A THREE-BEDROOM DUPLEX IN A BAUHAUS BUILDING

The New York Times

A THREE-BEDROOM DUPLEX IN A BAUHAUS BUILDING

SlideShow

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

Advertisements

Luxury Villas for sale in Herzeliya Pituach

Exclusive Luxury Properties for sale in Herzlia Pituach

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.


Classic Villa for sale in Herzliya Pituach

 

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.

Jerusalem Real Estate in 2008

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