Tel Aviv and central region
Tel Aviv Center: Developer Razi Rom and his US partners were recently obliged to lower the price of three penthouses on Rashi Street in central Tel Aviv by 20%, after they were unable to find a buyer. The developers initially asked for $525,000, then lowered the price to $460,000, and lowered it further three weeks ago to $420,000.
Rom bought the old 1930’s building on Rashi Street from private owners several years ago. Some of the owners received cash, while others, mostly US investors, sold their share of the deal in exchange for apartments. Rom renovated the building and added floors under the “Heart of Tel Aviv” city plan. The building consists of 14 apartments, most of which have been sold. Construction has just been completed.
Second-hand
Herzliya Pituah: An attorney couple bought a 240 sq.m. house on a 500 sq.m. plot on Wingate Street for $795,000. The house is 20 years old and was renovated two years ago.
Ramat Hasharon: A four-room apartment in need of renovation on HaIlanot Street sold for $213,000.
Ramat Aviv: A three-room apartment on Einstein Street sold for $225,000.
North Tel Aviv: A two-room apartment on Amos Street in need of renovation sold for $156,000.
South Tel Aviv: A three-room apartment near Yitzhak Sadeh Road sold for $135,000. A two-room ground-floor apartment on Wingate Street, Yad Eliyahu, in need of renovation, sold for $115,0000.
Rentals
Neve Avivim: A five-room apartment was leased to a South American Embassy for $1,200 a month.
North Tel Aviv: A three-room apartment on Dizengoff Street and a three-room apartment on Horekanos Street were each leased for $800 a month. A two-room apartment on Yohanan Hagdi Street was leased within 24 hours for $730 a month.
Published by Israel's Business Arena on 18 March, 2001