Luxury, views at the top end
BUILT for a large family originally from the UK, our feature home is set within Pezula Private Estate in Knysna on the Garden Route. This southern Cape estate has been recognised internationally as one of the most successful luxury developments in the world. The estate consists of Phases 1, 2 and 3 where all plots offer the buyer a choice of panoramic views of the sea, forest or Outeniqua Mountains.
Pezula was recently awarded Best Property in SA and Best Development in SA at the 2008 CNBC Europe & Africa Property Awards. This accolade has added extreme value to the development along with increase in demand. Buyers are increasingly looking for value for money, return on investment, and property as an investment. The cash buyers mainly the top end of the market are not concerned with the National Credit Act or interest hikes. The demand for secure, top end developments is on the increase as can be seen at Pezula, says Patrick OShea, CEO of Engel & Völkers and the OShea Group. While the property market has shown a slow-down in certain segments, trophy properties continue to be in demand. These trophy properties are at the upper end of the market, are often situated in secure and secluded lifestyle estates, and continue to fetch healthy prices.
In the design brief, the owners requested large, modern living spaces with expansive views. Safety and security were key on their wish list, which has been achieved in this home with its modern architecture laced with a hint of Africa. The owners favourite features include the glass front windows and doors that fold back to give an integrated inside-outside feel, with beautiful views across the rim-flow pool.
The spectacular main entrance to the house lies over the water features situated on sand blasted railway sleepers. This opens into the reception hall with a gallery library above, a guest powder room and a wine cellar below. The views, open spaces and creative design all factor in in defining the home as unique.
Located on 7284m², the 860m² house has been designed with four bedrooms and four bathrooms, all en-suite. Of late a number of the children have moved out of the home and so the owners are downsizing.
The stand sizes in the development vary between 4000m² and 10000m² .
For prospective buyers, the local property market looks promising. Knowledge Factorys SAPTG shows a 38,55% one-year appreciation trend for full title homes within the Pezula Private Estate, with the three year trend at 12,11%. The average price of a full title property in the 2006-07 period was approximately R2,341m, which has increased to R4,788m in the 2007-08 period.
Engel & Völkers pitch entry level prices in Knysna between R800000 and R1,2m, with the average mid-level home selling for between R1,8m and R2,8m while top level homes with luxury finishes and sea views or water front properties sell from R6,5m upwards. G ood views, they say, definitely have a great effect on the price and such properties are in constant demand. Beauty of the environment and surrounds views, and position/location remains an important factor when properties are purchased in the area, they say. In addition, the area offers safety and security, good value for money when looking at the prices versus land size/living space and good return on investment. There are amazingly good opportunities available for cash buyers, mainly at the top end , says OShea.
All in all it looks as though coastal properties are still in high demand .
CONTACT: Engel & Völkers
Article from: www.businessday.co.za