by Paul Levy & Gisela Spingies
Well-established and trusted agents of choice, Paul Levy & Gisela Spingies.
We specialise, area-specific, on only The Waterfront and Mouille Point with a combined industry-experience of over 40 years.
A total of 38 confirmed sales were recorded between January and October 2024 (with an additional two sales confirmed thus far in November).
During the same period last year there were a total of 29 confirmed sales, with a further 9 confirmed sales during Nov-Dec 2023.
The average selling price in the Marina Estate during this period was R15.6 million – largely unchanged from the average sales price last year.
(Last year’s average sales price between January and October 2023 was R15.64 million vs this year’s R15.63 million – a decline of 0.1%).
The highest selling price thus far this year was just over R50 million (Parama, Dock Road, sale confirmed in March 2024 and mentioned in the previous newsletter), R30 million (Parama, Dock Road, sale confirmed in May’24) and R29 million (Carradale, sale confirmed in Sept’24).
The average selling price for the five Silo apartments sold thus far this year is R13.6 million (the average price is inflated by the sale of an apartment for R22 million)an increase of 65.5% compared to the same period last year.
Year to date, the sales price per square metre has averaged R91 933/sqm – an increase of 6.7% compared to last year.
In terms of time on the market, the average time on the market thus far this year was 120 days. During the same period last year, the average time on the market was approximately 115 days.
Year to date, sales prices were an average 7.5% below listing price compared to 7.6% during the same period last year.
Of the 38 sales recorded thus far this year, seven properties were sold to foreign buyers, while the balance were sales to South Africans living in the Western Cape.
Of the 29 sales recorded during the same period last year, only two properties were sold to foreign buyers while all other homebuyers were locals based in the Western Cape.
The Marina Residential Estate has reason to boast its new and expanded on-site gym – all brand new equipment and a larger facility – it is looking incredible and a brilliant asset to the estate’s facilities.
The gardens are looking fantastic too – all the winter gardening efforts burst into life in springtime and the grounds are just beautiful.
The V&A Waterfront is gearing up for another bumper season. The old Union Castle Building refurbishment is complete and hosts some fantastic new stores.
The season promises to bolster local business across the city, but for the Waterfront – their offering of the Shopping centre, Restaurants, Zeitz Mocha, Silo District, live shows, open air theatre, Makers Landing, art installations, boat cruises – it’s an international destination that we have in our backyard – what a brilliant place to live, work and play!
All eyes are on the new major development planned on the Granger Bay, Grande Café site – R20 bn to be spent over the next 20 years – hotels, beaches, restaurants and super luxurious apartments and the extension of the coastal promenade linking Mouille Point & Granger Bay to the city.
Major focus has been spent on the environmental impacts with the Waterfront’s focus on sustainability. Construction is set to begin in 2025.
We wish you a wonderful and safe festive season and look forward to a brilliant 2025!
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