select
|

Marina living retains high appeal for home buyers

Through the decades the ocean has held a magnetic attraction for many, and today, waterfront living – whether at the seaside, river’s edge or canal-front remains highly sought after, resulting in such real estate generally being pegged at higher price levels than other homes.

At St Francis Bay and Port Alfred on the Eastern Cape’s ‘Sunshine Coast’, marina living retains its appeal and as Pam Golding Properties Port Alfred area principal points out, properties on the Royal Alfred Marina have also maintained value in spite of the current tighter market.

“There will always be potential buyers seeking marina homes,” she says. “As we have seen the available space being taken up at the Port Alfred Marina, so prospective buyers have noted the value of investment here, particularly as security is a major plus, especially among upcountry buyers who are accustomed to secure, complex living and regard security as one of their major requirements. This marina has single vehicle access, 24 hour guarded access control with regular patrol vehicles, monitored cameras and electric perimeter fencing.”

Meyer says the Royal Alfred Marina is seeing a demand among black buyers who are entering the leisure homes market. “The majority are established business people, often from upcountry but also from what was formerly known as the Border/Transkei areas and which now forms part of the Eastern Cape. They are looking at modern homes with clean lines as well as upmarket homes with good security as a lock-up-and-go option,” she says.

At St Francis Bay, Pam Golding Properties’ area principal Richard Arderne says the man-made canals are the lifeblood of St Francis Bay, and the reason many affluent Gauteng residents not only holiday there, but have also invested heavily in property in the area. “This trend has continued as over the past 20 years or more property has proven a sound investment, while living or holidaying on the water’s edge is a dream destination for many,” he says. “While the bulk of our buyers are locals from the Eastern Cape region, about 30 percent are from Gauteng, with some KwaZulu-Natal purchasers.

“It’s interesting to review the sale of homes on the canals in recent years. In 2011 there were a total of 17 sales on the canals comprising: four plots, which sold for R1.1 million and R1.2 million and two for R1.35 million each; and 13 houses sold – four over R4 million each and nine homes which sold for R4 million or below.

“There have been 152 properties sold on the canals since January 2006 at a total value of R501 million and of these, 45 were vacant plots, selling at an average price of R1.9 million. If one excludes the 13 sales of north-facing Long Island plots (with an average price of R2.7 million), the average plot price reduces to R1.2 million.”

Arderne says nine canal houses have sold for over R6 million – of which three were sold by Pam Golding Properties, including the highest price of R21 million which was achieved by PGP in 2008. The next highest price was R7.5 million, also a PGP sale. Prior to 2006, no homes sold anywhere in St Francis Bay for over R6 million.

During the first quarter of 2012 PGP has sold six homes in the R1 million to R2 million price range as well as a house for R4 million and 10 plots, mostly in the R160 000 to R300 00 price range and ranging up to R1.25 million for a prime plot in St Francis Links.

Meyer says positive news for Port Alfred is that Genista Lifestyle Estate is going ahead as a lifestyle village, catering for all ages. “This will provide a secure environment adjacent to the new Rosehill Mall and just down the road from the town and river. Spectacular river and sea views as well as scenic country vistas inland make this new development a very appealing option for any home buyer, particularly those looking ahead to future retirement.

“A ‘buy now for parents or your own retirement’ is a viable option with sound rental income achievable until such time as the home is needed by the owner. There are homes available for all ages, with units including two bedroom cottages to three and four bedroom, upmarket homes. All the freestanding homes are full title,” she says.

An addition to Genista Lifestyle Estate are sectional title apartment blocks, offering all the comfort amenities for those of more mature years and with occupation of these restricted to the older generation. A frail care unit is also to be built as part of phase one of this development.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
    • 15 Feb 2018
      While most homeowners will take the agent’s commission into consideration when they are trying to determine what the will get out from the sale of their property, many often forget to factor in the other costs involved in a home sale, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      The forecast for the national rental market in 2018 remains a mixed bag of good news and bad news. Although rentals are expected to rise slowly as the challenges of home affordability and tighter lending criteria tighten their grip, it’s a double-edged sword as the market also will come under increasing pressure from factors like declining disposable income levels.
    • 14 Feb 2018
      While you may not have intended to place your home on the market, what do you do if you receive an unexpected offer on your home? In areas where demand outweighs the current supply of homes available to buyers, it is not unheard of to have buyers make offers on homes that aren’t on the market, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      If you are looking to sell your home this year, Debbie Justus-Ferns, divisional manager of Renprop Residential Sales, says that there are five crucial things to do before the ‘for sale’ sign goes up.
    • 01 Feb 2018
      February is the month of love and to celebrate we will be posting about all the things we love this month. Follow the #MyPropertyLoves hashtag to keep up with our favourite things.
        
    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