Right time to enter market
AS ONE of the most vibrant and popular suburbs in Cape Town, Camps Bay enjoys a beautiful setting on the Atlantic Ocean at the foot of the Twelve Apostles mountain range.
As a popular tourist destination, Camps Bay is conveniently located only 15 minutes drive from Cape Town’s centre, 20 minutes from the V&A Waterfront, 30 minutes from the airport, 40 minutes from the Cape Winelands and 60 minutes from Cape Point.
The Camps Bay beachfront includes a boulevard filled with pavement cafes, bistros and restaurants.
Homes in Camps Bay can fetch a good couple of million rands with ease and the area generally experiences a consistent demand for high-end homes.
Property data provider Lightstone indicates that 70% of Camps Bay property is full-title homes, with more than 44% of recent buyers aged between 36 and 49, while recent sellers are aged 65 plus.
In the past 12 months, according to Lightstone figures, 56 fulltitle homes have been sold here for an average price of about R7,1m.
Helen Hoekstra, manager of Anne Porter Knight Frank’s Atlantic Seaboard branch, which is marketing this Camps Bay home, says that anyone buying or selling a home in the Camps Bay area right now should take a good look at the latest Propstats figures for the area.
These, she says, reveal that in the past year the achieved average sales price has risen from R6 105 000 to R7 475 000. However, figures also show that the achieved prices are on average 19% below the asking price, indicating that a fair proportion of the sellers are overpricing initially, despite regular press and estate agency warnings that ultimately unproductive.
Hoekstra says that in Camps Bay the big demand is for homes within the R5,5m to R7,5m bracket and the majority of the units on her stock list are priced from R6m to R10m, with about 10% priced even higher. There are a fair sprinkling of older homes and apartments, often ready for renovation, priced as low as R4m.
She says the typical Camps Bay buyer is either from Johannesburg or from overseas, and almost without exception is knowledgeable about current prices and will not settle for anything less than a fair price related to today’s more competitive market.
She says they are attracted to Camps Bay by its sea and mountain views, by its cosmopolitan lifestyle, and by its position in relation to the city and to other Atlantic beaches.
Also attractive to them, says Hoekstra, is the chic, avant garde designs of many of Camps Bay’s mountainside homes. These are usually double- or triple-storey
is and have extras such as rim-flow pools and entertainment patios with good views.
Some of the older homes, says Hoekstra, are ideal for upgrading or extending to conform to the new standards. One such home which is typical of the area and is now for sale through Anne Porter Knight Frank is a three-level modern home designed by Kevin Gadd Architects.
The home has a squared-off, cubist style with natural woodpanelled front façades. This home, which is being sold with all its furniture and fittings, has spacious, open-plan reception areas. The ground floor has a family room, a single bedroom, a home office or guest suite and garages for four cars.
The first floor has an open-plan living room, dining room and gourmet kitchen, another home office and a private patio with a heated swimming pool.
The top floor has three bedrooms, all en suite.
The finishes throughout are superb, says Tane Collins, an Anne Porter Knight Frank agent. They include kiaat cabinets and cupboards and Mielé kitchen equipment.
Buyers, says Hoekstra, are aware that the lull period in the housing market is likely to end this year and her office has already had very nearly double the number of inquiries each month.
It indicates that those who hesitate too long may find themselves not only with an even bigger price increase, but also with higher interest rates. Pricing: R12,995m Contact: Anne Porter Knight Frank Helen Hoekstra 021 438 7338