Luxury Cape Town homes for ‘downscaling’ over-50s

Not so long ago, turning 50 was regarded as the first stride on the slippery slope towards retirement, but nowadays many see it as a passport to freedom as youthful 50-somethings take advantage of better health, greater financial stability and abundant energy to do the things they had no time for when they were raising children and working.

This is according to Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, who says traditionally, empty nesters stayed in the family home until the time came to move into retirement accommodation in their mid-60s, but this is becoming increasingly rare and developers have begun to recognise the growing demand for accommodation which bridges the gap between the end of family life and retirement.

“Financially secure over-50s who are scaling down are in a far better position than most property investors in the prevailing economy, which is pushing property ownership further out of reach for new investors and tightening its grip on already beleaguered existing homeowners,” says Geffen.

“At this stage in their lives they are usually selling family-sized houses that were purchased – and paid off – years ago to buy more compact, low-maintenance homes with little or no mortgaging required.”

According to Dave Burger, Estate Specialist for Lew Geffen Sotheby’s International Realty in Tokai, these buyers want the convenience of a secure, low-maintenance home which frees them up to enjoy their new lifestyle, however many prefer to do so within a like-minded community of a similar age.

“Unfortunately, there are still very limited options available to this age group in the Western Cape other than retirement villages, which is a move that most are far from ready to make,” says Burger.

He says only a handful of clusters and estates have been built in recent years to meet rising demand, with the most recent being Equity Estates’ New Court at Steenberg, a unique development purpose-designed especially for this market and nestled against the Table Mountain Nature Reserve in sought-after Zwaanswyk.

Situated on the very last available greenfield land in the area which is zoned for development, Burger says New Court presents a rare opportunity to not only buy a luxury home in a unique, upmarket estate but also to live in a spectacular natural setting.

“Comprising just 18 double-storey units, these elegant three bedroom homes are a far cry from traditional retirement accommodation, but residents do enjoy the same key benefits, including a secure, tranquil environment, peace of mind and the support afforded by living in a small, exclusive community,” says Burger.

He says the core focus of the developers was to create a free-flow village-like environment which offers residents a relaxed lifestyle in scenic surrounds. The homes are built around a central square with each unit looking out over the expansive landscaped garden with views of the mountains beyond.

A series of picturesque walkways lead off from the square, including a path to a gate with direct access to the nature reserve and residents also enjoy access to a large communal pool and pool house in the restful gardens, plus there is an on-site estate manager to take care of residents’ needs.

And with security topping the list for so many buyers, New Court offers a single vehicular entry point manned 24/7, perimeter electric fencing, CCTV cameras and off-site monitoring.

Although most investors are scaling down, Burger says at New Court, buyers will not be compromising on space and forced to sell or store half of their possessions as is so often the case. The bedrooms on the first floor are generous and the master suite not only has a dressing room and luxurious bathroom but also a private balcony from which to enjoy the never-ending views.

The spacious open-plan living area downstairs is light and airy with quality finishes and top-of-the-range fitted kitchens, and opens out to a sizeable patio.

According to Burger, New Court offers mature buyers in search of a new lease on life a relaxed country lifestyle, but with top-class amenities like Constantia Village and two golf courses only a few minutes’ drive away.

Only six of the 18 units remain and they are available for immediate occupation, with prices ranging from R8.55 million to R9.75m including VAT, and no transfer duty payable.