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| Garden Route Now A Buyers Market |
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This season we can expect a wave of savvy investors looking for bargain holiday homes along the Garden Route as serious sellers begin re-adjusting prices to fit the market
Tim Kirby of Lew Geffen Sotheby's International Realty in George reveals stats drawn from SAPTG for the periods January - August 2005 and compared these with the same period for 2006. George is 27,78% down on number of transfers, Wilderness is 37,14% down and Great Brak River is 45,42% down. These figures are echoed in Plettenberg Bay with registered transfers down by 25% this year.
"Three exclusive gated country estates we are currently marketing in George - Oaklands Bridge, Cherry Creek and Soeteweide – all offer outstanding value, with stands starting at R489 000, and as a result these have sold out relatively quickly. On all three estates, just outside of the George's CBD, spacious new homes are now under construction starting in the early R2 millions and we have seen similar demand for these properties.
"The market has swung in favour of buyers and as a result there are now some relative bargains to be found amongst serious sellers in this region. Sellers are however continuing to make profits, but nowhere near the highs of 2004/05, "says Kirby.
Wendy van Heerden of Lew Geffen Sotheby's International Realty, Mossel Bay says, "Mossel Bay has always had a lower profile than its Garden Route neighbours, but now many investors are coming here to buy their beach homes due to the value it offers and the comparatively quiet Garden Route option it provides.
"Here mid-market homes with sea views range from R800 000-R1.5-million and for a renovated, up-market home with excellent views you can expect to pay no more than R1.7-million.
"Among recent sales, a beach bungalow of 62m² in the highly sought-after Point Village sold for R620 000. This was in need of renovation but for its position alone you would pay at least triple anywhere else along the Garden Route."
"Current real growth in house prices across South Africa has declined significantly since 2004. It is taking time, but serious sellers are realising the importance of the correct pricing and marketing in this changing market," says Kirby.
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