R35 million Riverside Terrace estate on sale

An exclusive R35 million estate in Riverside Terrace has come on the market as the Hout Bay and Llandudno property market has recorded R1.2 billion in turnover for the past year, beating the previous record of R1 billion set in 2015.

The 1 600m2 home, situated on the 8 850m2 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.

On the opposite side of the river, is a large lawn area for picnics or large functions and can accommodate a banqueting marquee.

The main living areas on the lower level are open-plan and lead to the expansive under-roof entertainment area with a lounge, dining room, wet bar, cocktail and indoor braai area leading to the garden and swimming pool that has a large decked sunbathing area. There is also a studio/gymnasium with an en-suite bathroom and private entrance.

Features of the living areas include two lounges, a study, dining room, chef’s kitchen with a walk-in pantry, separate scullery and laundry as well as a linen room. There are seven bedrooms, six
with en-suite bathrooms, including two main suites. There is also a two-bedroomed apartment with a living room and kitchenette.

“The contemporary, flat-roofed home is reminiscent of an island boutique hotel. The sheer volume is striking, as is the architectural and engineering
excellence as seen in the massive
amount of seamless glass and beau-
tiful kiaat finishes, from ceilings to
walls and floors, kitchen units, wardrobes,vanitiesandjustabout everywhere you look including
the beautiful floating staircase,” said Ingred Blicher Hansen, the Seeff
agent tasked with the marketing of the

She said the floors were a mix of marble and kiaat while the counter tops were marble and Caesar-stone.

“A body of Koi-filled water almost surround the home and flows into the house. There is also an indoor fern-atrium, but plant-life surrounds the home, both the interiors and exterior including vertical gardens.”

Other features include a two-bedroomed staff suite, a generator room, garaging and plentiful parking.

Stephan Cross, sales manager for Seeff Hout Bay, said the R1.2 billion sales record could be attributed to a major influx of people into the area.

“The much improved tourism figures, both domestic and international, has been a boon for short-term rentals. Cape Town Tourism for example reported a 28% increase in foreign visitors for
October to December and the airports authorities reported a record year of arrivals to Cape Town recently,” he said.

“From a sales perspective, the market is showing good signs with January and February activity very much on par with last year. However, the average time that a property spends on the market has dropped from 75 days last year to 61 days.”

In addition, the average difference between the asking and selling prices also dropped from 9% in 2016 to 4.9% for the first period of 2017.

“Well-priced property though, can sell for well within a month, especially at the sub-R4 million price band where there is always a shortage of stock. Many of these properties also achieve just about or full asking price.”

Mr Cross said stock shortages continued to hamper the market and there was still plenty of demand despite the overall weaker economic outlook.

“The high demand has also boosted the average selling price since last year. The average for full title property now stands at around R4.9 million, up from R4.3 million during the same period last year. For sectional title property, it now stands at R1.9 million, also up compared to the same period last year when it was at around R1.8 million.

“We have also seen some vacant
land sales this year, ranging to about
R1.8 million for 495m2 and R2.8million for 1 390m2. This is always an indication that there is good confidence in an