Neighbourhood DBN - 28 April 2019

Neighbourhood 28 APRIL 2019

PROPERTY & LIFESTYLE

Ever-evolving Over the years, La Lucia has adapted to its residents’ needs, adding schools, estates, and great shopping to its already impressive repertoire, page 2

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SUBURB FOCUS: LA LUCIA

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PROPERTY NEWS

28 APRIL 2019

Neighbourhood

Suburb focus

La Lucia La Lucia is one of Durban’s northern coastal suburbs which has, over the years, successfully reinvented itself to meet the needs of a changing populace, with superb schools, key commercial hubs on the doorstep, and a wide range of superior gated estates WORDS: ANNE SCHAUFFER *Map not to scale

IMAGES: STEPHEN PILBROUGH, SHANE VAN ECK, SHUTTERSTOCK & GOOGLE MAPS

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eading north past the Durban North and Glenashley slip roads off the coastal M4, another two minutes, and you’re at La Lucia. It’s a somewhat unprepossessing entrance into what is one of Durban’s most prized and affluent suburbs.

There are still a few small affordable property pockets around the La Lucia Mall – for around R2m – but with most of the suburb’s land on a perfect slope from the sea upwards, the promise of spectacular sea views on Durban’s north coast hot spot means most prices are high.

La Lucia is in a perfect position to access north and south. Largely residential – La Lucia Ridge is alongside it, but not interwoven – the commercial and professional offices don’t impact, but are within a couple of minutes’ drive. So too, are Umhlanga Ridge and the corporate head offices, hospitals, hotels, and Gateway Theatre of Shopping.

Property

La Lucia is demarcated by Umhlanga Rocks Drive in the West, and the M4 in the east, but nip across the M4, and the stretch of prized properties along the beachfront’s Lady Ellen Crescent and a section of Forest Drive is considered part of La Lucia. With direct beach access, these properties are grand, and fetch top prices.

There’s no land remaining in La Lucia, so extensions, alterations and renovations are the order of the day… that is, unless you have the wherewithal to demolish and rebuild, or better still, demolish two adjacent properties, and go big.

Schools

Sandwiched between Durban North/ Glenashley and Umhlanga, La Lucia has a wide range of schools from which to choose. From government to private, Christian to Catholic, primary to high, the selection is superb, and it’s certainly a good reason to make this suburb home.

Fifteen years ago, La Lucia comprised largely freestanding homes radiating out from the then small, familyfriendly La Lucia Mall. Today, the large green protected belt is surrounded by mostly glamorous townhouses, simplexes and luxury gated estates.

Some on the slope face north, and enjoy the warm morning sun and views to Umhlanga and beyond. Others face south, and glow in the night lights of Durban city. Many of these are sensational apartments or townhouses, with vast decks or verandas, small gardens, and an enviable, secure lockup-and-go lifestyle for the well-heeled.

For the small family members, aside from La Lucia Primary and Preparatory Schools, neighbouring suburbs have Chelsea and Virginia Prep, and Northlands Primary. For high schools, there are Northwood High for boys, and Northlands and Danville for Girls. Private schools on the suburb’s doorstep or a short drive away, include Crawford College, Lady of Fatima Dominican Convent School (girls), Victory Christian Academy, and Reddam House Umhlanga.

Freestanding homes in La Lucia are a mix of oversized, glittering mansions – no other word for them – and solid family homes with good-sized grounds. There are still some “needs TLC” properties that young families seek out and renovate over time. As a highly popular suburb, investing time and energy pays dividends here.

La Lucia Mall has always been a favourite shopping centre, and although it’s surrounded by massive retail centres such as the Gateway Theatre of Shopping, Cornubia, and a host of others offering everything else you might need – like movies – it’s at the heart of the suburb and caters to almost all needs.

PUBLISHED BY TIMES MEDIA PROPERTY PUBLISHING 1st Floor, Block H, Sable Square cnr Bosmansdam and Ratanga roads Milnerton, Cape Town

The Mall can’t grow any further – no space – which for many, is part of its charm. With serious competition from other malls, it’s kept on its toes in terms of quality and offering.

La Lucia is within sight and sound of the sea, so it’s a simple matter for swimmers, surfers, and fishermen to head east, whether it’s to Umhlanga, Glenashley, or even southeast to the endless waves of Durban.

Literally ten minutes’ drive.

As a family suburb, there’s a great deal of emphasis on healthy outdoor pursuits like cycling, running, tennis – La Lucia tennis courts are alongside the Mall – and beach activities.

For birders and hikers, the Beachwood Mangroves are five minutes away, and there are little green belts like Virginia Bush Nature Reserve with its trails.

