A busy summer for the Atlantic Seaboard and City Bowl
The Atlantic Seaboard and City Bowl property markets looks set to head into the new year on a good note with a busy summer now in full swing. Last year was, while somewhat down on the prior year, a good year for both areas, both in terms of demand and prices with more higher value sales coming through compared to the previous year when the market peaked. Property values also grew last year at still inflation-topping rates of upwards of 10% to over 20% in some suburbs. The market is still packed with willing buyers with a strong appetite to invest in the area. Conditions have remained favourable for sellers and this is set to continue into the busy summer months and at least the first part of the year. What is clear, is that there seems to be no price too high and buyers are willing to pay an ever higher premium for the right location. This also explains why we have seen some of the highest activity in the R20 million-plus sector over the last year despite the overall contraction of the market compared to the previous year’s peak. Agents, Jessica Rother and Debbie Koping say that the demand for houses in Sea Point and Green Point remains strong and it is a good time to be a seller here. Camps Bay has come through with an absolute stellar performance last year according to agents, Pola and Nadine Jocum. Here, Seeff sold several properties in the R10 million-plus range as well as a number of sales above R20 million, the most recent being luxury villas in Glen Beach and Theresa Avenue sold by Seeff to local cash buyers for R26 million and R30 million respectively. The agents say that where it was the sub-R10 million price sector that picked up the bulk of activity in past years, this year has seen the tables turn with more than half of all sales falling above the price mark. Sales in the R20 million-plus sector of the market was also recorded in the suburbs of Fresnaye, Bantry Bay and Clifton with several above the R50 million price mark ranging to a highest price of R111 million, for a luxury villa in Nettleton Road sold by Seeff agent, Lance Cohen. The good activity has paved the way for a few new top class listings, although these are being marketed on a confidential basis, says Cohen. This includes three top end homes in Clifton, all with spectacular settings and sea views and luxurious living spaces with no expense spared when it comes to finishes. Prices range from around R150 million to R200 million. Given the very favourable exchange rate right now, this is an excellent time for these top end area to attract attention. Not just from visiting foreign buyers, but local buyers too will find significant more value for their rand right now, says Cohen. At an asking price of R150 million, you are for example looking at around GBP7M and about USD10.8M. Cape Town is seeing a busy tourist season with both locals and foreigners looking to take advantage of the weak rand to spend their holidays in the city, adds Slot. The good value and excellent capital growth that we have seen over the last three years is just the incentive that buyers need to invest in property in the area this summer. For sellers, the time is still good to list their property, provided they are realistic about their price expectations. For more information, contact Seeff Atlantic Seaboard and City Bowl on 021 434 9175 or visit www.seeff.com.