Market turns for Silver Woods

Launched during the sharp downturn in the property market, the Silver Woods Country Estate on the eastern outskirts of Pretoria is now rapidly regaining favour among buyers who prefer building their own homes.

Linda Bodenstein of the RealNet Silver Estates franchise reports a sharp uptake recently in undeveloped stands in the estate. "Silver Woods is adjacent to the ever-popular Silver Lakes estate and enjoys the same cachet of luxury living in a secure environment.

“But buyers have come to realise that open stands in Silver Woods offer excellent value for those who aspire to the upmarket lifestyle this area offers."

The estate is now 30% developed, while another 30% of the stands have been sold. Around 120 stands are still available and prices are below the R600 000 transfer duty threshold which saves buyers some cash that can be put to good use when they start building their homes.
Prices start at around R490 000 for stands of about 900sqm while 1100sqm stands are selling for around R560 000.

Bodenstein says that two years ago buyers were struggling to obtain bonds for undeveloped stands. "However, most now know they have to pay a 40% deposit and we find that buyers with sound credit profiles have little trouble obtaining building loans.

“We have also launched innovative financing options for buyers who want to secure stands before having the required 40% deposit. All these factors have contributed to a fast uptake of stands in the development, which had a slow start due to the recessionary economic climate."

Buyers have one year to complete construction and although all building plans have to be vetted by the homeowners' association (HOA) and approved by the local authority, no architectural limitations are enforced. A minimum floor space of 250sqm under roof is, however, prescribed. Homes already completed typically range between 330sqm and 650sqm.

Bodenstein says the levies at Silver Woods are reasonable. Owners of vacant stands pay R1069 per month, but this decreases to R690 per month once building is completed.

A creche and an office park in a secured area at the estate's entrance enhance its appeal. A clubhouse has also been approved by the developer and building will start shortly, while sporting facilities are being discussed by the developer and the HOA. Medical, sporting and shopping facilities abound in a 5km radius around the estate and many buyers cite good schools such as Curro, Abbotts College and high-profile state schools as a reason for settling in the area.
Issued by RealNet

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