Weekly Newsletter
Friday, 30 January, 2009
Property Search | Estate Agents | List your property

Edition 4 of 2009, Friday, 30 January 2009

Dear Reader

Hang on in there!

This is the news we received this week from a report released by SAPTG – South Africa Property Transfer Guide. According to this report it’s time to hang in there as there is hope for the residential property market in the near future. The South African real estate market who has experienced difficult times over the last two years will improve in 2009! SAPTG report gives hope

What about the rest of the world?

Central London residential property, often previously described as one of the three or four leading performers in the world market, has been hard hit by the global recession; Global economics make Central London homes a good buy – APKF MD

WASHINGTON (January 26) – Existing US home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to a January 26 National Association of Realtors® press release

And then I found the following article on real estate in Nigeria;

Dunlop Nigeria Plc has finally shut down its tyre production lines due to inclement business weather. Michelin, the French tyre giant, set the pace two years ago. Dunlop is likely to relocate its tyre production lines either to Ghana or South Africa, while the Nigerian venture goes into real estate business. The storm has swept away the last firm standing in the sub-sector. Nigeria now depends fully on imported tyres. Umh.. very interesting, from tyres to real estate.

Dr Willie Marais, national president of the Institute of Estate Agents (IEASA) shares the following;

Credit-shy lenders are now making it even harder for first-time buyers to get on the property ladder as they balk at giving loans for flats and sectional title townhouses. “Again our members are reporting that there are blocks and areas where potential buyers are finding it almost impossible to get loans, no matter how good their credit record is or how much cash they have as a deposit. They only have a chance of accessing home loans if they are prepared to buy in more up-market blocks or areas – which once again raises the issue of affordability for first-time buyers.”

The problem is twofold, he says. “Firstly the banks are worried in general about job losses in the current economic climate and the ability of borrowers to keep paying their instalments if that should happen. And secondly they’re worried about the indirect effect of the economic downturn on sectional title schemes such as apartment blocks and townhouse complexes. People in financial trouble often don’t pay their levies, which puts bodies corporate under pressure and can cause schemes to fall into disrepair, which in turn lowers the value of the homes that are the collateral for loans.

Meanwhile, our advice to potential buyers is to look very closely at the financial statements of any sectional title scheme where they are considering a purchase, so that they can make a good case for a loan when they apply to a lender. And as things stand, they should definitely not buy into a scheme where there is a risk that the banks will stop lending, as it will then be extremely difficult for them to on-sell in future. In addition, they need to work closely with experienced, knowledgeable agents in their chosen areas who have good working relationships with mortgage originators and lenders and who can direct them to schemes where loans are available.”

Win with Design> Magazine! For the next 4 weeks we will be giving away R1000.00 every week to one lucky subscriber, look out for next week's edition where we will be anouncing the names of our first 2 winners!

An hour from Port Elizabeth, the village boasts a temperate climate of warm summers and mild winters, a magnificent beach providing safe bathing, nature reserves, a deep water harbour and fantastic surfing. takes us in Focus on to St. Francis Bay, Eastern Cape, South Africa and Chas Everitt International Property Group share the All Sales stats for 2008 in St. Francis Bay, Freehold and Sectional Title as from the information supplied by the Cape Town Deeds Office.

Enjoy!
The editor


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>> Real Estate news – Global economics make central London homes a good buy - APFK

Central London residential property, often previously described as one of the three or four leading performers in the world market, has been hard hit by the global recession.

Lanice Steward, MD of Anne Porter Knight Frank, which has an association with Knight Frank, the international property management and sales group, has drawn attention to the latest Knight Frank review which quotes Liam Bailey, KF’s head of residential research, as saying...

>> Be a winner!

Launched on the web in December last year this online magazine is crammed full of everything to do with design. See what South Africans are doing around the world in the fields of fashion, theatre set design, home, interior decoration and more. Top design professionals share their opinions and insights into the different design disciplines. Also, International news highlights where the world is headed in this uber-dynamic arena. As a CyberProp.com newsletter subscriber not only is this magazine FREE to you for a limited period but for the next 4 weeks we will be giving away R 1000.00 every week to one lucky subscriber. Be sure that you subscribe to receive your copy so that you can flip through the latest edition.

