As the summer season kicks off in Camps Bay, Seeff agents, Pola and Nadine Jocum report that they have just concluded a record five sales in five weeks to the total value of R91.9 million.
Pola says that this has been one of the toughest years that she has experienced in her 38 years and in Nadine’s 13 years in real estate and this record sends an important message: if you are serious about selling, work with the right agents, a team with the same goal to achieve the highest possible price on the best terms.
Although Camps Bay sales for the year already top R850 million, the agents point out that the average time on the market is 188 days overall. Propstats data also shows huge price volatility with price cuts of 15%-20%.
This, says the agents, highlights two key market challenges. Firstly, sellers are not in tune with prevailing market prices and are using other overpriced listings to guide their price expectations. This means that most sellers are therefore not getting serious buyers-feet through their doors, and consequently properties are sitting on the market for long periods of time, over six months on average as noted above.
The second challenge which links to the above, is that many of the properties are on open mandates as sellers are under the mistaken belief that this will give them a better chance of success when quite the opposite is the case as is clearly illustrated by our recent sales.
All of our five sales were on sole or joint mandates (not open) and two were sold before they were even launched to the market. Prices ranged from R13m to R25m including a Barley Beach apartment which sold for R20 million to a UK-based South African expat without even seeing it. It was bought for holiday use.
Other buyers include a German client who bought a home in Ottawa Road (R13m) for holiday use and a Gauteng buyer relocating to the city who paid R25m in The Cheviots along with two locals, one upgrading and one downscaling.
Our advice to serious sellers, is to guard against choosing an agent based on a low commission or high price promise. It is also not just about the marketing, say the agents. In a tough market, you need experienced negotiation skills to close successful sales which we have shown can be done.
Outside of Clifton with 14 sales, Camps Bay has attracted the highest volumes of R20m-plus sales this year at 13. Of these, seven (7) were sold by Seeff including a Barley Bay Penthouse sold by the Jocum duo recently for R44m (inclusive of VAT).
Camps Bay is an excellent residential, holiday and investment suburb, popular for holiday and residential rentals. The agents say that the five best buys in the market here right now include:
Property 1 – The Azure – this exclusive new development offers just four luxury residences designed to the highest standards close to the beach and with stunning sea and mountain views. Each unit has a large open-plan dining, lounge and family room, a bespoke chef’s kitchen with integrated appliances and separate scullery, four bedrooms with en-suite bathrooms, air-conditioning, a private pool, green features including low-voltage LED lighting and solar water heating, well-point water and secure basement parking with access control. The units are priced at R21.95m plus VAT and completion is due by mid-2019.
Property 2 – A fabulous multi-storey home set on over 1000sqm with a lovely garden, stunning sea, beach and mountain views, a formal and informal lounge, huge wrap around patios and a swimming pool, three bedrooms plus a separate apartment, staff accommodation and a three-car garage. The asking price is R20.895m, but it is a very motivated seller who will look at all offers.
Property 3 – This modern Bali-designed home is close to the beach and promenade and boasts fabulous sea and mountain views, high ceilings, five bedrooms, an expansive entertainment deck with a pool and spectacular views, terraces and balconies and multi-car garaging. It is priced at R23.95m.
Property 4 – Is a seldom available opportunity to transform an older house into luxury home on large 1235sqm plot in Deep Glen or take advantage of the subdivision potential. The property offers fabulous sea and mountain views from the upper level, a large four-bedroomed house with a Jacuzzi, swimming pool and tranquil garden. It is priced at R20m.
Property 5 – a fabulous Glen villa located within walking distance of the beach with stunning sea and mountain views, large entertainment areas that flow to the outdoor pool and tropical landscaped garden and extras such as a separate guest apartment/teenager pad and staff accommodation. It is priced at R24.95m.