Clifton’s average house prices fetch R19 million and more

Clifton, the highest priced coastal suburb in South Africa and considered the Monte Carlo of the southern hemisphere, has consistently remained one of South Africa’s platinum residential areas, with a total of 630 properties worth R5.588 billion changing hands since the millennium.

Brendan Miller, Lew Geffen Sotheby’s International Realty Atlantic Seaboard chief executive, says that Clifton property values have consistently risen in value through the years, defying the general prevailing trends of the SA property market.

“Most notable has been the phenomenal growth for houses since 2000, when the average sale price was only R4.17m, while 2014 realised an average selling price of R19.24m which equates to a whopping 360 percent increase in 15 years.”

Miller says that apartments in Clifton are equally sought after, with demand being much greater than supply.

“In 2014 a total of 24 apartments were sold to the value of just under R176m, and in the first quarter of 2015 four apartments changed hands with a combined value of R51.6m, the highest price paid being for a three-bedroom apartment in Heronwater on Second Beach.”

Fetching R36m, the lavish 300m² apartment overlooking the beach realised an impressive R120 000/m2.

More sales are likely to be noted by the deeds office once sales have been registered.

Tanya Joubert, Lew Geffen Sotheby’s International Realty agent for Clifton, says that over and above the obvious appeal factors like its spectacular location and proximity to the city, one of the key contributing factors to the exclusivity of this sought after enclave is limited availability.

“Positioned very snugly between Table Mountain and the Atlantic Ocean, with suburbs on either side, there really is no more space for development, so when properties do come on to the market, they are often snapped up quickly.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty says: “The property market in a suburb like Clifton operates independently of the general property market, and the quest to own a piece of this exclusive strip shows no signs of abating.

“According to the latest Western Cape FNB property report released last month, foreign residential land ownership in the Western Cape is estimated to be approaching 10 percent – nearly double the national average. Much of that will be in suburbs like Clifton where properties in the super-luxury bracket are far more affordable if you are paying in dollars or euros, considering the weakness of the rand against the major currencies.”

Geffen says that although relatively few properties are sold annually in this small suburb, they realise hefty prices.

“During 2014 only 10 houses and 24 apartments were sold, but total the total sales value of these was not far off the R400m mark.”

He says very few bonds are registered on sales in Clifton; most property transactions tend to be cash deals.

Ranked by New World Wealth as one of the most expensive residential areas in SA, and the most expensive suburb a square metre, Clifton is also home to one of SA’s most desirable streets on which to live. Properties on Nettleton Road, which offers panoramic views from the Clifton beaches all the way to the Twelve Apostles, command average rates of R100 000/m².

Miller says that recorded average values for sales of properties over R10m in 2014 reveal that Clifton stands out at R21.925m, followed by Bantry Bay at R19.82m and Llandudno at R16.6m.

He says that although the property values in Clifton are beyond the reach of most South Africans, locals are still the main investors in the area.

“Measured since the beginning of 2014, 70 percent of investors during this time were South African, 20 percent from the United Kingdom, with the remaining 10 percent of buyers from France, Nigeria and Uruguay, among others.”

Barak Tomlin, Lew Geffen Sotheby’s International Realty agent for Clifton, says that properties in Clifton also yield a high rental return, with premium houses and beachfront properties fetching daily rates of up to R75 000 for short term holiday rentals.

“This high return also applies to long term rentals with annual leases, where those seeking the opulent lifestyle are willing to pay up to R250 000 a month for a house or R190 000 a month for a luxury apartment.”

http://www.sapropertynews.com/cliftons-average-house-prices-fetch-r19-million-and-more/

 

Fresnaye and Bantry Bay are blue chip suburbs on the Atlantic seaboard

courtesy of www.sapropertynews.co.za

Fresnaye and Bantry Bay are emerging as the blue chip investment suburbs on the Atlantic seaboard, where combined record sales in were realised 2014 with a total of 87 houses changing hands to the value of R1.244 billion.

