Business Day Home Front 31 July 2015

BusinessDay

BDlive.co.za | @BDliveSA

FRIDAY, JULY 31 2015

HOMEFRONT PAGE 2

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INNOVATIVE GREEN HOME TESTED

WHY PROPERTY IS STILL AN ASSET

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DURBAN POINT BACK ON STREAM

ANTICIPATING A US FED RATE HIKE CONTINUED ON PAGE 6

A home loan deposit can make all the difference

Putting down a deposit of more than 20% of the asking price of a property boosts the average applicant’s home loan approval rate by 15%. But if it’s such a successful formula, why are more than half of home loan applications submitted without a deposit?

WORDS: DAVID A STEYNBERG :: PHOTOS: ISTOCK

Camps Bay, Cape Town

Asking R22.5million

Contemporary residence with mountain backdrop and sweeping views. Sumptuous formal and informal reception rooms, generous en-suite bedrooms. Integrated kitchen, pool deck & wrap around terraces. Self contained guest suite. 4 car garaging plus off-street. Contact: Edith Marsh 083 654 2168 Office: 021 438 5511 Web ref: 1173803 Each office is independently owned and operated

Steenberg Golf Estate, Cape Town

Offers on R14.5 million

Attractive family home in perfect condition throughout, perfectly situated on the estate and offering total privacy. 4 Bedrooms, 3 bathrooms, study, 3 superb reception rooms. Golf club membership included with one extra playing right. Contact: Dave Burger 083 458 3333, Brenda Pretorius 083 442 1318 Web ref 1353594

www.sothebysrealty.co.za

Dainfern Golf Estate, Sandton

Asking R8.9 million

Beautiful north home facing on golf course - A perfect blend of light and glass with timeless quality finishes incorporating expansive living and entertainment areas.

4 Bedrooms all en-suite, study. Landscaped garden with atrium and koi pond. Entertainers patio with rim flow pool. Contact: Dermot 083 680 5286 / Dawn 082 575 9956

LIFESTYLE

Friday July 31 2015

LIFESTYLE

Taking a stand against load shedding

Saint-Gobain’s Stand 47 experiment shows that it is possible to make a home comfortable while minimising its dependence on the national grid WORDS: LISA DEWBERRY :: PHOTOS: SUPPLIED

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To see Stand 47 in action, with live, minute-by-minute tracking of its energy consumption, visit www.stand47.co.za.

uilt to see what could be achieved in housing in the name of sustainability, Stand 47 is a modern home on Monaghan Farm, near Lanseria International Airport in rural Pretoria. Constructed over a two-year period, its energy-efficient materials keep temperatures naturally warm inside, without the use of electrical heating. This journalist spent a day or two trying it out in a winter stress test and gave it the thumbs up.

Kerry Henning, marketing manager for Saint-Gobain, says modern building constraints, contemporary construction materials and available technology demanded a review of traditional building processes for a modern home. “Building Stand 47 was important to exploring contemporary building practices with hi-tech materials, but the real test was inviting ordinary people and celebrities to live in the home, noting the performance of the materials and systems over four seasons,” she says.

“We set out to do a winter stress test because we’re confident in the way this home has been built.”

Henning says homes could better adapt to the needs and functions of their tenants and maximise value.

STATE-OF-THE-ART DESIGN The open-ended design of the house enables change, with the fixed outer shell and adaptable internal walls freeing up living space. “A grid module and continuous floor and ceiling planes create the possibility of repositioning internal drywalls.

Drywall and ceiling systems provide high levels of thermal insulation, with double glazing on windows limiting transfer of heat and sound,” she says.

With the exception of the stone wall, the walls contain no masonry, so they have efficient thermal properties and are warm to the touch.

Rigorous testing ensured high fire-resistance, strength and well-weathering drywalling.

“The design of Stand 47 is sensitive to the landscape, incorporating views, working with the slope, integrating strategies for orientation, ventilation, light and thermal comfort and water harvesting,” says Henning. “The design incorporates contemporary strategies and technologies without losing the feeling of ‘home’, by using organic materials, connections to nature and references to traditional design.”

inhabitants’ needs, leading to extensive and expensive renovations. But Stand 47 incorporates technologies that help to create a state-of-theart home with the capacity to adapt while still feel homely.

Henning says internal rooms evolve easily without compromising the outer shell of the house. The possibility for multiple uses of bedroom and bathroom fixtures enables single spaces to cater for different users. “‘Comfort’ usually refers to the indoor temperature, air and sound quality affecting how users experience the home over their lifetime.

The architectural solutions, building materials and systems have resulted in a ‘multi-comfort building’,” says Henning.

The shell of the house works as an airtight building envelope. Health, acoustic and visual comfort are achieved by removing volatile organic compounds from the air, while sound-absorbing panels limit reverberations.

Outdoor views and traditional materials complement the new technology, creating a familiar, comforting aesthetic.

FLEXIBILITY AND COMFORT Homes are often outgrown when they no longer accommodate their

SUSTAINABLE BUILDING BASICS Henning says energy is becoming a major focus

when building a home.

It is important to find materials that suit the environment, reduce costs and limit water use.

Too often, people build the home of their dreams but can’t afford to live in it because of rising energy costs. The solution is to build wisely from the start.

A shift towards sustainable building and renovation practice is becoming an economic necessity. Henning says building sustainably is not only energy-efficient and costeffective in the long term, but also a luxury from a comfort and quality point of view.

The winter stress test at Stand 47 was designed to show its South African users that sustainability can significantly change their lives.

“To mitigate the effects of the resource crisis, individuals, developers and architects can begin selecting materials during construction that use less energy-intensive manufacturing processes, reduce air and water pollution, are sourced locally or recycled and increase the pace of construction,” says Henning.

“Every bit helps, whether selecting materials for a new build or making alterations or additions. Choosing the most energy-efficient material should be a priority.”

ENERGY SAVER

The Stand 47 home is connected to the national power grid but supplements energy usage with a photovoltaic (PV) solar solution.

PV energy is fed into the home during the day to offset daytime energy consumption from the grid.

Because no additional electrical heating is required at night, total energy consumption costs are reduced.

The materials used regulate the internal temperature without mechanical heating or cooling, improve air quality indoors by absorbing toxic pollutants from the air and limit noise within each room.

