The sales at the 40-erven, 11-hectare Constantia Nek Estate, sited high on the mountain slopes at the entrance to the Hout Bay valley, have been significantly faster than was anticipated, says Mark Cockburn, co-developer with David Delbridge.
“We all recognized from the outset that this is to be a top-of-the-range project and we accordingly anticipated a regular take-up with sell-out by October/November this year. In reality what has happened is that the market has quickly realized the quality and the value of owning a property in this unique location.”, said Cockburn. “After 21 weeks we have sold 34 erven, leaving only six still for sale. In one recent eight-day period no fewer than 11 erven were signed for.”
The erven still available are priced between R3,591,000 and R4,389,000 (inclusive of VAT – with no transfer duty).
Cockburn recently asked two of the most successful sales agents working for the estate to list the reasons why their clients had responded so enthusiastically to the development. David Miller of Greeff Properties and Leigh-Ann Cooke of Blue Chip Properties mentioned several factors which buyers had found particularly attractive:
· the proven investment value of attractive security estates in which, throughout the Cape Peninsula, demand has tended to exceed supply and push up prices, with the result that capital appreciation on this type of development has almost invariably run well ahead of the inflation rate. Buyers, he said, are usually prepared to pay 30% more for properties in such estates than they would for similar quality homes not in estates. “In this case”, said Miller, “it was made clear from the outset that the security arrangements would be Triple A and give buyers the peace of mind that they and their families would live in safety.”The security provisions include patrolling guards, a monitored entrance and double electrified fencing with CCTV surveillance of the no-go boundary areas on a 24/7 basis;
· the ‘very reasonable’ pricing which, said Leigh-Ann Cooke, has compared favorably with that of similar but sometimes less prestigious developments in the Cape Peninsula. Time will show, said Cooke, that those who bought here in 2016 will have made an exceptionally good investment;
· the rural ambiance, the north-facing aspect, and the fact that no single house can obscure the view of its neighbors, while the views themselves take in the beautiful Oranjekloof Reserve, one of the last extensive indigenous forests at the Cape. The position of the site, said Miller, means that most homes will have late afternoon and evening sunshine long after others in Hout Bay are in deep shadow;
· the Cape vernacular / farmhouse designs. “Anyone familiar with multi-unit estates”, said Leigh-Ann Cooke, “knows how essential it is to have firm architectural guidelines to ensure an attractive, harmonious appearance. Constantia Nek Estate visitors very quickly grasp just how appropriate the Philip Briel designs are for a site of this kind.”
David Miller, who has been involved with this type of security estate development for 12 years, from Clarens in the Free State to Pinnacle Point in the Southern Cape, said that Constantia Nek Estate is in his opinion in the top 5-10% of all such developments in South Africa.
“It has an instantly recognisable quality which sets it apart from most of the others.”