On June 22, 2026, a 32-pyeong (approx. 1,150 sq ft) new apartment at Gumi Prugio Central Park will go up for auction starting at $200,000 (KRW 293.3 million). This is a second auction attempt after an initial failed bid, offering a chance to own a new construction home at a significantly reduced price. Key considerations before bidding include understanding the auction's legal standing and potential post-acquisition costs.
What to Check for the Gumi Prugio Central Park Auction Property?
This auction property is located at 103-1802, Gumi Prugio Central Park, Goa-eup, Gumi-si, Gyeongsangbuk-do. It's a 32-pyeong unit (approximately 1,150 sq ft or 107.66 sqm) with a private living space of 25.68 pyeong (approx. 940 sq ft or 84.9 sqm). The building was approved for occupancy on April 26, 2024, making it a nearly new construction. Situated on the 18th floor of a 24-story building, it offers favorable views. The complex is substantial, with 819 units in total, and provides ample parking with about 1.36 spaces per household. For families, Wonho Elementary School is about a 7-minute walk away, and the internal road network is well-developed for easy vehicle access. While the appraised value is $300,000 (KRW 419 million), the second auction starts at $200,000 (KRW 293.3 million), representing a 30% discount from the appraised value and a 70% price point. This presents a potential opportunity to acquire a home at a reasonable price compared to market rates.
Conditions to Consider for Gumi New Apartment Auctions
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The auction for the Gumi Prugio Central Park apartment, case number 2025타경309(4), is being handled by the 5th Civil Execution Division of the Daegu District Court, Gimcheon Branch. The first auction date was May 22, 2026, but it was unsuccessful. The second auction is scheduled for June 22, 2026, with a minimum bid of $200,000 (KRW 293.3 million). To participate, you must prepare a bid deposit equal to 10% of the minimum bid price, which is approximately $29,330 (KRW 29,330,000). According to the property's registry, the earliest lien is a mortgage from Nonghyup Bank, dated September 5, 2024. There are no prior liens, suggesting that most existing claims will be extinguished upon successful bidding. However, multiple other liens (such as attachments) exist, necessitating a detailed legal analysis with a professional to confirm any potential inherited liabilities. For new constructions, it's also vital to thoroughly investigate any defects and associated repair costs beforehand.
Gumi Prugio Central Park Auction: Legal Analysis and Post-Acquisition Procedures?
The total amount of claims listed on the property's registry is approximately $1 million (KRW 1.41 billion). However, similar to the Nonghyup Bank mortgage, other attachments and liens are expected to be nullified upon successful auction. Nevertheless, due to the presence of various creditors' claims, it is essential to conduct a thorough legal analysis through the court's auction information website or with a legal expert before bidding to ascertain if any rights must be assumed. Particularly since this property received its occupancy permit very recently on April 26, 2024, it's important to expedite the ownership transfer and possession procedures after paying the balance. The successful bidder must obtain an eviction order from the court after paying the balance to remove any current occupants. This process can sometimes incur unexpected costs or delays.
Key Precautions for Gumi New Apartment Auctions?
Gumi Prugio Central Park
