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BRIEF: Our returning client (he had previously
purchased a commercial unit using Space in 2005) wanted
a property as both a holiday home and a solid investment.
He loved the Atlantic Seaboard, hoping to be able to find
something within budget in Fresnaye.
AREA: Fresnaye, Upper Sea Point and Bantry
Bay.
BUDGET: Up to 4 million ZAR
OPTIONS PROPOSED: Houses and apartments
in Upper Sea Point & Fresnaye.
When this property came on the market, the agent knew we were looking for something a bit special and he contacted us straight away. Buying property under 3.5 million ZAR in Fresnaye is quite rare, if not impossible nowadays. The old saying advises that you buy the cheapest house in the best area. That certainly was the case with this particular purchase.
We had known our client for some years which obviously meant that we had a great understanding about what he liked. A previous offer on an apartment in Sea Point had fallen through so he was in a great position, having already prepared the finances, to move very quickly if the right thing came up.
Once we had taken a thorough look at this house we contacted him and advised he fly down from Europe as soon as possible to view. We ensured that he could see not only a fabulous three bedroom house in Fresnaye, but also the “best of the rest,” other property which was in the same price bracket offering similar qualities, so that he could quickly develop a context for this house in Fresnaye.
Fresnaye is ideally sandwiched between Upper Sea Point and Bantry Bay giving great sea views due to the elevation of most of the property there. There are many very large sea-facing homes with large price tags, and it is unusual to get anything in this area at this type of price point. Driving time to Camps Bay is around 5 - 10 minutes and about the same to the lower part of the City Bowl and the Waterfront.
This Victorian property had been renovated to a very good standard. It had three bedrooms, strip wooden floors and was neutrally decorated throughout in white. The small exterior was partially laid to lawn with a small jacuzzi on the upper part of the decking. With one bathroom ensuite it had a further family bathroom and open plan living to dining area. There was an original fireplace in the main area, high ceilings and a very light, bright feel despite the retention of the period features.
We advised our client to have the roof checked, which was handled through Space. The asking price of this home was 3.250 million ZAR, and we negotiated a final purchase price of 2.85 million ZAR saving an massive 12.3% for our client.
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