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Tokai - Sectional Titles Increasingly Popular

Sectional title properties in the suburb of Tokai are increasingly popular as they offer great value and are more accessible to a wide range of buyers, including those looking to downsize and others seeking to get their foot on the property ladder for the first time.


Properties in Tokai have been selling very quickly This two bedroom Townhouse, with small garden and garage in Tokai sold in two weeks for the full asking price of R1 275 000.
 
Matthew Raubach Sectional Title Consultant in the area for Lew Geffen Sotheby’s Realty International says, “Properties in Tokai have been selling very quickly. Many have sold within two weeks of listing and our three most recent properties were sold for full asking price.”
 
Raubach adds, “While it is difficult to pick up stock at the moment, the prices of the properties we have been selling this year have been higher than last year. A year ago we couldn’t get an offer higher than R1 050 000 for a particular property which was taken off the market. We listed it two weeks ago and sold it for R1 275 000. We also had a property on the market at the end of last year that we thought couldn’t sell for more than R1 550 000 but we recently sold it for R1 795 000.”
 
On average, according to the Institute of Estate Agents’ Western Cape sales aggregation website Propstatspropstats.co.za, sectional titles in Tokai are taking about a month less time to sell compared to freestanding homes this year.
 
Barbara Andrews, Tokai Area Specialist for Lew Geffen Sotheby’s International Realty, suggests one of the reasons for this increased popularity in the area is that “People who can’t find somewhere suitable in Constantia due the current stock shortage are increasingly realising that Tokai offers the same kind of lifestyle at a much more accessible price point.”
 
Andrews adds that “There is a stock shortage in Tokai at the moment so we have to work smartly and do lots of telephone canvassing and calling anyone we may have done a valuation for in the past to see if they are interested in selling.”
 
Andrews and Raubach, whose territory covers sectional titles in the neighbouring suburbs of Wynberg, Plumstead, Diep River, Bergvliet as well as Tokai, say that the area that has been seeing interest grow substantially for several quarters.
 
Lew Geffen chairman of Lew Geffen Sotheby’s International, says, “Tokai has a diverse selection of residences from which buyers may choose. Security complexes have become a highly sought after asset and there are many that have been recently built to accommodate this need.”
 
Geffen adds, “The majority of the homes exude modern architectural styles – mainly an open-living plan. They are spacious and yet at the same time, cosy. These complexes are perfect for newly-wed couples and young professionals.”
 
According to Raubach the average size of the apartments in the area is about 90m2 and usually two bedrooms “Demand is high as there are loads of first time buyers who like the security of sectional title/lock up and go. As well as the first time buyers we are also seeing a lot of people who are retired or finished building their families and wanting to scale down. Apartments need less maintenance.”
 
Andrews says that for many of those buying sectional titles in their area, “Security is top of the list and developers have realised this and have been bulking up security in both new and existing blocks.” She adds, “Tokai is also in proximity to many restaurants and entertainment venues and those who like to shop are taken care of at the recently revamped Blue Route Mall.”
 
Raubach says one of the most popular developments is the Tokai Villas, a secure development that is made up of three complexes each with its own swimming pool and laundry facilities. He explains that the units at the Tokai Villas come with open-plan living areas, a fully equipped kitchen and a choice of one, two or three bedrooms.
 
Though there are not many new developments in the area, another popular residence is the Citadel, a seven-storey apartment block comprising 91 units. Raubach says, “We are currently marketing a three bed penthouse in The Citadel for R2.8m and a ground floor unit for R2.4m. We also sold a two-bedroom unit there last week for R1.5m.”


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