Latest news with #LanceRealEstate
IOL News
2 days ago
- Business
- IOL News
LOOK: Inside the R157 million record-breaking sale on Cape Town's elite Nettleton Road
The design of the home allows for the abundance of natural light which is amplified by way of the double-volume entertainment area. Image: Supplied / Lance Real Estate Nettleton Road in Clifton in Cape Town is regarded as the country's most exclusive street, and now a luxury house there has just been sold for a whopping R157 500. Number 5 Nettleton Road is an architectural masterpiece boasting breathtaking views of the Atlantic Ocean and the iconic Twelve Apostles. This luxurious property features its own cinema, gym, and elevator, along with five en-suite bedrooms, each offering sweeping views and a private balcony. There are parking bays for five cars as well as two self-contained staff quarters. The home is also temperature-controlled throughout - ideal for those balmy days or when the south-easter howls across the peninsula. A vast deck with a rim flow pool add to the splendour of the designer home. Image: Supplied / Lance Real Estate "In a nutshell, it is the most expensive house sold this year in South Africa, but I cannot divulge the South African buyer's name," said Lance Cohen, owner of Lance Real Estate. Known as the Pentagon, this home was designed by world-renowned architect Stefan Antoni, who lives next door, Cohen shared. 'It has been on the market for a while with an asking price of R160 million, and was quite a process, with two prospective buyers," he said. Each of the five bedrooms are en-suite and have uninterrupted views of the ocean. Image: Supplied / Lance Real Estate "Boasting lavish interiors throughout the home along with a double volume entertainment area that merges effortlessly with the mountain and garden, which leads onto a large terrace with a rim flow pool overlooking Clifton," he said. Nestled between the forested foothills of Lion's Head and Clifton Beach below, the home also offers a tranquil back garden. Cohen added that Nettleton Road has seen a few significant recent sales, with three vacant plots fetching a total of R170 million. Cohen believes that interest in this area, along with the broader Atlantic Seaboard, is likely to remain buoyant, with inquiries from both foreign and local buyers. "Cape Town is much in favour with the world right now across various publications, but when you look at London and Paris, Barcelona and parts of Europe, they're looking a lot more unsafe," he said. "A few weeks ago, the most expensive apartment was sold (on the Atlantic Seaboard), and basically it is saying that the market is reaching new highs, demand has never been higher in Cape Town, rentals are off the charts, everyone wants to come here," he said. Cohen said the shortage of residential property stock will inevitably keep prices elevated, as more people decide to invest in the city or relocate there.
eNCA
24-07-2025
- Business
- eNCA
Gupta Saxonwold compound goes on auction
JOHANNESBURG - The once-glamorous Gupta compound in Saxonwold, Johannesburg, went under the hammer on Thursday but sold at significantly lower prices than expected. One of the houses, known as Property 3, which once served as staff quarters, sold for just R3.3-million, which is a decrease from its original amount of R5-million. Property 5, known as the 'White House', where the Gupta family lived, received a paltry bid of just R4-million. The house was previously valued at R21.7-million. Meanwhile, a prospective buyer bid just R3 million for Property 7 valued at R36.8-million. Clive Lazarus, a Director at Park Village Auctions, who facilitated the sale, says they weren't surprised by the low offers. He believes this is due to the infamy of its owners. "There was no surprise when it came to numbers 5 and 7. There has been interest, but there is a big stigma, and the property has been neglected since 2018. And no maintenance has been done since then". The Gupta brothers, Rajesh, Atul and Ajay who once called the compound home, were identified as central figures in South Africa's state capture. They remain fugitives after fleeing the country in 2016. Real estate experts believe the winning bidders scored a good deal. CEO of Lance Real Estate, Lance Cohen, says R3.3-million for a house in Saxonwold is a bargain in today's property market.
IOL News
11-07-2025
- Business
- IOL News
LOOK: Inside the properties of the ultra-rich on Cape Town's Atlantic Seaboard
Fit for a king. Sweeping views, luxury living and the sound of waves make the Atlantic Seaboard a popular choice for international and local investors. Image: Courtesy of Lew Geffen Sotheby's International Realty Smooth operating property agents are selling sunsets - staggeringly stylish apartments and beach bungalows with prime views of Cape Town's Atlantic ocean - at record high prices. Wherever you go along the city's Atlantic Seaboard, you will see construction cranes - concrete evidence that developments are taking place in the sought after precinct. A noticeable jump in upper-end property sales in the city has seen foreign and local investors secure properties that can only appreciate as Cape Town clinches accolade after accolade, whether from a lifestyle perspective or that of tourists who have helped carve a niche for the mother city. Whichever way you look at it, Cape Town's Atlantic Seaboard is on the up, with luxury properties - from apartments through to beach bungalows - fetching prices beyond most people's dreams. Warrick Wiegand of Law Real Estate recently sold a bungalow at Glen Beach for R79 million - believed to be among the highest amounts paid for a beach house in the areas of Clifton, Camps Bay and Bakoven. The Gqeberha buyer will not be left wanting for much. The property took 10 years to design and curate, creating a breathtaking space with expansive views of the ocean, the Twelve Apostles, and easy access onto the white sandy shore. "It is a one of a kind masterpiece, and is the only three-level bungalow on Glen Beach and possibly one of the best positions in the world," Wiegand said, when asked about the hefty price tag.. He said that according to PIRI, a global residential index, Cape Town showed 5.1 percent growth over the first two quarters of 2025, with the global average across 45 luxury cities being 2.8 percent. "This is a remarkable feat, considering the fierce competition among the world's luxury markets. "This can, in my opinion, be attested to a degree to global