08 Feb 2013
The demand for family homes in Fresnaye has seen sales volumes almost double in the last year to 60 property sales, up by 43 percent on the 42 units sold in 2011.
This is according to Seeff’s luxury market specialist, Lance Cohen, who says property to the value of R500 million sold in 2012 with more sales in the upper end of the market on the back of strong buyer confidence.
In 2011, there were 8 sales above the R10 million price band with the highest price achieved at R13.5 million for a villa in Ave Disandt. During the last year, 14 properties sold above this mark, three of which topped R20 million including a five bedroom villa in Ocean View Drive sold by the agent for R23 million and a record suburb price of R42 million for a 1000 square metre villa in Ave Alexandra.
Since 2010, Cohen says they have seen a year-on-year strengthening in sales volumes and average prices. In 2008/9, only 50 properties were selling at an average price of R5.7 million. The nominal average price has also strengthened by 15.6 percent, up from R6.4 million in 2011 to R7.4 million in the last year.
While buyers continue to select good value and asking prices remain under pressure given the subdued demand, Cohen says that sellers have seen a 13.5 percent nominal annual yield on re-sale over an average period of 7.5yy/mm. Those that have bought well continue to see capital growth and this micro-market on the Atlantic Seaboard has shown its resilience to economic pressure, he adds.
The seaside location and being one of the most wind-free suburbs on the Atlantic Seaboard make the suburb popular with family buyers. Palm-tree lined avenues and a French-colonial architectural tone add to the allure of homes. Houses are spacious with swimming pools and gardens and residents enjoy convenient access to top class schools, facilities and amenities.
Property options and prices vary depending on the location, views, design and size of the home as well as the plot size, says the agent. Smaller homes and townhouses sell for upwards of R4.7 million to around R10.5 million while larger villas with added extras range up to R47.5 million for a one of a kind luxury family villa with a private vineyard and wine maker’s studio.
Set high up against Lion’s Head, the property has sea views and comprises a double stand of 1 432 square metres that includes a 699 square metre vineyard with a wine maker’s studio, wine cellar and tasting room.
Built over four levels with a private elevator, the villa has 733 square metres in floor space, with the main living areas located on the second level. They open onto an entertainment terrace with braai facilities, an outdoor lounge and a rim-flow swimming pool. The house has a study, a gourmet kitchen with an adjacent playroom with a bathroom. There is also a wine cellar/poker room on the ground floor level.
The upper floor includes the main bedroom with a dressing room and en suite bathroom that opens into a private courtyard with an outdoor shower. There are two more bedrooms on this level and there is a one bedroom guest suite with a separate entrance, living area and kitchen on the first level that opens onto a private balcony with a plunge rim-flow pool.
The property includes a two bedroom staff flat with a separate entrance, living room, kitchen and balcony. There is also garaging for five cars and added extras include a koi pond and custom-built children’s playhouse and jungle gym in the landscaped garden. "There is simply nothing to compare to this property and we anticipate that it will attract keen interest amongst luxury buyers," says Cohen.
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