A THREE-BEDROOM DUPLEX IN A BAUHAUS BUILDING

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9 MILLION SHEKELS ($2.250 MILLION)

The apartment, a renovated duplex on the fourth and fifth floors of a 1930s Bauhaus building, has 260 square meters (2,799 square feet) of living space and an 80-square-meter (861-square-foot) terrace with views of the city.

The main floor has an open living and dining area, a modern kitchen, the master bedroom (with en-suite bath), and a second bedroom and bath. There is a small balcony off the living room. Tile floors run throughout; the windows have wood frames.

Upstairs, an additional room could function as a bedroom or study; there is also a half bath and the terrace. The selling price includes two parking spaces at the rear of the building.

The property is in the center of Tel Aviv, just off Rothschild Boulevard, one of the city’s main shopping thoroughfares. Shenkin Street, which has an array of shops, cafes and restaurants, is also nearby. Ben Gurion International Airport is 30 minutes away.

MARKET OVERVIEW

In recent years Tel Aviv’s real estate values have risen slowly and steadily. In 2003, the average price of an apartment was 896,100 shekels ($226,374); in 2008, it was 1,205,400 shekels ($304,509), according to the Central Bureau of Statistics, a government agency.

The economic downturn has slowed the market. By the middle of 2008, “the market froze,” Yoram Indik, a Tel Aviv-based real-estate broker, said. “People didn’t want to sell, buyers didn’t want to buy.”

But even though the pace of sales has slowed, housing prices are generally still on the rise. For the first quarter of 2009, the average price of an apartment was 1,283,000 shekels ($324,113) according to the Central Bureau of Statistics.

The exception to the upward trend has been larger, higher-end apartments. The average price for these homes was 2,315,400 shekels ($584,919) in 2008 and has fallen to 2,087,500 shekels ($527,346) in the first quarter of 2009, a 16.4 percent decrease from the previous quarter. “A lot of foreigners, who used to be the major buyers of real estate in Israel, stopped coming as a result of the economy,” said Jonathan Livny, a Jerusalem-based real estate lawyer who handles deals in Tel Aviv. “That’s affected the upper echelon of the real estate market.”

Certain types of homes carry a premium in Tel Aviv; high-end homes with a view of the Mediterranean start at $8,000 a square meter ($743 a square foot) and can reach $17,000 a square meter ($1,580 a square foot), said Mr. Indik. Prices for real estate in the Bauhaus style, like the apartment featured here, can be 10 to 15 percent higher, he added. (Real estate in Tel Aviv is priced in either shekels or dollars, depending on the favorability of the exchange rates, Mr. Indik said.)

WHO BUYS IN TEL AVIV

As Israel’s cultural capital, Tel Aviv attracts numerous foreign buyers, particularly Jewish people from the United States and Europe. They gravitate toward higher-end properties west of Ibn-Gabriol Street, close to the beach,. Before the economic collapse, half of the business came from abroad. Over the past year, that number has dwindled to 15 to 20 percent.

BUYING BASICS

There are no restrictions on foreign property purchases in Tel Aviv. Mr. Livny said buyers should estimate an additional 7 to 10 percent of the purchase price for side costs, which includes a land purchase tax (3.5 to 5 percent), a real estate agent fee (2 percent) and lawyer’s fees (about 1 percent), as well as a value-added tax (levied on new construction), registration and notary fees. A full year’s municipal tax is due at contract signing — $2,000 to $3,000 for a higher-end home, Mr. Livny said.

Though banks in Israel are more cautious than they were in previous years, mortgages are still available for foreign buyers,. Today, non-Israelis should plan on a 50 percent down payment,

USEFUL WEB SITES

Municipal web site: www.tel-aviv.gov.il/english/home.asp

White City info: www.white-city.co.il/english/index.htm

LANGUAGES AND CURRENCY

Hebrew, Arabic; New Israeli Shekel (1 shekel = $0.25)

TAXES AND FEES

Municipal taxes on this property are 12,000 shekels ($3.031) a year; a building management fee is 150 shekels ($38) a month.

CONTACT

Yoram Indik, Yoram Indik Realty Company, 972-77-533-5151; www.indik.net

How to buy real estate in Israel

When you buy property in Israel, you must be aware of certain basic legalities, terminology and norms. Firstly, let me clarify that Real estate in Israel is divided into two categories. Privately owned Israel property and State owned Israel property. In this article, I will be discussing Privately owned Israel property only.

