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Prices rising steadily in Ferndale
The sectional title market has undeniably grown over the last few years, having dipped to a low of 20 transactions per month in November 2005, accelerating to a high of approximately 57 transactions in August 2006. It has since dipped again but has recently enjoyed a high of 68 sales for sectional title offerings in July 2007.
The older stands across the Ferndale valley, for instance on Fir and Rugby Avenue, have been around for many more years than the ever-growing commercial buildings above Fern and Eton Streets. The trend of developers knocking down the older homes and converting the land for mass unit adoption is becoming all too familiar.
"There are still development opportunities in Johannesburg. However, developers need to be choosy about the type of development they bring to the markets," Linda Erasmus CEO of Fine & Country South Africa was quoted as saying in a recent article on Property24's website.
Nowhere is this statement more true than in Ferndale, where developers can take advantage of reasonable prices for large plots of land. For instance, a property on Fir Avenue was reportedly sold for R1,2m to a developer in 2004, who has yet to do something with the land which has now fallen into a derelict state.
The Ferndale valley divides the area into two parts and each side has its own distinct personality, yet this line is becoming increasingly blurred as residents and potential buyers still have mixed perceptions of the area, as a dubious past and the prospect of urban rejuvenation in the area jockey for position.
In the past, a major concern for residents was the open field that extended from Oxford Road through to Royal Road, and below Long Street. As a result, the Ferndale Valley Project was born and was carried out to protect the local wildlife, fauna and flora as well as the value of existing residential properties. However, Terry Miles, local resident and member of the Ferndale Residents Association, says many of the fences surrounding the original bird sanctuary have been torn down by vagrants.
Furthermore, no efforts have been made to repair them, but residents should not sweat the values of their properties as average prices are rising steadily, but should nevertheless be on the lookout. |
Posted on Tuesday, November 20, 2007 (Archive on Friday, November 30, 2007)
Posted by hayleym Contributed by hayleym
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