Record Price for Luxury House in Bantry Bay

A luxury Bantry Bay home has been sold for a record price of R36.54 million

A luxury Cape Town home situated on a rare half-acre plot in Bantry Bay, with over 1 000 square metres of living space, has been sold by Pam Golding Properties (PGP) for R36.54 million, eclipsing the previous record of R30 million for Bantry Bay.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the buyers are a young couple from the UK who intend to use the gracious residence as their summer home.

The house is situated on Avenue Marina, in a particularly exclusive enclave of the suburb close to the renowned boutique hotel Ellerman House and several celebrity homes.

It boasts panoramic views over Robben Island and beyond, and is completely sheltered from the Cape south-easter.

“It is significant that this home sold within four weeks of listing, and for a record price, despite the current market conditions. It is testament to the fact that accurate pricing is more important than ever in today’s market. In this case, we had a motivated seller who allowed his agents to determine the correct marketing strategy for the property, with dramatically positive results,” says Moraitis.

PGP’s MD for the Western Cape metro region, Laurie Wener, adds that the company also still holds the record for the highest sectional title sale ever achieved in Bantry Bay, having sold a 610sqm apartment at The Bantry for R38.25 million in December 2006.

“This remains one of the most sought-after suburbs on the Atlantic Seaboard. Bantry Bay continues to attract enormous interest from locals and foreigners alike, and we anticipate that it will show ongoing appreciation in value, regardless of the current downturn in the market. It is also clear that unique properties of distinction, such as this record-breaking home, will continue to achieve excellent prices despite the current climate,” she says.

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