[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.

The owner said that the March 11 earthquake caused a gap to appear between the concrete block wall and the beams in the utility room just off the kitchen.

As of May 30, 2011, there were no unpaid fees due to the management company. When buying a foreclosed property, if the previous owner was behind with the building management and repair fund fees, these debts would be transferred to the new owner. In some cases they can be quite high, especially when the owner had not paid them for several years.

The average market price for an apartment in this building ranges between 90 ~ 120 million Yen, or 895,000 Yen/sqm (1080 USD/sqft).

This apartment’s land ownership is approximately 64sqm. The site, if vacant, would be worth approximately 1,250,000 Yen/sqm on the open market which means the approximate land value of the apartment is 80,340,000 Yen (1.04 million USD).

When buying a foreclosed property, there is no warranty against defects.

Auction Details:

Court Evaluation: 70,000,000 Yen
Minimum Bid: 56,000,000 Yen
Deposit to bid: 14,000,000 Yen (20% of evaluated price)

Bidding Period: September 1 ~ September 8, 2011
Opening of bids: September 15, 2011


2-3-34 Mita, Minato-ku, Tokyo
Azabu Juban Sta. – 9 min walk

Apartment Details:

Size: 123.18 sqm
Balcony: 22 sqm
Management fees: 45,000 Yen/month
Repair Fund fees: 40,000 Yen/month
Carpark fees: 3500 Yen/month

Building Details:

Built: 1971
Construction: 19 Stories
Construction Companies: Mitsui Kensetsu and Kajima Corporation
No. of units: 147
Land size: 8370.63 sqm
Land ownership: Freehold


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