A rare detached house auction in Seoul's Yeongdeungpo district is scheduled for its second sale on June 11, 2026, with a starting bid of approximately $2.5 million USD (3.45 billion KRW), a 20% discount from its appraised value. This property offers a substantial land plot and a prime location, presenting a unique investment opportunity in a highly sought-after area.
Yeongdeungpo House Auction: Second Sale Details & What to Bring (2026)
The auction for the detached house in Yeongdeungpo-gu, Seoul (Case No. 2025DaKyung11184), will be held at the Seoul Southern District Court on June 11, 2026, at 10 AM. Following an initial failed bid, the minimum starting price has been reduced by 20% from the appraised value of approximately $3.1 million USD (4.31 billion KRW) to $2.5 million USD (3.45 billion KRW). To participate, bidders must bring a cashier's check for 10% of the minimum bid (around $250,000 USD or 345 million KRW), a valid ID, and a personal seal (a separate document is required for proxy bidding). The property features easy vehicle access with a flat entrance road and ample street frontage. The design prioritizes southern exposure and sufficient spacing between buildings, ensuring a comfortable living environment with a spacious yard for various uses.
Inside the Shin-gil Dong House: Layout & Livability
Built in March 2008, this reinforced concrete detached house boasts robust construction. Spread across three floors with a total floor area of approximately 3,746 sq ft (348.48 sqm), it offers ample space for a large family. The first floor covers about 1,453 sq ft (135 sqm), the second 1,699 sq ft (158 sqm), and the third 355 sq ft (33 sqm). The interior is equipped with a complete system for heating and cooling, ensuring comfort year-round. The generous land area of approximately 4,133 sq ft (384 sqm) provides a significant ownership stake, making it particularly attractive for those seeking detached homes. The ample distance from neighboring properties also ensures excellent natural light and privacy.
Prime Shin-gil Dong Location: Education & Amenities
This property is situated in Shin-gil Dong, an area known for its excellent location and balanced mix of detached homes, multi-family dwellings, and commercial facilities. It offers safe, walkable access to elementary schools, with Janghoon High School nearby, contributing to a strong educational environment. The vicinity also provides convenient access to numerous private academies. Residents benefit from proximity to major hospitals, shopping malls, and supermarkets in the greater Yeongdeungpo area, enhancing daily convenience. Furthermore, the location offers easy commutes to the 여의도 (Yeouido) financial district and R&D industrial complexes. Ongoing transportation developments, such as the planned opening of the Sinansan Line, further bolster the area's future growth potential.
Yeongdeungpo Auction Property: Market Value vs. Bid Price
In Seoul's current real estate market, where supply shortages and high prices create mixed buyer sentiment, court auctions offer a strategic alternative for acquiring property with more favorable financing options. This detached house in Yeongdeungpo's Shin-gil Dong, with over 100 pyeong (approx. 3,500 sq ft) of land, is exceptionally rare. The appraised land value per pyeong was approximately $122,000 USD ($37,170 USD per sqm), but the second auction's starting bid reduces this to about $100,000 USD per pyeong ($29,730 USD per sqm). Considering potential land value appreciation due to surrounding development projects, carefully calculating your bid price is crucial. We recommend consulting with a real estate professional to determine the optimal bid based on your personal financial situation.
Secure Investment: Understanding Property Rights & Liens
A thorough review of the property rights indicates that this Yeongdeungpo auction house is a secure investment with no outstanding burdens to assume. On-site investigations confirmed the absence of any tenants, meaning there are no concerns regarding the assumption of active leases or tenant deposits. The first and second floors are occupied by the owner's family, while the third floor is vacant. The official registry shows a bank's mortgage lien, established on December 30, 2016, with a principal amount exceeding approximately $2.2 million USD (3 billion KRW), as the primary registered debt. However, upon full payment of the winning bid, this mortgage and all subsequent junior liens will be legally extinguished. The eviction process is expected to proceed smoothly and conventionally with the current owner-occupiers.
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