8 Apr 2010

Legacy Estates teams have sold a record 5 homes worth R 10 million in total in the first week of February alone, says Somaya Salie, Legacy Estates principal.

This is in contrast to last year when sales plummeted and banks clamped down on granting bonds and requested deposits out of the range of buyers. As a result, Legacy Estates had to overcome some major challenges.

Many other estate agencies started withdrawing from the area as marketing budgets were cut, but Legacy Estates who are the only local resident agency and specialize in the Bo-Kaap, City Bowl area remained head strong and continued to sell property at all odds. Today our results proof that we can sell your property in any given market as well as find our buyers the ideal property. In the end we had a win-win situation for both buyers and sellers.

Legacy Estates, principal, says that there is a complete change in 2010 and the property market is only starting to pick. Buyers have realized it is time to buy property. Houses that were for sale two years ago are now, being snapped up, so there will soon be a shortage of stock.

The Bo-Kaap and City Bowl is the area that is most in demand. All property in all price ranges are moving fast.

The Bo-Kaap offers many attractions due to its close proximity to the City Centre. Nearby schools, dentists, doctors surgery, butchers, take away, restaurants and of course the famous corner shops where you can buy anything from a sewing needle to a gourmet meal.

The area is very close to cape Town convention centre, The V&A Waterfront and access to freeways are right on your doorstep. The airport is a mere 20 minutes drive away. The area is also very community minded and the homes are cozy - many of which are typical old Georgian styled with great character.

The rental market is doing exceptionally well and people across the globe are renting for the convenience the Bo-Kaap has to offer. This opens the door for the buy to let investor or even subsidize the mortgage for new start up families. Two bedroom semis in the area rent from R 5000 per month to R 10 000 per month.

We are confident that 2010 will be a record year for the property industry. There is no problem this year with demand. Our offices are busier than ever and buyers are looking aggressively.

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