The Claremont residential market dipped slightly towards the end of 2016, but only a few weeks into the new year it’s already showing promise as a result of a far better selection of stock including a brand new development that has just been launched off-plan.
This is according to Elaine Dobson, Area Specialist for Lew Geffen Sotheby’s International Realty, who says: “Lightstone data reveals that only 26 (13%) of the 202 sales in Claremont last year were concluded between October and December and, although the prevailing economy was a contributing factor, it wasn’t solely responsible”.
“Sales were also notably impacted by the dearth of available stock which progressively dwindled as the year progressed, especially in the lower to middle markets, as well as the emerging estate sector where the gap between demand and supply is rapidly growing.”
Dobson adds that with no more greenfield land available in Claremont, new developments can only be built when homes on large stands with the applicable zoning can be bought and demolished.
“These make way for increasingly sought-after compact developments of three to five homes that are usually snapped up when a new project is launched”.
“They also seldom come onto the market for resale, as owners tend to hang on to their investments in anticipation of solid growth in tandem with the steadily increasing demand for secure, low maintenance homes.”
Comprising just three double-storey cluster homes in a prime location in the heart of Upper Claremont, the new development in Thelma Road called Thelma of Aview ticks all the key boxes for discerning buyers.
Gus van der Spek, Director of AVIEW Property Development, says: “Thelma of Aview was conceptualised with two core objectives in mind; to create beautiful homes where residents can enjoy a relaxed, exclusive lifestyle within a secure environment and to offer buyers a sound investment opportunity in a stable market”.
“To achieve the first goal, it was essential that the architectural design allows residents to enjoy the best of both worlds; the relaxed suburban lifestyle of a spacious family home combined with the lock-up-and-go convenience of apartment living”.
“Location impacts significantly on investment value as much as it does on lifestyle and to this end we were fortunate to secure an ideal corner site in one of the city’s most sought-after enclaves where consistent growth has continued to yield solid returns.”
Competitively priced at R8.995m in a market where houses priced between R10m and R20m are no longer a rarity, these upmarket homes offer excellent value and a promising return on investment.
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says an analysis of Propstats data reveals how well the market has performed in Upper Claremont in recent years with the average price of houses seeing double digit growth each year since 2013 when the area’s market average was R5.1m, with only one home fetching more than R10m.
“A year later the average sale price had risen by some 25% to R6.3m and there were five sales in the R10m-plus band. By 2015 the average price had increased by just under12% to R7.1m with six sales breaching the R10m mark and, despite the tough economy, 2016 ended with another solid 12% increase in the average sale price (R7.98m) with nine homes selling for more than R10m.”
Dobson says: “All three homes planned for Thelma of Aview will have four generous en-suite bedrooms, expansive open plan reception areas that flow out to landscaped gardens, double garages and stunning mountain views”.
“Top-quality standard features include designer kitchens with separate sculleries, SMEG appliances, Paradox alarm systems, air-conditioning and wood burning fires, and buyers have a selection of paint colours, bathroom fittings, flooring and kitchen styles from which to choose”.
“There are also optional extras such as a swimming pool, underfloor heating, American shutters and solar PV installation available at an additional cost.”
Residents will have the luxury of being situated in tranquil tree-lined suburbia whilst also enjoying easy access to top class amenities and facilities, including Herschel Girls’ School and Western Province Prep just blocks away, world class shopping at Cavendish Square as well as an array of restaurants and cafes, wine farms and sports facilities.