LIFESTYLE Friday July 31 2015

Celebrating 330 years

Of good stock

TRAVEL

Look beyond the historic design, the wine and the picturesque settings and you’ll be surprised at the innovation and commitment to sustainability at Boschendal

TRENDS

WORDS: GENEVIEVE PUTTER :: PHOTOS: SUPPLIED

WORDS: GENEVIEVE PUTTER :: PHOTOS: SUPPLIED

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ounded in 1685, the 2,000ha Boschendal Estate outside Franschhoek is one of SA’s oldest farms. It offers everything you would expect from a world-class property, including gastronomic excellence, internationally recognised wines and charming heritage buildings.

While the tapestry of Dutch, French Huguenot, British and slave heritage add nuance to the estate, the lesserknown stories of this wine farm are its ambitions for food security, sustainability and development.

According to Quinton Miller, Boschendal’s strategic brand manager, the investment focus areas are agriculture, sustainability and hospitality, all contributing to the longterm goals of self-sufficiency and job creation for the surrounding community.

“On the agricultural side of things, we are farming more holistically and employing regenerative farming techniques to improve soil quality,” says Miller. “We’ve added a large number of fruit trees to our orchards in the past year, the produce of which will be exported and contribute to the local food supply. We have also invested substantially in growing our herd of pasture-reared Angus cattle, accelerated alien-plant clearing and developed a 2.5ha food garden that provides the farms and inhabitants of the surrounding valley with naturally grown food.”

Reflecting the history and diversity of the farm, the recent renovations to the estate’s hospitality offering are proving a big draw card for guests. Refurbished by architects Philip Briel and Dominic Touwen, the luxuriously appointed Sir Herbert Baker-designed Rhodes Cottage is suited to families and other groups.

Some of the smaller selfcatering Orchard and Werf cottages have been named after the notable farmworkers who once resided in them,

“There’s a lot of energy being put into sharing the abundant heritage of the farm, from the rich history and culture through to agriculture and our beautiful natural environment” Quinton Miller, strategic brand manager, Boschendal

and their stories are on hand for guests to read.

Briel renovated all the cottages, and Graham Viney and Danela Conti were commissioned to oversee the interior design of the Werf and Orchard cottages respectively.

The restaurants, deli, farm store and bakery have all been upgraded and will soon be joined by a butchery.

The majestic, contemporary Olive Press function venue was designed by Briel and is suited to dream weddings.

Chef Christiaan Campbell’s new flagship restaurant, The Werf, was designed and fitted out by Spanish designer Lázaro Rosa-Violán, Briel and the Boschendal team, and is worthy of a Vogue Living spread. “We want to create an authentic and soulful guest experience that emphasises a farm-totable lifestyle that’s holistic on all levels,” says Miller.

“The lesser-known stories of this wine farm are its ambitions for food security, sustainability and development”

PUBLISHED BY THE CREATIVE GROUP IN ASSOCIATION WITH TMG

The Creative Group CEO: Shaun Minnie shaun.minnie@thecreativegroup.info

Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130

EDITORIAL TEAM Acting Editor: Kim Maxwell Creative Director: Mark Peddle

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As the creative cache of Woodstock continues to be unlocked, the suburb welcomes yet another edgy hub: Mason’s Press

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pend a day wandering the streets of Cape Town’s Woodstock and the creative energy becomes palpable. Home to art galleries, bespoke businesses covering a range of disciplines, advertising agencies and creative collectives, if ever there was a poster child of SA’s creative currency, it is Woodstock.

In the past decade property developers have cashed in by recycling some of its golden oldie buildings, kitting them out and repurposing them to meet the needs of this growing market of creative businesses, many of them start-ups.

In its 70-year history, developer Daleglen Property Group has been responsible for repurposing a number of other successful buildings in the city. It’s latest contribution to the city is Mason’s Press.

According to Tammi Glick, director at Daleglen Property Group, Mason’s Press originally accommodated a large printing company that closed shop.

The team at Daleglen then began “ruminating on ideas” for recycling it while

staying true to the building’s industrial heritage, with a contemporary yet playful edge suited to the creative tenants they wanted to attract.

“It’s a hard-core industrial space which has been left in its original form wherever possible. We believe in keeping character, which in turn creates a certain soul. The cool factor comes through in the theme of ‘play’, which was important when conceptualising the design of the building, as it encourages adults to let loose, interact and bring some fun into the working day,” says Glick.

DUAL-PURPOSE Despite being a busy commercial hub with a mix of offices, retail outlets, studios and specialised foodie spots servicing tenants in the area, this whimsical element is captured in two ways.

First, a glance at the tenant list (Pyga Mountain Bikes, Baseline Coffee Roasters, Centrepiece Cakes, Matter of Fakt Jewellery, The Skinny Juice Company, New Harbour Distillery and Woodstock Ceramic Studio, to name a few) shows a development with all the makings of a successful urban node.

Second, one of Daleglen’s priorities when developing the space was to encourage interaction between tenants and with their customers.

Says Glick: “It functions as a working industrial centre where people can interact with makers and enjoy being in their space. The tenant mix and the feel and personality of their spaces play a vital role in manifesting the edgy, warm, creative and fun energy of the building.”

“On our Daleglen Property Group Instagram account (@daleglenpropertygroup) our tag is #loveyourspace because that is exactly how we want our tenants to feel at Mason’s Press” Tammi Glick, director, Daleglen Property Group

BusinessDay PUBLICATION

Art Director: Lucia Viglietti Editorial Consultant: Bridget McNulty Chief Copy Editor: Yaron Blecher

ADVERTISING SALES Michèle Jones Susan Erwee Ian Pepler Bradley Sparks

michele.jones@thecreativegroup.info susan.erwee@thecreativegroup.info ian.pepler@thecreativegroup.info

bradley.sparks@ thecreativegroup.info

084 246 8105 (WC) 083 556 9848 (WC) 082 465 2734 (GP) 073 666 3842 (KZN)

An International Associate of Savills

BRYANSTON GAUTENG R14.999 MILLION Elegance on Mount. A classic 900m² residence on revered Mount Street in Bryanston, with sweeping views and an utter sense of privacy.

Bedrooms 4 | Bathrooms 4.5 | Garages 4 Dominic Courtney 083 626 6355 Blyth Marrier 083 604 0664

REF# HP1223811

NORTHCLIFF GAUTENG R7.2 MILLION A one-of-a-kind home set high on Northcliff Ridge. The glass front design means light streams in, enabling views from virtually every room.

