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What does 'Voetstoots' really mean?
Monday, December 31, 2007 (142 reads)
In South Africa there is a standard Voetstoots clause which states that the buyer is buying the property "as it stands", in other words with defects and all. This is unlike the United States and the United Kingdom, where home inspections are the standard before a sale is concluded.
Many disputes have arisen from the fact that buyers and sellers don't necessarily understand what the Voetstoots clause actually means. Understanding how it affects you as a buyer or seller can go a long way to making sure the transaction runs smoothly.
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'Get out of expensive investments'
Friday, December 28, 2007 (130 reads)
In a property market that is unlikely to show appreciable growth in the short term, investors may want to consider exiting increasingly expensive properties and reinvesting in new markets that will come online in the near future.
This is the view of Rob Stefanutto, MD of Lew Geffen Sotheby's International Realty, Atlantic Seaboard. "Although certain sellers continue to achieve record prices, this phenomenon is evident only in the top end of the market, which is driven by individuals who are in a position to ride out the negative effects of interest rate hikes. Investors that are more acutely impacted by the shifting market need to take a careful look at their risks," explains Stefanutto.
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Leisure properties gain popularity
Thursday, December 27, 2007 (120 reads)
As the 2010 Soccer World Cup approaches, South African buyers are demonstrating an increasing appetite for acquiring well-located guesthouses, particularly in the Western Cape.
"While international, mainly European buyers have adopted a longer planning horizon in regard to capitalising on this forthcoming high-profile event, local buyers are now becoming increasingly active in this sector of the hospitality industry as they realise the potential positive implications for tourism," says Peter Bruil of Pam Golding Lodges & Guesthouses (PGLAG). The company has seen sales concluded to the value of just under R100 million over the six months to November 2007.
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Christmas trees through the ages
Monday, December 24, 2007 (132 reads)
For all its modern-day popularity and cheer, however, the Christmas tree has had a somewhat bumpy ride through the ages. By Ingrid Smit
The Christmas holiday season has arrived, heralded in by swathes of tinsel, glittering lights and bauble-bedecked Christmas trees in millions of homes, shopping centres and public parks around the world.
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Proposed act to hit developers
Friday, December 21, 2007 (121 reads)
The property development industry, already slowed down by the new Credit Act (which is increasing bond approval turn-around time and reducing the number of bonds issued), will be put further "under siege" if the latest proposals by the National Home Builders' Registration Council and the Department of Housing's "inclusive housing policy" are adopted.
This was said recently by Drew Danford, MD of Bellandia, a major residential property developer.
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Back-up power will sell your home
Thursday, December 20, 2007 (254 reads)
Once again South Africans can expect to deal with load shedding today. Eskom announced this morning that in spite of its positive outlook yesterday, two generators were taken out of operation overnight and load shedding will continue today.
Over the past week the public has learned that power cuts are due to continue for up to seven years into the future, while Eskom attempts to build new power stations to cater for the constantly increasing demand. Meanwhile, the Business Report on Wednesday carried an article quoting the suppliers of various types of generators, saying that "demand from households has risen a hundredfold" and that they couldn't get enough stock.
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Marto Lafitte Attorneys do it again
Wednesday, December 19, 2007 (171 reads)
Our bond department continues to excel. In terms of Standard Bank’s Attorney ranking for the 4th quarter (12 Sept - !2 Dec 2007), Marto Lafitte was ranked 28th out of over 300 firms for the Gauteng- Johannesburg region. This places us in the top 10% of panel attorneys. Congratulations again to Antoinette and her team for this achievement.
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Property Trends
Tuesday, December 18, 2007 (89 reads)
Higher interest rates set to slow housing market further.
The Reserve Bank's Monetary Policy Committee (MPC) hiked the repo rate by a futher 50 basis points to 11%, prompting banks to raise there prime and mortgage rates to 14.5%.
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Property Outlook for 2008
Friday, December 14, 2007 (141 reads)
Although the property market is currently experiencing a downturn, the forecast for next year is positive, according to industry leaders, with strong growth predicted in the lower end of the market as well as the commercial and retail property classes and a recovery expected by 2009. Here's the lowdown from FNB's John Loos, Property24's Richard Gahagan and Sable Homes' Jo Pelser.
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FNB's building confidence ticks up
Thursday, December 13, 2007 (133 reads)
After a moderate decline in the third quarter of 2007, the FNB Building Confidence Index increased by one index point to a level of 86 in the fourth quarter of 2007.
FNB chief economist Cees Bruggemans said the slight improvement in overall business confidence was the net result of a rise in confidence levels of quantity surveyors, manufacturers and retailers of building materials, while that of architects, building sub-contractors and wholesalers of building materials weakened during the fourth quarter of
2007
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