Real Estate Investor Magazine South Africa May 2014 | Page 40

SMART MOVES

BY LEW GEFFEN

The window is closing
Get cracking if you want a luxury home

H

omeowners who have been contemplating an
upgrade to a luxury property in a prime area
should move quickly now, as the window of
opportunity for them to do so is closing.

that had to drop their asking prices in order to achieve
a sale, from 85% to 81%, and a decline in the average
difference between their asking and selling prices from
9 % to 8%.

There are two reasons for this, the first being rising
prices which obviously make it more difficult to afford
a luxury property, but more importantly, diminish the
profit ratio when the time comes to sell.

And that brings me to the second reason for
prospective upgraders to make an early deci