Plumstead Property Snapshot

Plumstead Property Snapshot

Plumstead Property Snapshot

Screen Shot 2016-07-13 at 14.50.53We have *compared the first half of the year 2015 with the first half of the year 2016 regarding Plumstead sales.  We have found there was an identical number of sales being 39 freehold houses.

There has however been an increase in the average market value from R1 913 925 in 2015 to R2 003 557 in 2016.

Comparing the periods properties are taking longer to sell which we feel is due to sellers being over optimistic and this is also evidenced by the difference in asking and achieved price increasing from 5.6% in 2015 to 6.4%, as determined by the IEASA Propstats data.

Leading property economists are indicating that investors are likely to find returns on their capital better now rather than later on in the year.

All things considered one has to ask, is this the last best opportunity to get the best price until a new upturn and when will that be?

* Source; SAPTG (South African Property Transfer Guide)

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This article from leading South African property journalist, Lea Jacobs is well worth reading;

Is the property market beginning to turn?
Lea Jacobs • Jul 6, 2016

Things are beginning to change in the property market and while it may be too early to say if the shift will have a long-term effect, it could mean that sellers are in for a slightly bumpier ride.

Number of visitors to show houses drops
John Loos, a household and property sector strategist with FNB, notes in the latest FNB Estate Agent Survey that there has been a drop in the number of average estimated visitors to show houses, down from 11.6 to 9.4 in the second quarter of 2016. While this may not seem like much of a difference, the cumulative decline in recent years has become considerable, given that the high during the second quarter of 2013 was 16.69.

Time on market increases
There has also been a noticeable increase in the estimated average time a property stays on the market. This has risen from 11 weeks and one day to 13 weeks and four days. “It is too early to draw conclusions after only one quarter, and as such an average time remains a fairly solid one, this increase may hint at a near term shift in the market away from equilibrium,” say Loos.

Affordability deteriorates
The report notes agents’ perception of housing affordability has deteriorated mildly, with as many as 31 percent saying that “income levels have dropped far behind house prices”. This is compared to 11% back in the third quarter of 2014.

More sellers drop asking price
To compound matters, agents have reported a further slight increase in the percentage of sellers having to drop their asking price, from 88 percent in the first three months of this year to 92 percent in the second quarter. Although this is a marginal difference, the number is significantly higher than the 78 percent recorded during the second quarter of 2014. The average percentage asking price drop averaged out at -9% which although slightly more than the -8% recorded in the previous quarter, was unchanged from the second quarter a year ago.

“It is important to understand that due to significant resistance by sellers to house price declines, in times of economic and residential demand slowdown the residential market often moves away from market equilibrium price,” says Loos.

“Therefore, the average market house price level as depicted by a house price index is not necessarily the “market equilibrium” price.”

He says there are various reasons for very strong resistance to dropping prices in order to make a sale. “Home sellers, for various reasons, are reluctant to sell for less than their purchase price, and often resist selling at a price lower than their often “inflated” idea of what the property is worth.”

This can be due to a number of reasons, including the amount of mortgage debt that needs to be settled, or a belief that house prices never go down. Unfortunately, he notes, the ‘downward resistance’ can also be the result of competition among estate agents who quote the highest selling price in the hopes of securing that all-important sales mandate.

But perhaps one of the biggest driving forces behind downward resistance is a miscalculation of the ‘holding costs’ should a property remain on the market for an extended period, coupled with an ‘inflation illusion. In other words if a seller has to wait for a year to sell his home due to an initially unrealistic asking price, it means that he has effectively dropped the asking price in real terms over that period, often without realising it.

We’ve seen sufficient evidence of a broad economic weakening over the past four years or so, followed by the start of a rising interest rate trend from early 2014.

“We’ve seen sufficient evidence of a broad economic weakening over the past four years or so, followed by the start of a rising interest rate trend from early 2014,” says Loos. “And the FNB Estate Agent Survey has pointed to a broad slowing in residential demand from around 2014 (ignoring a temporary demand strengthening in early 2016), following the start of gradual interest rate hiking early in that year.”

By all accounts it looks as though homeowners are going to find it marginally more difficult to sell. Serious sellers may have to consider accepting slightly less than they anticipated and those who have been ‘testing’ the market may well have to do some hard thinking and price their homes to sell.

