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SOLE MANDATES PROTECT SELLERS IN TODAY’S
VOLATILE MARKET - Following the
recessionary years of 2008 and 2009, and
the very slow recovery in 2010/2011, properties
are taking from two up to in some instances,
nine months to sell, depending on pricing.
The implication of this extended marketing
period for sellers is that during this time,
different companies may well be involved
in the marketing of their home. Read
more
‘BIG TICKET’
SALES FOR PAM GOLDING PROPERTIES GAUTENG
- Having recently concluded a number of
sales in the top end of the Gauteng
residential property market, Pam Golding
Properties reports a resurgence of interest
in this sector, with buyers seeking prime
properties but with an emphasis on sound
value for money. Read
more
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STRONG DEMAND FOR RENTAL ACCOMMODATION IN
BARBERTON - With a strong demand for rental
accommodation, the old mining town of Barberton in Mpumalanga
currently presents sound opportunities for buy-to-let
investors, reports Gerhard van Niekerk, Pam Golding
Properties area principal. Read
more
STEADY DEMAND FOR CITY APARTMENTS -
Recent announcements of extensive new investment in
the Cape
Town city centre are a welcome shot in the arm for
the local property market. So says Pam Golding Properties’
area manager for the City Bowl and Atlantic Seaboard,
Basil Moraitis, who believes the billions of rand invested
in new projects are already boosting positive sentiment.
The result is a steady demand for both the purchase
and rental of apartments in the central city area. Read
more |
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RESIDENTIAL
LIFESTYLE PROPERTIES FOR SALE IN
SOUTH AFRICA: |
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| SOLE
MANDATES PROTECT SELLERS IN TODAY’S
VOLATILE MARKET |
|
|
| Situated
in Durban
North this
spacious and
modern family
home set in
a tropical
garden overlooking
the ocean,
is priced
at R4.5 million.
It includes
four bedrooms
(main en suite),
three bathrooms,
three lounges,
pub/billiard
room, well
appointed
kitchen, art
studio, double
garage, swimming
pool and good
security and
staff accommodation. |
|
Following
the recessionary
years of 2008 and
2009, and the very
slow recovery in
2010/2011, properties
are taking from
two up to in some
instances, nine
months to sell,
depending on pricing.
The implication
of this extended
marketing period
for sellers is that
during this time,
different companies
may well be involved
in the marketing
of their home, says
Carol Reynolds,
Pam Golding Properties
area principal in
Durban North and
La Lucia.
Double Commission
Claims
“This
means that buyers
may have been introduced
to the property
by one agency, and
then reintroduced
by a second agency
following a price
adjustment. This
leaves the seller
vulnerable to a
double commission
claim, and raises
questions as to
which agency was
in fact the effective
cause of sale.
Sole Mandate
“This is exactly
why it is imperative
for sellers to commit
to written mandates
that offer both
themselves and the
respective agencies
a level of comfort
and protection.
Sole mandates will
clearly stipulate
that any purchaser
introduced to the
property during
the mandate period
is deemed to have
been introduced
by the mandated
agency, and if this
purchaser then commits
to an offer at a
later stage, he
is obliged to work
with the original
company. |
List of Buyers
“The best way for
a seller to protect him-
or herself is to request
a list of buyers from
the estate agency upon
expiry of the mandate.
The seller can then exclude
these buyers from any
subsequent mandate, which
he elects to sign with
another company. Everything
is then in writing and
approved by all parties,
and the seller can rest
assured that he will not
implicate himself in a
double claim,” says
Reynolds.
Onus on Agencies
She says that buyers will
tend to shop around and
invariably work with many
different companies, so
the onus is on the estate
agencies to deliver a
professional service and
ensure that as soon as
their mandate expires,
they present the seller
with a list of buyers
who need to be excluded
from any subsequent mandates.
Buyer Pool
In addition, sellers should
be mindful of the fact
that buyers are non-exclusive,
so most agencies will
be working with the same
buyer pool, and hence
opting for an open mandate
will not open up the buyer
pool. “Indeed,”
says Reynolds, “open
mandates are generally
a low priority for agents,
so the level of marketing
and expertise that is
invested in open stock
is far lower than would
be the case with a sole
or joint sole mandate.
