Sales cheer for ClareMart
DESPITE challenging market conditions this year, ClareMart Auction Group has s e e n a n increased sales conversion rate in the commercial and residential property markets, says director Farrell Perling.
“An increasing number of top-end residential properties in fashionable areas of Cape Town were submitted to public auction and resulted in confirmed sales,” Perling says.
“Among them were a record number of Atlantic seaboard properties. About 80 percent of t he high-profi l e re s i dential properties that we brought to auction in the area this year were sold. These include an exclusive Fresnaye residence that was sold to a local businessman for R12.6 million, and an immaculate home in Bantry Bay which fetched R7.5m.”
In addition, there were a number of high-value sales in the souther n and norther n suburbs, a highlight being a Bishopscourt home that achieved just over R10m.
Other high-profile residential and commercial properties s o l d by Cl a r e Mar t Auct i o n Group this year have included a Pinelands apartment block, which was sold to an Eastern Cape investor for R12.1m, and Regency Court, a renovated Sea Point building with retail and residential components, sold for R9.6m.
On the development side, a number of sales were also concluded, including a vacant site on the corner of Koeberg and Racecourse roads in Milnerton which reached a hammer price of R20.7m.
The auction group will be introducing a new auction platform – the monthly Platinum Residential Portfolio – catering for the top end of the market, says Perling.
“An advantage of the new model is that there will be no a dve r t i s i ng c o s t s t o s e l l e r s when we bring their properties to the market. One of our objectives for 2011 is to make the auction model more accessible and we feel this new platform will make the process even more attractive.”
He adds that the company’s multiple commercial and flash residential auctions will continue to be held monthly.
Pe rl i n g i s c o n f i d e n t t h e m a rke t w i l l c o n t i nu e t o improve in 2011, especially in light of the low interest rate and because the confidence of investors seems to have grown since the World Cup.
ClareMart’s next multiple commercial auction will take place at 12.30pm on Wednesday, January 26, in the Ballroom of the Mount Nelson Hotel.
For more information, call 021 425 8822 or visit www.clare mart.co.za
TOP-END PROPERTY: This exclusive Fresnaye residence reached a hammer price of R12.6 million on auction and was sold to a local businessman.