Atlantic Seaboard sales continue to buck the trends
Atlantic Seaboard buyers and sellers are as good as their real estate professionals, writes Anna-marie Smith
IF THE sale of Enigma Mansion in Camps Bay, currently on the market by local agents for R300m, reaches conclusion anywhere near the asking price, it will be a historic first for the industry.
What drives whopping Atlantic Seaboard sales of this nature are teams of highly skilled and energetic real estate specialists. Working behind the scenes, in all market conditions, themselves residents of this sought after area, they hold a close appreciation of their affluent clientele.
Pam Golding Properties Atlantic Seaboard Branch Manager Basil Moraitis, in relaying a memorable career experience considered a day well spent in the industry, illustrates the value of cultivating networks. By answering an early morning call of duty on New Year’s Day, following decent celebrations of the night before, Moraitis concluded the sale of a R36m Nettleton Road property eight weeks later.
Repeat business is another contributing factor to the success of area specialists, who over time can sell the same property up to four and five times over. Reflecting on the capital appreciation of properties is Denise Dogon of Dogon Group Properties. She says: “An example is an old house in Nettleton Road, Clifton that was sold for R18m in 2006, resold for R32m in 2008, then resold for R37m in 2010 and is now on the market once again for R55m.”
Although properties are sub- ject to individual merit based on location and build, and few repeat performances of boom times, this effectively illustrates a capital appreciation of 205%, over six years.
Mauerberger of Seeff Properties, who earlier this year concluded a R42m sale of a Fresnaye property, himself a born and bred Atlantic Seaboard resident, says this lifestyle equips agents to achieve optimum credibility when showcasing exclusive property.
He says by meeting their psychological needs agents are able to extend superior customer service that goes beyond the history of properties and its past owners.
Catering for the needs of buyers along the Atlantic Seaboard also means sourcing high demand products, such as apartments in the area already topping R1,1bn this year, says Seeff’s Ian Slot.
Slot says big-budget investors are shopping for luxury apartments again, as illustrated by the company’s two big ticket cash sales at R23.5m and R21,5m respectively, both purchased by local buyers.
Confirming that property performances along the Atlantic Seaboard continue to buck national trends, was Pam Golding Property Group CEO Andrew Golding earlier this month. Golding said: “The Atlantic Seaboard had its best month ever in the mid-winter month of August 2012, with Pam Golding Properties writing sales to the value of over R170m with R145m already confirmed.”
Golding said this area has seen brisk trade particularly under R3m by full and part-time residents and long-term investors re-entering the market.
Dogon says she and her team have achieved another record price earlier this month, with the sale of a R65m Stefan Antoni designed home on the slopes of Lion’s Head. The rental department of Dogon Group Properties is also experiencing record rentals including the recent lease of a fourbedroom seafront apartment for R140,000/ month.
Slot says Camps Bay has attracted more local and foreign buyers this year than neighbouring areas such as Clifton, Bantry Bay and Fresnaye.
He says real estate values here have grown significantly over the past decade with the average house price up from just R3,5m in 2004 to close on R7m. On the whole, he says sellers achieved an average capital growth yield of 15% over a seven-year period, with exceptions of 24% over nine years, and 36% in five years. He says apartments are yielding an average growth rate of 12% and rental income yields about a further 4% per annum on top of the capital growth.
With regards to the sale of Enigma Mansion in The Glen, Francois Venter of Jawitz Properties confirmed that Jawitz, Anne Porter Knight Frank and Lew Geffen Sotheby’s International Realty have officially been mandated to sell the property. He says international marketing of the property is now active, and to date has attracted two offers, the latest for R235m from a Swiss buyer.