Samurai school sold to Tokyo buyer
The operator of a funeral home group has sold a samurai-style school and tourism facility in Fukushima to an individual in Tokyo.
3 Arrested for Fukushima land scam
Three men from Tokyo have been arrested after after being suspected of selling off otherwise worthless forestry to buyers at over 1,000 times the actual market value.
In 2013, a woman in her 70s from Aichi Prefecture paid the men 16 million Yen (157,000 USD) in cash for a little over 500 sqm of forestry after they told her that she could profit from a rise in land value as there were plans to redevelop the land into an airfield to aid in the reconstruction of the disaster-hit areas. There were no airfield plans and the actual value of the land sold was closer to 16,000 Yen (157 USD).Read more
Avoiding consumption tax increase too late for some
It may already be too late for some buyers looking to build their own home before the planned consumption tax increase next year. A last minute rush by buyers nationwide and a shortage in land and building materials means that some buyers will miss out on the current 5% tax rate.
A clause in construction contracts states that 'if the contract was signed at least 6 months prior to an increase in consumption tax, the tax rate applied at the time of hand-over will be the rate in effect at the time the contract was signed'. This means buyers must have their construction contracts signed before the end of September 2013 in order to lock-in the 5% consumption tax rate, otherwise they may be subject to the 8% rate which is scheduled to kick in on April 1, 2014.Read more
Tsunami-hit homeowners to receive 80% of former land values
The town of Shinchi in Fukushima Prefecture will soon begin the process of buying up land in coastal areas from residents who have been displaced from the March 11 tsunami. This is the first town to announce official plans and set purchase values.
The land will be purchased at 80% of the government assessed land values (koji-chika) that were valued prior to the disaster.
There are five towns and cities along the tsunami-hit coastline, incuding Minamisoma, Soma, Iwaki, Hirano and Shinchi, that plan to relocate residents to higher ground. In Shinchi, 500 homes were fully or partially destroyed by the Tohoku earthquake and tsunami.Read more
Radiation found in foundations of new home
On January 19, the Mayor of Nihonmatsu City announced that concrete used by the contractor for the recently discovered contaminated apartment building (article here) has also been used in a recently built home, and new recent reports indicate that the gravel from the quarry has been used in at least 50 homes and apartment buildings, and over 1000 different construction projects throughout the prefecture. A further 7 tons of gravel were shipped to Tokyo.Read more