The Old Klaasenbosch winery that dates to 1790 is today a fabulous four-bedroomed home set around a courtyard with an additional two-bedroomed guest cottage and swimming pool set on almost 3000sqm. It typifies the wonderful Constantia Upper lifestyle that is now in high demand. Beautifully restored, it boasts modern living spaces and top class finishes and comes complete with a farm-style outside staircase to a massive loft room and a vine-covered pergola for the perfect vineyard lifestyle in the heart of the city. Extras include a study/library, fabulous vat-styled doors for the kitchen, an outside laundry, his and hers dressing rooms in the main bedroom suite, store rooms, staff accommodation, an irrigation system and borehole and a sophisticated security system. Price: R16.5M.
The small enclave of Constantia Upper – that stretches from Constantia Main Road and is bordered by Rhodes Drive, Spilhaus Avenue and Spaanschemat River Roads – is now rivalling Bishopscourt in terms of demand and prices achieved.
That is the word from Marie Durr, Priscilla Young, Janine Stevenson and Liza Snijman, Seeff’s team for the area who have just clinched the sale of a luxury home in Klein Constantia for R33 million, the highest price achieved in the southern suburbs since the start of the summer.
“Constantia Upper is also one of the few areas where there has been no let-up in the demand for property. According to the latest data from Propstats, some 80 property transactions worth over R800 million were recorded for the 2015 year, very similar in volume terms to the 2014 year”, say the agents.
Most notably though, the average sales price was over R10 million, a phenomenal R1.6 million up from the R8.4 million average of the 2014 year.
About forty percent of all sales now fall above the R10 million price mark with the R10-R16 million price range being the most in demand. Of the 13-odd sales that have been recorded above the R20 million price mark over the last five years are located in the Constantia Upper area.
Marie Durr says that the influx of people from other provinces into the Cape metro has boosted demand by about with about 20% of sales over the last year attributable to outside buyers, not just from the Johannesburg area, but also from KwaZulu-Natal and as far afield as the UK, Switzerland and Germany.
“We are currently working with about fifty buyers who are looking in the R15 million-plus bracket in our upper end. We are also seeing quite a few high end investors buying in Constantia. Most are cash buyers, something that is a welcome trend for sellers, add the agents. In terms of prices, the trend is that where properties are accurately priced, they sell for just about or full asking price. Our recent sale in Klein Constantia Road was for example sold for R33 million, just 5% below the asking price of R35 million”.
The location and lifestyle are the two key draw cards. The leafy Oak-tree lined streets and laid-back country lifestyle have become highly sought-after.
“Living here means that you are surrounded by some of the best vineyards in the world and, it is not unusual to see horse riders, cyclists and hikers soaking up the clean air. You are also close to some of the best restaurants in the country including La Colombe, again voted in the top ten by Eat Out”, say the agents.
The suburb is home to some of the most beautiful homes and rare historic finds in the country. Take the Old Klaasenbosch winery in Brommersvlei Road that dates to 1790 for example.
Klaasenbosch was one of the original farms in the area. Today, it is a fabulous four-bedroomed home set around a courtyard with an additional two-bedroomed guest cottage and swimming pool on almost 3000sqm land.
“It typifies the wonderful Constantia Upper lifestyle that is now in high demand and is well priced at R16.5 million. Beautifully restored, it boasts modern living spaces and top class finishes and comes complete with a farm-style outside staircase to a massive loft room and a vine-covered pergola for the perfect vineyard lifestyle in the heart of the city”, say the agents.
Extras include a study/library, fabulous vat-styled doors for the kitchen, an outside laundry, his and hers dressing rooms in the main bedroom suite, store rooms, staff accommodation, an irrigation system and borehole and a sophisticated security system.
Constantia falls within the so-called ambassadorial belt and is also popular for foreign embassies and consulates and of course for housing foreign dignitaries according to Durr who has operated in the area for forty years.
“This is part of what makes the suburb such a strong contender in terms of property demand and capital value. The Constantiaberg area has been one of the best performing property markets with property values consistently growing at above inflation rates and investing in property here is thus an excellent investment”, says the agent.
In 1975 for example, the average house price for a top end home was about R15,000-R20,000, today it is about R15-R20 million.