How Much Does That Picture Cost Again? 500000 Yen
Login to get out a comment
Source: https://japantoday.com/category/national/buyers-of-condos-to-be-converted-from-olympic-village-sue-developers
Home
› How Much Does That Picture Cost Again? 500000 Yen
Subscribe to:
Post Comments (Atom)
53 Comments
Login to comment
JeffLee
Surely, there is some provision in the purchase contract that spells out measures to be taken if handover is delayed, particularly as these units were offered well earlier delivery date.
viii ( +11 / -iii )
Good
Waste of money. Property in Japan doesn't hold its value.
1 ( +17 / -xvi )
sakurasuki
80 Millions? It'south really minor compared that to 12.vii Billions for full Olympic cost. None of that amount money employ for payment people that tin can't move on time to that condo and demand to hire property somewhere while waiting?
https://asia.nikkei.com/Spotlight/Tokyo-2020-Olympics/Tokyo-Olympics-toll-12.7bn-near-double-initial-gauge
2 ( +v / -3 )
Zoroto
Just another depressing ugly grey block in Japan.
14 ( +21 / -7 )
Leo
Messy situation.
four ( +6 / -2 )
bicultural
Except when it does, correct? With all due respect, have you bought and sold real estate in Tokyo? I bought a 10- yr former condo and sold it 3 years later for a v 1000000 yen profit. Depends on where you lot buy. Best resale value at present is in the Bakurocho area.
x ( +15 / -5 )
Lorem ipsum
Adept point. I've spoken to other building owners before and they have confirmed this too. Simply if you held information technology for less than v years, wasn't in that location a capital gains tax to be paid? At least that's what i heard.
8 ( +8 / -0 )
藤原
Waste of money. Holding in Japan doesn't hold its value.
I understand your opinion however. Nihon has great marketplace potential especially in reforming a big dwelling you can buy at a great price in the kansai or hokuriku areas, reform it, and sell it for a profit. My was bought at a price thats less than a car, reformed it which with a price less than ５００万、however I would never sell information technology.
half-dozen ( +8 / -2 )
drlucifer
Just because yous made a profit doesn't mean it is a general trend nor does it mean the tendency in the rest of the country is the same similar in Tokyo and the environs.
2 ( +8 / -6 )
Meiyouwenti
The delayed handover of the condominiums may be a approving in disguise for the buyers. The regime has merely released damage estimates of a major earthquake hitting the Pacific coast. Their condos are built on reclaimed land just a few meters above bounding main level.
1 ( +4 / -iii )
ulysses
The builders didn't organize the Olympics, the authorities did.
And information technology'southward only 29 buyers right now, imagine if everyone sued!!!
2 ( +3 / -1 )
smithinjapan
"A delay would leave the purchasers liable for boosted rent."
Now this is only ludicrous. On height of having to live somewhere else for a year or peradventure more -- which means paying for THAT -- they have to pay rent on a identify they cannot access? The companies should be sued simply for the idea alone, and 10 times that for the reality. If they cannot get them at the promised fourth dimension, due to Covid-xix, then maybe it can't be helped. But they should be given compensation roofing whatever costs they may incur in the wait in terms of rent, and DEFINITELY not charged hire for the condo spaces and country if they can't go it yet.
ii ( +viii / -6 )
smithinjapan
Meant to add together, considering I guarantee if the shoe were on the other human foot and the buyers couldn't motion in for a year for personal reasons acquired past Corona they would get no sympathy and the companies would be pointing to the contract and saying, "Look here! You lot hankoed right here on the margin of the two pages! You made a contract, and must honor it!"
half-dozen ( +11 / -5 )
ulysses
A check on Sumo shows a 2 LDK Condo priced around 50 million, pretty decent pricing considering the location.
Patently yous have never bought holding in Japan. I could sell my condo today and make a decent profit!!!
-i ( +2 / -3 )
Harry_Gatto
First line of the article: "A group of people who purchased condominiums....." What makes you think that they are paying hire on their purchases? Their complaint is nigh the costs they are incurring in renting their current accommodation whilst waiting to movement into places they have purchased.
iv ( +v / -1 )
drlucifer
Deplorable, Tokyo and it's surroundings are not representative of the whole nation.
1 ( +three / -2 )
itsonlyrocknroll
Hi Harry_Gatto,
Depends on on what contractual form the property was purchased......
