Is 2012 the time to buy?

Good news for those waiting to buy an apartment. From next year, the inventory of unsold apartments is expected to reach high levels, which could result in more bargain buys.

According to the Real Estate Economic Institute, the sales contract rate for new apartments in September, 2011, had rebounded to 78%. In actuality, that degree of sales may not actually be true. The president of Attractors Lab said that the 'sales contract rate' is not entirely accurate because it does not include apartments that were held back from being released for sale.

In January, 2011, the Institute forecast an inventory of 50,000 apartments for the year. However, this was later reduced to an estimate of 45,000 apartments. The impact of the March 11 Tohoku disaster led many developers to delay apartment sales. By September, the actual supply was down to 28,000 units. Read more


Vacant home owners at risk of punishment

According to the Ministry of Internal Affairs and Communications, there were 7,570,000 empty homes across Japan in 2008. Poorly maintained properties pose fire and crime risks and can also be a hazard in a natural disaster. However, there are currently no yet nation-wide laws to deal with such potentially dangerous properties.

Instead, individual cities and prefectures are starting to introduce their own "Vacant House Regulations" to combat this problem. Last year, a total of nine cities and/or prefectures including Tokorozawa (Saitama), Matsui (Shimane) and Wakayama Prefecture introduced such regulations. A further 9 areas ranging from Tohoku to Kyushu also have plans to enact similar ordinances. Read more


On Sale: Park Court Roppongi Hilltop

The first round of sales for Mitsui Fudosan Residential's "Park Court Roppongi Hilltop" begins on November 26. The 27-storey tower will have a total of 270 apartments, of which 213 will be made available for purchase. Apartments range in size from 45 to 152 sqm (484 ~ 1635 sqft) and are priced from 57.8 to 420 million Yen (750,000 ~ 5.45 million USD). The average apartment price is 1,400,000 Yen/sqm, which is slightly lower than the average price of other nearby modern apartments, while the penthouse apartments are priced at 2,685,000 Yen/sqm.

This is officially the first condominium building in Tokyo to be recognized as a "long term superior housing" development.Read more


Shizuoka Town creates 1000-yr tsunami hazard map

Following the March 11 Tohoku disaster, a coastal town in Shizuoka Prefecture has decided to create a special tsunami hazard map based on a hypothesized once-in-a-thousand-years tsunami.

Yoshida Town is in south-west Shizuoka and faces Suruga Bay. Although it is protected by a 6 meter breakwater, a tsunami of over 8 meters is now thought to be possible. The last major tsunami to hit the town was a 5~6 meter wave caused by the 1854 Ansei Tokai Earthquake.

Under the supervision of an associate professor from the Earthquake Research Institute of the University of Tokyo, the special map will be based on an earthquake of the same class as the 1498 Meio Nankaido Earthquake which had an estimated magnitude of 8.6 and caused a large tsunami in Suruga Bay and at Kamakura. Using historical records, the estimated height of the tsunami in Yoshida was 8.6 meters.Read more


[Demolished] The Kodera Residence, Kobe

This spanish-style villa in Kobe City was originally the home of Kansai University Professor, Keiichi Kodera. Designed by William Merrell Vories and completed in 1931, it was considered to be one of the top three finest examples of his work. The other two include the Oumigishi Residence in Osaka and the Toshiba Takanawa Club in Tokyo. The 3-storey home was constructed out of reinforced concrete, red spanish roof tiles and white plaster walls and was built by Takenaka Corporation.Read more


Iwate's largest kominka to be historically listed

One of Tohoku's finest and largest kominka's from the late Edo Period, Kyu-Honokidate Residence, will soon be listed as an important cultural property. The main house and traditional storehouse sit on an 10,000 sqm block of land in Ichinohe Town, Iwate Prefecture.

The thatched-roof house has a total interior size of 490 sqm (5272 sqft) and was constructed in 1862. It was the home of a very wealthy farmer who owned extensive forestry and farmland. A total of 20 family members and servants were thought to have lived in the house at one time. The large dirt floor (doma) area on one side of the house was used as a workshop as well as a barn for horses and cattle.Read more


More Taiwanese buying Japanese real estate since 3-11?

According to Taiwanese media reports, the number of Taiwanese buying real estate in Japan is steadily increasing.

In 2010, one of Taiwan's largest real estate agencies, Sinyi Realty, established a branch in Japan. The China Times reported that in the 7 months following the Tohoku disaster, Sinyi sold 68 Japanese properties to Taiwanese buyers with a total value of 2.75 billion Yen (35 million USD).

The company president said that buyers were actually more fearful of a stockmarket crash than an earthquake, so they are seeing an increasing number of Taiwanese who view purchasing Japanese real estate as a way of managing their funds. Of the 68 properties, 39 were in brand new developments. This highlights the trend of Taiwanese buyers to prefer new over older apartments. The president also said that approximately 50 Taiwanese travel to Japan each month to view properties.Read more