The economic constraints caused by the coronavirus pandemic has not prevented a luxury mansion along Cape Town's Atlantic Seaboard from being listed for sale at R150 million.
Karryn Cartoulis of RE/MAX Living says the Cape's Atlantic Seaboard is known for its phenomenal real estate prices.
"Its proximity to the city bowl, combined with its breath-taking views of the coast and iconic Table Mountain, make this the ideal suburb for luxury buyers," she explains.
The largest sale made by RE/MAX during 2019 was a R100-million mansion situated in the Atlantic Seaboard suburb of Fresnaye.
The latest property, now listed at R150 million, is also in Fresnaye. The 2 000m² mansion has five bedrooms with four en-suite bathrooms. It also has an open-plan kitchen, scullery, two large living areas, and a dining room with a walk-in wine cellar.
On the top floor there is a sauna, steam room, and personal gym.
"Of course, no luxury home is complete without state-of-the-art security, a glass floating staircase, and a built-in elevator," says Cartoulis.
The pool area features a "garden bar" and another lounge area. Furthermore, there is ample parking space, with four garages and additional on-street parking.
"There has been an incredible amount of interest in this property," says Cartoulis. "This property truly is a prime investment opportunity for the luxury buyer."
Sweet dreams: One of the five bedrooms, with sea views. Photo: supplied
The Cape Town metro saw the highest prices paid for residential property in South Africa in 2019, according to Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl.
There were about 50 high-value sales of between R20 million and R60 million in Cape Town during the year, Levin told Fin24 at the end of last year. He said nine of the top 10 suburbs in the country are in Cape Town. These all boast a median price of over R10 million (over R20 million in Clifton). The median value means half of the homes sold for more and half for less than that.
For the 12-month period to the end November 2019 the average transaction value in Cape Town was R2.2 million. Over the same period, the Pretoria metro had an average price of R1.2 million. While the average sale price in Johannesburg was R1.483 million, in the suburb of Sandton the average was R2.3 million. In Durban, the average sale price was just over R1 million.
In 2019 Dogon Group Properties sold a three-bedroom, 431m² apartment at The Bantry in Bantry Bay for R65.5 million; Seeff sold three properties forming part of the exclusive Kerzner Estate in Hout Bay for R37 million; Pam Golding Properties sold a mansion in Bishopscourt for R27 million; and Knight Frank sold a classic Georgian double-volume home property in Cape Town's southern suburb of Newlands for R22 million.
In the secure Marina Residential Estate, within walking distance of the V&A Waterfront, six sales have been concluded worth a total of R85.6 million in July this year alone, according to Mariël Burger, Pam Golding Properties agent for the Mouille Point, Waterfront and Foreshore areas.
"Savvy buyers see the value of investing in a waterfront property that offers the same benefits as a lifestyle estate," she says.
The largest of the six apartments sold for the full list price at R41.4 million, while a one-bedroom apartment sold within four days of being listed, for R7 million. Two other apartments sold within seven days of being listed.
A new luxury residential development is currently under construction on the Atlantic Seaboard. Alpha One is a six-story boutique development situated on the slopes of Signal Hill and consisting of 16 premium apartments, with views of the ocean and mountain.
Alexa Horne, managing director of Dogon Group Properties, marketing and sales agents for the development, says it features a communal roof top leisure deck with a swimming pool, lounge and braai area.
Apartments will feature oak flooring throughout, integrated SMEG appliances, underfloor heating in the bathrooms, high-speed fibre and Wi-Fi, full smart home integration, 24-hour security with biometric access and remote CCTV surveillance, LED lighting, and rainwater harvesting. It will also have its own off-grid back-up power generation capacity.
Two and three bedroomed apartments are priced from R7.9 million up to R17.250 million.
Kevin Engelsman, licensee for Seeff in Plettenberg Bay, says the luxury end of the market is on the up with renewed demand for high-end R20 million-plus properties.
"Most sellers in Plettenberg Bay do not need to sell, especially if it is secondary property holdings, and they are prepared to wait for the right price. Where sellers do offer a discount on the asking price, it is generally only about 5% to 10%," he says.
For example, Seeff was dealing with a buyer who initially offered 20% below asking price on a R44 million property. When this was not accepted, he upped his offer to 12.5% below the asking price only to lose out to a buyer who paid the full asking price. That is how active the market is.