SleepWell Data: Japanese Property Foreclosure Data Resource

Foreclosure Of The Week: Large 3 Storey HomeOffice


Posted: Thursday, 18th of October 2012

FPOTW_R20121113_LargeHomeOffice

Foreclosed Property of The Week: 3 storey, 157m2, 7 LDK Family House with Home Office

More and more foreigners who are choosing to settle in Japan for the longer term these days are opting to buy and live in locations beyond the traditional "gaijin" hotspots of MinatoKu and Shinagawa Ku. Many are starting new families and want their children to grow up in a more suburban environment, coupled with larger properties for far less outlay, cheaper taxes, more local schools and better overall family support.

So, for this week's foreclosure I am going to venture off into a path not so often beaten by the average foreigner. I have selected a 3 storey, 157m2, 7LDK house in Sumida Ku perfect for a large family, those looking for a spacious home/office or have hobbies requiring space. Details of this property, case file no. H24K938 can be seen by:

 

Logging into http://sleepwellhomes.jp and then click on the link, http://sleepwellhomes.jp/Listing_PropertyDetail.php?id=3236

 

This property's closest station is KeiSei Hikifune, a 7 minute walk but by far the most convenient station is 20 minutes away with 4 different lines servicing it. Oshiage Station, home of the now, the tallest tower in the world and probably Japan's busiest tourist attraction, Tokyo Sky Tree, hosts among others Toei Asakusa Line and the ever convenient Hanzomon Line. The Hanzomon Line will take you from Oshiage through major parts of inner Tokyo like Otemachi, Kudanshita, Nakatacho and terminate in Shibuya all within a mere 30 minutes!

 

The building itself is 21years old boasting a very presentable tile clad facade with a structure appearing to be in excellent order set on a freehold land size of 95.85m2. Inside, there are 3 floors, each of just over 50m2 in area, totaling 157.91m2 of floor space. The rooms seem to be also well maintained and in excellent condition. The owners, husband and wife, are currently residing on the 2nd and 3rd floors and have rented the first floor to their daughter's company who apparently operates a small engraving business.

The layout features spacious rooms throughout all with large size windows which appear to face the correct way for plenty of light and not into the next door neighbours side wall. (From the West facing 3rd floor bedroom windows it may even be possible to see Sky Tree itself.) All rooms which may be used as bedrooms feature fair to good size storage. As one would expect, a generous sized bathroom (with window), wash basin area with space for a washing machine. There is very conveniently a toilet on each floor, most with windows, and the kitchen/ living area offer a nice bright south east facing large relaxation space. The kitchen bench is actually L-shaped offering more cupboard space however I feel that the sink is a little large taking up valuable food preparation space. The largest room on the 1st floor, currently being used as a workshop, would make an excellent home office, hobby room, study or even kids playroom. This is definitely a place one could feel at home.

 

The only negative about the layout itself would be that, though nice to have the washing machine tucked downstairs away from the living areas, it is a little inconvenient when the clothes hanging no doubt takes place on the 2nd floor veranda, through what is quite possibly the main bedroom.

 

The location is in close proximity to excellent shopping and dining areas at the new Sky Tree development. Recreational facilities abound with SkyTree and ripple effect extending a rejuvenation of the entire area with Sumida river, not to mention the annual summer fireworks, and Arakawa rivers also within walking distance. Other amenities include the ubiquitous convenience stores, an elementary school and the Sumida Central hospital are both about 3 minutes walk.

 

The property's appraisal value is 21.43MJPY with just over 171,000JPY payable in Land and City Planning Tax every year. Those looking at buying this property will need to afford the tenant (the owner's daughter's business currently paying 100,000JPY/ mth in rent) at least 6 months to vacate. Although by law required to continue paying rent with a rental agreement in place, it may present a risk that she doesn't pay the 6 months rent between the time of purchase and the buyer moves in. Although there is no evidence at this stage to suggest this would happen. The only other inconvenience to this property is the setback which exists given the narrow streets it is on either side. Nonetheless the freehold land is fairly large with 93.85m2 and has a construction building ratio of 80%/200% not that you should want to be building anytime soon given the apparent excellent condition and 9 years left on its depreciation clock. Looked after, this place should last many more very comfortable years of living.

 

At auction, according to past data, I wouldnt be surprised to see this youngish property receive 10 or more bids. You will have to bid keenly to win it and you dont want to bid too excessively given the land value is only currently around 200,000JPY/m2. Properties this size are fairly sought after given their flexibility, good construction and being in a Semi Industrial location, yet also highly residential close to ample amenities and of course Sky Tree. If I were to guestimate a winning bid i'ld say around the 26MJPY to 27MJPY mark.

 

Bids close at 5pm the 6th of November 2012 and Bid To Win!

 

Disclaimer: SleepWell has not thoroughly investigated this property and accepts no responsibility of loss due to purchase or attempts to purchase this property. It is absolutely imperative that the prospective buyer undertakes his own investigation or requests the assistance of SleepWell Consulting in procuring this property for them.