Today Is the Cheapest Day for Housing Prices, Visiting Bundang Seondo District

Bundang Seondo District Yangji Village, Saetbyeol Village, and Sibeom Woosung Designated

"Undervalued Compared to Sibeom Woosung and Sibeom Hanshin, Expected to Rise More"
"Saetbyeol Village Showing Signs of Withdrawing Listings Since Earlier"
"Yangji Village Prices Have Risen Significantly, Monitoring Trends Needed"

On the 27th, when heavy snow fell, the Sihum Apartment in Seohyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi Province was selected as a leading district for the reconstruction of the first-generation new town. Photo by Seungwook Park

"After the announcement of the Bundang New Town pilot redevelopment zone, we received many purchase inquiries. Within less than two hours of the announcement, I got 10 calls just about 30-pyeong complexes, so I ended up memorizing the asking prices for apartments of this size."

On the snowy day of the 27th, the A real estate agency near Sibeom Woosung Apartment and Hyundai Apartment in Seohyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi Province, was constantly ringing. Representatives of real estate agencies located nearby, such as Kumho in Yangji Village Complex 1 and Cheonggu in Complex 2 of Sunae-dong, as well as Samboo Apartment and Dongseong Apartment in Saetbyeol Village, Bundang-dong, also reported that "calls have been coming in continuously since the afternoon." These three areas were designated as pilot redevelopment zones for integrated reconstruction in Bundang New Town by the Ministry of Land, Infrastructure and Transport that afternoon.

"Prices Expected to Rise Due to Pilot Redevelopment Zone Selection"

The expectation of rising housing prices led to increased purchase inquiries. In particular, areas like Sibeom Woosung Apartment in Seohyeon-dong were considered to have higher potential for price increases than other areas. The representative of the A real estate agency in Seohyeon-dong said, "Until now, there was talk that Sibeom Hanshin Apartment, the neighboring complex to Woosung Apartment, was more likely to be selected as a pilot redevelopment zone, and this was reflected in the prices. With this announcement, Woosung Apartment has also been designated as a pilot redevelopment zone, so I expect the associated optimism to be more strongly reflected in the prices."

Sibeom Hanshin Apartment, which is closer to Seohyeon Station than this area, was considered highly likely to become a pilot redevelopment zone, with asking prices reaching up to 1.8 billion KRW for an 84㎡ unit. However, Woosung Apartment, having received relatively less attention, had lower asking prices. The asking price for the same size unit in Woosung Apartment currently ranges from 1.45 billion to 1.6 billion KRW. The representative of the A real estate agency especially noted, "Considering that three properties have paused transactions just today, I expect the prices in this area to rise going forward."

In Bundang-dong, at places like Saetbyeol Village Samboo Apartment, there are already movements to suspend transactions or withdraw listings. The representative of the C real estate agency in Bundang-dong said, "Even before the pilot redevelopment zone designation, there was a trend of withdrawing listings here, and now that it has become a pilot redevelopment zone, homeowners will more actively pause transactions and monitor the situation."

On the 27th, when heavy snow fell, Yangji Village Hanyang Apartments in Sunae-dong, Bundang-gu, Seongnam-si, Gyeonggi Province, were selected as a leading district for the reconstruction of the first-generation new town. Photo by Park Seung-wook

He added, "Homeowners here have previously paused transactions even just before contracts due to expectations for the pilot redevelopment zone. Today could be considered the cheapest time for housing prices."

According to the real estate big data platform 'Asil,' as of the 27th, the number of apartment listings in Bundang-dong, which is part of the Bundang New Town pilot redevelopment zone, was 147, a 16.9% decrease compared to June 27 (177 listings). During the same period, Sunae-dong saw a 3.0% decrease (from 276 to 268 listings), while Seohyeon-dong experienced a 0.7% increase (from 418 to 421 listings).

The 84㎡ unit in Saetbyeol Village Samboo Apartment was traded for 1.275 billion KRW on October 13. According to the C real estate agency, the cheapest listing for the same size unit is 1.35 billion KRW.

"High Potential for Price Increase, but Already Elevated, So Need to Watch"

The manager of the B real estate agency located in Sunae-dong said, "Recently, the sales prices of Kumho in Yangji Village Complex 1 and Cheonggu in Complex 2 have risen significantly, reflecting the anticipation of the pilot redevelopment zone selection. While there is a high possibility of further price increases, homeowners will likely observe the situation for now. Just because homeowners arbitrarily raise asking prices doesn't mean all buyers will purchase."

The manager added, "In fact, after the government announced the designation of pilot redevelopment zones earlier this year, housing prices rose until summer but have recently stalled. While being selected as a pilot redevelopment zone could further raise prices due to reconstruction expectations, we need to see how the desired prices of buyers and homeowners align."

On the 27th, apartment sale consultations are being conducted at a real estate agency office located in Bundang-dong, Bundang-gu, Seongnam-si, Gyeonggi Province. Photo by Seungwook Park

According to the manager, an 84㎡ unit in Kumho, Yangji Village Complex 1, recently traded for 1.75 billion KRW. This transaction price has not yet been registered in the Ministry of Land's official transaction price disclosure system. The actual transaction price for the same size unit in February was 1.48 billion KRW.

A resident of Sibeom Hanshin Apartment in Seohyeon-dong said, "I currently have my house on the market, but since it has become a pilot redevelopment zone, I plan to note how often buyers come to view the house." They intend to observe actual demand before raising the asking price rather than immediately increasing it.

Regarding the scale of the contribution fees, the atmosphere was reserved. Representatives from the three real estate agencies commonly said, "So far, the process has been about collecting preliminary consent forms, and as consent forms are collected going forward, discussions about contribution fees will become more concrete." However, one real estate agency representative mentioned, "At this point, homeowners expect the contribution fees to be around 300 million KRW."