buyers discovering Cape Town, many for the first time, for what it truly is, a city of lifestyle, great value, beauty of nature and most importantly potential for growth!" Last month, the Atlantic Seaboard secured full title sales amounting to R318 million, with the average home price fetching R31.8 million, up from R91 million, with an average price of R15.3 million for the same period last year. Sectional title sales raked in almost R472 million, with apartments averaging prices of R8.74 million. Wiegand also noted how close properties are selling to asking prices, with sectional title sales receiving 95.75 percent of asking price, on average. Lance Cohen, owner of Lance Real Estate, who sold an apartment at Clifton with an asking price of R145 million, believes the buoyed market is linked to global instability, and the fact that many South Africans are returning home after many years of living abroad. That's a lot of money, so does the place boast a cinema, wine cellar or "secret" room? Cohen laughs at this, admitting it has neither, but said it has top-end finishes, including marble, and that the apartment has its own elevator that takes you a stone's throw away from the shore. "It's all about location, really." "We are not getting the bad press as an unsafe city any longer, so good press and more flights coming in means more visitors. People get to see the infrastructure, that the city is well managed and is cheaper than say Dubai and other places. "We also have upcountry buyers, but when people come here from overseas for the first time, they fall in love with the city and want to settle," Cohen said. "A lot of buyers have homes in various places, so those from the northern hemisphere find it an attractive option to come here in winter, while the Emiratis like coming here in winter to dodge their extreme heat of summer." On the rental side of things, Cohen believes a shortage in rental stock has also pushed up selling prices, resulting in buyers investing so that they can rent out their properties. "We have a situation where there is huge demand and little supply which pushes up prices, but in my opinion, the market has never been better and stronger. "The great demand has led to spill-over to places like Constantia and Bishopscourt because of the shortage of stock on the Atlantic Seaboard," he said. Asked what made the Atlantic Seaboard so attractive, Cohen said: "Safety and security, the best climate in the country and accessibility to Blue Flag beaches and of course the views." Commanding views and a price tag that could take your breath away, this property is on the market for R110 million. Image: Courtesy of Lew Geffen Sotheby's International Realty Chad Shapiro, senior operations and systems manager at Lew Geffen Sotheby's International Realty Atlantic Seaboard, said that although they do have upcountry buyers, the bulk are foreigners. "We do have some properties that you could say are very expensive, and we get retorts of 'how can you charge so much', but the Atlantic Seaboard warrants its pricing, which is more comparable to the global market," he said. Asked what was so special about these properties that they fetch such high prices, Shapiro said the primary purchase reward is location. "The Cape Town Ciry centre and Atlantic Seaboard both offer superior position as well as weather, the south Easter misses many of our suburbs when it is in full flight and this has borne a strong desire for holiday making near all the premium beaches and in turn long term residency, property ownership and business locality which is also considered to be highly exclusive. "Views and proximity to amazing food, entertainment, sightseeing and recreational activities also bring property pricing to a premium; you are buying a location as well as a lifestyle." With the property market in this precinct looking so promising, agents say the trend is likely to sustain its momentum.
The Citizen
22-06-2025
- Business
- The Citizen
Record breaking Clifton apartment: Here is how much it sold for — report
Cape Town continues to be a haven for high-end property as international investors seek beauty and stability. The lifestyles of the rich and the famous have no better setting than the opulent streets of Clifton. To rubber stamp the suburb's position as the premier location for wealthy property owners, a record-breaking purchase was been sealed. Cape Town's property market continues to thrive, with industry experts attributing the city's appeal to its overall 'value proposition'. Luxury Clifton home A five-bedroom apartment along Clifton's 1st Beach has reportedly just been purchased for a whopping R145 million. The property is furnished with the highest quality finishings and offers the mesmeric views of the ocean that are synonymous with the Atlantic Seaboard. Lance Cohen of Lance Real Estate secured the deal, revealing that the buyer was a former South African living in Monaco. Cohen told the Sunday Times that the sale represented the 'record for the highest price paid for an apartment sold in South Africa,' claiming the previous record was R120 million. The average asking price of homes currently on the market in Clifton range between R30 million and R60 million, making this sale an eye-catching purchase. Other properties currently being marketed by Cohen include a six-bedroom house in Fresnaye for R75 million and R95 million four-bedroom house also located in Fresnaye. Cohen could break his Clifton record again if a five-bedroom house currently for sale sells for its asking price of R160 million. Cape Town very attractive While the sale may represent the highest paid for an apartment, South Africa's most expensive home was reportedly sold for roughly R700 million in 2023. Known as Casablanca, an eight bedroom and 13-bathroom Camps Bay colossus is believed to have fetched a cool US$35 million. The Residential Property Price Index released by Stats SA earlier in June shows Cape Town over 10 index points higher than Johannesburg. For first time property sales and resold properties, Cape Town is ahead of Johannesburg by almost 15 and 13 index points, respectively. Cape Chamber of Commerce and Industry CEO John Lawson credits this to the Mother City's overall functionality. 'The gaping disparity mirrors a similar trend in municipal infrastructure development and service delivery, with property investors favouring Cape Town's value proposition,' stated Lawson. NOW READ: 8 tips for investing in South African commercial property
