Re­sort life in KwaZulu-Natal

Built to the spec­i­fi­ca­tions of the cur­rent owner, this home, which was com­pleted in 2009, is sit­u­ated within KwaZulu-Natal’s well known Zim­bali Coastal Re­sort

Business Day - Home Front - - FRONT PAGE - Michelle Swart michelle@vel­vetsquare.co.za

ES­TAB­LISHED in 1996, the Zim­bali Coastal Re­sort has grown to hav­ing just un­der 1 000 prop­erty own­ers, and it has a firmly es­tab­lished po­si­tion as one of the premier res­i­den­tial and re­sort desti­na­tions within SA.

Sit­u­ated on an el­e­vated site al­low­ing for un­re­stricted sea views, this newly con­structed fea­ture home, which has been built on three lev­els with a lift and in­cludes five bed­rooms, five bath­rooms and five garages, has been fin­ished to the high­est in­ter­na­tional stan­dards. The ex­ten­sive kitchen, liv­ing and bar ar­eas lead through glass pa­tio doors to the out­door lounge and rim-flow pool. The main en-suite in­cludes a pri­vate pa­tio, lav­ish bath­room with both indoor and out­door shower as well as walk-in clos­ets with sky­lights for nat­u­ral light.

This home also in­cludes a full home au­to­ma­tion sys­tem and it has a large braai fa­cil­ity.

Talk­ing about prop­erty within the Zim­bali Coastal Re­sort, An­dreas Wasse­naar of Se­eff Prop­er­ties, who is mar­ket­ing this home, says that Zim­bali has the mar­ket po­si­tion and strength to weather the cycli­cal changes in the busi­ness cy­cle, with the cur­rent prop­erty mar­ket pro­vid­ing ex­cep­tional buy­ing op­por­tu­ni­ties.

Wasse­naar also points to the ad­di­tional ameni­ties re­cently added to Zim­bali, such as the four ten­nis courts, two squash courts, two new res­i­dent’s club­houses, and two large pool ar­eas with a sec­ond main beach ac­cess, which are sure to add to buyer ap­peal.

“The ex­pan­sion of Bal­lito as a re­gional hub with two new shop­ping cen­tres com­pleted and a third un­der con­struc­tion within the Salt Rock/Sh­effield area are in­dica­tive of the mi­gra­tion to the area. The open­ing of the new King Shaka In­ter­na­tional Air­port in May this year is the most sig­nif­i­cant re­gional project and changes the land­scape for the north coast for­ever,” he says.

How­ever, Wasse­naar does say that in line with gen­eral eco­nomic con­di­tions, the sales vol­umes of prop­er­ties within the re­sort have de­clined over the past two years. He says the num­ber of free­hold prop­er­ties sold de­clined from 145 in 2007 to 102 in 2008 and 41 last year, with 26 prop­er­ties sold so far this year. The num­ber of sec­tional ti­tle prop­er­ties sold de­clined from 50 in 2007 to 48 in 2008 to 33 last year with 10 sold so far this year.

The 68 prop­er­ties that have trans­ferred over the past 12 months at a to­tal value of R310m still in­di­cate a healthy amount of buy­ing and sell­ing. “Zim­bali is ranked 11th on a na­tional level of 5 284 sub­urbs as mea­sured by the mean val­u­a­tion of free­hold trans­fers, cur­rently R8 233 670. This is just ahead of other sub­urbs such as Camps Bay, ranked 12th, and just be­hind Pezula Pri­vate Es­tate, ranked 10th. Zim­bali dom­i­nates the KwaZulu-Natal rank­ings with no se­ri­ous ri­vals to its top po­si­tion,” says Wasse­naar.

“Zim­bali rep­re­sents the up­per end of the res­i­den­tial prop­erty mar­ket within KwaZulu-Natal. Typ­i­cal of the im­pact of a re­ces­sion on the up­per end is that vol­umes de­cline sig­nif­i­cantly as prop­erty own­ers de­cide to de­lay their de­ci­sions to sell as they can af­ford to hold on and wait for the mar­ket to im­prove. Only the de­vel­op­ers within this mar­ket are ex­posed to puni­tive hold­ing costs and typ­i­cally have to cut prices to en­sure the sale of their newly con­structed prop­er­ties. While vol­umes de­cline quickly, av­er­age prices tend to re­main buoy­ant for longer. If the mar­ket fails to im­prove, these prices will also de­cline to lev­els where buyer’s am­bi­tions can meet the seller’s ex­pec­ta­tions. This has started to hap­pen now, as re­duc­tions in pric­ing be­tween 5% and 20% have oc­curred to en­sure that prop­er­ties trade”

Wasse­naar says that an en­trylevel home in Zimabli will set you back be­tween R3,5m and R4m, and, as most homes are rel­a­tively new, not many are in need of ren­o­va­tion. Mid-level homes here can be bought for any­where be­tween R6m and R9m, which will se­cure the buyer a 500m² home on a prime po­si­tion with ex­cep­tional sea, golf course and for­est views. Wasse­naar says that these homes typ­i­cally in­clude four bed­rooms all with en-suite bath­rooms, triple garag­ing, a swim­ming pool and ex­ten­sive deck­ing and en­ter­tain­ment ar­eas.

A prime ex­am­ple of the most ex­pen­sive homes within Zim­bali Coastal Re­sort is our fea­ture home which of­fers 771m² of un­der-roof space. “Priced at R29m, in­clud­ing fur­ni­ture, this is close to the top level of achieved pric­ing within Zim­bali Coastal Re­sort.”

Our fea­ture home, which en­joys 180-de­gree un­in­ter­rupted sea views from an el­e­vated po­si­tion, also in­cludes unique mod­ern Ba­li­nese art­work spe­cially com­mis­sioned for this home.

Wasse­naar, who says that there can be a vari­ance in price for the same prop­erty with­out sea views as high as 30%-40%, notes that they glass slid­ing stack­ing doors across the full ex­tent of the first floor liv­ing ar­eas al­low­ing the en­tire space to be opened onto the pool deck make this an en­ter­tain­ers’ dream home. Price: R29m fully fur­nished and equipped R27m un­fur­nished

Con­tact: Se­eff Prop­er­ties An­dreas Wasse­naar 082 837 9094 Of­fice: 032 586 0170

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