Big-ticket buyers go bargain hunting in luxury estates

Other than affordability, the main drivers of the real estate market these days are low-maintenance living and higher security, and this continues to fuel the popularity of upmarket golf and lifestyle estates as well as other gated complexes.

In fact, says Lew Geffen, chairman of Sotheby’s International Realty in SA, buyers in search of luxury homes are currently flocking to estates in the realisation that home prices are in many cases still below 2008 levels – and often well below those for comparable properties in the older, blue-chip suburbs.

“In the iconic Dainfern estate north of Johannesburg, for example, there is a wide choice of homes available now for less than R5m, and almost 120 properties have been sold in the past year, compared with about 100 in the previous 12 months.

“In the Silver Lakes estate near Pretoria, it would have been virtually impossible three years ago to have found a home for less than R3m, but we have recently sold several luxury properties there at around the R2,5m mark - and we can see that buyers are avidly seeking out similar ‘bargains’ in top estates all around the country.”

At the Atlantic Beach estate near Melkbosstrand, he notes, home prices range all the way up to about R11m or R12m, but currently there are also at least eight large homes available for under R5m - the buyers of which will also enjoy the proximity to the beach and magnificent views of Table Mountain.

“For those looking for luxury on the Garden Route, we currently have at least 20 upmarket homes available for less than R5m at the beautiful Pezula Estate overlooking the Knysna Lagoon, while in KZN, there are many excellent estate purchase or upgrade opportunities in Ballito and Mount Edgecombe for less than R3m.”

There are many more examples, Geffen says, “and it is also important to note that many of those buying into the top-rated estates are currently not only paying less than they might have expected for their new homes, but also getting a lot more luxury features for their money – from gourmet kitchens fitted with top-of-the-line appliances through central vacuum systems, underfloor heating and full home automation to home theatres, libraries and additional guest flats or staff quarters.

“Even better news is that many of the larger estates now incorporate upmarket apartment and townhouse developments which facilitate entry for younger buyers who will become the upgraders of the future, and also accommodate older buyers seeking to downsize to homes on estates that offer them additional security and less maintenance.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us