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Housing Market is NUTS here!
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red_devil



Joined: 30 Jun 2008
Location: Korea

PostPosted: Mon Aug 17, 2009 9:20 pm    Post subject: Housing Market is NUTS here! Reply with quote

Do people really dish out for these ridiculous housing prices in Seoul? I mean granted, i'm looking in or near Gangnam, but still. It's like i never left S. California...at least there if i drop $2500 on monthly rent, i don't need to pay a deposit of $20K! Talked to a few real estate guys that tell me it's impossible to find anything decent in Gangnam for less than 3M won a month...i found a few select places for like 2M but they require like 30M won key money...i thought we were in a recession here??? How can housing prices still stay so high when people don't have money? And i make pretty good money, and this is still way past my budget. Who drops 4M a month on RENT? Shocked
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freshking



Joined: 07 Dec 2006

PostPosted: Mon Aug 17, 2009 9:35 pm    Post subject: Reply with quote

Dude you're in the most expensive neighborhood of the most expensive city in the country. I'm sure you figured that out already, but yeah it's ridiculously expensive.
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Mon Aug 17, 2009 9:39 pm    Post subject: Reply with quote

Far more loan are being issued - thus keeping the housig market up.
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tremendous



Joined: 12 Aug 2009

PostPosted: Mon Aug 17, 2009 9:47 pm    Post subject: Reply with quote

Housing prices are on their way back up. Not sure if they even ever dropped in Kangnam.
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CA-NA-DA-ABC



Joined: 20 Jun 2006

PostPosted: Mon Aug 17, 2009 9:48 pm    Post subject: Reply with quote

freshking wrote:
Dude you're in the most expensive neighborhood of the most expensive city in the country.


THIS.
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samd



Joined: 03 Jan 2007

PostPosted: Mon Aug 17, 2009 9:53 pm    Post subject: Reply with quote

What do you mean by "decent"?
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bassexpander



Joined: 13 Sep 2007
Location: Someplace you'd rather be.

PostPosted: Mon Aug 17, 2009 10:06 pm    Post subject: Reply with quote

Look for something on the olive-colored line heading North. You can still get to Kangnam fast and rates are better. Try around Youngmassan station.
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CA-NA-DA-ABC



Joined: 20 Jun 2006

PostPosted: Mon Aug 17, 2009 10:10 pm    Post subject: Reply with quote

The fact is that for whatever reason you've chosen to narrow your scope to Gangnam, a small patch of land that is notorious even among the locals for a hyper-inflated market to make a generalized judgement about an erroneously larger concept you only vaguely specify as "here".
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red_devil



Joined: 30 Jun 2008
Location: Korea

PostPosted: Mon Aug 17, 2009 10:15 pm    Post subject: Reply with quote

It's not just Gangnam. Seocho is the same as is, Yongsan, Mapo, Jamsil, Songpa is probably the least expensive.
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CA-NA-DA-ABC



Joined: 20 Jun 2006

PostPosted: Mon Aug 17, 2009 10:37 pm    Post subject: Reply with quote

Sorry, but in the real estate world, Seocho and Songpa are under the umbrella of "Gangnam."

Still, the housing prices in Seoul are nothing extraordinary given the city's economic scale.

Also, Jamsil and Yongsan are some of the most expensive areas in Seoul. Housing prices in the Jamsil area jumped up by almost 100 million won the day after the planned construction of Lotte World 2 was announced.
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pkang0202



Joined: 09 Mar 2007

PostPosted: Mon Aug 17, 2009 10:44 pm    Post subject: Reply with quote

What kind of place is the OP getting? a 4 bedroom at Lotte Castle!?!??


In Gangnam you can find a good Officetel One-room for 10 mil down, and 800k a month. (Doosan We've Centium, LG Eccelat)

Also for that much, you can find a 2 room at a Villa.
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fruitcake



Joined: 18 Apr 2004
Location: shinchon

PostPosted: Tue Aug 18, 2009 12:11 am    Post subject: Reply with quote

it's gonna pop
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Dude Ranch



Joined: 04 Nov 2008

PostPosted: Tue Aug 18, 2009 12:24 am    Post subject: Reply with quote

fruitcake wrote:
it's gonna pop


touche
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red_devil



Joined: 30 Jun 2008
Location: Korea

PostPosted: Tue Aug 18, 2009 12:26 am    Post subject: Reply with quote

pkang0202 wrote:
What kind of place is the OP getting? a 4 bedroom at Lotte Castle!?!??


In Gangnam you can find a good Officetel One-room for 10 mil down, and 800k a month. (Doosan We've Centium, LG Eccelat)

Also for that much, you can find a 2 room at a Villa.


Looking for 1 bd/1ba where bedroom is separate - some reason places call this a 2 room, strange. Also villas are just as expensive about 3M a month. I will probably end up getting an officetel i know they can be decent, but still you're sleeping in the living room basically...right now i'm looking at loft officetels, i think that's probably what i'll end up getting. I could afford 2-3M a month but not the 30M key money...and even if i could afford the monthly, who'd want to flush 3M ($2400) a month down the drain? That's not including utilities and all the other costs. Oh well, the hunt continues...

P.S. a 4 bd at Lotte Castle or I-Park or similar it's something like 15M-20M a month. Shocked
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benji



Joined: 21 Jul 2009

PostPosted: Tue Aug 18, 2009 1:25 am    Post subject: Reply with quote

Why are you dead set on living in Kangnam?
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