Risks
|
| •
|
“Essentially,
the risks
of an open
mandate are
that no agency
will take
responsibility
for the piece
of stock and
very little
advertising
and marketing
will be undertaken
by any of
the agencies.
|
| • |
Furthermore,
the same buyer
might view
the property
on several
occasions
with different
agencies,
exposing the
seller to
double commission
claims. |
| • |
Thirdly,
open mandates
result in
over-exposure
of the stock,
sending signals
to the buyer
pool that
the stock
is not exclusive
and hence
‘cheekier‘
offers will
come in.”
|
Full Range
She says with a
sole mandate, however,
agents are able
to offer the full
range of services
to their sellers,
and to protect them
from unqualified
buyers. In addition,
the mandated agency
will have the expertise
to create buyer
competition so as
to achieve better
pricing for the
seller.
The Key
“The key is
to establish a credible
relationship with
your agent, so that
there is a level
of trust on both
sides, which facilitates
a smoother sale
process. It is also
important to bear
in mind that the
market is still
sluggish, so a sale
won’t happen
overnight, but at
least if the seller
has committed to
a sole mandate with
a professional agency
with a strong
|
|
| Located
in Durban
North and
priced at
R2.75 million,
this well-constructed,
modern family
home has sea
views and
easy access
to the city
of Durban,
sports stadiums
and beaches.
It includes
four bedrooms,
three bathrooms,
swimming pool,
established
garden, appealing
entertainment
areas and
two bedroom
/ one bathroom
staff accommodation.
|
|
national footprint, then
he/she will receive a
high level of service
from a trusted brand and
the agent will ensure
that the seller’s
interests are protected
at all times,” adds
Reynolds
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Back to Top |
| ‘BIG
TICKET’ SALES FOR PAM GOLDING PROPERTIES
GAUTENG |
|
|
Having
recently concluded a number
of sales in the top end
of the Gauteng
residential property market,
Pam Golding Properties
reports a resurgence of
interest in this sector,
with buyers seeking prime
properties but with an
emphasis on sound value
for money.
Big Ticket Sales
Comments Dr Andrew
Golding, CE of the Pam
Golding Property group:
“During the months
of July and August 2011
we have achieved a number
of ‘big ticket’
sales in Johannesburg’s
affluent Northern Suburbs,
which have further boosted
the region’s sales
turnover.”
Sales
These include the following
sales successfully concluded
by Pam Golding Properties
(PGP):
|
| •
|
a home in Westcliff,
which fetched R35
million; |
| • |
a house in Bryanston,
which sold for R30
million; |
| • |
homes in Sandhurst,
which achieved prices
of R23.68 million
and R16.3 million
respectively; and
|
| • |
a home in Houghton
Estate, which was
sold for R16 million. |
| • |
In addition, PGP
sold an apartment
in Melrose Arch
for R22.2 million. |
|
|
| SOLD
- This inspiring
architect-designed
home of approximately
1830m² and
situated in Bryanston,
Johannesburg, was
sold by Pam Golding
Properties for R30
million. |
|
More
than Double
Adds Dr Golding: “Independent
sales data reveals that over
the past 18 months, approximately
25% of all Northern Suburbs
sales in the upper end of the
market – which in the
current market is from approximately
R15 million upwards - were concluded
by Pam Golding Properties, which
is more than double that achieved
by any other agency.
Increased Market Share
This is despite the fact that
overall, and during this period,
the Northern Suburbs experienced
a drop-off in sales across all
price bands - indicating that
in addition to increasing sales
we have gained market share
as both buyers and sellers continue
to favour reputable brands coupled
with quality of service,”
adds Dr Golding.
Local Buyers
Jonathan Davies and Rupert Finnemore,
joint area managers for PGP’s
Hyde Park office, which operates
in the Northern Suburbs, comment
that those currently seeking
luxury homes are mostly local
purchasers, although they report
some buyers are those relocating
back to Gauteng from the Cape
Town area, while others are
from African countries such
as Kenya, Nigeria and Zimbabwe.
|
| FOR
SALE - Set high
on a ridge in Bryanston
this magnificent
Stefan Antoni, 2400m²
residence is marketed
by Pam Golding Properties
at R65 million. |
|
Buyer
Profile
Says Davies: “Our
buyers are mostly individuals
purchasing a primary residence,
with some corporate buyers.
There is a growing trend
towards ‘new money’
or recently acquired wealth
flowing into the market
via those wanting to acquire
residential property at
the ‘best’
address available.
