Atlantic Seaboard property owners can rest assured that this market remains stable and their investments are sound, say Adrian Mauerberger and Melanie Truss of Seeff Properties.
“For 2010, the attitude of buyers is more positive – especially buyers from Gauteng who have always considered the Atlantic Seaboard to be very expensive. Gautengers are now buying luxury homes with the hope of retiring here,” they say.
Mauerberger and Truss claim that more buyers are visiting show houses and the number of viewings is increasing each week.
“The number of units sold has also increased, although slowly. However, even though buyers are more optimistic, they remain cautious. Sellers need to know that potential buyers are doing their research. Buyers are checking details on various property websites, blogs, and social networks and there is less emphasis on emotional buying. Buyers still want value for money and tend to buy to their maximum price range,” they say.
Recent sales include five apartments for more than R2,5 million each in Fresnaye, Sea Point and Bantry Bay. At the same time last year, four apartments were sold for over R2,5 million each in Fresnaye, Bantry Bay and Sea Point.
Truss says in Bantry Bay, two 103 m2 two-bedroom units were regarded as smallish but sold for R5,4 million, or R26 000/m2. Both units (in Portman Place) had been slightly renovated and the building had been sectionalised.
“In Sea Point, a 367m2 beachfront apartment with panoramic views along the promenade was sold for R7 million, or R19 000/m2.
“Two units in Twin Towers and one in Kingsgate were also sold for more than R2,5 million each (from R3,1 million to R6,1 million), at an average of 7,5 per cent less than the listed prices.”
Mauerberger says most of the beachfront properties are old, established buildings, where the owners have, over time, come to appreciate their investments.
“The older buildings are popular as they tend to have larger rooms and higher ceilings than the new developments. Bodies corporate are now spending large sums of money to improve and upgrade their communal areas and receptions. Improvements also include 24 hour security facilities, concierges and upgraded lifts.”
Beachfront buildings that were recently upgraded and painted include Lu Ruth, La Camargue, Costa Brava, Costa Del Sol, Twin Towers, Bonne Esperance, Sea Vista, The Atlantic, Curzon Place, Knightsbridge, Alphen House, Villa d’Este, The Pavillion, Mimosa and Clarensville.
Truss and Mauerberger say there is a similar trend in Bantry Bay with Lions Head Mansions, Camaras, the Ambassador suites, Bantry Rocks, Miramar, Bonne Nouvelle and Mareldette proving popular.
“You only have to drive along Victoria Road to see the transformation taking place at Cliffside. The new owners of the Ambassador hotel have also just opened the newly renovated SALT delicatessen,” says Truss.
