Delayed Move-Out Cuts Home Price by ₪100,000
Translated & summarized from Globes by baba
A private home in Meitar sold for 3.35 million shekels, 100,000 shekels below its potential value, due to the sellers' request for a one-year delay in vacating. Realtor Shi Pinto noted a 15% decrease in transactions in Meitar and a 10% drop in Beersheba, attributing the slowdown to factors including the cancellation of tax benefits. Prices in Meitar have decreased by 20% since 2022, with limited new construction.
The story in 5 lines · by baba
- A Meitar house sold for ₪3.35 million with a one-year delay for sellers to move out.
- The delayed move-out reduced the home's sale price by an estimated ₪100,000.
- Transactions in Meitar have dropped by 15%, and in Beersheba by 10%.
- Home prices in Meitar are down 20% from their peak in 2022.
- Buyers are increasingly drawn to Meitar for its community and atmosphere, not just price.
A six-room private house in Meitar, spanning 220 square meters on a 560-square-meter lot, was sold for 3.35 million shekels. The property, located on Duchifat Street in the Kalaniyot neighborhood, features a corner lot, a large master suite, a garden, two parking spaces, and a storage unit. The sale includes a one-year delay for the sellers to vacate the premises.
Realtor Shi Pinto of RE/MAX Beersheba stated that the sellers, who plan to move to the central region, had initially listed the 10-year-old house for 3.5 million shekels. The property remained on the market for about four months. Pinto explained that the one-year delay in handover necessitated a price reduction, estimating that an immediate handover would have fetched 100,000 shekels more.
Pinto noted a 10% decrease in transactions in Beersheba and a 15% drop in Meitar compared to the previous year. He attributed the decline in Meitar partly to the cancellation of a tax benefit, with current buyers primarily attracted by the community, education, and unique atmosphere. He also mentioned that prices in Meitar have fallen by 20% since their 2022 peak, with limited new construction.
The article also lists recent sales of second-hand apartments in various cities, including Rishon LeZion, Lod, and Ramat Gan, with prices ranging from 800,000 shekels for a 44-square-meter apartment in Lod to 4.55 million shekels for a 143-square-meter apartment in Kfar Saba.