Locations
Location remains key,
and a prime Hyde Park
or Sandhurst address remains
highly sought after, however
we note that buyers are
finding value in the upmarket
area of Bryanston, which
is also centrally situated
and conveniently located
in regard to the Sandton
CBD.”
Top End of the
Market
Finnemore adds that the
top end of the market
remains sustainable due
to its resilience as sellers
are in a position to sit
out any downturn in the
market and as a result,
properties tend to maintain
value despite challenging
market conditions. He
says coupled with this,
many purchasers are able
to provide a high cash
to loan ratio.
R65m home on the
market:
PGP is currently
marketing a spectacular
Stefan Antoni designed
mansion in Bryanston for
R65 million.
|
| •
|
• Set high
on a ridge with
spectacular views,
this 2400m²
residence includes
five luxurious bedrooms
– all en suite,
with the lavish
main en suite extending
over the entire
top floor, complete
with study and private
Jacuzzi deck. |
| • |
•
Set on an erf of
4000m²
the property has
an exceptional entertainment
deck with rim-flow
pool and koi ponds,
full home automation,
excellent security,
motor court for
four vehicles plus
a charming two bedroom
cottage with private
entrance. |
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Back to Top |
| STRONG
DEMAND FOR RENTAL ACCOMMODATION IN BARBERTON |
|
With
a strong demand for rental accommodation,
the old mining town of Barberton
in Mpumalanga
currently presents sound opportunities
for buy-to-let investors, reports
Gerhard van Niekerk, Pam Golding
Properties area principal.
Rental Income
“Average houses
with three bedrooms can achieve
rental income of up to R6 000
per month, while good quality
homes, which can be acquired
in the R1 million - R1.3 million
price range, can achieve rentals
of R7 000 to R8 000. This shortage
of rental stock has arisen due
to the fact that many residents
tend to remain in the same home
for many years,” he says.
Increase in House Prices
He says from an investment perspective
it is interesting to look back
over recent years to see how
average house prices in Barberton
have increased, despite the
recent economic recession.”
In 2006, the average house price
was R359 884; rising to R479
447 in 2007 and to R540 928
in 2008. Not surprisingly and
in line with national market
trends this reduced to R504
383 in 2009, and then rose once
more to an average price of
R557 864 in 2010.
|
| Todd
House in Barberton
was recently sold
by Pam Golding Properties
for R880 000. |
|
“Currently
the average house price
in this area is R789 300
for freehold property
and R575 370 for sectional
title schemes –
all of which demonstrates
a sound increase in property
values from an investment
perspective,” says
van Niekerk.
Average Family Homes
At present the main demand
among house purchasers
in Barberton is for average
family homes, mostly in
the price range from R700
000 to R850 000. For that
price you would be able
to acquire three-bedroom,
two-bathroom houses with
a dining room/lounge,
TV room and invariably
an undercover patio or
veranda i.e. with some
form of outside living
area. Homes priced from
R900 000 usually have
a swimming pool as well.
Bygone Era Homes
Says van Niekerk: “Many
of our home buyers are
those relocating to the
area, and we find that
the older, character homes
attract a unique type
of buyer from other regions
such as Cape Town and
Johannesburg. Acquiring
such a home is, I believe,
a sentimental decision
due to a desire to be
part of a bygone era. |
Barberton’s character
homes usually have Brookie Lace
on the wraparound verandas,
Oregon pine floors, windows
and doors, and some have steel
pressed ceilings. The houses
dating from the early gold digging
era are corrugated iron structures.
Todd House
“Fetching
a price of R880 000, we recently
sold Todd House, a National
Heritage Site, which was built
by Samuel Todd who established
commercial farming in the Barberton
District, having seen the opportunity
to supply fruit and vegetables
to the diggers on the goldfields.
During the Anglo Boer War Todd
House was used by the British
as the officers’ club
and interestingly the original
fence surrounding the property
remains today,” he says.
Residential Homes Available
Currently Pam Golding Properties
is marketing a variety of residential
properties, from:
|
| • |
a two bedroom,
one bathroom apartment
to a six bedroom, four
bathroom home on a 6000m²
stand with pool, two tennis
courts and office block
priced at R3 million (with
700m²
building area). |
| • |
Character
homes range from R960
000 for a two bedroom
one bathroom home with
dining room, formal sitting
room, wraparound veranda
and self-catering cottage
to R1.74 million for a
four bedroom, four bathroom
(three en suite), wraparound
veranda, formal dining
room and lounge with two
self-catering cottages.
|
| |
- This latter
property, which was utilised
as an officers’
mess during the Anglo
Boer War, is on the Heritage
Walk tourism route and
is currently used as a
guesthouse. |
| • |
Also available
are several homes which
require varying levels
of refurbishment, mainly
priced from R995 000 to
just over R1 million.
|
|
| LEFT:
Priced at R1.08 million
this home has three bedrooms,
two bathrooms, Oregon
floors, wooden deck and
an established garden.
