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Luxury Real Estate News and Information - Christie's International Real Estate

Wednesday, February 29, 2012

A Futuristic Marriage of Crisp, Contemporary Elements and Organic Curves


This architectural masterpiece is presented for sale by Greeff Properties


This architecturally significant four-bedroom Bishopscourt home, designed by architect Don Albert, is on the market for R35 million through Greeff Properties, the exclusive Affiliate of Christie’s International Real Estate in Cape Town, South Africa.
From the patio, which leads off the entrance hall, there’s an almost dizzying sensation of being suspended among the treetops with commanding, uninterrupted vistas of Table Mountain’s southeastern slopes—the views from upstairs are positively panoramic.
The architect’s vision for the unique residence is his response to a brief stipulating that there were to be no straight lines. The result is a futuristic marriage of tight, crisp, contemporary elements and organically undulating curves.
Set on 5,612 square meters, or more than one and one-quarter acres, the property includes two pools, a spa, gymnasium, integrated sound system, solar panels, and state-of-the-art security systems. The connoisseur's kitchen claims a glass-panelled walk-in fridge and a dumbwaiter lift from the kitchen to the main bedroom.
Coveted by many but rarely available on the open market, addresses within Bishopscourt comprise some of the most valuable real estate not only in South Africa, but possibly on the African continent. One of Cape Town’s oldest suburbs, it was originally the site of Jan van Riebeeck’s farm, Boscheuwel—the hedge he planted in 1660 to protect the cattle of the Cape colonists still stands in Kirstenbosch. It can also be seen in Klaassens Road, opposite number 31.
At present, Bishopscourt has approximately 350 properties, making it the suburb with the largest erven in the southern suburbs. The neighborhood is home to large family residences, numerous consulates and embassies, exclusive guest houses, and a collection of local and international celebrities. Archbishop Desmond Tutu and his wife, Leah, still number among the residents, and it was in their home that Nelson Mandela spent his first night of freedom after his release in February 1990.
Bishopscourt has historically retained its property values since demand has always been well in excess of supply. "Currently, the most sought-after properties are priced from the entry level of R8 million to R15 million, and these are likely to include a house you’ll want to knock down and rebuild. A plot alone, in a good position, is more likely to come on the market at R12 million," says Mike Greeff, CEO of Greeff Properties
Greeff agent for Bishopscourt, Debbie Woods, recently sold four 3,700-square-meter plots for a total of R54 million. The sprawling plots—invariably starting at around 4,000 square meters, or roughly one acre—are highly unlikely to be subdivided due to the laws set down by Bishopscourt’s strong and often vocal residents’ association.
According to Greeff, the best buy in the area right now is a brand-new, unfinished six-bedroom home on 4,000 square meters, with wraparound sea and mountain views. This gem is priced at R7.95 million. Other properties in Bishopscourt, also available through Greeff Properties, include a north-facing 3,718-square-meter plot priced at R15.75 million, a gracious R17.9 million six-bedroom Sir Herbert Baker home on 4,907 square meters, and a luxurious five-bedroom Georgian home for R22 million. Visit www.greeff.co.za to view more properties.

Wednesday, February 15, 2012

Mortgage Rates Continue to See Minor Improvements

BY MATTHEW GRAHAM


Mortgages Rates improved again today as domestic economic data failed to inspire markets to move in either direction and optimism over today's conference call between Greece and its creditors deteriorated.  In general, economic optimism tends to coincide with interest rates moving higher.  Mortgage rates began the week fighting back against this generality as anticipation for today's conference call weighed on bond markets and MBS (the "mortgage-backed-securities" that most directly influence mortgage rates).
It became clear earlier today that the conference call would not offer any sort of sweeping solution to ongoing Greek bailout negotiations.  Uninspired by today's manufacturing data at home, bond markets traded higher in price for a fourth straight day.  As price goes up, yields (or "interest rates") go down.  That momentum persisted throughout the day, pausing briefly to consider the announcement that the conference call had ended, but leaving most of the gains intact.
Today's improvements are small on average, but continue bringing the prevailing 3.875% Best-Execution rate for conventional 30yr fixed loans close to 3.75%.  Some of the most aggressively priced lenders in the market already have feasible pricing at 3.75% (for 100% ideal scenarios), while the average of all the lenders in our survey remains at 3.875%.  Current averages are very close to the lowest we've ever recorded.  To quantify that, if rates were to experience 2-3 more days of similarly modest improvements, averages would likely match or surpass historic lows.
Whether or not that happens is another story.  Rates have been in this range before, on several occasions in fact, and each time have experienced increasing difficulty the lower they've moved.  We're not suggesting this is a hard and fast rule, but simply pointing out the historical tendency for further improvements to be hard-fought below current levels.  As far as whether or not such battles could be won in the future, we're not particularly biased in either direction. Read more...