Bedrooms 4 | Bathrooms 4.5 Xavier De Buck 079 079 6411 Dehan Liebenberg 083 306 4549

REF# NC1222813

BEVERLEY GAUTENG R6.5 MILLION A designer home for the entertainer. The covered patio with Jacuzzi leads onto a wooden deck overlooking the landscaped garden while the built-in bar services the large family room.

Bedrooms 4 | Bathrooms 4 | Garages 3 Annalize Moller 083 893 1133

REF# FW1193763

www.pamgolding.co.za | m.pamgolding.co.za

FRESNAYE WESTERN CAPE R18.75 MILLION A truly versatile home. Situated high up in the avenues of wind-free Fresnaye, this 5-bedroom country-inspired home is built for lavish entertainment and ideal for relaxed living.

Bedrooms 5 | Bathrooms 5 | Garages 2 Jackie Rosenberg 083 414 6600 Janice Toay 082 770 1510

REF# PR1216615

BISHOPSCOURT WESTERN CAPE R32 MILLION A palazzo in the lush and leafy suburbs.

Designed by renowned architect, Stefan Antoni, this gracious home is immaculate throughout, including a private olive orchard.

Bedrooms 4 | Bathrooms 3 | Garages 4 Myrna Duveen 082 443 8417 Christiaan Steytler 082 658 0071

REF# KW1224922

FISH HOEK WESTERN CAPE R4.9 MILLION Mountainside dual living. This north-facing home overlooks both sea and mountain, and is a short walk from the beach, town centre and scenic mountain trails.

Bedrooms 5 | Bathrooms 4 | Garages 2 Sandi Gildenhuys 083 409 3137

REF# FH1226878

INVESTMENT Friday 31 July 2015

Analyse it

CONTINUED FROM PAGE 1

Deposits help

WORDS: PATRICK CAIRNS

The greatest investor in the world

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ast month Forbes released its most recent Global 2000 list that ranks the world’s largest public companies.

The top four were all Chinese banks. Number five was a company from Omaha, a Midwestern US town with

UNDERSTAND YOUR FINANCES FIRST

n Buy within your means: If your income levels fluctuate, be realistic about what you can afford, especially in months when a higher income doesn’t materialise. n Consider all your expenses: Include those that fall due yearly or quarterly. n Prepare a detailed budget: Review your bank statements and note your commitments. n Be realistic and honest: Not being able to afford your home loan instalments has consequences that go far beyond the fleeting awkwardness of being declined upfront. n Seek expert advice: Use the tools on your banking website and get advice from a home loans industry specialist. n Consider the impact of rising interest rates on affordability: Can you afford the instalments after an interest rate hike? If you aren’t comfortable with fluctuating interest rates, consider a fixed rate.

when Dyer says approval rates of loans without deposits are on average 15% lower than approval rate on loans carrying a deposit of 20% or more?

Let’s look at these figures.

About 38% of home loan applicants applying to Absa’s Home Loans division qualify for a bond. On the flip side, bond originator Ooba shows a consistent bond approval rate of more than 70%.

Absa and Ooba agree that bond approval rates cannot be compared on a like-forlike basis, but one important factor can increase a home buyer’s chances — a deposit.

In early July, Absa’s Homeowner Insights report showed that 22% of applications are declined because the applicants cannot afford to repay the loan. Ooba, on the other hand, benefits from the collective clout of being able to approach nine different banks, so its approval rate is higher.

“Our statistics show that, on average, where one bank initially declines a deal, we’re able to get that deal approved by one of the other banks in more than 33% of cases,” says Ooba CEO Rhys Dyer.

“This is one of the key value propositions of a mortgage originator. A further aspect that may explain the disparity between Absa’s approval rate and ours is that Ooba has a process of prequalifying a significant number of our buyers while they are still in the process of looking for a home, even before they make applications to the bank. This has the benefit of increasing our final approval rate.”

approach, allowing us to focus on improving the management of risk and impairments,” says Carel Grönum, managing executive at Absa Home Loans. “The focus has recently shifted to growth as the quality of our back-book improved, allowing us to target an increase in market share. However, we remain very cautious of the customer risk we attract.”

Though there is little applicants can do to change the macroeconomic climate or banks’ appetite for risk, the fact remains that when applying for a home loan, a deposit can be a silver bullet. “Home loan approvals are strongly influenced by a deposit. However, the percentage of customers applying for finance without a deposit makes up more than half our monthly applications received,” says Grönum. “Successful approval of these applications would be determined by, but not limited to, the customers’ ability to afford the higher instalment, proof of sustainable income, the risk profile of the customer and the quality of the asset being financed.”

Grönum says that even though the majority of applicants request a 100% bond, only a small portion qualifies for one, and the majority of applicants don’t offer a deposit in their applications. Why is this,

LENDING CAUTION Banks across the country have become increasingly risk-averse after the economic downturn and the increase in household debt-toincome ratios. But is Absa being overly cautious with potential home buyers?

“For a number of years Absa has taken a prudent

“Home loan approvals are strongly influenced by a deposit. However, the percentage of customers applying for finance without a deposit makes up more than half our monthly applications received”

KNOW THE BASICS The simple answer is affordability and a lack of understanding. “Despite its importance, Absa’s Homeowner Insights established that affordability is often poorly understood,” says Grönum. “It leads to anxiety and inefficiency in the prebuying and property-searching phases and potentially places the customer’s financial wellbeing at risk.”

Grönum notes that aspiring homeowners regularly apply for home loans without fully understanding or disclosing their financial commitments and without grasping the full impact that these monthly instalments could have on their finances.

Still, half of Ooba’s applicants continue to request 100% loans, of whom 34% qualify. “On average 52% of our applications received are from first-time home buyers who traditionally have greater challenges in accessing a deposit,” explains Dyer. He notes that a fifth of applicants have deposits of between 0% and 10%, while 15% put down deposits of between 10% and 20%. Says Dyer: “Some 15% are looking for loans with a deposit greater than 20%.”

Carel Grönum, managing executive, Absa Home Loans

Forbes lists Buffett as the third-richest man in the world, putting his fortune at more than $70bn (about R876bn)

a population of less than half a million people. Its name is Berkshire Hathaway.

The story of this business is the amazing tale of how Warren Buffett took over a struggling textile firm in the early 1960s and turned it into the biggest investment company on the planet.

