Morningside sellers on the wrong page

Lots of people would like to buy a home in Morningside – but not at the current asking prices.
“Home sellers in this suburb have literally priced themselves out of the market,” says Lew Geffen, chairman of Sotheby’s International Realty in SA, who notes that there have been just 12 home sales in Morningside over the past year, compared to the historical average of about 30 sales a year.
“Sotheby’s International Realty facilitated six of these 12 sales, so we can’t complain about our market share in the area, but we are very concerned that would-be sellers here are very out of touch with the realities of price movements over the past few years.
“They seem to think that Morningside has somehow been exempted from the effects of the recession, which resulted in sellers in every other area having to adjust their price expectations.”
Those Morningside properties that have been sold in recent months, he says, had mostly been on the market for more than a year, and were only bought after the original asking prices had been lowered by 30 to 40%. “These long listing times and big price adjustments immediately suggest serious buyer resistance, and yet we still find many owners in Morningside who are adamant that they would rather not sell their home than consider lowering their asking price.”
There’s no shortage of initial demand as there’s every reason for people to want to live in Morningside, Geffen says. “It is located in the heart of Sandton and close to upmarket shops and excellent schools yet still a secluded area offering a high level of privacy and safety.
“But it is losing most of these potential buyers to Bryanston, Atholl, Illovo and Inanda because in the current market, buyers want real value for money as well as lifestyle and convenience.
“And this is just not evident, especially as many of the homes in Morningside were built in the 1970s and 80s and would require considerable expenditure to be modernised.”

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