Deal Analysis / How much would you pay for a 5-room apartment in Hadera?
The project, called Aqua, is being built by construction company Amram Avraham & Sons, on land that used to belong to Heftsiba, before that the company went belly up and entered liquidation.
A five-room apartment that will exist one day, when it's built, in Ein Hayam, a neighborhood in western Hadera, changed hands recently for NIS 1.82 million.
The project, called Aqua, is being built by construction company Amram Avraham & Sons, on land that used to belong to Heftsiba, before that the company went belly up and entered liquidation. The specific apartment in question is planned to be 121 square meters in area. It will be on the ninth of 16 floors and features a 14-square meter porch, a storage room, and comes with two parking places.
As for the building, it will feature a lobby, a swimming pool and a gym, and is only 500 meters from the Mediterranean Sea. All the homes between the building and the sea are built low, not obstructing the view. Construction is scheduled to be completed in December 2013. The buyers are retirees from Nahariya.
The neighborhood itself is still being constructed. It features mainly single-family houses. To its north is the neighborhood of Givat Olga and to the east is the coastal highway. To its west is the sea and to the south, a nature preserve. Most of the neighborhood residents are middle class and up, making the neighborhood one of the economically stronger ones in Hadera.
The Aqua project, consisting of two high-rises, is the only saturated-construction project in the whole area, making comparison to other transactions in the area difficult. Another deal done a few weeks back in the same project involved the sale of a similar apartment on the fifth floor for NIS 1.65 million. True, the apartment under discussion today is four floors higher, and the higher the flat the more it tends to cost. But a difference of NIS 170,000 for four stories seems a bit excessive.
The bottom line is that the buyer was evidently prepared to pay on the high side for that view of the sea.
Levav Binder, sales manager of Amram Avraham, property assessor Avigdor Mines and Aliza Cohen, CEO of Reshef Properties, helped with this analysis.