Such has been Buffett’s success that he is widely regarded as the greatest investor in the world.

Many books have been written about how Buffett operates and invests, but the truth is that he follows very simple principles.

That doesn’t mean he’s easy to copy, but there are vital lessons to be learnt from what he does.

The most important lesson is that Buffett only ever invests in what he understands. He is not interested in chasing the next big thing or betting on hot ideas. He stays within what he calls his “circle of competence”. Put another way, he gets the odds in his favour by doing things he has done before.

Many investors make the mistake of always hunting for the best possible investment.

But Buffett has proved that you don’t need to always pick the investments that shoot the lights out. You only have to make one good, solid investment after another and the rewards will stack up.

Perhaps this is best illustrated by advice that he gave to investors in Berkshire Hathaway’s 2014 annual shareholder letter in which he revealed that he had written in his will that the money he is leaving to his wife is to be put into an index tracker for her.

It seems incongruous that the greatest investor in the world would pick a passive investment for his wife, but as Kokkie Kooyman of Sanlam Investment Management says, it really makes perfect sense. “Buffett himself understands the risks and has a huge opportunity set from which he can choose. But if you think of the average investors, they don’t have that same knowledge,” Kooyman says. “The decision they must make is to either invest in a company they don’t really know or use a fund manager, where it is very difficult to know who will outperform.

So in terms of the average investor’s risk profile and what they know, their best bet is to go with the index.”

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INVESTIGATION Friday July 31 2015

Making house calls WORDS: DAVID A STEYNBERG :: PHOTOS: ISTOCK

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property is an asset when you sell it.

But can a property be an asset the day after purchasing? According to industry players, the answer is an emphatic yes.

Nationally, residential property values are growing at an average of 8% to 10% a year. This means that even if it is a geared investment, it can be sold for at least as much as, but likely more than, the original price paid.

“I believe a home is generally an asset from the second you receive the title deed, whether the property is bonded or not,” says Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty.

The only rider, he adds, is if the new owner has to spend a lot of money making it structurally sound. “There is a vast difference between investing in renovating a property to increase its value and spending money on a property where the foundations are collapsing, the plumbing doesn’t work or the roof leaks,” says Geffen.

If a residential property appreciates in value each year, it is considered an asset when it is sold. But how can a home be an asset if it is also a primary residence?

“The former is an investment; the latter is a lemon.”

But how is a buy-tolive property an asset? It may provide shelter and security and be the source of many years of happy memories, but it comes with a slew of expenses: legal and transfer fees, bond instalments and maintenance and insurance costs.

“For a primary residence, a home being an asset is dependent on whether the value of the property is appreciating or depreciating,” says Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa. “This will be determined by several factors, such as the market, growth in the area and demand for property in that area. In terms of a second or investment property, whether or not it is an asset will be based on whether it is generating an income.”

IDENTIFY VALUE Value is a funny thing: it is only useful once you consider selling, right? Not so, says Richard Gray, CEO of

Harcourts. “Because a house increases in value over time, I believe it’s an asset,” he says, adding that it can be a great vehicle to build equity — and not only when it’s sold. “It can be an asset against which you borrow for other purchases or expenses, such as university fees or a car. As the value grows, you can apply to borrow more. And since home loans are typically provided at lower interest rates than short-term loans, you can borrow money more cheaply.”

The golden rules when buying are: do your homework on the area, and look at its past performance. Estate agents, banks and property portals such as Private Property are good resources to consult when studying a suburb’s value trends and pipeline developments.

“In order to look ahead, we need to look at the history of the area,” says Goslett.

Unless there have been big changes, he says, past performance is a fairly safe gauge of the area’s potential for price appreciation.

Geffen agrees: “Looking at the five- to 10-year history of a suburb is likely to tell you a lot about its future, but there are the goldstandard suburbs that are rock-solid investments.

“Many of those are to be found in Northern Johannesburg (Sandton, Bryanston and Morningside), the east of Pretoria (Waterkloof) and in Cape Town (the Atlantic Seaboard, and Constantia and Bishopscourt in the Southern Suburbs).”

Goslett notes that while developments such as shopping malls can add value to homes in their vicinity, education is a far greater driver of growth. “I would say schools have a greater influence on property values,” he says. “Many potential buyers look for property with education in mind, whether they have children or not. A good school that offers an exceptional education will increase demand for property surrounding it, which will push up property prices.”

“There is a vast difference between investing in renovating a property to increase its value and spending money on a property where the foundations are collapsing, the plumbing doesn’t work or the roof leaks.

The former is an investment; the latter is a lemon” Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty

INVESTIGATION Friday July 31 2015

Berry Everitt, MD, Chas Everitt International Property Group, weighs in “By definition, an asset is a resource you purchase or own with the expectation that it will deliver economic benefits in the future. In that sense, your home ought to be regarded as an asset, even if it is not generating revenue at present.

“For one thing, chances are good that your bond repayments will decrease over time as your home loan debt is amortised, while rentals for the same size and type of property are likely to increase, so you’ll benefit from cheaper accommodation costs in the future.

“Second, you’re likely to benefit from capital growth and make a profit when you resell the property if you follow the old real estate adage, ‘The profit is in the purchase, not the sale.’

“What this means is that you should be in a profit position the day after you buy the property, just in case you immediately have to resell.

“So no matter what sort of home you are planning to buy, or what income bracket you fall into, you should research the local market very carefully to make sure you don’t overpay for the property, even if you really like it and there are several people bidding to buy.

“You should, of course, steer clear of homes that need expensive repairs to the foundation, roof, electrical system or plumbing, as you would be unlikely to recover their full cost for some time.

In other words, you would be in a loss situation if forced to sell immediately.

“It’s also important to understand the benefits of optimal gearing when you finance your purchase by means of a home loan. For example, if the purchase price is R1m, you may only pay a R100,000 deposit and finance the other R900,000 through a loan. If prices in the area were then to immediately rise by 10%, you would get all the profit on the whole amount, or R100,000, not only on 10% of your R100,000 deposit.

“Such gearing would, of course, afford some protection if prices in the area started to fall. However, it’s important to ensure that the amount you owe on your home loan never exceeds the current market value of your property. This is why you need to be careful about equity loans — and keep a close eye on what is happening to your neighbourhood.

