‘Di­a­mond in the rough’ on the block in Atholl

Great po­ten­tial as ‘fixer-up­per’ or devel­op­ment project

Sunday Times - - AUCTIONS -

In to­day’s lack­lus­tre prop­erty mar­ket, it is rare that an op­por­tu­nity such as this presents it­self.

An in­sol­vency has led to the hid­den gem com­ing to mar­ket: 53 Oak Road in Atholl will be on the auc­tion block on Oc­to­ber 3.

“There is cur­rently a glut of over­priced res­i­den­tial stock in the Jo­han­nes­burg mar­ket and prop­er­ties are trad­ing at a snail’s pace.

“Where some agen­cies were pre­vi­ously clos­ing up to 50 deals per an­num in cer­tain sub­urbs, this num­ber has dropped to as low as 10 or less.

“The main rea­son for this is the vast gap be­tween sell­ers’ and buy­ers’ ex­pec­ta­tions, even though we are see­ing a large num­ber of will­ing sell­ers and buy­ers.

“The trick is clos­ing the gap be­tween ask­ing price and sell­ing price. Once this is achiev­able, mar­ket ac­tiv­ity should start to pick up,” says Joshua Pelkowitz, ex­ec­u­tive at WH Auc­tion­eers Prop­er­ties.

In line with the ethos at WH Auc­tion­eers Prop­er­ties, Joshua ex­plains: “Our val­ues are based on ex­pert knowl­edge and care­ful in­ves­ti­ga­tion.

“We are al­ways cau­tious in our pric­ing of prop­er­ties and dis­posal strate­gies.”

The prop­erty at 53 Oak Road, in the heart of Atholl, Sand­ton, con­sists of a 2 127m² cor­ner stand on which is a large four-bed­room, three-bath­room house with a swim­ming pool and ten­nis court.

There is po­ten­tial to ac­quire the prop­erty as ei­ther a “fixer-up­per” for a grow­ing fam­ily, or a re­de­vel­op­ment into clus­ter units for the savvy de­vel­oper or in­vestor.

Oak Road will also soon be a boomed­off area pro­vid­ing bet­ter se­cu­rity and pri­vacy.

The Sand­ton CBD, Mel­rose Arch, Rose­bank and Illovo are within a 5km ra­dius of the prop­erty.

Atholl, which has grown into a soughtafter sub­urb, was es­tab­lished in the 1960s to the south­east of the Sand­ton CBD.

The homes in the area were built in the ’60s and ’70s. Many of these homes are be­ing mod­ernised and up­graded.

Houses lo­cated on 4 000m² are be­ing de­vel­oped into modern clus­ter homes, sell­ing for be­tween R8-mil­lion and R10mil­lion.

The auc­tion of this prop­erty will be held on the Oc­to­ber 3 2017.

Do not miss out on the op­por­tu­nity to ac­quire this di­a­mond in the rough. Show days: Sun­day Septem­ber 17: 2pm-5pm Sun­day Oc­to­ber 1: 2pm-5pm For fur­ther in­for­ma­tion on this prop­erty and our other up­com­ing auc­tions, visit www.whauc­tions.com or call Joshua on 072 536 5482

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