Over the past few years many owners have put their holiday homes on the market due to increasing financial pressure, contributing to a slump in the residential property markets of small coastal towns. Langebaan on the West Coast was no different, but recently it seems that the area is experiencing an upswing.
This three bedroom, two bathroom home in Myburg Park has an open-plan living area with stacking door leading out to a deck with built-in braai and pool. It is on the market for R2.42 million – click here to view.This is according to Jacques Smit, principal of Leapfrog Property Group Langebaan, who says many buyers are looking for property ranging between R900 000 and R2.2 million.
Typically, he says these types of properties are one to two bedroom flats in Mid Town, which is a popular area because of its proximity to shops, restaurants and the main beach at the Langebaan Lagoon. It is also a favourite spot for holiday and weekend rentals.
He says the majority of the R1.7 million to R2 million buyers are near retirement or semi-active and are able to work from home - and 80% will buy cash from funds generated from being in the property market for a number of years, and are able to utilise the equity generated from selling elsewhere.
According to Smit, Langebaan is still a sought-after destination, as it’s relatively close to Cape Town, less than two hours’ drive to the Cape Town International Airport and near medical facilities and hospitals (private and new provincial) in Vredenburg. The area has low crime levels and is popular for outdoor living and sport.
This three bedroom, two bathroom home in Country Club has an open-plan lounge leading out to the patio with built-in braai. It is on the market for R1.6 million – click here to view.He says there are also excellent private schools (primary and high) with top-quality model C schools in the area. “This is probably the main reason that young families are also buying, followed by the fact that properties in good areas in Cape Town have become very expensive.”
Langebaan is currently experiencing heavy surges in housing construction, and Smit believes this is partly due to a large amount of vacant land that was purchased by investors for a quick resale during 2005 and 2006. In most cases, this resale was never realised due the economic downturn shortly thereafter, and investors who were able to hold onto their land are now partnering with developers to construct properties – either for resale or to be used as rentals.
“Investors are also taking an interest in vacant land in the more open suburbs such as Country Club, and we are involved in a new plot and plan townhouse development in the Laguna Sands area. Prices started at R859 000 for two bedroom homes earlier this year - they’re currently sold out - and starting prices are now at R939 000. The civil works on these developments will start during July 2017,” says Smit.
This three bedroom, two bathroom home in Mid Town has open-plan living areas, a braai room and manageableprivate backyard. It is on the market for R1.295 million – click here to view.At the moment, Smit says sellers are asking unrealistic prices for their properties. “In Langebaan, we’re seeing that a lot of properties for sale in the price range from R2.5 million up are staying on the market for a long time, mainly because Langebaan is still predominantly a secondary market (investor/ holiday house) and buyers just can’t afford these prices.
Smit advises sellers to work with a qualified estate agent who can do a proper appraisal, including an assessment about what similar properties in the area are selling for, to get the house priced accurately. “They’ll also help with marketing the home and guiding both the buyer and seller through the sales process.”
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