PROPERTY LETTER No 28 – STOP PRESS.

Posted by admin in Property Letters | August 5th 2003

5th August 2003.

Intriguing.
All of our agents know that when Vicky and I return to Cape Town, we help and facilitate in the passage of the apartments we have bought through the bureaucracy and to final transfer. We do not buy anything we have not seen, so any new product on the market in our absence either waits until we get back to Cannes or sells to someone else.

However today our best agent phoned and said that she had just received something onto her books that she felt we needed to know about. She has never done that before!

What has come up is a little self contained house in Palm Beach, on Avenue Lerins. It comprises a florist below and a one bed roomed flat above. Vicky and I know exactly where it is and Vicky says she knows the florist. We shop in that street often – our friendliest grocer is right next door. It is a quiet village street, not a busy road, and the little houses there are quaint.

The florist below rents for 650 euros per month year round, and I don’t yet know how long the lease runs, but suspect it is probably long term. The flat above is in the words of the agent “mignon”. (That means “cute” and I think I said in my Property Letter of earlier today that we don’t buy apartments because they are “cute”! Anyway…c’est la vie).

The living room on the first floor faces the quiet street, and has a small balcony. The bedroom is the other side, quiet, and looks over a courtyard and other small houses in the village. I have no idea what condition the flat is in, but Lao and Katherine are going to see it tomorrow (Wednesday) and will take photos and report back with descriptions and their impressions of the property. We know there is no sea view, but it is no more than a couple of hundred meters to the beach both east and west, being on the peninsula.

The asking price is 200 000 euros, however the agent says the seller is motivated to sell, and that it is probably fairly negotiable. I don’t even know the dimensions yet, but it does not sound expensive, and there is the added bonus of rental income from the florist from day one – nearly enough to cover the mortgage.

I will fill in details as soon as I have them from Lao, but will not worry you all with them unless you ask. Please let me know if you want some details and I will send them to you by return.

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