PROPERTY: Robust Sales At V&A Waterfront
Recent Western Cape Business News
Over 20 residential apartments have been sold at Cape Town’s V&A Waterfront in the past year (December 2009 to December 2010) – half of them through the hands of Pam Golding Properties. PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says there was robust market activity in the area throughout 2010, continuing unabated throughout the festive season.
“The Institute of Estate Agents’ statistics indicate that PGP agents Paul Levy and Lynn Pinn sold 11 of the total 21 apartments which changed hands in the Waterfront in 2010,” says Moraitis. “These ranged from a R2.7 million unit at Gulmarin to a R14.5 million unit in the sought-after Penrith building. And to build on their 2010 success, they have kicked off the new year on a high note, closing an additional sale at Ellesmere on New Year’s Day (2011) for R10.25 million. The 256sqm penthouse apartment was purchased by a young Johannesburg couple.”
Levy says the sustained turnover of properties in the highly sought-after area is indicative of international – and local - market conditions. “A number of the initial purchasers at the Waterfront were foreigners,” he says, “and with the global economic downturn, some of these owners have opted to sell their investment properties. The result is that the owner profile at the Waterfront is shifting, with a much higher take-up by local buyers who have been waiting for the right property at the right price. Sellers who have pitched their prices realistically for the current market conditions, are finding that there is an extensive list of potential buyers waiting to acquire their apartments. And despite selling in a quieter market, they are generally achieving good returns on their initial investment.
Levy says prices in the Waterfront vary between individual buildings and positions, with marina-facing apartments (“peninsula units”) commanding higher prices than those facing the canals (“bluff units”). “There is always greater demand than supply of peninsula units,” he says, “and at present, one can acquire a one-bedroomed apartment from R5 million, and two-bedroomed unit from R9.5 million, and a three-bedroomed apartment for anything from R10.5 million to R15 million.” Bluff units are currently priced from around R3 million for one-bedroomed, R6 million for two-bedroomed, and R7.5 million for three-bedroomed apartments.
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