According to Lara Kaplan, of for Lew Geffen Sotheby’s International Realty, Fresnaye and Bantry Bay contributed almost 40percent of the total rand value of R3.25bn achieved for house sales on the entire Atlantic seaboard during the year.

“This is a substantial leap from the previous year when 73 houses sold to the value of just over R645 million,” she says, “which equates to an improvement of 86 percent in terms of rand value and a 15 percent increase on units sold.

“The most notable performance was in the mid-market price band of R20m to R30m which, from 2007 to the end of 2014, had improved by a whopping 325 percent in terms of rand value.

“During 2014, some 18 sales in this price bracket realised almost R580m, while in 2007 only five properties sold for more than R20m to a total value of R134m.”

Although according to Lightstone average house prices in Bantry Bay have shown a remarkable 45 percent nominal growth since 2007, from R10.5m to R15m in 2014, Fresnaye is the clear leader of the pack, realising 113 percent nominal growth over the same period.

And since the beginning of 2014 the difference between listing and sales prices has decreased dramatically. The average price differences between listing and selling prices ranges between 4 percent and 8 percent. Only in rare cases were the differences higher than 10 percent.

But according to Fran Segal, Fresnaye and Bantry Bay agent with Kaplan, there has been a slight change in the market this year, with more owners in the R10m to R15m price band holding onto their properties and opting to renovate rather than sell.

“In Fresnaye in particular R10m is more or less the entry level price for houses nowadays, and people whose properties are valued at the lower end of the market are choosing to upgrade, such as add another storey, rather than sell because they know they’ll battle to find replacement homes of similar value if they want to stay in the area,” says Segal.

“This is creating a severe shortage of sales stock at the lower end of the Fresnaye market.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says both suburbs are proving to be outstandingly solid investment options, although most impressive is the mid-market price band of R20m to R30m, which reflected an exceptionally healthy nominal return of 24 percent a year over seven years, followed by the R10m to R20m bracket at 18 percent a year over eight years.

Geffen says that overall, the Atlantic seaboard is very much at odds with the rest of South Africa in that the market is far less dependent on interest rate fluctuations. It is also one of the most stable residential markets in Cape Town because of its prime central location, proximity to beaches and amenities and its cosmopolitan lifestyle.

“The residential areas of Bantry Bay, Camps Bay, Clifton, Fresnaye and Llandudno were the most popular suburbs among buyers in 2014, with a total of 210 properties sold to the value of almost R2.540bn,” according to Geffen.

Segal says their market in Bantry Bay and Fresnaye is a mixture of South African buyers, expatriates returning home and between 4 percent and 7 percent foreign buyers.

“South Africans tend to buy up to about R25m, but the top end of the market – especially above R35m – is dominated by buyers with dollars. These are the expatriates who have earned overseas for a few years and are coming home, and of course the foreign buyers who are taking advantage of the low value of the rand.”

Segal says more than 75percent of their property sales in the two suburbs are cash deals rather than buyers requiring bonds – a trend replicated across the Atlantic seaboard.

Kaplan does, however, offer a cautionary word: “Sellers need to be careful not to price themselves out of the market. Although Bantry Bay and Fresnaye are currently the darlings of the Atlantic seaboard, the market has stabilised and buyers are beginning to dig in their heels.”

courtesy of www.sapropertynews.co.za

 

Prices of secure estate properties in Cape Town’s Southern Suburbs Skyrocket

The increasing demand for secure estate living in Cape Town’s southern suburbs, compounded by the lack of available space for further development, has created a seller’s market where sale prices in excess of R10 million are now being realised in popular estates like Stonehurst and Silvertree.

Dave Burger, agent for Lew Geffen Sotheby’s International Realty in the Constantia Valley and Tokai, says the increased demand can be directly attributed to the relaxed lifestyle that these secure estates offer.

“Personal safety and protection of assets are foremost on people’s minds and you simply cannot put a price on the peace of mind of knowing loved ones are secure. In areas such as the Constantia Valley, where primary breadwinners frequently travel extensively on business, this is a key factor.”