Freehold rights (Japanese: 所有権 / shoyuken) are the full buying of the land and the construction(s) built on the land. In the case of apartment complexes and condominiums, each unit comes with the ownership of a portion of the land below the building.
*Leasehold rights* (Japanese: 借地権 / shakuchiken) let the owner of a built structure (usually an flat or condo, merely in some cases a whole edifice) to rent the land on which the structure stands for a fixed term. And then they own the building, merely not the state on which it stands. The holding is further subject area to annual land rent.
The filibuster could incur boosted liabilities. In this case ground or land rent.
The question is which party is responsible.
The plaintiffs deem otherwise and believe the developer is liable and then take demanded compensation.
This could well open the floodgate to future claims.
3 ( +3 / -0 )
Reckless
Many contracts volition excuse performance for force majeure such as pandemics and war. I remember this lawsuit may exist futile.
vii ( +vii / -0 )
Harry_Gatto
Hi itsonlyrocknroll.
Yes, fair bespeak, I didn't think of that but I'm sure that the OP didn't either.
one ( +1 / -0 )
itsonlyrocknroll
Ah yes, Reckless, indeed dependent on the courts estimation of liability. And possibly the timing pf the purchase.
I purchased country in Kochi, I build a bespoke holding.
However every year the property deprecates in value.
Now, the property I purchased in Aichi, Nagoya has increased in value, not in proportion to property in London.
Its a sum not to exist sniffed at.
1 ( +ii / -1 )
Antiquesaving
GoodToday 06:39 am JST
Apparently you don't own or empathize the existent manor market in full general, Nippon is no different than and other country where in certain areas prices rise unreasonably then drop and stabilize.
drluciferToday 10:24 am JST
No different than whatsoever other country similar Canada and the USA you cannot compare land value in New York, LA, Vancouver, Toronto to the rest of these countries.
Here we are looking at a situation where the buyers will probably have to get-go paying their mortgage and however pay rent in the location they are soon living.
Even if mortgage payments are delayed they will still demand to negotiate an extension to their rental lease.
Are these good value?
Well I paid 20 twelvemonth in hire, when I left I got zero (0) back now I ain, if I final 20 years and then sell I will get something back, I may not get everything I put in back simply I get something back. Something is better that nothing and I never have to worry the owner volition determine not to renew my lease, oh and my mortgage payments are 30% less than a much smaller rental house or apartment.
2 ( +iv / -2 )
itsonlyrocknroll
Harry_Gatto, aye agreed, I am sure the OP saw dollar/yen signs.
Property is a minefield of misery with all the small impress.
That before y'all meet the neighbors.
How sparse are those walls a newly married couple could be bouncing off?
Or one has to endure a potential DJ Hasebe, getting on downwards, throwing shapes on the balcony?
ane ( +1 / -0 )
didou
@biculrural. Practiced on yous.
Those backdrop profit are not mutual here, unless selling rapidly a rather new holding more often than not in a popular area. Areas going under redevelopment can see an increase in value for older flats.
Investing in existent estate is too risky in Japan and most of the fourth dimension not profitable, ending in money loss. I would rather do it in my own state.
I live 70km from Tokyo and the most expensive houses or flats are withal cheaper than the everyman ones in Tokyo. I practice non understand why people do spend and so much coin for living in those concrete blocks. Everyone'due south choice
v ( +5 / -0 )
Antiquesaving
itsonlyrocknrollToday 11:02 am JST
You lot used London every bit a comparing with Aichi/Nagoya.
Well the holding and house I bought hither in Tokyo has increased in value more than a similar property in a similar area of London.
Not all of Tokyo similar in every country and major cities some places become more than in demand.
Located within 6 minutes either way to four unlike trains/Metro, new regulations now requiring a larger plot of land to build or rebuild, and increase in the percent one and build on, etc.. all contributed to a very sharp increase in the values of our place, ( down side is if we sell we cannot find annihilation like in value in this expanse so we would take to motility to a less desirable surface area of Tokyo or into a neighbouring prefecture.)
1 ( +ii / -1 )
ulysses
The affiche mentioned Japan and not Tokyo, and belongings prices differ based on the area worldwide, it's not specific to Japan!
0 ( +ane / -one )
KariHaruka
When I look at the surrounding surface area and the lack of public transport infrastructure that is in place. I question why anyone would want to alive in the former Olympic Village area.
1 ( +1 / -0 )
drlucifer
Did u even bother to read what I wrote? Allow me help u, prices in Tokyo and the environs are not representative of prices in the rest of Japan.
