Although it is taking time for some property watchers to acknowledge it, the slow trading conditions and lower prices being experienced in the Cape residential property market have made the prices of upper bracket homes far more “attainable” than they were previously, says Lanice Steward, MD of Anne Porter Knight Frank.
“Where sellers are serious and not just testing the market,” she said, “they are now finding that they cannot make a huge profit on their purchase price if they bought in the last five years.”
The corrected market, said Steward, is not the “disaster” that some affluent homeowners are describing it to be because it has to be realised, as John Loos, FNB’s economist, has pointed out, that the overall price increases over the last decade in upper bracket housing have been close to 100%.
This, said Steward, should be borne in mind by any visitor to APKF’s latest Constantia offering. This is a sumptuous six bedroom six bathroom double storey Georgian house (with a self-contained three bedroom cottage and garaging for four cars on a third lower level). The asking price here is R13,5 million.
The site, says APKF’s Marianne Price, epitomises all that Constantia has to offer. It has many mature oak trees and truly verdant lawns and “in the whole of the Constantia Valley there can be few more beautifully designed and positioned swimming pools.”
The porcelain tiled and carpeted living/reception areas flow into each other and out into the garden.
“In boom times,” said Steward, “a home of this quality and size would have been priced close to R20 million. For those with resources and able to take a long term outlook, today’s conditions are making wonderful upper bracket buys possible.”
In another statement, Steward has said that APKF’s sales figures reveal a slow but discernible recovery in the residential sector which she predicts will be moving upwards by 2013.
“Patience is currently needed – but at APKF we are now bullish about the long term outlook for Constantia, Upper Kenilworth, Upper Claremont, Newlands and Bishopscourt’s more affluent houses.”