Residential developments are here to stay
Property developments have experienced an evolution of purpose in the last two decades or so that has seen developments move from putting up houses on erf, to creating communities in various shapes and forms. We explore some of the different types of property developments available on the real estate spectrum.
CEO of Greeff Christie’s International Real Estate Mike Greeff says residential properties have experienced a boom in the last several years. Homeowners are becoming more flexible in their lifestyles and moving with the times and require a home to fit their unique needs and ideals. Greeff offers a range of secure, luxury developments designed to meet these needs and suit each pocket. These include the following:
Sectional titles:
Sectional title describes separate ownership of units or sections within a complex or development. Sectional title dwellings include semi-detached houses, townhouses, flats or apartments and are usually managed by a Body Corporate that manages the complex as well as its collective finances and responsibilities. This includes: collecting monthly levies, paying the scheme’s insurance premiums, arranging meetings, ensuring compliance with the Sectional Titles Act, and ensuring that the owners and tenants comply with the Body Corporate rules. This type of development appeals to a variety of buyers ranging from young families to empty nesters, from university students to rental buyers. This type of property has specific benefits that appeal to buyers that are looking for a combination of security, amenities, convenient locations and a sense of community. Examples of Sectional Title offerings available through Greeff Christie’s International Real Estate are The Wentworth in Kenilworth from R1 800 000, Urban on Bree in the CBD from R1 885 000 and Le Bourgette in Franschhoek from R2 625 000.
Eco-estates:
Eco-estates are aimed at the environmentally conscious individual that is looking for a home that exists in harmony with nature. Eco-estates should have as little impact on the development site as possible and should utilise environmentally sensitive construction techniques, promote energy efficiency, engage in rainwater harvesting, and use indigenous plants for landscaping. A traditional eco estate is supposed to have a density of between one and five homes per hectare. An eco-estate is also subjected to an ongoing Environmental Management Plan which declares that a yearly report by a conservation office is completed and handed to local authorities for scrutinisation. This is a requirement imposed on the developer at first, but transfers to the homeowners’ association once it has been formed. This plan includes aspects such as game and bird counts, plant species lists, erosion reports and the progress of revegetating the development with indigenous plants and trees. Greeff Christie's International Real Estate currently offers Chapman’s Bay Estate in Noordhoek from R5 662 500 and Applegarth Estate in Hout Bay from R2 250 000.
Security estates:
Like the name suggests these offerings are all about living a certain way. Often these developments are focused on placing the buyer in an area that is conveniently located near sought after amenities. The type of amenities on offer determine the type of buyers that show interest with developments that showcase the trifecta of schools, medical facilities and entertainment (shopping, sport, food etc) being the most popular. Lifestyle estates and developments also place emphasis on the level of luxury that is employed in the finishes of these units. Finishes range from underfloor heating to complete home automation and play a major role in determining the niche market that show interest. Greeff Christie's International Real Estate is associated with a number of lifestyle development including Wycombe Place, 26 on Brommaert, Struben and Cape Capri Estate.
18 May 2018
Author Greeff
