Busy summer for Atlantic Seaboard, City Bowl property.
The annual holiday selling season for the Atlantic Seaboard and City Bowl is now in full swing and we expect a busy summer, says Ms Billy Rautenbach, sales director for Seeff’s Atlantic Seaboard, V&A Waterfront and City Bowl areas.
Agency sales alone (according to the latest Propstats data) across the areas already top the R6.28bn mark and, as we head into the busy holiday season, we are already seeing a spike in buyer interest and expect to see an uptick in show house attendance over the summer.
In addition to more local house hunters, the November to April period also brings foreign buyers as well as those from the inland provinces, especially the greater Johannesburg and Pretoria areas looking to either migrate to the city or invest in a second home here.
This year’s sales for the City Bowl and CBD already amount to around R1.6bn and an average selling price of R4m, she says. The lowest sale has been R1.1m, also for a small flat and the highest, R22m for a luxury home in Higgovale. Almost half of all activity falls below the R6m price band.
Although there are exceptions, most properties are selling within about 44 days of listing date and at an average price discount of only 5.7%.
Sectional title sales comprise about half of the value of the market this year. The CBD and City Bowl remain very active insofar as apartment sales are concerned. JP Ricketts, Alan Screen and Warren Emett, Seeff’s sectional title team for the areas expect a busy summer with strong demand coming from second home and investment buyers, but also the usual influx of residential buyers early in the new year. The convenience, especially for those who work in the city, is a strong driving factor.
The demand for city flats is basically across the board, from studio apartments in the R1m-R1.3m range to one-bedroomed flats priced between R1.5m-R2m and two bedroomed units priced to around R2.5m.
Freehold houses too remain in high demand and, says Michael Hauser and Doris Ricketts, we expect an influx of buyers towards the start of next year looking especially in the R5m-R10m price band, but as we have seen this year, buyers are now prepared to pay well into the upper millions in top end suburbs such as Higgovale and Oranjezicht.
The Atlantic Seaboard suburbs too remain active, says Ms Rautenbach. Here, sales of some R4.38bn have already been concluded. The sub-R15m price remains the busiest, accounting for about 80% of all transactions.
In the sub-R10m price band, properties are selling within just over a month on the market and at a price discount of on average just 5% compared to an overall market average of 7%.
The sectional title sector has been very active, especially at the lower end. Apartments below R3m in areas such as Green Point and Sea Point are literally still selling within a day according to agents, Hilary Biccari and Bryan Ginsburg. Stock levels are very tight and, as we head into the busy holiday season, we would urge those still looking to sell, to get into the market.
Luxury apartments in the R4m-R6m price range are hot sellers according to Adrian Mauerberger and Cecily Sher. There is also a shortage of top end apartments in the R15m-R30m price sector.
Camps Bay continues to see high demand and agents, Pola and Nadine Jocum expect a good summer. The R8m-R15m price range is where the bulk of the activity is taking place and any well-priced property in this price sector is attracting excellent interest. For buyers, the message is clear, if you can find a good property, don’t wait as prices are not coming down. The quality lifestyle and property appreciation in Camps Bay is worth stretching your budget if you can.
According to Karen Lurie, the demand for freehold houses, especially family homes in areas such as Clifton, Fresnaye and Bantry Bay in the R10m-R15m price range are always in high demand as the year sets off. We usually see parents looking for homes close to the schools with the Atlantic Seaboard obviously a top choice.
Jessica Rother and Debbie Koping who operate in the Sea Point and Green Point neighbourhoods concur. Here, freehold houses below R10m are still selling quite fast, provided the asking price is pitched at the right level. Where you could once buy plenty below R5m here, there is now almost nothing available. The biggest demand for stock right now, is in the R4m-R8m price band with anything from starter to family homes attracting excellent buyer interest.
Ms Rautenbach says that the average selling price for the Atlantic Seaboard this year stands at around R8m. The lowest sale made by the agency is R1.3m for a small flat and the highest price achieved was R75m in Fresnaye.
The R20m-plus super luxury sector is also more active over the summer period. Sales in this sector of the market for the previous summer tourist season for example amounted to almost R1bn. Foreign buying was also up over the last tourist season, adding a further R1.282bn for the Atlantic Seaboard and City Bowl areas.
We expect even more tourists this year and the favourable exchange rate makes it a great time for foreigners to invest. Cape Town is now the busiest tourist city on the continent with the Atlantic Seaboard and City Bowl areas ranking as the most popular.
Although now the most expensive areas in the city and country for that matter, there is still something here for every buyer need and budget, with prices ranging from around R2m for a nice apartment in the CBD or Sea Point to luxury villas in Clifton and Camps Bay around the R20m to R200m mark.
Smart buyers continue looking for an opportunity to get into the market here and that is great news for sellers. That said, buyers are now very knowledgeable about prices and are weary of overpriced properties.
The area rightfully deserves the accolade of being the premier residential real estate belt in the country. You have the beautiful coastline and two of the continent’s most beautiful Blue Flag beaches, Camps Bay and 4th Beach Clifton. Then, there is the yacht-lined Waterfront area. Add to that, the clean air and healthy resort lifestyle, the fabulous views and host of facilities, from retail and services to restaurants and Yoga studios, all right on your doorstep.
Samuel Seeff, chairman of the group, says you cannot go wrong with property in Cape Town and in areas such as the Atlantic Seaboard and City Bowl in particular. These areas will remain resilient and rather impervious to the economic fluctuation and we will see high end buyers continuing to look for opportunities to get a foothold in the areas. If you are a seller, now is a good time and if you are thinking of buying, don’t leave it too late.
