Weekly Property News
Friday, 09 October, 2009

Chicago - Want to live next door to US President Barack Obama? The colonial mansion next to his Chicago home is now available - for the right price. So far, the real estate broker handling the sale won't even guess at what that price might be. "We don't know what premium the Obama factor will have," said Matt Garrison of Coldwell Banker. "If it was a block away it would be somewhere in the (neighborhood) average of $1,2 to $2-million (between R9-million and R14-million)." But those hoping for an invite from Obama or the chance to swap recipes with the First Lady might be setting themselves up for disappointment.

Despite vowing to come home to Chicago as often as possible, the Obamas spend most of their time in Washington and have chosen Camp David and Martha's Vineyard for recent vacations. The new owners will also have to contend with roadblocks and screening by the Secret Service, what Garrison calls living in "the ultimate gated community."

Headlines – House prices are set to rise again in the near future, Absa said on Wednesday. In its latest house price index, it found that nominal year-on-year price deflation in the housing market had slowed down further in September 2009. "If the latest trends are to continue, house prices may start to rise on an annual basis before the end of the year," Absa's senior property analyst Jacques du Toit said. Evidence of upturn mounts

Market update: Fresh leaves are beginning to form on the house market’s green shoots, says KwaZulu Natal agency chief Keith Wakefield. “Our turnover for September is 40% up on last year, from 160 to 220 units,” he adds. “This is from the 5,5 percentage point interest-rate fall coming through.” His fastest-recovering suburbs are Kloof, Hillcrest and Westville, clustered around the N3 highway west of Durban. In Cape Town, Bill Rawson’s agency had 68% turnover growth in the three months to August, compared with 2008. “The main reason for this is that people can see the market has bottomed out,” he says. “And banks’ home loan approvals have risen from 50% to 60%. A large number of cash buyers are also appearing.” Property market looks perky

The editor

In This Issue
Featured Property

Western Cape, Swellendam

Property Type: Guest House | A proclaimed national monument, awarded 4 stars by the Tourist Grading Council of SA...

CyberProp Property Count: 09/10/2009

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Properties for Sale: 134,885
Properties to Rent: 10,775

Real Estate News International

US first time unemployment claims drop

An auction sign for a property is seen at the front garden of a foreclosed house in Miami Gardens, Florida in this September 15, 2009 file photo...

Local News

Real Estate news – Thursday property news wrap
'Industry regulation is essential' All estate agents and managing agents must be registered as debt collectors in order to legally demand and collect any rent or levy payments in arrears, shows a recent finding by the Debt Collectors Council, says Property24...

Evidence of upturn mounts
House prices are set to rise again in the near future, Absa said on Wednesday.

In its latest house price index, it found that nominal year-on-year price deflation in the housing market had slowed down further in September 2009...

Property market looks perky

Fresh leaves are beginning to form on the house market’s green shoots, with banks, rates, carry trade change mood...

Major shifts coming in real estate industry

More than 70% of agents support the new education dispensation for the real estate industry and believe it will make the industry more professional and credible...

UK home buy assistance schemes could give lessons to SA, says Rawson MD
Those South African property trend watchers who believe, probably rightly, that it pays to keep an eye on the UK property market – because it tends to set new trends six to nine months ahead of the local market – will have noticed that two initiatives have proved encouraging, despite a general acceptance in UK...

Buy, sell in style with these tips

Buying a home is probably the single biggest investment that a person will make in their private capacity...

The devil is in the detail in home sales

In the current market, most home sellers are still focused on getting any offer to purchase that is reasonably close to their asking price, but they should not lose sight of the fact that there are usually also many non-price terms to be successfully negotiated before a deal can be concluded...

Pumping 2010 property profits

Boom-time looming, or will overpriced homes get "lucky break"?

There is a lot of talk at the moment about the local property market starting to emerge from its slump...

Rawson developers gear up for increased activity in 2010

As has been widely publicised, South Africa’s residential property developers have for 24 months been through a period in which almost no new schemes were launched...

Estate agents: A dying breed?

Survey shows high commissions, poor service rankle. Time to sell property ourselves?

Estate agents may be right up there with lawyers as some of the most disliked people on earth...

New Sea Point self storage facility in a leugue of it's own

Friday the 9th October sees the official opening in Sea Point of what is already being described as South Africa’s most exclusive self storage facility...

Don't move your property out of a trust - yet

The introduction of a two-year property ‘tax window' by SARS (the South African Revenue Service) has been brought forward from 1 January 2010 and will now apply retrospectively to disposals from 11 February 2009...

Upcoming Events

Focus On

Focus on Swellendam, Western Cape,
South Africa

Founded in 1745 at the foot of the Langeberg Mountain Range in the Overberg region. A charming town, famous for its youngberries, electic architecture and National Parks, as well as outdoor activities...

>> View Properties in Swellendam
>> View Properties in the Western Cape

Chas Everitt Home MakeOver

Chas Everitt plans extreme makeover for children’s home

The Chas Everitt International property group is gearing up to give a section of the Durbanville Kinderhuis in Cape Town an extreme makeover in October.

This follows the hugely successful revamp of the Kid’s Haven on the Gauteng East Rand last year and forms part of the group’s community involvement programme...

Search For Properties

1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

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Enter City/Suburb:

In the Area

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

  • Middelburg
  • East London
  • St Francis Bay
In the Area 1 - Middelburg

The residential property market in Middelburg in Mpumalanga is currently flush with bargains – but the market is showing definite signs of turning...

In the Area 2 - East London

The East London property market is weathering the current market travails well on the basis of a well diversified economy and its growing status as a region that offers an unmatched quality of life...

In the Area 3 - St Francis Bay

Despite constrained economic conditions, and it being winter, buyers in St Francis Bay at the gateway to the Garden Route is coming out of hibernation...

To the editor

To the editor:

Dear editor,

I am interested in any planned / upcoming developments within the Eastern Cape. We need the information for network planning and load forecasting. We are trying to stay ahead of developments to ensure that we have enough capacity to accommodate future demand.
Mavis Sitole

From the editor: Load sharing is something that we all had to deal with the last few years. If you have any information that can help Eskom you can mail her at sitolerm@eskom.co.za


Send us your comments to news@cyberprop.com

News From

Jennifer Paddock - Get them to cough up

I am a trustee of a scheme with 11 units. There is one owner who owns three units and I am struggling to get him to pay his levies as well as his water and electricity.

Is there any legal action that we can take against him? I have written several lawyer’s letters to him without any success.

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