PROPERTY: Seeff Claims Lead In CBD
Recent Western Cape Business News
Record sales in excess of R38 million for September and October 2009 not only established Seeff Properties as the dominant player in the active market within The Cape Town CBD and Green Point/De Waterkant, but also indicated that there is resumed buyer activity as buyers return to the market.
According to Michael Bester of Seeff CBD, the strong performance over the past two months supported the perception that the property market had bottomed out. Fears that property sales could spike ahead of the 2010 Soccer World Cup, together with positive sentiment in the wake of lower interest rates, suggested a return to the strong market of 2007 before the National Credit Act began to exert downward pressure on sales.
He said it was clear that buyers had at last realised that now was their best chance to secure a good quality buy in terms of price and quality stock on the market.
For Bester, sales over the past two months speak for themselves. During September, Seeff CBD recorded sales of almost R16 million and gained 100 market share within its dedicated Green Point area. Five luxury apartments were sold, including three bedroomed apartments in Upper Green Point (Joubert Road for R6,2 million and Springbok Road for R6,5 million).
October’s sales topped R18,5 million in the CBD. The Seeff CBD team of Bester, Liza Snijman and Silvia Ramsauer contributed R12,8 million of these sales within the CBD, translating into a 70 percent market share for Seeff CBD team based at ICON. Bester said that the best prices fetched included a two-bedroomed apartment at Cartwright’s Corner for R2,6 million as well as apartments at Metropolis for R2,6 million and Icon for R2,5 million.
“Clearly sales are not confined to only specific buildings and buyers are looking for value!” he said, adding that general confidence in the area had driven up sales. He said a new trend within the CBD was for owners to occupy their properties with many of these buyers (owner occupiers) having taken advantage of market conditions and secured good prices from investor sellers who had bought high in 2007 at the peak.
According to Snijman, “Prior to September / October, buyers were window shopping and sitting on the fence. However, in September, our phones started ringing, web enquiries increased substantially while attendances at show days more than doubled,” she said.
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