The exclusive Riverside Terrace Estate, which was on the market for R35 million, has been sold.
In April, the Sentinel reported that the 1 600m2 home, situated on the 8 850m2 property, was on the market “R35m Riverside Terrace Estate on sale,” Sentinel, April 13).
The property includes river frontage and surrounding mountain views.
Indigenous plants, a borehole, a palm-fringed walking trail, designer vegetable garden and a boardwalk crossing the river are some of the features.
Stephan Cross, sales manager for Seeff Hout Bay and Llandudno, said the estate was recently sold within 10% of the asking price price to a foreigner within only 66 days.
“The sale of this home indicates that foreign interest in our luxury market is not dwindling, despite the recent political and economic shifts in the country. In general, the Hout Bay property market is performing remarkably well,” he said.
The closest value property sold in Hout Bay was the Lichtenstein Castle, which sold for R23 million in May 2012, also to a foreigner.
Mr Cross said sales to the value of R83 400 000 were concluded in Hout Bay in May of which Seeff fetched R32 355 000.
While the average selling price of a home in Hout Bay in this month was almost R4.4 million, the average price Seeff clinched was just over R8 million.
The most expensive sale in May was made by Seeff for a property in Baviaanskloof Private Estate for the full asking price of R12 995 000.
Another expensive property Seeff sold was in Tierboskloof Estate for R10.4 million.
Mr Cross added the Cape remained South Africa’s destination of choice.
He said Hout Bay boasts some of the most luxurious properties imaginable and also had the added benefit of being one of the only coastal towns on the Atlantic Seaboard that still offered beachfront property in the lower millions.