09 Apr 2013
The attraction of Camps Bay is obvious; panoramic sea and mountain views, Blue Flag beaches, a trendy promenade dotted with upmarket restaurants and street cafes, and sought-after residences and holiday homes.
This is the word according to Seeff Camps Bay agents, Rochelle Serman and Lyn Pope, who say while the area has always seen a high demand for real estate, big-budget buyers are increasingly heading to the suburb and snapping up luxury villas with price tags in the upper millions.
The demand is evident from the growing average sales prices, both for sectional title and freehold properties. The average sales price for the suburb is now around R7.4 million, up by 22 percent from R6.4 million from the year before.
Sectional title properties are now selling at around R4.73 million on average, up by nine percent from R4.4 million in 2011, while freehold houses are selling for R8.58 million on average - 34 percent more than the average selling price of R7.3 million.
Smart buyers have over the last few years bought up older homes, primarily for the location, and have remodelled or demolished and built new homes in the suburb. Serman and Pope say these are now coming onto the market and achieving prices in the luxury price band above R20 million.
Prior to 2009, almost nothing sold above this price mark. In 2009/10, two properties and in the last year, four properties have sold above this price mark. These include a Bakoven villa that recently sold for R25 million and a luxury villa in Atholl Road, sold for R20 million.
The agents say about 16 percent of all properties sold above the R20 million mark on the Atlantic Seaboard were in Camps Bay and, this compares well with luxury sales in Fresnaye (four units sold), Bantry Bay (six sales) and Clifton (11 sales).
Building on what has been a good year for the suburb, unit sales since the start of December are already up by about 40 percent to 24 unit sales around R183 million, compared to 17 units sold during the same period last year, says Serman and Pope.
There has also already been one property sale above the R20 million mark with a few more deals in the pipeline and, they anticipate that a newly listed luxury villa priced at R24.95 million will attract significant interest amongst luxury buyers, given its unique location and spectacular mountain and sea views.
The home is set on a large stand of 1 023 square metres, high up on the slopes of Table Mountain. It offers around 700 square metres in floor space and is set over three levels with the opportunity to add an additional level.
The home was remodelled by the owners with the assistance of leading, award-winning architect, Michael Borgstrom and offers multiple terraces and sea and mountain views from every room. Uniquely, it also has access to the mountain at the rear of the home with nearby hiking trails and endemic bird and wildlife abound, including a few regular visitors to the property.
The home includes two living areas and the latest, top class finishes, ideal for the luxury buyer. These include integrated Siemens and Bosch appliances and Caeserstone and Travertine finishes in the kitchen, a Phillipe Stark bath with an automatic temperature regulator in the main en suite bathroom and more.
There are a multitude of spacious living rooms including a private study and four bedrooms, all with luxurious en suite bathrooms; two of which are master bedroom suites with added extras. The landscaped garden is irrigated and blends into the mountain-side location, populated with indigenous plants and fynbos to encourage birdlife.
The rear gate provides access to the mountain where the owners created a drinking hole that is automatically topped up by the garden’s irrigation system to provide nourishment for the wildlife during the hot, dry summer months.
The home is fully air-conditioned and has under-floor heating in the bedrooms and upstairs living areas as well as wall heating on the upstairs patio for winter entertaining. The state-of-the-art security includes infrared beams and remote, cellular-monitorable camera technology.
Save for a few personal items, all of the exclusive furniture and fittings are included in the asking price. These include Persian rugs, custom-made leather couches and other furniture pieces from Klooftique, oil rig design chairs by Haldane Martin, select Eames chairs and artwork and photography by Robin Mann, Lambro and Caroline Gibello.
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