Valuation check: 115 m² apartment in Seoul, asking ₩959,100,000?

[DeepAnchor]

The evidence is thin enough that a percentage adjustment may create false precision. The property is a three-bedroom Seoul apartment of about 115 m², in average condition and listed for ₩959,100,000. Its light and location are attractive, while the dated interior and possible service-charge burden concern me.

I have one completed transaction and three current listings. Before comparing them, I need to confirm that all four use the same definition of floor area; otherwise the price per square metre is not comparable. I’d also like views on how much weight to give parking, floor, orientation and any lease terms relative to cosmetic condition. The broker’s yield excludes some owner-paid expenses, so I plan to rebuild that calculation from the actual charges and have the final valuation checked locally.

 

[AdaHope]

The detail that changed my view is the broker’s omission of owner-paid costs from the yield. That makes a neat headline return less useful and suggests the valuation inputs deserve the same scrutiny.

I would not choose a condition percentage yet. First confirm whether the completed transaction is in the same complex or an equivalent micro-location, and whether its floor-area basis matches the advertised 115 m². Then compare floor, light and condition directly. The three listings can set an upper testing range, while the sale provides low, middle and high cases rather than a single answer. Recalculate the yield using the service-charge history and all recurring owner costs.

 

[DaanGale]

Is the 115 m² figure exclusive/internal area or a broader supplied-area figure? Until that is clear, a price-per-square-metre comparison could be badly misleading. I’d also want the completed sale’s date, exact complex, floor and orientation.

Parking allocation and any usable outdoor space may explain differences that look like condition adjustments. Ask for the service-charge history rather than relying on the current month alone.

 

[gardensAndCorner]

I would put the area definition ahead of micro-location for now, because it can invalidate the whole comparison. I also wouldn’t deduct an estimated refurbishment bill one-for-one: dated finishes affect buyer appeal, but renovation cost and market discount are not necessarily the same.

Build low, middle and high cases using the completed sale, then use the three listings only to test the range. Before offering, confirm parking, service charges, outdoor space, occupancy and any lease length or terms, and give the local appraiser the same comparable set.