Top dollar for Clifton properties despite slowdown

Denise Dogon of Dogon Group Properties says both local and foreign buyers of properties in the sought after Nettleton Road and beachfront areas of Clifton still see great value in investing in these locations.

She says in good or bad times investing in property is always about the position. InClifton, buyers in recent months have paid up to R60 million for a villa while a penthouse was sold for R33 million.

Nine out of 17 properties were sold to South Africans, some of whom relocated from Gauteng and KwaZulu Natal to Cape Town. The foreign buyers, whom the agents declined naming due to client confidentially, included an Indian liquor baron, West African and Asian industrialists, European royalty and captains of industry from Germany and the United Kingdom.

Dogon says the remarkable sales were achieved by herself along with the team, Adrien Epstein and Vicky Atlas, who together in the past 2 years have sold more Clifton Properties by value than all other real estate agencies combined.

“Two of the 17 properties sold by the three of us have been sold 3 times in the past 4 years. An apartment in one of the most prestigious blocks on the water’s edge in Clifton sold twice in a two year period – initially for R25 million and later again for R28 million.

“Buyers are still seeing value in Clifton property. Many of them have been looking to buy Clifton for years and when the right property comes onto the market, they are quick to respond”.

She says there are many contradictions in the market – on the one hand buyers are looking for bargains in the wake of the global economic slowdown and on the other hand the prices they pay are setting new records for sales in the area.

“One example is of a sale in Nettleton Road for R45 million - is definitely one of the highest prices ever for a piece of land, as the buyer has effectively bought a plot because he intends demolishing the house and building his own.

“In some cases the sellers are making good profits but in some instances they are taking less than they paid for the properties in an effort to liquidate assets”.

“One bungalow on one of the biggest stands on the beach in Clifton, which was previously marketed for R40 million, was recently sold for R26 million, while two other bungalows – one for R34 Million and the other of R20 million were both sold for the full asking prices.

Dogon says that SA property still offer excellent value for money and a superior lifestyle when compared to what was on offer in other countries.

She says Clifton – unlike other suburbs in South Africa – was clearly governed by demand and supply principles and that the rare ‘gems’ such as the properties on the ocean and in Nettleton Road achieved top prices – irrespective of the state of the rest of the property market.

“Top-end properties also seem able to maintain their growth in recessionary times because there is always a shortage of prime properties, and while there are not many buyers in this league, those operating here are very discerning and know what they want”.

“Because of the general economic outlook, sellers are definitely more negotiable and we have been able to work within a band of up to 20% discount differential between the listing and selling price.”

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