Opinions already vary widely as to whether the R3bn Greenpoint Stadium is an asset to the area or an oversized imposition on a precinct that has otherwise gained rapidly in charm and appeal recently.
"It is acknowledged as a magnificent technological achievement but, even though it is separated from the main residential and retail areas, it has to be admitted that it is in danger of dominating a suburb where most of the buildings are between two and six storeys high," says Lanice Steward, MD of Anne Porter Knight Frank (APKF).
To her surprise, said Steward, reaction among Greenpoint residents has on the whole been positive, and one reason for this is that many are now making arrangements to rent out their homes throughout the World Cup period at once-in-a-lifetime rentals.
"The latest reports indicate that apartments within walking distance will be able to charge exceptionally high rates, possibly five times the current going rate. We have been told that some people are hoping to earn R60k per month for apartments that are currently charging R8k. Whether such rentals are achievable I have no means of knowing at this stage, but there is an amazing optimism among Greenpoint residents right now and it may well be justified."
One effect of the anticipated 2010 boom, added Steward, is that right now there is minimal stock coming onto the market, and this in turn is pushing up the prices of all houses in the area.
"We have to recognise that large sections of Greenpoint, particularly those on the coastline approaching the V&A Waterfront and those sited towards the northern end of the precinct, have taken on a chic 'boulevard' ambience of the type that previously boosted prices so significantly in Camps Bay and De Waterkant. Whenever an area begins to attract the young, upwardly mobile set, as Greenpoint is now doing, you can expect steady transformation and rapid price rises.
"The process was initiated here by the Victoria Junction Hotel and other new developments on Somerset Road and is now in full swing, making this a promising area in which to buy and one likely to appreciate faster than others in the Cape Peninsula."
For more information contact Lanice Steward on 083 648 6655 or send an email.
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