What Makes Vintage Mansions Attractive? Reasons Why Their Asset Value Doesn’t Decline Even After 30 Years

“Vintage” refers to something that has increased in value over time. This concept applies not only to wine, cars, and art but also to mansions that have transformed the passage of time into charm. Typically in Japan, the value of a condominium decreases as it ages, but vintage mansions are in a league of their own. What are the reasons behind their allure and popularity?

What Exactly Is a Vintage Mansion?

A vintage mansion is characterized by a perfect combination of location, design, management, and price.

The term “vintage mansion” came into circulation in the early 2000s. Following the collapse of the bubble economy and the subsequent deflationary period that led to a sharp decline in real estate prices, significant attention was drawn to a number of mansions whose prices managed to remain stable. Many of these properties are located in urban areas, offering convenience and coveted access to greenery, or boasting impressive sizes that are unusual for their central locations.

These buildings often feature distinctive architectural designs and unique layouts, with some properties using rare foreign building materials, or displaying art that you might expect to find in a museum at their entrances. As more people have begun to ask, “Did such unique properties exist in the past?” amidst the proliferation of more uniform buildings, these properties have become increasingly known as “vintage mansions.”

Indeed, vintage mansions are most commonly found in central areas of Tokyo, particularly in Chiyoda, Minato, and Shibuya wards, with some of these properties dating back to the 1960s. Older properties, even ones that were completed more than half a century ago, are able to retain their value, in large part due to proper management. Well-maintained landscaping, proper upkeep, modern updates to plumbing and other facilities, and appropriate large-scale renovations are what keeps vintage mansions properly maintained.

In other words, a vintage mansion has the right combination of location, design, and management, with many people recognizing their value and expressing a desire to purchase one. This high valuation translates to market prices, making it difficult for prices to drop, and some properties have even appreciated beyond their initial selling prices.

Is There No Clear Definition for Vintage Mansions?

Interestingly, there are no clear criteria for what signifies a mansion as vintage, and different organizations and media outlets have varying definitions. For example, the real estate research company “Tokyo Kantei” sets the criteria for vintage mansions as “10 years or older,” “average unit size of over 90 m²,” and “price per tsubo over 3 million yen.” However, it’s common for properties that fall below these thresholds to still be marketed as vintage mansions.

Many people recognize the value of vintage mansions, and anyone can define it according to their own criteria. For instance, one definition put forth by someone knowledgeable in the real estate industry included the condition that “the front door must open inward.” In Japan, outward-opening doors are more common due to the custom of removing shoes. An inward-opening door is feasible only if there is ample space in the entryway, as seen in many European residences.

Some may value the richness of greenery, while others might see luxurious entrance decor as the hallmark of a vintage property. With this in mind, the range of choices widens, but what is the intrinsic value of living in a vintage mansion?

While it may be difficult for the economic market value to decline, a vintage mansion’s greatest value lies in the richness of the life it offers. Vintage mansions stand in locations that are now highly competitive in the real estate market, maximizing the unique characteristics of these locations and deeply reflecting the lifestyles of the people who live there. Living in a vintage mansion allows you to experience specific moments and scenes that can only be gained from the attractive neighborhoods they’re located in.

Unlike collecting vintage cars that are rarely driven, a mansion’s value is meaningful only when its charm is integrated into daily life. The essence of a vintage mansion is fundamentally centered on living.

Notable Vintage Mansion 1

Mita Tsunamachi Park Mansion 

Vintage mansions, which continue to maintain their high values even after many years, have preserved their worth in several ways. What has contributed to this value, and what is the actual living experience like? To explore this, we will introduce in chronological order four properties considered vintage mansion masterpieces.

First, we have the “Mita Tsunamachi Park Mansion,” regarded as a pioneer of urban tower mansions. Completed in 1972, the pure white twin towers rise 19 stories high, reaching an impressive height of 52 meters and making it one of the first high-rise condominiums. Upon its launch, this mansion generated significant buzz as the “third high-rise building in Japan,” following Tokyo Tower and the Kasumigaseki Building.

Notable Vintage Mansion 2

Hiroo Garden Hills 

Next, we will introduce “Hiroo Garden Hills”, which was completed between 1983 and 1987. It is conveniently located just a stone’s throw from Hiroo Station, and its vast site area of approximately 57,000 m² is truly exceptional. It is said that such large-scale condominiums in central Tokyo may never be built again.

There are three key features worth noting about this property. One is the impressive amount of greenery. Known as “Hiroo no Mori,” the main street is lined with towering zelkova trees, complemented by a myriad of other tree species such as camphor, azaleas, and camellias. Walking through the area is so pleasant that one can’t help but take a deep breath.

