The Atlantic Seaboard suburb of Fresnaye has seen a rally in demand for freehold property which has in turn boosted the full title selling price by 76% in just four years. Lance Cohen, Seeff agent for the area, note that any well-priced property, especially below the R20 million price mark is still snapped up quite quickly.
Where full title property sold for on average R7.2m in 2012, the price now stands at a phenomenal R14.923m, outranked only by Clifton and Bantry Bay overall. The suburb though topped these two areas in terms of the overall volume and value of sales over the last few years.
“Attributing factors”, he says, “include the location against the slopes of Lion’s Head that allows for fabulous views as far as the eye can see. The lovely palm-tree lined avenues, all with a bit of French flair reminds of the French Riviera and you are on the doorstep of everything that the Atlantic Seaboard and City Bowl offers including excellent schools”.
It has been largely residential buyers, especially families who are investing in the area and according to Cohen most are in the 36-49 year age bracket with only about 10% below that age group. Less than 5% of sales were to foreign buyers amounting to just over R42.2m.
“The suburb offers a superb mix of residences, a healthy environment and fabulous investment value. It ranks in the top nationwide, boasting some of the most valuable real estate in the country”.
The full title sector comprises about 60% of total market stock. Total sales for last year amount to just under R640m (R638,887,000). The average time on the market is around six weeks and the average difference between asking and selling prices around 15.2%.
The latest Lightstone data shows annual price growth has ranged between 12-15% since 2010, but has now slowed in view of the overall economic contraction.
Since the start of last year, ten homes priced above R20m were also concluded in the suburb. These include Ave Deauville (R20m), two in Ave Disant (R21.5m and R22m), followed by Top Road (R22.5m), Arcadia Road (R25m), Ave St Bartholomew (R25.625m), Ave Des Huguenots (R36m), Ave Protea (R39.666m), Ave Fresnaye (R72m) and a highest price of R75m in Ave Alexandra (sold by Seeff agent, Lance Cohen).
In the sectional title sector, some 60% of all sales were above R5m, reaching a price per square metre of R50,000-R54,500.
Although the suburb still offers opportunities to get in fairly low and renovate and upgrade, top end properties now range well into the upper millions. The agent has for example just listed a 3247sqm estate with the original and first manor house in Fresnaye for a record price of R185m.
The magnificent property boasts panoramic mountain and sea views and offers a grand lifestyle, quite unparalleled on the Atlantic Seaboard, says Cohen. It is a showcase of why the Atlantic Seaboard is in such demand and why buyers and investors will pay such high prices.
The location is superb on a corner plot in Ave Alexandra against the slopes of Lions Head, one of the most sought-after addresses in the country. Space and every luxury imaginable including fireplaces throughout, underfloor heating, a gymnasium, plenty of outdoor terraces and a large swimming pool as just some of what is on offer. The multitude of living rooms include an imperial styled dining room and spectacular kitchen with the best facilities and equipment including a walk-in fridge. It flows to an informal dining room and braai terrace.
There are five bedroom suites in the main house. The main suite is large and includes a lounge, dressing room and luxurious bathroom as well as an adjacent study/office. It opens to a patio. There is also a guest cottage with two bedroom suites and a living area and kitchen with a private terrace and swimming pool, Additional features include staff accommodation and garaging as well as top class security and a guardhouse.