Developers paying attention to female buyers
An increasing number of condominiums in central Tokyo are being developed for working women. The most popular apartments are said to be those that offer cleverly designed bathrooms for ‘ease of applying makeup’, as well as a comfortable and relaxing living environment.
In Minami Aoyama, Mitsui Fudosan Realty renovated a 23-year old apartment building and has been gradually selling the apartments individually as former tenants move out. Two of the model-rooms were designed with a small room created specifically as a dressing / make-up room. The fixtures, which included crystal faucets, were chosen to appeal to female buyers. The two apartments were priced at 155 ~ 188 million Yen, or around 1,800,000 Yen/sqm, and Mitsui received twice as many inquiries than expected. This is the first time they have created an apartment styled for a working woman. Given the strong demand, they are considering targeting female buyers for future projects.Read more
Historic residence in Wakayama donated to city
The owner of a historic home in Shingu City in Wakayama Prefecture, donated a 89-year old western-style house to the City.
Although the house was donated for free, the city agreed to pay approximately 18 million Yen (152,000 USD) for the 730 sqm block of land. The city plans to repair the home and open it to visitors. The total cost of the project, including the purchase price, was estimated at around 100 million Yen (843,000 USD).
The former Chapman Residence was built in 1926 for American missionary E.N. Chapman and his family. It was designed by architect Isaku Nishimura (1884-1963), the founder of the Bunka Gakuin School in Sumida-ku, Tokyo. Nishimura was born into a wealthy merchant family in Shingu City. His father, Yohei Oishi, was and elder of the Presbyterian Church and named Isaku after Isaac from the Old Testament. Read more
Apartment prices in Tokyo’s 23 wards exceed previous mini-bubble
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment in greater Tokyo in July was 30,680,000 Yen, up 1.9% from the previous month and up 8.6% from last year. This is the 11th month in a row to see an increase, although the average is still 9.9% below the peak of 34,040,000 Yen seen in December 2007. The average building age was 22.2 years.
In Tokyo’s 23 wards the average asking price was 47,640,000 Yen, up 1.7% from the previous month and up 14.1% from last year. This is the first time that the price has exceeded the previous peak of 47,280,000 Yen seen in February 2008. This is also the 13th month in a row to see an increase in prices. The average building age was 22.2 years.
In central Tokyo’s six wards, the average price was 66,950,000 Yen, up 1.8% from the previous month and up 15.4% from last year.
In Yokohama City, the average price was 26,510,000 Yen, down 0.8% from the previous month but up 3.6% from last year. Prices in Yokohama are still 9.4% below their peak of 29,250,000 Yen seen in December 2007.Read more
Iga City’s modernist government building may be saved from demolition
The 50-year old City Hall building in Iga City, Mie Prefecture, might just be saved from demolition after a building report suggested that repairing the structure may be cheaper than rebuilding it.
The city mayor has proposed restoring the south building and using it as a multi-purpose centre with library facilities. At a council meeting, however, concerns were raised about whether the building could be earthquake-retrofitted and how much it would cost to renovate it rather than destroy it.
Early estimates suggested that large-scale repairs and maintenance to the building could cost around 5.5 billion Yen (44.5 million USD).Read more
New apartment prices reach 23-year high in greater Tokyo
According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo was 59,530,000 Yen (478,000 USD) in July, up 2.4% from the previous month and up 7.6% from last year. This is the highest sale price seen since May 1992, when prices were 59,710,000 Yen.
The average price per square meter in July was 850,000 Yen (635 USD/sq ft), up 2.5% from the previous month and up 10.2% from last year. This is the highest price seen since November 1992 (877,000 Yen/sqm).
An increase in the supply of luxury apartments as well as high construction costs is said to be behind the rise in the average sale price.Read more
Karuizawa to introduce blue plaque scheme for historic homes
In an effort to preserve the history of Karuizawa, the town will be introducing a blue plaque scheme similar to those used in the United Kingdom. The signs will be affixed to buildings and homes considered to be of historical importance to the resort town.
The town’s Board of Education has made a list of 100 important buildings, and, with the permission of the property owners, will affix plaques in the next year.
One of the shortlisted historic buildings is the Miyama-so Villa. Built in 1943 for a Japanese businessman, the house was later used as the Legation of Switzerland and was is said to be the place where a telegram was sent in 1945 declaring Japan’s acceptance of the Potsdam Declaration. The house was at risk of being demolished by a previous owner until the town acquired it in 2007 for 210 million Yen.
New apartment prices in Sendai 20% higher than bubble era
New condominium prices in the Sendai area continue to surge, with the average price in the first half of 2015 increasing by 10% from the previous year to 42,620,000 Yen (343,000 USD). This price is now around 40% higher than pre-Tohoku earthquake prices and 20% higher than prices during Japan’s asset price bubble in the late 1980s.
Construction costs have increased following the disaster due, but the increase in prices has been met with an increase in demand and a relative shortage in supply of new construction.Read more