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PICS: What you get for R185m Cape Town home

Apr 25 2017 06:00
Carin Smith

Cape Town - A property in Cape Town's Atlantic Seaboard suburb of Fresnaye is on the market for a record price of R185m.

The property is situated on a corner plot in Ave Alexandra against the slopes of Lions Head and offers panoramic mountain and sea views.

There are fireplaces throughout, underfloor heating, a gymnasium, plenty of outdoor terraces and a large swimming pool.

READ: Two SA cities on top property list for rich and famous

The various living rooms include an imperial style dining room and kitchen which has a walk-in fridge.
There are five bedroom suites in the main house. The main suite is large and includes a lounge, dressing room and bathroom as well as an adjacent study or office. It opens onto a patio.

There is also a guest cottage with two bedroom suites, a living area and kitchen with a private terrace and swimming pool.

Additional features include staff accommodation and garaging, security features and a guardhouse.

Snapped up

Lance Cohen, Seeff agent for the area, said any well-priced property, especially below the R20m price mark, is still snapped up quite quickly.

He explained that where full title property sold for on average R7.2m in 2012, the price now stands at an average of R14.923m, outranked only by Clifton and Bantry Bay overall. The suburb, however, topped these two areas in terms of the overall volume and value of sales over the last few years.
Attributing factors, according to Cohen, include the location against the slopes of Lion’s Head that allows for great views, palm-tree lined avenues and being on the doorstep of everything that the Atlantic Seaboard and City Bowl offers, including good schools.
It has been largely residential buyers, especially families, who are investing in the area. According to Cohen, most are in the 36 to 49 year age bracket with only about 10% below that age group. Less than 5% of sales were to foreign buyers.
The full title sector comprises about 60% of total market stock. Total sales for last year amounted to just under R640m. The average time on the market is around six weeks and the average difference between asking and selling prices around 15.2%.
The latest Lightstone data shows annual price growth has ranged between 12% and 15% since 2010, but has now slowed in view of the overall economic contraction.
Since the start of last year, ten homes priced above R20m were concluded in the suburb. These include Ave Deauville (R20m); two in Ave Disant (R21.5m and R22m); followed by Top Road (R22.5m); Arcadia Road (R25m); Ave St Bartholomew (R25.625m); Ave Des Huguenots (R36m); Ave Protea (R39.666m); Ave Fresnaye (R72m) and a highest price of R75m in Ave Alexandra.
In the sectional title sector, some 60% of all sales were above R5m, reaching a price per square metre of R50 000 to R54 500.

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