Demand for secure lifestyle living in Hout Bay is driving development
Category Property News
Demand for secure estate living in Hout Bay has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for 20.24% of the property landscape with the launch of an exclusive new gated development on 26 November adding 20 more units to the existing 1250 estate homes.
Terri Steyn, Area Specialist for Lew Geffen Sotheby’s International Realty, says: “More and more buyers are attracted by the harbour village’s unique lifestyle and proximity to the city and Nooitgedacht Estate, with its ideal north-facing mountainside position and stunning views, with appeal to investors across the board, from young professionals to those downsizing.”
Developed by the award-winning Nova Group who”are responsible for two other sought after Hout bay estates, Villa de Legno and Avignon, Nooitgedacht comprises 20 stands from 946m² to 1400m² and investors have the choice of buying plots or plot-and-plan packages, with homes ranging between 340m² and 450m².
According to Steyn, the estate has been thoughtfully designed specifically to both complement and harmonise with its indigenous fynbos setting utilising a modern interpretation of Cape vernacular architecture.
Due to break ground in February next year, the services and foundations have already been laid, including provision for fibre connectivity and the significant advantage of three boreholes for communal use.
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says that the growing popularity of secure estate homes in Hout Bay is clearly evidenced by the most recent Lightstone report which reveals that during the last three months ending October 31, there were 34 registrations of new estate homes and 94 repeat sales with 20 being during the last three months.
He adds that, in spite of the subdued market, property values in Hout Bay have been steadily increasing whilst the gap between asking and selling price has decreased during the last three years.
“According to Propstats data, the average price of a freestanding home in 2015 was R4.1m, 7.3% lower than the marketed price. Last year the average selling price rose to R4.5m which 7.1% below asking price and by the end of October this year the average house price had jumped to R5.1m while the average difference between advertised and sale prices had shrunk to 6.4%.”
Alan Williams, Co-Developer of Nooitgedacht, attributes Hout Bay’s increasing popularity to multiple unique appeal factors.
“In the face of the emergent trend to move away from the city to avoid the growing peak hour traffic congestion and live a more sedate lifestyle, Hout Bay is the perfect location as residents enjoy a laid-back seaside village lifestyle as well as a quick, congestion-free commute to the CBD.”
“Hout Bay also has a wide range of convenient amenities as well as top class schools has which have added significantly to its appeal.”
Due to be launched off-plan on 26 November, prices start at R2.95m for plots and R7.4m for plot and plan, including VAT (no transfer duty).
Author: Lew Geffen Sotheby's International Realtye