Camps Bay - Investment & Retirement
Asking price : 4.9 million ZAR.
American clients approached us to assist them after having a dreadful experience while trying to purchase a property in Camps Bay on their own a year earlier. They realized that the "off-plan" property they bought was overpriced and they were badly advised by both the real estate agent and the lawyer which meant they were forced to pull out of the transfer.They were very nervous about buying another property and wanted complete protection and reassurance that they would be looked after well and therefore came to Space Home Search and Relocation.
They wanted a rental investment property in Camps Bay which had sea views, two bedrooms and good security to eventually use for their retirement in 5 years' time.Camps bay is a tough market. It has a reputation for having very overpriced property and also parts of the area suffer from extreme wind conditions.We looked at a total of 18 properties, both new and old offering most of the criteria they wanted, quite a few of the properties were simply overpriced or in a run down condition, some described as having a sea view did not have the sea view.
We then looked at a relatively new building called The Crystal. Built three years ago, this development has always been in demand, great facilities, well managed and maintained which is often a big challenge, two swimming pools, lots of parking, 24 hour security and amazing sea and mountain views. We looked at 7 properties in the building, all of them seemed expensive until we cam across one apartment which looked ideal.
The property was on the market for 5.2 million rand, then dropped to 4.9 million, we knew then we were dealing with a seller who was open for a deal. We offered 4.4 million rand and this was accepted giving a saving of 500,000 rand.
Clients were delighted as the apartment matched their brief 100%; 109 sqm, two bedrooms and two bathrooms, air conditioning throughout, porcelain tiles, top end finishes, two underground parking bays, storeroom, a lap pool and a family swimming pool, walking distance to the beach and amazing views.
Space has been retained by these clients to manage the property as it will be tenanted until they plan to use it for themselves.