Under a month to sell in Claremont if the price is right
CLAREMONT has always been popular with f amily buyers, mainly because of its central position, easy access via major highways and proximity to some of the city’s top educational, medical sporting and shopping facilities.
This popularity has not waned despite the market slowdown, say Pam Golding Proper ties’ local agents – in fact, homes which are realistically priced are staying on the market for less than a month, and there is a shortage of stock for sale.
PGP’s area manager, Howard M a rk h a m , s ay s C l a r e m o n t i s affected by seasonal fluctuations, like any other Cape Town suburb, with the market generally quietening down in mid-winter, and many would-be sellers electing to hold out until spring.
“But,” he says, “we still have a good variety of homes on our books, and sellers who are taking a pragmatic approach to the prevailing climate and are not over-pricing their homes, are having them snapped up within a matter of weeks or even days – in fact, we have seen some homes selling before they have even been on our books for a full day.
“A renovated home in Bishopscourt Village sold for R2.85 million in May, 12 hours after it was listed with us.
“A l t h o u g h t h e r e h a s b e e n inevitable downward pressure on prices, the shortage of stock means that many sellers in this suburb are achieving good prices for their homes, in remarkably short times.”
For the most part, family homes can be obtained for around R2.5m to R3m and upwards, depending on their condition.
“As Claremont is one of the city’s o l d e r s uburbs, ” s ay s Markham, “ t here are naturally s ome ol der homes which are in need of upgrading, and buyers looking for bargains would do well to look out for these. For example, we recently sold a spacious family home within walking distance of top private schools for just R1.95m, to a buyer who intends to redevelop the property.”
PGP’s other recent sales included two homes in Bishopscourt Village sold for R2.4m and R2.8m in May, both within two weeks of listing.
July sales included a home in upper Claremont, in need of renovation, which was sold within four days to a young family, for R2.5m.
A more modern Provençal-style home in mint condition was sold for the full listing price of R3.5m to a local buyer, in under a month.
PGP’s MD for the Western Cape metro region, Laurie Wener, says there are also plenty of opportunities in Claremont for buyers who want smaller homes.
These include buyers who are downscaling for retirement or an empty nest, or those just starting out in the property market, for example, young professionals and newly married couples without children.
“There is a wide variety of apartme n t s av a i l a b l e , r a n g i n g f r o m brand-new developments to older buildings, some of which command the most outstanding views and positions in the suburb.
“Typically you can buy a studio apartment from around R500 000, going up to R600 000 for a one-bedroom apartment and R900 000 for a two-bedroom unit.”
One of the most popular of the new options for apartment-dwellers is the lifestyle development behind Library Square, The Quadrant. This block has modern apartments with high-quality finishes, outstanding views and excellent security, and a range of on-site extras such as a gym, an Italian restaurant and a wine bar.
The apartments are divided into several blocks arranged around a central courtyard.
PGP’s development manager, Bev B l o c h , s ay s T h e Q u a d r a n t h a s attracted a large number of medical professionals as it is close to several hospitals and medical practices.
“ S e ve r a l p r o f e s s i o n a l s f r o m Gauteng have also bought here,” she says, “and use their units as lock-up-and-go commuter pads. Corporate buyers have seen similar potential in the building, buying units where they can accommodate visiting clients and suppliers.
“A n d , o f c o u r s e , i t h a s a l s o proved popular with students and sports enthusiasts, due to the complex’s proximity to UCT and the Newlands sports grounds.”
Bloch says although the investor market has been quiet of late, there has been recent interest from potential owner-occupiers as the first block has reached completion.
GREAT LOCATION: This four-bedroom upper Claremont home on a 1 084m2 erf within walking distance of top schools is for sale through Pam Golding Properties at R6.45 million.