22 Mar 2012
Wealthy property buyers are not concerned about home loans and credit records, but care about the location and architectural design of the home.
Slot explains that while Sandhurst homes are generally large and on large grounds, Nettleton Road properties have sea views to die for.
“The views, exclusivity and shortage of land contribute to the value of homes on Nettleton Road, with wealthy local and international buyers owning luxury villas worth millions.”
Clifton is home to four Blue Flag beaches with almost pure white sand that are rated as some of the best in the world.
It is frequented by visitors and sought-after for investment homes and short- and long-term leases.
In the past three years, R233 million of real estate has sold in Nettleton Road, with properties selling for between R30 million and R60 million.
Capital appreciation rates have ranged from 10 percent for 34 Nettleton Road, which sold twice over a four year period, to 18 percent in just under four years for 9 Nettleton Road, says Seeff agent, Lance Cohen.
It is also here that the only cranes are visible on the Cape Town city skyline as investment continues with building projects, creating homes valued at around R100 million each, he says.
If you are a wealthy buyer loaded with cash and want to live in one of Africa’s most expensive roads, look no further than 1 Nettleton Road selling for R49.95 million.
This villa was designed by Peerutin Architects and is described as the epitome of luxury living with all the must-have ultra modern finishes and interiors done by Cecile & Boyds.
The property is set on a stand measuring 784 square metres.
If you cannot afford a luxury home on Nettleton Road, no worries - Clifton has some amazing properties, after all, it is still considered a very good location, and who knows, you may bump into the famously wealthy at the shops.
Pam Golding Properties (PGP) Atlantic Seaboard reports homes in Clifton are in demand with one property priced at R14 million sold within a day of listing at full asking price.
The three bedroom apartment in Heron Water and six bedroom home, which sold for R26 million, indicate buyer demand for luxury homes, he says.
Moraitis says there has been a definite upturn in activity across all price ranges, but most notably in the market for homes priced over R10 million.
“Buyers in this category were mainly seeking iconic designer homes with panoramic ocean views or vacant land where they can build such homes,” he says.
He says these buyers came from Gauteng as well as a few international buyers.
Moraitis points out that the majority of sales were cash deals as well as investor and speculative buyers making a comeback, an indicator of renewed confidence in the Western Cape property market.
Property buyers in these areas are said to be extremely value-conscious and look to secure the most competitive price for their purchase.
Durban in KwaZulu-Natal may not have the most expensive road on the African continent, but property prices in that area have remained steady in the more affordable price bands of over R1 million.
According to Carol Reynolds, PGP area principal in the Durban North and La Lucia areas, some nodes on the northern KwaZulu-Natal coastal belt were particularly resilient and weathered the storms with relatively stable pricing.
Reynolds notes that Lightstone data revealed that homes located close to La Lucia Mall and Gateway Shopping Centre are in demand because of affordability for buyers who are not as wealthy as those in Sandhurst and Clifton.
In Sunningdale, freestanding homes have averaged between R1.2 million and R1.3 million since 2007 while sectional title units in the area ranged between R1 million and R1.1 million during the past five years.
Historically a sought-after area, La Lucia has managed to trade well despite negative economic factors and the average price peaked in 2007 at R2.95 million and then recovered to an average of R2.8 million last year, she says.
She adds that properties priced below R3 million sell fast with some reportedly selling on the day of listing. – Denise Mhlanga
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