Yongin luxury townhouse appraised at 1.3 billion won heads to auction at 437 million won

A 194-pyeong luxury townhouse in Yongin's Dongbaek area has been listed for auction starting at around 400 million won.

As home prices rise across southern Gyeonggi Province, a detached house in Yongin has drawn attention after hitting the auction market at roughly a third of its original valuation. Located in Hyangrin Dongsan — a well-established luxury townhouse complex — the property was originally appraised at nearly 1.3 billion won ($845,000), but its minimum bid has tumbled to the 400 million won range.

According to GG Auction, a data firm specializing in court and public auctions, the detached house in Dongbaek-dong, Giheung-gu, Yongin will go to a fourth auction Friday with a minimum bid of 437 million won.

Auction proceedings for the property began in March. The house is a two-story reinforced-concrete structure about 24 years old, having received its occupancy approval in the early 2000s when Giheung-gu began its gradual development. The lot covers 640 square meters — about 194 pyeong (1 pyeong equals 3.3 square meters) — while the building footprint is 131 square meters, or roughly 40 pyeong. The first floor spans 38.9 pyeong and the second floor 20.3 pyeong, with a basement level of about 14.8 pyeong, making it spacious enough for a family of five or six.

A visit to the property revealed a home perched atop a massive retaining wall, evoking the feel of a medieval fortress. A steeply graded complex road runs along the right side, while a private staircase leading up to the house and a striking pine tree landscape caught the eye. The pine trees are included in the sale. The current occupant is the household head who has lived there since the property received its occupancy approval.

According to the appraisal report, the first floor features a four-bay layout including a bathroom, while the second floor has a three-bay configuration. Landscaping elements outside the main bid scope are included with the property. Because they are not permanently affixed to the land and can be removed separately, they are not expected to affect the transfer of the real estate.

The property's real value lies in the Hyangrin Dongsan name. Unlike a typical standalone rural home, the complex offers apartment-level shared infrastructure.

The complex offers exclusive recreational amenities for residents. A large outdoor swimming pool is available only to those living within the complex, and walking along the trails leads to a scenic lake and a grass plaza — making the entire development feel like a sprawling resort beyond one's own front yard. The pool, one of Hyangrin Dongsan's signature features, opens only during summer, so prospective buyers should confirm the schedule.

Privacy and security are also major draws. Ordinary detached homes often have low fences that offer little privacy, but Hyangrin Dongsan provides complete seclusion, with a security booth and barrier at the entrance to keep out unauthorized visitors.

A third advantage is the coexistence of Dongbaek district's urban amenities and a forest setting. Despite the serene, wooded surroundings, the heart of the Dongbaek commercial district is just a five-minute drive away. E-mart's Dongbaek branch, Yongin Severance Hospital and Dongbaek Station on the Everline light rail are all nearby, eliminating the typical rural-living concern about limited access to medical care and shopping. From Dongbaek Station, Giheung Station — where the Suin-Bundang Line is accessible — is six minutes away, and from Giheung it takes about 40 minutes to reach Gangnam Station.

One drawback is that the property sits deep within Hyangrin Dongsan, making it a stretch to walk to nearby schools. Cheongdeok Elementary School, Cheongdeok High School, Dongbaek High School and Baekhyeon High School are all about five to 10 minutes away by car.

With a comfortable living environment and strong locational advantages, the question is why this seemingly flawless property has yet to find a buyer. The house was appraised at 1.275 billion won in March. Despite being a 24-year-old structure, it was valued at nearly 1.3 billion won.

It failed to sell at the first auction in March, then went unsold again in April at 892 million won — a 30 percent drop. A third auction at a minimum bid of 625 million won also drew no buyer, setting up Friday's fourth auction with bidding starting at 437 million won.

Experts point to the property's age as the main reason it has gone unsold through three auction rounds. Some analysts also note that its location deep within Hyangrin Dongsan makes it less attractive than homes closer to the complex's entrance.

Kang Eun-hyeon, director of the auction research institute at law firm Myeongdo, said the property has impeccable locational credentials — developed as a large-scale rural housing complex about 20 years ago and surrounded by golf courses including 88CC. "The only flaw, if one must be found, is that the building is over 20 years old, which means a winning bidder who plans to live there may face repair costs," he said.

Of the property's appraised value of 1.275 billion won, the land alone accounts for 845 million won — about 66 percent of the total. A winning bidder at Friday's auction would effectively acquire the property at less than half the land value.

Another point of interest is that the property sits just about 15 minutes by car from the site of Yongin Platform City, a major mixed-use new town development billed as four times the size of Pangyo, which is now taking shape. The project will create the greater metropolitan area's largest mixed new town across Bojeong-dong, Mabook-dong and Singal-dong in Giheung-gu.

Yongin Platform City is being developed not as a mere bedroom community but as an economic hub anchored by semiconductor and AI industries. Expectations that the entire center of Giheung-gu will be reborn as a fully equipped new city with infrastructure and commercial facilities are already pushing up apartment prices in the area.