"What do you mean, you don't know?"... The Broker Doesn't Know, Even Though Subscription Applications Open Soon [Kwon Jun-ho's Hot Apartment Rundown]

The apartment we will introduce in the first week of September is Brownstone Wolgok Central, located in Hawolgok-dong, Seongbuk District, Seoul.It ranked first after attracting about 15,000 views over the course of a week.Brownstone Wolgok Central is a small complex consisting of just two buildings, with a total of 145 households.The 2,197-household Wolgok Doosan We’ve complex is located directly in front of it, making Brownstone Wolgok Central feel even smaller. We visited the site in person to see a place from which Gireum Station, Miasageori Station, and Wolgok Station can all be reached on foot, a complex that is smaller than expected, and one where subscription applications will open soon.
After walking for about 10 minutes from Exit 2 of Wolgok Station on the 4th, we could see the construction site of Brownstone Wolgok Central, the subject of today's report.My first thought upon seeing the site was, "It is really small." I expected it to be small, but it looked even smaller than anticipated. An excavator was busy leveling the ground. A construction screen bearing the words "ISU Construction" and "Brown Stone" in English had also been erected at the entrance.The complex is being developed through the small-scale reconstruction and maintenance project for Dongsin Apartment.Although it is closest to Wolgok Station, Gireum Station on Line 4 and Miasageori Station can also be reached on foot.Curious about how long it would take to reach each station, I walked to all of them. For an adult man, the longest walk was from Gireum Station to the complex, at 18 minutes, while the walk from Miasageori Station took slightly less time, at 17 minutes.It is not an apartment complex with an elementary school right next to it, but Soong-in Elementary School and Sunggok Elementary School are within walking distance. Both are located about 10 minutes away on foot.The location is not bad.Hyundai Department Store, Lotte Department Store, and Emart are all well established near the complex. Residents will share the same neighborhood amenities as the large Wolgok Doosan We’ve complex directly in front.
The main reason Brownstone Wolgok Central was the most popular complex last week is that its subscription schedule is approaching.The complex is currently undergoing reconstruction. Once the maintenance project is completed, it will be transformed into a 20-story complex at its highest point, with two buildings, two basement levels, and 145 households ranging from 59 to 74 square meters in exclusive floor area.
Only 62 of the 145 households will be offered for general sale: 57 units with an exclusive area of 59 square meters and five units measuring 74 square meters. The 59-square-meter units are equivalent to 25 pyeong and are particularly popular with one- to three-person households.
Subscription applications will begin with special supply applications on September 7, followed by first-priority applications for the designated local area on September 8 and first-priority applications for other areas on September 9. The winners will be announced on September 16.The sale price is set at 862 million to 910 million won for the 59-square-meter units and around 1.075 billion won for the 74-square-meter units. These prices are not expensive compared with nearby properties. At nearby Wolgok Doosan We’ve, a 59-square-meter unit sold for 1 billion won on July 25, setting a record-high transaction price. An 84-square-meter unit also set a record high at 1.045 billion won at the end of June.As expected, people in their 30s and 40s are the age group paying close attention to the complex. As of the 1st, searches for the complex by people in their 30s and 40s accounted for 68% of all searches.
Local brokers' reactions are lukewarm.Some brokers did not even know the complex's basic features, apparently because they were not particularly interested in it. Broker A, who works nearby, explained, "Before the sale price was announced, this would have been an apartment you could buy for 700 million won. Of course, we need to see market prices three years from now, but buyers should consider that the access road is somewhat narrow and the complex is small." The broker added, "It will probably be satisfying at first because of the new-construction premium after completion, but that premium will disappear after just three or four years."Another broker pointed out that the complex's liquidity may be low.Liquidity refers to how quickly an asset can be converted into cash when desired. The broker predicted, "Because the complex is small, you may not be able to sell it even if you want to after some time has passed. You probably will not lose money, but as time goes by, there will be a difference in price appreciation compared with large complexes."Another licensed real estate agent pointed out that apartment prices in the area have already risen substantially.The agent remarked, "A 59-square-meter apartment that was priced at 700 million won last year is now being offered at up to 1.1 billion won," adding, "That is an increase of nearly 50%, so it will not be easy for prices to rise much further from here." Most of the brokers interviewed that day predicted that the subscription competition would not be particularly intense compared with other complexes.However, even the brokers who expressed reservations agreed that the location was good.One licensed real estate agent explained, "The surrounding infrastructure, including Wolgok Station, is exceptionally well developed. It also clearly has the advantage of being a new building, so it should be appealing at first."What did you think of Kwon Jun-ho's "Hot Apartment Rundown"? If there is any additional information you would like to know, please leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter