Condos in Japan

Apparently, only 47000 condos went up for sale last year in Tokyo, Japan, and that’s down almost 30%. The average price was 47.75 million yen.

Now as of the end of January, the yen-dollar conversion was 90:1, so 47.75 million yen = US $530555.55.

What I’m wondering is – WHERE THE HECK ARE ALL THESE CONDOS? Is Tokyo THAT big to hold THAT many condos???

And apparently, people there believe that to calculate how much you can afford, you multiply your annual salary TIMES FIVE… Here in the US, when you are looking at a new HOUSE, you multiply your annual salary times 2.5. And they double that for a CONDO??? Yikes!!!