“The Seoul metropolitan area had 21,724 unsold apartments in January, up 7,100 from the previous month, while the number of unsolicited homes in provincial areas increased by 4,017 over the one-month period.

With mounting unsold apartments, many construction firms, particularly smaller ones based in provincial areas, went bankrupt. The number of builders that went bankrupt totaled 57 during the first two months of the year, up 50 percent from the same period last year.

An official at the Construction Association of Korea, a lobbying group for construction firms, said if the number of unsold apartments continue to pile up at a current pace, more than 200 builders will be out of business by the year’s end, urging the government to support the construction industry.”

Hey, everybody, I have a good idea! Let’s dump a couple thousand more officetel units on the market in Chongno, since that’s obviously what the market needs right now!

Those poor developers need all the help they can get, right?

I was referring to my lack of commentary on the article itself on my own site to which I linked.

As for my initial cheeky comments on this thread, so sue me for playing by house rules. I don’t expect much rational or even-handed debate here, frankly.

In any case, this thread has gone over 100 comments unlike the orginal post on the related topic that got exactly ZERO comments:

http://www.rjkoehler.com/2008/.....-in-korea/

I’m willing to take a few personal hits if it means raising greater awareness of an important issue.

People keep saying I’m self-important and arrogant, but actualy there’s nothing I’d like more than to focus on the issues rather than myself, believe it or not.

What I wonder is why people keep making this a personal issue when it certainly isn’t my own intention?

I have my own theories as to why, but frankly I just don’t care anymore.

Happy blogging, y’all.

You will note that all I did at the top of this thread was link to an article that I translated without even leaving any personal commentary to the story myself.

When I look at post #16, I see a bunch of insults and no link. In post #19 there is a link and more insults. Now who is being “disingenuous”?

I have spoken first hand with people in an area eyed by developers, and the owners refused to sell their property later experienced vandalism in the form of broken windows, smashed doors, and damage to cars. Some of them joined the squatters and refused to leave. I don’t know how the owners were removed in the end, but there are high rises there now.

I’m sure if you got the real story from the first-hand contacts, what you’d find is that they refused to sell, hoping to get more money from the developers — which is their right — and then found themselves losing the game of “chicken”, ending up getting their properties condemned once enough of their neighbors’ properties had been acquired.

Once the properties are condemned, the owners who refuse to leave become squatters themselves — their legal rights to remain having been terminated by the condemnation process.

Nothing like a little “creative destruction” to sort things out, eh?

“Or, are you saying that, if leveled and then replaced by ‘affordable’ (whatever that might be) housing, the redevelopment of P’imat-gol would be alright?”

You’re joking, right? We ARE talking about central Seoul, after all. There’s nothing affordable about it and won’t ever be.

What I AM saying at this point is that people can read that JoongAng article I first linked to and draw their own conclusions on the matter. I actually grew tired of this issue quite a long time ago, but thought that merely providing some factual information on it to people by translating that article might be of some use.

Yes, I admit that my idealism sometimes foolishly gets the better of me.

I agree that the price of homes has increased dramnatically, and currently poses a problem for many of those looking to buy. I also believe that, through an either smooth or rough process, this market imbalance will eventually correct.

But that’s another issue, is it not? Or, are you saying that, if leveled and then replaced by ‘affordable’ (whatever that might be) housing, the redevelopment of P’imat-gol would be alright?

You will note that all I did at the top of this thread was link to an article that I translated without even leaving any personal commentary to the story myself. And all I encountered in return after letting people read that story was sarcasm, haughty dismissal of the story or mostly just indifference.

I actually find it hard to bore through to any message here on this site other than a lot of self-interested noise.

I have spoken first hand with people in an area eyed by developers, and the owners refused to sell their property later experienced vandalism in the form of broken windows, smashed doors, and damage to cars. Some of them joined the squatters and refused to leave. I don’t know how the owners were removed in the end, but there are high rises there now.

King Baeksu’s message is right that much more needs to be done to protect the charming places of the past, though few will be willing to bore through the six-inch-thick layer of arrogance and angry prose to find that message.

King Baeksu, were the restauranteurs the owners or tenants of the building in the photo?

I think it’s sad that they had to leave, but if they were tenants and they knew the pink slip was coming, it might have been better to spend their energies on finding a suitable spot for relocation. Koreans stay loyal to restaurants for the food, not the building, and I’m sure most loyal customers would have been willing to go an extra block or so for the same delicious food they’d always enjoyed. If you’re worried that “in 20 years everyone will lament there’s no more [some such food]” then that’s important.

At last we finally seem to agree on something.