Simon’s Town Real Estate News

Are Simon’s Town Property Owners Wealthy?

October 29, 2007 – 11:43 am | by Johan

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If you consider that during the last twelve months a Simon’s Town property owner had to  earn more than R600 000 per annum to be able to register his home loan then they are not average. These, however are the less well-off home owners because more than 42% of them paid cash for their properties. These figures are from the Deeds Office and it only represents transaction for the last 12 months.

A few facts:

• During the last 12 months R300, 771, 000 worth of Simon’s Town properties were processed and 118 of our fellow property owners borrowed R143, 648,000 to acquire these properties.
• At 14% bond rate they are paying back R21.5 million per year.
• Before the New National Credit Act they had to earn R71.62 million per annum to qualify for their bonds. (30% available after expenses).
• The average selling price for the 204 properties processed was R1.306 million.
• It took four months (129 days) from date of sale to registration. Oops!
• On average R27.4 million worth of properties registered per month.

See graph on the value of Simon’s Town properties registered during the last 12 months.

If we consider that it takes more than 4 months to sell a Simon’s Town property and the attorneys takes 4 months to get the transaction completed then so called professional agents and attorneys are not doing a great job.

On a less serious note:

I want to get back to the Simon Knights, Simontonians and Simonites. The Simon Knights are a non existing species or do they? The Simontonians and the Simonites are the real thing.

I received the following letter from Eric Mawhinney:

I refer to your recent email and article about “Simon Knights”. I am not sure whether you wrote this tongue in cheek or have created a new class of Simon’s Town resident, the “Simon Knight”

I came to Simon’s Town as a young boy in 1949 and my first stay here lasted 30 years, my second stay is into its fourth year. In all this time I never heard of anyone being called a “Simon Knight”.

The correct term is “Simonite” and is reserved for those people who were born in Simon’s Town. Anyone else who lives or lived in the town was known as a Simonstonian.

Now a days most of the people who are entitled to call themselves “Simonites” live in Ocean View where they were sent at the time of the forced removals so there are only a few originals left in the town.

Yes there are a lot of aspiring “Simon Knights” as you call them, moving into the town and wanting to change things to suit themselves (sadly this has already happened in a number of areas) and yes us oldies are trying to preserve what’s left of the town’s history and traditions. Newcomers can be “Simonstonians” yes but “Simonites” never.

I do hope that at some time or other you might want to explain to your readers the traditional meaning of the term “Simonite”

Regards

Eric Mawhinney.

I must thank Eric for this brief explanation. If you are not a Simonite you are a Simonstonian. And if a consider the facts above you are also well off .

Enjoy your day. Today.
Johan Horak

P.S. “Always leave enough time in your life to do something that makes you happy, satisfied, even joyous. That has more of an effect on economic well-being than any other single factor.” Paul Hawken

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Tags: simons town property trend, The rich, Trend