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Demand driving Noordhoek eco-estate boom
Category Property News
THE TRANQUIL suburb of Noordhoek was traditionally home to artists, academics, retired people and the horsey set, with rustic houses on large grounds being the properties of choice. But the surge in demand and broad investor diversity in recent years is changing the resident demographic as well as the property landscape, says Sonja Ballenden of Lew Geffen Sotheby's International Realty. She says demand, value and location have, to a large extent, cushioned the Noordhoek market against the brunt of the economic slump, with the average house price slightly dipping from R3.9 million last year to R3.7m this year. "However, the emergent estate sector has proven almost bulletproof, and these soughtafter homes have continued to enjoy steady growth in value, with average sale prices remaining significantly higher than.comparable freehold homes in the suburb." Ballenden attributes the Noordhoek estate market's strength to several key influences, with demand being the main driving force. "There are only five estates in the Noordhoek valley area and the growing demand has continued from upcountry investors who prioritise security, as well as locals seeking a lifestyle change away from the city unabated with property supply now lagging way behind." According to Ballenden, the most soughtafter development is the Lake Michelle ecoestate. "The residents enjoy the quintessential country life with the peace of mind of living in a secure environment in a closeknit.community They also have access to an array of amenities, from water sports and kilometres of scenic biking and hiking trails to landscaped parks and regular social events at the boathouse." The 90 hectare estate is in the heart of Noordhoek, next to Table Mountain National Park, bordered by wetlands and featuring expansive mountain and water views. Central to the development is a 22ha salt marsh lake in which residents can swim, fish, sail and paddle. There are also several ponds that teem with fish and bird life. The lake has three naturally formed islands, inhabited primarily by otters and waterfowl. Canals and streams feed into the lake, crisscrossed by bridges and wooden boardwalks. Ballenden says the developers were careful to construct the security estate around ecosensitive principles, and there are stringent building guidelines for home exteriors to ensure harmony with the landscape. "The impact of this strong demand is clearly evidenced by Lightstone data which reveals that the median sale price of properties, including plots, on the estate reached a record high of R4.8m this year, despite the subdued economy "And investors shopping around for property in Lake Michelle will find that most of the homes currently on the market are priced between R5m and R8m." Although there are still around 40 vacant erven on the ecoe state, Ballenden cautions investors shouldn't get their hopes up just yet as their release for sale depends on the approval of the Lake Michelle Home Owners Association (LMHOA). "The estate is in a protected endangered ecosystem and the plots can only be made available for development once the LMHOA has considered the impact on the environment." Lake Michelle recently incorporated Evergreen, a newgeneration retirement village that caters for retired people from active seniors who enjoy their independence to those who require assisted living. Steve Thomas, frail I chise manager for Lew Geffen Sotheby's International Realty in False Bay and Noordhoek, says Noordhoek has enjoyed unprecedented growth in recent years, and homeowners who invested.
Author: Lew Geffen Sotheby's International Realty