With security and lifestyle now ranking as a top priority for buyers, the fact that Somerset West is home to more than 40 such estates has become a major drawcard for the market here, and has contributed to the rise in demand and average property values.
This three bedroom, two bathroom home for sale in Schonenberg Estate offers open-plan living spaces, a swimming pool and garage with direct access, and is selling for R4.995 million - click here to view.This is according to Loretta Diab, manager for Seeff’s operations in the area, who says this is not just boosting general demand for homes in the area, but the median property values in gated and security estates is up by some 27% (freehold) in Schonenberg. Erinvale Golf Estate homes have also increased in value over the last two-and-a-half years.
Somerset West estate buyers
“We have seen a major shift in the buying patterns, and for about 80% of buyers, security is now a top priority,” says Diab.
“And, if they can afford it, they would like to live in an estate that offers added lifestyle features such as a golf course, clubhouse and grounds where homeowners can enjoy the wonderful outdoor lifestyle that South Africa is so famous for.”
She says the biggest demand is in the R1.5 million to R1.9 million price range.
“If we had twenty of these on our books, we would sell them all immediately, such is the demand,” says Diab.
Schonenberg Estate
Diab says one of the most popular estates right now is Schonenberg Estate, situated just off the N2 on the edge of the village, adjacent to the famous Lord Nelson Hotel.
Situated in Shonenberg Estate, this three bedroom, two bathroom home has a central courtyard, large garden and fireplace. It is on the market for R3.3 million - click here to view.“It is some 70ha in extent with 650 single residential homes and a retirement village in a typical Cape vineyard vernacular architectural style. The homes feature modern finishes and anything well priced is snapped up quite quickly,” she says.
“On top of the excellent location and security, the estate offers a fabulous outdoor lifestyle and boasts award-winning landscaping with scenic water dams, walkways, play areas for children and hiking and cycling trails. This is topped by stunning views of the Helderberg and Hottentots Holland Mountains.”
The estate offers a mix of property that appeals to the cross-section of buyers, from young first-time buyers to families and, of course, retirees, says Diab. It is also suited for second home buyers such as European and Johannesburg buyers who want a lock-up and go in the village close to the airport.
The entry-level price for the estate is now R2.4 million, and it is very popular for rentals that start at a minimum of around R14 000 per month. There is a shortage of rental property here, so this estate is of interest to investors as well, she says.
“Schonenberg has seen excellent price growth since 2013. Based on the latest Lightstone data, the median price for sectional title is up from R1.9 million in 2013 to R2.55 million this year,” says Diab.
“The freehold median, meanwhile, has risen from R2.4 million to R3.05 million. This equates to a rise of 34% and 27% respectively over the period.
Somerset Heights Estate
This three bedroom, three bathroom home for sale in Somerset Heights has expansive living areas with high ceilings and warm wooden floors that lead seamlessly onto a patio with heated pool and views towards Table Mountain and the False Bay coastline. It is selling for R5.25 million - click here to view.Somerset Heights Estate is another popular option, according to Diab.
Homes in the estate now start from about R3 million upwards, and the median price for the estate has risen from R2.1 million in 2013 to R3.1 million this year, although it reached R3.4 million last year.
“The growth equates to about 48% over the two-and-a-half year period. Prices range to around R5.25 million for a luxury home with stunning views,” says Diab.
“The estate is home to about 50 houses on plots of around 790sqm each. Aside from top-class security, residents enjoy lovely views of the surrounding landscape and mountains. The location in the heart of the village is another attraction.”
Somerset Heights tends to attract mostly older buyers, and only about 5% of all properties change hands here annually as homeowners just do not want to move.
Then there are top-end estates where buyers are now willing to pay substantially more, says Diab.
These include Bel’Aire Estate that now boasts an entry-level price of R5.8 million that is still climbing.
“It is especially sought after by families for its close proximity to schools and Stellenbosch. The views from the estate are quite spectacular,” says Diab.
“The homes are very upmarket. The estate has been quite active over the last two years with around 18 transfers last year, and another 18 transactions for this year so far.”
The median price has risen from around R4 million in 2013 to R5.2 million, although it peaked at R6.3 million last year. That represents growth of about 30%.
Although there are about 220 properties in the estate, Diab says there are only a few on the market around the R7.5 million to R8.5 million price range.
This three-storey home for sale in Erinvale Estate is set on a 2 034sqm plot, and offers views of the False Bay coastline. The home has three en suite bedrooms and a central courtyard with swimming pool and covered patios. The property includes a wine cellar and double garage, and is selling for R21.95 million - click here to view.Erinvale Golf Estate
At the top of the list is the Erinvale Golf Estate that now boasts an entry-level price of R5 million.
Diab says its located in the heart of the village and offers a world-class golf course with clubhouse, leisure centre and facilities such as a restaurant, bar, pro shop and fabulous views of the Helderberg and Hottentots Holland Mountains.
“The golf course ranks as one of the most sought after in the country, and top golfers, both amateur and professional, regularly visit the estate. Again, you have excellent security and open areas where residents are able to walk around freely and enjoy a quality lifestyle, says Diab.
“The homes are all unique and generally luxurious, with plenty of space and superior finishes, offering everything that you would expect from a top-ranked golf estate. We are now also beginning to see older homes being upgraded and remodelled as demand for the lifestyle just keeps growing exponentially.”
Erinvale now boasts an entry-level price of R5 million, and the median price is up from around R5.5 million (adjusted for anomalies) in 2013, to R7.8 million this year - considerably higher than two and a half years ago.
A number of sales over the last year, though, have topped the R7.8 million price mark, ranging to about R17 million, but Diab says prices have reached R22 million over the last two years.
The estate has seen high demand since 2013, with 20 to 22 sales annually. Most buyers are slightly older, with many either semi-retiring or retiring to the estate. Other than that, it continues to appeal to second-home buyers, including Europeans from Germany and the UK.
“Stock shortage continues to be the biggest challenge for agents in the village,” says Diab.
“Despite the rising values, buyers are not interested in over-priced properties, so serious sellers would need to know that.”
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