Cape metro shows resurgence

Despite the tougher trading conditions in the property market, a resurgence of activity in the Cape metro area has been noted, with numerous key sales concluded during the month of April 2008.

This comes despite the fact that the approach of winter and the April school holidays usually herald a slowdown in the market in this area. PGP's managing director for the Western Cape metro region, Laurie Wener, says her team closed sales to a total of R311m during the month.

These included a number of top-end properties on the Atlantic Seaboard, on the Western Seaboard and in the Southern Suburbs.

On the Atlantic Seaboard, a five-bedroomed Balinese-style bungalow situated on Third Beach, Clifton, was sold for R31,5m to an international buyer. Other key sales saw local purchasers buying a three-bedroomed house in Ocean View Drive, Bantry Bay, for R9,2m, and a double-storey Stefan Antoni-designed apartment in Upper Fresnaye for R9,8m.

Meanwhile, South African buyers currently based overseas bought a four-bedroomed Mediterranean-style home in Theresa Avenue, Camps Bay, for R8,75m.

Another key April sale saw R23m secured for a home in Llandudno, bordering the nature reserve and offering uninterrupted sea and mountain views. The ultra-modern home is fully-automated and offers four bedrooms, five bathrooms, staff accommodation, double garage, swimming pool and excellent security.

On the Western Seaboard, agents have reported ongoing demand for secure beachfront homes. The highest price ever was secured for a unit in the Bay View security complex, selling a double-storey townhouse with three bedrooms, all en suite, for R5,4m. A five-bedroomed home in Bloubergstrand Village was also sold for R6,25m.

Over a third of the Western Cape metro region's April sales came from the Southern Suburbs, where agents sold a total of R114m, of which over R30m was concluded in Constantia alone. The Constantia sales included a four-bedroomed home in Ou Wingerd Pad, sold to a Scottish buyer for R9,75m, as well as a four-bedroomed Georgian home in a security estate in Spaarman Avenue, bought by local buyers for R11,5m.

Meanwhile in Bishopscourt, a R15,5m property on 1,5 acres was sold to a local buyer wanting to upgrade to a larger family home. The five-bedroomed house has four bathrooms and three garages, as well as a tennis court and swimming pool, and excellent security.

Wener's advice to sellers is to take heed of their agents' price counselling, as buyers are becoming more conservative in the current market, and are increasingly resistant to over-priced properties. "It is extremely important to have a realistic, market-related price in mind, or your home simply will not sell."

Image 1: This family home in Bishopscourt has been sold for R15,5m.

Image 2: This home in Theresa Avenue, Camps Bay, was sold for R8,75m.

For more information contact Laurie Wener on 021 673 4204.

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