"Where is that?"...Even Brokers Don’t Know, With Applications Opening Soon [Kwon Jun-ho’s Real Estate 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 apartment 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 within walking distance of Gireum Station, Miasageori Station, and Wolgok Station; a complex that is smaller than expected; and a development whose subscription applications are about to open.
After walking for about 10 minutes from Exit 2 of Wolgok Station on September 4, we saw the construction site of today’s featured complex, Brownstone Wolgok Central.The first thought that came to mind upon seeing the site was, “It’s really small.” We expected it to be small, but it looked even smaller than anticipated. An excavator was busy leveling the ground at the site. A construction barrier bearing the names ISU Construction and Brownstone in English had also been installed at the entrance.The complex is being developed through the Dongsin Apartment Small-Scale Reconstruction and Maintenance Project.Although it is closest to Wolgok Station, Gireum Station on Line 4 and Miasageori Station are also within walking distance.Curious about how long it would take to reach each station, we walked to all of them. For an adult man, the longest route was from Gireum Station to the complex, taking 18 minutes. Miasageori Station took slightly less time, at 17 minutes.It is not an apartment complex with an elementary school right next to it, but Seoul Soong-in Elementary School and Sunggok Elementary School are within walking distance. Both are about a 10-minute walk away.The location is not bad.Hyundai Department Store, Lotte Department Store, and Emart are all well established near the complex. Residents will also 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 application schedule is approaching.The complex is currently undergoing reconstruction. Once the maintenance project is completed, it will be transformed into a development with two basement levels, up to 20 above-ground floors, two buildings, and 145 households with exclusive-use areas of 59 to 74 square meters.
Only 62 of the 145 households will be offered to the general public: 57 units with an exclusive-use area of 59 square meters and five units measuring 74 square meters. The 59-square-meter units are equivalent to the 25-pyeong type, a size particularly favored by one- to three-person households.
Applications will begin on September 7 with special-supply applications, followed by first-priority applications for the applicable 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 high compared with the surrounding area. At nearby Wolgok Doosan We’ve, a 59-square-meter unit sold for 1 billion won on July 25, setting a record high. 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 September 1, they accounted for 68% of all searches for the development.
Local brokers’ reactions are lukewarm.Some brokers did not seem particularly interested and did not even know the complex’s basic features. Broker A, who works nearby, explained, “Before the units went on sale, 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.” He added, “It will be satisfying at first because there will also be a new-construction premium after completion, but that premium will disappear after just three or four years.”Another broker pointed out the complex’s low liquidity.Liquidity refers to how quickly an asset can be converted into cash when needed. 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 won’t lose money, but as time goes by, there will be a difference in price appreciation compared with large complexes.”Another licensed broker noted that apartment prices in the area have already risen significantly.The broker remarked, “A 59-square-meter apartment that cost 700 million won last year is now being offered at up to 1.1 billion won. That’s an increase of nearly 50%, so it won’t be easy for prices to rise much further from here.” Most of the brokers we met that day predicted that the subscription competition would not be particularly intense compared with other complexes.However, even the brokers who expressed doubts agreed that the location was good.One licensed broker explained, “The surrounding infrastructure, including Wolgok Station, is exceptionally well developed. The advantage of being a new construction is also clear, so it will be attractive at first.”What did you think of Kwon Jun-ho’s “Real Estate Rundown”? If there is any additional information you would like to know, leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter