A look inside the foreclosed Chongryon headquarters

The headquarters of the Chongryon and de facto embassy of North Korea in central Tokyo were seized by the Supreme Court in 2012 over unpaid debts. The 10-storey building and 2390 sqm block of land are up for public auction this month with bids open from March 12 to March 19. 

The court evaluation is approximately 2.66 billion Yen (28 million USD), which is not even close to the 62.7 billion Yen debt owed by Chongryon to the Resolution and Collection Corporation.  Despite the prime location, the court evaluation is considered to be relatively low. This is partly attributed to the building’s ties with North Korea which may turn off a few investors.

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Murky details about foreclosed illegal casino in Nishiazabu

On March 6th the Tokyo Police Department issued arrest warrants for Daisuke Shioda, the former president of ABC Home, and four associates for interfering with the public auction of a foreclosed property owned by ABC Home. However, Shioda has so far evaded capture and his whereabouts are unknown.

Shioda is accused of falsifying the ownership details on the real estate register of the property in order to prevent the property from selling at auction. He also lied and said that his mother and sister had 18 ~ 20 year leases on some of the floors in the building.

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[Foreclosed] Ruins of Kobe Ijinkan

Auction estimate: 65,000,000 Yen

The ruins of a former ijinkan (western-style foreign residence) in Kobe’s Kitano area are up for public auction.

Built in the Taisho period (1912 ~ 1926), the home was originally called the Bajaj Residence. During the pre-war days it was the official residence of the Iranian Consul General.

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[Foreclosed] Japanese Castle in Hokkaido


Bidding started from 16,663,000 Yen

This foreclosed property in Akabira City is a replica of a traditional Japanese castle. The 6-storey reinforced concrete structure was originally called ‘Tokugawa Castle” and was a doll museum. It was owned by the only festival doll manufacturer and supplier in Hokkaido, and the company used the space to display and sell their wares. The doll company still seems to be operating, but they have not used this building for the past five years. It has not been maintained during recent years and has some broken windows and roof damage.

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Foreclosures set to increase as more borrowers report difficulty making mortgage payments

The number of home-owners in Japan who are falling behind in mortgage payments and relinquishing their homes are increasing. According to the Fudosan Keibai Ryutsu Association (FKR), the number of foreclosed properties in 2010 was 51,746. This was a decrease of 7,000 from 2009, but is still at a high level.

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[Foreclosed] 13 Apartments in Gotenyama Trust Court


Court Evaluation: 543,200,000 Yen (7.05 million USD)

*Update: The winning bid was 548,000,888 Yen. Only 1 bid was made on the property and it was by a corporate entity.*

A group of 13 apartments have been foreclosed in Gotenyama Trust Court, near Shinagawa Station. The apartments range in size from 63.24 ~ 317.24 sqm (680 ~ 3413 sqft) and the total floor size is 1,552.83 sqm (16,708 sqft). The Court’s evaluation of the value of the apartments is approximately 379,000 Yen/sqm.

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[Foreclosed] Christy Homes Nishiazabu

Court Evaluation: 364,770,000 Yen (4.73 million USD)

*Update: The winning bid was 488,800,000 Yen (6.3 million USD). A total of 16 bids were made on the property and the winning bidder was a corporate buyer. By 2013, the building had been demolished.

Christy Homes Nishiazabu is a 3-storey apartment building located right next-door to the Azabu Catholic Church in Nishiazabu 3 Chome. This apartment building looks like a high-end expat apartment building from the outside, but there are some serious flaws behind the surface which would, and mostly likely have, put off most buyers.

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[Foreclosed] Mita Tsunamachi Park Mansion 15F

Court Evaluation: 70,000,000 Yen

*Update: The winning bid was 80,300,000 Yen. A total of 4 bids were made on the apartment and the winning bidder was a private individual.

This 2-bedroom apartment in Mita Tsunamachi Park Mansion is up for public auction. The building was developed by Mitsui and was Japan’s first high-rise apartment development. The 15th floor corner unit overlooks the greenery of the Mitsui Tsunamachi Club grounds and also has views of Tokyo Tower. Because of its views, it was valued at 5% higher than apartments facing other directions. Carparking and a storeroom is included.

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Foreclosed house in Shirokanedai, Minato-ku

Court Evaluation: 204,370,000 Yen

*Update: The winning bid was 236,000,000 Yen. A total of 6 bids were made on the property and the winning bidder was a corporation.

The house is also being listed by real estate agents as a short sale with an asking price of 360,000,000 Yen (4.67 million USD), but it is unlikely that it will be sold prior to public auction at that price.

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Owner of foreclosed property attempts to destroy building

The Tokyo Branch of the National Tax Agency (NTA) had seized an office building due to the owner’s non-payment of taxes. Immediately prior to the public auction, the owner damaged part of the building and removed electrical wiring and the air-conditioning system and effectively rendered the building unusable. The auction was delayed for 3 months and re-listed at a lower price. According to the NTA, this is an unprecedented situation.

The empty 10 story building in Kofu City, Yamanashi Prefecture, was purchased in June, 2009, by a female operator of a nursing care company. The new owner planned to demolish the current building and develop an aged-care rental apartment complex, with a total estimated cost of 2 ~ 4 billion Yen (25.6 ~ 51.2 million USD). However, due to non-payment of taxes, the building was seized by the Tax Agency.

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