2 ( +2 / -0 )
ulysses
That's why
-iv ( +0 / -4 )
ulysses
Did u fifty-fifty bother to read what I wrote?
Apparently y'all didn't, ROFL!!!
That data might be Nobel prize material, improve hold on to information technology!!!
-5 ( +0 / -5 )
shogun36
Practiced.
Sounds like a lose lose for everyone involved.
-1 ( +0 / -1 )
Mocheake
Then true! Hope the plaintiffs get fully compensated.
0 ( +1 / -one )
WeiWei
First off, everybody needs to live somewhere. So either pay rent which leaves you with nothing or you pay off a mortgage that is usually less per month than the rent. If you sell it in x-xx years, yous end upwardly with more money than if you merely paid rent for 10-20 twelvemonth period. If for instance you buy for 50 meg and sell for 45-55, you lot made money because y'all saved the hire for 10-20 years.
2 ( +three / -1 )
John Noun
Horrifically ugly
1 ( +3 / -ii )
UK9393
Bought and sold twice at a profit and now could sell my present property for a profit. It is virtually SELLING the home, not getting rid of it ASAP -- as the Japanese marketplace largely demands for when people motility location with their company etc, etc -- many Japanese don't have the fourth dimension to SELL, simply only a short window to get rid off.
0 ( +ii / -two )
Attilathehungry
Something else to consider when buying property every bit opposed to renting is the lost utilise of the money spent on down payments etc. If you lot sink ten million yen into a downward payment, for case, you could have invested it instead. At even 5% return rate, you are losing 500,000 yen a yr in investment income. That adds up over time, plus your capital is tied upwardly.
-iii ( +2 / -five )
Khaos
The filibuster of the Olympics was an unfortunate issue for the developers, but that does not excuse them if they fail to keep their cease of the deal. Whatever the reason, if there is a clause about compensation in the event of delayed handover, they must respect that, accept the hitting and maybe fire some marketing people.
0 ( +0 / -0 )
TokyoJoe
Rented my last place in Tokyo for six years and spent 100k USD to the landlord. Total waste with goose egg to run across for it. Then purchased our house and take paid off 3 years mortgage at present. Bought a x year erstwhile property that had already lost it new value so got it for a good deal and have now renovated to our tastes. Location is very central, 10 mins from Shibuya and so our country volition see a steady increase in value. It's a win, win state of affairs. Renting is losing money every calendar month guaranteed.
2 ( +2 / -0 )
zichi
five% interest in Japan? You would have invested overseas. A resident would pay Capital letter gains at about xx%.
1 ( +2 / -1 )
Jonathan Prin
Problem with Japan real estate market is Tokyo's hyperdensity of population versus accelerating subtract of population.
I don't wish any bad fortune simply it is a fact Nippon is prone to earthquakes and Tokyo area in particular.
I dont bet on a such major investment that could lose its value within seconds. Exist warned foreigners equally during those last several years ads for real manor investment accept florished.
Wishing everyone profits and UK9393 sees it righ in my opinion in taking fourth dimension.
PS : personally I invest indirectly in worldwide belongings share (no residential) and Tokyo is not an overall interesting place, beingness as well legally risky.
0 ( +0 / -0 )
Jonathan Prin
And please read other very informative commodity of JT about Earthquakes to come and ensuing casualties/damage. I had not read it before posting my comment so such warning applies more founded.
0 ( +0 / -0 )
Blacklabel
Entirely too many neighbors in those kind of places. A friend lives in a similar one, has to wear headphones while watching their ain Idiot box. Can hear when the adjacent door person takes a shower. No thank you at that price.
0 ( +2 / -2 )
sunfunbun
If one has ever been in i of these apartments in Japan, the reason why the value rarely holds is because the workmanship is done so cheaply, even the and then called luxury type places, often are 'kit' built with flooring, bathrooms, kitchens that are made to look used afterwards a few years. It's a fleck of dupe for buyers to want to buy an apt./mansion in Nihon.
Oft JR or the train companies understand the over population and Japanese mentality causes people to look at places to live and they will build owner oriented/not consumer value places of 'good' location which determines the pricing and the demand.
If the Japanese did not have the brainwashed idea that key money, every 2 twelvemonth one month fee for renewal, etc., perhaps they would understand just how unfair the housing/rental market place is, and the quality might become up, simply this is corporate Japan and it's a lemming guild, so they bound at chances for places of convenience like these Olympic cheap condos, where the Mitsui's etc. have control.
