The Cape Town Atlantic Seaboard has for many years been regarded as one of the most desirable residential addresses in South Africa, with skyrocketing prices and consistent double-digit returns firmly positioning the upper end of the market in the prestigious luxury home category, increasingly peppered with trophy homes.
This Bantry Bay four bedroom, three-and-a-half bathroom home on one of the most sought-after streets of the Atlantic Seaboard, Ravine Road, has sea views and a pool. It is on the market for R23 million – click here to view.
And although Clifton may still be the “crown prince along this exclusive strip, Lara Kaplan and Fran Segal, Area Specialists in Fresnaye, Bantry Bay, Sea Point and Green Point for Lew Geffen Sotheby’s International Realty, say the conveniently-positioned stretch from Bantry Bay towards the CBD has become increasingly popular in recent years, with the number of trophy homes priced above R20 million rising every year, especially in Bantry Bay and Fresnaye.
“Although the upper end of the market in the area has been hardest hit by the economic slump with a notable drop in sales and an increase in the time homes spend in the market, it has shown unexpected resilience,” say the agents.
According to Propstats data, in 2015, 22 of the 39 houses sold in Fresnaye were in the R10 million-plus bracket, with six selling for more than R20 million, and in Bantry Bay nine of the 13 house sales above R10 million-plus while six realised more than R20 million.
“A year later, we started to witness a dip in sales volume, but, conversely, also an increase in the number of homes achieving trophy home status, with seven of the 35 houses sold in Fresnaye and four of the nine house sales in Bantry bay being in the R20 million-plus price band.
This four-floor property in Green Point can be utilised as two separate but complete units, one comprising three en-suite bedrooms and the other two en-suite bedrooms, or as one large home. It has a pool, and is selling for R26.5 million – click here to view.
Last year, sales had dropped further in Fresnaye, but 23 of 32 houses on the market sold for more than R10 million and eight for more than R20 million. In Bantry Bay, nine of the 11 house sales were in the R10 million-plus bracket, of which four realised in excess of R20 million.
Although the upper market segment is admittedly now beyond the reach of many buyers, investors keen to buy their dream home against the slopes of the mountain do have options, although the window of opportunity is closing quickly,” says Lew Geffen, chairman of the Lew Geffen Sotheby’s International Realty group.
Idyllically positioned, wind-free Fresnaye and Bantry Bay now are arguably the most sought-after residential suburbs in the country, but the same calibre homes can be found in neighbouring Upper Green Point and Sea Point where prices at the top end of the market have been climbing steadily.
This three bedroom, two bathroom Fresnaye home incorporates open-concept living, with a dining and kitchen area that flow out onto the wooden pool deck. It is listed at R11.995 million – click here to view.
Both suburbs have seen a spike in homes achieving more than R10 million during the same period, with recent sales elevating Upper Green Point to trophy home status.
However, there are still a few of the more accessibly-priced properties available to be snapped up by savvy investors looking for a robust return on investment.
In 2015, only three of the 32 houses that changed hands in Green Point realised more than R10 million, and just a year later, the number had tripled to nine. Last year sales volumes dropped noticeably with only 25 house sales, but of these, six were sold for over R10 million, and for the first time the R20 million mark was breached. There are now several homes priced above R20 million on the market.
House sales in Upper Sea Point have followed a similar pattern, and the exclusive luxury beachfront apartments have also kept pace.
This bungalow for sale in Clifton has a flexible floorplan with two bedrooms, two bathrooms, an entertainment area with private terrace and jacuzzi and a landscaped garden. It is selling for R32.5 million – click here to view.
There are currently several excellent investment opportunities in Upper Green Point and Sea Point, including one Lew Geffen Sotheby’s International Realty are currently marketing in sought-after Springbok Road.
This is an exceptional property which is not only a stunning home but also a very savvy investment offering very attractive returns in the long and short-term” say Kaplan and Segal.
“It’s an impressive multi-storey freehold home with never-ending views that is split into two units – an expansive three-bedroom unit and below a spacious apartment with two bedrooms which can be rented out or utilised as dual living for extended family. They are both accessed by an elevator and both have private pools,” say Kaplan and Segal.
There are also sectional title approval rights in place, should the new buyer want to sell off one unit and live in the other, or sell the two units separately down the line for an increased return on investment.
All four suburbs are conveniently near to the multitude of amenities in the vibrant main road from Sea Point and only a short drive from the CBD. They are also situated in close proximity to several good schools, popular beaches and the Waterfront, and they all offer an incomparable lifestyle.