“It’s true that all property values fluctuate in line with overall economic conditions,

but some areas definitely hold steadier than others in bad times and perform better in good times. Typically, these are areas close to centres of economic activity and are perceived to offer the best combination of other soughtafter attributes, such as good schools, convenient shopping and recreation facilities, short commutes, low crime and high levels of home maintenance.

“It often pays to try areas adjacent to the most soughtafter ones, but suburbs further afield may also be good prospects, especially if they’re close to a new business node.

Another good indication that an area is up and coming is when many existing owners are renovating or extending their homes and raising the average home price in the process.”

“You should be in a profit position the day after you buy the property, just in case you immediately have to resell” Berry Everitt, MD, Chas Everitt International Property Group

Explore and get insight into SA’s best property markets.

A home for everyone www.privateproperty.co.za

FOCUS ON BLUE HILLS EQUESTRIAN ESTATE July 31 2015

Exclusive country living Your perfect home is waiting for you at Blue Hills Equestrian Estate WORDS AND IMAGES: SUPPLIED

GET IN TOUCH

We invite you to visit the estate to experience the beautiful properties on offer.

On show daily, 9am–5pm.

FOR MORE INFORMATION, CONTACT: Musi Motsuenyane 082 806 1735 musi@century.co.za century.co.za

REDDFORD HOUSE PRIVATE SCHOOL Having opened within Blue Hills Equestrian Estate in January this year with a 70% occupancy rate, the new Reddford House private school is a collaborative initiative

by Century Property Developments, Graeme Crawford of Crawford College fame and the successful Reddam House private school situated in Waterfall Estate.

“Noticing the demand for and importance of top-quality educational facilities within our communities, it was imperative to cater to this need of our clientele,” says Mark Corbett, CEO: Century Property Developments.

Residents will benefit from the security and convenience the estate school offers and will be able to spend more quality family time together, as opposed to wasting time commuting in traffic.

Reddford House caters for learners of all ages, from toddlers through to grade-12s. It offers an internationally respected academic curriculum as well as cultural and sporting activities, all within a secure, relaxed environment that promotes self-discipline while nurturing individuality, talent and self-assurance and prepares students to excel in the world of work.

“Residents will benefit from the security and convenience the estate school offers and will be able to spend more quality family time together”

FOCUS ON BLUE HILLS EQUESTRIAN ESTATE July 31 2015

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isitors to the Midrand area and clients with their investment ear to the ground will know about Blue Hills Equestrian Estate and the exceptional value which is being offered in this new development.

With more than 60% of the stands already sold, savvy investors have recognised the unique opportunity to acquire a large country property within a secure estate close to urban centres.

Located in Beaulieu, the large freehold stands range from 5,000m² to 15,000m² in size and are priced from just R2.5m. Clients are given the opportunity to choose their own architect and builder to construct their dream home.

“Blue Hills Estate appeals to people who want an exclusive country lifestyle within the boundaries of extremely tight, nonintrusive security and, of course, a secure financial investment” says Rob Emett, sales director: Century Property Developments.

Apart from easy access to the main arterial highways, this development is situated in a new urban hub that includes the recently opened Reddford House private school, an upmarket convenience shopping centre and several business parks (to be launched next year) that will all be located near the entrance to the development.

Century has found that Blue Hills Equestrian Estate appeals to people working in Sandton, Midrand and Pretoria, as it is close to main arterial routes. The estate boasts 128 properties and some of the most magnificent fauna and flora in the area, with ample greenbelts,

large natural dams and established indigenous trees attracting abundant birdlife. Residents can look forward to a unique dualism between country living and a cosmopolitan atmosphere.

The estate and its abundant facilities are conducive to a safe, wholesome, family-friendly lifestyle.

Century is so confident in the success of this new development that it has made a direct comparison between Blue Hills and the exclusive Waterfall Equestrian Estate that Century built in the Woodmead area. At Waterfall, the 8,000m² properties sold for R2.8m in 2010; now, just five years later, they are valued at more than R10.9m for the same land, while the prices of completed houses range from R22m to a staggering R160m. Century expects to see comparable appreciation on Blue Hills Estate properties.

Says Emett, “Waterfall Equestrian Estate is a prime example of how you can grow your property portfolio substantially by making a savvy investment decision. We envisage the same happening at Blue Hills Equestrian Estate, where stands of 5,000m² to 15,000m² are selling from only R2.5m. One needs only to look at our history and trust us as a reliable developer with a proven record of achieving wealth through property investment. We are giving our clients golden opportunities on a platter.”

It is not too late to invest at Blue Hills Estate. Don’t miss out: property values are forecast to increase dramatically, just as they did at Waterfall Equestrian Estate.

“We are giving our clients golden investment opportunities on a platter” Rob Emett, sales director, Century Property Developments

R55 ROAD UPGRADE TO BEGIN The country atmosphere at Blue Hills Country & Equestrian Estate will soon be complemented by access from an upgraded R55 double carriageway that services the area.

Harm Schreurs of Century Property Developments has spoken to the Gautrans appointed engineers, SMEC, who have confirmed that the detail design for the R55 upgrade project has been completed. The environmental impact assessment (EIA) has also been passed and the construction tender has been awarded. This will see 5km’s worth of the road (from the T-junction with Main Road to the south, to join Summit/ Olifantsfontein Road to the north) upgraded to a four-lane road.

Accessibility is an important aspect at Blue Hills Estate, with residents benefitting from multiple entrances, the soon-to-be-upgraded R55 road and a proposed Gautrain station within 1km of the estate.

FEATURES AND FACILITIES Reddford House private school Scenic walking and cycling paths Children’s playgrounds Tennis courts Space for equestrian pursuits Breathtaking views Century Property Developments’ signature infrastructure

PROPERTY TREND Friday July 31 2015

Point Waterfront on the move?

WORDS: ANNE SCHAUFFER :: PHOTOS: SUPPLIED

O

n Saturday, July 18, all roads led to the Durban Point Waterfront’s open day, which promised to reveal the new plans for the precinct. It did that and more.

An unexpectedly large crowd shouldered its way in, armed with tough questions and fine-tooth combs. Durban’s original Waterfront plans had been dogged by drama, so feelings were running high.

The Point Waterfront is potentially a R40bn development, with numerous agendas from different quarters. But, certainly, new plans had taken cognisance of previous concerns; passionate activists determined to “Save Vetch’s Pier” were a case in point.

