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Mid-range properties are popular in Langebaan

Over the past few years many owners have put their holiday homes on the market due to increasing financial pressure, contributing to a slump in the residential property markets of small coastal towns. Langebaan was no different but recently it seems that the area is experiencing an upswing.


 
Jacques Smit, Principal of Leapfrog Property Group Langebaan notes that that many buyers are looking for property ranging between R900 000 and R2.2 million; “Typically these types of properties are 1 to 2 bed flats in midtown; which is a very popular area because of its close proximity to shops, restaurants and the main beach area at the Langebaan Lagoon. This area is also very popular for holiday and weekend rentals”.
 
According to Smit the majority of the R1.7 – R2mil buyers are near retirement or semi-active and are able to work from home; “Eighty percent will buy cash from funds generated from being in the property market for a number of years and are able to utilize the equity generated from selling elsewhere”.
 
Langebaan is still a sought after destination; it’s relatively close to Cape Town, less than two hours’ drive to the airport and close to medical facilities and hospitals (private and new provincial) in Vredenburg. The area has low crime levels and is extremely popular for outdoor living and sport. There are also excellent private schools (primary and high) with top quality model C schools in the area. “This is probably the main reason that young families are also buying, followed by the fact that properties in good areas in Cape Town have become very expensive,” says Smit.
 
Langebaan is currently experiencing heavy surges in housing construction. Smit believes this is partly due to a large amount of vacant land that was purchased by investors for a quick re-sale during 2005 and 2006. In most cases this resale never realised due the economic downturn shortly thereafter. Investors who were able to hold onto their land are now partnering with developers to construct properties –either for resale or to be used as rentals.
 
“Investors are also taking an interest in vacant land in the more open suburbs such as Country Club. We are involved a new plot and plan town house development in the Laguna Sands area. Prices started at R859 000 for two bedroom homes earlier this year, they’re currently sold out, and starting prices are now at R939 000. The civil works on these developments will start during July 2017,” shares Smit.
 
At the moment Smit finds that sellers are asking unrealistic prices for their properties; “In Langebaan we’re seeing a lot of properties for sale in the price range from R2.5mil up are staying on the market for a long time, mainly because Langebaan is still predominantly a secondary market (investor/ holiday house) and buyers just can’t afford these prices. Smit’s advice? “Work with a qualified estate agent who can do a proper appraisal, including an assessment about what similar properties in the area are selling for, to get the house priced accurately. They’ll also help with marketing the home and guiding both the buyer and seller through the sales process.”

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