Abstract
Japanese condominiums, which are seen to be the indispensable elements in Japanese Cities, are thought to have many problems from the eternal estates point of view. This paper aims to evaluate the possibilities of reconstruction of Japanese condominiums through the derivation of simplified formulas. By introducing the concept of ‘filling ratio of FAR (FRFAR)’ and estimations on the land prices and construction costs, two simplified formulas are derived: 1) critical formula (CF: the maximum FRFAR for the system of exchange equivalents being possible), 2) additional formula (AF: additional costs for reconstruction if the system of exchange equivalents being impossible). These formulas are proved to hold on the data extracted from past 30 successful examples of condominium reconstructions. However these formulas can be used for the evaluation of present condominium stocks for the possibilities of future reconstructions. The evaluation may results in severe predictions for almost condominium stocks.
