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Clinton
Joined: 21 Jun 2009
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 Posted: Sun Jul 10, 2011 7:34 am Post subject: Accurate Housing Prices in Korea? |
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Unfortunately, I'm already leaving the country so I can't do the research myself... I know I ask a lot of stupid questions, hope you guys can stand one more...
I was walking around Gangnam with a friend one day and my friend told me about the housing prices. Said that the standard 3 bedroom / 2 bathroom in Gangnam was 1,000,000,000 WON (aka $1 Million).
I also heard that the standard 3 bedroom / 2 bathroom in other parts of Seoul that are brand new average about 700,000,000 WON (aka $700,000).
Then we passed by a building in Gangnam that said LUXURY APARTMENTS, and the building didn't seem bad at all. I asked about that place, and my friend said it's a One-Room or Studio, I'm not really sure if they're different or the same, but anyway the price was quoted as: 100,000,000 WON to 150,000,000 WON (aka $100,000 to $150,000).
I was shocked how cheap it was and wonder how accurate this quote is.
As a single guy, I think I could definitely afford to own a place like that and just trade it in later on when I'm much more successful and actually have a family. |
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tegu
Joined: 10 May 2006
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Koreadays
Joined: 20 May 2008
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| Posted: Sun Jul 10, 2011 7:03 pm Post subject: |
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you think 150 million won is cheap for a officetel? LOL
dude, it is probably 6 pyeong actually living space. advertising for say 15-18 but when you subtract the elevator, the car park, the other bs, you are left with nothing, the equivalent to say a 1 car garage back home. if that!
you might think it's cheap. they make good rental properties, and many ajumas are buying them up, so you can see the 6pyeong offictels soon to be doubling in price, now if that happens, then where does that leave apartments 3 to 4 times the size? over 1 million dollars..
this country is fueled by greed, dont buy anything, another bubble will come soon, because Koreans are like ticking time bombs, |
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Clinton
Joined: 21 Jun 2009
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| Posted: Mon Jul 11, 2011 12:58 am Post subject: |
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| Koreadays wrote: |
you think 150 million won is cheap for a officetel? LOL
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I guess the proper word would be "affordable" especially considering location. 
I live in one of the more expensive places in America, and even with housing prices lowering... They're not lowering fast enough.
And tegu, thank you for the site! It actually looks like officetels and onerooms are more in the 200 million won and up range... |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Jul 11, 2011 1:09 am Post subject: |
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| Clinton wrote: |
| Koreadays wrote: |
you think 150 million won is cheap for a officetel? LOL
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I guess the proper word would be "affordable" especially considering location.
I live in one of the more expensive places in America, and even with housing prices lowering... They're not lowering fast enough.
And tegu, thank you for the site! It actually looks like officetels and onerooms are more in the 200 million won and up range... |
$150,000 is pretty cheap for almost any form of housing in and around where I'm from. |
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zappadelta
Joined: 31 Aug 2004
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| Posted: Mon Jul 11, 2011 1:28 am Post subject: |
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| Koreadays wrote: |
you think 150 million won is cheap for a officetel? LOL
dude, it is probably 6 pyeong actually living space. advertising for say 15-18 but when you subtract the elevator, the car park, the other bs, you are left with nothing, the equivalent to say a 1 car garage back home. if that!
you might think it's cheap. they make good rental properties, and many ajumas are buying them up, so you can see the 6pyeong offictels soon to be doubling in price, now if that happens, then where does that leave apartments 3 to 4 times the size? over 1 million dollars..
this country is fueled by greed, dont buy anything, another bubble will come soon, because Koreans are like ticking time bombs, |
It is cheap. |
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luckylooch
Joined: 01 Mar 2009
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| Posted: Mon Jul 11, 2011 1:56 am Post subject: |
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| Clinton wrote: |
| I live in one of the more expensive places in America, and even with housing prices lowering... They're not lowering fast enough. |
Where do you live in America? |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon Jul 11, 2011 2:12 am Post subject: |
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| You sure that wasn't key money? |
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thurst
Joined: 08 Apr 2009
Location: Seoul
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| Posted: Mon Jul 11, 2011 6:56 am Post subject: |
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| idk where exactly the OP poster is from, but if you're from the tri-state (ny/nj/ct) area those prices should seem pretty reasonable. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Jul 11, 2011 3:31 pm Post subject: |
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Are you asking us to evaluate the price of an apartment that you walked past once, and give no information about except that it's $150,000???
mmmm....okay....ugh.....it's a good price!! Buy it!  |
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methdxman
Joined: 14 Sep 2010
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| Posted: Mon Jul 11, 2011 5:42 pm Post subject: Re: Accurate Housing Prices in Korea? |
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| Clinton wrote: |
Unfortunately, I'm already leaving the country so I can't do the research myself... I know I ask a lot of stupid questions, hope you guys can stand one more...
I was walking around Gangnam with a friend one day and my friend told me about the housing prices. Said that the standard 3 bedroom / 2 bathroom in Gangnam was 1,000,000,000 WON (aka $1 Million).
I also heard that the standard 3 bedroom / 2 bathroom in other parts of Seoul that are brand new average about 700,000,000 WON (aka $700,000).
Then we passed by a building in Gangnam that said LUXURY APARTMENTS, and the building didn't seem bad at all. I asked about that place, and my friend said it's a One-Room or Studio, I'm not really sure if they're different or the same, but anyway the price was quoted as: 100,000,000 WON to 150,000,000 WON (aka $100,000 to $150,000).
I was shocked how cheap it was and wonder how accurate this quote is.
As a single guy, I think I could definitely afford to own a place like that and just trade it in later on when I'm much more successful and actually have a family. |
That was probably jeonse |
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Clinton
Joined: 21 Jun 2009
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| Posted: Mon Jul 11, 2011 10:56 pm Post subject: Re: Accurate Housing Prices in Korea? |
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| methdxman wrote: |
| That was probably jeonse |
I gotta admit, I still wonder how "safe" jeonse is.
Korea's not a country that one can consider "non-corrupt" though I'm sure it's better than in the old days. Even in America, there are so many cases where landlords (including property management companies) screw their tenants out of security deposits.
It just seems nervewracking to give up that much money and wonder if you'll even get it back, especially if, should say, the Korean real estate bubble pops. |
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methdxman
Joined: 14 Sep 2010
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| Posted: Mon Jul 11, 2011 11:09 pm Post subject: Re: Accurate Housing Prices in Korea? |
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| Clinton wrote: |
| methdxman wrote: |
| That was probably jeonse |
I gotta admit, I still wonder how "safe" jeonse is.
Korea's not a country that one can consider "non-corrupt" though I'm sure it's better than in the old days. Even in America, there are so many cases where landlords (including property management companies) screw their tenants out of security deposits.
It just seems nervewracking to give up that much money and wonder if you'll even get it back, especially if, should say, the Korean real estate bubble pops. |
Of course you can get insurance for Jeonse. |
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Clinton
Joined: 21 Jun 2009
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| Posted: Tue Jul 12, 2011 12:22 am Post subject: Re: Accurate Housing Prices in Korea? |
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| methdxman wrote: |
Of course you can get insurance for Jeonse. |
Wow, now that makes sense. How much is insurance usually?
So many things for a foreigner like me to learn. |
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