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Weekly Newsletter
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Friday, 27 February, 2009
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| >> Real Estate news – Canadian real estate returns fall to 14 year low, says IPD & Residential property prices in the US down over 18% on average in 2008 |
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CHICAGO, Feb. 19 /CNW/ - IPD today released the 2008 results for the ICREIM / IPD Canada Annual Property Index, which at the end of December 2008 covered C$96.5 billion of commercial real estate. The Index saw a total return for 2008 of just 3.7%, down sharply from the 15.8% recorded in 2007, and the lowest level since 1994...
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| >> Only 1 more week to stand a chance to win R 1000.00 |
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| >> Mboweni pours cold water on rate hopes |
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He told bankers yesterday that he had chosen his words carefully when he hinted early this month that poor economic data might prompt the MPC to convene ahead of its next scheduled meeting in mid-April...
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| >> South African property market recovery being hampered |
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The commercial sector in cities like Cape Town and Johannesburg shows promise with several substantial office developments due for completion in 2011, according to Colliers International...
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| >> Bond pitfall for home owners |
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This gives rise to numerous problems, the most obvious of which is that in today’s market it may well be impossible to sell your home within three months...
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| >> Tata ma chance! |
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(Legal rulings) DURBAN (February 20) - What does a homeowner do when the bank issues a summons because the homeowner is in arrears with bond payments? Well, advises Durban Attorney Seig Heiriss in one his regular market briefings, he can raise a defence that the homeowner is “over-indebted” and ask for relief as provided in the Credit Agreements Act. But, Heiriss warns, it is not that easy and the homeowner may just end up “taking a chance”. In two separate court decisions [both hot off the press, February 2009 judgements], one here in Kwazulu-Natal [http://www.saflii.org.za/za/cases/ZAKZHC/2009/3.html ] and one of the Witwatersrand High Court [http://www.saflii.org.za/za/cases/ZAGPHC/2009/22.html ], the Court rejected the homeowner’s request for relief from over-indebtedness and granted judgement for the bank against the homeowner. Article from: www.rodneyhayter.com |
| >> Over-commitment still a problem for many over-ambitious young homebuyers, says Greeff |
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Traditionally, says Mike Greeff, Chief Executive of Greeff Properties, young people who wanted to get into home ownership started in humble, low cost homes, often in unfashionable areas. They then sold them after five or six years later and moved up to something more expensive, repeating the process again several years later. “That has been the pattern, the trend for most of my life - but in the last decade we have seen a new breed of buyer come onto the market, the type who cannot wait and “wants it all” right now...
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| >> The Players GC - Get n grip get a golf membership |
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and complete an online application form. |
| >> Problems await the landlord who delays maintenance or employs cheap contractors, say Indawo spokesman |
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The tight conditions now being experienced by property owners - including many who own multi-million rand buildings - have resulted in “a fairly large percentage” delaying or even totally neglecting the maintenance of their properties. So says Graham Hartle, Sales and Marketing Manager of Indawo, one of Cape Town’s largest painting, refurbishment, waterproofing and asbestos removal companies. The tough conditions, adds Hartle, have also seen a proliferation of unreliable, untrained, fly-by-night contractors handling maintenance work. Some of these, he says, have had absolutely no previous experience in this field...
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| >> Renting 101 |
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In addition, falling home prices and the expectation of further declines have swayed many would-be buyers to rent while adopting a wait-and-see attitude...
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| >> How to find a bargain |
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So, how do you find a property bargain? Ben Seymour-Brown, manager of group direct sales for ooba (formerly MortgageSA), suggests home hunters follow these five tips...
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| >> Smart Living |
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Taking the effort out of eco-consciousness, while making your life a whole lot easier, home automation brings with it a host of benefits. You save on time and energy consumption, enhance your lifestyle and gain more peace of mind in one fell swoop. When considering this leap into the automated world, though, it’s best that you consult specialists in the field of home automation to guide you through the minefield of what can and can’t be done. In the long run, using knowledgeable experts will give you consistent savings that will offset the initial outlay, with far greater convenience...
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| >> To the editor |
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UNIQUE AND POPULAR CAMPS BAY CENTRE BOOMING The trendy and popular landmark retail centre of Isaacs Corner, located in a unique location on Camps Bay beachfront, is proving to be a firm favourite of regulars to the area and the centre recently attracted Billabong as a tenant, who opened their doors in November 2008. Spire Property Management, who manage the centre on behalf of Thynk Property Partners, explain that this prime seafront development has a restaurant/leisure focus, and tenants include Col’Cacchio Pizzeria on the first floor, with Vida e Caffee, Kauai and now Billabong on the ground floor. Thynk Property Partners re-developed the property situated at 55 – 61 Victoria Road with work being completed in October 2007 for tenants to open for trade over November & December 2007. The building was previously owned by a well known Capetonian, Mr Philip Isaacs, who was recognized in the Guinness Book of records as the world’s oldest practicing pharmacist. Isaacs acquired the building in 1946 for 3,500 pounds, and ran a pharmacy from the premises whilst living above in the apartment. In 2003, at age 98 Isaacs retired and passed away a year later. The property was then sold on auction in November 2005.
