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Simbithi sees many sales and splendid living

Wassenaar analysed 206 registered transfers in the Estate in 2011, representing R345.9m in property transactions, in order to fully understand what is happening in the Simbithi property market.

Of the 206 transfers, 54 (26.2%) were sales in sectional title schemes, to the value of R130.1m, and 152 (73.8%) were freehold properties. Says Wassenaar: "The freehold sales were still dominated by vacant land sales, priced largely between R510,000 and R1.4m. This run in vacant land transactions can be expected to slow down this year, since the bulk of the land from the master developer is sold and many vacant land property owners will be commencing construction on their sites.

"More activity can be expected at the higher end as sales of newly built homes are concluded, which will raise the average pricing achieved on the estate. Our detailed estate report indicates that the mean value of Simbithi transactions over the past 12 months was R2,997,903. The R8m threshold is being breached by recent home sales, and 2012 will no doubt raise this level."
Seeff Dolphin Coast currently have on their books what Wassenaar refers to as "one of Simbithi's finest properties", priced at R14.75m.

"This represents the highest level of residential home available within Simbithi. Imagine if you had first choice of any site in Simbithi prior to the original land sales commencing. Which site would you select? This is exactly what happened in the case of this home currently for sale, which can arguably be labelled as one of the finest settings on the estate, with secluded forest views and golf course/dam outlook. Owned by one of the daughters of the original Beverly Sugar Estate family from whom Simbithi was purchased and developed, as well as by Simbithi's acclaimed golf course designer, this site is truly one of a kind."

This spacious dream home of 800 m2 is set on 1953 m2 and offers four bedrooms and four bathrooms, plus a large dorm bedroom (ideal for children). There is a separate bar, swimming pool, putting green, two studies, open-plan dining room/kitchen, wrap-around veranda, staff accommodation, scullery, double garage, golf cart garage and two guest toilets. It also features Mozambique kiaat floors and balau decking.

Adds Wassenaar: "This offers something for the whole family - and a great investment for the discerning investor. Simbithi's popularity has skyrocketed over the past three years and has become the first-choice estate for young families as the children's facilities and sporting amenities provided within the estate are unmatched along the Dolphin Coast. This demand has ensured that pricing for vacant land has remained firm. With every month seeing the completion of new and more elaborate homes on the estate, the average value of completed properties in Simbithi can be expected to increase substantially over the next 12 months. Simbithi represents one of South Africa's hotspots in terms of new developments and building activity."


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