Luxury beachfront home sells for R18m in SA’s richest suburb [photos]

Crisis, what crisis? One carefree spender has just snapped up a coveted beachfront property in Clifton, Cape Town. The luxury location is famous for its ostentatious dwellings and was recently named as the ‘most expensive suburb’ in South Africa. The seller, meanwhile, seems to have got their business done just in time.

Photo: Supplied

Clifton beachfront property sells for R18 million

High Street Auctions Director and Lead Auctioneer Joff van Reenen has told us that the seller’s market usually “takes some time to catch up” to global events. Some experts predict that luxury properties could lose 20% of their value during the coronavirus pandemic, but van Reenen is optimistic the market can soldier on:

“The seller approached High Street auctions with the expectation of finding an un-suspensive true market value for this asset and that’s what we delivered. There has been a substantial market correction across every fixed asset class nationally because of massively depressed economic sentiment.”

“The top end of the residential sector is feeling the effects. But the real estate market is cyclic, and it often takes sellers a while to catch up when this changes. At the moment there is still a fairly large gap between most sellers’ price expectations and current market levels.”

“The sooner sellers realise this, the sooner they’ll begin to realise true market value for their assets, and at auction conclude a sale which in today’s market is key. The average time a property in the luxury band sits on the market is in excess of six months and can be higher than 18.”

Joff van Reenen

What you get for the price

What’s so special about this Clifton property, we hear you ask? Well, some of the more opulent features include:

  • Two en-suite bedrooms.
  • A “well-appointed” kitchen.
  • An open-plan living space that flows onto an expansive entertainment deck.
  • The deck features a separate combined service bar/kitchen and a jacuzzi.
  • A swimming pool can be added, following the approval of the city council.
  • The property also comes with direct access to walk straight onto Clifton 3rd Beach.
Photo: Supplied

Clifton’s property market ‘priciest in South Africa’

Damn. If only we had a spare R18 million lying around. The property was eventually sold for R17.84 million, to be precise – but it’s always nice to have a bit of loose change floating around.

The bungalow’s panoramic views of the Atlantic Ocean are breathtaking, and the real jewel in this particular crown is that the beach is completely protected from wind. As if doorstep-access to one of the most stunning beaches in the country wasn’t enough, you’ve even got a built-in form of weather control in this lockdown paradise.

Photo: Supplied Protection Status

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