Despite ‘junk status’ the Hout Bay market is flourishing, with Seeff recently selling the highest valued property ever in the area.
Not only does Seeff have the leading market share in Hout Bay for the month of May, but in early June this branch also recorded the highest valued property ever sold in Hout Bay.
Stephan Cross, Sales Manager for Seeff Hout Bay & Llandudno, says that a magnificent property situated in Riverside Terrace with a listing price of R35 million was recently sold within 10% of this price to a foreigner within only 66 days.
Property on the Riverside Terrace
“This contemporary zen property is reminiscent of an island boutique hotel and include amongst others a palm-fringed walking trial, designer veggie garden, koi filled ponds surrounding the home and flowing into the house and seven bedrooms of which six are en-suite.
The sale of this home indicates that foreign interest in our luxury market is not dwindling, despite the recent political and economic shifts in the country. In general the Hout Bay property market is performing remarkably well.
The closest value property sold in Hout Bay was the Lichtenstein Castle which sold for R23 million in May 2012, also to a foreigner,” says Cross.
Cross continues that sales to the value of R83 400 000 were concluded in Hout Bay in May of which Seeff fetched R32 355 00 (a market share of almost 40%).
“In addition to this, Seeff also concluded the two highest sales in May and while the average selling price of a home in Hout Bay in this month was almost R4.4 million, the average price Seeff clinched was just over R8 million!
The most expensive sale in May was made by Seeff for a property in Baviaanskloof Private Estate for the full asking price of R12 995 000. Another expensive property we sold was in Tierboskloof Estate for R10,4 million”.
Property in Baviaanskloof
Cross concludes that the Cape still remains South Africa’s destination of choice and that Hout Bay – while certainly presenting some of the most luxurious properties imaginable - also has the added benefit of being one of the only coastal towns on the Atlantic Seaboard that still offers beachfront property in the lower millions”.
