The buoyant demand for Hout Bay’s laid-back lifestyle has led to a significant improvement in sales this year with properties selling fast and for close to or more than the asking price.
This sea facing two bedroom apartment in Hout Bay has air conditioning and a balcony. It is selling for R2.895 million - click here to view.This is according to Seeff’s managing director, James Lewis, who says stock levels have more than halved and their agents are inundated with buyer enquiries, but there are just not enough properties coming onto the market to meet the demand right now.
“Homes are selling almost as fast as we can list them and we have cash and credit-ready buyers just waiting for new listings. For sellers, this is an excellent time. The buoyancy is also clearly evident from the sales activity this year,” he says.
Since the start of the year, about 147 properties to the value of almost R420 million have already sold in the village, over 15 percent more than the R360 million in real estate that sold during the first half of last year. The average price is also up year-on-year by about 17 percent from R2.4 million last year to just over R2.8 million.
This eight bedroom house in Hout Bay has entertainment spaces, a fireplace and Jacuzzi. It is on the market for R6.5 million - click here to view.Lewis says the great news for sellers is that while the market average to sell a property in this area is around 140 days, Seeff’s recent sales have been within anything from 30 days of listing to before they even had time to list.
All the while sellers have been getting close to and even more than the asking price. Six recent sales illustrate this. The first, a three bedroom home in Northshore sold for the full asking price of R2.795 million before being listed, while a family home in Beach Estate sold for R2.35 million (just under the asking price of R2.495 million) within four days of listing it.
This three bedroom house in Hout Bay has two lounges. It is priced at R4.995 million - click here to view.Four homes also sold within 30 days of listing. These include a four bedroom home in Victorskloof that sold for R4.4 million, just under the asking price of R4.695 million, a house in Beach Estate that sold for R1.895 million (just R5 000 below the asking price), a four bedroom home in Northshore that sold for R3.2 million against an asking price of R3.495 million and a family home in Overkloof that sold for R4 million, R100 000 more than the asking price of R3.9 million.
Lewis attributes the success to working closely with sellers and providing vital market information and accurate valuations. By listing at the right asking price, sellers have been able to attract excellent prices and have sold their properties literally within days of listing. In terms of the opportunities for sellers right now, the biggest demand is for freestanding houses, priced between R2.5 million and R4.5 million.
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