Property 24/10 - 245

Property: what if CT hosts Grand Prix?
A question that many will be asking over the next year is what the impact would be on Cape Town should its bid to host one of the Formula One Grand Prix races succeed according to Lanice Steward, managing director of Knight Frank Residential South Africa, who says the rumour began in mid-January when Bernie Ecclestone, head of the Formula One Group, was quoted by the UK-based Press Association as saying that there was a good chance that this huge sporting event would take place in South Africa in the near future.

The last time South Africa hosted this event was in 1993 in Kyalami, but Cape Town has never had the chance to host it.

Igshaan Amlay, the CEO of Cape Town Grand Prix South Africa, a company that was founded in 2007 with the sole aim of bringing Formula One to South Africa, says they are working hard to get it here by 2016.

New green tool for existing buildings
Some of South Africa’s best known property developments, including the V&A Waterfront, have seen significant environmental and financial improvements since their adoption of the Green Building Council of South Africa’s (GBCSA) Existing Building Performance (EBP) Tool – the development of which was sponsored by Nedbank Property Finance.

Speaking at the ‘Greening Existing Buildings’ panel discussion that took place yesterday at Summer Place in Hyde Park, Robin Lockhart-Ross, Executive Head at Nedbank Property Finance, says the GBCSA’s current suite of Green Star SA rating tools focus largely on the design and construction of new buildings and major refurbishments, which make up about 2% of building stock. Nedbank, a key member of the GBCSA’s network, sponsored the development of the new EBP tool so that operational and management performance of buildings in the remaining 98% of stock could be assessed on an ongoing basis.

Go-ahead for Durbanville development
A recent ruling by the Western Cape High Court has paved the way for the multi-faceted development of the farm Uitkamp in Durbanville to proceed.

According to Boetie Louw on behalf of the AFM Louw Family Trust, plans and conditions will ensure the protection of wildlife, river and wetland areas, while they undertake the development of Clara Anna Fontein, which will include upmarket housing, group housing, a retirement village and a private high school.

Judge Dennis Davis recently dismissed the Durbanville Community Forum’s application to review the approval for the development given by provincial minister of local government, Environmental Affairs and Development Planning, Anton Bredell in 2013. He also awarded costs against the Forum for two aspects of the application which were submitted later.

IEASA runs sectional title rentals workshop
The Institute of Estate Agents (IEASA) Western Cape hold regular rentals and rental inspection workshops, but the need for sectional title specific training was identified and will now be met according to Annette Evans, regional general manager for the Institute, Western Cape, who says a workshop covering this will be held from 09h00 to 13h00 on Thursday, 12 March at the IEA training centre in Sheldon Way, Pinelands. She says there are many cases that have arisen where the rental agent does not know enough about the Sectional Titles Act, the Prescribed Management Rules or conduct rules, and many situations could have been avoided, had the agent had all the information to hand.

Joint home loans: are they set in stone?
Getting into the property market is something most people aspire to. Sometimes a property requires the ‘money power’ of two salaries, whether it is to get a home you both need, or as an investment. A joint bond may then be the only viable way of getting into the market according to Steven Barker, Head of Home Loans at Standard Bank, who says while it is possible for two people to have a bond issued jointly in their names, problems can occur if relationships end or circumstances change.

“If the time comes to change a joint bond arrangement, both parties naturally want solutions that are equitable,” he says.

Learn good credit habits: 5 tips for renter
With buy-to-let investors and new rental stock both being in short supply, it is becoming increasingly difficult for prospective tenants to secure the homes they want, especially if they have a less-than-great credit history according to Shaun Rademeyer, CEO of national mortgage origination group, BetterBond Home Loans, who says South African landlords are quite understandably cautious when letting their properties to new tenants because legislation such as the PIE Act and the Consumer Protection Act.

“These acts make it very difficult for them to dislodge those tenants even if they default on their rent or damage the property,” he says.

6 Tips for buying sectional title property
The demand for sectional title homes in the Cape Town area is increasing, with the CBD proving to be most popular among buyers due to the convenience and accessibility of location according to David Rebe, CEO of Sandak-Lewin Property Trust, who says sectional title living has grown in popularity over the last decade for various reasons, including heightened security concerns, increasing maintenance costs of private homes and Capetonians opting to live in close proximity to their places of work. Rebe shares the following tips with buyers looking for properties to buy:

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