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Exclusivity remains a strong niche market in Cape Town
Category Property News
Regardless of the prevailing economy, there will always be a receptive market for true innovation and high-end exclusivity which is clearly evidenced by the resilience of luxury brands and the keen interest shown in developments like The Barnyard in Tokai where only two of the seven available erven remain.
Developed by the owners of the world-class Norval Museum and Art Gallery and situated adjacent to the gallery as well as the Steenberg Winery and Golf Estate, The Barnyard ticks all the right boxes for discerning investors, from breath-taking scenic surrounds to state-of-the-art security and an inimitable lifestyle.
"Every so often a unique investment opportunity comes along and this most certainly qualifies as one of them," says David Burger, Constantiaberg Estate Specialist for Lew Geffen Sotheby's International Realty.
"The last two remaining stands measure a generous 4014m² and 4072m² respectively and, within the broad architectural guidelines to ensure aesthetic harmony throughout the estate, investors have creative latitude regarding the house design and the establishment of their own building budget.
Residents at The Barnyard not only enjoy sweeping views that include the Norval Gallery's impressive sculpture garden, they also have access to the gallery which hosts regular concerts and exhibitions and houses a fine dining restaurant and elegant bar area.
Burger adds that the estate's ideal location at the southern end of the Constantia Valley also places it in conveniently close proximity to an array of world-class amenities, including restaurants, wineries, golf courses and schooling, also offering easy access to the southern peninsula beaches, Claremont and the CBD.
"The Tokai market is by no means bulletproof," says Claude McKirby, Southern Suburbs Co-Principal for Lew Geffen Sotheby's International Realty, "but it has fared better than many comparable suburbs.
"According to our data for Tokai compiled through analysis of current CMA, Propstats and SAPTG stats, there were 54 sales in the suburb in both 2017 and 2018, and the average selling price only declined by 3.3% during this period, from R3 987 407 in 2017 to R3 854 305.
"The suburb's strong appeal is also evidenced by the fact that, according to Lightstone, 52% of existing owners have owned their properties for 11 years or longer - and almost a quarter of the current property owners (23%) bought in the last five years."
McKirby adds that the consistent market performance of neighbouring Steenberg Golf Estate is good indication of the solid value of estate homes in this sought-after area.
"The median price has hovered around R12.5 million since 2016, spiking to R17.25m this year with the registration of a R30m property purchased in December, which was one of three sales in the R20m plus price band at Steenberg since July 2018."
"The buyer and seller demographic at Steenberg is also a strong indication of the market value, with 50% of sellers during the last 12 months being older than 65 whilst 50 of all recent buyers were 35 or younger."
Burger concludes: "Ultimately, lifestyle is the key drawcard in this exclusive sector and residents at The Barnyard are assured the very best, from tranquil, private surrounds and the peace of mind of 24-hour access-controlled security to elegant designer homes and a wide choice of all manner of leisure activities."
Jointly marketed by Lew Geffen Sotheby's International Realty, both remaining vacant plots are priced at R17.5m each plus VAT (no transfer duty).
Author: Lew Geffen Sotheby's International Realty