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>> How will South Africa’s real economy perform as global economic tsunami pounds?

The year 2009 has arrived on the wings of the storm. “The situation is dire, it is deteriorating, and it demands urgent and dramatic action,” said US President Barack Obama shortly before his inauguration.

It has been estimated that nearly $7-trillion (yes, trillion) of wealth was destroyed on US stock markets last year, from relentless declines in the values of stocks. This estimate comes from American analyst Jeremy Payne, who is a senior vice-president at S&P Capital IQ, a market research and analysis com- pany. He further estimates another $5-trillion in share price losses outside the US, and some $10-trillion lost in the global housing market. “We’re probably looking at $25-trillion worth of asset price deflation,” he told the Washington Post. The World Economic Forum (WEF) estimates that, worldwide, stock markets dropped by an average of 50% last year, and cautions that the decline could continue...

>> SAPTG report gives hope

Insights into the latest report released by the South African Property Transfer Guide (SAPTG) suggest that there is hope for the residential property market in the near future and that the challenging conditions experienced across the South African real estate market over the last two years will improve in 2009…

>> Big rate cut expected as inflation plummets

SA’s main inflation rates dived more steeply than expected last month, driven by a sharp fall in fuel prices and backing the case for a full percentage point cut in interest rates next week.

The annual rise in the CPIX inflation gauge targeted for monetary policy eased to 10,3% from 12,1% in November — its lowest in nine months — official data showed yesterday...

>> Swing to the centre as commuting woes increase

Fuel prices have come down but most people believe that generally higher transport costs are here to stay, and this is prompting many homeowners in the new estates and security complexes on the outskirts of the big metros to look again at older properties closer to city centres...

>> For now, cash remains an investor’s best option

With a rand set to be under pressure, global diversification is recommended.

With low, even negative, real yields on property and bonds and with equities likely to be affected by near recession conditions, Marriott believes that cash is the best option for investors at this stage. With a rand set to be under pressure, global diversification is recommended...

>> Call for a re-think on home lending

With up to two-thirds of mortgage applications being rejected, home mortgage finance may be more difficult to obtain in SA right now than at any other time in the past, arguably to the point where the first-time homeowners market in particular is being unduly constrained.

Gerhard Kotzé, CEO of the ERA South Africa property group, says the lenders’ caution is understandable given the economic upheavals of recent months, but that it may be time for them and indeed government to take a more accommodating stance in this respect...

>> Ex-pats homeward bound!

THE global economic meltdown and resulting widespread job cuts could result in South Africa‘s crippling brain drain soon becoming a brain gain as South Africans living abroad are forced to return home.

And it is has been predicted that within the next few months the “floodgates” will open as expats seek the security of home.

While South Africa has had its fair share of economic woes, it has not been as hard hit as some leading nations like Britain and the US, where South Africans working or trying to find employment are becoming increasingly concerned about future job prospects...

>> Sectional Title News for Everyone

The Rental Housing Tribunal Demystified

A Rental Housing Tribunal (RHT) is an independent body appointed by the Provincial Minister of Housing to promote stability in the rental housing sector and to resolve disputes between landlords and tenants of residential dwellings with the least amount of inconvenience and cost to the disputants. It aims to offer a speedy process of justice to resolving disputes that would otherwise remain clogged in the legal system for months, if not years...

>> To the editor

Progressive recycling project launched by Spire Property Management

A unique waste recycling project has been launched at the Tannery Park office park in Rondebosch, Cape Town, by specialist property asset management company, Spire Property Management.

The project allows tenants to easily separate different types of waste – such as paper, tin, glass and plastic, and ensures that each is transferred to an appropriate recycling facility. The aim is to ultimately achieve “zero waste”.

