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Eedoryeong
Joined: 10 Dec 2007
Location: Jeju
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rickpidero
Joined: 03 Sep 2009
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 Posted: Mon Jul 12, 2010 8:55 pm Post subject: |
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It's called Songdo. It's in Incheon. Furthest south on the Incheon line. It's not close to Seoul really. Although, they are going to build a rapid line sometime by 2014.
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Jul 12, 2010 10:28 pm Post subject: |
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| rickpidero wrote: |
It's called Songdo. It's in Incheon. Furthest south on the Incheon line. It's not close to Seoul really. Although, they are going to build a rapid line sometime by 2014.
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
With all experiments you've got to give it time. Korea surprises often with some of their long term vision like building highways when nobody owned cars back in the 70's. Or it could be a dud and in 10 years a lot of Korean home buyers could be very happy buying rock bottom real estate. |
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nautilus
Joined: 26 Nov 2005
Location: Je jump, Tu jump, oui jump!
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| Posted: Tue Jul 13, 2010 1:07 am Post subject: |
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| rickpidero wrote: |
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
Its supposed to be an international free economic zone.
I can't help but think though the Koreans have rigged it completely to their advantage. Last I heard foreigners were muscled out of the initial property auction by Koreans who'd already secured them illegally beforehand. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Tue Jul 13, 2010 3:47 am Post subject: |
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| My mom had mentioned to me that she saw something about Songdo on the news. I was shocked because she hardly ever asks questions about Korea. |
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rickpidero
Joined: 03 Sep 2009
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| Posted: Tue Jul 13, 2010 8:15 pm Post subject: |
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| jvalmer wrote: |
| rickpidero wrote: |
It's called Songdo. It's in Incheon. Furthest south on the Incheon line. It's not close to Seoul really. Although, they are going to build a rapid line sometime by 2014.
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
With all experiments you've got to give it time. Korea surprises often with some of their long term vision like building highways when nobody owned cars back in the 70's. Or it could be a dud and in 10 years a lot of Korean home buyers could be very happy buying rock bottom real estate. |
| nautilus wrote: |
| rickpidero wrote: |
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
Its supposed to be an international free economic zone.
I can't help but think though the Koreans have rigged it completely to their advantage. Last I heard foreigners were muscled out of the initial property auction by Koreans who'd already secured them illegally beforehand. |
Well, the did just build a Quiznos there, so maybe they are doing something right. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Jul 14, 2010 12:02 am Post subject: |
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| rickpidero wrote: |
It's called Songdo. It's in Incheon. Furthest south on the Incheon line. It's not close to Seoul really. Although, they are going to build a rapid line sometime by 2014.
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
Dude it's not even closed to being finished, of course it's a ghost town. |
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rickpidero
Joined: 03 Sep 2009
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| Posted: Wed Jul 14, 2010 7:43 pm Post subject: |
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| Slowmotion wrote: |
| rickpidero wrote: |
It's called Songdo. It's in Incheon. Furthest south on the Incheon line. It's not close to Seoul really. Although, they are going to build a rapid line sometime by 2014.
It's a freaking ghost town, it looks like it's failing because no one is ever there. I'm not sure it can last. |
Dude it's not even closed to being finished, of course it's a ghost town. |
A lot of things are finished though. Apartment buildings, subway stations, etc... no people. It's strange. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Wed Jul 14, 2010 8:11 pm Post subject: |
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actually there are many towns just like that all over korea.
the real estate recession hurt the new towns, so no one is buying anything
plus the prices are at escalated value, so construction companies who were looking for a HUGE payday are sitting there about to lose their shirt on off their backs! and home buyers are just waiting for the crash so the prices come tumbling down! but the government with their interests in the construction companies want to keep the prices up so they can all get PAID!
but Koreans are not buying anything.. so LEE MYUNG BAK will make his announcement next month, so everyone is holding their breath for that!
if that fails, then the real estate will certainly BUBBLE like japan.. and then CASH IS KING!!! and deals will be had!
if the bubble doesn't burst, then its high prices again!! and all walking on shaking ground waiting for the bubble, and everyone hoping they are not left holding the bag when it does burst! |
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