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Korean Job Discussion Forums
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MollyBloom
Joined: 21 Jul 2006
Location: James Joyce's pants
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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 Posted: Mon Jun 20, 2011 4:49 pm Post subject: |
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15 million a month? What the frack?! And half of them still don't come with a decent bath  |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Jun 20, 2011 5:00 pm Post subject: |
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You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Jun 20, 2011 5:52 pm Post subject: |
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| eamo wrote: |
You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
There are way too many people in way too small of a space. It does seem like Koreans are slowly waking up to the reality that Seoul is pretty freaking crappy compared to many of its Asian competitors, however, so maybe it pulls itself together in the next 15-20 years. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon Jun 20, 2011 5:57 pm Post subject: |
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| eamo wrote: |
You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
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I only looked at the first link, but it got me thinking about your comment.
Would it not depend on location? I mean, a 3000sqft home in Texas is boud to be cheaper than one in San Fran, right? The pictures remind me of upper-middle class McMansions back home. But in NY, LA, or whatever, I'm guessing the size /standards change. |
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methdxman
Joined: 14 Sep 2010
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| Posted: Mon Jun 20, 2011 5:59 pm Post subject: |
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| eamo wrote: |
You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
The market shows you exactly how income distribution is. The rich here are really rich. And that's about it.
Interesting income distribution in Korea:
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According to the National Tax Service, 197,000 Koreans made more than W100 million last year, and more than 1,000 people made more than W1 billion. The number of people making six-figure salaries increased more than 12-fold over the last decade from 15,000 in 1999. That explosive growth cannot be explained simply by factors like economic growth and the effects of inflation. In the finance and insurance industries, one out of every 10 workers earns a six-figure salary.
Still, it remains a dream for most office workers. There are 4.51 million people in Korea who make less than W10 million a year. The ratio of low-paid workers who make less than half of the median income rose from 9.3 percent of all workers in 1995 to 12.4 percent last year. The nation is seeing a polarized salary structure with people earning six-figure salaries on one side and those making low wages on the other. The government needs to come up with measures to deal with the worsening wage disparity and consequent social tensions. |
Honestly though, if you want to live a western lifestyle in Seoul, a six figure salary is like nothing.
To be fair six figures is like nothing in New York, San Fran, L.A. either.
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Jun 20, 2011 6:15 pm Post subject: |
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I can guess at some of the reasons for the discrepancy in property price and value ratio's between here and the west........I'm no expert though.....
.......but I had to question what the hell is going on when my wife and I drove past a new luxury low-rise apartment development near my home recently. She told me that this was going to be one of the most prestigious developments ever built in Korea. It's part of the Pangyo development in Bundang-gu......anyway, the apartments will range from 4 million to 8 million USD!!
In Gyeonggi-do??
I'll supply a link later to let you see the designs and artist impressions of these apts........not that impressive.
There's some serious bubble-blowing going on between the developers and the estate agents to get these apts up to that price. |
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jizza
Joined: 24 Aug 2009
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| Posted: Mon Jun 20, 2011 6:30 pm Post subject: |
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These places are not impressive. 12-16 million won a month? Seriously?
Maybe I'm just jaded because I'm currently in the US but besides the house in the UN Village Hannam Dong they all look poorly designed and over-priced. The house in Itaewon is just a normal house you'd find in any American suburb. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Jun 20, 2011 6:35 pm Post subject: |
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| eamo wrote: |
You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
It's not what you think it's worth, it's what the market dictates. Just like some 2 million, 800 sqf ,one bedroom condo in Manhattan. I find these homes impressive, but where I'm from you'd be far outside of the city, with some dirt access road that would be almost impassible in winter without a 4x4, and that is why it would be a lot cheaper. However these homes are in the middle of a metro of 20 million. |
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MollyBloom
Joined: 21 Jul 2006
Location: James Joyce's pants
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| Posted: Mon Jun 20, 2011 6:51 pm Post subject: |
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| The first link is my favorite, which goes to say the only ones I really liked were the houses with a nice lawn. I guess the apts. are aesthetically pleasing, but the over-doing of the granite pillars makes it look gaudy. It reminds me of the rich ajummas who wear expensive, ugly, silk blouses. And, every picture taken might showcase a nice room, but then there's a nasty pink gauze curtain hanging from the rod. I know it's the previous owner's taste, but damn. Honestly, I think a bad-ass house to own would be a custom-made traditional Korean house sprawled out on a few acres. |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Jun 20, 2011 7:19 pm Post subject: |
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| jizza wrote: |
These places are not impressive. 12-16 million won a month? Seriously?