The primary developer of the Point Waterfront is the private Durban Point Development Company. The joint shareholders are the eThekwini municipality via the Durban Infrastructural Development Trust (DIDT) and ROC Point, the latter made up of Malaysia’s UEM Sunrise (80.4%) and Vulindlela Holdings (19.6%).

The development has been tied up for years in legal challenges. A new development framework plan has been drafted, but

to achieve it the developer is applying for an amendment to the scheme clauses and the environmental authorisation.

Musa Mbhele, deputy city manager for economic development and planning, was present at the meeting.

The vocal unease over the omission of what was considered imperative, namely an open public meeting, prompted an about-turn.

Mbhele agreed to hold one before August 12, the close of the objections process.

“We felt that engaging with specific focus groups was the best way forward, but if the people feel a public meeting is the best platform, so be it. We have all the answers to the questions,” he said.

URBAN VISION For most, the Durban Point development is seen as a separate entity, but for the eThekwini municipality it is an integral part of the inner-city matrix.

“We have a vision to become the most livable city by 2030, and we won’t achieve that if we don’t cater for all Durban residents,” Mbhele said. “We have a rich cultural heritage that we would like to protect, but we are simultaneously striving to

become a world-class city that will attract foreign investment.

We have some catalytic projects on the drawing board, all directed at revitalising the inner city, and we’ve decided that instead of dealing with each project piecemeal, we will look to a commonality of vision. A city is defined by its inner-city look and feel, so we’ve crafted a master plan.

“The goal is to create a grand vision of how to become that leading city, starting with the revitalisation of the inner city, designing remedies for a decaying urban core, which has led to, among other things, the business flight.”

For Durbanites, “inner city” conjures up Durban central, but the actual boundaries demarcate a far broader block. The Durban Point is envisaged as the catalyst for that bigger picture.

“We want to use this development as a springboard to develop other back-of-beach precincts,” Mbhele said. “We want to extend the promenade right up to Wilson’s Wharf and have one of the best marinas in the world. We have the best beaches and the best weather and, having travelled to the world’s greatest waterfronts, we know the potential of this development.”

For eight long years Durbanites watched as a massive, promising waterfront project sputtered, stalled and ground to a halt after special-interest groups arm-wrestled troubling elements. Things are on the move again.

Welcome to Plan B

Says Soban Bevarah, head of operations at UEM Sunrise SA: “One thing that’s different is that we, the Durban Point Development Company, are handling the entire development, not selling off sections to other parties.

In other words, we have control; we are investing in our own development.”

If approvals come through as planned, the time frame for the entire development will be 10 years. Said Bevarah: “Precinct 2, the first phase, will include a retail component linked to uShaka, which answers the concern of existing residents about the lack of retail.”

He added that if the Commonwealth Games were to take place in Durban, the company would “juggle the time frame to ensure we accommodate the international tourism influx”.

NAYSAYERS WEIGH IN So, bold new Point Waterfront plans are being mooted, and even though multiple previous concerns have been addressed, there is still the sound of distant drums. Why? There are concerns about the design itself, its “unAfrican-ness”, and the volume of high-rise

buildings, one being 55 storeys high. The developers are applying to increase the bulk in terms of density and height from 575,000m2 to 750,000m2, requiring a third road extension or other similar link into the Point.

Meantime, with the existing road network, they can go up to 650,000m2 of bulk.

The removal of heritage buildings? No, say the developers. In consultation with Amafa (Heritage KwaZulu-Natal) and as part of the city’s broader vision, the developers will reclaim all structurally sound buildings.

Panoramic views for existing front-row apartment blocks are at risk and, while nobody is guaranteed a view, the developers have placed strategic gaps between the proposed front-line buildings to appease those owners.

Shadows cast on the beach by the buildings?

Apparently none in winter, and only on the promenade by 4pm in summer.

Home owners on the Point have seen their properties being devalued over the years and they are keen to move forward, but they want future plans to deliver and, understandably, once bitten, everyone is shy.

PROPERTY TREND Friday July 31 2015

“We have the best beaches and the best weather and, having travelled to the world’s greatest waterfronts, we know the potential of this development” Musa Mbhele, deputy city manager for economic development and planning

IN THE PIPELINE

The new plans differ considerably from the old. There is no smallcraft harbour, so Vetch’s Pier is safe, allowing Durban’s pride and joy, the promenade, to be extended all the way to the harbour mouth and along the harbour entrance channel.

The promenade will be elevated. Beneath it there will be the water-sports clubs, seine netters, beach access for boats and public parking.

The fresh design includes improved public beach access, while the beach boat-launching site has been retained.

Importantly, all construction has moved behind the building setback line, so no development will take place in the seashore zone.

Views towards the Bluff will be unobstructed.

“We have a vision to become the most livable city by 2030, and we won’t achieve that if we don’t cater for all Durban residents” Musa Mbhele, deputy city manager for economic development and planning

INTERNATIONAL NEWS Friday July 31 2015

All eyes on Fed rate hike How will the US real estate market react when the Federal Reserve finally decides to raise interest rates from their near-zero levels?

WORDS: DAVID A STEYNBERG :: PHOTOS: ISTOCK

CONFORMING LOAN BASICS A 30-year fixed-rate conforming loan means your loan is less than $417,000 (about R5.1m) in most housing markets.

Limits are higher in some high-cost areas such as Los Angeles. The loan is amortised over a 30year period, with equal instalments of principal and interest each month.

The rate you get at the time of closing is the fixed rate of interest you pay over the loan term.

I

The numbers

$232,000

the median house price across the US, up 6% year on year

32%-40%

of the US market — estimated first-time home buyers

5%

— estimated US countrywide house price increases in 2014

t has been a dinner table topic for at least a year now: the imminent raising of interest rates by the US Federal Reserve from 0.25% to a predicted 0.5% as early as September or in the first quarter of 2016. In its efforts to alleviate the effects of the financial crisis of 2008 and the recession, the Fed has kept rates low and steady for the past seven years.

First-time home buyers are so concerned that they will not be able to access funding after a rate hike that they are even putting off getting married. This was revealed last month by Federal Reserve chairwoman Janet Yellen. She added that unless prospective home buyers had “pristine” credit scores, they would struggle to access finance.

UPWARD PRICE TREND US house prices have been rising since 2011 and, according to S&P/CaseShiller’s 20-City Home Price Composite Index, prices are up 5% on a year ago.

