Betty’s Bay holiday homes remain in demand

Despite prevailing economic conditions applying pressure on the market for second homes, there is still demand for holiday homes in prime coastal areas.  

For example, Pam Golding Properties reports that its office in Betty’s Bay on the Cape Overberg coast has experienced steady demand over the past year, with particularly brisk sales activity seen over the December 2011/January 2012 holiday period.  The town is an ideal coastal getaway for Capetonians in particular, as it lies just an hour and a quarter’s drive from the city centre, and only 45 minutes from Somerset West.

PGP’s area manager Mike Bisset says the majority of sales over the holiday period were cash sales to buyers seeking homes for holiday use or weekend cottages.  “For example,” he says, “a Cape Town family purchased a plot near Silversands Beach for R625 000, on which they intend to build a weekend getaway pad.  Another Cape Town family purchased a plot with outstanding sea views for R490 000, in order to build a holiday home which they will later use for retirement purposes.  Johannesburg clients who visit the area annually bought a neat and well-maintained home for R1.025 million, for both holiday and investment purposes.”

Another noticeable trend which continued through the recent holiday period was the sale of vacant erven to the owners of neighbouring properties.  “We saw several properties sold in this fashion during 2011,” says Bisset.  “The buyers either wanted to make provision for future expansion of their homes, or in many cases, were looking to secure their sea views.  In one such sale in December 2011, two neighbours jointly bought the vacant plot lying between their two homes for R350 000, so as to prevent any future building which might adversely impact on their privacy and views.  Another sale in May 2011 saw a European family who spend summers in the Cape purchasing a holiday home on Silversands Beach for R3.4 million, and then paying R1.5 million for the plot next door, for investment purposes and to secure their views.  Similarly the existing owner of two adjacent mountainside homes paid R1.5 million in December 2011, for a huge neighbouring plot with magnificent views.”

PGP’s sales in Betty’s Bay during 2011 totalled close to R22.5 million, and included a number of houses priced between R1.3 million and R3.47 million, most located within walking distance of the beaches.  The highest priced home sold by PGP was an historic property dating back to the latter years of World War Two, and occupying a double plot of 3000 square meters.  

“Te Moana” (the Maori term for “ocean”) overlooks the rocky seashore of Jock’s Bay, one of the most prestigious sections of the town.  The property, which includes both a substantial main house and a separate guest cottage, was sold in February 2011 for R7 million, to a Cape Town buyer who will use it as a weekend getaway.  

PGP’s MD for the Boland and Overberg regions, Annien Borg, says the success of the PGP agents in Betty’s Bay can be attributed in part to their well-honed valuation skills and price counselling to clients. “There is a great deal of stock on offer in the current market,” she says, “leaving buyers to pick and choose from a wide variety of homes.  The properties which are moving speedily are those which are accurately priced for current market conditions – buyers are really doing their homework, and there just isn’t an appetite for over-priced homes, no matter how beautiful their design or location.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us