SleepWell Data: Japanese Property Foreclosure Data Resource

Foreclosure Of The Week: Semi_Luxurious Apartment

Posted: Wednesday, 26th of September 2012


Foreclosed Property of The Week: Semi-Luxurious, Gaijin Ready Apartment with exceptional views without the price tag.

There were some really great properties released this week making it difficult to select but I just couldn't go past this one, Case No.: TYO_H24K952_1. A spacious 86m2, 2LDK apartment in Ota Ku suitable for a small family or couple who enjoys relaxing, views, expansive living areas and recreation. This property is all about layout, comfort and environment. A great purchase for owner occupiers.

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The property is a 12 minute walk from Rokugodote Station on the KeiKyu Line, a 25 minute ride out from popular and exceptionally convenient Shinagawa Station. It's closest other station is Zoshiki also on the Keikyu line. A very convenient and well operated line, probably the only downside is that the express train stops at neither of these 2 stations. Nonetheless if you were looking for speed into town, locals cut their travel time by transferring at Keikyu Kamata Station (by simply walking to the other side of the platform I believe). Other popular commuting and recreational destinations like Kawasaki and Yokohama are a mere 2 minutes and 25 minutes (13 mins by rapid) away respectively.


This "Grand Stage" Yamashin KK built boutique style building not only looks good from a design perspective but looks to be kept in immaculate condition also, mind you it's only 15 years old. Furthermore, and always a bonus, there is a very reasonable building management fee for an apartment of this size at 17,700JPY/mth equally split between management and repair kitty money. Being a fairly new and large apartment however the city still wants their share with a total of 175,735JPY per year in taxes. As you would expect from a building of this stature, an Auto Lock main entrance and parking for 34 vehicles.


The layout of the apartment is exceptional. It hosts a very spacious open plan LDK living area with a space finally big enough for a dining table. The main feature is an enormous south east facing bay window no doubt built with intention of the occupants enjoying spectacular panorama of the Tama river and Haneda Airport. To complement the space and "bring the outside, in" feel there are 3 extra wide balconies. One off each of the 2 bedrooms and one off the main living area. Both bedrooms are perhaps a touch small but both have large built in storage, the main bedroom also features a walk-in closet. The bathroom, toilet and shower room are nicely tucked to the east side of the apartment with good space dedicated to each. Even the entrance has its own private porch.


Before I get into the financials and the fact that this is, yes of course, a foreclosure, I'ld just like to mention the ample recreational facilities available being close to the Tama river.


The Appraisal Value of this freehold property is 21,610,000JPY with arrears just over 1MJPY by the time full payment will be due in early December. A family of 3 reside here and although no "funny business" is expected, stranger things have happened so it is essential to do your own research or commission the services of a foreclosure investigation firm like SleepWell Homes to investigate for you. When investigating you may like to just confirm the views I mention are possible and that being a 5km stone throw from Haneda airport, though exceptionally convenient for frequent travelers to Asia, the property is not infact built on a flight path. Allow expenses for the usual and minor cleanup like new wallpaper and possibly new Air Con units throughout.


I donít see this property as an ideal investment property but more of owner occupier quality. Furthermore, at auction, because of its size I do not expect a lot of companies to bid on this property representing added opportunity for the private owner occupier looking for a very comfortable abode. On the current open market this place will fetch around 38MJPY and would rent around 170,000 to 180,000JPY. So while the unleveraged return on this asset is a modest 5.5%/year after taxes and management fees (should you be able to buy it at 30MJPY (140% of Appraisal), the lower demand for apartments this size should see investors seeking elsewhere.


Bids in by 5pm, 16th of October 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.


















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