Steenberg’s estate property now among the most sought-after and valuable

Completed homes at Nieuwe Steenberg, where only two homes are available for sale at present.

The two Steenberg residential estates, on the original site of the Steenberg wine farm, the oldest of the Constantia Valley that still boasts vineyards and a winery, now rank among the most sought-after and valuable real estate in the country, according to Faith Knight and Nikki Edenborough, Seeff agents for the Constantia area.

“Although there is the odd exception, the entry level price for the estate is now around R11 million. The average municipal value is just over R12.7m, putting the Steenberg Golf Estate top among 5 868 estates countrywide listed by Lightstone.

Homes were selling for around R9.4m on average five years ago, whereas the average now is just over R11.9m. This is also 20 percent higher than the R9.8m average price for Constantia,” say the agents.

“Recently, homes sold have been priced from about R11m to R22.5m and R24.5m, and top prices now range to about R30m.”

The 96ha golf estate is set against the back slopes of Table Mountain, with views over the Constantia Valley, its vineyards and the surrounding mountains.

Aside from an 18-hole golf course, a winery and vineyards, amenities include a clubhouse, a hotel and restaurants. Luxury homes are also sold with two golf memberships and often with golf carts.

“About half of all homes in the estate have been in the same hands for 10 years or more. This means that although there are just over 200 residential properties in the estate, only about 10 homes are sold here each year as owners tend to hold onto these homes.

“About 90 percent of the homes in the estate are owned by locals and about 10 percent by European ‘swallows’. Although many residents have a keen interest in golf, most buy here for the superb lifestyle on offer,” say Knight and Edenborough.

James Lewis, Seeff’s managing director for the southern suburbs, says that the site of the Steenberg developments comprise some of the most valuable real estate in the country and statistics show that values keep increasing each year.

“From a buy-to-let perspective for example, rentals for the golf estate homes now range from R60 000 to R75 000 a month,” says Lewis.

“For those who still want the lifestyle, but at a lower price, the new neighbouring Nieuwe Steenberg development has become one of the top developments in the city. Phase one is completely sold out and all but two units in phase two have also been sold.”

The village-like Nieuwe Steenberg has also been popular with younger buyers, say the agents. Almost two thirds are under 50 and almost half of that under 35.

The development will ultimately be home to 30 architect-designed homes in a Cape vernacular style with trendy interiors. Finishes include under-floor heating and energy saving features.

“Nieuwe Steenberg has added a modern and secure lock-up-and-go option to the Steenberg mix. Prices start at around R3.4m and range to R9m for the last two available units,” say Knight and Edenborough.

The three-storey homes have a minimum floor space of 310m², and the smallest plot is 480m². All homes have three bedrooms with en suite bathrooms, open plan living areas with stacking doors that open onto terraces, and kitchens with engineered stone counter tops and separate sculleries. On the lower basement levels are TV lounges with cloakrooms as well as storerooms and large double or triple garages.

“The average selling price for Nieuwe Steenberg was around R3.8m last year, and is now around R6m. Given that there are now only two homes available at present, we expect significant interest,” say the agents.

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