BRIEF: To find an investment property for a client looking for a minimum two bedroom apartment, lock-up-and-go style. The property had to have sea views and excellent space. The client briefed Space on the understanding that he would not be viewing the property himself but trusting the experience of the property finding company Space Home Search and Relocation to find him the ideal property at the right price.
AREA: The focus was very much on the Atlantic Seaboard including both Sea Point and Fresnaye.
BUDGET: 3-5 million ZAR
Our client was extremely keen to find a very spacious property with that all important sea view. Space looked at over ten different apartment developments in and around the Sea Point area where a sea view is still good value. Through contacts, we heard of a distressed seller with a large apartment looking for a quick sale. After previewing the property we immediately contacted our client and sent extensive details of the apartment.
The building consisted of 20 apartments, all relatively spacious with secure underground parking and excellent security as well as a communal pool. The apartment in question was a 170m2 penthouse with an additional, exclusive use roof terrace of 150m2 giving 360 degree views of Signal Hill, Lions head and the Atlantic Sea. It had been bought two years earlier for just over 4 million ZAR and was now on the market for 4.5 million. It had remained empty during that period so was effectively a brand new apartment.
The client loved the look of the property and negotiations started immediately, without the client actually coming into Cape Town. After a protracted period of discussion between buyers and sellers representatives, Space secured a price of 4.05 million ZAR for this apartment which was less than the owner had bought the property two years earlier. A reduction of 10% on the asking price.
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