Strong demand for vacant land, simple weekend homes

The lifestyle and its proximity to Cape Town is behind the drive in the property market in Kommetjie.

With just 50 vacant erven still available for development in the Cape Peninsula town of Kommetjie, opportunities to build one’s dream home or holiday home on this appealing coastline are on the wane.  Pam Golding Properties reports that the town’s capacity for expansion is limited by the surrounding Sanparks land, which borders the town on two sides.  A third side has only a small area of vacant land before reaching the edge of Imhoff Farm, while the fourth offers nothing but crystal clear Atlantic Ocean and soft, warm sand.  The result, says PGP, is that opportunities to build on vacant land are becoming increasingly rare.

A total of 72 properties changed hands in Kommetjie last year (2011), of which 26 were sold by PGP, to a total value of R52.45 million.  This represents 39 percent of the total market value sold by all agencies.  PGP’s area manager for the South Peninsula, Sandi Gildenhuys says just over 70 percent of all the sales (across all agencies) were properties priced below R2 million, including mainly vacant plots and small cottages.  At the very top end of the market, six properties were sold above R4 million, with the three top prices all being achieved by PGP – namely R7.57 million, R5.45 million and R4.4 million (the latter being a joint sale).  Demand for property in the town has continued this year (2012), with PGP selling homes to a total value of R22 million between January and March.

“The remaining vacant erven are spread throughout the town,” says Gildenhuys, “including the ‘Old Kom’ section close to Slankgop lighthouse, the mountainside section backing onto the national park, the area close to the main swimming beach, and Klein Slangkop, a secure estate located at the point where Long Beach begins its 5km sweep towards Noordhoek.  There are just eight vacant erven still remaining on the beachfront itself, of which five are currently available for purchase through PGP, at prices ranging from R4.5 million to R5.75 million for 700sqm to 800sqm.  It is evident that there are decreasing opportunities to acquire a blank slate on which to build your dream home in this beautiful town, with its laid-back lifestyle, low crime rate and magnificent views towards Chapman’s Peak.  As these buying opportunities decrease, rarity value is likely to drive prices upward, so it would be prudent to buy now while prices are still competitive.  For example, we are currently marketing three plots located just one road back from the main swimming and surfing beach, which are all priced around the R1 million mark.  This is excellent value for such proximity to the coastline.”

Besides interest in vacant land, Gildenhuys says the PGP office is currently experiencing a surge in demand for simple weekend homes.  “These are mostly buyers from Cape Town with young families, who want a lock-up-and-go home they can enjoy on weekends and holidays, a place to entertain friends, and a carefree environment for their children to enjoy,” she says.  “Rather than fancy finishes or elaborate gardens, buyers in this category are looking for an easy-maintenance home, with two or three bedrooms, simple design and finishes, and sufficient space for outdoor entertainment.  Good-quality stock priced around the R2 million mark and under, offering good value for money, is selling almost as quickly as it comes onto the market.  We recently sold a 70sqm two-bedroomed house located within easy walking distance of the beach for R1.85 million - within just one day of listing.”

PGP’s MD for the Western Cape metro region, Laurie Wener, says the town’s proximity to Cape Town, just 40km away, is a major draw-card for weekend buyers, as well as up-country residents.  “There is huge appeal for Gauteng buyers, who can fly into Cape Town International Airport and drive to their holiday home in an hour. They are close to big city amenities and entertainment – yet can still enjoy a beach home that seems miles away from city life,” she says.  “The town is also an ideal place for young children and teenagers, offering a relaxed lifestyle of simplicity and healthy outdoor activities.  Youngsters can still ride their bicycles or skateboards in Kommetjie in relative safety, walk to the beach from most houses, and enjoy some of the best surfing waves on offer in the Cape Peninsula.”

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