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Aug 27, 2007:
Rezoning along roads fringing the industrial area in Durban's Berea has led to an influx of professionals who are turning stately old homes into upmarket offices.
"Granting business rights along these roads was an inspired move and is leading to a fabulous facelift for the area," says Sylvia Short, the sales manager at Chas Everitt International's Berea office.
"It is adding a new element to the suburb and on top of that many of the old homes are being restored to their former glory. Some of these properties are now valued at up to R6m, in contrast to about 10 years ago, when they could have been picked up for around R200k."
Short says the local market is busy at the moment, but that most residential transactions are in the bread-and-butter range. So while Berea retains a regal air from its colonial past, and lovely old Victorian homes are a feature, residents are now a cosmopolitan mix and street cafés and restaurants add to a trendy ambience.
"It remains a desirable area, close to the beach and the two main freeways," she says.
Currently, prices for three-bedroom family homes in Berea range between R1,6m and R1,8m, while a sprinkling of bachelor apartments are available at about R400k. Prices for two-bedroom apartments start at about R900k while luxury properties command high prices, with townhouses at R6m and homes at R8m not uncommon.
