Expensive properties on the Atlantic Seaboard have come down in price, presenting the perfect buying opportunity for those who wish to own property in the area.
So says Di Reid, principal of the Atlantic Seaboard Chas Everitt International franchise, who says that while properties in the suburbs of Clifton, Bakoven and Camps Bay are still expensive, they have become that much more affordable.
"Demand for property in these elite suburbs has tapered off over the past year, causing prices to drop, and homes in Camps Bay are now selling for between R4,5m and R10m. Bakoven homes are achieving prices of R8,5m and the bulk of Clifton apartments are selling for between R6,5m and R10m. Although still high, these prices are between 6% and 21% lower than six months ago.
"So if ever there was a time to buy property on the Atlantic Seaboard then this is it, and we have fielded a number of enquiries lately from those who have had an eye on property in these areas for some time."
The current buyer mix in the area, Reid says, consists of both locals and overseas investors, some of whom are buying for cash and deliberately seeking out desperate sellers who might be willing to drop their prices still further in return for a quick and easy transaction.
At the same time, the demand for older properties in these affluent areas has increased. According to Reid, many of the older homes priced at between R4,8m and R6m are being bought and renovated or demolished to make room for contemporary sectional title properties.
Such properties have gained a strong following and are being rented out for between R15 000 and R25 000 on average to those looking for an upmarket address.
ISSUED BY CHAS EVERITT