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Weekly Property News
Friday, 05 February, 2010 |
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FROM THE EDITOR |
Dear Reader
According to the experts smart money is looking at gold.
While equities, real estate, and other commodities
have experienced major swings, the gold price has increased
more than 300 percent since 2001. The question; Is the worst
over for the property industry?
Headlines: There will be no quick turnaround for SA's
housing market, Standard Bank said in its latest Residential
Property Gauge. "In spite of the economy emerging
from recession in the third quarter of 2009, important drivers
of household spending in the economy, such as the level of
household income, debt and unemployment, do not point to a
quick turnaround in the housing market," the bank's economist
Johan Botha said in a statement. Property remains sluggish
Market news: With interest rates low and prices still
favourable, many people are intending to make 2010 the year
they get into the property market by buying their first
home. However, after they select an area they would like to
live in and start looking at individual properties, first-time
buyers often find themselves "freezing up" at the
prospect of the huge commitment they are about to make. What
if they pick a property that turns out to need expensive
repairs? What if the new neighbours turn out to be ghastly?
What if something better comes up just after they've signed
a sale agreement? Pick your plum property in 2010
Enjoy!
The editor
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Local
News |
| Top
investment tips from a hungry property vulture |
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The distressed property market has seen big business
over the last couple of years, at least for banks,
auction houses, real estate companies and investors.
RICS, one of the world's leading professional
bodies for qualifications and standards in land,
property and construction defines "distressed
property" as one that is "under a foreclosure
order or is advertised for sale by its mortgagee".
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| Property
remains sluggish |
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There will be no quick turnaround for SA's housing
market, Standard Bank said in its latest Residential
Property Gauge...
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| Pick
your plum property in 2010 |
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With interest rates low and prices still favourable,
many people are intending to make 2010 the year
they get into the property market by buying their
first home...
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| City
house prices are chugging up |
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But coastal holiday homes still in doldrums
- latest stats
House price growth in South Africa's cities shows
the property market is trying to shrug off last
year's recession, but coastal holiday towns and
villages are still in the doldrums...
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| Beware
of rental scams! |
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Potential tenants are becoming more aware of
rental scams by bogus landlords, according to
Seeff Properties...
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| "Temporary"
World Cup landlords advised to declare all income to SARS |
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Often encouraged by stories of very high rentals,
a surprisingly large number of South Africans
are apparently now willing to let out their homes
over the World Cup period, says Grant Gunston,
senior director of Grant Gunston Inc – but,
he warns, they must be prepared to declare this
income to SARS...
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Voetstoots
ruling strengthens position of seller
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A recent Supreme Court of Appeal decision in
the case Odendaal v Ferraris has strengthened
the position of the property seller when challenged
on the voetstoots clause, says Grant Gunston,
senior director of the Cape firm of attorneys
and conveyancers Grant Gunston Inc...
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| Getting
it right |
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According to Adrian Goslett, Assistant Regional
Director of RE/MAX of Southern Africa, research
is key when it comes to building property in SA...
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| Builders
remain confident |
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The global construction sector remains optimistic
despite falling demand in commercial and residential
building work and in the face of a difficult global
financial climate, according to a global KPMG
survey out on Thursday...
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| Three
property investment styles |
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Real estate is right up there as a favourite
South African dinner table conversation. Following
perhaps sport, crime and politics, our everyday
people can spend hours discussing how they intend
cashing in on World Cup home rentals or "who
got what" when they sold their home...
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| Upcountry
buyers find Cape prices high - but are still coming south |
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The Cape lifestyle and its relatively low crime
figures continue to attract upcountry home buyers
to all the Cape Peninsula areas that Greeff Properties
service, says Mike Greeff, CEO of Greeff Properties
– but, he adds, this can call for a significant
scaling down on the part of the non-Cape buyer...
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| Julius
Malema & your property rights |
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CAPE TOWN: The ANC Youth League, becoming increasingly
vocal and more controversial in its views, gives
investors in South African residential property
its blessing - provided they are not foreigners...
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| Secure
and insure your holiday home |
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If you’ve just bought a holiday home or
weekend property, you need to make sure it is
just as well-secured as your primary residence
– and properly insured...
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| Use
a good agent to be sure of your buyer |
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A cause for concern is the casual attitude an
increasing number of homebuyers are exhibiting
towards sale agreements or the suspensive conditions
these contain – even though they can be sued
for damages if they renege on these contracts...
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| RE/MAX
Network Continues Expansion Worldwide |
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With 2009 described as a dismal year for property,
a year when the real estate industry continued
to feel the effects of a recession, RE/MAX of
Southern Africa proved that when the going gets
tough, the tough get going...
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CyberProp
Property Count: 05/02/2010 |
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Focus
On |
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Search
For Properties |
Search for property in your area
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In
the Area |
The areas we are going to take a closer look at this
week are;
| In
the Area 1 - Observatory |
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Craig Gilfillan, Rawson Properties’ new
franchise principal serving Observatory and related
areas, takes on his new position with two great
advantages, says Tony Clarke, MD of Rawson Properties...
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| In
the Area 2 - Lydenburg |
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The Harcourts brand is finding favour among property
buyers and sellers in the Mpumalanga town of Lydenburg...
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To
the editor |
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Illegally parked cars can be removed
Parking problems are frequently the biggest cause of
complaint among sectional title owners and residents,
says Michael Bauer, General Manager of IHFM, a specialist
sectional title and property management firm.
Sectional title schemes tend, he said, to be short
of extra parking space and all too often a resident
or his guests will park in an area set aside for another
resident or sometimes even on common property. He may
also park so as to block the passage of another resident.
In the most difficult cases, the illegally parked car
will have no number plate or may well be in a condition
which will take hours of skilled work to render it driveable
and roadworthy – and its appearance will detract
significantly from the scheme’s image.
In these circumstances, said Bauer, trustees and managing
agents are usually challenged by other owners or tenants
to do something to rectify the matter.
The conduct rules, says Bauer, do allow trustees to
remove any vehicle parked illegally on their property.
This may involve employing a towing company and storing
the vehicle in the towing company’s premises.
So far, so good, but who pays for the towing and storage?
And what happens of the owner cannot be traced and the
vehicle is never claimed?
Bauer says that the vehicle owner is liable for all
towing and storage costs, but, he says, trustees have
routinely had great difficulty getting these sums paid.
“It is, therefore, advisable to confront the owner
before taking action. If possible this should be done
face to face. If no response is forthcoming, a letter
demanding the car’s removal must then be sent.
If this, in turn, has not effect, the tow away should
be carried out.”
If the car is not claimed by anyone the storage company
has the right to sell it as scrap or take it over and
work on it.
For further information contact Michael Bauer on 083
255 4442 or visit www.ihfm.co.za. IHFM have a weekly
online newsletter covering sectional title and property
matters that will be supplied on request.
Send your viewpoint to news@cyberprop.com
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News
from Berry Everitt |
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Sectional
Title News |
| Insurance
and the Home Owner’s Association |
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When we think of community living and insurance,
we usually think about sectional title insurance,
because it is under the sectional title environment,
where the buildings have to be insured by the
body corporate, the responsibility of the management
of the scheme...
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