Price: ¥159,000,000 (approx. 1.46 million USD)
For sale this month is a fully renovated two-bedroom apartment in the center of Omotesando in Tokyo. It is unusual to see a renovation of this style on the market, especially one that ticks all the right boxes of Location, Location, Location.
The apartment is priced about 40 ~ 50% lower than new construction in the same neighborhood. This is due to the age of the building (it was built in 1982). Generally speaking, older apartment buildings tend to be priced lower than newer ones. Land is always in short supply in Omotesando, limiting the supply of newer builds, while older, vintage apartments remain popular with locals.
As at January 2019, there were 14 apartments listed for sale that were over 100 sqm in size and within a 10 minute walk of Omotesando Station. The average asking price was 2,140,000 Yen/sqm (1,830 USD/sq.ft). Within a 5 minute walk of the station there are just 7 listings over 100 sqm in size. The average asking price jumps to 2,445,000 Yen/sqm (2,090 USD/sq.ft), thanks in part to some newer, luxury buildings.
With an internal floor area of just over 100 sqm (over 1,000 sq.ft), this is generously-sized for a two bedroom apartment in Tokyo. Almost a third of the floor area is taken up by the large master bedroom suite which includes two walk-in closets and a study nook. The open-plan living, dining and kitchen includes an exposed concrete ceiling along with a dropped ceiling allowing ceiling-mounted ducted air-conditioning/heating.
The interior was fully renovated in November 2018. Red brick tiles have been added as a design element on feature walls, while the living area and master bedroom has large tile flooring.
The building is located at the end of a no-thoroughfare street with local traffic only. It is a 5 minute walk to Omotesando Station and 85 meters from the shop and cafe-lined Kotto Street.
All information contained herein is gathered from sources we believe to be reliable. However we cannot guarantee its accuracy and interested persons should rely on their own enquiries.
* Brokerage fees: 3% + 60,000 Yen + consumption tax, charged to the buyer.
* Please understand that the property may have sold since publication.
* Price is in Japanese Yen only. USD reference provided as a guide only and is based on conversion rate at the time of publication.