Explore

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28 APRIL 2019

Neighbourhood

PROPERTY NEWS

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EAT • El Firenze: Italian restaurant that’s stood the test of time • The Wok Box: Fast, authentic Thai food • Mamma Luciana’s: The legendary Italian family which serves up consistently authentic food • Rocomamas: Renowned for their SmashBurgers, Mofo wings and ribs • The Chef’s Table, Umhlanga: sophisticated, yet unpretentious fine dining • Old Town Italy, Umhlanga: A lofty, ultra-busy warehouse feel, with restaurant and deli • Pintxada, Umhlanga: For those who enjoy their tapas every which way

HOSPITALS • Netcare Umhlanga Hospital • Busamed Gateway Private Hospital • Ethekwini Hospital & Heart Centre

La Lucia Mall Gateway Theatre of Shopping Cornubia Mall Kensington Square The Pearls of Umhlanga

For a typical property in this area You’ll pay

R54,923 per month

Median asking price

For a typical property (four-bedroom house)

R4,95m In a complex

For rent Median asking price

R5,595m

30%

R23,000 APARTMENT

Monthly bond repayments

26%

CLAIRE DE WET, RESIDENT

For a typical property (three-bedroom apartment)

21%

R24,000 In a complex

APARTMENT

For sale

COMPLEX

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COMPLEX

SHOP

I’ve lived in La Lucia for over ten years, and the change in the landscape has been remarkable. But, for our family’s lifestyle, it’s been all for the better, because schools and work are no more than five minutes from home. It doesn’t get much better than that!

40%

Based on

over a period of 20 years at 10.25% prime

R4,7m

53%

For an apartment

R5,9m For a house

beach resort

Book your school holiday break at Salt Rock Hotel for Amazing sea views, Tidal Pool, Dolphin viewing fresh Oysters & of course our famous curries

R23,000 For an apartment

R30,000 For a house

HOUSE

median asking price

HOUSE

R5,595m

30%

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PROPERTY NEWS

28 APRIL 2019

Neighbourhood

Second time around If you’re considering buying a second home – whether it’s for holidays, letting out as an income stream, or as a pure investment – it makes good sense to do your homework with regard to costs sooner rather than later WORDS: ANNE SCHAUFFER IMAGES: SHUTTERSTOCK

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ou know why you’re buying a second property, but it’s as important to quiz yourself about the finer details as it is about any small print.

Your costs in terms of raising and registering a bond, transfer costs, and agents commission is going to be precisely the same as when you bought your primary property. But unlike your primary property purchase, there are other considerations.

According to Hayden Giger, channel management head, FNB Private Bank lending, financial implications of buying a second home can be broken down into two types of cost: contractual and variable. “Contractual will be the monthly bond payment (if financed), rates, taxes, levies (if sectional title), water, and lights. Other costs will be normal maintenance and security costs, as you would incur on your primary residence.”

Giger suggests a few points which homeowners about to make that second purchase, need to take into consideration: You need to consider where you want to buy and what type of property, in other words, freehold or sectional title. That’s an extremely important consideration, as it will have an impact on your monthly contractual and variable costs.

The proximity to your primary residence also has an impact on your financial obligation, especially if it’s a rental property – for example, will you be able to manage it, or will you place its management in the hands of agents?

What do you want to do with the property, that is, holiday home for your own exclusive use, or rental property? Then consideration needs to be whether it’s a long-term rental or short-term like an AirBnB. With each choice a different set of considerations would need to be taken into account.

You need to look at the purchase as an investment,

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and decide if the investment is to be weighted to capital gain over time, or an annual yield via rental.

Taking all the above into account, advice should be sought as to the type of ownership vehicle in which the property should be bought. Should it be in your personal name, in a trust, or another vehicle?

Numerous factors impact on that.

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Capital gains tax (CGT)

David Campbell, Meumann White Attorneys, says, “In terms of section 26A of the Income Tax Act, the taxable capital gain of a person in a year of assessment is included in his taxable income and is therefore subject to normal tax.

“CGT applies to individuals, trusts and companies, and both South African residents and non-residents are subject to it. If the disposal or deemed disposal of an asset (for example, sale of a property) took place during the year of assessment, the capital gain or loss should be calculated as: proceeds less base cost equals capital gain/loss.”

In the case of a natural person or special trust, the first R2m of the gain on the sale of a primary residence is exempt from CGT. Not so, a second property. “If a person has a net capital gain, it must then be multiplied by the inclusion rate applicable to the said person, and the result is then included in the normal taxable income. As an individual, the capital gains tax rate is 40%, and the effective maximum rates of tax payable on capital gains (2018/19 tax year), is 18%. The annual exclusion for an individual, is R40,000,” Campbell explains.

“Remember, the taxpayer bears the onus of establishing the base cost of the asset. If unable to do this, the base cost will be deemed to be R0 (or as much as can be established). It’s therefore essential that the taxpayer retains all documentation that verifies expenditure incurred by him,” Campbell says.

AGENTS ARE EXPERT PROBLEM SOLVERS

Negotiating is a tricky business and contracts can be problematic.

Are you familiar with legalities or how to ensure that a contract protects you? Registered estate agents are licensed professionals with experience of moving transactions forward smoothly.

Another good reason why you should use an estate agent

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