Recent publicity from many sources regarding Muizenberg’s upgraded status (especially the expansion of its main Checkers store and big infrastructural improvements) has resulted in many new enquiries and an unprecedented interest in what the area can offer home owners, say Errol King, Rawson Properties’ franchisee for the Muizenberg, Kalk Bay, Lakeside, Marina da Gama and Capricorn areas.
At the moment, however, adds King, prices remain at their previous, very affordable levels-but with the increased demand in the area, the market is likely to swing upwards next year.
“CMA info statistics show that 214 properties have been sold in the Lakeside to Kalk Bay precinct in 2012 so far– and at an average price of only R1,1 million. When you consider the lifestyle that the precinct can offer with its beaches, vleis, mountains and many restaurants, it is amazing that the average home price here is only some R250,000 above the South African national average.”
King adds that the R1,1 million average price is based largely on freestanding two, three and four bedroom homes – sectional title units are not as widely found here as in many other parts of the Cape Peninsula. This area, he says, is particularly attractive to young professionals, the upwardly mobile set and retirees - often honing in on the Marina da Gama area. Here homes facing north and on the water have sold for as much as R3,5 million, with many changing hands in the R2 million to R2,5 million bracket (off the water prices vary, depending on location, from as little as R600,000 upwards).
“The big frustration for all Muizenberg estate agents right now,” says King, “is that although agencies like ours have 40 to 50 potential buyers willing and able to purchase in the R1,3 million to R2 million bracket, we cannot get hold of enough stock to satisfy them.”
King warns, however, that sellers who assume that this situation will immediately lead to prices rising should note that today’s buyers come to the market extremely well informed about current values. Over 80%, he says, will have ‘done their homework’, looking up Lightstone, CMA and other data services on the Internet. In addition, a fair percentage will have made their own enquiries in the area before speaking to the agent. Initially Lakeside and Muizenberg may not have been the first choice of such buyers, but after thorough price comparisons, they become convinced that the value for money here is second to none in the area – and of course the lifestyle is also attractive to them.
Such bargain seekers, says King, can still be accommodated in today’s market – and to prove his point he mentioned three properties for sale now. These are:
- A three bedroom, three level apartment with quarry tile floors and aluminum window frames. Situated only one block from the beach, it has a
low maintenance face brick façade and each unit has two balconies. The ground floor incorporates a garage and the price for this unit is R1,170,000. This equates to a mere R6,990 per m2.
“For this location, this presents incredible value for money,” says King. “The average selling price for sectional title units in Muizenberg is R10,000 to R13,000 per sqm.”
- A two bedroom starter home with a neat open-plan living room and kitchen area. Sited just off Prince George’s Drive, this home is only five minutes’ walk from Surfers’ Corner and the central Muizenberg retail stores. The asking price here is a low R480,000.
- A three bedroom home with two bathrooms, a skylight and a fireplace in the living room. This home has designer wood flooring, chic blinds, heated towel rails and its façade has a striking Cape Vernacular appearance. It also has a small, well developed garden and a security guard is on duty every night in the street onto which the home fronts. The asking price here is R920,000.
