Originally Posted by
gnaget
That website tracks the asking price from REINS. Earlier the site provide the complete raw listing data from REINS but your friends from the industry stopped the company from providing this.
It might err on the high side in a weak market.
I used it when I moved to Tokyo. You could see how long a house had been on the market, how much it had rented for many years earlier, etc., etc.
I know of a specific SFH (around 250 SQM) in Akasaka, which is rare, that rented for 1 million in 2008 and then the owner was going to put it on the market for 800k (we thought it was too high) in late 2010 and eventually the asking dropped to 580k in 2011.
I don't think you will experience this type of price cutting in the US.
Wait you mean people had to not publish illegal information? The horror!
What people need to understand about the Japanese real estate market is that contracts are subject to confidentiality in all but a very few cases. Thus anyone claiming to know about prices beyond asking price or an assumed deal price is either breaking the terms of a lease or full of hot air.
Not liking it will get you about as far as my not caring much for tipping in the US.
Sorry.
On prices dropping by nearly 50% from a target price out of line with what the market will bear, I am going to suppose that all markets eventually fall prey to market forces. Japan, and the US alike.