Top house flippers in Japan’s real estate market
The Remodelling Business Journal published a ranking of the top property flipping real estate companies in Japan. These companies specialise in buying up second-hand homes and apartments, renovating them, and then reselling them to individual buyers.
In top spot was Gunma Prefecture-based Katitas Co., Ltd, with 3,034 re-sales over the past 12 months. Apartments only made up 5% of their properties traded, with the majority of sales being detached houses in regional areas. The average property was sold for 13,000,000 Yen (approx. 126,000 USD), and the average age of the property was 32 years. The company focuses on updating the bathroom and kitchens, as well as expanding car parking spaces in the properties they flip. They also conduct termite spraying and include a 5-year pest control warranty on the homes they sell.Read more
80~90% of condominiums in Kumamoto suffered damage in April earthquakes
90% of the condominiums in Kumamoto Prefecture that are members of the Condominium Management Companies Association reported building damage from the April earthquakes. Meanwhile the Kumamoto Prefecture Condominium Management Federation estimated that 80% of the 850 condominiums in Kumamoto City suffered earthquake damage.Read more
Investment company takes over stalled resort project in Hokkaido
MA Platform, an investment company affiliated with Mori Trust, is planning a large-scale resort development catering to foreign tourists in Hokkaido’s Tomakomai City. Construction is scheduled to start in 2017 with partial completion by 2020 and full completion by 2026.
The 1,057 hectare site is privately owned forestry which is being leased out by the local landholder. Approximately 42 hectares will be used for the development, which will include a 330 room hotel in three buildings as well as 40 holiday cottages. The first hotel building containing 150 rooms is expected to be completed by 2020. An internationally-branded hotel chain is expected to operate the hotel, with some rooms being available for purchase individually. The holiday cottages may be custom-built for buyers.Read more
Tokyo apartment asking prices increase for 23rd consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in May 2016 was 34,520,000 Yen, up 0.7% from the previous month and up 15.1% from last year. The average building age was 22.2 years.
In the Tokyo metropolitan area, the average asking price was 47,640,000 Yen, up 0.5% from the previous month and up 15.7% from last year. This is the 23rd month in a row to record an increase in prices. The average building age was 21.8 years.
In Tokyo’s 23 wards, the average asking price was 52,680,000 Yen, up 0.2% from the previous month and up 14.4% from last year. The average building age was 21.7 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,460,000 Yen, down 0.4% from the previous month but up 10.2% from last year.
City gives up plans to purchase historic home
In February, the mayor of Kuwana City in Mie Prefecture announced that the city was unable to go through with the purchase of a historically significant home due to budgetary constraints. Acquisition costs and repairs were estimated to exceed 12 billion Yen (approx. 11.5 million USD).Read more