For Sale: Modernist heritage-listed house in Meguro
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The 81-year old house of modernist architect Kameki Tsuchiura (1897-1996) was listed for sale over the weekend. This is a very rare property to see available.
Built in 1935, the house was designed by Tsuchiura as his personal residence. The two-storey, wood-framed residence has two bedrooms and a study on the second floor, a living/dining room with vaulted ceiling and kitchen on the ground floor, and a bathroom in the basement. The house has a registered floor area of 176 sqm (1,894 sq.ft) and is on a 285 sqm block of land. It is a 8 minute walk from Meguro Station on the Yamanote Loop Line and is 600 meters from Ebisu Garden Place.Read more
50-year old house renovation in Setagaya
From a typical buyer’s perspective in Japan, ongoing improvements in earthquake-resistant construction methods, insulation and new bathrooms and kitchens means that newer homes ultimately win out over older houses. However, there has been a growing trend of renovating older homes. These renovations are proving popular with Japanese buyers who may have once only considered new construction.
Late last year, renovation company ReBITA Inc. completely gutted and remodelled a 50-year old house in Tokyo’s Setagaya Ward. It was listed for 65,800,000 Yen (approx. 653,000 USD) and promptly sold. This is the 15th detached house that ReBITA have flipped. Read more
Tokyo apartment sales in June 2016
The following is a selection of apartments that were sold in central Tokyo during the month of June 2016:Read more
Rosenka land values increase nationwide for first time in 8 years
According to Japan’s National Tax Agency, rosenka land values across Japan in 2016 increased by 0.2% from 2015. This is the first time to see an increase in the nationwide average since pre-global financial crisis in 2008.
Recent monetary easing measures, strong activity in the real estate market in central Tokyo and a surge in the number of foreign tourists are behind the increase in land prices.
Tokyo was in top place with an average increase of 2.9%. Land near the Kyukyodo Building in Ginza remains the most expensive land in Japan for the 31st year in a row. The rosenka land value in 2016 was 32,000,000 Yen/sqm (29,000 USD/sq.ft), up 18.7% from 2015 and has exceeded pre-Lehman Crisis pricing. This land reached a peak of 36,500,000 Yen/sqm in 1992, before dropping to 11,360,000 Yen/sqm in 1997.
Land alongside Omotesando Avenue in Tokyo had a rosenka value of 10,070,000 Yen/sqm in 2016, up 14.2% from 2015.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.
Akasaka Tower Residence Top of the Hill - Current market analysis
The following is a detailed look at the current sale and rental market for the Akasaka Tower Residence Top of the Hill condominium tower in Akasaka, Tokyo. We hope this is informative for anyone considering purchasing or selling a unit in this building.
Akasaka Tower Residence was developed by Sunwood, Tokyu Land and Takenaka Corporation and completed in early 2008. The 45-storey, 158m tall building contains 521 apartments, of which 96 were purely for rent, with the remaining units owned by private individuals and occasionally available for rent or sale. The 82 apartments on floors 3 ~ 10 were originally all rental-only units, although some of them were sold off to individual buyers in recent years.
This is a luxury residence with concierge service, guest suites, library, coach entrance, wine cellar, guest parking, and a rooftop deck with lounge and cafe. The building is managed by Mori Building, which is the developer of high-end residential and large-scale complexes such as Roppongi Hills and Toranomon Hills.
Only two floors in the building feature unusually high-ceilings - the 11th and 28th floors. Apartments on these floors have ceiling heights of up to 3.29 meters in the living/dining and as high as 3.65 meters in the master bedroom (compared with the standard 2.4 meters found in many standard Japanese apartments).
When new, apartments had an average price of around 1,600,000 Yen/sqm. Currently, sale listings range from 91.8 ~ 368 million Yen, with an average price of 2,150,000 Yen/sqm. There are 16 units currently advertised for sale in this building.Read more
Average apartment rent in May 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,661 Yen/sqm in May 2016, down 0.2% from the previous month but up 0.2% from last year. The average apartment size was 59.28 sqm and the average building age was 19.4 years.
In the Tokyo metropolitan area, the average monthly rent was 3,165 Yen/sqm, up 0.3% from the previous month and up 2.0% from last year. The average apartment size was 56.74 sqm and the average building age was 17.4 years.Read more