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BEACON BAY GROWING RESIDENTIAL AND COMMERCIAL HUBBeacon Bay, known as the Garden Town of the Amathole region, is situated right on the ocean between the Nahoon and Quinera rivers. Beacon Bay is a sought-after residential and holiday location that offers beaches and river sports, shopping malls, office parks and cinemas as well as a new private hospital, with the amenities of East London only ten minutes away. It is here that Antoinette Clark, Broker/Owner of RE/MAX Border Professionals, has noticed a definite increase in sales activity in comparison to 2009. She says properties in the R1,2m range and below are in demand and therefore sell the quickest. Generally prices in the Beacon Bay area range from R700 000 up to R7m. Clark says that many buyers are still feeling the effects of tight lending conditions from the banks, but notes that there has been an increase in cash buyers and those with substantial deposits. Beacon Bay's property growth has been especially noticeable in the lifestyle development concept with the introduction of mixed-use developments where buyers can live, work and play. Townhouses, she says, are still popular types of property in the area, and correctly priced properties are selling at a good pace. "Unfortunately," says Clark, "many sellers are still expecting to achieve prices that they would have in the boom times. Reality is that buyers are looking for quality properties that represent good value for money and in line with current market prices." Adrian Goslett, CEO of RE/MAX of Southern Africa, says that Beacon Bay's property market is following similar trends to the rest of the country. He cautions sellers against pricing their properties unrealistically. "It follows that if a property is priced correctly; it will sell in a shorter period of time and will also attract serious buyers." While there are a number of new developments in the pipeline for the area, Clark notes that many of the developers of existing projects are giving buyers incentives to purchase. "This is in line with the fact that buyers are looking to get a lot more value for money from their property purchases these days," she concludes.
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