New Developments in Zichron Yaacov Pardes Hanna Karkur Ramot Menashe Regavim Caesarea

The real estate market in our area is hot. There are many buyers in Zichron Yaacov, Binyamina - Givat Ada, Pardes Hanna Karkur, Caesarea and the surroundings. We meet more & more new faces in the coffee shops & restaurants, the bank & post office, kinder garden & school, parks & synagogue.

Here, in our little bubble it's hard to believe that the state of Israel facing the end of the most difficult years on the real estate market that even known. It is hard to believe that the construction market is just coming out of a longer than ten years recession. Indeed the flourish and ­­­­­­relatively high decreasing prices that are felt at the moment in "Gush Dan" have yet to have reached our area, but has to keep in mind that we haven't felt significantly the deceleration of the market in the years when the new construction was almost stopped, the sells second hand apartments in many areas of the country was slowed down, and the prices were decreased in many areas but our own.

Was there a recession?

The recession is behind us, so they say. In spite of the war of last summer, apparently the Israeli public is optimistic. The mortgages interest is in historical slump. The low dollar rate encourages many, perhaps psychologically, to give a visit to the real estate companies, the construction sites and the fancy sales offices next to it. The public, which was sitting on the fence, at the meantime gained over its investments in the capital market. Just this week we were informed by the Bank of Israel that in the wake of the high increases of the stock exchange, since the beginning of 2006 the property record of the public got raised up in 94 billion NIS. 24.2% of the public's money is invested in shares. According to The Bank of Israel, The value of the public's property record in Israel climbed into 1.76 trillion NIS by the beginning of October. The meaning is each family owns in average 880 thousands NIS and every person in Israel owns in average 250 thousands Shekels (including babies). You can check this in the bank. This money is starting to flow to the decreased markets, or those which have yet increased in those rates, such as the real estate market. Part of the money goes for the buying of apartments in the prestige building of Tel Aviv, and it's true that very few are able afford themselves buying an apartment in $10,000 and more per square meter. But the nature of real estate market is a chain. This money, the money that flows into the prestige apartments, builds apartments, but also helps this "Food Chain" eventually to buy ones. 

There is also nature growth. Israel's growth might be the highest in the western world. In the New Year's Eve we were informed that the number of Israel citizens has rich to 7 million citizens. 7 million citizens! It is true that this growth results mainly from the high number of kids in the ultra orthodox and the Arabic sectors But, those sectors buy apartments that were evacuated by the rest of the population which need a living unity while in the past used to share in with a partner. And last but not list, the divorcing rate has rise up a lot in the last 30 years. A couple who got divorced needs two apartments, rather the one. 

The foreigner investor joins to the Israelis. Also joins tourists who buys houses as an investment, the new immigrants' joins, and also joins pensioners who wish to spend the rest of their lives in Israel. Many former Israelis and Jewish who decided to go to Israel in the future buy an apartments now, while continue living abroad for a few years. In the meantime they want to own a house in Israel. Those who experienced the fast prices increase of the last five years in the United States or in many European countries are interested in implementing an asset that its rate grew there, and buy an asset in Israel, "a moment before" the prices increasing in here. In many cases the wealthier population which owned more than one house sells their summer cottage (which became more valuable), and buy in exchange a house or an apartment in Israel. This trend is seemed among the families of the new immigrants, and returning citizens, and it is also true for the real estate initiators. It is felt in here already; Israelis and Jewish real estate initiators are starting to "return the money back home" and buy soils for a future buildings in Israel. This is something which they avoid from doing in many cases at the last ten years, while enjoying high proceeds over investments abroad. Some are not implementing the assets they built or accumulated, but simply using it as insurance for buying the soil in Israel.       

