select
|

St Francis Bay’s housing market attracting top dollar

The top end of the residential property market in the St Francis Bay area – including Cape St Francis, continues to gather momentum, proving even stronger over the past few years than the mid-range properties in the price bracket from R3 million to R7 million, says Pam Golding Properties area principal Richard Arderne.


Priced at R4.75 million through Pam Golding Properties, this prime canal front home (centre, foreground) has four stylish bedrooms (two en-suite) and is situated on an island in the world famous St Francis Bay marina. It includes a plunge pool, sun deck, jetty for your boat plus plenty of off-street parking.
 
The last two years have been good for sales over R10 million with six since the start of 2015 compared with only two ever prior to that. Out of the total of eight sales above R10 million, two were private sales and Pam Golding Properties concluded three of the six high end sales by estate agents, one of which was for R21 million.

Notable recent sales by PGP include two beachfront homes sold for R11.5 million and R9.4 million respectively.
Says Arderne: “Further reflecting the growing investor confidence in the area, over the past two years approximately 20 houses have been built or renovated which each represent a capital investment of in excess of R10 million (including the plot value).

“Many of these properties are ideally situated on the canals, mainly in Mayotte Circle, Marina Island and Sunset Avenue. As they offer exceptionally scenic views and instant access to a host of leisure activities, the canals remain the most popular area, particularly as no further canals will ever be built, further enhancing the exclusivity value of these homes.
“Currently there are relatively few canal houses on the market, with very little available under R5 million. Most of these waterfront homes are priced from R5 million up to R25 million.”

Arderne says further evidence of the popularity of the canals is the exceptional holiday rental demand in peak seasons, with some very high daily rates being achieved, ranging from over R10 000 and even up to R15 000 per day.

According to Deeds Office statistics, for the period from March 2016 to February 2017, total market sales for St Francis Bay and Cape St Francis were approximately R350 million. For this period, Pam Golding Properties sold property to the value of R156 million, which represents about 45 percent of total market sales. “This is our best year since we acquired the PGP franchise in 2005 and our third consecutive year of breaking R100 million in annual turnover,” says Arderne. “We also increased the value of holiday rentals by 28 percent to almost R6 million for the past year.”

Sales at St Francis Links golf estate have also picked up, recently reaching the milestone of 100 homes completed, with PGP experiencing solid activity and achieving R1.4 million for a prime plot. In addition, demand for apartments at Port St Francis is increasing.

Arderne says buyers are about an equal 50:50 split of permanent residents and leisure purchasers, with an ongoing trend towards more and more Gauteng buyers relocating. At least half the permanent buyers are under the age of 60.

While considered the most exclusive location in the entire Eastern Province, St Francis Bay (which includes Cape St Francis) offers good value when compared with many Western Cape resorts such as Hermanus and Knysna, adds Arderne.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK