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Cash is king in Table View

Property transactions in Cape Town's Table View area are being expedited by the high percentage of cash sales.
 
Indeed, about 80% of all transactions facilitated by top local agency Harcourts Lifestyle in the past six months were cash deals, says owner Matt Janion. "This is largely a consequence of the credit crunch. Most buyers here now have either saved up cash to buy a home or consolidated their finances to free up enough cash."
 
The trend is noticeable across all property price categories, he adds, and there is currently brisk demand from a wide variety of buyers, including some international buyers.
 
"Other buyers now active in the market include first-timers, people who are downscaling and people who are relocating from upcountry, notably Gauteng. We have a healthy mix of buyers, which contributes to a vibrant local market.”
 
Janion adds that cash transactions hold benefits for buyers as well as sellers.  "In the first place, such transactions usually run very smoothly because lending institutions are not involved and the paperwork is minimal. Cash also allows buyers a strong negotiating platform, which leads to market-related prices, while sellers usually have cash in hand much sooner than in cases where bank finance is involved."
 
However, quick sales have put pressure on stock and demand is currently slightly higher than supply, which now supports prices to the benefit of sellers, he says.
 
His office has also streamlined transactions thanks to innovative marketing. Janion says all properties marketed by his office have custom-built individual websites that give interested buyers a full presentation, including video, of the property.
 
"In this way we can accurately assess buyers' interest and only take them to view a property if the initial interest match is higher than 98%. It saves buyers as well as sellers a lot of time, because it is much easier to virtually tour a number of properties to eliminate unsuitable homes than to physically view them."
 
Buyers in Table View can currently find entry-level properties at prices as low as R400 000. Two-bedroom flats in the Parklands complex are now being marketed at this level, while a free standing three-bedroom home with a small garden can be had for around R660 000.
 
Larger and more modern homes with three bedrooms and two bathrooms are selling from R1m while properties priced at R3m and higher offer up to eight bedrooms, luxury fittings and beach frontage.
 
Janion says most properties currently targeted by buyers are in the R1,5m to R3,5m range.


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