Olympic delay leaves athletes village in limbo

My pity for the developers is as large as my Rolls Royce... which I don't have.

Have the govt lease the unsold units and prep it as an emergency hospital.

It doesn't have to be this way.

Sellers had marketed the development, which comprises 23 tower blocks capable of housing up to 12,000 people, as "the city complex where everything begins" with views of the ocean, Tokyo Tower and the metropolis' glittering skyline.

No thanks. Can't see what people see in this. Japan, you have a severely falling population and almost 15 percent of your housing stock is empty. Most places outside of Tokyo are in a deep sense of decay, and it's only accelerating. Mitigating and eventually solving this issue should made urgent national policy, with a focus on encouraging people to move back into the regions and implementing plans of revitalisation.

Oops!

"There is a concern prices could drop. If excitement and anticipation (about the Olympics) fades away, the situation will be severe for the selling side. For now, cancellations are a critical problem for them," said Makino.

There might be short term bargains to be had here. Especially, if the value has dropped over 30% and is short term let for 5 years then sold on.

Land values decline slowly in Tokyo/Japan due to declining population and regular demolition and rebuilding within 30 as there are earthquakes.

"The wording they put in the contract is pretty vague. It normally says natural disasters or anything outside the sellers' control, so it might fall under that category," said the property expert.

The reality is the worse case scenario of the Olympics getting cancelled in the end is still on the table. Which is likely to mean 50% or more drop in value and reduced long term tourism to Japan due to COVID-19.

As the contract is too vague for pulling out and not losing your deposit, the only buyers will be ones that want to live long term and enjoy their lifestyle in the Tokyo Bay area which is the only USP left. Very risky at premium prices even for rich locals.

One buyer, a man in his 30s, had been planning to move into the apartment in March 2023 with his wife and children.

The Olympics were scheduled to end in August 2020 and people have to wait almost 3 years to move in? I don't get it.

 dbsaiyaToday 07:15 am JST

 Have the govt lease the unsold units and prep it as an emergency hospital.

That's an excellent idea. It would ease crowding in Tokyo hospitals and show that the developers care about something other than money.

The former Manchester United players Gary Neville and Ryan Giggs own a couple of hotels in Manchester. They've been closed to guests but are allowing health care workers to stay there for free. It's a terrific gesture. Pep Guardiola, manager of Manchester City, has donated 1m Euros to fight coronavirus.

https://www.bbc.com/sport/football/51953883

Given the vast profits being made by property developers in Tokyo it's the least they can do.

House Tokyo homeless there. This summer will be record heat, at least they can enjoy Aircon.

Use it to quarantine the people with symptoms, make the thing useful for something atleast.

The J-real estate selling era, as we know it, is over and done with. Dealt a bad hand?...Man-up and take the loses. This COVID-19 is a rock-solid reason for buyers to cancel and get your deposit back! Welcome to the Gran Awakening!

I predict many Japanese will realize if lockdown happens, that living like a rabbit in a cage is something you really don't ever want to live again (same effect as a large main cities, like in Paris where hunxredd of thousands fled to country because of tiny yet very costly flats they own.

some carrying a price tag of 170 million yen ($1.5 million).

Hmmm, that means one must have been pretty well off to afford one of these places, huh?

That sucks for people who invested in these properties, I guess?

Oh well, don't mind me. I'll just keep on eating my one rice ball and small 1oo yen coffee for lunch.......

Nice Skyline though.... last big Earthquake we had here, left many wondering about the Liquefaction issue upon which their household had been built upon.