AA - June 2020

Author:  Staff Writer
24 June 2020

This Clifton parking bay is selling for R1.1 million        

A parking bay off Victoria road in Cape Town’s suburb of Clifton has gone on sale for R1.1 million – or around R78,500 per square metre.

The parking bay is located at San Michele in Clifton, renowned for its breathtaking views of the ocean, and multi-million rand properties.

The bay takes up 14 square metres and includes levies of R500 per month, along with bond costs of R8,694 over 20 years at a current interest rate of 7.25%.

The bay is one of several that have gone on sale in the area for a price tag exceeding R1 million, and according to the selling agency, Pam Golding, the ‘property’ is under offer.

“This is a rare opportunity to purchase a roof top parking bay at San Michele. Enjoy the convenience of secure parking. Purchase price includes Vat,” Pam Golding said.

Realtor, Seeff, notes that with just four sales to date in 2020, the R20 million-plus super luxury Atlantic Seaboard market has fallen to its lowest level in a decade.

This is despite listings in areas like Clifton, Camps Bay, Fresnaye and Bantry Bay climbing – up 200 new listings this year.

Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl noted that during the boom period of 2016-2017, the market was doing about five sales per month in the R20 million-plus sector, with prices reaching R80 million to R120 million in Clifton.

Last year’s highest price reached just R60 million in Fresnaye, while this year so far, just R34 million in Camps Bay, he said.

“With no real price movement in the super prime sector, this is arguably one of the best periods for ‘bargain hunting’ that we have seen in the last decade,” Levin said, adding that that there are now many new listings not seen before while sellers are motivated to take lower offers.

The realty group said that although it is still early days for the market under lockdown level 3, there are encouraging trends emerging in the luxury market, in particular a renewed interest from semigration buyers.

Levin said that buyers that take a long-term view, could reap rewards when the market cycle ticks up again.

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