Voting ratios relaxed to encourage speedier demolition of earthquake-damaged buildings in Kumamoto
On September 30, the Japanese government voted in favour of enacting an exemption to the apartment redevelopment law in order to help speed up redevelopment of buildings damaged by the Kumamoto earthquake in April. Under the special exemption, the voting ratio for demolishing an apartment building and selling the land has been reduced to 80% for damaged buildings in Kumamoto. This is the second time the exemption has been applied. It was first applied to three buildings damaged by the 2011 Tohoku disaster in Sendai city.
Ordinarily, 100% of apartment owners must agree before a building can be demolished and the land sold. However, if the building has been seriously damaged in a major earthquake, the ratio can be reduced to 80% if certain conditions are met. Nevertheless, obtaining 80% agreement is still a difficult task.
According to Kumamoto City, 19 apartments buildings were considered to be completely destroyed, 21 suffered major damage, and 52 suffered partial damage in April.Read more
Developer to raze 84-year old building in Ginza
Ginza is about to lose another of its pre-war buildings as an 84-year old office building is under demolition by a developer.
Demolition started in early September with the removal of asbestos. The building will be completely demolished by early November.Read more
Tokyo apartment asking prices in September 2016
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in September 2016 was 35,300,000 Yen, up 0.3% from the previous month and up 11.7% from last year. This is the 9th month in a row to record an increase from the previous month. The average building age was 22.4 years.
In the Tokyo metropolitan area, the average asking price was 48,050,000 Yen, down 0.1% from the previous month but up 9.4% from last year. The average building age was 22.1 years.
In Tokyo’s 23 wards, the average asking price was 52,640,000 Yen, down 0.3% from the previous month but up 7.1% from last year. The average building age was 22.0 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,980,000 Yen, down 0.1% from the previous month but up 4.0% from last year. The average building age was 20.1 years.
Same-day sellout in Ueno high-rise
All 248 apartments offered for sale in the first round of sales in a high-rise building that will overlook Ueno Park have received purchase applications. The apartment building, which is still three years away from completion, is now close to 70% sold.
Brillia Tower Ueno Ikenohata is a 36-storey apartment building located across the street from Tokyo’s Ueno Park. The 361-unit building is being developed by Tokyo Tatemono and is due for completion in June 2019.
The first round of sales was held over three stages with a total of 248 apartments on offer. All apartments offered at each round received purchase applications. Approximately 336 applications were submitted for the 187 apartments, with lucky buyers selected via a raffle. One of the more popular apartments received 9 purchase applications.Read more
Price reductions on two modernist homes this month
Two homes designed by two of Japan’s top modernist architects have had price reductions this month. Update: Both homes have since sold.
Meguro Bauhaus Masterpiece by Tsuchiura Kameki - SOLD
Tsuchiura Kameki (1897-1996) started his career working for Frank Lloyd Wright in Wright’s Taliesin studio in Wisconsin in the 1920s. Tsuchiura’s earlier works were influenced by Wright’s style, but in the 1930s he shifted over to the Bauhaus style.
Located in a high-end residential neighbourhood between Meguro and Ebisu Stations, this home was designed by Tsuchiura as his own personal residence. This was the second residence he designed for himself and is regarded as one of his best surviving works and a pioneer of modern town housing. Tsuchiura lived in the house until his passing in 1996. Over the years he and his wife entertained many notable guests in the architecture world including greats such as Kunio Maekawa and Yoshio Taniguchi. The home even left a lasting impression on Pritzker Prize-winning architect Fumihiko Maki who recalls being impressed by the modernity of the house when he visited it at an early age.Read more
Average apartment rent in September 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,663 Yen/sqm in September, up 0.1% from the previous month and up 0.6% from last year. The average apartment size was 60.05 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,230 Yen/sqm, up 0.2% from the previous month and up 1.5% from last year. The average apartment size was 57.39 sqm and the average building age was 18.0 years.Read more