A second-hand four-room apartment in Givatayim was sold recently for 2.8 million shekels. The apartment's size is 99 square meters. It is on the first floor (out of six) in a building on Borochov Street in the city's Borochov neighborhood.
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According to the Yad2 website, which lists second-hand apartments, the property's asking price was NIS 3.28 million. After buyers weren't found for 65 days, the sellers lowered the price to NIS 3 million. It took another 169 days, or a total of 234 days (nearly eight months) since the apartment was first listed until a deal was reached and the apartment was sold for NIS 2.8 million – about 15% lower than the original asking price (a discount of NIS 480,000).
According to Yadata, the website's property value calculator, the apartment's value today is NIS 2.95 million (ranging between NIS 2.8 and 3.031 million), meaning the selling price was about 5% lower than the apartment's market value.
An analysis of the latest deals made in the neighborhood shows that the price of four-room apartments averaged NIS 2.9 million shekels. The most expensive apartment was sold for NIS 3.75 million, and the cheapest – for NIS 2.275 million.
Yad2's data also shows that the highest demand in the neighborhood was for four-room and five-room apartments (28% and 25% of the demand, respectively). Some 18% of buyers looked for three-room apartments; 15% for six rooms, 6% for two rooms, and 6% for seven-room apartments.
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Judging by previous deals, most buyers interested in an apartment in the neighborhood are prepared to pay between NIS 2.5 and 3 million shekels (24% of buyers); NIS 2 to 2.5 million (24%); NIS 3 to 3.5 million (16%); NIS 1.5 to 2 million (16%); NIS 3.5 to 4 million (9%); NIS 4 million or more (8%); and up to NIS 1.5 million (4%).
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