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Only 7 units still available at new Steenberg development for the over-50s niche market
Category Property News
NEW COURT AT STEENBERG: This new development under construction in the Constantiaberg is one of only a handful in the Western Cape which offers over-50’s who are not yet ready for retirement an exclusive lifestyle once the kids have flown the nest.
Spiralling demand far outweighs the scant supply available to one of the country’s fastest growing niche markets – empty-nesters in their 50s who are looking for a new home as well as a change in lifestyle.
Catering for this demand is a new luxury development near Steenberg, where just seven units are still available for sale.
Dave Burger of Lew Geffen Sotheby’s International Realty in the Southern Suburbs and Constantiaberg says: “In the 20th century hitting the big 50 was usually seen as the first stride towards retirement. Nowadays 50 is more like the new 40; a passport to freedom as youthful 50-somethings take advantage of better health, greater financial stability and loads of energy to do the things they had no time for when they were raising children and growing capital.”
He says developers are now recognising this trend and a handful of clusters and estates have been built in recent years to meet rising demand, with the most recent being Equity Estates’ New Court at Steenberg, a development purpose-designed for this market.
Burger says: “New Court consists of 18 double storey units with three bedroom homes. The focus is on lifestyle with a free-flow village-like environment and a central square around which the houses have been built. Each home looks out over the landscaped garden with views of the mountains beyond.”
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty says: “Financially secure over-50s who are scaling down are in a far better position than most property investors in the current economic slump, which is pushing property ownership further out of reach for new investors and tightening its grip on embattled home owners with sizeable mortgages.
“At this stage in their lives they are usually selling family-sized houses that were bought – and paid off – years ago to buy more compact, low maintenance homes with little or no mortgaging required.
“However, this emergent trend is being seen across the financial spectrum – not just in the luxury market – and there is growing demand for less exclusive developments with economical levies, which is a gap in the market developers should be exploring.”
Burger says New Court is due for completion early next year and only seven units remain on the market.
Investors have a choice of two plot sizes – 284m² or 331m² with homes of 226m² and 261m². Priced between R8.59 million and R9.55m including VAT, these homes are exempt from transfer duties.
Author: Lew Geffen Sotheby's International Realty