ASTUTE PURCHASERS ACQUIRING HOMES TO RENOVATE IN GLENWOOD
- 07 Apr 2010
Perhaps sometimes overlooked, the well-established and leafy suburb of Glenwood is quietly enjoying a resurgence of interest among home buyers – with a marked trend towards older homes being refurbished, particularly in the upper Glenwood area, says Jill Drummond, area manager for Pam Golding Properties.
"Over the years Glenwood has evolved and while it is now considered a vibrant area which attracts a broad cross-section of home buyers from singles, young couples and families to more mature purchasers, it retains an intrinsic air of solid quality, character and spaciousness of yesteryear – including its own stately mansions - that has enormous appeal," she says.
With its sidewalk cafes, coffee shops, restaurants, art galleries, antique shops and panoramic views of the sea and harbour from its upper reaches, this suburb is ideally and centrally located with easy access to Durban's city centre and places of work in Westville, Pinetown, La Lucia and Umhlanga via key highways leading north, south and west. It also has numerous good schools and is easily accessible to the university as well as private hospitals such as St Augustine's and Entabeni. The suburb is popular among professionals, including lawyers and advocates, as the law courts are within easy reach.
Says Drummond: "While the perception has been that Glenwood's homes are still less expensive than areas such as the Berea and Morningside, the gap is closing. And yet, in spite of this, one can still find sound value for money and affordability in terms of well priced, quality family homes. Currently we're seeing opportunities for homes even in the upper Glenwood area which can be acquired in the price range from R1.7 million to R2.2 million – with a view to renovation.
"In the middle market you would probably pay in the region of R1.5 million for a 800sqm erf with a family home, and from R2.5 million to R3.5 million for a spacious mansion with an erf size of approximately 1200sqm."
She says in terms of apartments one can acquire a bachelor pad for an affordable R350 000, a one bedroom apartment would be in the region of R450 000, while it would cost around R650 000 for a two bedroom and R750 000 for a three bedroom apartment.
Issued by Gaye de Villiers