Only two years ago, Federal Reserve chairman Alan Greenspan said, "The real estate market is not a bubble". To his view, the real estate market is a local market' and it does not puffs up or explodes at once as other financial markets are. Price might rise up in Tel Aviv, and go down in Haiffa. Prices of prestige apartments might rise up, while prices of inexpensive 3 room's apartments can go down.  By the way, it's not just might happen.... it happens at the moment. The apartments markets in Tel Aviv is raging, also in Jerusalem revival especially in the prestige apartments market. The real estate market in Haiffa is still frozen, and with low prices. At Zichron Yaakov, Binyamina, Pardes hanna, Karkur, Caesarea and the surrounds alerted activity and flourish continues.

Why our area is so popular?

The area that sprawls in-betweens Oren wadi and Arra wadi is one of the most popular in Israel. Indeed, we hear many references from the communication about an activity in Zichron Yaakov area. But the real estate interest is far beyond Zichron Yaakov only. In Binyamina, Caesarea, Pardes hanna, Karkur, Regavim and Ramot Menashe more and more big projects are being built and are expected to bring thousands of families to the area in the next few years.  Why our area is is so popular? You probably already know why. Few are the places where you can find closeness to the nature on one hand, and accessibility to the employment, culture and commerce centers on the other hand. You can jump into the car, bicycle or even walk, and in a matter of few minutes find endless nature, and you can also jump into the train from the train station in Binyamina or Caesarea and get to Tel Aviv within less the thirty minutes. The education in the area is considered to be very good and also attracts hundreds and thousands of families with their kids. And there is also the landscape, towards the ocean, from the communities on the Karmel, and the view towards the fields and mountains in the lower topographically communities. A recent research from the appraiser's chamber shows that the average Israeli family has a clear preference for the attached to the ground housing, while at the meantime less then ten percent of the families gained their own villa or cottage. Apparently they wish to fulfill their dream right here.

And there is another reason, not so much linked to us but is linked to the real estate market of Israel as a whole. Prices increase in the areas of Gush Dan and the Sharon is preventing many families fulfill their wishes for their own house in those areas. Indeed the decisive majority of those who are coming here from the Sharon area, from Tel Aviv and Gush Dan. Also from Haiffa and especially from the Karmel many buyers are coming. But the lowing down of prices in Haiffa in the last few years has made it difficult for many of the housing improvers of Haiffa to sale their apartment in a reasonable price which will allow them upgrading foe an apartment in the area of Zichron Yaakov and the surrounds.   

Contractors? They are buying soils, and... Building. In the next few weeks we go out for an examination of the new building of the area. As you would realize, the initiators are counting on a flourish market for the future years to come. Also in your neighborhood, you have probably noticed some construction of houses here and there, duplex cottage in here et cetera. We cannot research all of the new construction. We went out checking only the mega projects. Although there are many futures planed projects, we won't cover it, but would cover contemporary projects, which are being placed at the moment. Projects that include more then two thousands apartment unities are already in the process of constructing in our area.  The constructors are not only building those projects but also commercial centers, kinder-gardens and public structures, parks & playground for kids.

What is being built?

For everybody who wishes to built his home in the area. Large varieties of options, as you wish. All sorts of real estates assets: apartments, garden apartments, penthouses, cottages, villas and plot of lands for self-buildings. The different sorts of assets to your preference and budget are waiting for you in one of the following projects:

The Young Paredes Chana: "Chafatziva" company builds the project of "Young Paredes Chana" in the Neve Pardessim neighborhood of Pardes hanna. Offers at the moment apartments of 4 rooms, 4.5 rooms apartments, penthouse apartments of 5 rooms, duplex 5 rooms garden apartments (known as "Garden Duplexes"). All together the company intends to build 980-1,200 apartment unities in the project. In addition, the company will build, for the sake of the residents' gardens and commerce centers in the size of 4000 square meters with an underground parking. Prices start at 536,000 NIS.

Karkur Dreams: in Karkur, close to Mishmarot Kibutz. The company of "Shikun Ovdim" is building "Karkur Dreams" project, located in the heart of village environment. In it's center spacious garden for the sake of the residents. In the project an apartments of 4, 4.5 and 5 rooms with sun balcony, garden apartments of 5 rooms and rooftop apartments of 4 and 5 rooms. Prices start at 679,400 NIS.

