Arabella Golf Estate in the Western Cape is
situated in the Overberg area just before Hermanus, flanked by the Kogelberg
Mountain range and overlooks the spectacular Bot river lagoon. The golf course
was designed in 1999 by Simbithi resident and legendary South African golf
course architect, Peter Matkovich. It is consistently rated as a top 10 golf
course within South Africa and the Golf Digest South Africa 2012 rankings
placed Arabella at no. 4. This is impressive. I am currently here for the
annual national Seeff convention where the licensees who own the 200 plus
offices get together and actively discuss and analyze the best practices within
the real estate industry and the opportunities and challenges that may lie
ahead. It is an exceptional opportunity for team Seeff KZN to interact with the
rest of the country’s leading Seeff license owners.
Having had the opportunity to play the
Arabella golf course in perfect Cape weather I cannot help myself but to make
the comparisons to Zimbali and Simbithi and to dig a little deeper to get an
understanding of the property values and the level of trade. To this end I
looked at detailed deeds office reports on these estates and it is interesting
to analyze these figures to provide some perspective. Arabella is not a huge
estate. It measures approximately 115 ha and has around 266 properties.
Compared to Zimbali at 430 ha and 1,300 properties and Simbithi at 410 ha and
1,800 properties, you soon begin to understand the difference in scale between
the Cape based golf estates such as Arabella and our flagship estates. My
research into recently registered transfers within Arabella revealed that the
highest was recorded at R5m for a beautiful home overlooking the 18th
fairway offering spectacular views over the lagoon, on a site measuring 1,026
sqm. The next highest sales were at R3,850,000 for a home on a 582 sqm site and
R2,500,000 for a home on a 750 sqm site. The 13 sales recorded as registered
during 2012 within Arabella averaged R2,3m in price.
So how does this compare
to Zimbali and Simbithi? The first point is that average land sizes of
approximately 1,400 sqm for Zimbali and Simbithi are significantly larger. For
2012 year, Zimbali had 71 transfers at a value of R365m split between 47
freehold sales with an average price of R5,6m and 24 sectional title sales with
an average value of R4,2m. Simbithi had 180 transfers at a value of R264m,
split between 121 freehold sales (includes the vacant land sales) with an
average value of R1,2m and 59 sectional title sales with an average value of
just over R2m. In terms of real estate sales activity and average realized
prices, there simply is no comparison – Zimbali is way ahead on value and
volume and Simbithi is way ahead on number of transactions.
(Author: Andreas Wassenaar, published in The Bugle, 8th May 2013)
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