Brisk sales activity in full title market

As neighbours to some of the super-luxury mansions of the Cape Atlantic Seaboard, Sea Point, Green Point and Three Anchor Bay offer a comparable lifestyle and climate - yet at vastly more affordable prices.  

It’s therefore not unexpected that the areas are in high demand from a wide range of buyers, from first-time entrants to the market to young professionals, families and retirees.  And while the suburbs are dominated by sectional title buildings, they also offer a good selection of free-standing houses which make ideal family homes.

Pam Golding Properties (PGP) reports brisk trade in this full title residential market over the past five months (from June 2012 to mid-October 2012).  Agents Marlene van Duuren and Mandy Mitoulis sold homes to a value of over R48 million in Green Point, Sea Point and Three Anchor Bay during this period – amounting to 70 percent market share of all full title sales in the area.
PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the sales included three properties priced over R5.5 million.  “Our agents achieved R5.55 million for a home in Three Anchor Bay in June (2012),” he says, “and R6 million for a three-bedroomed home in Ocean View Dive, Green Point the same month.  Another R6 million deal was concluded in Merriman Road, Green Point earlier this month (October 2012).  Not only are these comparatively high figures for this area, but they are also more than R1.5 million higher than any other price achieved in the same period by other agencies.” (Source = Propstats; full title sales 1 June-11 Oct 2012)

Moraitis says the appeal of the area has grown over the last few years, due to a number of factors including the establishment of the Green Point Urban Park and the development of the commercial area as a hub for the media and advertising sector. “Proximity to the V&A Waterfront, the beaches of Camps Bay and Clifton, and the work opportunities of the Central City, makes this a highly sought-after area,” he adds. “Family buyers are also able to consider the suburbs due to the proliferation of high-quality schools such as Reddam Atlantic Seaboard and Herzlia, as well as numerous reputable government schools catering for all ages.  There has been a lot of new development in the sectional title market, but for those who still want a solid family home on a decent-sized plot with a secure garden for children to enjoy, there are numerous options, including both gracious older homes and more recently re-developed properties.  There are even a very few vacant plots available – PGP sold a 301sqm erf in Springbok Road, Green Point, for R2.3 million in July (2012).”

Among the full title properties currently available for sale in the area (exclusively through PGP) is a gracious home in Green Point, dating back to the 1880’s and bordering the highly sought-after area of De Waterkant.  Occupying an erf of close to 750sqm, the home offers three bedrooms, two bathrooms and secure parking for eight vehicles.  It is on the market at R6.5 million.

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