Same day sell-out in Terrace Shibuya Mitake

All apartments made available for sale during the first round of sales for brand new condominium “Terrace Shibuya Mitake” have sold out on the same day.

On March 10, the 90 apartments listed for sale received 197 applications. The average number of applications to apartments was 2.18, and the highest was 13 on one apartment.

Apartments ranged in price from 37.8 to 184 million Yen and the average price is 1,381,000 Yen/sqm (1565 USD/sqft). The average age of the applicants was 49.5 years and their average income was 19 million Yen per year (232,000 USD).

The building contains a total of 196 apartments, of which 128 will be available for purchase and the remaining 68 will be provided to original landholders.

Terrace Shibuya Mitake is the reconstruction project of the Mitake Building which was completed in 1959 and had 40 apartments. The new building is scheduled to be completed by February 2013. It is just one minute’s walk from Shibuya Station.

The modelroom was opened in January 2012, and has already received 800 tours. The next round of sales is scheduled for May 2012.

About the first round of sales:

– No. of applications received: 197
– Sales price: 37,800,000 ~ 184,000,000 Yen (461,000 ~ 2.24 million USD)
– Apartment size: 33.10 ~ 113.47 sqm (356 ~ 1220 sqft)
– Average age of applicant: 49.5 years
– Average family size: 2.6 persons
– Occupation: Company executive or manager (31%), Employee (30%), Doctor (11%)
– Average income: 19,000,000 Yen/year (232,000 USD)

Source: The Mainichi Shimbun, March 12, 2012.

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