The recently issued statement by two of South Africa’s major banks that henceforth they will no longer finance sectional title units if they do not have onsite parking is illogical and based on outmoded thinking.
So says Bill Rawson, chairman of Rawson Properties, who added that “this decision makes little sense in the current scenario where all the major cities in South Africa are working towards higher densities, greater use of public transport and reductions in commuting time”. “Fewer cars and fewer parking areas in the CBD and in the suburbs are what we all want and need.”
The decision also, said Rawson, ignores the fact that many responsible young people today will work to buy a home before they buy a car – and this trend should be encouraged. The decision also ignores the fact that many sectional title schemes manage successfully with street and public open space parking.
“Obviously protected onsite parking is a bonus, but if a buyer is willing to do without it, why make it difficult for him?”
The effect of this decision, said Rawson, will be to downgrade the value of all sectional title schemes which do not have parking bays – and the irony of the situation is that the banks themselves are often “investors” in these as they have financed the bondholders.
“Large numbers of units will be affected by this decision, and we, therefore appeal to the banks to reconsider their stance here.
“If this is not done, the two banks which are prepared to issue bonds for sectional title units without parking will be in a strong position to go ahead without sufficient competition, and this, too, should be avoided.”
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In my opinion all persons looking for bonds should start to boycott the banks making unreasonable rules and regulations. If it was insurance companies taking this stance I would still be shocked but understand it more. Who are the banks making these claims because although I live in a complex with lots of onsite parking (lucky us) I would certainly boycott a bank that takes such an unreasonable stance. Am sick of the banks thinking they are God and using mafia styles of business and love an excuse to boycott them. Let’s take back our power by closing accounts with these banks and moving to banks that have more reasonable rules and regulations. Give the reasons why you are moving banks so they get a clear picture as to why they are losing business. Do reveal the banks involved so that the public gets a better view of which banks are being so unreasonable. – Banks suck!
Albeit sounding unreasonable, there is a looming problem in all these type of developments. You typically sit with a complex with 3 sleeper units. These units will have one or two parking bays or garages or mixture.
In the pushing for higher density populations, you have the situation where a third parking gets needed. Now residents start taking up visitors parking’s. Visitors in their turn have no place to park, then start using allocated residents parking.
In this cacophony of trying to find a place to rest your vehicle, relationships in complexes are being severely stretched, and more than often result in conflict.
What is the solution then ?! - Charles Scalliot
Most sectional title flats in Gardens, Tamboerskloof and Vredehoek in Cape Town don’t have onsite parking. For banks to say that they will no longer finance flats in those areas is just simply ridiculous. - Fanie Lategan
Charles Scalliet Charles Scalliet Charles Scalliet Charles ScallietCharles ScallietCCharles Scalliet Charles Scooming problem in all these type of developments. You typically sit with a complex with 3 sleeper units. These units will have one or two parking bays or garages or mixture.
In the pushing for higher density populations, you have the situation where a third parking gets needed. Now residents start taking up visitors parking’s. Visitors in their turn have no place to park, then start using allocated residents parking.
In this cacophony of trying to find a place to rest your vehicle, relationships in complexes are being severely stretched, and more than often result i
What is t