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Question: I inherited land/apartments in Japan!

bankerguy

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I inherited some land in Japan. I don't live there and am not familiar with the real-estate market. I was hoping someone here could give me some rough ideas as to what they're worth!!
*i dont have details as to the values or appraisals until january :(

1. 404 meter squared land (nothing on it)
2. 78 meter squared land (nothing on it)
3. A two floor apartment (not apartment, but those two story townhome type things, i forgot what those buildings are called) . Each floor is aprox 35 meters squared so 70 meters squared total
4. Same as # 3. Same building

Anyone have any rough ideas as to what these are worth in YEN ???

All locations are near Moto-Yawata station. In Minamiyawata - Ichikawa (CHIBA)

I'm guessing 90 000 000 YEN
 

bankerguy

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Based on what?
Based on a few comparable sales of similar sized apartments in that general area of Japan. However, as i am not 'on the ground' there in Japan...and am stuck here in Canada i dont have intimate knowledge of the that specific market. As a commercial banker I'm aware of how the industry works in general...i just dont have the in depth details of that specific geographical market.
 

Mike Cash

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Based on a few comparable sales of similar sized apartments in that general area of Japan. However, as i am not 'on the ground' there in Japan...and am stuck here in Canada i dont have intimate knowledge of the that specific market. As a commercial banker I'm aware of how the industry works in general...i just dont have the in depth details of that specific geographical market.

I would imagine it would vary considerably depending on factors like zoning, the nature of adjacent property, building restrictions, parking availability, age of the buildings, potential as rental income, etc.

None of those are things we can even make a wild guess at; we're every bit as in the dark as you are.
 

nice gaijin

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wasn't there someone who recently identified themselves as being in real estate? Perhaps they could be helpful in this case... @S.K. was it?
 

bankerguy

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wasn't there someone who recently identified themselves as being in real estate? Perhaps they could be helpful in this case... @S.K. was it?

That would be AWESOME!
Waiting until January is going to kill me.
Here in Vancouver, if i knew generally what area of the city a building is in, i could tell you within 50k what a property is aprox worth. Anyone who works in real estate should have a rough idea. Within a hundred K of what they're worth. ^.^
 

Majestic

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Just for fun I searched for land value in MotoYawata, and I got the following site.
本八幡駅周辺の地価・路線価 | 平成28年の情報を掲載
Says 302,000 yen per square meter. Your mileage may vary.
For the property with the buildings, how old are the buildings and what are they made out of? Wood or Steel-reinforced concrete. I reckon if they are made out of wood and are older than 25 years, the value of the building itself would be zero.

Just FYI, fixed asset tax is higher for undeveloped land than for land with a property on it.
 

bankerguy

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Just for fun I searched for land value in MotoYawata, and I got the following site.
本八幡駅周辺の地価・路線価 | 平成28年の情報を掲載
Says 302,000 yen per square meter. Your mileage may vary.
For the property with the buildings, how old are the buildings and what are they made out of? Wood or Steel-reinforced concrete. I reckon if they are made out of wood and are older than 25 years, the value of the building itself would be zero.

Just FYI, fixed asset tax is higher for undeveloped land than for land with a property on it.

Thank you for your input really appreciate it.
From what I was told, the two pieces of land have no buildings on them... one of them is 404 meters squared, the other is like 70 meters squared. Add those together, and convert to Canadian and that's 2 million dollars!!! amazing.

Apparently the other two assets are not land. Just the building. LIke two apartments. Total sq M are about 70 each (spread out on two floors). The style of the building is "kyodojutaku"
It's really close to the train station as i mentioned in my initial post.

Any idea at all what a 70 sq M Kyodojutaku would cost near that station?
 

bankerguy

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Thank you for your input really appreciate it.
From what I was told, the two pieces of land have no buildings on them... one of them is 404 meters squared, the other is like 70 meters squared. Add those together, and convert to Canadian and that's 2 million dollars!!! amazing.

Apparently the other two assets are not land. Just the building. LIke two apartments. Total sq M are about 70 each (spread out on two floors). The style of the building is "kyodojutaku"
It's really close to the train station as i mentioned in my initial post.

