Incorrect Simon’s Town Property Values
March 26, 2008 – 3:13 pm | by JohanNew Here? You’re Invited To Simon’s Town News Updates Subscribe here.
The other day a Simon’s Town friend called and said, “Simonskloof’s property values are a lot higher than what you indicate on your blog. And she is correct.
When I mention Simon’s Town property values it means the value of properties sold and it does not tell you the average value of all properties in the suburb.
But it should be an interesting exercise to establish from the average Simon’s Town dwelling size (floor space) multiplied by the square-meter-selling price to get to the average value of all homes in a Simon’s Town suburb. But again this will be statistically flawed because the square meter selling price is based on properties sold. Bang!
Questions make you think:
The kind of Simon’s Town properties turning ownership quickly are in the region of R2 million. Therefore property owners, in say, homes with a selling value above R3 million tend to be long term Simon’s Towners. Is this a correct assumption?
Whatever the true answer: I recommend that if you want to invest in a second home in Simon’s Town try and find a home for less than R3 million or even R2 million… if you can get one.
If you can afford a more expensive home and you are in for the long term then the sky is the limit.
Regards
Johan Horak
SimonsTownRealty: Sell, Buy A Simon’s Town Property? Phone Today 021-7864028 or 082 870 2004
How Do You Care For Your Second Home When You Are From Out Of Town? Ask The Local Eye To Take Care.
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Tags: Q&A, Simonstown Property
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March 27, 2008 at 11:49 am
[...] Read this article on mistakes and assumptions regarding average value. [...]