Whilst hype around the property market should always be taken with a pinch of salt, and of course, the source closely examined, there is a general consensus that market conditions in general are picking up. Lake Michelle certainly replicates this market trend and also seems to be surpassing it.
There are a number of fundamental reasons for this:
A sense of realism – most of the unrealistic property boom pricing is disappearing from the market and selling agents and owners alike are having to market plots and property at genuine closer to market values.
The banks have loosened their purse strings – few would doubt the need for responsible borrowing but may cite an over reaction on behalf of the banks. Lending criteria is settling down and funds are available at quite high loan to value ratios.
The stance on building deadlines from the Home Owner’s Association– whilst the regulations were amended to extend deadlines for the completion of building on purchased plots (mainly due as an act of empathy and realism at the height of recession) fines are shortly to be imposed. In the main this will be most felt by holder-speculators who invested in the hope of capital appreciation and profit. As levies are increased quite substantially for those failing to meet the building deadline, holding a plot and not building becomes less financially viable. Hence speculator plots are being put up for resale at competitive prices and building is taking place.
The maturing of the estate – considerable investment has been made into the horticulture of Lake Michelle, the Lake itself and the general appearance of the estate. Of course the vegetation has taken time to blossom and for the estate to settle into the spectacular environment it has become. This has led to potential being replaced by actual with property prices and demand now reflecting this.
Increased awareness of Lake Michelle – Noordhoek property market for a long time was a sort of hidden secret as it was viewed as a rural out of the place village. Changing life styles and attitudes have now seen its location become very sought after – rural, close to beach and just 30 km from Cape Town. The consistent opening of Chapman’s Peak Drive also means Cape Town is accessible in just 40 minutes, even during rush hour periods.
Security – Lake Michelle has invested heavily into upgrading its security and this continues to be of prime focus for the board. Whether it is owners of holiday homes, retirees or families – people are prepared to pay a premium for a secure lifestyle.
Next Step
At SAHomeBuyers we realise that buying a property is so much more than inspecting the bricks and mortar. That’s why we make sure our clients benefit from a service that includes all the vital information on the area, amenities and need-to-knows.
If you are looking for a service that makes sure you have all the knowledge to make the right decisions, and one that is unashamedly biased towards your needs, contact Marco Garuti by e-mail here or telephone him on + 27 (0) 83 2658800 fo the best service for Property in Lake Michelle.
