Constantia Upper property market buzzing with activity
Category Property news
Whilst the average selling price for Constantia property is still below asking price by 10 to 15% in most cases (Propstats pegs it an average of -11% for the past 12 months), the market has shown no signs of slowing down: "In fact, it's currently a hive of activity," says Mike Greeff, CEO of Greeff Properties, an exclusive affiliate of Christie's International Real Estate.
"Propstats records a figure of R790 537 000 for total sales revenue in Constantia Upper for the past twelve months, compared to a total revenue of R657 210 000 for the twelve months prior to that – March 2013 to March 2014," adds Greeff. According to Greeff's agents in Constantia Upper, Sari Raz and Cheryl Teubes, (who have collectively sold eight Constantia properties in the first quarter of 2015), buyers include local Constantia residents who are either upscaling or downscaling and wish to remain in the area, as well as a number of new investors from Johannesburg.
Growth in Constantia property market
"The average selling price of Constantia property over the past 12 months is pegged at R8 592 793, which is 15% higher than the average selling price of R7 468 295 that was achieved for the previous 12-month period," says Greeff. "It's important for prospective sellers to be realistic, however, and to note that the average selling price increase reflected in the statistics is largely attributed to the properties which are priced up to approximately R6 million. Homes in the more expensive bracket are not necessarily achieving significantly higher selling prices than those we've seen over the past four years," says Sari Raz, "However, sellers are taking offers and there are numerous cash deals occurring in the higher price brackets," adds Cheryl Teubes.
Constantia property sold in the last quarter by Greeff's Constantia Upper agents include, among others:
a five-bedroom, four-bathroom home which fetched R12.6 million;
a five-bedroom, five-bathroom house with guest suite on 4000m2 which sold for R10.5 million;
a house with four bedrooms and three bathrooms plus a guest suite and sauna on 3600m2, which fetched R8.5 million;
a five-bedroom, four-bathroom home with a cottage on an acre, which achieved a selling price of R8.4 million.
Constantia's attractions fiercely protected
"Apart from the undeniable beauty of the area, it's the ideal location for exercise enthusiasts, from walkers and dog lovers to hikers, runners and mountain bikers, not to mention equestrians, as Constantia is home to abundant stretches of protected greenbelt," says Greeff. "The entire Constantia Valley is also home to a fiercely protective property owner's association bent on preserving the area's historic value and rustic features," adds Greeff. "From a security point of view, Constantia Upper is leading the way in its collaboration with private security companies, SAPS and neighbourhood watches involved in a massive and concerted crime-lowering initiative, which has increased demand for real estate in the area," says Greeff, whose company supports and sponsors Constantia Crime Watch.
"CCTV cameras, and thermal imaging equipment (which makes night vision possible) are employed extensively by the crime prevention initiatives, and these provide essential evidence which has lead to numerous arrests," says Constantia Crime Watch Chairman Mike Voortman, adding that crime watches throughout the Constantia Valley have now also joined forces under the umbrella of the Constantia Valley Watches Association (CVWA).
Participants include: BKM, Constantia, Constantia Hills, Golf Links, Nova Constantia, Plumstead and Southfield. "The association aims to improve measures that deter crime through shared intelligence, resources and collective effort," says Voortman., adding that the constant presence of patrolling resident community volunteers plus the vital financial support from the private residents and local businesses is invaluable. "We are truly spreading a powerful and effective net to deter crime in the Constantia Valley and ensure that it remains a haven for residents – the results are heartening," says Voortman.