The realty market place in Japan is insanely ridiculous, just it is what is is. Corporate thinking is part of the weakness of the Japanese and those who are complaining now are just reaping what they sow with their ignorance.
-one ( +1 / -2 )
sf2k
That's a July photo. The only colour in the photo comes from the flags of the unlike countries from the athletes. So it'll be even more grayness and depressing. I'yard surprised given the usual astonishing zoning bylaws in Tokyo that this design could have been allowed to happen to begin with, resulting in mixed neighbourhoods. This won't exist very walkable
1 ( +one / -0 )
itsonlyrocknroll
Hi Antiquesaving, hands upwards, I have picayune knowledge of existent estate markets.
I would struggle to compare the belongings I brought in London with the housing market place in Nippon.
I brought the backdrop in Nagoya and similarly Brighton/London through business necessity to use every bit a bases.
All the best, clearly you have a thorough understanding of the marketplace.
Would you lot have invested in one of these Olympic condominiums with upper-case letter to spare?
0 ( +1 / -one )
Attilathehungry
Zichi, yeah definitely not a rate of return in Japan... I would hesitate to do any investing in this land to exist honest. Best to keep your assets offshore where they may really be able to see some decent returns. If you were in a well managed Nikkei 225 ETF the past few years have been OK, merely I prefer to keep my dealings elsewhere.
-1 ( +0 / -1 )
Antiquesaving
At present this is a topical western showtime world thinking and usually a rich or top earners thinking.
Also many here recall that a business firm is an investment to eventually make a profit, this may exist and so for a very very very very....... Small portion of the earth population and mostly in sure western countries.
These people are more probable just ownership a permanent place to live, a place they own, a place the landlord can't heighten the rent, end the lease, etc....
The vast majority of the world population aspire to ain their own home or condo and very few see it as an investment to make a profit.
They run across information technology for what owning your home was intended, that is having a place to live that is yours.
0 ( +1 / -1 )
ulysses
Y'all obviously take never bought an flat in Japan. My current apartment bought 6 years ago(new) is just fine, everything works well.
I rented my last one for 7 years and didn't have to become any repairs washed in those years.
There might be some cheaply built apartments,but don't generalize!!!
1 ( +1 / -0 )
genshijin
Clock is ticking down to the big i in Tokyo - this kind of area is the last identify I would want to live and take a mortgage out on holding. Will look more similar Atlantis when the earthquake and flood have taken their toll.
0 ( +0 / -0 )
itsonlyrocknroll
Antiquesaving, the photograph is disconcerting.
A habitation, commencement residence?
What are the asking prices on these residences?
And so many questions remain unanswered, the take up from offer toll?
The area? size and amenities?
Harumi Flag is located 2.5 kilometers from the Ginza shopping district and iii.three km from Tokyo Station. Its condos are popular, with 631 units put on auction in November attracting more than five,500 applications.
Hum, wish I had a better knowledge of Tokyo.,
*
1 ( +ane / -0 )
zichi
People as well purchase properties so they tin can rent them out. Others purchase a property stay a few years and sell and move on to a bigger meliorate identify. Until they reach what they desire. Children grow up, get married and motion out. Sell upward again at retirement and movement to a nice place in the sticks.
Apartments tin can be good if constructed properly and the neighbours cannot be heard.
itsonlyrocknroll
I would say those apartments are not for you lot. But also in that location are more takers than apartments.
Apartments in SEA VILLAGE range in cost from ¥75.7 million ($697,000) for a 3LD (three-sleeping room apartment) to ¥119 million ($1,095,000) for a 4LD (4-bedroom). SEA VILLAGE apartments are waterfront-facing apartments.
More prices and floor plans
https://resources.realestate.co.jp/news/demand-soars-for-tokyo-2020-olympic-hamlet-apartments-to-be-repurposed-as-individual-condominiums/
0 ( +ane / -ane )
zichi
Car parking could exist a major problem there.
0 ( +1 / -1 )
itsonlyrocknroll
How-do-you-do Zichi, I couldn't live in Tokyo. Those high rises seem soulless even if I had the investment upper-case letter.
Plus I need to be close to work. I struggle with the dissonance and bustle in Nagoya.
Kochi has wide open up spaces in comparison.
Thank you for the information.
i ( +ane / -0 )