select
|

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


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    • 20 Jun 2018
      The average size of bond granted in SA has grown 7,7% in the past 12 months to R934 000, according to BetterBond, the country’s biggest bond originator.
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
    • 19 Jun 2018
      The Capetonian dream is to live by the ocean with the iconic mountain making an appearance somewhere in the horizon. But, that dream comes with a hefty price tag that many simply cannot afford. But, should you venture some kilometres out of the city centre, entirely new realms of beachside bliss await you …
    • 19 Jun 2018
      Douw Steyn, one of the richest men in the country, recently allowed a rare glimpse into his Fourways Palazzo when it was featured on the SABC lifestyle programme Top Billing - and it is beyond your wildest dreams!
    • 18 Jun 2018
      Many home sellers are motivated to appoint estate agents because they know that the agency will carry the costs of advertising and marketing their property.
    • 18 Jun 2018
      When a property is sold when it has a tenant in occupation, the questions often raised are: “What happens to the tenant if the landlord sells the property?”, and what rights the tenant will have with regards to cancelling the lease or enforcing it, says Sunell Afrika, rentals manager for SAProperty.com.
        
    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