|
BRIEF: Two bedroom holiday home giving
good rental yield and capital appreciation. Ideally a
penthouse/top floor apartment with sea views.
AREA: Sea Point, Mouille Point
BUDGET: Approximately R1.8 million
OPTIONS PROPOSED: A mixture of penthouses
and well-positioned apartments in the areas he had selected.
A shortlist was compiled. The selected apartment was
R1.85 million (asking price), which included a garage
and we negotiated this down to R1.695 million. However
during the conveyancing process, it came to light that
there were issues with the parking bay which was owned
by the management company and not assigned to the actual
unit. We then advised our client to withdraw his offer
based on not having any parking, in an area in which it
is becoming increasingly important to have private parking.
Having got an idea of the problems surrounding the parking
question, we included a “subject to” within
the agreement of sale, which meant that the client could
walk away from the deal if he wanted. Had the client being
acting for himself, it is unlikely that he would have
known to do this, and therefore, he would not have been
able to get out of the contract when this issue was not
resolved.
Space started a second search for this client who returned
to Cape Town six weeks later. He then decided to buy,
off-plan, a fifth floor two bedroom apartment in Bay Views
in Upper Sea Point which is due to be built June 2007.
We were able to negotiate a small discount, which is incredibly
rare for most off-plan. Final price negotiated was R1.935
million.
We also negotiated that the client would only pay 20%
deposit, with no requirement to supply a bank guarantee
for the remainder.
The apartment has views of the ocean, Robben Island and
Lions Head. It also offers easy access to V & A, De
Waterkant, Clifton and Camps Bay. The apartment is finished
to a high standard with spacious, private open areas/balconies
all with stunning views, a communal swimming pool, 24
hour security and access control. It is a smart building
with ADSL and satellite TV connections.
|
)
)
)
)