According to Leon Quenet, CEO of Thynk Property Partners, who developed Isaacs Corner, the centre is enjoying growing popularity thanks to the dynamic tenant mix combined with the properties prime location. “We have enjoyed every part of getting Isaacs Corner off the ground, from the projects inception right through to the centres inaugural opening day. I think Philip Isaacs would have been most pleased with the buildings metamorphosis.” By Spire Property Management on Isaacs Corner - a trendy retail centre
in Camps Bay |
| >> News from – Chas Everitt International Property Group |
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Woodridge Country Estate in Kwa-Zulu Natal has recently received approval to construct a sectional title development within the estate borders, thereby providing investors with the opportunity to own property on the estate. Located in the heart of the KZN midlands next to Michaelhouse school and overlooking the beautiful Balgowan valley, Woodridge Country Estate offers four-star accommodation and facilities and is a favourite for conferences and weddings...
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| >> In the area... |
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The areas we are going to take a closer look at this week are;
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| >> In the area 1 – Melkbosstrand |
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Residential property prices in the Cape West Coast town of Melkbosstrand have proved to be far more resilient than those of most towns, not only in the Cape but throughout South Africa, says Lynette de Lange, who is one of three agents serving the Dave and Ann Marie Evans-owned Rawson Properties franchise which serves Melkbosstrand, Duynefontein and Riebeeckstrand...
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| >> In the area 2 – Port Elizabeth |
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Cash sales are coming to the fore in Port Elizabeth in evident reaction to stringent bank lending restrictions. Dave Summerton, principal of leading city agency Homenet Summerton, says many buyers are going the cash route to capitalise on the next market turnaround and that up to 66% of purchases being made in some areas are now cash purchases...
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| > In the area 3 – East London |
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The East London property market appears to be shaping up for recovery, possibly sooner than many other areas of South Africa. That was the good news spelled out by Gerhard Kotzé, CEO of the ERA South Africa property group, at the official opening of the ERA Buffalo Regatta this weekend, when he drew parallels between the regatta and the property market in the greater Buffalo City area...
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| >> Focus on Umhlanga, KwaZulu Natal, South Africa |
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Situated just north of Durban with the golden sandy beaches that stretch northwards for more than 200 kilometres, all the way to the spectacular Greater St Lucia Wetland Park. Inland endless fields of sugarcane give way to the tumbling area of the 1000 Hills. >>
View Properties in Umhlanga
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| >> Property of the week |
Search for property in your area |
| >> Route 62 leads foreign buyers to Montagu |
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Johan Gous of the local Aida estate office says the town’s position between the Keisie and Kinga Rivers on Route 62, SA’s scenic version of America’s famous Route 66, gives it great exposure among local tourists and international visitors...
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| >> Offering from Webmail |
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| >> Software at its best! |
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Cell Phone enquiries from the public Buyers driving past your advertising boards will be able to see an unique Internet Number allocated to the specific property. They will then SMS that number to 35476 and will receive an SMS back with all the details of the property. At the same time the agent / agency will also be informed of a potential buyer. How's that for technology working for you! The cost - mahala! Free to all CyberAgent subscribers. Here's a diagram on the way this process will work...
If you would like to know more about the above features and benefits that CyberAgent offer, visit: www.cyberagent.co.za or email: sales@cyberprop.com |
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For Sale Property: To Rent Property: |
Are
we are we not? According to Cees Bruggemans, Chief Economist
First National Bank South Africa could already be in a recession.
What I find interesting is that Bruggmans, since June 2008, has
been predicting a recession and that his views were dismissed. “I
was completely on my own” he said. When will one every be right?
RESERVE
Bank Governor Tito Mboweni has poured cod water on talk that a special
meeting of the Bank’s monetary policy commttee (MPC) is imminent,
but did not rule it out entirely. 
The
property market in South Africa has not been hit as hard as some other
international real estate sectors but power shortages and lack of liquidity
are hampering recovery, it is claimed.
Property
owners attempting to cancel their bonds when they
sell are finding that some banks have been “making things very difficult”.
Lanice Steward, MD of real estate company Anne Porter Knight Frank Properties,
says the first of banks’ new rules makes it necessary to give three
months’ notice of a cancellation.
Along
with decreased affordability of property, the stringent requirements of
the National Credit Act and banks' recently developed aversion to 100
percent mortgages, renting the flat or house you live in gained favour
amongst many people in the last few years.
Each
day another headline tells us just how bad the property market is, but
loads of savvy investors are piling in and picking up bargains in this
period of weakness.
The
idea of home automation can be daunting if you have never seen a centralised
system in action. But rest assured, once you get used to it, you won’t
want to live without it.
Chance
to buy a piece of top resort
MELKBOSSTRAND
RETAINS IT CHARM – AND HOLDS ITS PRICES
Cash
buyers come to the fore in PE
East
London market shaping up for recovery
Umhlanga
is one of the most popular beach resort destinations on the east coast
of South Africa. The bathing is safe and the warm Indian Ocean waters
wash one of the most beautiful coastlines in the world. 
Montagu
on Route 62 in the Western Cape’s Klein Karoo has become a favourite
destination among overseas property buyers.
