Resort that sold for 11,000 Yen to be transformed into luxury hotel
An onsen resort that cost 4.17 billion Yen to develop during Japan’s bubble years sold last year for just 11,000 Yen (approx. US$100 at the time).
Why did it sell for such a low price?
Whole-building investor sues lender
Another cautionary tale from the whole-building investment scandal that had been targeting novice real estate investors for over a decade. This time, a Fukuoka-based news channel interviewed a government worker that just filed a 290 million Yen (US$2 million) lawsuit against the bank at the center of the scandal.
A further revision to voting ratios in the works?
The Ministry of Justice is looking at further revising Japan’s Act on Building Unit Ownership (建物の区分所有等に関する法律) which could see a further relaxation of voting ratios and the way votes are counted for missing apartment owners.
Tokyo Apartment Sales in August 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2022:
Central Tokyo apartment prices up 7.3% from last year
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,460,000 Yen in July, up 0.1% from the previous month and up 7.3% from last year. This was the 25th month in a row to see an increase. Asking prices have increased by 20.9% since the start of the pandemic in early 2020.
Fukuoka’s Island City has sold out
Island City in Fukuoka has sold out, and it only took 28 years. The city-developed manmade island was created in Hakata Bay in 1994. The deficit at the time of completion was 18 billion Yen, but Fukuoka City was expecting land sales to result in a 12.5 billion Yen profit.