If you can find a good vacant plot anywhere in a good location on the coastal strip between the Atlantic Seaboard and Hout Bay and it is well priced, then you should buy it.
That is the advice from Stephan Cross, Sales Manager for Seeff Hout Bay and Llandudno who says that the area is now in such high demand that the little land that is still available, is selling for excellent prices. This is well illustrated when you consider that land sales comprise only 7% of total market activity over the last five years.
Sales of vacant land is also always an indication of strong demand for an area, he adds. This year for example, despite the weaker economic outlook, plots in Hout Bay have sold for up to R4.2m in Constantia Nek Estate for 1286sqm, R4.95m for a 950sqm plot in Baviaanskloof Private Estate and just over R5.6m respectively for two plots in Berg-en-Dal Estate of 1161sqm and 1182sqm each. The top price reached over the last year, is R8.75m for a 1387sqm plot that sold late last year in the exclusive suburb of Tarragona.
The demand is such, that we are delighted to now have taken a mandate on one of the few remaining pieces of land in this suburb, say agents, Ingred Blicher Hansen and Ashley Larter. The size is a significant 3427sqm. The property occupies a fabulous location in close proximity to Constantia Nek and enjoys stunning mountain vistas up towards Orange Kloof Reserve.
This newly subdivided plot is fully landscaped with an existing Olive grove. It offers a generous building platform of approximately 833sqm and although there is a height restriction, can accommodate a double story flat or low pitched roof. The design look and feel needs to fit with the existing property and Greg Wright Architects has prepared a diagram that illustrates the shape and form of a proposed new dwelling and its position within the building platform.
Tarragona is an excellent investment suburb and is small and exclusive, home to only five streets and 37 properties in all and comes with top class security features. This includes access control, night patrols and CCTV monitoring which adds not just peace of mind, but also to the value of properties here, say the agents.
In terms of the requirement to build, Ms Blicher Hansen says that although a sub-division is valid for five years from the approval date, it is easily extendable for another period. This however, is not really an issue as a new erf number will be validated against the title deed when the property is sold.
This property is an excellent investment and ideal for a residential buyer looking to build their dream home in a stunning location with quick access to the Atlantic Seaboard on the one side and Southern Suburbs on the other side.
You cannot go wrong with Cape coastal property right now, says Cross. The demand continues unabated, especially in an area like Hout Bay which is seen as the next top end neighbourhood, clearly evident from the fact that luxury buyers are prepared to pay rapidly rising prices here. Well over 10% of all sales are now above the R5m price band and the R10m price mark is increasingly being breached.
Blicher Hansen and Larter says that the convenience factor combined with an excellent lifestyle, is what drives the demand. The airport and top end attractions of the Atlantic Seaboard and city are an easy 20-25 minute commute and you have excellent facilities right on hand including restaurants, retail brands and top class schools.