Deal Analysis / What would you pay for a large penthouse in Herzliya?
Penthouse apartments are a rarity in Herzliya and demand for them is high.
A six-room penthouse in the Prashkovsky project in Herzliya, in the neighborhood called Green Herzliya, has been sold for NIS 4.5 million. The apartment has 164 square meters inside and a 231-square-meter porch. It's on the second story, with a parquet floor and two underground parking spaces.
Green Herzliya is in the city's northeast. It isn't a new neighborhood, but it does have some new construction, like the Prashkovsky project, on Moshe Shamir Street. The project includes six buildings with 66 apartments.
On the face of it, NIS 4.5 million for a six-room penthouse in Green Herzliya seems cheap. A similar penthouse in the same project went for NIS 5.5 million, and in the next street, an existing - not new - penthouse in the Alterman Stars project was sold for NIS 5.5 million.
But the comparisons don't exactly apply. The other two penthouses were higher up, while this one is low, on the second floor. People pay more for height because of the view.
Penthouse apartments are a rarity in Herzliya and demand for them is high. There isn't much new construction and this apartment has a huge porch, which is true added value.
The bottom line is that the buyer decided to compromise on height and received a quality apartment for a price in keeping with the market.
Erez Porat of Re/Max Star Herzliya and Nuri Yosef of Anglo Saxon Herzliya helped with this analysis.