Privately owned property includes all Israel real estate that is owned by private individuals, private or public corporations or any other legal entity that is recognized by the state of Israel. Privately owned Israel real estate, be it residential or commercial, can purchased and sold by a foreign citizen, resident or legal entity (such as a company or public corporation). Israel real estate can even be purchased by non-Jews.

Many Jews living abroad will visit for the sole purpose of shopping for homes in Israel. A common assumption is that buying a home in Israel is not so different than buying a home in their country of origin. But, in fact, there are several basic Israeli real estate laws that are unique to the country. Firstly, when you buy a home in Israel, whether it’s a home in Jerusalem or Tel Aviv, you must be aware that you are buying a home according to the specifications in the contract. If you buy a home in Israel and you move in to find that the bathroom fixtures are missing, the spot lights are gone and even the entire kitchen has been removed, don’t be surprised. It’s normal for people to take, literally, everything with them when they move out. This is why it’s important to hire an experienced Israel real estate attorney that will guide you through the specifications on the bill of sale, check important matters such as betterment tax, as well as help you understand, in simplified terms, the complex procedure involved in buying property in Israel.

An Israel real estate attorney will also go through the process of investigating the Property Tabu (Title/Deed). There have been countless cases where Jews from abroad have purchased a home in Israel without attorney’s only to find that the property they purchased didn’t belong to the seller in the first place. A thorough Tabu investigation will reveal property ownership, but also other important details such as whether the property has any outstanding mortgages or liens. Once the property status has been clarified, your real estate attorney will be able to inform you of any possible issues which may prevent you from following through on the transaction.

Most new apartments in Israel are sold before construction begins or before it is complete. This is common in Israel, nothing to be concerned about.

Israel property size

It’s well known that in Israel, property owners or contractors who’ve built new homes, may make the square meter number of the property seem greater than what it actually is. They will include a weighted proportion of common space, such as a common area of land you share with a neighbor, the common staircase or unusable space, such as walls. The actual square meter number should be carefully analysed when buying property in Israel.

The Vad

Apartments or houses in Israel are usually part of a multi unit building. These multi unit buildings have, what’s known, as a Vad. The Vad is the building council made up, usually, of neighbors or apartment owners. The Vad is responsible for collecting money for building maintenance fees, gardening fees, property repairs, etc. In many cases, such as in Jerusalem, the Vad is also responsible for the building heating systems. Most newer apartments have solar heating, but for those that do not, you must be prepared to heat your apartment with electric or kerosene heaters, particularly if the Vad has decided to cut down on heating cost. They may and will shut down the communal heating systems with prior notice of course.

Israel Real Estate Tax

Arnona is a real estate tax collected by the city which is calculated by the square meters of your property and neighborhood rate. The Arnona for expensive apartments in Israel can add up to thousands of shekels per year. It’s crucial to check the arnona on the property in order for you to gain an accurate estimate of your property purchase.

If you are considering buying an apartments or villa and would like to view your options during Passover, contact me – yoram@indik.net – Give me information on the type of property you are seeking to buy and I will forward you a complete list of exclusive properties within your chosen price range. I will arrange for private tours of prospective properties.

The article does indeed give readers insight on fantastic real estate deals albeit in Northern Israeli communities such as the Nahariya Yeruka (the project which includes 1,500 apartments – 1,200 of which have already been sold) Shlomit, Carmiel’s ‘Carmiela’ project and even Ashkelon! Northern Ashkelon has long been regarded as one of the city’s most expensive neighborhoods, yet, according to Lieberman, “you can still find a 4-room apartment consisting of 136 square meters with a 15-meter porch for NIS 630,000 (under special sale terms)” I wonder what those special sale terms are… home buyers are advised to read the fine print.

Exclusive Jerusalem Real Estate For Sale

Contact: realtor@indik.net to arrange private tour of the Jerusalem properties listed

Jerusalem Cottage for sale

in Old Katamon region

Asking price: $1,600,000
Type:Luxury Cottage
Size: 247 sqm

The luxury cottage situated in Old Katamon is newly renovated from top to bottom. A beautiful garden overlooks the famous Israel Museum and the “Kneset”

Features:
2 bathrooms or more
Air-conditioned
Individual heating unit
Jacuzzi
Parking
Religious Community
Fully Renovated
Separate entrance
Solar water heater
Storage
Succah
Beautiful Views

Luxury Duplex in Jerusalem for sale

in upmarket religious community

Price: $790,000
Size: 240 sqm

Beautiful 6 bedroom duplex – first floor measures 120 sqm, living area, modern kitchen, dining area, 3
large bedrooms, master bedroom, 2 bathrooms. The 2nd floor measures 120 sqm, 2 huge rooms with high ceilings which can easily be dividend into 4 bedrooms. Ideal for a large family.

