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‘Feeding frenzy’ for higher prices on Atlantic Seaboard

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Cape Town - Record prices for some properties on Cape Town's Atlantic Seaboard are causing a frenzy among current sellers, who reject full price offers in the hope of getting much higher sale prices.

"Hype around the recent sale of a home in Nettleton Road in Clifton for R111m and the listing of a Camps Bay property for R450m has sent sellers in the area into a frenzy, prompting one to turn down a full price offer of R65 000/m² on his Clifton apartment and hike the price to R75 000/m²," explained Dennis Hamer, owner of the Harcourts Atlantic franchise.

The seller argued that there are currently only a handful of units on the market in Clifton for less than R10m.

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