Tel Aviv and central region
Developers in North Tel Baruch raise apartment prices by 3%
Contractors Mivnei Gazit and Erlon-Palace have raised by 3%, in dollar terms, the prices of the 185 apartments they are constructing in North Tel Baruch. Three-room apartments will cost from $290,000, four-room apartments, from $372,000, and five-room apartments, from $420,000. Penthouses will cost $600,000 and upwards.
The developers decided to raise prices after they sold 125 apartments, 68% of the project. In recent months, the developers sold 4-6 apartments a month. Mivnei Gazit owns 55% of the deal, Erlon-Palace 45%.
Contractor and developer Moshe Aviv has sold so far 43 of the 208 apartments he is building for the ultra-orthodox public in Pardes Berman in Bnei Brak. Sales proceeds total $13 million, an average $300,000 per apartment.
Buyers purchasing an apartment up to December 15 will pay an exchange rate of NIS 4.12 to the dollar, a 2.5% discount. Five-room apartments are being sold for $300,000. Aviv is also building four and six-room apartments, and garden apartments. The buildings have five storeys.
South Tel Aviv: architects sell apartment for $180,000
Architects Ron Fleisher and Yoav Meiri built, as developers, a three-storey, six-apartment building at 70 Matalon Street in south Tel Aviv. They sold the first apartment, 90 sq.m. on the ground floor, for $180,000. 100 sq.m. apartments, with rooftops are being offered for sale at $198,000, and two-room apartments, at $118,000.
Fleisher and Meiri purchased the land for $275,000. The building is one of the few new ones built in south Tel Aviv in recent years, and prices are inexpensive, due to the location.
Jerusalem region
Messuah: Ashdar and Elram sell for $5.9 million
In the past three months, Ashdar and Elram have sold 23 apartments in Messuah, Jerusalem, for $5.9 million. Details: five four-room houses sold for $300,000; three five-room apartments sold for $257,000, fifteen four-room apartments sold for an average $245,000. The price range was $218,000-290,000, based on size and position. Most of the 500 apartments in the project have been sold.
Mevasseret Zion: An 18 year old, 300 sq.m. house (gross), on a 437 sq.m. plot sold for $560,000, 7% less than the asking price.
Talbiyeh: A three-and-a-half room apartment on Molho Street sold for $230,000, four months after it was put on the market.
Gilo: A five-room apartment with a garden and storage room on Hasigalit Street sold for $255,000.
Haifa and north
Kiryat Yam: Africa and Shikun Ovdim sell 300 houses for $63 million
Africa Israel Investments and Shikun Ovdim have completed construction and sale of 300 150-170 sq.m. houses on 150 sq.m. plots in the north-east of Kiryat Yam, near Haifa. Sales proceeds total $63 million, an average of $210,000 per apartment.
The marketing of the first part of the Savyonei Yam project consisting of 1,500 residential units the two companies are building in the town has thus been completed. The houses were sold over a three-year period, and prices started at $165,000 and gradually rose. On completion of the sale of houses, the two companies started building the 1,200 apartments.
The developers say that Savyonei Yam will be the largest residential neighborhood being built in the region. In the future, Ashdar plans to build 1,700 apartments on Kfar Hamacabi land, in the same region.
Nahariya: Bank Tefahot finances 98% of apartments in Villar project
Bank Tefahot will provide an exceptional loan to buyers of apartments in a Nahariya residential project. The bank will finance 98% of the buyers' cost of purchasing apartments in the project, owned by Villar International.
On completion, the residential neighborhood will have 1,700 units, housing a population of 5,000. The project is expected to be completed in 5-6 years. Special grants will accorded to eligible buyers, totaling NIS 100,000. In addition, Nahariya residents enjoy substantial income tax concessions.
Buildings in the project will have four, five and six storeys. Three and four-room apartments, penthouses and garden apartments are being offered. A three-room, 83 sq.m., apartment is being sold for $109,000; a four-room, 100 sq.m., apartment starts at $130,000; and three-and-a-half room, 100 sq.m. garden apartments, with a 100 sq.m. garden are being sold for $133,000.
Published by Israel's Business Arena on November 14, 1999