Additional features:
2 bathrooms or more
Air-conditioned
Central heating
Individual heating unit
Jacuzzi
Parking
Religious Community
Renovated
Sealed room
Solar water heater
Succah
Terrace
Walk to Shul

Jerusalem Duplex for sale

in beautiful German Colony

Price: $1,400,000
Type: Duplex
Size: 160 sqm

Old style, fully preserved, private luxury Jerusalem duplex, 5 bedrooms, two floors. Each floor measures 80 sqm, charming old style design, beautiful views, close to shopping and city center, Wonderful, spacious Jerusalem duplex has lovely garden situated in the heart of the German Colony. The duplex features a separate unit and private parking.

Many people sell their Israel luxury real estate via private professional luxury real estate agents. You may find a handful of luxury listings in Israeli newspapers, however, in order to get to the exclusive properties, I’d recommend you find a reputable real estate professional that specializes in the luxury market in Israel.

If you are considering buying a luxury apartment or villa, contact me – realtor@indik.net – with information on the type of property you are seeking to buy and I will forward you a complete list of exclusive properties within your chosen price range and make arrangements for private tours of prospective properties.

Herzeliya Marina apartment for sale

Price: $850,000
Location: Herzliya Marina
Type:Luxury Apartment
Size:85 sqm

Contemporary style interior designed Herzlia marina luxury apartment. Excellent property investment in Israel. Ideal as holiday apartment flat. Windows and balcony with view to the sea and yacht harbor. This Herzeliya Marina apartment is for sale immediately. The building facilities include a private swimming pool, a fitness room, 24/7 security, maintenance. Near Arena luxury shopping mall, cafe’s and restaurant. Walk to Herzeliya beaches.

Price: $9,000,000
Location: Herzliya Pituach
Type: Private Villa
Size: 900 sqm

This classic and elegant villa in Herzliya Pituach is an exclusive property
near the sea, offering views to the north, south and west, as well as a spectacular
view of the Mediterranean sea. This newly renovated Herzelia property has a swimming pool,
jacuzzi, a fabulous garden and is within walking distance to Herzlia’s trendy seashore. The
villa’s renovation features include wonderful terraces, ample parking, a separate service
entrance and is zoned for additional extension possibilities.

The forecast for 2008’s Jerusalem’s Real Estate market looks bright from here…

I distinctly recall reading this article back in 2007 and I’d thought I’d share it with my readers once again, although to some it may be considered old news. The article, which made glorious predictions for the Jerusalem’s Real Estate market of 2008, came as no surprise to me, actually. I have been a dedicated real estate professional for more than half my life, I’ve seen ups and downs in the Jerusalem real estate market. I knew when reading this article way back then, that what Finkelstein was saying was true. Jerusalem’s real estate market was thriving then and it continues to flourish, despite the ‘matzav’.

Read entire article here
]]> http://israelluxuryhomes.wordpress.com/2009/03/30/jerusalem-real-estate-in-2008/feed/ 0 israelluxuryhomes http://israelluxuryhomes.wordpress.com/2009/03/30/israel%e2%80%99s-high-end-real-estate-still-on-top/ http://israelluxuryhomes.wordpress.com/2009/03/30/israel%e2%80%99s-high-end-real-estate-still-on-top/#comments Mon, 30 Mar 2009 06:06:10 +0000 Yoram Indik http://israelluxuryhomes.wordpress.com/?p=50 ]]> Israel, selected in April 2008 by Forbes as one of the worlds most promising real estate markets, has always attracted affluent Jews from the Diaspora eager to buy property in Jerusalem, however, with the rise of luxury high rises in Tel Aviv and Ramat Gan, more and more affluent Jews are buying second homes in Israel, near the spectacular Mediterranean sea. Luxury real estate in Israel seems to be unaffected by the recent world economic downturn. Tel Aviv apartments for sale in the price range of $3,000,000 and up still being purchased by the well to do, as are high-end penthouses with price tags as high as $30,000,000.

The high-end real estate market is meant for those that have the means to buy luxury properties in the most desirable locations; buyers of such properties from the UK, Belgium, Canada, USA and South Africa demand only the finest quality and the ultimate experience in living.

Although overseas real estate markets have been hit hard by the worlds financial crisis, it is unlikely that Israel’s luxury real estate market will be affected, particularly since the market has proven that is has the capacity to withstand even the toughest circumstances.