Muizenberg goes from ‘slum’ by the sea to the place to be

FROM once being regarded as somewhat of a “slum” by the sea, Muizenberg is now the place to be.

Bonita Lee of Seeff says the area is abuzz with development and regeneration and the property market is still very busy.

“We did not have the big dip that many areas had last year and sales activity for last year was on par with 2014. The time that it takes to sell property even improved drastically since 2014, from around 168 days on average to just 57 days. All the while, sellers have been getting excellent prices with about 95 percent of them getting close to or the full listing prices in many instances.”

Not just the suburb, but the whole area is upgrading. Over the last few months, the City of Cape Town spent over R40m on various projects aimed at revamping and rejuvenating the area. This includes the Main Road in Muizenberg, as well as the side alleys and walkways that connect the historical village.

Muizenberg Urban Renewal is part of the multimillion-rand development of the South Peninsula’s most scenic route and access roads stretching 4.5km along Muizenberg to Clovelly.

The changes include new road surfaces, widening of the pedestrian sidewalks and a red brick surface for York Road. The small eateries and late night tapas bar in York Road are now booming with the renewed vibrancy and accessibility, says Lee.

All of this development has been an added boost for the property market, says Lee. While the coastal setting and lifestyle are among the aspects that drives buyers to the suburb, the restoration and development of the area and the café culture has had a very positive impact on property demand and the capital value growth.

“There is limited land space here and with the rising demand, property values will just keep growing. I suspect that buyers know this and want to get into the area before prices spike,” says Lee.

“In 2014 for example, the suburb’s average house price was around R1m and the highest price was about R2.6m. Last year, the average price climbed to around R1.2m. The values for property in the historical village though are substantially higher and you would now need a minimum of R1.8m to buy here.”

Last year was busy for sellers. The agent alone sold about 40 properties worth over R50m. This year has also started off with a bang and she already has five sales pending and two of the most sought-after homes in the village on the market. One of these is a three-bedroom village home with no garage that was sold for a record price of R1.8m.

The second is on the market for the first time in 20 years. It was bought in 1996 for just R185 000 by a well- known South African actor, says Lee.

“Priced at R3.5m, the double storey home is one of a few with its own parking. It has been renovated with trendy finishes and accents and offers double-volume living. It is very close to Surfer’s Corner and the beachfront.

“The home still has original wooden floors, staircase, sash windows and doors along with a Victorian fireplace. There are also trendy raw brick – the original bricks of the home – exposed accent walls and the kitchen and bathrooms are modern. There are also lovely outdoor areas and views.”