[Naejib Road] Opportunity to Enjoy Mokdong School District for Around 500 Million Won... Transportation Is Lacking

Seoyang Cheongmaru in Sinjeong-dong, Yangcheon-gu, Seoul
Foreclosed property appraised in 2018
Close to Mokdong middle and high school districts
However, 19-minute walk from Yangcheon-gucheon Station

[Asia Economy Reporter Hwang Seoyul] ◎Property Information: Auction property in 1306 Seyang Cheongmaru, Sinjeong-dong, Yangcheon-gu, Seoul, Building 106, 2nd floor, exclusive area 85㎡ (Southern District Court 4th Branch 2019-7782, 2021-100134, re-auction, minimum price 575 million KRW)

The complex introduced this time on 'Naejip Road' is an auction property. Although located in Sinjeong-dong, Yangcheon-gu, Seoul, it is very close to Mokdong, which is a great advantage as it allows access to the Mokdong school district. This property has been put up for auction again due to a re-auction decision. Therefore, the minimum price is set at the appraised value of 575 million KRW, which was determined in 2018. The auction date is scheduled for the 6th.

Mortgage rights have been canceled, no unpaid maintenance fees or tenants

'Seyang Cheongmaru,' located in Sinjeong-dong, Yangcheon-gu, Seoul, is a 19-minute walk from the nearest station, Yangcheon-gu Office Station. Photo of the main entrance of 'Seyang Cheongmaru'/Photo by Seoyul Hwang chestnut@

This apartment is a compulsory auction property, and the creditor is an individual. There are a total of five mortgage registrations on the registry, with mortgage rights established by Korea Standard Chartered Bank, individuals, Incheon Credit Guarantee Foundation, and Loan Finance Guide. According to Article 91 of the Civil Execution Act (Choice between assumption principle and surplus principle, etc.), the mortgage rights will be extinguished upon sale.

Currently, there are no tenants, and it appears that the owner is residing there. It is expected that there will be no difficulties in vacating the property beyond the usual moving costs. It has also been confirmed that there are no unpaid maintenance fees (including electricity and water) up to September of this year.

Excellent school districts including Mokdong High School and Bongyeong Girls' Middle School... 19 minutes from the subway station

In front of Building 106 of 'Seyang Cheongmaru,' there are tall trees. The auction property is located on the second floor, so it seems difficult to secure an unobstructed view through the window.
Photo by Seoyul Hwang chestnut@

On the 2nd, I visited the site. I headed to the complex using the subway, but the downside was that it takes 19 minutes on foot from the nearest station, Yangcheon-gu Office Station, to the complex. Enduring subzero temperatures to use the subway was quite challenging. However, there are bus stops named 'Mokdong Woosung Apartment Entrance' across the complex and 'Yangcheon Apartment' across the pedestrian bridge, where buses 6516, 6613, 6617, and 6638 can be taken.

Before reaching the complex from the station, there is a large junkyard. Passing it and entering the complex area, you find residential neighborhoods composed of small-scale complexes such as 'Gocheokdong-ri,' 'Mokdong 2nd Woosung Apartment,' and 'Mokdong Samsung Raemian 2nd Apartment.' This complex itself is a small-scale complex with a total of 7 buildings (326 households), and Building 106 is located at the very back of the complex but only takes 2 minutes from the main entrance. During the daytime visit, the complex was quiet enough to hear birds chirping, but since it is near Gimpo Airport, the sound of airplanes was loud. The auction property is on the 2nd floor of a 15-floor building, and tall trees right in front make it difficult to secure an unobstructed view.

On the way from the apartment complex to Yangcheon-gu Office Station, there is Bongyeong Girls' Middle School. It takes about 7 minutes on foot. Photo by Seoyul Hwang chestnut@

Building 106 is almost adjacent to the back gate. Just a step outside the back gate is Seyang Children's Park with public exercise equipment installed. Across the street, there is a large kindergarten where several children were seen leaving holding their parents' hands.

Officials from nearby certified real estate agencies said the biggest advantage of this complex is the excellent middle and high school districts. Mokdong High School and Bongyeong Girls' Middle School are within a 7-minute walk, Mokil Middle School and Shinmok High School are 19 minutes on foot and 16 minutes by bus, but only 7 minutes by bicycle. However, the agents were all reserved when it came to the elementary school district.

Next to the complex is GS The Fresh, making grocery shopping convenient, and a hospital is located across the main gate. The commercial area near the complex is not very large. There are ice cream shops, bakeries, chicken restaurants, real estate agencies, and cafes, but the options for dining out are not diverse.

Minimum price about 400 million KRW lower than actual quick-sale transaction price

In front of Building 106 of 'Seyang Cheongmaru,' which is up for auction, there is a central plaza.
Photo by Hwang Seoyul chestnut@

Since the appraisal price was set in 2018, the minimum price has been set at 575 million KRW, the appraised value at that time, as the property has been repeatedly re-auctioned. Although bidders might hesitate, wondering if there are defects due to three failed auctions, experts explain that there are no defects. Two failures were due to non-payment by the winning bidders, and one was because the debtor and creditor's lawsuit prolonged, causing the winning bidder to give up the bid. Among the three auctions, the highest sale price was in the most recent auction in March, with a sale price of 988.72 million KRW and a sale price rate of 171.95%.

In a declining real estate market, the appraisal price set in 2018 is a significant advantage. In particular, a 9th-floor unit of the same size that was sold as a quick sale was transacted for 950 million KRW in July, and real estate agents explained that even considering that this property is on the 2nd floor, the minimum price set at 575 million KRW is a very low price.