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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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 Posted: Tue Dec 27, 2005 9:27 pm Post subject: Buying an apartment |
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| I've been thinking of buying an apartment. although i'm pretty unsure. Is now the time to buy or should I hold off on it for awhile? Does anyone have any predictions on the housing market? |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Dec 27, 2005 9:47 pm Post subject: |
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There is the famous tale of the rich New York broker who was in early October 1929 advised to buy a certain stock by a shoe-shine boy.
He decided that was the right moment to sell all the stock he held. |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Tue Dec 27, 2005 10:07 pm Post subject: |
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never heard of that story.
So I guess your saying now is not the time to buy. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Dec 27, 2005 10:16 pm Post subject: |
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Well, people keep telling me that "Korea is different" and "It's different this time" but I am a crusty old cynic and believe neither.
Once prices are unaffordable, someone will pull out a brick from the pyramid. Once people start to sell an illiquid asset like an apartment, and find they can't, the have to drop the price fast.
Put another way, if you are buying and expect capital gain, be careful. If you are buying to save rent and live in the place as a utility, for a long period, go ahead. |
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