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The objectives of this
project are:
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To encourage people in
Toronto to purchase residential property in Israel.
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To support the economy
of Israel by making such a purchase.
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To provide emotional
support for the people of Israel by informing them of such a project.
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To
encourage travel, tourism and study in Israel which are the natural
outgrowths of owning a property in Israel.
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Buy numerous properties
in the same development to form a Toronto based community (i.e. Shikkun
Toronto) in a number of desirable locations in Israel.
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Take
advantage of volume purchasing power, low interest rates and the current
poor state of the Israeli economy and to achieve “once in a lifetime”
purchasing opportunities.
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Utilize the power of a
group purchase to have representatives in Israel who will negotiate the
pricing and financing as well as oversee the legal work and quality control.
This same concept applies to the purchase of appliances, cupboards and other
obvious purchases required to put the homes into livable condition.
Challenge
other cities via the Jewish media, to undertake the same type of venture,
thus leveraging our initial commitment into a much larger base of support
for Israel.
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The
area which we are concentrating on is the city of Modiin which is near Ben
Gurion Airport equidistant to Jerusalem and Tel Aviv approx. 20 minutes to
each city.
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The cost of the units
will likely be in the $125,000 US to $250,000 US per unit. The units be two
to five bedrooms each and will be in the 1000 to 2000 square foot range.
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There will be a range
of housing options including two story units, gardens and balconies
available.
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The amount of the down
payment will be determined by negotiation. However we will strive to keep
the initial down payment plus taxes and legal fees down to a minimum. The
balance will be carried by a long-term mortgage to be negotiated with an
expected initial mortgage rate in the 5% range.
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Please note that most
units in Israel come with kitchen cabinets, sinks, window blinds and central
heating but require light fixtures, appliances (stove, washer, dryer,
dishwasher, fridge, etc.), air conditioning units and bedroom cupboards to
make the units livable. An additional expenditure of at least $10,000 US
should be budgeted for these items.
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If one wishes to rent
out their unit, an arrangement can easily be made to have this managed by
the groups representative or your own English-speaking rental unit manager
in Israel. Depending on the down
payment, the rental income may be enough to cover the mortgage costs.
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A deposit of $500 (Canadian) is required to join the “Shikkun Toronto”
group.
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