RIGHT: Located on Heritage
Walk, this home is currently
used as a guesthouse and
is priced at R1.74 million.
It includes a three bedroom
(all en suite) house with
Oregon pine floors, windows
and doors, sunny patio
and lush garden, as well
as two self-catering cottages. |
Barberton Amenities
|
| • |
With a
government primary and
secondary schools and
Gateway Private Christian
School, Barberton has
a number of national supermarkets
and other chain stores,
and the town has its own
private and provincial
hospitals. |
| • |
From a
leisure activity perspective
key attractions include
hiking trails, bird clubs,
horse riding clubs, sky
diving, paragliding and
a flying club, the Agnes
Mine Gold Panning and
underground mining tours,
Umjindi Jewellery Project,
Heritage Walk and Barberton
Museum. In addition, Kruger
National Park is less
than an hour’s drive.
|
Barberton Overview
|
| • |
Says van Niekerk: “Barberton
used to be a significant
tobacco producing and
cattle farming area, however
during 2003/4 the tobacco
supply exceeded demand
and many tobacco farmers
struggled to make ends
meet. |
| • |
“Since
1996 government became
a serious buyer of farms
in the district, acquiring
some 14 000 hectares at
a total investment of
approximately R171 million,
with the majority of farms
purchased in 2007 when
6 900ha were acquired
for R108 million. |
| • |
“Some
of these farms were bought
for restitution purposes
(where farms were subject
to land claims) and others
in terms of land reform
(where there were no land
claims).” |
Farms Available
Farms currently marketed by
PGP include macadamia and game
farms, as well as cattle and
irrigation farms.
|
| • |
These include a 989ha
game farm priced at R15
million, |
| • |
A 10% share
in a 984ha game farm share
block priced from R1.6
million - depending on
usage rights, |
| • |
A 208ha irrigation farm
priced at R6.5 million,
and |
| • |
A 21ha
leisure farm at reduced
price of R2.4 million.
|
History
A tranquil and appealing town,
Barberton has an interesting
history going back to the days
of the gold rush in the 1880’s,
and while the discoveries of
gold on the Witwatersrand in
1886 then focused attention
further afield, mining in the
Barberton area continues today.
The Sheba Mine, which was founded
in 1883, is said to be the oldest
constantly producing gold mine
in the world, and still yields
gold today, along with a few
other local mines.
In addition, Barberton is known
for its archaeological significance
as the Komati River valley is
home to Archaean lavas known
as Komatiites, said to be the
oldest volcanic rocks and formed
at temperatures of approximately
1650 degrees Centigrade. |
For
further information contact
Pam Golding Properties Barberton
on +27 (0) 13 712 2075 or
email nkomazi@pamgolding.co.za |
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Back to Top |
| STEADY
DEMAND FOR CITY APARTMENTS |
|
Recent announcements of extensive
new investment in the Cape
Town city centre are a welcome
shot in the arm for the local property
market. So says Pam Golding Properties’
area manager for the City Bowl and
Atlantic Seaboard, Basil Moraitis,
who believes the billions of rand
invested in new projects are already
boosting positive sentiment. The result
is a steady demand for both the purchase
and rental of apartments in the central
city area.
|
| The
Mutual Heights building
Darling Street is one
of the most popular residential
developments in Cape Town’s
central city. Pam Golding
Properties has the exclusive
mandate to market several
apartments in the building,
including an 83sqm two-bedroomed
corner apartment, priced
at R1.595 million. |
|
URBAN
REGENERATION
“There has been a flurry
of good news in recent months
about extensive urban regeneration
projects planned for this area,”
says Moraitis.
|
| • |
“These
range from plans to double
the size of the Cape Town
International Convention
Centre by adding another
10 000m²
and linking it to the
Artscape Theatre precinct,
to plans to build a new
hotel and shopping precinct
around Cape Town station.
