Camps Bay still has homes affordable to the "entry level" buyer
The public's perception that homes in Camps Bay have become ultra-luxurious and prohibitively expensive is not entirely accurate - and this has had the unfortunate result of deterring some buyers from investigating the area properly, says Helen Hoekstra, Manager of Anne Porter Knight Frank's Camps Bay branch.

"Two facts have become clear in the last half year," said Tane Collins of APKF, Camps Bay. "The first is that the majority of sales are taking place in the R5 toR7 million price bracket and the second is that any home that is priced at 2007 levels will have to have its price significantly reduced if the owners hope to sell this year."

What is more, he said, the difference between asking and achieved prices now stands at an average of 13%, which is well above the average for the Cape Peninsula.

"The message we need to get to the public is that Camps Bay can accommodate the buyer on the first rung of the upmarket ladder, i.e. looking for a home from R3,5 million upwards. It is true that it has become one of the sought after areas of the Cape Peninsula but it is still within reach of the family or couple not yet in the top income bracket - but possibly heading that way and wishing to make an investment which will grow steadily."

The good news, he added, is that with ± 80 homes sold between May 2009 and May 2010, the market is still alive and well and more sellers are now realistic in their asking prices.

Article from: www.anneporter.co.za