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wooden nickels
Joined: 23 May 2010
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 Posted: Sun Dec 14, 2014 1:50 am Post subject: |
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| Stan Rogers wrote: |
| I got a very good deal on my apartment a few years ago. Since then the property market in Jeju has really taken off. The local real estate agent told me last week that he could get me 4 times what I paid for my apt right now if I want to sell. |
Sounds like you hit the jackpot. Congratulations.
I know several Korean people who have bought apartments on Jeju as investments. One of my Korean friends told me that it is now popular for Koreans to lease office-tels on Jeju and go there on weekends. Although the places are empty during the week, it's still cheaper and more convenient than trying to rent a hotel room for their frequent visits and vacations. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sun Dec 14, 2014 4:11 am Post subject: |
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| atwood wrote: |
| Stan Rogers wrote: |
| I got a very good deal on my apartment a few years ago. Since then the property market in Jeju has really taken off. The local real estate agent told me last week that he could get me 4 times what I paid for my apt right now if I want to sell. |
Did he mention if the prospective buyer(s) was Chinese by any chance? |
I didn't ask. I have no intentions of selling.
One thing that I've noticed is that some obviously wealthy people have bought orange farms and bulldozed them and put multimillion dollar American style homes on them. Many of these people are Koreans who have lived abroad for a long time and have moved here to retire. As for the Chinese it's hard to tell because there are so many of them around now.
Last edited by Stan Rogers on Sun Dec 14, 2014 4:32 am; edited 2 times in total |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sun Dec 14, 2014 4:20 am Post subject: |
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| wooden nickels wrote: |
| Stan Rogers wrote: |
| I got a very good deal on my apartment a few years ago. Since then the property market in Jeju has really taken off. The local real estate agent told me last week that he could get me 4 times what I paid for my apt right now if I want to sell. |
Sounds like you hit the jackpot. Congratulations.
I know several Korean people who have bought apartments on Jeju as investments. One of my Korean friends told me that it is now popular for Koreans to lease office-tels on Jeju and go there on weekends. Although the places are empty during the week, it's still cheaper and more convenient than trying to rent a hotel room for their frequent visits and vacations. |
It was never my intention to buy the apartment as an investment. I just happened to leave Seoul because I was sick an tired of the city. Luckily my departure from there was just before the housing crash and I wound up buying a place in Jeju before the market took off. I really liked the location, the view is awesome and the price was really good. Just plain stupid luck.
As I said before I have no intention of selling. I need a house to live in, and I like the one I've got. |
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wooden nickels
Joined: 23 May 2010
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| Posted: Sun Dec 14, 2014 5:26 am Post subject: |
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| Stan Rogers wrote: |
| wooden nickels wrote: |
| Stan Rogers wrote: |
| I got a very good deal on my apartment a few years ago. Since then the property market in Jeju has really taken off. The local real estate agent told me last week that he could get me 4 times what I paid for my apt right now if I want to sell. |
Sounds like you hit the jackpot. Congratulations.
I know several Korean people who have bought apartments on Jeju as investments. One of my Korean friends told me that it is now popular for Koreans to lease office-tels on Jeju and go there on weekends. Although the places are empty during the week, it's still cheaper and more convenient than trying to rent a hotel room for their frequent visits and vacations. |
It was never my intention to buy the apartment as an investment. I just happened to leave Seoul because I was sick an tired of the city. Luckily my departure from there was just before the housing crash and I wound up buying a place in Jeju before the market took off. I really liked the location, the view is awesome and the price was really good. Just plain stupid luck.
As I said before I have no intention of selling. I need a house to live in, and I like the one I've got. |
I've had my place for a couple of years. I'm thinking of selling it soon in case the housing market crashes. |
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motiontodismiss
Joined: 18 Dec 2011
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| Posted: Sun Dec 14, 2014 5:51 am Post subject: |
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| slothrop wrote: |
| the korean housing bubble will never pop. even when there are tons of empty apartments that no one will buy or sell at the current imaginary prices the owners will leave them empty, happily pay the maintinance fees each month and property taxes each year, and start calling them "super happy never lived in vintage family homes for well being" and raise the asking price ! |
You forgot the other part: demand bailouts from the government.
Then the government will oblige until they run out of money then the government itself will turn around and get a second bailout from the IMF while selling everything in sight worth anything. Except this time, the ever-thinning middle class will be so broke they won't have any gold to collect. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Thu Dec 18, 2014 11:11 pm Post subject: |
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| I think the Chinese shouldn't be allowed to buy land in Korea. Koreans cannot buy land in China, so fair is fair. |
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slothrop
Joined: 03 Feb 2003
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| Posted: Fri Dec 19, 2014 1:47 am Post subject: |
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edit
Last edited by slothrop on Sun Jan 11, 2015 5:04 am; edited 1 time in total |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sat Dec 20, 2014 3:58 am Post subject: |
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| slothrop wrote: |
| Stan Rogers wrote: |
| I think the Chinese shouldn't be allowed to buy land in Korea. Koreans cannot buy land in China, so fair is fair. |
are you sure koreans can't buy real estate in china? i don't know much about it but seem to recall a 'special report' about luxury apartments being built specifically for the foreigners in china.
btw, what percentage of cheju do's "new residents" do you figure raised the funds to buy new high end apartments and residency as corrupt public officials and gangsters? |
China is a communist country and the state owns all land. In China there is no such thing as property rights. I think Koreans should be reciprocal in their dealings with foreign countries. What they can do in another country the foreigners can do in theirs. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat Dec 20, 2014 4:18 am Post subject: |
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| Stan Rogers wrote: |
| slothrop wrote: |
| Stan Rogers wrote: |
| I think the Chinese shouldn't be allowed to buy land in Korea. Koreans cannot buy land in China, so fair is fair. |
are you sure koreans can't buy real estate in china? i don't know much about it but seem to recall a 'special report' about luxury apartments being built specifically for the foreigners in china.
btw, what percentage of cheju do's "new residents" do you figure raised the funds to buy new high end apartments and residency as corrupt public officials and gangsters? |
China is a communist country and the state owns all land. In China there is no such thing as property rights. I think Koreans should be reciprocal in their dealings with foreign countries. What they can do in another country the foreigners can do in theirs. |
That goes against the principle of the free-movement of capital. And Korea has done a lot to make capital move more freely in-and-out of Korea over the years. Not as ideal as say Hong Kong, where they don't even ask to see your passport when exchanging money. But hopefully one day it will be. |
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