Nationwide land price declines shrink in 2012
On September 20, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the results of the nationwide survey of land prices (chika-chosa). The average residential land price fell 2.5% (compared with a 3.2% fall in 2011), and the average commercial land price fell 3.1% (compared with a 4.0% fall in 2011). The rate of decline was smaller than normal this year, indicating that the market is heading towards a recovery. However, this is the 21st year of continual decreases in residential land prices, and the 5th year of continual decreases in commercial land prices.Read more
Original Nikko Kanaya Hotel and Samurai House Foreclosed
*Update: The property sold to a private buyer for 33,000,000 Yen. They were the only bidder. It was then carefully restored, and registered as a Tangible Cultural Property in 2014. From 2015 onwards it has been open to the public.
The original 350+ year old Nikko Kanaya Hotel has been foreclosed on and is up for auction with a minimum bid set at 25 million Yen (320,000 USD). The house was originally built as a samurai residence in the Kan'ei era (1624-1644). At the beginning of the Meiji era, James Curtis Hepburn, a Christian missionary who created the Hepburn romanization system for Japanese, stayed at the home, which was then the residence of Zenichiro Kanaya. Mr. Hepburn suggested that the owner use his home as an inn for foreigners. The house soon became a popular spot for foreign guests and became known as "Kanaya Cottage Inn" and was later re-named "Kanaya Hotel."Read more
Nishiazabu condominium to offer Mercedes Benz car sharing
On September 4, Mitsubishi Jisho Residence launched the sales gallery for The Parkhouse Nishiazabu Residence condominium. The developer is promoting, in collaboration with Mercedes Benz, a new service for residents of the building called "Premium Owner's Support." This includes car sharing and chauffeur services and is said to be a first in the industry.Read more
Tokyo Office Vacancy Rates for August
According to Miki Shoji, the commercial vacancy rates in Tokyo's central 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in August dropped 0.13 points from the previous month to 9.17%. The vacancy rate on brand new buildings dropped 3.48 points to 30.16%.
In Shinjuku-ku, the vacancy rate dropped 1.05 points to 10.85%, as large foreign financial corporations began to consolidate their various offices into one space. In Minato-ku, the rate increased by 0.48% to 10.10%. This was partly due to the completion of Ark Hills Sengokuyama Mori Tower. The 47 storey tower has a total floorspace of 43,423 tsubo (143,296 sqm).Read more
Rare 90 year old house in Chiyoda-ku to be demolished
The 90 year old Kashiwayama Residence in Kanda-Sudacho, Chiyoda-ku, is going to be demolished soon due to deterioration and redevelopment. The sheet copper house dates from the Taisho era. It survived the Great Kanto earthquake in 1923 and the air raids during WWII.
The 3-storey wooden-frame house has a sheet copper facade and a European-style mansard roof. The 1st floor was a small shop, while the owner lived on the 2nd and 3rd floors. The 85 year old owner, Kazuko Kashiwayama, began living here in 1949. In those days, a 3-storey home was rare, and coupled with its modern exterior, it stood out in the neighborhood. When the war had ended, times were very difficult for many residents and quite often people would pinch a copper tile or two from the facade.Read more