Younger, well-heeled buyers opting for the best address of Bishopscourt

Discreetly opulent, with most erven some 4000sqm in extent, the highly sought after residential enclave of Bishopscourt centrally situated in Cape Town’s Southern Suburbs is considered by many to be the best address in South Africa.

Situated in the heart of Bishopscourt and set against a sweeping mountain backdrop, this luxurious double-storey mansion is marketed by Pam Golding Properties at R65 million. The epitomy of comfort, quality and style with a beautifully landscaped, established garden, it includes seven bedrooms and numerous reception areas – including an upstairs undercover patio with extensive dining and sitting areas and panoramic views, wine cellar, gym room, billiard room and home cinema, large swimming pool with changing room and shower suite, floodlit tennis court, two kitchen areas and staff accommodation, among numerous other features.

Luxurious homes in these tranquil, tree-lined streets fetch prices generally beyond the budget of all but the well-heeled, with the most common price range of homes in demand in the region of approximately R20 million, and where the bulk of property acquisitions are paid for in cash, according to Pam Golding Properties agents Myrna Duveen and Christiaan Steytler.

Pam Golding Properties’ (PGP) own sales data confirm this – the agent partnership has sold magnificent top end homes for R69 million (towards the end of 2014) and more recently an ultra-modern, luxury open plan home was sold for R42 million, and a contemporary home with large home office fetched R28 million, to name a few transactions.

Duveen and Steytler say that homes generally range from R10 million for a smaller, usually unrenovated home on a smaller plot to R15 million – R18 million for an average home on 4000sqm and up to R25 million and R69 million and beyond for a luxury home with top quality finishes, all bedrooms en suite, guest cottage and top security. Right now, PGP has stock available for purchase priced from R10.9 million to an eye-watering R90 million.

Situated in Bishopscourt, this top-end property was recently sold by Pam Golding Properties for R26.5 million

“Top end homes usually have luxurious finishes and loads of extras such as a tennis court, squash court, in some instances both an indoor and outdoor pool, garaging for four cars and so on,” says Steytler.

According to statistics provided by Propstats, in 2013 the average selling price was R10.462 million, which dramatically increased to R17.904 million in 2014.

With only about 300 homes in total in Bishopscourt, one wonders how often properties change hands, and become available to purchase.

Explains Duveen: “There is always a high demand for homes in Bishopscourt, even through the recent economic recession and property market downturn. Despite the hefty price tag, currently the bulk of our purchasers are younger families, drawn by the access of the suburb to good schools and proximity to Cape Town and its international airport. Bishopscourt is well positioned to accommodate those needs and many more, not the least of which is privacy, as properties usually cannot be subdivided to less than an acre – apart from some half acre properties on the periphery of the suburb. There’s also a great sense of community and security in the neighbourhood, with its lush, green well-maintained gardens and homes, and breath-taking mountain views so close you can almost touch it, not to mention the close proximity to Kirstenbosch. Perhaps best of all, there’s no Southeaster wind,” she quips.

“Comprising approximately 29 percent in 2014, our out of town buyers are mainly from Gauteng and KwaZulu-Natal, with the balance of purchasers mainly from the Western Cape. Apart from established wealth, there’s a lot of ‘new’ money here, particularly from upcountry. In 2013, 19 properties changed hands in the area, which rose to 27 sales across the market in 2014. At present there is a shortage of stock, no doubt due to the high activity last year coupled with the ongoing demand for homes, particularly as residents prefer to remain in Bishopscourt when upgrading or downsizing due to lifestyle changes and preferences.”

This luxury home in Bishopscourt was recently sold by Pam Golding Properties for R28 million.

Adds Steytler: “Some buyers acquire a property simply to demolish and construct a modern home to suit their own specifications and needs. In such an instance they may purchase a property ranging somewhere between R12 million and R15 million and then invest a further R10 million or more in building their dream home.”

To cater for the demand for new, contemporary homes, Pam Golding Properties is currently marketing three plots, each with a customised designer home, in Bishopscourt’s first exclusive, gated security estate, Klaassensbosch. Accessed off well-known Klaassens Road, in an elevated position considered one of the best locations in the area, each erf comprises just over 4000sqm. The selling price is R43 million plus VAT for a spacious five bedroom, five bathroom home of approximately 850sqm, designed in a contemporary Cape Georgian style.

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