select
|

Lower prices boost George sales

“In the boom years from 2003 to 2008, prices rose rapidly in George and nearby towns such as Wilderness and Sedgefield, as well as in the luxury golf estates dotted along the Southern Cape coast,” says Tim Kirby, owner of the Sotheby’s International Realty franchise in George.

“The whole area essentially became a playground for the affluent with plenty of money to spend on upmarket second homes. But now, in the aftermath of the recession, it has become much more accessible to those of average means, including many local salary-earners who previously could not afford to buy their own homes here.”

The global financial crisis and the credit crunch that followed, he explains, caused the second-home market to collapse, with the result that many owners who needed or wanted to sell their existing properties in George and the surrounding areas had to lower their prices.

“Consequently, one can now once again buy solid, older homes in George for around R850 000 to R1,2m, which is affordable for those on local salaries and also attractive to couples and families keen to move from bigger cities and enjoy a more peaceful lifestyle in beautiful surroundings. Indeed, there is no shortage of potential buyers, and well-priced properties in this range are selling quickly.”

Meanwhile, he says, there are exceptional opportunities available currently for those who would like to buy into a gated estate. “In many cases serviced stands in security estates here are being sold now for less than they originally cost, and prices range from as little as R80 000 to about R650 000.”

Another good option, Kirby says, are lock-up-and-go holiday homes on the coast, which will become increasingly hard to find in years to come – especially in sought-after locations such as Wilderness - due to development restrictions in the Southern Cape and new coastal building legislation.

“Among those we currently consider excellent longer-term investments of this kind are the 14 three-bedroom, two-bathroom units in the secluded Wilderness Milkwood gated estate, which are available at prices from R1,2m (see photo).
“And at the exclusive Fynbosstrand sea-farm development near Still Bay, we are currently marketing stands for around R750 000 and built homes in the Cape ‘fisherman’s cottage’ style for around R3,5m


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK