On Shlomo Street in the Florentine Quartet project, a 3-room apartment with an area of 70 square meters was sold, with an 8-square-meter balcony, on the 8th floor out of 9, in a building with a two-storey storage room, for NIS 3.28 million (NIS 46,857,000 per square meter).
The apartment on Shlomo Street in the Florentine Quartet project / Photo: Aviv Capiloto
“The neighborhood is close to the sea and Jaffa, but the project is controversial,” says Ma’ar Harlap of Concord Properties, which brokered the deal. “It was very innovative but had a lot of glitches. The building is built in the shape of waves and between the four buildings there is a commercial complex of forty shops. It has drawn a lot of lawsuits against the developer following what was allegedly defined as construction defects. “
How long has the property been on the shelf?
“In the apartment there is a right to robotic parking, but it has faults that can not be solved,” he says. Despite this, the property had about 30 interested parties, two of whom submitted bids. “
Harlap notes that the buyer received a significant discount on the deal because of the parking problem: “We started marketing at NIS 3.38 million, and the deal was closed with NIS 100,000 less, because the parking lot does not work and it is not clear what will happen to it.”
What about the rent?
“The property has so far been rented at NIS 7,300 per month, but the potential of the apartment is about NIS 8,000 per month.”
According to the Madeleine website, in the Florentine Quartet, three similar properties were sold in the past year in different areas at prices ranging from NIS 15,000 per square meter to NIS 59,000 per square meter.
Intelligence: Variance in value per square meter due to differences in the measurement method
On Jeremiah Hanavi Street in Modi’in, a 3-room apartment with an area of 90 square meters was sold, on the 1st floor out of 3, for NIS 2.23 million. The price reflects NIS 24,777 per square meter.
Interior of the apartment / Photo: Tehiya Lahav
“Modiin was founded about 20 years ago, and the neighborhood is one of the first in it,” says Tehiya Lahav, franchisee of Keller Williams Modiin. “The buildings in the neighborhood do not have elevators, which is not seen in new neighborhoods, but the location of the property is relatively central. There are four schools within walking distance, two small shopping centers and about a 15-minute walk to the city center, where there is a large shopping center.”
How long was the apartment on the shelf?
“The apartment was on the shelf for about a month, and already in the first week I received four offers. The buyer is a Tel Aviv girl who bought the apartment for residence.” According to her, most of the demand for intelligence comes from Jerusalem and Tel Aviv.
Lahav adds that Modiin has experienced a 20% increase in property prices in the past year. According to her, “in some cases, the increases soared to about 30%. A similar apartment would have been sold for a maximum of NIS 1.9 million.”
What is the rent for such a property?
“The usual rent for a 3-room apartment is NIS 5,000. A year ago, prices ranged from NIS 4,200 to NIS 4,500.”
The balcony / Photo: Tehiya Lahav
According to data from the Tax Authority, in the past year, two 3-room apartments were sold on Jeremiah Street in the city in just four days, but the price per square meter in the current deal is lower: on March 31, a 76-room apartment with 76 square meters was sold for NIS 2.24 million. NIS 29,473 per square meter), and in 3.4 a similar, 3-room apartment with an area of 89 square meters was sold, but with an elevator for NIS 2.16 million (at a value of NIS 24,235 per square meter).
Zeev Prosek, a real estate appraiser who specializes in the Jerusalem and Modi’in area, says that in the past year there has been an increase in housing prices in Modi’in. “The increase was 10% – 20%, and the main reason is that supply does not match demand.”
Regarding the differences in prices between the apartments sold, Prosek says that there is a registration problem in Modiin: “These distortions are caused because the areas reported to the property tax and the tax authority do not match. “Disrupts the calculation of the cost per square meter.” Therefore, he says, it cannot be concluded that there was a drop in prices.
Sold
Ramat Gan
On Ridges Street5-room apartment, 100 sqm, on the 3rd of 3 floors, with elevator and parking, At NIS 2.72 million.
On Mahnayim Street5 room apartment, 95 sqm, 12 sqm balcony, on the 5th floor of 8, with elevator and parking, At NIS 2.9 million.
On Neve Yehoshua Street4-room apartment, 83 sq.m., 12 sq.m. balcony, on the 4th of 6 floors, with elevator and parking At NIS 2.7 million. (Anglo Saxon)
Beer Sheva
On Hechalutz Street2-room apartment, 48 sq.m., on the 3rd floor of 3, without elevator, without parking, At NIS 415,000.
On King Saul Street2-room apartment, 53 sqm, on the 3rd floor out of 4, no elevator, no parking, At NIS 560,000. (Anglo Saxon)
On Gideon Hausner Street in the Ramot neighborhood4-room apartment, 120 sq.m., 12 sq.m. balcony, on the 3rd of 5 floors, with parking and elevator, At NIS 1.2 million.
On Eliyahu Ben Hur Street in the new V neighborhood5-room apartment, 125 sqm, on the 2nd floor of 4, with parking and elevator, At NIS 1.06 million.
On Eliyahu Hakim Street in the Ramot neighborhood5 room villa, 170 sqm built on a plot of 500 sqm, including garden 300 sqm and parking, At NIS 2.62 million.
On Yehuda Halevi Street in Neighborhood B5-room mini penthouse, 154 sq.m., 17 sq.m. balcony, on the 19th of 22 floors, At NIS 1.73 million.
On Nahum Sneh Street in the Ramot neighborhood4-room apartment, 126 sq.m., 18 sq.m. balcony, on the 2nd of 6 floors, including parking and elevator, At NIS 1.42 million. (RE / MAX Plus)
Streets
On Levin Epstein StreetMini penthouse, 5 rooms, about 139 sq.m., 2 sun terraces with an area of 14 sq.m. and 60 sq.m., 8th of 9th floor, including warehouse, parking and elevator, At NIS 3.55 million.
On Levin Epstein Street3-room apartment, 82 sq.m., 12 sq.m. balcony, on the 6th of 9th floor, including storage, parking and elevator, At NIS 1.96 million. (Anglo Saxon)
Kiryat Hayim
On Notre Dame5-room duplex, 140 sqm, two balconies, on the 3rd of 3 floors, with storage and parking, At NIS 1.22 million.
On Kabri Street3-room apartment, 65 sqm, on the 6th floor out of 8, with elevator, At NIS 870,000.