October 2019 | Property Update | Cape St Francis
Towards the end of September and October our rainfall really picked up and the fynbos went into beautiful bloom. On that note, the Cape St Francis Wildflower Festival continued to grow, and the feedback has been fantastic. We had one big cold front slap us sideways the last week of October, with wind gusts reportedly measured at the lighthouse of 111km/h. This storm did leave behind a bit damage with loose facia boards and the odd sliding door being blown out, one of the construction sites had a roof blow off!
Property Market update - Cape St Francis
Following from our last property update post 2018 summer season (read it here, in summary it wasn’t that great unfortunately), our latest comments on what we’ve experienced in the property market:
From April to July 2019 we noticed an increase in interest in the higher-end listings, fortunately 5 sales of over R3.5 million were concluded in this period which gave the upper property segment a much-needed boost. Buyers in this segment are familiar with Cape St Francis and the unique lifestyle opportunity it presents. We think it is important to note that the buyers share a long history and association with the village. As noted in our post season update, the upper segment had a record number of listings of which non were sold in the first quarter of 2019 and very little interest garnered for about 6 months prior. Our experience during the summer months indicated a tough 2019 but thankfully sale volumes have been buoyant and some good turnover in price bracket of R3mil+.
Desirability of the exclusive central village is confirmed, 3 of the 5 sales were second row locations from the beach and all 5 sales were within the “old village centre“. We brokered 3 of the sales including the highest value sale of 2019 thus far, of R6.5mil. We do note that offers made were between 10% to 15% below listing price, this is partly due to sellers aiming for higher prices than comparable sale analysis would indicate.
On the construction front, much comment has been made of the “building boom” in the area. The St Francis Links golf estate as well as Cape St Francis seeing an abnormal amount of activity, we counted 26 new builds/renovations/additions since the beginning of the year in Cape St Francis alone. Driving into the village you will pass 5 building sites before you reach the first stop street into Da Gama Road! All we can say is that our non-commercial, pristine and relatively crime-free village is a very attractive proposition.
As 2019 draws to a close we wish you a blissful and joyous summer and please pop in and pay us a visit, we would love to have a chat.
All the best
Jal and Frieda Rigaard
Seal Point Estates
No. 5 Da Gama Road, Cape St Francis
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