R80m Bantry Bay price record
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Despite the challenging market and notable decline in R20 million-plus sales on the Atlantic Seaboard over the last twelve months, Seeff agents, Adrian Mauerberger and Cecily Sher from Seeff achieved a significant R300 million in sales, including an R80m Bantry Bay apartment which is a new price record and the highest price achieved in SA over the last year.
Overall, it was a slow year for the super luxury market with only three sales topping the R50 million price mark (two of which were sold by Seeff), but sectional title property still seemed to find buyers. While the bulk of apartment sales were still below R8 million, it is noteworthy that buyers are still prepared to invest in high value property here, say the agents.
According to Ross Levin, Director for Seeff Atlantic Seaboard, the top suburbs for luxury apartments include Clifton and Bantry Bay for the complexes located on the sea side of Victoria Road, mostly offering luxury living spaces and top class privacy and security. Balie Bay (Camps Bay) is another popular area for its stunning waterfront views. The V&A Waterfront Marina offers a wide range of luxury apartments overlooking the canals and yacht bay while nearby Mouille Point is increasingly sought after by luxury apartment buyers willing to pay in the upper millions for its stunning waterfront views.
The highest prices for sectional title property sold on the Atlantic Seaboard over the last five years as recorded by Propstats include R80m and R78m in Clifton, R80m in Bantry Bay, R43m at the Waterfront, R44.46m in Camps Bay and R40m and R78m in Mouille Point.
While top end luxury apartments are popular second/holiday properties for buyers from upcountry areas such as Johannesburg/Sandton as well as foreign buyers, Mauerburger and Sher report that most of their sales were for own-use residential with very little investment buying.
Levin says further that according to the latest stats, there were only three notable sales to foreign buyers over the last year including R26m in Bantry Bay and R28m in Bakoven to UK buyers and R22m in Camps Bay to an American buyer.
Overall, we have seen a notable rise in the demand for luxury apartments by residential buyers, adds Levin. Location, security and convenience are among the reasons for this. What you lose in yard space, you make up for in lifestyle benefits, he adds.
A good location is always in demand and buyers will always be prepared to pay for stunning views. The convenience, privacy and security is a powerful combination for the increasing number of people looking to maximise their lifestyle.
At the same time, you are investing in the premier real estate belt in the country as evidenced by the phenomenal capital growth seen during the recent market expansion phase. This, says Mauerberger and Sher, again demonstrates that in a tight market where buyers have the upper hand, those who are able and willing to invest, will invest in property.
Contact Seeff Atlantic Seaboard on 021 434 9175 or visit www.seeff.com.
Author: Gina Meintjes