Camps Bay can be seen to be a place unto itself, operating in an almost separate existence from the hustle and bustle of Cape Town, and according to a local property group, home owners in the beautiful area are also completely detached from property trends and realistic valuations.

“It is as if Camps Bay’s prices have somehow the bucked the trend seen elsewhere along the Atlantic Seaboard,” said Sales Manager at the Rawson Property Group’s Sea Point franchise, Gary Freeman, referencing the “outmoded” and “unrealistic” views of some property owners.

Freeman estimated that there are at least 60 or 70 homes for sale at Camps Bay and a fair number of these have been on the market for a considerable period. Many of these, he added, were second homes, the market for which has dropped since the downturn.

The price range for the Camps Bay area in which most of his clients are interested in buying, said Freeman, is in the R9 million to R15 million bracket. Even in this range, sellers consistently overvalue their property by R1 million to R2,5 million, often based on their own market research in their area.

Sellers often assume that the asking price is the correct valuation when assessing other properties in their vicinity.

These Camps Bay properties are obviously for the high-end clientele, but there are certain properties which are in a league of their own, such as the Enigma Mansion, which is available at R300 million. That’s a different ball game altogether!

Check out the full story on IOL Property.