He says another reason people are preferring estate living is the high cost of maintaining large properties in terms of upkeep, staff and ever increasing property rates and taxes.

“In Stonehurst and Silvertree the average price of our last 20 sales was R6.7m with the price a square metre just over R20 000.”

Brenda Pretorius, who works alongside Burger, says sales at these two estates have increased exponentially in the past two years.

“R80m worth of property was sold in 2013, more than doubling last year to just under R180m and in the first quarter of 2015 properties worth around R100m have changed hands, so this is likely to be a record year.”

Burger says: “Average price increases at certain estates like at Silvertree and Stonehurst over the past two years have been between 15 percent and 18 percent, and at other estates such as Silversteen and Steenberg Golf Estate, there has been very little movement.”

He attributes this to unrealistic seller aspirations coupled with the high monthly cost of municipal rates and levies at these estates, which are around R10 000 a month.

“This is more than double what is paid at other estates,” he says, “placing these properties in the domain of wealthy individuals.”

Currently, the most popular are the entry to mid-level properties, which are snapped up by couples wanting to invest in a secure environment close to good schools.

Pretorius says that at some estates like Nieuwe Steenberg, a fairly new entrant to the market, the smaller units selling for around R4m were quickly sold while the units priced above R10m have been slower to move.

“Demand is beginning to outweigh supply and, apart from Stonehurst and Nieuwe Steenberg where a handful of stands are still available, there are no new developments in the area at this stage and people want to live securely, so the listing prices will be achieved.”

According to Burger, Stonehurst is the only estate in the area with potential to “build your own,” affording buyers the opportunity to design their dream home.

“Depending on materials and finishes, you can build a 400m² home for about the same price as you can buy, the advantage being that your personal tastes can be fully realised, but there are stringent design constraints in place on all estates to retain the aesthetic value.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says that the lion’s share of the market remains local, with around 25 percent of sales going to foreigners and SA citizens who have worked offshore and accumulated capital returning to live in one of the world’s most desirable cities.

“Investors in secure estate living tend to be locals moving from larger properties to a secure environment, young families entering the market and Gauteng buyers seeking the Cape lifestyle.”

 

http://www.sapropertynews.com/prices-of-secure-estate-properties-in-cape-towns-southern-suburbs-skyrocket/

Why Illovo Property is so Popular

The appeal of Illovo property

Illovo property is in high demand, and this is no surprise when you look at what this bustling suburb of Johannesburg has to offer. Illovo is very centrally located, bordering the suburbs of Athol and Inanda which also boast beauty and superb real estate. Illovo property allows one to be close the M1, as well as to the Sandton and Rosebank CBDs, making it an ideal location for business people. If you are from the outskirts of Johannesburg and are looking to make your mark on the economy, then looking at Illovo rentals can be ideal.

A big part of the appeal of attaining an Illovo property is the sporting atmosphere which surrounds the well-known Bidvest Wanderer’s Cricket Stadium, which Illovo is home to. The Wanderer’s Cricket Stadium was lucky enough to stage the Cricket World Cup 2003 final and accommodated over 34 000 people. This world class stadium has outstanding facilities and has hosted many other major events such as the ICC Champions Trophy; The ICC World T20 ; The Indian Premier League and the Nelson Mandela Legacy Cup.

Another great sporting facility in Illovo is The Wanderers Gold Course. Golf fans will go crazy for this par 72, 18-hole course which is perfect for the busy businessman who wants to kick back and have some ‘male bonding time’.  For the up and coming business person and the seasoned veteran alike, nothing presents a better image of professionalism than owning an Illovo property near such an illustrious amenity.

Food lovers are in for a treat with Illovo’s selection of beautifully designed restaurants which include everything from Thai food, to sushi and seafood, to African cuisine. Popular Illovo restaurants include Turn ‘n Tender which is located in the popular Thrupps Centre, Parea which is a popular Greek restaurant, and Wolves Café which is a fun, laid-back hangout with a hipster atmosphere. They also have amazing red velvet cupcakes! These trendy Illovo restaurants are just some of the things which await owners of Illovo property.

