Unusually high December sales recorded along Atlantic Seaboard

Leading architect Arthur Quinton has sold one home and bought another in the same prestigious Cape Town suburb within the month of December - with both deals being concluded by Pam Golding Properties. Quinton, a partner in acclaimed Cape Town firm Arthur Quinton Darryl Croome Architects, is known for his understated, elegant style of design.  He and his partner jointly have over 50 years’ experience in residential, commercial, industrial and hotel design, and have created some of Cape Town’s most spectacular homes.  

In 2011 he awarded PGP the exclusive mandate to sell his property in Avenue Disandt, Fresnaye – one of his signature stylish yet minimalistic homes. Moraitis says the property was sold to an upcountry buyer relocating to the Cape.  Arthur then purchased an iconic site in Ave St Bartholomew, a quiet cul de sac in the same suburb, known for its exclusive homes and spectacular views.  The existing house on this property is to be demolished, creating a blank canvas for the architect to design a new spectacular home.

Moraitis says it was a very busy festive season.  “There was a surge in activity right up to the Christmas weekend and beyond,” he says.  “In a more typical year one expects buyer interest and sales activity to level off as we hit the mid-month holiday period, but that simply didn’t happen in 2011.  We saw ongoing enquiries and walk-ins throughout the month, from buyers seeking everything from apartments to houses and also units in newly completed developments.  The interest spanned all price brackets from starter pads at R750 000 to luxury homes in the upper R20 millions.  And while the majority of the buyers were locals, we also sold several properties to upcountry residents who were in the Cape on holiday.  In total, we concluded 30 sales over the month, two thirds of which were sectional title properties.”

Notable sales included the following:
  • R26 million for a property in an elevated position in the Avenues of Bantry Bay, sold to an upcountry buyer
  • R20 million for a house in Camps Bay, sold to a local buyer
  • Three houses sold in Fresnaye at R9.4 million, R10.75 million and R13.5 million, two of them to upcountry buyers
  • R8.2 million for a house in lower Llandudno
  • R5.5 million for an apartment in La Camargue on Sea Point’s front row
  • 10 sectional title properties in the City Bowl, totalling over R19 million

“It is particularly pleasing to see the return of interest in development sales,” Moraitis adds.  “We sold five units in newly completed developments during December – two in Green Point’s The Legacy, two in Sea Point’s new St Ronan’s, and one in Sea Point’s Ballinrobe.  Our office in Hout Bay also sold two units off-plan in the new 1120 on Beach development.  This is good news after a lengthy period of little activity in the developments market.”

“We have not seen this level of sales activity for over five years,” says Laurie Wener, PGP’s MD for the Western Cape metro region.  “There is also a noticeable increase in buyer activity in all coastal areas and interest from up country buyers in acquiring holiday houses on the West Coast.  In mortgage dependent areas, sales are limited only by the sustained stringency of lending criteria of the financial institutions.  There is a marked improvement in sentiment, which bodes well for the beginnings of a recovery.  However, buyers remain value extremely value conscious,” she says.

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