|
| • |
Another
major project is the new
development close to Parliament,
which will include close
to 10 000m²
of retail and parking
space in its first phase,
with residential elements
aimed at young city workers
and possibly MP’s
to follow in the later
phases.” |
New Portside Building
|
| • |
“Perhaps
the most eye-catching
of all,” Moraitis
continues, “will
be the new Portside building,
which at 139m in height
will be the tallest building
in the city when it reaches
completion. |
| |
- Its 32 storeys will
provide office space for
some 3000 people, including
the provincial headquarters
for FNB/RMB/Wesbank. |
| • |
This R1.6 billion investment
by Old Mutual and FirstRand
is a very visible indication
of optimism in the future
of Cape Town’s central
city by two of the country’s
most significant and credible
organisations. |
| |
- It is
sure to draw more demand
for accommodation in the
central city, and particularly
in the Foreshore financial
district.” |
APARTMENT SALES
Recent sales of apartments
in the central city have been
steady, with PGP reporting particular
interest in Mutual Heights in
Darling Street and Perspectives
in Roeland Street.
Buyer Profile
Buyers include predominantly
young professionals working
in the central city, for whom
the ease of access to work is
a major factor, as well as the
vibrant lifestyle they can enjoy
in the local coffee shops, restaurants,
bars and boutiques. “Communal
facilities such as gyms, pools
and 24-hour security only add
to the appeal of these buildings,”
says Moraitis. |
Some of the notable sales
concluded by PGP between May and July
2011 were:
|
| • |
R1.87 million for a 104m²
two-bedroomed apartment in Cartwright’s
Corner, Adderley Street |
| • |
R1.1 million for
a 57m²
one-bedroomed unit in The Kendall
on Wale Street |
| • |
R960 000 for a 66m²
two-bedroomed apartment at Perspectives
in Roeland Street |
RENTALS
On the rental front, PGP’s
rentals manager for the Cape
region, Dexter Leite, says the
highest demand at present is
for long-term, unfurnished apartments.
Shortage of Unfurnished
Stock
“There is a serious shortage
of stock in this category at
present,” he says, “possibly
as a long-term result of the
World Cup last year.
Over-Supply of Furnished
Stock
Many owners furnished their
apartments in the run-up to
the event, so as to capitalise
on renting them out to international
visitors. Now that the tournament
is over, the result is an over-supply
of furnished stock, and an under-supply
of unfurnished units.
Owners would do well to consider
removing the furnishings from
their apartments and rather
offering them for rental on
an unfurnished basis, a segment
where sustained high demand
is shoring up rental pricing.”
Rental Rates
|
| • |
Rentals
in the city area currently
start at around R3800
per month for bachelor
pads and |
|
|
| The
trendy Icon development
is located in the very
heart of Cape Town’s
Foreshore financial district,
and offers a sought-after
lifestyle including a
communal gym and pool,
24-hour concierge, plus
coffee shops and a food
lovers’ market on
the ground floor. Pam
Golding Properties has
the sole mandate to market
a spacious two-bedroomed
unit with views of the
V&A Waterfront and
Cape Town Stadium, at
R3.2 million. |
|
| • |
Rentals in the city area currently
start at around R3800 per month
for bachelor pads and |
| • |
R4800 per month
for one-bedroomed units, going
up to |
| • |
around R6 000 in the very
heart of the central business
district. |
| • |
Two bedroomed apartments
can fetch anything from R6 500
per month to R12 000 per month,
|
| • |
or even R15 000 per month
for penthouses or those with
exclusive finishes. |
For
more information on property
for sale in the central city,
contact PGP agents Peter Spencer
- +27 (0) 83 264 0971, Scott
Irving - +27 (0) 82 465 8444,
Jeanne Hingston - +27 (0)
82 888 1630 and Mariel Burger
- +27 (0) 82 372 2573, or
call their office on +27 (0)
21 423 2150. PGP’s area
manager for the City Bowl
and Atlantic Seaboard, Basil
Moraitis, can be reached at
basil.moraitis@pamgolding.co.za,
while rentals manager for
the Cape region, Dexter Leite
can be reached at dexter.leite@pamgolding.co.za
**All prices
quoted are actual selling
prices, and all sales mentioned
were concluded by Pam Golding
Properties, unless otherwise
specified. |
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Back to Top |
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| Monterey, 12-14 Klaassens Road, Bishopscourt,
Cape Town, 7708, South Africa |
Archives:
| Sept
'11 | Oct
'11 | |
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