Web Bytes 254

It's property time!
iafrica.com - South Africa
Article By:

The Reserve Bank has probably cut interest rates for the last time this year, which means it is time for cautious or hesitant home buyers to take the leap and enter the market, said Brian Falconer, CEO of Colliers Residential on Tuesday, in response to the decision by the bank's Monetary Policy Committee to hold the interest rate at seven percent.

Falconer said since December R3555 had been put back in the pockets of bondholders for each million loaned.

This had reduced pressure on homeowners and pumped billions back into the economy for discretionary spending rather than the servicing of debt.
iafrica.com

"We deserve every cent" - estate agent
RealEstateWeb - South Africa
Why residential property sales' commissions are not far off 10%.

Agents deserve their commissions more than ever, says Linda Erasmus, CEO of Fine & Country SA.
The question currently being bandied about by property industry observers is whether or not estate agents should lower their commission fees in line with the general depreciation of the property market.

My response to this premise is firmly in the negative for a number of reasons, chief amongst which is that agents now have to work harder than ever, under strict new working legislation, for less.

In recent times, the South African propertyscape has changed. The number of successful real estate sales has diminished significantly since the heydays of 2005 and 2006 and the underachievement of asking prices has, to a large extent, become the norm.
RealEstateWeb

Estate agents and managing agents to register as debt collectors when collecting arrear debts
Iqgwetha Training Academy - South Africa

The Council for Debt Collectors v Brunello Property Management CC (Finding by the Debt Collectors Council, Cape Town, 06 June 2009)

This matter arose as a result of a complaint lodged by a sectional title unit owner with the Council for Debt Collectors regarding certain charges levied by the scheme's managing agent whose responsibility it was to collect rentals, levies and arrear debts. The Council for Debt Collectors held that such managing agents and/or estate agents are debt collectors as defined in the Debt Collectors Act 114, 1998 when the collection activities include arrear debts. As such they must be registered with the Council and are otherwise prohibited from charging any fees with regard to the collection.
ITA Summary

Sales flourishing in less affluent areas
Rawson Properties - South Africa
It may come as a surprise to Capetonians living in more affluent areas that what are sometimes referred to as the disadvantaged suburbs have a flourishing community life - and an active property market.

Parow Valley ad its satellite precincts - Ravensmead, Elsies River, Cravenby, Matroosfontein and Bishop Lavis - together have 14 000 homes. Alvin Suklall, the Rawson Franchisee who serves this area, says even now, in what is technically a downturn phase, he is selling between three and four homes a month.

And, he says, there are now clear signs that prices have bottomed out and significant further drops are unlikely
Rawson