The security of Illovo property:

Illovo property owners can rest assured that security will be top-notch, with the Sandton South Residents Association which facilitates a controlled security that is networked across the suburb and can be accessed throughout. There are numerous security guards who regularly patrol the suburb and CCTV cameras that are constantly monitored by armed response.

The attraction of an Illovo property:

An appealing and attractive thing about an Illovo property is that you can be in the middle of all the action at one moment, and can then surrounded by blissful quietness the next. For this reason, Illovo is the perfect area for young and old people alike, no matter what your lifestyle is. The areas which surround Illovo property for sale are vast and varied, and lend itself to the varied tastes of its residents. People who are looking to buy in the Illovo area can take joy in noting that they will be in close proximity to shopping centres such as Blue Bird, Atholl Square, Melrose Arch and Sandton City.

Illovo Property specifics:

There is a broad selection of property types in Illovo, ranging from small flats, to larger complexes, to extravagant, luxury houses. The flats are generally preferred as Illovo rentals, with very reasonable prices on offer. There is a little something for most people in Illovo, with prices ranging from between R750,000 for a simplex or apartment and up to R12 million for stunning, established homes on expansive pieces of land.

What Sotheby’s has to offer in terms of Illovo property:

At Lew Geffen Sotheby’s International Realty, you can find your ideal home among our extensive Illovo property collection. We offer properties of the finest quality, both furnished and unfurnished.

Our listings price ranges for Illovo property are as follows:

Residential Sale Property Ranging from R599,000 to R19,000,000

Residential Let Property Ranging from R10,500 to R55,000

Whether you are looking to buy a house in Illovo, or rent a smaller apartment where you can live in style, don’t hesitate to have a look at what we have on offer. Illovo is a great place to raise a family or start fresh, so take the next step and take advantage of what Illovo property has to offer now!

www.sothebysrealty.co.za

 

 

 

Bedfordview Property

Bedfordview property

Bedfordview is known for its affluent homes, fine restaurants and outstanding schools. It is situated very close to O.R Tambo International Airport and is only 15 minutes away from the Johannesburg CBD, making it an ideal location for business professionals. If you are looking to buy or rent Bedfordview property, you are in for a real treat when you look at what this bustling suburb of Johannesburg has to offer its residents.

The history of Bedfordview:

Bedfordview is full of lush gardens and prolific bird life, making its residents feel right at home in a serene atmosphere. However, this bustling suburb also has some interesting history behind it.

Bedfordview originally consisted mainly of the Elands Vontyn farm (later known as Elandsfontein) and belonged to the South African government until it was granted to the van der Linden family in 1867. The farm remained in the family until the discovery of gold. When mining efforts proved futile, chunks of land became available for agriculture. Bedfordview gained its name through a competition in 1926, when the girl who won proposed the name Bedford View because she enjoyed of the view from Bedford farm. Over the years, the name has contracted to a single word to give us the current name of Bedfordview. Bedfordview has become divided over the years into Upper Bedfordview and Lower Bedfordview. When it comes to Bedfordview property, upper Bedfordview is in high demand as it is further away from the busy highways and provides residents with amazing views to the north.

Attractions of Bedfordview property:

Bedfordview property owners are in for a treat when it comes to shopping malls, restaurants, and other Bedfordview attractions. With Eastgate shopping centre and Bruma Lake Flea Market, be prepared to shop ‘til you drop! Outstanding Bedfordview restaurants include the famous Rodizio Brazilian Restaurant, as well as Adega (with its renowned Portuguese fare), the Saffron Indian Restaurant, and Allora with its Italian cuisine. These top class restaurants offer a global feasting experience.

Bedfordview property owners can also enjoy the magic of the popular Gillooly’s farm, which provides a calm, countryside-like environment. Perfect for winding down with the whole family, Gillooly’s is home to amazing bird life and a magnificent setting.