Contact Seeff Atlantic Seaboard on 021 434 9175, V&A Waterfront on 021 425 5970 and City Bowl on 021 423 9146.
13 Mar 2017
Author Seeff
Agency sales alone (according to the latest Propstats data) across the areas already top the R6.28bn mark and, as we head into the busy holiday season, we are already seeing a spike in buyer interest and expect to see an uptick in show house attendance over the summer.
In addition to more local house hunters, the November to April period also brings foreign buyers as well as those from the inland provinces, especially the greater Johannesburg and Pretoria areas looking to either migrate to the city or invest in a second home here.
This year’s sales for the City Bowl and CBD already amount to around R1.6bn and an average selling price of R4m, she says. The lowest sale has been R1.1m, also for a small flat and the highest, R22m for a luxury home in Higgovale. Almost half of all activity falls below the R6m price band.
Although there are exceptions, most properties are selling within about 44 days of listing date and at an average price discount of only 5.7%.
Sectional title sales comprise about half of the value of the market this year. The CBD and City Bowl remain very active insofar as apartment sales are concerned. JP Ricketts, Alan Screen and Warren Emett, Seeff’s sectional title team for the areas expect a busy summer with strong demand coming from second home and investment buyers, but also the usual influx of residential buyers early in the new year. The convenience, especially for those who work in the city, is a strong driving factor.
The demand for city flats is basically across the board, from studio apartments in the R1m-R1.3m range to one-bedroomed flats priced between R1.5m-R2m and two bedroomed units priced to around R2.5m.
Freehold houses too remain in high demand and, says Michael Hauser and Doris Ricketts, we expect an influx of buyers towards the start of next year looking especially in the R5m-R10m price band, but as we have seen this year, buyers are now prepared to pay well into the upper millions in top end suburbs such as Higgovale and Oranjezicht.
The Atlantic Seaboard suburbs too remain active, says Ms Rautenbach. Here, sales of some R4.38bn have already been concluded. The sub-R15m price remains the busiest, accounting for about 80% of all transactions.
In the sub-R10m price band, properties are selling within just over a month on the market and at a price discount of on average just 5% compared to an overall market average of 7%.
The sectional title sector has been very active, especially at the lower end. Apartments below R3m in areas such as Green Point and Sea Point are literally still selling within a day according to agents, Hilary Biccari and Bryan Ginsburg. Stock levels are very tight and, as we head into the busy holiday season, we would urge those still looking to sell, to get into the market.
Luxury apartments in the R4m-R6m price range are hot sellers according to Adrian Mauerberger and Cecily Sher. There is also a shortage of top end apartments in the R15m-R30m price sector.
Camps Bay continues to see high demand and agents, Pola and Nadine Jocum expect a good summer. The R8m-R15m price range is where the bulk of the activity is taking place and any well-priced property in this price sector is attracting excellent interest. For buyers, the message is clear, if you can find a good property, don’t wait as prices are not coming down. The quality lifestyle and property appreciation in Camps Bay is worth stretching your budget if you can.
According to Karen Lurie, the demand for freehold houses, especially family homes in areas such as Clifton, Fresnaye and Bantry Bay in the R10m-R15m price range are always in high demand as the year sets off. We usually see parents looking for homes close to the schools with the Atlantic Seaboard obviously a top choice.
Jessica Rother and Debbie Koping who operate in the Sea Point and Green Point neighbourhoods concur. Here, freehold houses below R10m are still selling quite fast, provided the asking price is pitched at the right level. Where you could once buy plenty below R5m here, there is now almost nothing available. The biggest demand for stock right now, is in the R4m-R8m price band with anything from starter to family homes attracting excellent buyer interest.
Ms Rautenbach says that the average selling price for the Atlantic Seaboard this year stands at around R8m. The lowest sale made by the agency is R1.3m for a small flat and the highest price achieved was R75m in Fresnaye.
The R20m-plus super luxury sector is also more active over the summer period. Sales in this sector of the market for the previous summer tourist season for example amounted to almost R1bn. Foreign buying was also up over the last tourist season, adding a further R1.282bn for the Atlantic Seaboard and City Bowl areas.
We expect even more tourists this year and the favourable exchange rate makes it a great time for foreigners to invest. Cape Town is now the busiest tourist city on the continent with the Atlantic Seaboard and City Bowl areas ranking as the most popular.
Although now the most expensive areas in the city and country for that matter, there is still something here for every buyer need and budget, with prices ranging from around R2m for a nice apartment in the CBD or Sea Point to luxury villas in Clifton and Camps Bay around the R20m to R200m mark.
Smart buyers continue looking for an opportunity to get into the market here and that is great news for sellers. That said, buyers are now very knowledgeable about prices and are weary of overpriced properties.
The area rightfully deserves the accolade of being the premier residential real estate belt in the country. You have the beautiful coastline and two of the continent’s most beautiful Blue Flag beaches, Camps Bay and 4th Beach Clifton. Then, there is the yacht-lined Waterfront area. Add to that, the clean air and healthy resort lifestyle, the fabulous views and host of facilities, from retail and services to restaurants and Yoga studios, all right on your doorstep.
Samuel Seeff, chairman of the group, says you cannot go wrong with property in Cape Town and in areas such as the Atlantic Seaboard and City Bowl in particular. These areas will remain resilient and rather impervious to the economic fluctuation and we will see high end buyers continuing to look for opportunities to get a foothold in the areas. If you are a seller, now is a good time and if you are thinking of buying, don’t leave it too late.
Contact Seeff Atlantic Seaboard on 021 434 9175, V&A Waterfront on 021 425 5970 and City Bowl on 021 423 9146.
13 Mar 2017
Author Seeff