Bishopscourt and surrounds still in demand

Like many areas across South Africa, the plush Cape Town suburb of Bishopscourt, and its neighbours Upper Claremont and Upper Kenilworth, are currently seeing demand strongly focused on their lower and mid-level price ranges.  

The concept of affordability may be somewhat different for buyers in these prestigious areas than it is in less affluent suburbs, but Pam Golding Properties (PGP) reports that buyers are still keenly aware of value for money in the current economic climate.  As a result, demand is strongly focused on the suburbs’ entry level (approximately R5 million to R10 million) and mid-level (R10 million to R15 million) price ranges.

Propstats sales statistics for the first six months of the year (January to 27 June 2012) confirm that the bulk of residential sales activity has been centred in these price ranges, across all agencies.  In Bishopscourt itself, seven homes have changed hands, four of them through PGP, with six of the properties fetching between R6.4 million and R9.35 million.  PGP secured the only sale above R15 million – a five bedroomed home set on an erf of 4097sqm, which was sold in February for R19.5 million – within just 15 days of listing.

In neighbouring Upper Claremont, of the 12 sales to date this year, three have been priced between R8 million and R8.5 million, and two priced over R10 million.  Five of the 12 deals were concluded by PGP agents Myrna Duveen and Richard Epstein, who also achieved the highest priced sale of the year in March, securing R10.7 million for a four-bedroomed double storey home set on an erf of 987sqm – just 12 days after listing the property.

Similarly, the market in Upper Kenilworth and Trovato Estate has seen demand focused on lower- to mid-level price ranges.  Of the six sales this year, all have been priced under R10 million, with PGP achieving the highest price of R9 million in February, for a double storey five-bedroomed home set on over 2100sqm.  PGP concluded four of the six sales in this area between January and June 2012.

PGP agents Myrna Duveen and Richard Epstein say the buyer profile in these suburbs is still dominated by families looking for sizable homes with spacious gardens that their children can enjoy.  “The mix includes Capetonians wanting to improve their standard of living as their families grow and their careers advance, or conversely, wanting to scale down after their children have left home.  We have also had a few buyers relocating from the inland provinces, many of whom see this area as their first, and sometimes only, choice,” they say.

PGP’s area manager for the Southern Suburbs, Howard Markham, says although the market has been somewhat muted due to the prevailing economic circumstances, these upmarket suburbs remain enduringly popular.  “This is some of Cape Town’s finest real estate,” he says, “centrally located and with many properties enjoying spectacular mountain views.  Homes are typically large and grounds substantial, making them ideal for family buyers as well as celebrities and diplomats seeking spacious entertainment areas in a private and secure environment.”

Markham adds that agents Duveen and Epstein have decades of experience between them, with in-depth knowledge of this particular area and its homes.  “It is no surprise that they continue to dominate with 50 percent market share or more, and to achieve the highest priced sales in this area,” he says, “or that they have sold a number of properties within just two or three weeks of listing the homes.  Their extensive database of clients and detailed knowledge of the properties means that they are best placed to match buyers with their perfect homes, and to secure the best possible price for sellers, in the minimum time.”

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