Right time to en­ter mar­ket

Business Day - Home Front - - FRONT PAGE -

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

this

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

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.