Lew Geffen has been in the real estate industry since 1972, is recognised as one of the leading experts in property in South Africa and holds many directorships in associated real estate and allied industries.
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Understanding the Garden Route Market
Author: Lew Geffen Sotheby's International Realty | Published: December 5th, 2011
The Garden Route property market has traditionally lagged behind other markets. This truth has been observed in the market’s sluggish recovery from the global recession. This is compounded by the fact that a large portion of the market is comprised of second homes, whose owners are out of touch with local market realities and thus tend to over-value their properties when selling.
While this may seem, at first glance, to be a dire situation, the current state of the Garden Route property market does lend itself to good opportunities for buyers and sellers alike. The key lies in capitalising on the situation with pragmatic pricing and strategic purchasing.
The Key to Selling Garden Route Property
As Lew Geffen, chairman of Sotheby’s International Realty South Africa, suggests, overpricing in Garden Route markets has the consequence of drying up demand in an almost entirely second home market. It is crucial that sellers price smartly and take advantage of existing interest.
Lew Geffen notes that, “The demand for coastal homes has shown improvement in recent months as investors start to seek out good opportunities, so our advice to those who are keen to sell now is to take advantage of this situation by obtaining fresh advice on the value of their properties, and re-pricing them if necessary.”
Consulting with an agent with extensive local knowledge could be the difference between a quick sale and a white elephant. As Peter Maré, owner of the Lew Geffen Sotheby’s International Realty franchise in Knysna, adds, “The message here is really the same as in other sought-after resort areas around the country: There are those who can afford a second home, and they will buy now, but only at the correct price – and they are extremely value conscious.”
Sedgefield - Ideal Retirement Investment
Of course, there are two sides to every coin; as second home owners begin valuing their properties more realistically in regions such as George, Knysna and Sedgefield, ideal investment opportunities appear for buyers.
Sedgefield in particular is singled out by Peter Maré as an ideal market for investment in a retirement home. He points out that Sedgefield has been accredited as South Africa’s first Cittaslow town. This coupled with a market which dictates conservative pricing, means great value for investments.
While this may seem, at first glance, to be a dire situation, the current state of the Garden Route property market does lend itself to good opportunities for buyers and sellers alike. The key lies in capitalising on the situation with pragmatic pricing and strategic purchasing.
The Key to Selling Garden Route Property
As Lew Geffen, chairman of Sotheby’s International Realty South Africa, suggests, overpricing in Garden Route markets has the consequence of drying up demand in an almost entirely second home market. It is crucial that sellers price smartly and take advantage of existing interest.
Lew Geffen notes that, “The demand for coastal homes has shown improvement in recent months as investors start to seek out good opportunities, so our advice to those who are keen to sell now is to take advantage of this situation by obtaining fresh advice on the value of their properties, and re-pricing them if necessary.”
Consulting with an agent with extensive local knowledge could be the difference between a quick sale and a white elephant. As Peter Maré, owner of the Lew Geffen Sotheby’s International Realty franchise in Knysna, adds, “The message here is really the same as in other sought-after resort areas around the country: There are those who can afford a second home, and they will buy now, but only at the correct price – and they are extremely value conscious.”
Sedgefield - Ideal Retirement Investment
Of course, there are two sides to every coin; as second home owners begin valuing their properties more realistically in regions such as George, Knysna and Sedgefield, ideal investment opportunities appear for buyers.
Sedgefield in particular is singled out by Peter Maré as an ideal market for investment in a retirement home. He points out that Sedgefield has been accredited as South Africa’s first Cittaslow town. This coupled with a market which dictates conservative pricing, means great value for investments.
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