Foreigners Fuel A Cape Town Boom...As New Vintners Ditch Some Old WaysKatherine Ann Miller
Stephan Scharmacher, 33, is selling a house in South Africa. Although the six-bedroom place has great views of vineyards, mountains, and the 17th century manor house of the region's first governor, he'll probably get $1 million--a fraction of the price such a spread would fetch in a similar sunny location abroad. So is this another story of a prosperous white selling cheap to escape escalating crime? Could be, if the house were set in a leafy suburb of crime-ridden Johannesburg, where the property market is floundering. But Scharmacher lives in Cape Town. And here, prices are going through the roof.
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