Friday, November 11, 2005

That'll Teach 'Em Lyin', Cheatin' Real Estate Agents

The Fair Trade Commission wagged its finger at real estate firms who give misleading names to their apartment developments. At first I thought there had been complaints from irate buyers who bought a "Mansion" only to find out that it actually an "Apartment", a "Heights", or even a "Co-op" (see below for definitions).

It turns out they wanted to crack down on those naughty developers who call their newest block of rabbit hutches "Grande Maison Ginza" when the property is actually 20 minutes' walk from there, in like, Hakozaki or something. There has been a lot of this going on.

So from January, you can only call it "Residence Yoyogi-koen No. 7" if it's within 300 meters of the actual park. You know, while they're at it I wish they'd do something about the "seven minute walk from XXX station" crap ! Seven minutes, my pony.

Japanese Apartment Names
Manshon ('Mansion') = Modern concrete apartment building over two stories, with elevator(s).
Apaato ('Apartment') = Smaller 2-3 storey apartment building with smaller units and no elevators, with wooden or light steel construction.
Koopo ('Co-op') = Similar to "apaato", usually small and sometimes with shared bathrooms.
Haitsu ('Heights') = Name given to many "manshon"(usu. older), "apaato" or "koopo"

Note: In the past many property names would follow the pattern of [Owner Name + Type] such as "Yamada Manshon", or "Ichiki Haitsu". Nowadays the trend is towards an [Image/Brand Name + Location] approach like "Dynacity Takanawadai", "Core Road Senri" and "Kyodo Residence", or to dispense with the location altogether, like "Casa May Hills".

Full Story : Nikkei, FTC Fair Trade Directive (PDF)

Tags : , , , ,
公正取引委員会 公正競争規約 物件名称


At 1:54 PM, Anonymous Scott said...

I've always thought those "x minutes from the station" statements were a load of crap too. However, I was watching "Trivia no Izumi" the other night and they mentioned that the time is actually determined by law according to the distance of the building from the station. The law states that every 80 metres is equal to 1 minute e.g. a building 400 metres from the station would be a 5 minute walk. This suggests the real estate agents don't have much room to twist these numbers. Not sure how much checking goes on, of course.

At 3:46 PM, Anonymous Gaijin Biker said...

Those real estate agents actually do walk pretty fast. I had a 60-year old lady show me some mansions and I could barely keep up with her. So for them, maybe the walk really is 7 minutes...


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