Buying to renovate in Bishopscourt
Category Property news
“Bishopscourt is home to some of the most valuable real estate not only in South Africa, but possibly on the continent,” says Mike Greeff, CEO of Greeff Properties, Christie’s International Real Estate. He says that Bishopscourt has retained its property values, even in tight economic periods since demand is generally well in excess of supply. “Buyers in Bishopscourt are typically not as affected by the current market trends since they’re not usually bond dependent – cash is either available or they’re being funded by large corporates,” explains Greeff.
“There is never a plethora of Bishopscourt property on the market because those who buy here tend to stay” adds Greeff. According to Greeff agents for the Bishopscourt area, Debbie Woods and Rob Maspero, older residents tend to remain in their homes until they ultimately downscale, while younger residents usually have families with children at premier schools in the Southern Suburbs and they are completely entrenched in the lifestyle offered by the exclusive suburb. “The entry level for a property in the more secluded sections of Bishopscourt, away from busy roads is around R16 million, and invariably, these are properties with older houses, which buyers tend to want to renovate, or maybe add value to,” says Woods. She says that there is a marked trend in Bishopscourt of buying older homes requiring modernising,” says Woods. Greeff is currently marketing two such properties, one of which comprises four-bedrooms, three-bathrooms, two garages and boasts uninterrupted views. The erf size is a sprawling 4913m2. The asking price is R16 million. The second is a six-bedroom, five-bathroom home with three garages on a 3897m2 erf. Extras include picture windows, an entertainment room with a pizza oven and a beautiful garden plus lots of space for additional cars or a boat. The asking price is R15 950 000.
Greeff recently sold a 65-year old home with four bedrooms and three bathrooms, three garages and space for eight cars to park on an erf of 5965m2 for R16 250 million. “The purchasers knocked down the house and are rebuilding a new home,” says Greeff. Greeff Properties also sold a 70-year old home for the full asking price of R20 million. “Set on 4484m2 it was in excellent condition but the new owners have made extensive renovations,” says Greeff
“Higher prices are being fetched for newer homes,” says Greeff, whose agents recently sold a five-year old single-storey home in Bishopscourt for R31. 5 million. Accommodation included six bedrooms and five bathrooms and the extent of the property was 4912m2. A 12-year old home in excellent condition was sold by Greeff for R28 million, just 3.5% below asking price. It had five bedrooms and six bathrooms and was set on a sprawling 5755m2.
“The highest price fetched in Bishopscourt to date is R69 million for an extensive 12119m2 erf with a six-bedroomed, six-bathroomed, seven-reception room home measuring 2000m2. It also had eight garages and 10 parking bays,” says Greeff. The highest prices achieved over the past 24 months are R42 million for a six-bedroom, six-bathroom home with five receptions, four garages and eight parking bays on a 3965m2 erf, and R32 million for a five- bedroom, five-bathroom home with three garages and parking for two additional cars on 3674m2. “The common factor among these properties was new and modern,” says Greeff, adding that the actual homes were between two and eight years old.
“Unlike many other suburbs, Bishopscourt faces north and gives spectacular views of the mountain. From some of the properties, you can see as far as the Hottentots Holland range, and it’s also totally protected from the South Easter,” says Greeff agent Rob Maspero. He says it’s rare to see vacant plots on the market in Bishopscourt. “According to Propstats only one piece of vacant land was sold in Bishopscourt over the past 12 months, this measured 4296m2 and sold for R19 400 000 – just 2.5 % under the asking price,” he adds. Greeff is currently marketing 6300m2 of elevated north-facing land. Asking price R21 million.
Also, newly for sale through Greeff Properties in Bishopscourt: a five- bedroom, six-bathroom home with Oak floors and exceptional views plus a separate cottage on 4000m2 - asking price: R25 million; A seven – bedroom, six-bathroom home with five reception rooms, two garages and parking for eight cars on 3502m2 – asking price:
R29 million and a
French Country style house with four bedrooms, four bathrooms, three garages and parking for an additional five cars on
3620m2 – asking price: R27 million.
“Luxury properties in Bishopscourt tend to have a high security presence as do the embassies and ambassadorial residences in the area and this lends a sense of safety to the entire suburb,” says Greeff. “Bishopscourt’s position is unbeatable and world renowned,” adds Greeff “Nestled just behind Table mountain’s back, and separated from its lower reaches only by the slice of heaven that is Kirstenbosch, it’s not difficult to accept that Bishopscourt is indeed the jewel in the crown of the Southern suburbs.” He explains that it is one of Cape Town’s oldest suburbs and was originally the site of Van Riebeek's farm Boscheuwel. The hedge he planted in 1660 to protect the cattle of the Cape colonists still stands in Kirstenbosch. It can also be seen in Klaassens Road – opposite number 31.
“Over the years, the land has changed hands several times and plots have been sold to individuals. The suburb gets its name from the fact that the Anglican Archbishop of Cape Town had his official residence. Leah and Desmond Tutu were also among the residents, and it was in their home Nelson Mandela spent his first night of freedom
“Kirstenbosch is just minutes from most Bishopscourt homes, while keen hikers can get access to gorgeous trails such as Skeleton Gorge and Nursery Ravine, which lead up the back of Table Mountain, or stick to the contour paths and choose from a collection of trails which lead to waterfalls, or wander in the opposite direction and enjoy the breathtaking views of eastern and southern sections of the city and False Bay as you make your way to Constantia Nek,” says Greeff.
To find out more about properties in Bishopscourt call
DEBBIE WOODS 082 578 4181 debbie@greeff.co.za or ROB MASPERO 083 447 6660 rob@greeff.co.za
Author: Greeff Properties
