A wave of offers floods into Sea Point

The residential market in the Cape Town suburb of Sea Point is awash with offers this summer, particularly in the entry-level sectional title space of properties for sale below R3 million. 

7 Bedroom Guest House for sale in Sea Point

Lyonelle Venter and Gavin Peters from Jawitz Properties Sea Point, say that multiple offers are being presented to buyers on many of the homes that come up for sale.  Further, properties are being sold before they are officially advertised. 

“Dealing with multiple offers frequently can be a tricky process, with buyers feeling like they are competing with one another while sellers are having to consider several offers-to-purchase, some of which can be quite similar on paper,” Venter says. “It can come down to an emotional decision for the seller as to which buyer to choose, or the buyer with the most favourable financial appeal can seal the deal. It really differs from property to property.”

Multiple offers, in line with the Code of Conduct from the Estate Agencies Affairs Board must be dealt with ethically and honestly at all times.

“A good estate agent will always try to achieve the best price with the most favourable terms for the seller and if there are multiple offers, each is handled professionally and confidentially with no bias towards the first offer. Each and every prospective buyer is given the same, fair chance to put their best offer forward,” says Peters.

“In such a case, only the seller is aware of the various offers; buyers should never be informed on prices of other offers.  It’s about personal integrity.”

Sellers are realising that having an exclusive mandate can put them at an advantage too. “If a home is for sale through an open mandate, it can result in a seller achieving a lower price if all estate agents involved are vying to make the sale, hoping the seller chooses their offer. Whereas an exclusive mandate is best for handling multiple offers and achieving the best price,” adds Venter.

4 Bedroom Apartment for sale in Sea Point

Properties will sell very quickly at an optimal price if they are priced and marketed correctly, particularly as demand is so strong. “A lot of the buyers are investors and as soon as a home comes on the market, we’re seeing huge interest. We’ve even had two recent sales online where the properties were not even sighted but snapped up anyway,” Venter adds.

January 2014 showed 15 recorded sales according to Propstats for section title properties below R3 million in Sea Point, four of which were sold at asking price or above. Properties were averaging 25 days on the market, with an average selling price of just 4.2% under asking price. “We’ve had some sales that concluded in a day or two, while homes that are overpriced will take longer to sell. However, compared to January 2013, on average it took 65 days to sell a property with the average selling price closing at 8% lower than asking price,” adds Venter. “So within a year, these market stats have improved by 50% demonstrating just how quickly things are happening here in Sea Point.”

Buyers on the Jawitz Properties’ database are always given the first look and opportunity before a home is launched to the open market, and Sea Point’s sectional title properties below R3 million are offering fantastic value for money.

“The average price is around R1.6 million, with a studio starting at R800,000, one-bedroom apartments at R1,2 million, two-bedroom apartments at a little over R1,5 million and three-bedroom apartments at  R2,6 million,” says Peters.

“Sea Point also offers such close proximity to the CBD, the beach and plenty of amenities, plus it’s full of history. It’s not surprising that buyers are keen to own a slice of the Sea Point pie,” the pair concludes.

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