Marc Edwards, general manager of Spire, explains that each tenant within the block has been supplied with a special wall mounted bin, fitted in the kitchen area, which takes all paper, plastic, cans and bottles.

“These bins are emptied by the cleaning staff who take the contents to the recycle station located on the ground floor of the building. From there the waste goes outside to a sorting and holding room where it is then collected by recycling company, Saveall.”

“We have further plans to roll out an organic waste composting system in the form of a worm farm which will be used to recycle all food and wet waste materials,” explains Edwards.

“Spire is committed to operating in a more environmentally sustainable way and reducing green house gas emissions,” says Keith Craddock, Operations Director.

“The Spire team is excited about the roll out of the recycling project. Our approach in the management of clients’ properties is to offer a very personal, tailor-made service, and we look at new and unique ways of maximising the efficiency of the properties we manage. We are incorporating ‘green’ aspects of design implementation and operations into all our activities,” concludes Craddock.

Spire played an integral part in the setting up of the Green Building Council of South Africa (GBCSA), of which Spire’s Managing Director, Bruce Kerswill, is the Executive Chairman.

Spire has also launched the “Green Team” which offers clients a range of fit out and maintenance work which incorporates “green” principles.

www.spireprop.co.za

>> News from – Chas Everitt International

Black diamonds to the fore in Houghton

The Houghton property market has remained relatively buoyant despite the recent downturn, with demand for properties in the prestigious suburb stemming primarily from “black diamonds”

Jeanine Fincher, senior sales agent for the local Chas Everitt International franchise, says the majority of new buyers in the area are black and Indian buyers seeking a prestige address in keeping with their new prosperity and status...

>> In the area...

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

  • Springs
  • Jeffrey’s Bay
  • Hoedspruit
>> In the area 1 - Springs

Affordable housing for Springs

The latest phase of Eastwood Manor, an extensive full title development in Springs on the East Rand, brings 100 affordable units to the market.

Santa Blom of the local Aida office, who is marketing the development, says the 80sqm units are being marketed off-plan at R499 000 each and will help to meet an urgent need for affordable accommodation in Springs...

>> In the area 2 – Jeffrey’s Bay

Jeffreys Bay gets set for ‘grey power’

Jeffreys Bay on the famed Sunshine Coast of the Eastern Cape is putting its stamp on the property map as a top retirement destination, with the announcement of two new developments aimed specifically at seniors...

>> In the area 3 – Hoedspruit

Lowveld calling golfing and eco enthusiasts

Limited stands are on offer in Kingfisher Hill Golf and Country Estate on the banks of the Olifants River near Hoedspruit.

The development, about 27km out of town, is situated on 270ha of prime bushveld and offers 125 stands at prices ranging from R460 000, says Rose White of the local Aida office...

>> Focus on St. Francis Bay, Eastern Cape, South Africa

The picturesque holiday village of St Francis Bay lies nestled among the green clad dunes lining the beautiful Bay of St Francis. Dolphins and whales play along the shoreline while the sounds of gulls echo lazily overhead. The Kromme River, navigable for 10 km, twists and winds its tranquil way down to a magnificent marina where the gracious white walled thatched homes are reflected in the quiet water of the canals...

>> View Properties in St Francis Bay
>> View Properties in the Eastern Cape

>> Property of the week

Eastern Cape, St Francis Bay, Canals

Bedrooms: 5
Bathrooms: 4
Garages: 2

Exquisite finishes! North facing with outstanding craftsmanship, wooden floors & fireplace add to ambience of this home with it's magical canal views. This property offers a majestic entrance hall with spacious reception areas. Exceptional value!

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>> Cape survey shows it’s time to buy

Almost 50% of homebuyers and sellers in the Western Cape believe property values will fall by at least 3% this year, and one in 15 is so gloomy that they think the decline will be greater than 12%.

These are some of the findings of a poll conducted among more than 1000 clients of the Chas Everitt International franchises in the Western Cape during December and January...

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