Sought-after property in Cape Towns Steenberg estates
Located on the original site of the Steenberg wine farm, Cape Town’s two Steenberg residential estates now rank amongst the most sought-after and valuable real estate in the country. Steenberg wine farm is the oldest of the Constantia Valley wine farms, and still boasts vineyards and a winery.
This three bedroom house in Steenberg Golf Estate, Cape Town, offers an open-plan kitchen and lounge, TV room, wine cellar and a braai area. It is selling for R9.995 million - click here to view.
This is according to Faith Knight and Nikki Edenborough, Seeff agents for the Constantia area, who say while there is the odd exception, the entry-level price for the estate is now at around R11 million.
The average municipal value is just over R12.7 million, putting the Steenberg Golf Estate at the top amongst some 5 868 estates countrywide, as listed by Lightstone.
The agents say where homes were selling for on average around R9.4 million five years ago, the average is now at just over R11.9 million. This is also 20% higher than the R9.8 million average price for Constantia.
Recently, homes have changed hands for upwards of about R11 million to as much as R22.5 million and R24.5 million, such is the demand and value of real estate in this area. Top-end prices now range to about R30 million, say Knight and Edenborough.
“The 96ha golf estate occupies one of the most sought-after locations in the Cape, and even in the country,” they say.
“Set against the back slopes of Table Mountain, the views over the Constantia Valley, its vineyards and the surrounding mountains are quite spectacular. This contributes to why buyers are prepared to pay well into the upper millions for a home in this area.”
Aside from an 18-hole course, a winery and vineyards, there is also a clubhouse, hotel and restaurants. Luxury homes are also sold with two golf memberships, and often with golf carts. All of this is topped off with restricted access and excellent security.
The agents say about half of all homes in the estate have been in the same hands for ten years and longer. This means that although there are just over 200 residential properties in the estate, only about ten properties sell in this area annually, with owners tending to hold on to their homes.
Lewis says for those who still want the lifestyle, but at a lower price, the new neighbouring Nieuwe Steenberg development ticks all the boxes, and has consequently become one of the top-end developments in the city.
About 90% of the homes in the estate are owned by locals and approximately 10% by European swallows. While many have a keen interest in golf, most buy in this area for the superb lifestyle on offer, say Knight and Edenborough.
James Lewis, Seeff’s managing director for theSouthern Suburbs, says the site of the Steenberg developments comprise some of the most valuable real estate in the country and, as the statistics show, values just keep growing year-on-year.
Lewis says buyers cannot go wrong in this area. From a buy-to-let perspective, for example, the golf estate homes now command monthly rental rates of upwards of R60 000 to R75 000.
For those who still want the lifestyle, but at a lower price, the new neighbouring Nieuwe Steenberg development ticks all the boxes, and has consequently become one of the top-end developments in the city. Phase one is completely sold out, and all but two units in Phase two have also been sold.
The agents say the village-like Nieuwe Steenberg has been popular with younger buyers. Almost two thirds are under 50 years, and almost half of that under 35 years.
The development will be home to 30 architectural homes designed in a Cape vernacular style with top quality finishes and trendy interiors. Luxuries include underfloor heating and energy-saving features.
It has added a trendy and secure lock-up and go option to the Steenberg mix, yet more affordable given that prices started at around R3.4 million and range to R9 million including VAT, for the last two available units.
Knight and Edenborough say the homes are designed over three levels, each offering a floor space of 310sqm minimum and the smallest stand is 480sqm. On offer are three bedrooms, all en-suite, a spacious open-plan lounge and dining room with stacking doors that open to a terrace along with a trendy kitchen with Caeserstone counters and a separate scullery. On the lower basement level is a TV lounge with a cloakroom, as well as a storeroom and large double or triple garage.
“Where the average selling price for Nieuwe Steenberg was at around R3.8 million last year, it now sits at around R6 million. Given that there are now only two available right now, we expect significant interest.”
While somewhat rural in terms of the lifestyle, residents nonetheless have immediate access to top-class facilities. These include the M3 main motorway to the Southern Suburbs and some of the best schools on offer in the city, including Reddam House, the American International School as well as the Waldorf Constantia.
The American Consulate is also close by, as well as Steenberg Village, the Blue Route malls and several convenience centres with great restaurants, say the agents.