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
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