falconer. "In total, since the Reserve Bank changed its approach and began cutting interest rates, we have seen a 350 basis points cut, which for every million rand held in a mortgage has returned R2 527,95 into the back pocket of a bondholder...

If it’s your aim to purchase property at the bottom of the market while prices are at their lowest, then you’d better buy within the next nine months.

That’s the advice of Lew Geffen, chairman of Sotheby’s International Realty in SA, who says all the signs are that prices will start to move upwards again at this time next year...

With public holidays on the 10th, 12th and 27th April and on 1st May (supplemented by the election on 22nd April) retailers throughout SA took a knock in their April turnover, this reportedly being 7% down on “normal” months.

The real estate sector also suffers each year from these April public holiday breaks, says Lanice Steward, MD of Anne Porter Knight Frank...

This exciting initiative, now in it's second year involves selecting a Children’s Home and giving them a Home Makeover, transforming them into bright, new, comfortable and stimulating home environments for the children who live there.

If you are interested in participating in this rewarding project or prepared to donate materials that can be used please contact the Chas Everitt office near you or Tracey Everitt...

Property trend analysts are impressed that in the first week of April mortgage loans granted in the US were 77% up on the April 2008 figure. A similar, though not quite so spectacular, rise was recorded in the UK for the same period.

Drawing attention to this very welcome turnaround in the current situation, Tony Clarke, MD of Rawson Properties, asked the question...

Although the latest 1% drop in the interest rate is welcome - and will no doubt give a fillip to the housing market - a further 2% drop, sooner rather than later, is absolutely essential if a genuine recovery in the residential sector is to come about, says Mike Greeff, Chief Executive of Greeff Properties.

“When prime is at 10%,” he predicted, “the market will really start moving. With a little luck we can now expect this before the end of this year...

With up to 70% of bond applications being turned down by banks, consumers need to rethink their approach to buying property.

This is the view of Paul Joubert of the RealNet office serving Vereeniging and Sebokeng in the Vaal Triangle, who is now offering basic courses in property affairs as a value-added service to local property consumers...

CENTURY 21 South Africa, the local arm of the world’s biggest property group, is shaking up the real estate industry with news that it is to award three 10-year Elite Century 21 franchises - worth R200 000 apiece – to the winners of an open competition.

The competition is aimed at strong independent principals, exceptional agents and smaller brands...

Everything is going to plan for the new Global Phoenix Property Investments fund designed to take advantage of the huge discount arbitrage that exists in certain listed property markets internationally.

Towards the end of April the prospectus for the IPO was approved and the date for listing on the Bermuda Stock Exchange had been set for the 26th June.

This means that the capital raising effort which kicked off in March with pre-marketing can now go into top gear. The targeted capital to be raised on the IPO is US$200-million...

The recessionary conditions in SA have resulted in more and more homeowners renting out parts of their homes (i.e. one or more rooms) to supplement their incomes, says Tony Clarke, MD of Rawson Properties, and, he adds, there is a growing demand for this type of accommodation.

“In our group,” he said, “we see this demand coming from students (property in the “Academic Mile” from Mowbray to Wynberg has proved to be one of the best possible investments), from visitors (who increasingly opt for the peace, privacy and cheaper price of a home rather than a hotel) and from those who, regrettably, have lost their homes this year as a result of redundancies, bond payment defaults and the like...

This week in our wrap of property news that's garnered newspaper headlines: crime has reared its ugly head among estate agents, property investors.

You'll do less time for murder. Velvet-tongued jailbird Maurice de Grandhomme was sentenced to 30 years for conning about R2m out of wannabee golf estate investors. He met his victims on a driving range at Pollsmoor Prison while he was still serving time for fraud, nogal...

Montebello, an upmarket award winning residential complex in Newlands, has recently awarded the management of the scheme to Intersect Sectional Title Administrators, the sectional title specialist subsidiary of the Spire Property Group.

The scheme, located next door to SACS school and popular Dean Street Arcade shopping centre, consists of 108 apartments and four townhouses, which span from Montrose Street, across Rudolph Street to Dean Street...

Last week we placed the following;

What if a Landlord doesn't want to give Security deposit back, Vicky, Cape Town

From the editor;

Vicky the answer we received was to take the matter to the Small Claims Court. This court is a court of law where you can “do-it-yourself”. Not only is there no cost involved but it seems that it is also the fastest option currently available.

