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Purpose-driven properties have a place in the current market

Not all property buyers are looking for the same benefits in a house and often buyers end up purchasing a home that is completely different from what they had initially set out to buy in the first place.  “This kind of behaviour from the buying public is driven by the emotional connection to some of the ‘themes’ they experience in a house,” says Linda Erasmus, CEO of Fine & Country Sub-Sahara Africa.


Fine & Country is exclusively instructed to find a buyer who may be inspired by Bauhaus and Le Corbusier and who also can appreciate the value thereof.   The home is situated in the Cape Town suburb of Tamboerskloof.
 
She explains that properties for sale, which are essentially products in a market place, come in different forms, colours and with different themes.  “For example, while newly built and off-plan properties allow for buyers to experiment with their own ideas of theme and colour, choosing  finishes and fittings, existing properties are purchased on a ‘what you see is what you get’ basis; although of course the buyer can make changes later to suit their requirements should they wish. Then you get the exception: a purpose-driven property. These are existing properties that are often owned by artists, architects, designers and sculptors, for example, and over the years they take on some kind of inspirational theme from the owner.”
 
She says that while a purpose-driven home may not fulfil every potential buyer’s needs, there are buyers out there who would be inspired to live in such a home. “It therefore goes without saying that with these types of homes, it often takes much longer to find the right buyer.  The price of house will fall into the normal category of what buyers would be prepared to pay for a property in a specific suburb. And while it may take longer to sell, there should be no real need to drive the price down for a quick sale,” says Erasmus. “The right buyer will find the value in the home and will be able to see the added value of a lifestyle that they cannot easily find elsewhere.”
 
According to Erasmus, owners of these purpose-driven homes should ensure that all the general features of the home compete on the same level of functionality and maintenance as other more general types of homes on the market so that when the right buyer comes along, the benefit of good maintenance and up-to-date interiors complements the artistic elements of the home well enough to secure the sale. For example, Erasmus points out that new bathrooms and kitchens are costly and says that once a house needs those kinds of makeovers, it falls more into a renovation project than a purpose-driven property.
 
Fine & Country is currently marketing a purpose-driven property that will appeal to those that appreciate Bauhaus style. “Inspired by one architect and bought by another in the late nineties, the home’s design reflects Bauhaus architectural style – which was mainly influenced by modernism, English arts and crafts movements and constructivism just after World War 1.  Bauhaus combines creativity and manufacturing and the idea was to rejuvenate design for everyday life while also adding some soul to design,” says Erasmus.
 
This Bauhaus-style home was a showcase for the current owner - who collects 16th Century antiques from the Far East, as well as modern art - through the creation of a living space inspired by art and complemented with furniture of great design.   “Le Corbusier chairs sets off the living spaces. Although they were designed in the early 1920’s the design has certainly added style to living and they are still used by modern designers and architects,” notes Erasmus.
 
“Space today,” says Erasmus, “has a new meaning and homes in city centres in South Africa have become more on par with Europe where luxury living is created in smaller spaces. The current Swiss owner, who became famous for his designs in Japan, fell in love with the Bauhaus style of this property at first sight, and understood how to create an exceptional lifestyle on the slopes of Table Mountain, which is a world renowned landmark and prime position for exclusive residential property.”
 


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