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

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us