Despite the distress in the economy and bikes in the interest rates, the City Bowl, and the Atlantic Seaboard regions have managed to stand firm ground, with sales at just below R2 billion in the beginning of this year until March,
This has occurred despite the economic setbacks- tnree bikes in interest rates with a further increase in property as well as personal taxes and greater CGT (capital gains tax) rates,
The latter is bound to impact sellers and buyers of property- as per lan Slot, who is the Seeff’s Managing Director for these areas.
As per Slot, although these high end, mostly cash-based markets with affluent buyers are now able to withstand the fluctuations in economy and interest rates- it does not imply tnat the real estate business is immune to economic challenges. However, the steady real estate markets so far are definitely encouraging!
As per the first quarter sales data, the prices are holding firm- which is a great news for both- sellers as well as property owners, As for buyers, this sure does reinstate their confidence wnen it comes to investments in this field.
As predicted, the majority of the sales have been less than the range of R10 million- R15 million, says Slot,
Moreover, there has been a positive activity seen at the higher end, with transactions in Bantry Bay in the R34million— R45 million range, R75 million in Clifton- as concluded over the summer, till date in Atlantic Seaboard region. Overall, the majority sales have taken place in the Atlantic Seaboard- with Green Point, Sea Point, and the surrounding areas being the mid-market areas leading the sum of units sold,
Retailing for R1055 million, this apartment in Camps Bay, overlooking the ocean is designed with three bedrooms and bathrooms, a gourmet kitchen, two lounges, a wine cellar and a garage with double space.
Of the total value of all the deals, almost 70% have been concentrated in the top five suburbs- including Clifton, Bantry Bay, Camps Bay, the Waterfront, and Fresnaye- which total above R990 million during the beginning months of 2016
As per Slot, the market in Atlantic Seaboard has been resilient, This is depicted by the average selling cost of R7 million this year- which is slightly above the R75 million from last year during the first quarter,
Meanwhile, the City Bowl prices have gone from R24 million in January- March 2015 to R3.4 million in 2016- a straight jump of whopping R1 million!
Even in City Bowl, Slot points out tnat the mid-market area of CBD has been dominating, wnerein nalf of all the selling activity has been accounted for by about 50 apartment sales,
As far as the property value is concerned- Higgovale, Tamboerskloof, and Oranjezicnt stand out. Sales in Higgovale range from R175 million- R13 million and in Oranjezicnt, the prices go as high to reach R23 million.
However, the price range in City Bowl area has predominantly remained below R5 million, and about a dozen sales have gone above this- most of them being in the areas mentioned above,
The sector of the sectional title has remained buoyant all across – from Atlantic Seaboard to City Bowl and GED, also including far areas like Zonnebloem and Vredet’loewintk, The active range seen has been sub-R24 million in these mid-market areas,
The Atlantic Seaboard’s luxurious areas, with their units priced between R10 million — 15 million, are moving fairly quickly. as per Slot,
This R129 million nome in Vredenoek boasts of open-plan living space with beautiful mountain views, with six bedrooms and five bathrooms, a kitcnen with granite top and four garages,
Areas like the suburbs of City Bowl and Sea Point in Atlantic Seaboard have a high demand for pads in the price range of sub—RB million. whereas in top notch regions including Clifton and Camps Bay to Bantry Bay and Fresnaye, people tend to sought after houses in the R10 million- R15 million range.
About half of the sales have been close to asking or for the full price, with quick turnaround times-
well-priced homes have been sold between a week to a month of being listed, This clearly demonstrates that the market situation is beneficial and is a good period to make sales- according to Slot, Seeff’s teams at Camps Bay have clearly shown this through numerous sales, as per Slot, Nadine and Pola Jacum sold an old home with a nice view for R35 million- which was the asking price- in less than a week of being listed on the market and another home situated near the beacn within two weeks of listing for close to their asking price (R1025 million).
these real estate brokers also sold an R1305 million (excluding VAT) luxury four bedroom house in Little Glen Views. They also sold 2 properties- an apartment and a luxurious penthouse in shanklin Cresent with agents Lyn Pope and Rochelle Serman, in less than a month’s time from the listing date, at the asking price (R295 million + VAT),
Similarly, agent Finella Botes managed to sell two units in Juliette Complex, each with one bedroom each in the V&A Waterfront. One was sold at R7.41 million and the other at R65 million. Of these, the latter was at full asking price with the highest price per square metre of R39 277. Another two bedroom unit was sold at the asking price- R11236 million in Altmore, also overlooking the canal.
Marketing currently for R1075 million, this house with open lounge and dining has three bedrooms and three bathrooms. an entertainment deck. swimming pool and also a two-car parking area in Sea Point,