Plumstead Agent is Agent of the Month

franlize
Congratulations to Plumstead Area Specialist FRANLIZE FOURIE on her achievement as Chas Everitt Cape Town South’s Agent of the Month for June 2016.  Competing against agents in four offices right across the Cape Town South area from Cape Point to Observatory is a challenge and after coming close a few times it was a delight to see Franlize enjoy the results of a very good sales run!

“Franlize has grown and grown but her success and achievement is a credit to her service driven attitude.  The praise from her clients received by the company is the best evidence of what needs to be done for an agent to be a great success in real estate. Franlize certainly has what it takes and we are very proud of her!”
– Andre de Villiers – Chas Everitt Cape Town South franchise group.

Franlize

Franlize Fourie
“The agent you’d recommend to a friend!”
083 701 6534

Interested in Learning to Salsa!

Interested in Learning to Salsa!
Here is the schedule of ALL the classes:
Tuesdays 120 Buitengracht street (Above Soundmatch)
7pm-8pm – Improvers Technique LA Style Salsa
8pm-9pm – Beginners LA Style Salsa
8pm-9pm – Improvers LA Style Salsa
Wednesdays @ 1st Floor, KFC Building, Gabriel Road, Plumstead
7.30pm- 8.30pm Beginners LA Style Salsa
Thursdays 112 Loop Street, 5th floor
8pm-9pm – Kizomba Beginners
8pm-9pm – Kizomba Improvers
9pm-10pm – Bachata Beginners
9pm- 10pm- Bachata Improvers
Sensagria have added a new class for those who are at an Improvers level and above, called Improvers Technique. This class will be looking and the nitty gritty of some of the steps, picking out exactly what techniques we should be using to perfect the movements.  This is at Tuesdays at 7pm.
Private lessons are available over the weekends by pre-booking with us.
Our weekly party at Buena Vista Eden on the Bay continues EVERY SATURDAY NIGHT. Keep an eye out on our Facebook page Sensagria Dance for updates and photos!
Carlos & Lani

Previously ‘Just Dancing Salsa’

Plumstead Neighbourhood Watch (PNW)

Plumstead Neighbourhood Watch (PNW)

Update:  
The Diep River Community Police Forum is holding a public meeting on Thursday April 28, at 11am, at Musgrave Park Retirement Village in Old Kendal Road.
The purpose is to to speak to the community about safety. Diep River Police members will be present to answer questions and general talk on safety.  Transport will be provided for those unable to attend on their own. To arrange this and for inquiries, contact Michael Kent on 021 797 83 55, 083 236 0387, or Meakent@gmail.com    – Info supplied by Plumstead Neighbourhood Watch

Have you recently joined Plumstead Neighbourhood Watch (PNW)?
Would you like to find out out more about PNW and what we do?
Would you like to become more involved with PNW?
Are you interested in patrolling and being the “eyes and ears” of our community?

If so then we invite you to join us at our next “Orientation for new members and patrollers training workshop” which will be held on Monday, 2 May 2016. Apologies but in the welcome letters the date of the workshop was incorrectly given as 3 May.   The aim of this workshop is to give you an overview of the activities of Plumstead Neighbourhood Watch, what we do and how we operate.

This workshop is aimed at new as well as existing members and in particular patrollers and will cover aspects such as the aims of patrolling, legal aspects, website overview, do’s and don’ts of patrolling, etc. This will also give you the opportunity to meet other members of PNW.

Directions to venue: The venue is located under the Victoria Road Bridge, next to the railway line with the entrance in Market Street

Note: For those members who want to patrol it is a requirement that you have a patrollers Identity Card. We will have the necessary forms available at the training for you to complete. We will also need two passport size photographs and a certified copy of your identity document.

Please come and join us, get to know our members and be prepared to assist in making the area we serve a safer place for us all.

CONSTANTIA VALLEY INFORMATION CENTRE (RADIO CONTROL) 086 000 2669 (24 HRS)
PNW is part of the Constantia Valley Watches Association (CVWA) which comprises several watches throughout the Constantia Valley  and its aim is to improve measures that deter crime through shared intelligence, resources and collective effort.

Don’t miss this one!

Don’t miss this one!

3 Bedroom House for Sale in Plumstead

This is a characterful family home.  This old Plumstead gem, is located in a pretty leafy road.  Transform this old lady into a contemporary family home and add value.  Leading off the proper entrance hall is a good sized lounge with a door to the ‘stoep’ with views over the front garden; the perfect spot for your morning coffee.

All three bedrooms are similarly sized, with space to add built in cupboards. Your blank canvas. The bathroom has a bath with shower, basin and toilet and there is also a separate toilet.