Residents say that when it was completed, the trees were small, and the greenery was sparse. Indeed, over the past 30 years, time has refined this property’s charm.

Notable Vintage Mansion 3

Arisugawa Hills 

Next, we will present two vintage mansions completed in the early 1990s. This period saw the initiation of projects during the bubble era, characterized by luxurious specifications. “Arisugawa Hills,” completed in 1991, is a symbolic mansion of this kind.

This property is directly across from the lush Arisugawa Memorial Park. One of its significant features is that residents can enjoy the changing colors of the park’s trees throughout the seasons right from their homes.

Notable Vintage Mansion 4

Domus Minamiazabu 

Finally, we will introduce “Domus Minamiazabu,” completed in 1993. Situated on a hill in Minamiazabu, this property is regarded as the pinnacle of the Domus series, a high-class brand of collective housing.

Its motif is based on European residential buildings, which are expected to be lived in for 100 to 200 years. This property features lavish designs not only in its building structure and layout, but also in its interior materials and furnishings.

For instance, the lobby lounge is adorned with a Baccarat chandelier and luxurious living room sets, giving the impression that you’ve stepped into another world as you pass through the entrance.

On the same floor, there is an elegant indoor pool and an outdoor jacuzzi, alongside a fitness gym equipped with the latest machines from the globally renowned brand “MATRIX.”

The luxury extends to the interiors as well. The lobby lounge and common corridors are lined with well-matched marble, while the entrance door features a classical frame made from a single piece of wood. The doorknobs are from the renowned Fontaine company, which has also been used in the Palace of Versailles. The difficulty in producing such a meticulously crafted mansion today cannot be overstated.

These four properties should give you a sense of the charm of vintage mansions. But when you wish to live in one, what should you keep in mind?

What Should You Pay Attention to When Living in a Vintage Mansion?

One of the key points to keep in mind is the basic performance of the residence, including insulation and soundproofing. The basic performance of condominiums has significantly improved over the past decade or so. It is important to remember that prior to this period, there were considerable differences between properties in regards to insulation and soundproofing.Older mansions may lack insulation altogether. 

Additionally, if the condominium was built before the adoption of the new earthquake resistance standards in 1981, it is essential to conduct an earthquake assessment and verify whether any necessary reinforcements need to be made.

It is possible to reinforce insulation through renovations. You might be able to install inner windows or double-glazed windows depending on the property. Whether these changes can be implemented is governed by management regulations, so it is advisable to confirm in advance.

Regarding management, don’t assume that vintage mansions are inherently secure. It is prudent to verify conditions yourself. Pay attention to the cleanliness, the state of landscaping, the maintenance of fittings and facilities, and check the history and plans for large-scale repairs.Moreover, it is also important to consider changes in the historical context when making a decision.

Compared to when the term “vintage mansion” was coined, the number of tower mansions in central Tokyo has increased, and new urban developments have emerged due to redevelopment. Moreover, various aspects, including the economic situation, have changed since that time, leading to the emergence of different evaluation criteria for traditional vintage properties. It is said that in New York, high-floor tower mansions facing Central Park are now considered vintage, and a similar trend could emerge in Japan. If that happens, the symbolic scenes of lifestyles intertwined with vintage mansions may change in the future.

Patience is Key When Waiting for Popular Properties, and Renting is an Option

With these considerations in mind, a reliable way to find the property you want is through internet real estate search sites, where you can see what types of mansions are available. However, even if you come across your desired property, popular vintage mansions often have limited availability, and when they do come up for sale, they tend to be sold quickly. 

Therefore, a reliable way to buy is to contact a brokerage firm and have them inform you when properties become available. Recently, it has also become common for renovation companies to sell units that have been renovated, so searching directly through these companies is another option.

Additionally, there are units in vintage mansions that are available for rent, allowing you to live in one as well. Testing how you feel living in a vintage mansion through a short-term rental is a valid approach.

SUUMO offers a wide range of listings, including properties for sale and for rent, allowing you to search with a broad range of criteria. In any case, the timing of when you can start living in a property is always uncertain. Just like the mansions that have withstood the test of time, it’s important to maintain a patient mindset during your property search.

Even after many years, what makes vintage mansions unique is their individuality that continues to shine through. The “one-of-a-kind charm” comes from the pride and affection of the residents who have lived there over time. Living in a vintage mansion means becoming one of its successors. It’s worth considering whether you can develop an attachment to the mansion, including the time accumulated and the character it has fostered. So, take a moment to ask yourself, is this home a right fit for me, and am I a right fit for this home?