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Property area focus: Sectional titles in Plett
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Sectional title property offers many advantages to anyone looking to invest in Plettenberg Bay. From July 2018 to date, Plett has seen 98 sectional title properties transfer. The highest price achieved in this period was R9 million for a unit at De Meermin, and the lowest R450,000 for a Santini unit. These are the extreme ends of the spectrum. Smaller, and entry level properties ranged from this lowest price to approximately R1.5 million. The mid sector larger units or units closer to the beach achieved prices from about R1.5 million to the early R4 millions, while upper level apartments achieved from R5.7 to R9 million. Be it for a permanent residence, lock up and go holiday apartment, or buy to let investment, the sectional title sector of the property market remains popular and in demand. The appeal of sectional title covers a broad range of buyers: the younger generation, either entering the market or looking for smaller living spaces, families or retirees looking to downsize, upsize or re consider their living arrangements for security and maintenance issues, investors considering buy to let options, or anyone looking for an ideal holiday residence. Even avid golfers who don't want to own a house on a golf estate, can buy into sectional title developments that offer this benefit. If you enjoy a pool, garden and maintained living spaces yet don't have the time or inclination to ensure that they are always in tip top condition, then you might have found the property sector appropriate for you. The body corporate takes care of these responsibilities on behalf of owners, who pay levy contributions for the shared responsibility in regard to common property. Plett's sectional title complexes can be found in various suburbs interspersed throughout the town. Prices in this property category vary greatly depending on location and unit size. Typically, apartments offering views and situated close to the beach command greater prices than units with no views and situated further from the beaches. Being a unique sector of the property market, sectional title real estate is not suited to everyone and can impose limits on some aspects of lifestyle choices, particularly in regard to pet ownership. The character of the buildings and common property usually has to remain uniform so for anyone with a passion for creative exterior painting and decorating, this might not be the best choice of property. There is also the matter of being in close proximity to neighbours and basically sharing facilities and respecting common property. Not everyone is suited to living in a complex, but for those who enjoy this lifestyle, the benefits can be amazing. A wide variety of sectional title units are currently on the market across various price ranges. Some apartments are also available fully furnished which is a benefit if you intend to use the as set as an income generating investment immediately. If you would like to consider selling or buying a unit, or would like a free, no strings attached valuation, please don't hesitate to give me a call. Janelle Pinto is estate agent at Lew Geffen Sotheby's International Realty Plettenberg Bay and section al title specialist. Email her at janelle.sir @plettenbergbay.com or call 078 959 6177
Author: Lew Geffen Sotheby's International Realty