Lake Michelle, an upmarket estate situated in Noordhoek, Cape Town is faring well.
The estate comprises two distinct nodes located on the northern and southern side of a lake respectively. The southern portion of the estate, named ‘The Lakes’, was originally established approximately 18 years ago and is characterised in the main by single storey homes. Although it has retained its name, The Lakes now falls under the banner of Lake Michelle.
‘Contemporary’ Lake Michelle occupies the northern side of the lake. Construction at this node began approximately five years ago and features predominantly Cape Cod type homes. This portion of the estate is approximately 62 percent complete.
According to Lake Michelle resident Jenny Shaw of Harcourts Back Wave Real Estate, Lake Michelle is unique in that it affords residents the opportunity to enjoy a range of outdoor activities including walking, swimming, fishing, sailing and canoeing. Other plus points include the fact that a number of good quality schools, shopping centres and Cape Town’s CBD lie within easy reach.
Lake Michelle plot prices currently range from R530 000 to R1, 5 million. Houses at the estate range in price from R1, 4 million to R6, 9 million. According to Shaw and the latest Lightstone reports pertaining to the estate, 14 properties were sold at The Lakes in 2011 at an average price of R1,4 million and 29 were sold on the northern side of Lake Michelle at an average price of R788 000. This brings the total number of properties sold to 43 which is largely on par with the number of properties sold in 2010.
Says Shaw: “Considering the recessionary market, these figures are pretty impressive, particularly as the majority of properties sold were vacant stands – a sector of the property market which has taken strain of late.”
As for Noordhoek itself, the area is feeling the pinch somewhat but seemingly to a lesser extent than the rest of South Africa. According Lightstone statistics, 76 properties were sold in Noordhoek in 2011, down just ten from 2010’s figures. Interestingly, Shaw points out that the average price achieved by a Noordhoek property in 2011 was R2, 064 000, down just 9 percent from the ‘heydays’ of 2007 when the average price stood at R2, 2 million.
“Nine percent is far better that the general national average reduction in property prices,” says Shaw. “And although the area is taking some strain, interest remains strong thanks in large part to the lifestyle the area affords.”
Noordhoek is known as an aesthetically appealing, upmarket area where sales in excess of R10 million were once the norm. Indeed, some properties sold well in excess of this. Instances of this have occurred at ‘De Goede Hoop’ an exclusive estate situated at the foot of Chapman’s Peak which features just 43 properties measuring five acres each. In addition to the grand homes, most De Goede Hoop properties feature stables and additional cottages.
Noordhoek has also earned a reputation for being an equestrian hub. Two and five acre plots featuring a multitude of stables and horses are not uncommon and local horse owners regularly walk their horses at Noordhoek beach.