Maybe I'm just jaded because I'm currently in the US but besides the house in the UN Village Hannam Dong they all look poorly designed and over-priced. The house in Itaewon is just a normal house you'd find in any American suburb. |
...but it's not in an American suburb, it's in the heart of Seoul. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Jun 20, 2011 7:25 pm Post subject: |
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| jvalmer wrote: |
| eamo wrote: |
You can see the gap in what money can buy you from Korea to the west when you look at these homes.........they're targeted at the Korean super-rich.....but actually, they're on about the same par as a suburban doctor's or lawyer's house in the west. No great shakes.
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
It's not what you think it's worth, it's what the market dictates. Just like some 2 million, 800 sqf ,one bedroom condo in Manhattan. I find these homes impressive, but where I'm from you'd be far outside of the city, with some dirt access road that would be almost impassible in winter without a 4x4, and that is why it would be a lot cheaper. However these homes are in the middle of a metro of 20 million. |
12-18 million won per month rent? And probably a hefty deposit too........that's about 6000-9000 GBP where I come from.....I'm sure I could find lovely big 4 bed houses with front and back gardens in the London area, not up some dirt track, for less than that.
just 2 mins on google got me this.
http://www.foxtons.co.uk/search?location_ids=1019-47&property_id=770131&search_form=map&search_type=LL&submit_type=search
Central London. 3 bed. 5000 GBP per month.......I'm sure I could find much better given time.
I think these properties linked by the OP have been really inflated in price because the estate agents expect them to be rented by people who won't actually be paying the rent. e.g. diplomats and temporary business executives. |
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da_moler
Joined: 11 Nov 2006
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| Posted: Mon Jun 20, 2011 8:13 pm Post subject: |
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An interesting thread. As I see it, this is all about supply and demand. High-standard living accommodation is in short supply in Seoul, and so these not-much-better-than-mediocre properties become extremely expensive. I've always found it amazing the way the super-rich in Korea live, for example in shabby-looking high-rise apartment blocks right on the expressway next to the Han River. Amazing that this is as good as it gets! I guess Koreans haven't caught on to the interest in lifestyle and 'good living' that predominates in the West (no doubt partly due to the long working hours and lack of vacation time). In the UK, people on a meagre wage live a lot better materially than high earners in Korea. Admittedly this is achieved by racking up huge levels of household debt, but it is all about aspiration, and there being something to spend that money on besides bars, girls, etc.
Similarly, why is there no glamorous seaside resort within easy reach of Seoul for the rich to relax, go yachting, etc.? Will we see the development of an Apgujeong-on-Sea in coming years as the rich get richer, more internationalized, and start wanting to live like their co-workers in Singapore, London, and New York. I would guess yes. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Mon Jun 20, 2011 8:13 pm Post subject: |
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| eamo wrote: |
I really don't think the rich in Korea get much value for their money. Many of Korea's professional elite in Gangnam live in average-sized apartments in densely populated areas with little greenery, choking pollution, daily traffic jams, and limited entertainment and leisure facilities befitting their class/wealth. |
Totally agree. What life are the rich in Korea living that's better than me?
Restaurants? Where's the high-end restaurant that I dream of eating at. None.
Nice quiet neighborhoods?
I'd rather living in my little city than in Gangnam or HaeUnDae.
Can't think of a Korean I envy.
Actually it seems some people in small town Jeju have the best quality of life. |
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da_moler
Joined: 11 Nov 2006
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| Posted: Mon Jun 20, 2011 8:13 pm Post subject: |
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An interesting thread. As I see it, this is all about supply and demand. High-standard living accommodation is in short supply in Seoul, and so these not-much-better-than-mediocre properties become extremely expensive. I've always found it amazing the way the super-rich in Korea live, for example in shabby-looking high-rise apartment blocks right on the expressway next to the Han River. Amazing that this is as good as it gets! I guess Koreans haven't caught on to the interest in lifestyle and 'good living' that predominates in the West (no doubt partly due to the long working hours and lack of vacation time). In the UK, people on a meagre wage live a lot better materially than high earners in Korea. Admittedly this is achieved by racking up huge levels of household debt, but it is all about aspiration, and there being something to spend that money on besides bars, girls, etc.
Similarly, why is there no glamorous seaside resort within easy reach of Seoul for the rich to relax, go yachting, etc.? Will we see the development of an Apgujeong-on-Sea in coming years as the rich get richer, more internationalized, and start wanting to live like their co-workers in Singapore, London, and New York. I would guess yes. |
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