Gangnam 3 District are outsiders”>Banpo-dong, Seocho-gu, Seoul. Photo = Samsung C&T”/>
Panoramic view of ‘Raemian One Bailey’ in Banpo-dong, Seocho-gu, Seoul. Photo = Samsung C&T
“After news broke that 34 pyeong (exclusive area 84 m2) of ‘Raemian One Bailey’ was sold for 6 billion won, there were many inquiries such as ‘Are there any for sale?’ “I told you to come out.” (Registered real estate agent near Raemian One Bailey complex in Banpo-dong, Seocho-gu)
Even though the real estate market is sluggish these days, apartments are traded in the three Gangnam districts (Gangnam, Seocho, and Songpa-gu) and are often sold at reported prices. If you are a real estate buyer who is interested in real estate, you might think, ‘What kind of place is Gangnam? Can houses be traded even in difficult market times?’
It is said that more active end-users often call local real estate brokerages directly to check, “Is this a real product being sold?” or “Are there any other similar properties for sale?”
Raemian One Bailey is a complex comprised of 23 buildings with a total of 2,990 households. The only buildings in this complex where you can see the Han River are buildings 101, 102, 122, and 123. Among these, it is said that only about 70 households have proper ‘Han River View’ households that can see the Han River directly from the front.
Will such a rare item also hit the market? It is said that real estate brokerages never disclose such properties for sale.
First of all, homeowners are rarely in a hurry. There are very few homeowners who say, ‘I need to sell this house and do something’ right now. Therefore, there is no reason to rush to sell the house if the price is not what the homeowner expected. This means that you don’t have to sell it by advertising it through a real estate agent.
Usually, residents living in renovated apartments have lived in the same neighborhood for a long time, so they often have family, relatives, and acquaintances living in the same complex. Therefore, it is said that the reason for not disclosing the property for sale is that they do not want to hear stories such as ‘Are you trying to organize the house?’ or ‘What are you planning to do with the house sold?’
Lease and sale prices are posted at the Raemian One Bailey shopping complex in Banpo-dong, Seoul. Photo = Hankyung DB An official from a certified real estate agent in Banpo-dong said, “In most cases, homeowners who own such rare properties sign a contract by knowing through a certified real estate agent with whom they are personally acquainted,” adding, “Even among real estate real estate agents in the same complex. “There are times when there is no way to know whether a property has been put up for sale or traded,” he said.
It is difficult to find rare properties for sale, but even if you find them, it is not easy to buy them. For example, in the case of an 84㎡ exclusive apartment in the Gangnam area, the price is around 3 billion won, and there is not much difference from general real estate sales for such items. This is because actual consumers with that level of income are entering. However, in the case of a 10 billion won penthouse or expensive apartment, we also verify whether you have the ability to purchase the house. There are cases where additional documents, such as proof of balance, are required before signing a contract on a house.
An official from Banpo-dong B certified brokerage said, “In the past, some visitors even forged balance certificates to get into penthouses, etc.” and “From the perspective of a certified real estate agent, they do not know which end-users will sign a contract, so they do not screen out (customers) for now. “When brokering expensive houses, real estate agents sometimes prepare their own safety measures,” he said.
Meanwhile, Seoul apartment transaction volume is still at a sluggish level. According to the Seoul Real Estate Information Plaza, last month’s apartment transaction volume in Seoul was 2,915, the lowest level this year. It has shrunk to one-third from the 9,142 cases last July, which was the highest this year.
Trading sentiment also declined. According to the Korea Real Estate Agency, as of the first week of this month (the 4th), the Seoul sales supply and demand index recorded 100.4, a slight decrease from 104.8 last August. This index is based on 100, and if the baseline is above 100, it means that there are more actual buyers trying to buy a house than homeowners trying to sell their house. In particular, the situation in the southeastern region, where the three districts of Gangnam are located, is 101.1, which is still better than the northeastern region (98.3), which includes Nowon, Dobong, and Gangbuk-gu.
Lee Song-ryeol, Hankyung.com reporter [email protected]
