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Residencial lot property in Saitama Prefecture, Gyoda City

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Bidding duration: October 21, 2009 to October 28, 2009
Projected yield: 113% (In case of bid at Clearance standard price)

(Monthly rental fee = 50,000 JPY) x 12 / 530,000 JPY x 100 = 113%
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Nearest station from the foreclosed property:
JR Takasaki line, Gyoda station - 1.8 Kilometers
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PROPERTY DETAILS:
Clearance standard price: 530,000 JPY
Category: Residencial lot
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FACTS ABOUT THIS PROPERTY:
1) The classification of this property by registration is an agricultural land property.
In Japan law, it is required to get a permission in order to buy an agricultural type of property. However, if the actual property is being used for the residencial purposes it will not require such kind of permission.
Therefore, in such cases the winning price of agricultural land property becomes very cheap because a lot of people do not really understand this kind of property law.
In this auction, there are two areas of land property. 1) 24 square meters and 2) 227 square meters at clearance standard price of 530,000 JPY.
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2) There is an unsold building constructed on this land property.
On top of this land property, there is a building that cannot be put in auction because it has a legal issues on land ownership rights. It happened because the building constructed on that land property has a mortgage arrangement.
In that case, when there is someone got the winning price in auction of this land property, the former owner of the building will not have the rights to use the land. Because the person who got the winning bid will take the ownership of that property. If this case happened, the owner of the building should initiate the demolition of that building in order to give way for the new owner. Unfortunately, the building will become useless.
So, in order to maintain the building and avoid this from happening, the rights and mortgage should have settled beforehand. Also, it is necessary to acquire the rights to use the land for the constructed building.
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Therefore, even if you bought or got the winning bid amount for this property, still you cannot use the land. Now, why we are introducing this kind of property? Simply because this is a good idea for the rental purpose. You can earn a profit, if you made a successful bid on the land property and got the rental from owner of the building. Unlike mansion or apartment it will not cost you for the building maintenance because what you owned is just the land. For professional investors, owning just the land property is a very good investment.
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The current monthly rent of the land is 50,000 JPY. Which means, (50,000 JPY x 12 months) / 530,000 JPY x 100 = 113% projected yield.
As a pre-requisite, it is necessary to have meeting with the owner of the property and other concerned parties to negotiate the investment plan before placing the bid amount. So, do you also think this property is a good investment?
For your information, the market price of this land (when there is no building on top of it) is about 5.3 Million JPY.
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PICTURE

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