This is particularly true for those properties to which you can add value and traffic seems to be playing a major role in driving these sales.
So says Ian Slot, principal of the Seeff office in the area, who adds that the lifestyle comes with having everything 5 minutes away. “Beaches, airports and shops are in close proximity. There’s no rushing out of the house in the dark to miss the traffic jams.”
He says buyers over R3m seem a little more cautious. “However, very few sellers are listing, which is surprising considering the Soccer World Cup is around the corner and the Joburg buyers will be here, if not the rest of the world!”
“The City Bowl is conveniently situated for business people working in town, but one can also travel against the traffic if you need to get to your offices in the Northern or Southern suburbs. There is a choice of really great schools within the City Bowl or within 15 minutes drive, even if one chooses a school in the Southern Suburbs. City Bowl schools include St Cyprians, Herzlia, Jan van Riebeeck and the German International School with Reddam and the Camps Bay schools only 10 minutes away.”
Basil Moraitis, Pam Golding Properties’ (PGP) area manager in the City Bowl and Atlantic Seaboard, says apartments in the City Bowl also offer an ideal option for those needing a part-time foothold in the city, for example, regular business visitors.
“They can have the best of both worlds – a secure, centrally-located pad offering easy access to the Central City and the Cape Town International Convention Centre, and potentially the opportunity to earn rental income from the property when it is not in personal use.”
He says well-maintained buildings with good security continue to attract steady rental interest, both from long-term and short-term tenants.
Slot says character homes are still very sought after in the City Bowl. For instance, a gorgeous Victorian home with a garden and situated in an elevated position in Tamboerskloof, sold within days of coming on to the market. “There were two buyers competing to secure the property. Houses in the Highlands Estate area, within walking distance to the St Cyprians and Herzlia schools, also sell very quickly and sellers can mostly choose between two or three offers.”
He says the most active price ranges are between R2,5m and R4,5m. “The market has been quite erratic though. It was very busy in January and February and slow again in March and April, but May has been busy again.”
“Although we are entering our ‘slow’ season with its less appealing weather, the sales are still taking place at the moment, especially if the properties are competitively priced. There seem to be a few more choices on the market for buyers, and they only seem to commit where they see value.”
Slot says if one looks at the number of days over the last year (May 2009 to April 2010), the average selling time seems to be quite high at 107 days. “However, there has been a distinct decline since the beginning of this year, since our economy started showing signs of improvement. The average has improved to 87 days. Of course this is always dependent on how competitively the property is priced.” – Eugene Brink
For more information contact Seeff’s City Bowl office on 021 428 1055 or PGP’s City Bowl office on 021 423 2150.
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