Demand for Plattekloofs luxury homes still strong

The Northern Suburbs of Cape Town are a closed book to many Capetonians who were raised, educated and continue to live in the better known, longer established Cape Peninsula suburbs. 

In Plattekloof, the home buyer will have to be capable of paying anything from R7.5 million to R20 million and in Panorama from R2.2 million to R8 million, while in Vergelegen the price range is somewhere between R2 million and R3.5 million.

This is according to Filippo Ingoglia, the RawsonProperty Group’s co-franchisee  for the Plattekloofarea, who says this notwithstanding, if a count was made it is probable that the number of truly luxurious, well-designed, upmarket homes per square kilometre, priced at over R2.5 million, in the more affluent parts of this territory would exceed that of any other Cape Peninsula precinct, including Camps Bay and Constantia. 

He says in the last 25 years, the high-lying land tracts on the northeast facing slopes of Tygerberg, with panoramic views of Table Mountain and Table Bay, have witnessed an astounding proliferation of beautifully designed avant garde homes.  

Many of these, he says, are in ultra-secure gated estates such as Baronetcy, Leopard Rock, Little Rock and Silverkloof, but even apart from these select areas, homes of high value are much in evidence in the area. 

What is more, Ingoglia says such homes are complemented by good public landscaping, excellent schools, good hospitals and top range gymnasia and dining facilities in the precinct. Recently, the whole district has been given added panache by the advent of the De Grendel wine farm, which is now a popular entertainment venue. 

Prices throughout the Plattekloof territory have been rising at 5% to 7.5% per annum, he says. In Baronetcy itself, homes now cost anything from R5 million to R25 million, and vacant stands sell for just on R2 million. 

In Plattekloof, the home buyer will have to be capable of paying anything from R7.5 million to R20 million and in Panorama from R2.2 million to R8 million, while in Vergelegen the price range is somewhere between R2 million and R3.5 million. 

Only in the vast Monte Vista precinct are prices closer to what might be thought to be the Cape middle class norm, ranging from R1.5 million to R2.1 million. Not surprisingly, this is where the fastest sales have continued to take place. 

Ingoglia says the proliferation of quality homes throughout the area has attracted estate agents, some of whom now have as many as 30 people selling on their behalf, and competition among estate agents here is keen. 

However, as in many South African suburbs, stock is hard to come by these days, and the cash-strapped sellers of yesteryear looking for a quick sale are now nowhere to be found. 

He says potential buyers in the area are still coming through his doors at the rate of five or six per day, and in most cases, are property savvy and well aware of the financial implications of their choices. There are also far fewer buyers here with bad credit records than in most South African suburbs. 

Ingoglia says these and other factors, lead him to predict that the rest of 2015 will see a slight increase in sales. 

“Much of the action we have seen so far has taken place, as indicated, in the lower priced areas,” he says. 

“Looking ahead, we see ourselves selling more of the higher valued homes for the simple reason that it is clear that so many people in Cape Town today aspire to live here.”