Prices in San Francisco are up 10.3%, Seattle 7.5% and Los Angeles 5.5%.

That is good news for owners but bad news for tenants, who have reportedly been squeezed out of the market by landlords who have imposed double-digit rental escalations. Compounding

the problem, especially for first-time home buyers, is the fact that banks have tightened their lending criteria.

Mortgage data analysis by Ellie Mae shows that in May the average deposit required by mortgage investment behemoths Fannie Mae and Freddie Mac was 19%. Even though the data company only analyses a quarter of the US’s mortgage applications, the number is still significant, especially for first-time home buyers who have not been able to build equity.

According to Realtor.com, the US housing market is the healthiest it has been since 2006, with good growth and good supply fuelling a perfect storm. Does this have a lot to do with the fact that interest rates have remained untouched since December 2008? And could the imminent interest rate rise spoil the party?

Not so, says Jonathan Smoke, chief economist for Realtor.com, who believes that the market has moved on from the policy-making meetings that took place

at the higher echelons of government. “The targets for the federal funds rate affect short-term interest rates, but the mortgage market is influenced far more by longterm bond rates,” he says.

“Mortgage rates follow the yield on the 10-year Treasury bond, so what is happening with the short-term targets from the Fed matters far less.”

He notes that the longterm trend for the mortgage market is positive, with the 30-year conforming mortgage interest rate up to 4.25% and the 10-year bond market yielding 2.49%. These are both up, despite the Fed not instituting any changes as yet.

MORTGAGE MARKET MOVEMENT “The key lesson here is that the mortgage market is already moving,” says Smoke. “Don’t be fooled by the rhetoric about the Fed’s formal actions. Do follow what’s really happening to rates in your market.

And while they’re moving up this year, they’re still incredibly low from a

“According to Realtor.com, the US housing market is the healthiest it has been since 2006, with good growth and good supply fuelling a perfect storm”

historical viewpoint.”

Smoke adds that the median house price across the US is up 6% year on year to $232,000 (about R2.8m) and that homes are taking longer to sell (the average is 66 days). This is another win for buyers, as sellers will be forced to negotiate.

And the good news is not just in the middle and upper markets, as firsttime home buyers are snapping up homes at rates unseen for several years.

The Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey showed that in May, first-time home buyers made up almost 40% of the market. The National Association of Realtors came in lower at 32%.

Tom Popik, research director for Campbell Surveys, says lower costs for Federal Housing Authority mortgages have helped increase purchase activity by first-time home buyers.

“Concurrently, investors have reduced their share of home purchases, with many looking to cash out as home prices remain elevated,” he says.

Clearly, the policy makers have misread the market and the effect rising interest rates will have on home buying activity. September is around the corner, so we will know pretty soon how that market will react.

Pros and cons People who can afford the conventional loan down payment of 20% typically go that route.

With a conventional conforming loan, buyers don’t have to carry mortgage insurance. They need to meet the basic credit rating and income requirements of the lender, which are usually more restrictive than with Federal Housing Authority (FHA) programmes.

FIXED FHA BASICS The FHA monitors its loan programmes. The original intent of the programme was to enable more Americans to buy and own homes. The difference with an FHA loan is that the minimum down payment is usually 3.5%. This makes it more feasible for people who don’t have the savings to put down a larger deposit. The fixed-rate 30-year loan has a similar instalment payment to a conforming mortgage.

Pros and cons Along with the lower deposit requirement, FHA loans usually have looser restrictions on credit rating and income.

The common debt-toincome allowed by the FHA is 43%, compared with the 36% required by conforming loans.

The primary drawback of the FHA programmes is that they require mortgage insurance. This includes a premium of close to equal to about 1% of the loan, as well as annualised premiums of about 1% to 2% of the loan balance paid in monthly instalments. homeguides.sfgate.com

INTERNATIONAL INVESTIGATION Friday July 31 2015

P

eople fall in love with different countries for a multitude of reasons.

The fact that the world has shrunk thanks to technology means many of us can live in our dream destination long before we retire.

The big question, is where do we go? And the short answer is: any country that will accept foreign investment.

Fortunately, the choices are extremely varied and cater for all tastes. Whether you choose to settle on a tropical island, thrive among the mountains, live the high life in a cosmopolitan city or put down roots in a picturesque part of a European country, the selection of available properties is vast. And although the rand is not performing quite as well as we would like, foreign property can be affordable.

FRENCH RIVIERA, FRANCE

Itchy feet? Try these five desirable destinations The world, as they say in the classics, is your oyster – provided of course, there’s a decent amount of money to facilitate a permanent move to your dream country

SPAIN Property prices in Málaga in Spain, for example, are more than reasonable when compared with other European countries. You can buy a home for as little as €2,000 (about R27,000) a square metre. Situated on the Costa del Sol, the area is famed for its gorgeous beaches and laid-back lifestyle.

The cost of living is low (although those converting from rand may find things a little more expensive than SA) and there are many good schools and a wide variety of lifestyle activities on offer.

WORDS: LEA JACOBS :: PHOTOS: ISTOCK

MÁLAGA, SPAIN

“Bodrum has always been a popular holiday destination, and it is possible to pick up a one-bedroom flat for about €20,000” BODRUM, TURKEY

FORTALEZA, BRAZIL

“The government of Brazil actively encourages foreign investment, and recent developments make it an ideal place for buyers to invest” LUCCA, ITALY

FRANCE Nothing says “high life” quite like the French Riviera. Home to many of the world’s rich and famous, property prices there remained stable during the economic downturn.

Demand for property in this area is high, which affects prices. Many of the properties listed on various websites attract a “POA” label.

However not all are palatial.

Prices start from about €700,000 (about R9.5m).

ITALY There are plenty of reasons to buy property in Tuscany, Italy. Firstly, it’s beautiful.

Secondly, depending on where you decide to settle, it isn’t necessarily as expensive as most assume. Thirdly, the market is stable.

Lucca, a city situated on the Serchio River, is famed for the well-preserved Renaissance wall that encircles the historic city centre, its cobblestone streets and the quality olive oil the region produces. The types of properties range from highend masterpieces, including a three-bedroom castle (not Windsor) on the market for €1m (about R13.5m), to a traditional farmhouse (complete with chapel) on 60,000m2 of land, selling for €135,000 (about R1.8m).

