Seeff report excellent sales in the Cape Town CBD in January, and are set to open an office dedicated to properties in the CBD. Says Ian Slot, MD of Seeff Atlantic Seaboard and City Bowl, who will also direct this office: “As part of our commitment to the regeneration of the central business district of Cape Town, Seeff is putting its money where its mouth is by opening a beautiful new CBD office at Shop 7A in the Icon building, which Seeff has marketed so successfully. This will house our residential agents who are selling CBD apartments, as well as our revitalized commercial division and revamped rental department. It’s a very exciting development and going to be a real one-stop shop for all property requirements in the CBD. We believe that the growth of the CBD, both in terms of residential and commercial, owners, residents, small companies and general purposes, deserves to be able to have agency services on their doorstep – and we are going to provide this.”

Seeff’s CBD apartment resale specialists, Liza Snijman and Michael Bester, sold R28.350m for the month of January (up until January 25), at an average selling price of approximately R1.8m.  They have sold R33m since October, so it can be seen, as Slot says, “sales in the CBD are growing exponentially”. For November and December 2006 the market share of this team of two was 47%, and for January it is set to be considerably higher.

Says Snijman: “We have made ten sales in the last week, in various buildings. The activity is across the CBD and not confined to one building or one active pocket. This included two sales in Metropolis, three at The Square, one at Mandela Rhodes Place, three in Adderley Terraces, one at De Oude Schuur in the Bo Kaap. Each little area in the CBD has its own uniqueness, its own excitement, its own coffee shops, restaurants and bars – its own little hub, whether it’s the Mandela Rhodes end or the Icon end or up near De Waterkant and Cape Quarter. It is an eclectic mix of pockets of excitement and things happening, and people moving in, and there is a real buzz.

“You can see that the crime and the grime have improved – and the future plans of the Cape Town Partnership are incredibly exciting – there are going to be new developments near the harbour, including a 24-hour shopping centre near where the media city for 2010 is going to be. There is a lot of excitement around 2010, and what with the V&A Waterfront changing hands, and the fact that 40-50% of the harbour waterfront is still available to be developed – the sky is the limit!”

This notwithstanding, Snijman is categorical about not accepting overpriced properties.

“What is the point of taking on mandates that are overpriced and that then sit on the market for 60, 90 or 100 days? Some agencies do this, and then sellers can’t understand why their properties are not selling. There is a rand per square metre rate that we as experienced agents for this area know intimately. Each building has got a general average R/m2 rate. For example, at Perspectives the average R/m2 is R13,000 and at Adderley Terraces R17,000 to R18,000 per m2. Mandela Rhodes commands R20-25,000 per m2 – but this building is a completely different concept, a complete lifestyle package that you buy into. It is almost as if there is no ceiling to prices in this building because it is so new and exciting! Metropolis also commands R25,000 per m2. So the range goes from R13,000 up to R25,000 per m2. We view each property and look at the location, views and facilities and carry out a comprehensive Comparative Market Analysis. So, if someone’s property average is R17,000 per m2 and they want R25,000 per m2, we tell them we can’t take on the mandate. Serious sellers will still make a profit – but a realistic profit of 12% - 15% return on properties in a year. The properties that are selling are those that are priced well.”

Her partner Bester says that there is a good mix of buyers – local as well and foreign, and many owner-occupiers, who all know their stuff. “They come and look at all the show properties on Sundays – every weekend we have a minimum of 10 places on show in the CBD. Buyers do their homework well and, as always, buy after making comparisons.”

He cites one of their buyers, who is moving from a large house in Table View into the CBD. “He is tired of the traffic, and wants the CBD lifestyle – 24-hour security, enclosed secure parking, coffee shops, gyms and pools on site. People who buy in the CBD are not just buying 90 m2 or whatever, they are buying into the whole package. It is a whole shift in mentality when buying, and the front runners have made that shift.”

The Seeff CBD commercial arm is run by Chris Snijman and Marin Chesno. Says Chris: “Development in the CBD is going to be absolutely phenomenal, especially from now going forward. If you take from the Green Point development and the stadium, going through to the upgraded V&A, going past Somerset Hospital and the addition to the Civic Centre, linking up with the whole new development at the Foreshore and the harbour – it is going to be unbelievable. With Seeff CBD offering commercial, letting and residential services all from our new Icon office, we can offer a complete one-stop service to developers of these mixed-use developments.”

Says Slot: “The CBD is really moving now. Potential buyers are seeing the value in the CBD. This is beyond off-plan sales – this team is not selling off-plan. They are selling to people who want to own and live here – people who understand the value of the CBD and want to invest in it.

“The CBD is going to be the Waterfront story of 10 years ago. We are telling you now – get into the CBD, whether commercial or residential, because you will be amazed in 10 years’ time at what you could have paid now - in the same way that people are amazed now at what they could have paid in the V&A compared with what the prices there are now.”

Contact Seeff CBD, Liza Snijman 083 707 7016/Michael Bester 083 488 0484; email This email address is being protected from spambots. You need JavaScript enabled to view it.