In Korea, presale of apartments prevails, meaning home buyers base their purchases on model houses and blueprints. Apartment units of a certain size generally have similar floorplans and buyers have an idea of what they will look like when completed. Construction companies, which are also developers in most cases, sell apartment units that are considered investments as well as dwellings.
The hope is that apartment prices will rise, at which point some homeowners may choose to sell, only to begin the process again. Some make a different choice, building their housing together with the architect and other residents to create their community and neighborhood. Difficult, but worth it In Malli-dong near Seoul station, there is a residential complex that is home to 29 households of artists.
The 10-year-old neighborhood was designed by architect Lee Eun-kyung, principal at EMA Architects & Associates, with active participation by the co-op of artists that would live there. The smell of barbecue and music filled the neighborhood at the top of a hilly road on Oct. 26 as residents came out for a block party.
Media artist Kim Kyung-ho said he can’t imagine how he could raise his son if he did not live here where the residents care about each other and their kids. “When we need a hand with the kids, we reach out to our neighbors as we all know each other," he said, adding that such an arrangement saves money and helps the artists' mental health. “Interaction is costly, you need to .