TURKEY Another country attracting a lot of investor interest

is Turkey. Property prices are somewhat lower than in other popular parts of the continent, averaging out at between €2,000 and €3,000 (about R27,000 and R40,000) a square metre.

Bodrum is a popular holiday destination and it is possible to pick up a one-bedroom flat for about €20,000 (about R269,000). Larger homes are more expensive, but there are numerous three- and four-bedroom homes priced at about €200,000 (about R2.7m).

BRAZIL The government of Brazil actively encourages foreign investment, and recent developments make it an ideal place for buyers to invest.

The property bubble may not have burst, but it is certainly deflating. Those who choose to invest now may well get more bang for their buck than investors five years ago.

Beachfront properties are highly sought after and typically sell at a premium, while properties situated outside major tourist destinations appear to be more affordable. A threebedroom, three-bathroom beachfront home in Ururau, about an hour from Fortaleza City in northern Brazil, is on the market for 861,000 real (about R3.3m).

While it makes perfect financial sense to search for a good buy, investors should be aware that there is often a reason for lower prices. Conduct as much research as possible before making a buying decision.

Less desirable areas, particularly those in underdeveloped countries, may have less than perfect infrastructure.

A good idea is to remove the rose-tinted spectacles we all seem to wear on holiday and revisit the country with the express intention of buying a home.

RESIDENTIAL PROPERTY COSTS Málaga, Costa del Sol, Spain: Buy a home for €2,000/m2 The French Riviera: Prices start from about €700,000 Lucca, Tuscany, Italy: A traditional farmhouse on 60,000m2 of land is priced at €135,000 Bodrum, Turkey: Three- and four-bedroom homes are priced at about €200,000 Ururau, northern Brazil: A three-bedroom, three-bathroom beachfront home is on the market for 861,000 real (about R3.3m)

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Bedrooms 4 Bathrooms 3 Garages 3 Living Areas 4 Fatima Nosarka +27 (0)83 709 0881 fatima@ahprop.co.za www.ahprop.co.za web ref: ADHS-2377

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There’s a home for everyone at The Houghton “I always thought I’d want to retire to the coast, but living at The Houghton feels like being on holiday all the time.”

– Retired Lawyer

“My head office is in Joburg so I have to commute at least three times a month… I wanted a lock-upand-go second home with security, reliable electricity and a concierge.

The Houghton ticked all the boxes.”

“After a busy day in the kitchen, there’s nothing better than coming home to a glass of wine on my patio…

And the best view in Joburg.”

– Restaurateur

– Durban Resident

ON SHOW DAILY – LIFESTYLE OPPORTUNITIES FROM R3,9 MILLION Visit the latest apartments on Saturday and Sunday SHOW APARTMENT Unit 12118, The Houghton on the 12th, 53 2nd Avenue, Houghton Office – 011 034 2201 || Alan Becker – 082 718 8100 Email – alan@thehoughton.com

Safe. Secure.

Surrounded by nature.

Sandown Bedrooms: 4 | Baths: 4 | Parking: 10

Web Ref: 3293082

R12 000 000

A comfortable lifestyle within a private and secluded enclave offering 2 homes and 2 cottages within walking distance to Sandton CBD. Each home is completely private with own entrance and garden. Main Cape Dutch style home of 670sqm has been beautifully renovated offering 3 beds, 2 open plan kitchens, dining and living rooms, work from home. 2nd Home of 250sqm with 3 beds/3baths. Both cottages with 1 bed/1 bath/open plan living area and kitchen. Parking for 10 vehicles.

Michela Rae 083 946 3815 | michela.rae@everitt.co.za | Leanne Kupritz 082 210 2299 | leanne.k@everitt.co.za | Sandton Office 011 463 2033

Fairland Bedrooms: 4 | Baths: 3 | Garages: 2

Web Ref: 3293195

R5 000 000

Stately entrance hall, lounge, dining room, family room, TV room plus study, modern open plan kitchen with scullery and pantry. The study has a private entrance, so has the potential for a work from home. Large double automated garage has direct access to the home. Nestling upstairs are four spacious bedrooms with three modern bathrooms, two of which are en-suite. A sparkling pool graces the neatly manicured landscaped garden that has an automated irrigation system.

Zandree Lill 084 810 5622 | zandree.lill@everitt.co.za | Miranda Philip 072 252 3856 | miranda.philip@everitt.co.za | Randburg Office 011 801 2500

WESTERN CAPE PALATIAL MANSION SET IN ELITE SECURITY ESTATE This ambassadorial home boasts a sweeping staircase, custom made French doors, high ceilings and large sash windows. The handcrafted gourmet kitchen is the heart of the home. All reception areas lead through French doors onto manicured lawns and a sparkling pool. The upstairs comprises of glorious master suite, pyjama lounge and two bedroom suites plus a large guest suite. A separate 3 bedroom cottage is ideal for family members or guests. State of the art security, 24/7 guard house in Estate, borehole and generator. 6 Automated garages, 2 staff suites.

7 BEDROOMS 7 BATHROOMS

UPPER CONSTANTIA R50 million

Charne Shipper 083 274 6336 Ingrid Hoaten 082 490 6246 Web Ref: 80192

WESTERN CAPE MAGNIFICENT UPMARKET FARM IN MALMESBURY As you enter the main house you are welcomed by an enormous kitchen you will find state of the art Stainless Steel Viking Fridge/Freezer and Euro gas Oven and Hob. Separate pantry for storage followed by a living/family room with office space.

Open fireplace, another living room leading to covered patio and pool. 2 kiddie’s bedroom with full bathroom, main bedroom with full en-suite and guest bedroom with own bathroom. There is also a large second home and 3 staff houses.

4 BEDROOMS 4 BATHROOMS Anita Griesel 072 277 7225

MALMESBURG

Web Ref: 83523

R35 million

GAUTENG NOTHING PREPARES YOU FOR THIS ASTOUNDING STUNNER! Better than you could have dreamed! Seeing is believing! Throbs with the vibrancy of light-filled ultra-spaciousness. Superb expansive entertaining spaces. Utterly pristine. ± 1165sqm res. Site 3965sqm. Incl: 6 bedroom en-suites, theatre, tennis court, club house.

Outstanding security.

6 BEDROOMS 6 BATHROOMS Irene de Bliquy 083 727 9073 Web Ref: 91385

WOODMEAD R20 million

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