Landlords of Top End Property in Cape Town Cash In

The information in this article is courtesy of Realestateweb (Rentals: Done deals at Cape Town’s top-end – 6 July 2009)

Latest rental news in Cape Town is that Pam Golding Properties has secured a tenant for a top end Bishopscourt property at a staggering R110 000 per month. Of course this property has all the luxuries that come with its price tag, including a putting green.

Trafalgar’s latest rental index shows that Cape Town’s landlords has enjoyed a smaller increase than in the rest of the country with the Mother City clocking 9.9% and the rest 11% average.

Pam Golding Properties rental director, Dexter Leite says that renting has become a very practical option for many people, especially with the banks making it difficult to obtain a loan. He added that for those unsure of their future or contemplating relocating, it makes a lot of sense to rent

Expatriates returning from aboard also opt to rent until they have more clarity to where they will be working and living.

Among the high end deals signed by Pam Golding are a R28 000 per month four-bedroom home on the Sunset Links golf course, a R28 000 per month five-bedroom home in Oranjezicht and a R17 000 per month 2-bedroom apartment in the City Centre.

Demand for Cape Town rental properties are undoubtedly growing in demand. Leite said benefits of renting include affordability, as capital is not tied up with deposits, transfer duties and bond repayments and tenants are not responsibility for insurance, rate and maintenance.

2010 World Cup Accommodation Enquiries Increase

With less than a year to go before the kick-off of the 2010 FIFA World Cup, hotel bookings in Cape Town are picking up momentum. Early predictions pointed to a slump due to the global economic meltdown, however South and Central American tourist seem to be the ones leading the way.

Pre-bookings of almost 80% at Pepper Club - the yet-to-be-finished five star luxury hotel and spa in Cape Town - by predominately Brazilian and Mexican soccer fans seem to point to positive things to come.

A large number of enquiries has been streaming in for Cape hotels for World Cup accommodation says David Solomon, Chairman of Solomon Brothers Property Holdings and developer of Pepper Club.

The Department of Home Affairs predicts that South Africa can expect between 450 000 and 500 000 visitors during the event, with Cape Town International Airport gearing up to handle 2400 travellers per hour.

Cape Property Sales On the Increase

The information in this article is courtesy of iAfrica (Cape property picks up – 23 June 2009)

Pam Golding Properties Western Cape Metro region, operating in the Cape Town metropolitan areas, has reported a surprising increase in sales for May 2009. Sales targets have been exceeded by 25%, with show house attendance also increasing.

The many public holidays and cautious approach ahead of the election, resulted in a slow April, however the interest rate cut and the orderly elections made up for it in May 2009, says Regional MD Laurie Wener.

Waterfront property alone bought in a staggering R30-million in transactions for Basil Moriatis and his team. Atlantic Seaboard Property and City Bowl property also did well and concluded R100-million in sales turnover.

Southern Suburbs property included three sales in Constantia, Bishopscourt and Newlands totalling R36-million. Howard Markham added that Rondebosch had eight sales totalling R26-million.

Wener said other areas doing well include South Peninsula and Blouberg as well as the Northern Suburbs.

Wener added that the mid-winter months are usually quieter for the property industry, but they remain positive. According to her the single greatest obstacle remains the banks’ strict lending criteria.

Cape Town Central Property – Hot and Happening

The information in this article is courtesy of iAfrica

The profile of buyers investing in property in the Cape Town City Centre has changed since the revamp around 10 years ago. According Laurie Wener, MD or Pam Golding Properties in the Western Cape metro region, more than 60% of property buyers in the Cape Town Central City 10 years ago, were investors. Today there are far more owner-residents who enjoy the hip cosmopolitan life that these properties offer.

The safe, convenient and affordable property in Cape Town City Bowl are hugely popular among holidaymakers and business people, creating a booming rental market – even in today’s market conditions.

Popular residential buildings include Cartwright’s Corner, The Adderley, Mutual Heights and The Decks, says PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis.

He added that these properties are especially popular among business people who want to avoid traffic by living within walking distance from work. Younger buyers are also interested in these properties because of its proximity close to work and the bustling Cape Town nightlife.

Moraitis says that property prices in the CBD have dropped some 15% since the boom they enjoy a few years ago. Some of their recent sales have included four one-bedroom units at Cartwright’s Corner, sold for between R910 000 and R1.4-million, as well as a R2.4-million sale for a two-bed apartment in Metropolis and R1.95-million for a two-bedroom unit in Quayside.

Pam Golding Properties also reported that short-term rentals enjoy typical daily rental occupancy of around 50% per annum. Short-term rental can go up to R9000 per month for a 1-bedroom apartment and R12 000 for 2-bedroom apartments. Long-term rental property in Cape Town Central ranges from R8000 for 2-bedroom apartments to R6000 for 1-bedroom units.

Lying 3km from Green Point Stadium, one of the Fifa World Cup venues, and the possibility of the new Integrated Rapid Transport System, make the prospects for these properties even more appealing.

