When it comes to assessing a home’s resale value, location can be even more important than the size and condition of the property, and suburbs like Camps Bay which boast all the key elements of an ideal location, undoubtedly have the advantage.
Economists encapsulate “location” under the heading “hedonic pricing” which, in terms of real estate, translates to certain key factors that impact your life and your lifestyle and which can and do influence buyer’s decisions.
Brendan Miller, CEO of Lew Geffen Sotheby’s International Realty on Atlantic Seaboard and City Bowl, says: “Where the property is situated and what is in its vicinity will always impact its desirability, especially in a subdued market where buyers are spoilt for choice, and one of the most important elements is the proximity of quality amenities and facilities.
“Over and above perceived prestige and scenic surrounds, what it ultimately amounts to, in a practical sense, is convenience – the individual advantages that ultimately shape a buyer’s perception of the area and, in turn, the property.”
Camps Bay is conveniently located in proximity to the CBD, beautiful beaches and major thoroughfares to other key areas. However, residents also enjoy the convenience of having almost every daily amenity they might need right on their doorsteps, including a good school which is within walking distance of most homes.
Michele Antelme, Area Specialist for the group says that commercial activity and corporate investment in a suburb is always a clear indication that the area is perceived to have good potential for strong investment returns.
“Before large retail groups and property developers invest in an area, they conduct thorough market research to determine the area’s potential, so the decision to upgrade the Camps Bay Promenade and the addition of a major retail chain are therefore encouraging evidence of investor confidence in the suburb.
“Woolworths has invested in the suburb for the first time, with a brand-new food store above Pick n Pay opening its doors by May.”
“With the exception of banks, Camps Bay now offers almost every amenity residents could need, from world-class restaurants and charming cafes, two supermarkets and a range of boutiques, to medical practitioners, a pharmacy and beauty and hair salons.
“They also have an array of outdoor activities from which to choose, including a blue flag beach, spectacular hiking and biking trails, parks and a sports club.”
She adds: “One of the main factors that influences an area’s property market is the calibre and range of amenities because although the character of a neighbourhood is largely a matter of personal choice, there are three key factors that appeal to everyone: accessibility, appearance and amenities.”
Accessibility to transport routes can also have an impact on an area’s appreciation potential and Camps Bay is well-serviced by the MyCiti bus.
Antelme concludes: “Camps Bay will always be very tourist-centric, but I believe that the increase in amenities and the addition of Woolworths will increase the amount of local activity at the promenade as residents won’t have to drive to Gardens or Sea Point as often anymore. This will literally change the way we live.
“This will surely have a positive impact on property sales in the area, and with the market already poised to improve, we are looking forward to a great year ahead.”
Photos: This stunning four-bedroom townhouse offers expansive indoor/outdoor double volume living with gracious entertaining spaces and fantastic sea views. Situated in one of South Africa’s most desirable suburbs and on the market for R25m, it is situated within walking distance of the beach and a host of world-class amenities