29 apartments foreclosed in high-rise tower, Osaka and Tokyo rank high on global livability, and Sapporo to sell Ebisu office building. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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The Onuma Department Store in Yamagata City is up for foreclosure later this month, with a minimum bid set at 186,768,000 Yen (approx. US$1.8 million). Yamagata District Court will accept sealed-bids from November 24 to December 1, with bids to be opened on December 3. The department store closed its doors in January 2020 after filing for bankruptcy, making Yamagata City the only prefectural capital in Japan to be without a department store.
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The Kyoto branch of the General Association of Korean Residents in Japan (Chongryon), has been foreclosed on with public bidding to be held from February 13 ~ 20.
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The Rinsenro Kashiwaya Bessou Ryokan is up for foreclosure auction for a second time, this time with a minimum bid is set at 25,168,000 Yen (approx. 230,000 USD). Bidding is open from November 29 to December 6, with the winning bid to be announced on December 11.
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A Shinto shrine on Enoshima Island is up for foreclosure auction next month with a minimum bid set at 46.8 million Yen (approx. 430,000 USD).
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Katsuyama City in Fukui Prefecture has given up on their attempt to auction off a foreclosed pagoda and temple property due to a lack of buyers.
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One of the early foreclosures of failed share houses developed as part of a wide-scale scam goes up for public auction next week. The minimum bid for the building and land is set at 23,672,000 Yen (approx. 205,000 USD), with results to be announced on October 25 (Update: It sold for 25,180,000 Yen to a private bidder). Back in January, several share houses by a former Ginza-based share house developer were listed for public foreclosure auction, selling for around a third to less than a half of what the original investors would have paid for them.
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A house and land in Tokyo’s Motoazabu address sold for 1.16 billion Yen (approx. 10.5 million USD) at a public auction last month. The sale, conducted by Osaka City, attracted seven bidders, including one well-known developer. The City had set a reserve price of 673,261,700 Yen.
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– WINDOWS & FLOORS –
Follow our journey as we renovate a traditional machiya townhouse in Kyoto. Once complete, the renovated machiya will be offered for sale.
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A 5-storey ‘castle’ in the outskirts of Matsuyama City, Ehime Prefecture, is up for public auction this month with a minimum bid set at 39,240,000 Yen (approx. 370,000 USD).
The property is a run-down former love hotel designed to resemble a traditional Japanese castle. The 2,600 sqm (27,800 sq.ft) hotel was built in the 1980s, but has been closed since the early 2000s. It is located on a 15,000 sqm block of land across the road from a pond and golf course, and a few hundred meters from several housing subdivisions.
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