The number of days properties remained on the marketplace in the Southern Peninsula just before being sold has lowered substantially in 2011, reflecting a far better understanding of market place realities by sellers. This is according to Francois Venter, Regional Sales Manager for the Western Cape. The exception to this trend is Simon’s Town, where listing days have elevated.

For the initial seven months of this year, properties in Scarborough remained on the marketplace for an average of 152 days just before selling, compared with 315 for the identical period final year. In Kommetijie, it took an typical of 103 days to sell a property, versus 253 days last year. For Noordhoek, the figure was 106 days, compared with 172 final year and in Noordhoek Surrounds, it took 89 days compared with 150. For Fish Hoek and Surrounds, the figure was 98 days, compared to 153 days.

“In all these locations the difference in between the list price tag and the final selling price has lowered from an typical of 11% final year to 9.8% this year, which shows that sellers are becoming a lot more realistic,” says Venter. The exception to this trend is Simon’s Town, exactly where it took an average of 370 days to sell a property, compared to 243 days last year. “Interestingly, nevertheless, values have improved. Last year the typical selling value was R2,028,333 whereas this year average selling price was R2,658,158.”

Harold Kolnik, who owns the Southern Peninsula franchise, says that very good worth, the healthy, relaxed way of life, low crime rates and a strong sense of community continue to attract buyers to the South Peninsula overall. “A starter property in areas like Fish Hoek Valley can be bought for as little R750,000 whereas previously the cost tag was closer to R950,000. Household homes with 3 bedrooms and two bathrooms but no view start at about R1 million, although a lot more spacious homes with a view, range from R1.five million to R2.three million. According to PropStats figures, the typical sale price more than the past 7 months for Fish Hoek was R1,192,065, compared with R1,324,024 for the identical period final year.

Kolnik says the simpler, outdoor life style of the area is proving especially attractive to South Africans returning from a stint overseas in a significant commercial centre like London as well as buyers from Johannesburg, wanting to escape the pressure of hugely demanding jobs, escalating crime and worsening public services. “Technology advances have enabled increasing numbers of individuals to work from residence, commuting to other cities occasionally for meetings.”

The growing number of ‘green’ developments is attracting purchasers with an environmental awareness and young households like the sense of safety, the active community life and the value for cash. In addition, excellent schools, like Redham, and alternative schools like the Waldorf School, cater to a range of educational needs.

In conclusion, Kolnik says the South Peninsula is no longer predominantly holiday homes. Whereas permanent residents in places like Scarborough and Misty Cliffs utilised to quantity about 40%, these days they quantity closer to 80%.