select
|

Shortage of residential stock in Cape Town City Bowl

Particularly high demand for homes in Cape Town’s City Bowl has resulted in a shortage of stock available for purchase at present (June 2012).  

So says Pam Golding Properties, whose City Bowl agents sold 25 homes in the area between 1 January and 22 May 2012.  Suburbs seeing the highest demand at present are Oranjezicht, Tamboerskloof and Upper Gardens.  The shortage extends to both the freehold housing market and the sectional title market.

PGP’s area manager for the City Bowl and Atlantic Seaboard, Basil Moraitis, says the City Bowl is one of the most stable residential markets in Cape Town, thanks to its prime central location, sought-after lifestyle and limited geography – the physical presence of the surrounding mountains and ocean making it impossible for the area to ever grow in size.  “The City Bowl offers a vibrant cosmopolitan lifestyle,” he says, “with coffee shops, boutiques, restaurants and gourmet delis scattered throughout the area.  It is also home to several highly-rated schools including St Cyprian’s, Herzlia, the Deutsche Schule and Jan van Riebeeck Primary and High.”

“For those working in the central city,” he continues, “it offers a quick commute to work, while for students, it is well placed to access the Cape Peninsula University of Technology, the University of Cape Town and the numerous smaller colleges located in the area.  And of course, many homes enjoy panoramic views of the city, mountain and ocean.  It is no surprise, given all these factors, that the area is in perennial demand, particularly from parents who want to live in the catchment area for the schools.  The spacious family homes with ample garden space for children to enjoy are ideal for these buyers, while professionals and singles enjoy the convenience and security of the area’s apartments and townhouse complexes.”

Moraitis says the highest demand at present is for houses with a minimum of three bedrooms, well-sized gardens and secure parking, in the price range from R3 million to R5 million.  In the sectional title market, buyers are chiefly seeking two-bedroomed apartments with secure parking, in the price range from R800 000 to R1.3 million.  “It is occasionally possible to obtain apartments below this price range,” he says, “as entry level prices start from around R600 000 for bachelor units, going up to as much as R18 million for top-end luxury penthouses.  Freestanding luxury homes designed by leading architects and offering hit-tech security, superb views and every modern convenience, can fetch up to R25 million, while a semi-detached cottage without off-street parking can be obtained for a very reasonable R1.8 million.”

PGP’s own recent sales (in the six months from December 2011 to May 2012) have included the following notable deals:
·         R7.9 million for a four-bedroomed home in Oranjezicht, occupying an erf of over 900sqm.  The home’s garden setting, bordering a nature reserve, and magnificent views, were key selling points for the local buyer.
·         R7.3 million for a 259sqm designer apartment in Higgovale, occupying an elevated location with panoramic city and bay views, and hi-tech security.  The buyer was a local resident relocating from the Southern Suburbs.
·         R5.5 million for a three-bedroomed townhouse located high on the slopes of Higgovale, with excellent views.  The home was sold to a French buyer.

PGP’s MD for the Western Cape metro region, Laurie Wener, says the unique character of the area ensures its appeal to a broad range of buyers:  “There is a wonderful blend of old and new in the City Bowl,” she says, “from historic homes and Victoriana to modern hi-tech apartments with every conceivable luxury feature. Developments like The Orangerie in Gardens, for example, offer a secure modern lifestyle, yet are located within walking distance of any number of historic landmarks, such as the Company’s Gardens, the Labia Theatre, the Garden’s Shul and the Mount Nelson Hotel.  The area has everything for the contemporary resident – art galleries, museums, boutique shopping and trendy restaurants – yet within a few minutes from home one can also be climbing a mountain and drinking in one of the most spectacular views in the Cape.”



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Nov 2017
      Demand for secure estate living in Hout Bay has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for 20.24% of the property landscape with the launch of an exclusive new gated development on 26 November adding 20 more units to the existing 1250 estate homes.
    • 24 Nov 2017
      There are some things that money can’t buy – spectacular views from Mouille Point to the V&A Waterfront and a trendy and lively neighbourhood that encapsulates the very best of the Cape Town lifestyle.
    • 24 Nov 2017
      Tshwane’s four-bedroom Mayoral mansion, nestled among ambassadorial residences in the upmarket suburb of Muckleneuk, fetched R5.1 million after spirited bidding at High Street Auctions’ final sale of the year.
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK