korean trip

We recently took a trip to Seoul Korea to generate market awareness for Red Ledges. Seoul Korea reminded me of a modern day New York City with the average price of a home (mostly apartments) running over $1 million. Most surprising was the western influence on every block. It was common to see Outback, TGIF’s, 7-11, McDonalds, Starbucks, etc. The Koreans were experiencing the same downturn in the stock market as in the United States but what took the U.S. four months to realize in decline, they saw in four weeks. The decline in the economy did not have as much impact on the Korean housing market as most real estate purchases in Korea require a 40% down payment. Most business deals are done based on long term relationships and meetings during the day are very formal with formal etiquette and formal dress. Many business meetings will extend into the evening over long dinners (2-4 hours) with multiple courses and lots of Seju (A form of sake). Developments are completed in rapid time with all phases typically completed at the same time. For example, the development we toured had over 2,000 apartments with an average price of $1.5 million and 90% were pre-sold (picture attached). This development was completed in 18 months start-to-finish. We also learned that we had to change our marketing materials. We had to emphasize the lifestyle of golf and skiing and downplay the mountain views as the mountain signifies where the poor people live.
 

 

Maria Johnson
Red Ledges Land Development
2 South Main Street, Suite 2A
Heber City, UT 84032