Golf lovers will go crazy over Bedfordview’s selection of golf clubs including Observatory Golf Club, Modderfontein Golf Club, Glendower Golf Club and Gilloolys Golf Range.

Bedfordview night life:

Bedfordview property owners never need to worry about being bored on a Saturday night, with Bedfordview’s selection of trendy bars and night clubs. Kick back and relax at hot spots such as the Keg and News Café, which provide a vibrant atmosphere where you can enjoy a few drinks with good friends.

Bedfordview property highlights:

There are a variety of luxurious, upmarket Bedfordview property options, which are available for both sale and rental. Bedfordview boasts the Oriel and Bedford Gardens which is home to the upmarket Bedford Square. Penthouses for sale in Bedford Square are often valued at around R15m, making it a popular choice for rentals. With its excellent road network, proximity to the airport, industrial areas and schools, Bedfordview property remains in high demand.

Please don’t hesitate to contact Lew Geffen Sotheby’s International Realty for more information on our range of top-class Bedfordview property options. www.sothebysrealty.co.za 

Atholl Property

Atholl property

Atholl is a suburb in Johannesburg which is located centrally between Melrose Arch, Sandton CBD and Rosebank CBD. This upmarket Johannesburg suburb is ideal for business professionals who are looking to settle down, as it is in close proximity to the hub of economic activity in Sandton.

Atholl property owners are able to experience a true country atmosphere, with gorgeous trees and greenery surrounding the streets of Atholl. The tranquility of this upmarket Johannesburg suburb makes it ideal for raising a family, with a host of outstanding schools within the area. It is therefore no surprise that Johannesburg residents from all walks of life are frequently on the hunt for property for sale in Atholl.

Attractions surrounding Atholl property:

When buying or renting an Atholl property, you can enjoy the large selection of activities and attractions which surround the suburb. Firstly, there are the exclusive shopping malls such as Sandton City and Atholl Square. Shop ‘til you drop with more than 300 local and international retailers in Sandton City alone, and enjoy the further shops and restaurants located within Nelson Mandela Square which forms part of the complex. The upmarket restaurants have something for everyone, combined with one of Sandton’s biggest attractions- the 6 metre bronze statue of Madiba. Sandton City is the largest retail complex in Africa, so to be around the corner from this shopping paradise is really something to get excited about.

If you are looking for more of a relaxed shopping environment, Atholl Square is a convenient shopping centre in the heart of Atholl, with an open-air piazza setting. Atholl property owners can come here to unwind and enjoy the variety of stores, free parking and soothing atmosphere. If you are on the lookout for property for sale in Atholl, then this close proximity to neighbourhood shopping centres such as Atholl Square is a major draw card.

Atholl nightlife:

Everybody needs to kick back and have a fun night out once in a while, which is why prospective Athol property owners will be pleased to be near a host of vibrant clubs and bars. An example is ‘The Blues Room’, which is a classy joint with a distinctive American look and feel to it. It has also been voted Johannesburg’s best jazz and blues venue year after year. For those more inclined towards the chaotic and energy-driven club venues, Tiger Tiger is there to offer one unforgettable night out for Atholl property owners.

Enjoy a romantic dinner with your other half when you attend one of Atholl’s many fine restaurants, as well as numerous events which are regularly hosted at the Sandton Convention Centre. No matter what you choose to do, your Atholl nightlife experience will be anything but boring.

Details of Athol property for sale:

Prospective Athol property owners have a large selection of options available to own or rent, ranging from small modern apartments to large, extravagant houses. Large properties are frequent in Athol, with modern features and convenience at your fingertips. This is really a great suburb to raise a family, with pieces of land on which you can build your dream home from scratch.

At Lew Geffen Sotheby’s International Realty, you can find your ideal home among our extensive Atholl property collection. We offer properties of the finest quality, both furnished and unfurnished.

Please don’t hesitate to contact us for more information. www.sothebysrealty.co.za