Overview of Rarugo Iwanuma Sentorarupuraza (ラルゴ岩沼セントラルプラザ)
Rarugo Iwanuma Sentorarupuraza (ラルゴ岩沼セントラルプラザ) is a 33-year-old condominium located at Iwanumashi Chuuou 3 Choume 3-24 (岩沼市中央3丁目3-24), Miyagi, Japan. Built in 1993, it comprises 66 units in a Reinforced Concrete (RC) structure. It was constructed by Katsumura Kensetsu (勝村建設).
Pricing & Floor Plans
Based on 20 past listings, prices have ranged from 980〜1,790万円 (approx. $65,333–$119,333 USD at ¥150/$).
Unit sizes range from 68.1–81.6 sqm (733–878 sqft). Note: Japanese measurements refer to exclusive-use area (interior only, no common areas).
Available layouts: 2LDK (2-bedroom w/ living-dining-kitchen), 3LDK (3-bedroom w/ living-dining-kitchen).
Estimated price per sqm: ¥19.8万/sqm (approx. $1,322/sqm or $123/sqft).
Location & Neighborhood
The property is located at Iwanumashi Chuuou 3 Choume 3-24 (岩沼市中央3丁目3-24), Miyagi, Japan. It is a 7-minute walk to the nearest station. This is considered good station access by Japanese standards.
Investment Perspective
Building depreciation: In Japan, buildings depreciate significantly over time. Wood-frame houses depreciate to near-zero value at around 22 years, while RC structures depreciate more slowly but still lose value. At 33 years old, much of the building's value has already depreciated — the price largely reflects land value and location premium.
Scale advantage: With 66 units, this is a relatively large condominium. Larger buildings typically benefit from lower per-unit maintenance and repair reserve costs.
Key cultural note: Unlike the US where properties typically appreciate over time, Japanese buildings depreciate while the underlying land tends to hold or gain value. This means buyers should evaluate the land-to-building value ratio carefully.
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