Cape Town - luxury Clifton house sold for R111 million

The weakening economy and housing sales notwithstanding, wealthy buyers are still seeing Cape Town's Blue Chips property locations such as the Atlantic Seaboard as a good store of wealth. Ian Slot, Seeff's managing director for the area says that about R1 billion worth of R20 million-plus trophy homes sales have already sold across the city for this year, most in suburbs such as Clifton, Camps Bay, Bantry Bay and Fresnaye. This includes a recent record R111 million (incl. VAT) sale of a luxury home in Nettleton Road, Clifton to a Johannesburg buyer, by Seeff agent, Lance Cohen. The previous highest price for a house in the suburb was R60 million paid for a Nettleton Road property in 2010. This is also one of only three agency sales to have ever topped the R100 million mark, two of which were sold by Seeff. The Stefan Antoni designed home is built over several levels, offering a massive 1381sqm in floor space served by an elevator. The views are spectacular, miles and miles of ocean to the front and mountain to the rear, says Cohen. Large glass stack doors open the main floor and living areas to a terrace and rim-flow swimming pool that is suspended mid-air over the ocean. The master bedroom suite covers an entire floor. There is also a house manager/butler's apartment, high-tech 10-seater cinema, gymnasium, store rooms, a multi-media and electronics control room and top class finishes including state-of-the-art underfloor temperature control (heating and cooling) throughout. This sale follows the sale of a 2500sqm tract of vacant land that fronts onto Victoria Road for the record price of R70 million last year, also by Cohen. This price incidentally is also the highest ever paid for a residential plot in the country. Clifton is now so sought after that land prices have doubled in just five years, says Cohen. A 1242sqm plot in Nettleton Road sold by the agent for R35 million about three years ago, resold within a year for almost double at R68.3 million. In fact, the agent had a client decline an offer of R140 million late last year for a 4000sqm tract of land in Nettleton Road. The average house price for Clifton now stands at R19.7 million, the highest in the country and about R5 million more than five years ago, says Cohen. The average rate per square metre too is up year-on-year by 20% from last year's high of R100 000/sqm to R120 000/sqm, still the highest in the country. In Clifton, some four properties have sold above the R20 million mark, seven in Bantry Bay, two in Fresnaye and one in Camps Bay. About 60% of top end sales are to Capetonian buyers. The remainder, mostly holiday and investment homes to Johannesburg and KZN-buyers as well as foreign buyers. The Cape property market is enjoying some of the highest confidence levels in the country. It has been a strong performer over the past two years with the R20 million-plus trophy sector of the market surging ahead in price and value, concludes Slot. For more information, contact Seeff Atlantic Seaboard on 021 434 9175 or visit www.seeff.com.

Cape Town - luxury Clifton house sold for R111 million

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