Ricochet News

The Exclusive Lifestyle

The Exclusive Lifestyle

The Eastern Cape is gaining ground on the bigger centres with its own take on plush executive living - and the hefty price tags to boot.

Ingrid Olivier, Co-franchisee at Pam Golding says uber-successful CEOs or entrepreneurs with a couple of million quid to splash on a home in Port Elizabeth will mostly likely make new neighbours in exclusive Theescombe.

“Mill Park, Walmer (the upper avenues), Humewood and Summerstrand are also known for their high-end property offerings,” she adds.

Kobie Potgieter at Re/Max Independent Lorraine agrees, “The first concern for an executive home is position. The node in PE has changed from Greenacres to Walmer Park. The Upper Walmer area, Lovemore Heights, Lovemore Park, Mill Park and Summerstrand are the prime property hot spots.”

“Popular areas for executive living include areas close to the ocean, such as St Francis Bay, and the Port Alfred Marina. In Nelson Mandela Bay, popular areas include Upper Walmer, as well as Mill Park and portions of Summerstrand such as the upmarket Brighton Drive,” says Jaco Rademeyer, Owner at JRE Jaco Rademeyer Estates.

In East London, Carlisle Snyman, Director and Team Leader at Engel & Völkers East London, says if you are looking to bump into other millionaire businessmen, you will need to get an address close to the beaches.

“Prestigious homes are found in areas close to beach such as Nahoon, Blue Bend, Bonza Bay, the river frontage properties of Torqay Road and properties on the banks of the Nahoon River offering jetties for boating. The large ground and elegance of Bunkers Hill is also very attractive for the discerning buyer,” describes Snyman.

Charlotte Vermaak, Director at Chas Everitt, says because executive homes are generally larger than the average home, they are “generally speaking not found in or near the city centre or main business area. Many are found in the outlying areas of the city and desirable neighbourhoods with the best schools and other amenities being in close proximity of them.”

Olivier says the property can vary from a townhouse, penthouse, family home or smallholding and the pricing can be from around R5 million upwards, “although selling price will be influenced by seller urgency and buyer demand”.

Naomin Solomons at Solomons Crafford Properties says; “An executive home should have at least four double bedrooms all en-suite plus a spacious entertainment area, open-plan cordon bleu type kitchen, pool and large grounds. It must have a sense of space, quality and style. Usually architecturally designed and normally has great street appeal.”

Olivier adds that it will have expert architect design, modern kitchens and bathrooms, flowing living areas to good entertainment patio, good security, landscaped gardens and quality finishes, which often include granite kitchen counter tops, Hans Grohe bathroom fittings, quality tiling among other luxuries that executive lifestyles demand.

“An executive home comprises of at least four double bedrooms – all en-suite, a fitted office or study, five living areas including an entertainment area, three of more garages, landscaped gardens with a swimming pool, domestic quarters, top security and an ERF size of at least 1000m2,” agrees Potgieter.

Vermaak says in many instances tennis courts are also standard while Synman adds that sea or river views - and easy, immediate access to boats, is characteristic.

“Schools also play a huge part in deciding where to buy,” describes Solomon.

The realtors said that the buyers for these properties are often middle-aged (35-50 years), have a small family, are highly mobile - and no doubt wealthy.

“To qualify for a bond on an executive home of say R5 million, you need to be earning roughly R150 000 a month which would allow for monthly bond repayments of around R50 000. A buyer for our most expensive property (a R15.950 million mansion on a secure estate in Theescombe) will face bond repayments of around R450 000 a month - which would obviously reduce depending on the size of the deposit he put down,” explains Olivier.

While the traditional buyer is white, Vermaak says they are seeing a rise in demand from the so-called black diamonds. Snyman said buyers in big cities like Johannesburg and from abroad – thanks to a weak Rand, were also showing interest in the province.

 Photo caption: THE LIFESTYLE... Currently the Eastern Cape's most expensive executive mansion. See more here. Image: Pam Golding.