Nozawa Onsen Gondola Side Shop / Lodge

June 10, 2010

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Price                                     JPY 35,000,000

Address                               Nozawaonsen skiing ground

Access                                 Nozawaonsenmura,nagano

Ownership                          freehold

Completion date               1986 November

Land size                            1,500㎡

Aera of the Building         288,31㎡

Number of stories            4 storied

Building                              Steel-frame structure galvanized steel plate

Use                                      Store,house

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Old Karuizawa Club luxury vacation home

May 19, 2010

全画面キャプチャ 20100518 122154_bmp

Price     JPY 130,000,000

Address        1370-395 Hukayama,Karuizawamachi,nagano
Access
Land Size       1191 spm.
Building         1F   82 spm
2F    132 spm
garage   21.14 spm
in all     237  spm
Construction —————-
Completed
Note
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South Karuizawa FairwayFront Style Luxury vacation home

May 18, 2010

全画面キャプチャ 20100518 121431.bmp

Price

JPY 230,000,000

Address 1482-2 ShinDou,Karuizawamachi,Nagano
Access ———————————————————————
——————————————————————–
Land Size 1655.33 sq.m.
Building 280.94 sq.m.
Construction one-story  house
Completed —————
Note Highly insulated 4 bedroom American style house

Wood burning stove,western style baths,2car garage,

Central heating and air conditioning

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Karuizawa luxury one-story house

May 18, 2010

karuizawa luxury home

Price

JPY 130,000,000

Address 1505-24 Uenohara,Karuizawamachi,nagano
Access ———————————————————————
——————————————————————–
Land Size 1039.66 sq.m.
Building 206.17 sq.m.
construction one-story house
Completed —————
Note Highly insulated 3 bedroom American style house

Wood burning stove,2 western style baths,2 car garage,

Central heating and air conditioning, deck terrace, formal dining,

fully furnished and fitted,

barbecue set, oven range, sound system, etc

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Roppongi Hills Luxury Condominium (10th Floor)

August 31, 2009

External appearance

Price


JPY 135,000,000

Address 6, Roppongi, Minato-ward, Tokyo
Access 4-min walk from Roppongi station on Hibiya metro Line
8-min walk from Azabujyuban station on Oedo or Nanboku metro Line
Ownerhip Ownership
Construction 43-storey with 2 Basement Floor steel frame reinforced cncrete structure
Level 6th Floor
Completion date April, 2003
GFA 64.56㎡
Rayout 1 bedroom, 1 bathroom
Maintenance fee JPY 33.573/per month
Periodically accumulated funds for major repairs JPY 19,563/per month
Parking JPY 50,000 ~/permonth
Note Pet allowed (restriction apply)
24 hr concierge service
Sharing facilities Guest room, Sky lounge on 43 floor, Roof garden
“Roppongi Hills Spa”
Gym, Pool, Jacuzzi, Beauty treatment salon

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Rare Roppongi Hills Luxury Condominium (30th Floor)

August 28, 2009

exterior

Price

JPY 295,000,000

Address 6, Roppongi, Minato-ward, Tokyo
Access 4-min walk from Roppongi station on Hibiya metro Line
8-min walk from Azabujyuban station on Oedo or Nanboku metro Line
Ownerhip Ownership
Construction 43-storey with 2 Basement Floor steel frame reinforced cncrete structure
Level 30th Floor
Completion date April, 2003
GFA 94.92㎡
Rayout 2 bedroom, 1 bathroom
Maintenance fee JPY 49,360/per month
Periodically accumulated funds for major repairs JPY 28,761/per month
Parking JPY 50,000 ~/permonth
Note Pet allowed (restriction apply)
24 hr concierge service
Sharing facilities Guest room, Sky lounge on 43 floor, Roof garden
“Roppongi Hills Spa”
Gym, Pool, Jacuzzi, Beauty treatment salon

External appearanceSky loungeSky GardenSpa 1Spa 2EntranceView from windowRoppongi HillsRayout

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Nishiyama Club – Vintage Izu Estate

