Prospective Bishopscourt buyers finding some real gems awaiting renovation

BISHOPSCOURT has some of the most valuable real estate in South Africa, if not in Africa, says Mike Greeff, chief executive of Greeff Properties, Christie’s International Real Estate.

“Bishopscourt has retained its property values, even in tight economic periods since demand is generally well in excess of supply. Buyers here are typically not as affected by market trends as they’re not usually bond dependent – cash is either available or they’re being funded by large corporates,” says Greeff.

“There is never a plentiful supply of Bishopscourt prop- erty because those who buy here tend to stay. According to our agents for the area, Debbie Woods and Rob Maspero, older residents tend to remain in their homes until they downscale. Younger residents, on the other hand, usually have children at southern suburbs schools and they are completely entrenched in the lifestyle offered by the exclusive suburb.”

Woods says the entry level for a property in the more secluded sections of Bishopscourt is around R16 million. Invariably, these are properties with older houses, which buyers tend to want to renovate, or maybe add value to.

“There is a marked trend in Bishopscourt of buying older homes requiring modernising, and Greeff is marketing two such properties,” says Woods.

The first house on a 4 913m plot has four bedrooms, threebathrooms, two garages and magnificent views. The price is R16m. The second house on a 3 897m2 erf has six bedrooms, five bathrooms and three garages. The listing price is R15.95m.

Greeff recently sold a 65year old home on a 5 965m2 erf with four bedrooms, three bathrooms, three garages and space for eight cars, for R16.25m.

“Higher prices are being paid for newer homes, such as the five-year old single-storey one on a 4 912m2 plot with six bedrooms and five bathrooms that our agents recently sold for R31.5m. We also sold a 12year old five-bedroom home on 5 755m2 in excellent condition for R28m, just 3.5 percent below the listing price.

“The highest price paid in Bishopscourt to date is R69m for a 12 119m2 erf with a 2 000m six-bedroom house. The highest prices paid over the past 24 months were R42m for a six-bedroom house on a 3 965m2 erf, and R32m for a five-bedroom house on 3 674m .

“All these properties were new and modern – the houses were between two and eight years old,” says Greeff.

“Unlike many other suburbs, Bishopscourt faces north and gives spectacular mountain views. You can see as far as the Hottentots Holland range, and it’s also protected from the south easter,” says Maspero.

“It’s rare to find vacant plots in Bishopscourt. According to Propstats only one piece of vacant land was sold in Bishopscourt over th6e past 12 months. This 4 296m2 plot was sold for R19.4m – just 2.5 percent under the listing price.”

Greeff is marketing 6 300m of elevated north-facing land at R21m. Also, newly for sale through Greeff are: a five-bedroom house with a separate cottage on 4 000m priced at R25m; a seven-bedroom home with five reception rooms, two garages and parking for eight cars on 3 502m2 is priced at R29m; and a French countrystyle house with four bedrooms, four bathrooms and three garages on 3 620m2 is priced at R27m.

“Luxury properties tend to have a high security presence as do the embassies and ambassadorial residences in the area and this lends a sense of safety in the suburb,” says Greeff.