To the editor;

Re: Blaauwberg Property

All of this is great is it shows that foreign investors see South Africa as a good investment deal. It's just a shame that most of us South Africans can't invest in these properties. Danny

To the editor;

NEWS FROM THE BLACK CONVEYANCERS’ ASSOCIATION

BCA TAKES UP THE CUDGELS AGAINST CONVEYANCERS’ “RELATIONSHIPS” WITH ESTATE AGENTS

The powerful Black Conveyancers Association has published a statement calling for a stop to be put to the “unethical and unlawful” procurement of conveyancing work by some legal practices in SA.

Those doing this, says the statement, are among leading legal practices in SA.

The statement adds that the downturn in the economy has exacerbated the problem by making the offenders more aggressive in their pursuit of contracts.

“Some firms are said to be paying as much as 50% of their applicable conveyancing fee to estate agents, bond originators and home loan consultants to secure conveyancing work.

“We are concerned,” adds the statement, “that where such practices have been disclosed only a single individual of the offending firm has been struck off the attorneys’ roll while the remaining partners have continued to practice as if completely innocent.”

The BCA say that they have taken up the matter with some provincial law societies but the response has often been that they are unable to take action against a member without tangible evidence.

The BCA has, therefore, proposed that a special committee be set up to investigate these unlawful practices and set up mechanisms to deal with the matter and prevent further occurrences. BCA members are urged to be available to serve on and assist the special committee and they propose that forensic experts and private investigators be appointed to assist the investigations.

The BCA is also suggesting that they meet with the Estate Agency Affairs Board and other role players to get their combined support against these practices, that harsher sanctions and penalties be levied and that the firm be held accountable if any one of its members is found guilty.

The statement warns that the practice of paying to secure conveyancing work is putting the profession in danger.

“Either the practice should be condoned so that all firms compete on the same footing or it should be stopped immediately.”

Right now, says the statement, the practice is resulting in the unethical firms getting almost a monopoly of the conveyancing work.

The BCA is inviting any person with information on these illegal practices to contact Frank Dorey, Head of Department: Disciplinary of the Cape Law Society on telephone number 021 443 6700, fax 021 443 6751 or email dorey@capelawsoc.law.za.

Send your viewpoints or comments on any of the articles, or questions you may have to news@cyberprop.com

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The areas we are going to take a closer look at this week are;

• Port Elizabeth
  
• Cape Town

Coega fails to deliver property boost

The Coega harbour project just outside Port Elizabeth, once expected to give the surrounding area a huge economic lift, has yet to bring about any significant increase in local property demand.

That’s the news from Adele Meusel, principal of leading local agency Homenet/ Harcourts Anchor Realtors, who says that the local property market has remained largely unaffected by Coega and that activity in the suburb still stems predominantly from family buyers...

The hottest address in CT

There is no time like the present to invest in Cape Town city centre living. Due to a weak South African property market there are a number of extremely affordable options currently on the market in central Cape Town, ranging from studio apartments to luxurious penthouses. When the market turns, however, expect values in the Central Business District (CBD) to skyrocket...

Named after the Groot Marico River, one of the few perennial rivers in this area, the town is well-known for its beautiful African bushveld surroundings, hospitality of its people and through the books of well-known author Herman Charles Bosman.

>> View Properties in Groot Marico
>> View Properties in North West

Search for property in your area

The Green Building Council of South Africa (GBCSA) is currently seeking members for the Technical Working Group to guide the development of the Green Star SA - Retail rating tool. Following the model of the current Green Star SA - Office v1 rating tool for office buildings, the Retail tool will certify the environmental attributes of base building retail developments in South Africa. The Technical Working Group is a body of South African experts that evaluates all credits and credit criteria for the rating tool. More information about the tool development process and responsibilities of Technical Working Group members is available here.

The GBCSA is seeking a diverse group of 20-25 property industry experts to fill the Technical Working Group, and expertise in any of the following areas is valuable.

• Green building design and consulting
  
• Energy consulting
  
• Architecture
  
• Engineering, especially mechanical and electrical
  
• Landscape design and civil engineering
  
• Environmental or ecological consulting
  
• Construction/Contractors
  
• Quantity Surveying
  
• Development and property ownership, especially in the retail sector
  
• Facilities management, especially in the retail sector
  
• Materials sourcing / Interior design
  
• Product manufacturing and supply

Please send an expression of interest, at least two professional references and brief CV with relevant professional experience to: greenstarsa@gbcsa.org.za.

Deadline for submission is close of business Monday, 11 May. Selected individuals will be notified by Friday, 15 May.

The Property Manager provides you with a very extensive and detailed list of criteria which you can capture for your property listings and gives you the control to decide how you would want these properties to be displayed on the Internet

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