Sectional title sales continue to dominate Atlantic Seaboard market, says PGP

Cape Town’s Atlantic Seaboard and City Bowl property market continues to hold its own, with Pam Golding Properties reporting that it has sold half a billion rand in residential property in this area, over the first five months of the year (2011).  The market has shown a steady upward trend in these areas over the course of the year so far – although this may plateau over the traditionally quieter mid-winter months.
Sectional Title still dominating

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the sustained high levels of performance have been due in no small part to the continued steady turnover of sectional title sales.  “Sectional title continues to dominate the market, even exceeding full title sales in these areas,” he says.  “Buyers are mainly end-users intending to live in the apartments, and the activity spans all price ranges.  Our sectional title sales this year have included everything from a R550 000 apartment in Mimosa Court, Oranjezicht and a R600 000 unit in Jessica Court, Sea Point, to two apartments in The President in Bantry Bay, sold for R10 million and R11.5 million.”
Other high-end sectional title sales concluded by PGP in this period were:
·         R10.5 million for a unit in Bantry Rocks
·         R10.2 million for an apartment at Ellesmere in the V&A Waterfront
·         R9.2 million for a unit in Two Oceans, Mouille Point. 
·         R7.25 million for an apartment in Woodside Close, Tamboerskloof

Full title stabilising
Moraitis says full title market activity has also improved and stabilised in areas like Fresnaye and Camps Bay – traditionally favoured residential hubs for well-heeled families and businesspeople.  “Residents tend to put down roots in there suburbs and live here for years, sometime decades,” says Moraitis.  “So demand always exceeds supply, which tends to uphold market values even during times of downturn.  Currently we are seeing a high percentage of cash buyers looking for good deals in these suburbs, who are prepared to wait to find the right home at what they perceive to be fair market value.  The market is being dominated by local, Cape-based buyers who see this as an opportune time to acquire a foothold in these highly sought-after suburbs.”

Among the notable full title sales achieved by PGP this year have been the following:
·         R23 million for a home in Kloof Road, Clifton
·         R20.5 million for a home in Apostle Road, Llandudno
·         R18 million for a home in Theresa Avenue, Camps Bay
·         R14 million for a property in Geneva Drive, Camps Bay
·         R13.5 million for a home in Top Road, Fresnaye
·         R10.5 million for a home in Avenue St Louis, Fresnaye
·         R9.5 million for a property in Queens Road, Tamboerskloof
Moraitis says full title activity in the Camps Bay area was most noticeable in the R5.5 million to R7.5 million price bracket, while the bulk of sales in the Fresnaye/Bantry Bay area were priced between R9 million and R11 million.  Full title sales in the City Bowl spanned a variety of price ranges, notably R2.8 million to R3.2 million, and R3.7 million to R7.25 million.

Released on behalf of Pam Golding Properties by Philippa Hudson

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