John Fuller, Principal of Chas Everitt International Property in Plettenberg Bay says that the Brackenridge Homeowners Association in consultation with the Developers have taken a bold decision to provide a two year building moratorium to buyers of vacant stands in Brackenridge Estate. Brackenridge is one of Plett's most exclusive and secure residential estate developments. He says it is a commendable move that will hopefully attract more buyers to Brackenridge.
Brackenridge Estate has sold very well and approximately eighty new homes have already been built, but the original deed of sale provided for penalty levies if houses were not built within a required time frame. These penalties were implemented against many owners, but for 2009 (expiring in February 2010) a moratorium on penalty levies was granted to assist owners during the current economic crisis.
Fuller said that while this moratorium assisted existing investors, it affected the interest of potential new buyers who require clarity regarding the imposition of penalties beyond 2008. He said that as an estate agent he had made suggestions to the Homeowners' Association and he hoped that other developers would realise that the secondary residential property market had changed forever and it could be a very long time before a sellers' market is seen again. If bold decisions were not taken to encourage buyer interest, demand would decline further, negatively affecting the value of all properties in the developments. Brackenridge's decision will therefore hopefully increase demand for stands in the development from serious buyers, help to underpin declining stand prices and also boost construction activities on the Estate.
The communique from the Chairman of the Brackenridge Homeowners' Association states:
"In order to facilitate potential new sales of stands in Brackenridge it has been agreed in principle, (subject to periodic review) by the Developer, after due consultation with ourselves to introduce the following with immediate effect:
1. A Moratorium on Penalty Levies will be granted to all new individual buyers of stands in Brackenridge for a period of 2 years from the date of the conclusion of the Sale Agreement.
2. This moratorium is to be granted to buyers who have a genuine intention of buying to build and is designed to facilitate the process of Architectural Planning, BARC and Council plan approvals, appointment of Building Contractors and arranging appropriate funding.
3. Should building not begin within the 2 year time frame the normal 5 time penalty levies will apply.
4. Should the property be resold the new buyer will only assume the remaining term of the two years still to run.
This moratorium will be introduced with immediate effect and is unrelated to the existing General Penalty Levy Moratorium currently in place which expires on the 28th of February 2010".
Fuller says that superb 1500 square metre stands at Brackenridge are the best bargains in Plettenberg Bay with some resale prices having dropped as low as R400 000. He says such entry level prices are ridiculously cheap in an estate that is probably Plett's best residential housing estate development and anyone seriously considering building a home in Plett should place Brackenridge at the top of their list.
For Further information or to purchase property at Brackenridge please contact Zelda Kruger on +27 (0)82 320 0664, email her at zeldak@everitt.co.za, or go to http://www.brackenridgeproperty.co.za/ or http://www.everitt-plett.co.za/
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