Garden Grass Minamiazabu (formerly Masuda Homes)
Average price when sold by the developer: 1,400,000 Yen/sqm (All units sold out by July, 2011)
Size range: 143.94 ~ 189.09 sqm
Garden Grass Minamiazabu was originally called Masuda Homes and was a small block of rental apartments built for the expatriate market. The 22-year old building was purchased by Atrium who completely renovated the building and then listed the individual apartments for sale. Since the bottom has fallen out of the expat rental market and vacancy rate for the luxury property market increase, these type of whole building renovation and sales are becoming more frequent as the rental apartments are longer providing profitable returns to the owners.Read more
Will people still buy high-rise apartments?
This is a translation of an article that appeared in Japanese tabloid Nikkan Cyzo, so take it for what it is.
The March 11 Tohoku Disaster changed the mindset of many Japanese. The real estate market was no exception, with many a shift in the mentality of buyers.Read more