June 12, 2009

External appearance.jpgBuilding Facade.jpgLayout.jpg

Price

JPY 230.000.000

Address 614, Nishiyama-cho, Atami-city, Shizuoka
Access Approx. 9-min. walk From Kinomiya Station on JR Line
Approx. 15-min. by car From Atami Station on JR Line
Land Approx. 50-min. on Shinkansen from Tokyo station
Land Size 4141.97 sqm.
Building Main Building :310.74 sqm. 2-Storey Wooden
Tea house :21.48 sqm. 1-Storey Wooden
Guest house :36.36 sqm. 1-Storey Wooden
Completed Unknown Early Showa Period
Note Garden are recreation of the famous Nishiyama-so estate of Tokugawa Mitsukuni in Ibaraki.
Building was crafted for feudal lord.
Hot spring water fed to property by local hot spring association.

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Investor Sentiment

May 28, 2009

The latest JREI investor sentiment survey findings were just reported, opinions gathered in April so a fairly fresh view to the market.   Summary: Expected cap rates have gone up 50-100bp over the last survey 6 months ago and still 20-30bp higher than current market cap rates…  although I don`t believe there are enough transactions happening to underwrite that well.

The core of core Marunouchi/Otemachi Class A Office has moved moved upward to 4.5% or 300bp over the risk free and to match core Ginza Retail at the same 4.5% which are now the theoretical bases to which we add risk premium points for other classes, namely:

Omotesando Retail at 4.7%, Suburban Tokyo retail 6.5%, Regional Retail Downtown areas 6-7% / Suburban 7-8%

Tokyo Warehouse Single Tenant / Multiple Tenant 6%, other metropolitan hubs 6.3% to 7%

Residential at 6.0% to 6.3% and in the regions 6.6-6.7% for Yokohama to a high of 7.7% for Sapporo

Economy Lodging Tokyo 6.1%, Osaka 6.8%, Nagoya 6.9%, Fukuoka/Sapporo 7%

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Time to move into the J-REIT Market is NOW

May 27, 2009

from Seeking Alpha, click link for entire article: Japan’s J-REIT Market to Get a $10.5 Billion Bailout

`While talking about it since March, the Japanese government (specifically, the Financial Services Agency and the Land Ministry) appears to be in the final stages of pumping over $10 billion into the J-REIT market and removing impediments to consolidation in the industry. The market-weighted average yield has recently been as high as 7%, but investors remained leery because of balance sheet and liquidity risk.`   Here`s their JREIT performance graph demonstrating the recent stabilization.

Banks can not very well avoid refinancing JREIT debt now with all of the government back up and regulator pressure.  This and the Lonestar pricing of New City has put a floor on the market – and likely an indicator of a bottom for the J-REIT sector.

It is `officially` time to get into the J-REIT market.

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Discounted Condominium Stock Disappearing

May 27, 2009

What was a few months ago a promising opportunity – buying up completed unsold condominium buildings and portions of buildings on the cheap from distressed sources and then moving them to the public at `outlet` sale prices – has suddenly seen a burst in asset bidders.

It seems that the defunct developers that have now found sponsors and those that were able to escape trouble unscathed with credit or cash remaining, have all jumped onto this bandwagon as low-hanging fruit rather than buying land to start the development process again.  It may be that lenders have also pushed in this direction also as the risk of development is seen to be very great in the current market.  What were discounts of 50%+ off the retail line have now been bid up to where there is very little profit left in selling at 20-30% discounts.  This is the case for Tokyo area, recent word has it that up to 50 bidders are arriving at some of these opportunities whereas there were only a few just a few months ago.   Have not heard the thing for regions yet – maybe Kansai will be the next to pick up.

This is great news for the condominium market which has been in the doldrums.   Our take on the market is that somewhere in the next 12-24 months when a near complete halt to new supply arrives, there could be a very quick strengthening of prices.   That may be quicker than most expect – it looks like sentiment on prices hold we are near the bottom.    Again, the world outside of greater Tokyo still has another year or so and some of the regions where aging populations are really setting in are doomed unless something major is done to create new demand – but positive signs for the Tokyo condominium market seem to be increasing.  A good time for the individual investor.

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