10 Reasons Why Your Property is Still on the Market

Are you trying to sell your property, but all efforts fail? Do you try everything but still wake up every morning to see the For Sale board firmly planted on your lawn? Here are a number of clues why your property is still on the market:

1. You’ve Got the Price Wrong
Unrealistic expectations are a seller’s biggest enemy, which is why over-priced property is the most common reason why a property doesn’t sell. Make sure you price is in-line with similar properties on the market.

2. Your Location is Not Right
We all know how important location is when you buy property. Unfortunately, as a seller, there is little that you can do to rectify this. Rather focus on getting the price right and a buyer might just see past the doubtful location.

3. Your Agent is Failing You
Finding the right estate agent is very important, as an incompetent agent might be the reason why your property is not selling. Make sure you choose an agent with a good reputation and a proven track record.

4. You Property Doesn’t Show Well
Ideally you should try to make small amendments in your house, even if it is just screwing in a light bulb. Present your property as an empty canvas and buyers will be able to see your home become theirs. Remember that buyers will turn away if they find out you are trying to hide problem areas, so ensure that your house is in a good condition when potential buyers step through your door.

5. Your Timing is Out
There are certain times when property sales drops. These periods include winter months and school holidays. Try to wait a while before you through in the towel.

6. Your Competition is Too Much
Be prepared to battle with competition especially when market condition favour buyers. This will mean that there will be more sellers than buyers and excess supply will result in lower prices. In times like these you will experience a lot of competition.

7. Your Marketing is Insufficient
Selling a home does not include sitting around and waiting for buyers to walk through your door. Your agent needs to advertise your property and On Show dates in newspapers, via brochure distribution, on the Internet etc. Ensure that you use good quality photographs in all your ads.

8. The Economy Is Not In Your Favour
Tough economical conditions are a major cause of the collapses of property markets around the world. In these times people normally hold on to their money because times are very uncertain.

9. Strict Lending Criteria Gets in Your Way
Banks may enforce strict lending criteria, meaning declined home loans will increase. This will certainly hamper property sales.

10. You Are the Problem
As the seller, you have to be able to take constructive criticism from you agent as well as buyers and you need to be flexible in negotiating a price.

10 Tips on Viewing Property

When viewing a property one should try to do as much background research as you can, especially on the property and the area. View as many properties as possible in order to get an impression of what is on the market. Here are some things to remember when viewing a property.

1. Phone a Friend
It is a good idea to ask a friend to accompany you. This way you are sure to get another opinion and you have a better chance to spot any problems with the property.

2. Daytime Rule
To ensure that you don't miss anything, view properties during the day. It is also important that you view the property for a second at a different time of the day to get another perspective.

3. Take Note(s)
You will probably see more than one property per day so make sure you make notes on all the property. Write down all the strong and weak points of the property so you can compare it once you are finished.

4. Snap It
Remember to take a camera and take lots of photographs. This will help you when it comes to decision time.

5. Objectivity is Key
Stay objective and don't get too overwhelmed with what you see as this will cloud your judgment.

6. Take It Easy
Viewing too many properties per day will only exhaust you and cause you to loose focus.

7. Fire Away
Don't be afraid to ask as many question as you want.

8. Time Is Yours
Don't let anyone rush you. Walk through the property at your own pace.

9. Don't Be Pressured
Real estate agent might try and pressurize you into making an offer.

10. Look Beyond the Furniture
When you enter a property try and block out the curtains, furniture and carpets as these things are not usually included in the sale.

Cape Town Property: Why You Should Invest Now

Cape Town is well known for its spectacular views of mountains and sea. It is hard to find a property in this popular city that does not have a room with a view. Tourists flock here year-on-year to experience the fantastic weather, pristine beaches and the diverse cultures that Cape Town has to offer.

Cape Town recently added yet another prestigious accolade to its list of awards by being named the Best World City in the 2008 Telegraph Travel Awards. This confirmed its popularity among international holidaymakers and also highlighted the city’s investment potential.

The city’s most exclusive suburb, Bantry Bay, recently made news with a staggering property sale of R36,5 million ($4,37 million). This suburb is located on the Atlantic Seaboard, known for being at the top end of the market and often attracting cash buyers with a keen eye for a good investment.

Another reason for investing in Cape Town property is the fact that the property market here shows extreme stability. This has been proven in the recent economic downturn; rentals throughout South Africa are down, yet those in Cape Town seems to be booming.

The favourable exchange rate in South Africa also makes Cape Town property an attractive investment. Also, the fact that South Africa has such a strong economy means that you are guaranteed to yield excellent long-term returns on your investment.

The availability of property in Cape Town is also a factor for investors to consider. The city has seen a lot of development in the last 10 years. The shortage of available sites, especially in popular place like Camp’s Bay and Clifton seems to be drying up, resulting in a golden opportunity for investors.

The 2010 Soccer World Cup being held in South Africa is one of the biggest reasons to invest in Cape Town property. The city will be hosting a number of matches at a brand new stadium. Along with a massive infrastructure boost, experts are expecting Cape Town to be a more desirable destination for leisure and business travellers, investors, and of course, its residents after the tournament.

Cape Town property has long been some of the country’s most sought after, especially Atlantic Seaboard Property. - Elizabeth McLachlan