The dining room is separate and adjacent to the kitchen which has a separate scullery.  In the back garden there is are domestic quarters plus a separate gardener’s toilet.
Convert to dual living or a teen pad, or a work from home solution.

The back garden is big enough for a pool and a single garage with off-street parking for three further cars ’rounds off’ this offering.

More details on this Plumstead House For Sale

Plumstead accommodation at Pepper Cottages

Plumstead accommodation at Pepper Cottages

Screen Shot 2016-04-12 at 08.32.27

Pepper Cottages offers affordable holiday and/or business self catering accommodation in the lush and peaceful suburb of Plumstead, Cape Town.
Centrally located, within 20 minutes drive of Cape Town V &A Waterfront and Airport.  This makes it an ideal base for holiday and/or business visitors.
Cottages overlook an enclosed private garden and swimming pool area.  Access to an entertainment and braai area.  Secure parking is provided behind electronic gates.

Email:  peppercottages@iafrica.com
Website:  www.peppercottages.co.za
Fax:  international +27862191953 local 0862191953
GPS:  Latitude:  -34.02742 Longitude: 18.47039
http://blog.sa-venues.com/reviews/pepper-cottages/

Free Property Valuation

Plumstead ValuatorObtaining a property valuation is an essential step when thinking of selling but for other purposes too such as estate planning, insurance purposes and to keep up with your asset values.  So even if your move is not imminent, a house valuation still proves an excellent tool for indicating current market value, and possible room for improvements to increase the value of your home.

An online house valuation is a useful tool to get a quick and easy estimate of the actual price of your property.

By answering a few easy questions on the current condition of your home in Plumstead, our complimentary property value calculator, using the latest GIS (Geographical Information System) will provide you with an indication of how much money you could potentially make from the sale of your home if you are intending to sell or for the other purposes indicated above.

A feature unique to Valuator provides references to recent final property sales in selected Cape Town Metropolitan Areas, which have yet to be recorded in the Deeds Office. This value added feature ensures that our reports are reliable and up-to-date.Green buttonValuator is a service provided by: HOMEimage.

*HOMEimage is not an estate agency and offers specialised marketing solutions to property developers, hospitality industry, private property sellers and agents, such as 3D models, floor plans, virtual tours, professional photography, drone aerial photography, property marketing materials, and project management.

Southfield Property in Demand

Southfield is an ideal place to raise a family in the Southern Suburbs.  With a number of excellent schools in the area, the location has become a firm favourite for everyone from first-time buyers to larger families looking to settle in a safe, beautiful and convenient area. 

Four bedroom home with huge potential:

southfield propertySolid home in a quiet street offers plenty of space for the growing family.  The house is well-positioned on the plot, leaving lots of room in the back garden to add a entertainment area while you make the most of distant mountain views. Read more about this Southfield property for sale.

Contact Chas Everitt agent Franlize Fourie on 083 701 6534 or email franlize@everitt.co.za.

Give Away | Property Power

property powerProperty Power is giving away 10 copies of the 11th edition of ‘Property Power in South Africa’. To be entered into this draw subscribe to our Plumstead blog. Winners will be announced on the Friday 26 February 2016 on our blog.

Buying or selling a home as well as moving, can be one of the most stressful experiences in your life, even more so if you are not properly informed, and it is probably one of the most important investments you will make. You need to understand your rights and obligations and learn to take control of the process.

Property and its wealth creating power is not an exact science, but a very complex industry, in which most of us share an interest. Property Power is designed to empower home buyers, home sellers, first-time property investors and owner-builders/renovators with knowledge regarding important aspects of purchasing and selling immovable residential property.

Too many people run into financial difficulty and have to live with disappointments after making hasty decisions and not taking control of their property transactions. Property Power is a magazine (including an interactive PC CD-Rom) in which we cover the most important facts with regard to property transactions as comprehensively as possible, while keeping it simple, user-friendly and easy to read.

If you missed out on the previous editions, don’t despair. Each year, after the Minister of Finance announces the new Budget, we update Property Power and release a new edition. Everything discussed in the previous edition is simply revised and modified to the latest developments, figures and legislation in the market and newly researched material is added.

Updated Information
Property Power is updated and published regularly. You can visit our website at any time to make sure that you have the latest edition and that you are not missing out on any new information, like amendments to certain acts, or changes in the interest rate, budget speech, and so on. We endeavor to update Property Power at least once a year, however sometimes an edition may be relevant for two years.

Read more