select
|

Growing demand sees Camps Bay luxury villas achieving prices in the upper millions say agents

The attraction of Camps Bay is obvious; panoramic sea and mountain views, Blue Flag beaches, a trendy promenade dotted with upmarket restaurants and street cafes and sought-after residences and holiday homes, say Seeff Camps Bay agents, Rochelle Serman and Lyn Pope. 

While the area has always seen a high demand for real estate, big-budget buyers are increasingly heading to this suburb and snapping up luxury villas with price tags in the upper millions, add the agents.

The demand is evident from the growing average sales prices, both for sectional title and freehold properties. The average sales price for the suburb is now around R7,4 million, up by 22% from R6,4 million in the year before. Sectional title properties are now selling at around R4,73 million on average, up by 9% from R4,4 million in 2011 while freehold houses are selling for R8,58 million on average, 34% more than the average selling price of R7,3 million in the year before.

Smart buyers have over the last few years bought up older homes, primarily for the location and have remodelled or demolished and built new homes in the suburb. These are now coming onto the market and achieving prices in the luxury price band above R20 million, says Serman and Pope. Prior to 2009, almost nothing sold here above this price mark. In 2009/10, 2 properties and in the last year,  4 properties have sold above this price mark. These include a Bakoven villa that recently sold for R25 million and a luxury villa in Atholl Road, sold by the agents for R20 million. About 16% of all properties sold above the R20 million mark on the Atlantic Seaboard were in Camps Bay and, this compares well with luxury sales in Fresnaye (4 units sold), Bantry Bay (6 sales) and Clifton (11 sales), add the agents.

Building on what has been a good year for the suburb, unit sales since the start of December is already up by about 40% to 24 unit sales (around R183 million) compared to 17 units sold during the same period last year, says Serman and Pope. There has also already been one property sale above the R20 million mark with a few more deals in the pipeline and, we anticipate that a newly listed luxury villa, priced at R24,95 million will attract significant interest amongst luxury buyers, given its unique location and spectacular mountain and sea views.

The home is set on a large plot of 1,023sqm, high up on the slopes of Table Mountain. It offers around 700sqm in floor space and is set over three levels with the opportunity to add an additional level. The home was remodelled by the owners with the assistance of leading, award-winning architect, Michael Borgstrom and offers multiple terraces and sea and mountain views from every room. Uniquely, it also has access to the mountain at the rear of the home with nearby hiking trails and endemic bird and wildlife abound, including a few regular visitors to the property. The home includes two living areas and the latest, top class finishes, ideal for the luxury buyer. These include integrated Siemens and Bosch appliances and Caeserstone and Travertine finishes in the kitchen, a Phillipe Stark bath with an automatic temperature regular in the main en-suite bathroom and more. There are a multitude of spacious living rooms including a private study and four bedrooms, all with luxurious en-suite bathrooms; two of which are master bedroom suites with added extras. The landscaped garden is irrigated and blends into the mountain-side location, populated with indigenous plants and fynbos to encourage birdlife. The rear gate provides access to the mountain where the owners created a drinking hole that is automatically topped up by the garden's irrigation system to provide nourishment for the wildlife during the hot, dry summer months.

The home is fully air-conditioned and has under-floor heating in the bedrooms and upstairs living areas as well as wall heating on the upstairs patio for winter entertaining. The state-of-the-art security includes infrared beams and remote, cellular-monitorable camera technology. Save for a few personal items, all of the exclusive furniture and fittings are included in the asking price. These include Persian rugs, custom-made leather couches and other furniture pieces from Klooftique, "oil rig" design chairs by Haldane Martin, select Eames chairs and artwork and photography by Robin Mann, Lambro and Caroline Gibello.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
        
    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