Zichron Yaakov Dreams: The Company of "Shikun Ovdim" with "Amirei Gan" company are building "Zichron Yaakov Dreams" project, on 160 dunams of land area. 700 apartment's unities are expected all together. The companies report that since May 2005 about 250 apartments in a scope of about 132 million NIS. The project is built in stages; first 80 families are expected to move into their new apartments at December 2006. In the project apartments of 4, and 5 rooms, garden apartments of 4 & 5 on a land of 120-165 square meters. For now prices starts with 880,000 NIS.

Yuvalim: "Neve Gad" is building in Karkur the project of "yuvalim". Located in a beautiful countryside region, north-east of the ‘Moshava'. The company offers 280 villas on a plot of lands of 400-500 square meters. The house's territory is 150-185 square meters. One of the models is available with a basement. Prices start with 1,239,000 NIS.

Neot Yuvalim: the project Neot Yuvalim, Close fitting to "yuvalim" project, is being built by the administration of living projects of human resources section of IDF (know as "The administration"). The project includes 120 duplex cottages on plots of land of 250 square meters each. Even as permanent army servers it's too late, all of the houses were sold!

Regavim: "Ofer" Assets Company is building in Kibuts Regavim the community-broadening project, planed by the architect Yosi Tal from Zichron Yaakov. In the project 138 villas of 4 to 7 rooms on a territory of 104 to 220 square meters, on plots of land of 500 each. Wide on plots of land werer allocated for a park in the heart of the neighborhood. Villas prices start at 1,139,000 NIS. 

Maale Hanachal: the Company "Mivnim Merkaz" of "Mivnim" group is building in the Kibutz Ramot Menashe the community-broadening project. In the project 138 villas of 6 rooms, on a territory of 160-220 square meters, on plots of land of 500 square meters each. "Dagan Mosheli" is the Architecture Company. Villas prices start at 1,235,000 NIS. 

The Golf Neighborhood: 'The Company of developing Caesarea is offering 250 plots of land for self-building. In the Golf Neighborhood nearby Caesarea's Golf field. The plots of land's sizes is 600-1000 square meters, and specified for self-building of one living unity (Villa). Plots of land prices start around 1,505,000 NIS.

Young Pardes Hanna (CHEFTZIBA): 980-1200 Apartments

Largest plot of land: Zichron Yaakov Dreams, (The Company of "Shikun Ovdim" with "Amirei Gan") about 160 dunam.

The most expensive: 'The Company of developing Caesarea ' (The Golf Neighborhood), Plots of land prices start at 1,505,000 NIS.

The cheapest:  The Young Paredes hanna (CHEFTZIBA): prices start at 536,000 NIS

Construction - 2006 Style

2006 building style standard is very high compare to what we have seen in the projects of the past. Into the market new materials came, new products were developed, and the constructing processes improved greatly. The Israeli customers nowadays are asking for technical specifications and also know to identify and reward the constructor who had invested the bought apartment.The initiators have learnt by now that the buyers are expecting more than just rooftop and walls. They spoil the buyers of the new projects in the area with upgraded paving (it seems that granite porcelain had already become a norm), with aluminum windows by the best manufacturer, with an isolation glass, with a preparation for sound system and intercom. Phone and cable points in each room are also customary nowadays. In the apartments they take care of gas point in the balcony. Electrical shutters, at list in the big windows are also a customary.  There are also periodic benefits, which is important to follow.  For example, the project of Yuvalim offers with no extra payment a preparation for fireplace. ‘Cheftziba' offer the buyers of apartments in The Young Paredes hanna project, a stove and an oven built in the wall, and a semi parquet floor in the parent's unity. 'The Company of developing Keisarya' offer the buyers of plots of land in the Golf neighborhood- a membership in the Golf club, that is value might rise up to tens of thousands of dollars.   

In the next few weeks you can read about each of those projects: