The Daesin The Sharp apartment auction in Busan, South Korea, presents a compelling opportunity with a second-lowest bid of ₩395.5 million (approx. $290,000 USD), offering significant potential savings compared to recent market sales. Scheduled for bidding on May 19, 2026, this nearly new branded apartment is attracting interest from both potential homeowners and investors seeking value in a desirable location.
What's the Starting Bid for Daesin The Sharp Unit 101-1601 in the 2026 Auction?
The auction for Daesin The Sharp, Unit 101-1601, located in Busan's Seo-gu district, will be held on Tuesday, May 19, 2026, at the Busan Western District Court. This 33-pyeong (approx. 1,100 sq ft) apartment has a second-lowest bid of ₩395.5 million (approx. $290,000 USD), down from its appraised value of ₩565 million (approx. $415,000 USD). This represents a 30% discount from the initial appraisal. Given the limited supply of new apartments in the Seo-gu area, coupled with the unit's desirable location, brand name, and relatively new construction, competition for this auction is expected to be fierce. Thorough on-site inspection and local market research are crucial to accurately assess its true value before bidding.
What Are the Location and Complex Features of Busan's Daesin The Sharp Apartment?
Located at 48 Kkotmaeul-ro, Seo-gu, Busan, Daesin The Sharp is situated northwest of the Gudeok Public Stadium, placing it within the highly sought-after Daesin-dong residential area. The complex boasts excellent living infrastructure, including proximity to Busan Citizen's Park, Daesin Elementary and Middle Schools, Gyeongnam High School, and Dong-A University, ensuring stable access to educational and community resources. Public transportation is convenient, with the Busan Metro Line 1's Seodaesin Station approximately 800 meters (0.5 miles) away, making it a walkable distance. Built in 2018 by POSCO E&C under the 'The Sharp' brand, the complex comprises 429 units across 24 floors, with ample parking available, totaling 477 spaces.
What Are the Recent Sales Prices and Market Value for Daesin The Sharp Apartments?
Recent sales transactions for Daesin The Sharp apartments have ranged between ₩465 million (approx. $340,000 USD) and ₩560 million (approx. $410,000 USD). While there are currently no active listings for this specific type on Naver Real Estate, available listings range from ₩510 million (approx. $375,000 USD) to ₩560 million (approx. $410,000 USD). Rental prices are around ₩400 million (approx. $295,000 USD), indicating strong demand relative to supply. The auction's second-lowest bid of ₩395.5 million (approx. $290,000 USD) offers a significant price advantage compared to current market values, making it an attractive prospect for investors.
What Are the Ownership Rights and Tenant Analysis for the Daesin The Sharp Auction Property?
The primary lien on this auction property is a mortgage established on August 2, 2018. The existing tenant has secured their deposit of ₩120 million (approx. $88,000 USD) through a registered leasehold right and has requested distribution of funds. Crucially, any liens established after this primary mortgage are expected to be extinguished upon successful bidding, minimizing the risk of the buyer inheriting additional debts. However, it is essential to conduct a thorough review of the leasehold registration and distribution priority to confirm that no rights are transferred to the buyer. Consulting with a real estate legal expert is highly recommended for a definitive analysis.
What Should I Consider When Bidding on the Daesin The Sharp Apartment Auction?
When participating in the Daesin The Sharp apartment auction, several key points require attention. Firstly, the bidding deposit must be prepared as a single cashier's check for 10% of the minimum bid, amounting to ₩39.55 million (approx. $29,000 USD). For personal bidding, you will need your identification card and a personal seal (stamp). If bidding through a representative, you'll require the principal's registered seal, a certificate of seal impression, the representative's identification card, and their personal seal. It is crucial to verify the exact requirements and ensure all documentation is in order before the auction date. This is not financial advice. Consult a licensed financial advisor.
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