Any idea at all what a 70 sq M Kyodojutaku would cost near that station?


I should also mention that i am by no means "RICH" now.... I only get 25% of what all of this sells for.
 

Majestic

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Apparently the other two assets are not land. Just the building. LIke two apartments. Total sq M are about 70 each (spread out on two floors). The style of the building is "kyodojutaku"
It's really close to the train station as i mentioned in my initial post.

Any idea at all what a 70 sq M Kyodojutaku would cost near that station?

Hmmm. Like I said, usually buildings depreciate very quickly, and you are only left with the value of the land. Since you say these other two assets are just the buildings, I wouldn't expect much for these. If our real estate expert checks in he might have the answer.
 

johnnyG

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Keep in mind that inheritance laws in japan now look at both the domicile of both the person bequeathing the inheritance and the person receiving it. If either is connected to japan, then japanese inheritance taxes will apply.
 

bankerguy

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Keep in mind that inheritance laws in japan now look at both the domicile of both the person bequeathing the inheritance and the person receiving it. If either is connected to japan, then japanese inheritance taxes will apply.
Yeah, i was curious about how much they're going to hit me with Taxes. I'm still officially a citizen of Japan as i carry that passport. However, i'm a permanent resident of Canada. Work and live here. Been here for like 12 years.
 

bankerguy

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Hmmm. Like I said, usually buildings depreciate very quickly, and you are only left with the value of the land. Since you say these other two assets are just the buildings, I wouldn't expect much for these. If our real estate expert checks in he might have the answer.
Since the original post, i did some more research... if you dont own land...and you just own an apartment, they're not worth that much. The range that i saw was 80k - 200k. per small apartment. (in Canadian dollars once converted) depending on how new the unit is.
 

johnnyG

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As for the 'buildings', 70 sq m each sounds like condos, maybe a 2LDK or so. Be aware that building management & maintenance fees for such units might be ¥20,000/month (even if the unit is unoccupied). Value of the units would vary mostly depending on when the building went up--less than 10 yrs and there'd still be good resale; over 20 and you should expect the lowest value in a given range. Often, older units are 'reformed' (remodelled) in order to appeal better, so there could be some upfront costs to get them market ready.

Look at 【SUUMO】不動産売買・住宅購入・賃貸情報ならリクルートの不動産ポータルサイト and find your area and price older condos.
 

S.K.

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I inherited some land in Japan. I don't live there and am not familiar with the real-estate market. I was hoping someone here could give me some rough ideas as to what they're worth!!
*i dont have details as to the values or appraisals until january :(

1. 404 meter squared land (nothing on it)
2. 78 meter squared land (nothing on it)
3. A two floor apartment (not apartment, but those two story townhome type things, i forgot what those buildings are called) . Each floor is aprox 35 meters squared so 70 meters squared total
4. Same as # 3. Same building

Anyone have any rough ideas as to what these are worth in YEN ???

All locations are near Moto-Yawata station. In Minamiyawata - Ichikawa (CHIBA)

I'm guessing 90 000 000 YEN

Hi! As others have said, it's impossible to appraise those properties without being there but according to this:
市川市の地価公示マップ・土地価格・坪単価
Land right around Moto-Yawata station has a price range of 550,000 to 1,110,000 yen per square meter so that's nice. Don't get too happy though because the inheritance taxes are murder. For example:
土地の相続税はいくら?計算方法と相続税対策 | 家の売却相談所
The taxable amount goes from 10% all the way to 50%.

As for your townhouses, it depends on too many factors to even attempt an estimation (year of construction, materials, distance from station, etc.) but they can easily turn into a nightmare of assorted costs if they're vacant.

What you should focus on doing now is figuring what you want to do: keep them or sell them off.
edit: for example, if you keep them what will you do with the land? How will you go about finding tenants? Who are you going to appoint to manage the properties? etc.)
There are merits to both courses of action. In this kind of case it's the speed of execution can be the difference between an asset and a liability.

Hope that helps even just a little bit.
 

Mike Cash

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If the coin parking operators are as eager to snap up even the tiniest properties there as they are in Tokyo, you might consider seeing what kind of deal can be made selling or leasing the vacant lots to one of them.
 
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