Weekly Property News
20 April 2012

Dear Reader

Freeway tolling on all major highways in Gauteng will be implemented on the 30th of April. Although e-toll registrations are picking up, it looks like most people are still hoping government can come up with an alternative solution. Will the tolling have an effect on the property market? Read more in Tolling will reshape the cityscape

With Auction Alliance being found guilty of contravening the Consumer Protection Act, 'Ghost' or vendor bidding has come under the spot light. Rael Levitt, former Auction Alliance boss, believes that it happens every day, in every way in every auction across the globe while the SA Institute of Auctioneers denies this claim. Read what they have to say on Ghost bidding NOT a norm

Hermanus, originally called Hermanuspietersfontein, is the world's foremost land based whale watching destination. It is a thriving holiday resort offering residents and holiday makers all modern amenities, yet retaining its fisherman's village charm. In this week's newsletter we take a look at what this great town has to offer in Focus on Hermanus, Western Cape, South Africa

We also take a look at what is happening in Hermanus Beach Club, Wellington and The Moot West in In the Area

The editor

In This Issue

Western Cape, Hermanus, Voelklip
House | Notes:
Longing for nostalgic older Hermanus ...? This 1940's coastal Olde English Lady will appeal to old and young . Situated on a 991m2 stand below 7th Street with wonderful mountain and sea views...

Local News

Tolling will reshape the cityscape

The furore over freeway tolling in Gauteng has continued even as the April 30 implementation deadline looms...

South Africa prices continue plunge says local bank

South Africa’s average house price is falling and if the trend continues, nominal and real price deflation for the year is a strong possibility, local banking group ABSA told OPP this week...

Ghost bidding NOT a norm

The SA Institute of Auctioneers (Saia) has denied a claim by former Auction Alliance chief Rael Levitt that "ghost bidding" is a common practice in the industry...

Durban's dig-out port makes waves

Yes you heard right, the speculation is over, the deal is through, Transnet has bought the old Durban Airport site for R1.8 billion...

IEA steps up training for 2012

In marketing residential property today, says Dianne Brock, general manager of the Western Cape Institute of Estate Agents, agents may find themselves on an easier wicket as a result of decreased competition...

Full title residential homes are the best investment bet

Neil Fuller, Broker/Owner of RE/MAX One who operates in the Johannesburg suburbs of Edenvale and Bedfordview, says that the best investment bet in his areas are full-title residential homes...

Deposit requirements fall as home prices drop

The average home purchase price being paid by buyers applying for mortgage finance dropped 3% from R817 684 in February to R793 332 in March – and was also 1,8% down on the figure for March 2011...

R400m in rent owed to CT

City of Cape Town bosses on Thursday said they were owed more than R400 million by tenants who are in arrears...

Four good reasons to hire a managing agent

Property investors are often concerned about buying rental units that are far away from their own homes, due to the problems of collecting rents and managing maintenance and security at a distance...

Muizenberg rentals booming

The last 12 months have shown conclusively that, when it comes to demand for rented residential property, there are few better areas throughout Greater Cape Town than Muizenberg, says Werner Rix of the Rawson Properties’ franchise serving that area...

There's a demand for industrial space says Abacus Divisions

There is a demand for small to medium-sized industrial space, a trend which started to emerge early in the year – and which seems to be picking up momentum...

Wildlife Estates in Hoedspruit have shown the best return

Located in an area known as the Valley of the Olifants, The Limpopo town of Hoedspruit is situated in the heart of the central Lowveld bordering the Kruger National Park...

How to avoid wrangles over occupation

When you've sold your home, the last thing you want is a disagreement with the buyer about the occupation date or occupational rental...

Rawson Developers hunt for new land

Those people, like himself, who are involved in Cape Town residential property development and tasked with finding new land and new business opportunities frequently find that the huge development potential of certain areas is simply not understood or recognised by the owners, says Marius Halgryn, land acquisition and new business manager for Rawson Developers...

Off-site CCTV Monitoring increasing for residential security estates

Security and safety from crime has become a very real consideration for households throughout SA. This has led to a significant increase in the number of security residential estates nationwide, as families perceive this to be a more proactive measure to maintain their perception of safety and security...

Fiduciary duties of HOA executives - paddocks
Common law states that a Home Owners’ Association (HOA) executive has a special legal relationship to their HOA. They owe the HOA a duty of trust, reasonable skill and confidentiality. This is referred to as the "fiduciary relationship" and it implies that the executive must put the interests of the HOA ahead of their own interests...

ST owners must abide by rules if altering units

All too often, says Michael Bauer, general manager of the property management company, IHFM, problems arise when an owner (often a new owner) of a sectional title unit plans to renovate his newly acquired property...

Focus On

Hermanus, Western Cape, South Africa

From all over the world people come to watch whales mate and calve from July to November, as Hermanus is famous for being the best land-based whale watching venue in the world...

>> Properties in Hermanus
>> Properties in the Western Cape

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1. Western Cape
2. Garden Route
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In the Area

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

  • Hermanus
  • Wellington
  • The Moot West
Hermanus Beach Club update

The gated security village, the Hermanus Beach Club, which fronts onto the rocky coastline just south of the Hermanus CBD and which consists of 238 two and three bedroom apartments (in three storey blocks) and 62 detached and semi-detached villas in two lines fronting the ocean, has to a large extent bucked the recessionary trend experienced by most Hermanus/Onrus/Vermont and other Cape South Coast residential properties, says Alta Bester, Rawson Properties’ agent serving the Beach Club...

Chas Everitt flag now flying in Wellington

The Chas Everitt International presence in the Cape Winelands has just been given another boost with the addition of a new Notebook® licensee in Wellington...

Taking the Moot West market by storm

With six sales made in its first month of operation and dozens of mandates in hand, the new RealNet franchise serving the western suburbs of Pretoria’s central Moot area has got off to a cracking start...

To the editor

To the Editor:

My name is lucky, I bought property (stand) in auction for R155k and I paid R100k into account of transferring attorneys two months ago. What percentage of interest can I expect to be paid? I bought the stand direct from the bank, the developing agent has set up three construction company to develop stands. Am I bound to choose from three companies, I have selected one of their plans.

Answer From KnowledgeFactory.co.za:

1) Trust current account banking is regulated by section 78(1) of the Attorneys Act 53 of 1979.

The Attorneys Fidelity Fund and the profession have negotiated arrangements on a national basis with most commercial banks.

The interest is not generally not very high, averaging around 2,0%-3,0% per annum.

Please ask the attorney what interest you will be earning while the funds are in his trust account as it depends largely on the amount he has in his account and what has been negotiated with his bank.

2) Each developer has his own rules regarding the choice of construction companies. Ask to see the estate’s documents and determine what the rules state.

Please refer such questions to your attorney or the estate agent that helped you acquire the stands if you are unsure.

Share your comments with us by sending it to news@cyberprop.com

Local news continue

Two types of HOAs

Many of those people directly or indirectly involved with homeowners’ associations have not as yet come to grips with the fact that there are today two types of such associations – and that these carry different obligations and responsibilities, says Michael Bauer, general manager of the property management company, IHFM...

Decorex - Conversations on Architecture - Cape Town

Themed ‘Architectural expression in the 4G Phase: Exuberant. Experimental. Explicit’, the conference shines a provocative searchlight on contemporary issues facing the global and local built environment...

CyberProp Property Count: 20/04/2012

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