Whence Comes Value

Whence Comes Value?

Riding from Incheon Airport to my hotel in Seoul last night, I was impressed with the sheer concentration of humanity. There are 11,000,000 + or – in Seoul and 9,000,000 + or – in the surrounding area. Property values are extreme. Manufacturing and warehousing is not allowed in the city. Every pyong (3.3 sq. meters) is subject to maximum use.

Out the window of my hotel is a school with a huge athletic field. My first thought was, How can anyone possibly afford to use that much land for a school soccer field in a city this expensive? My second thought and the answer to the first is that, these uses are what gives the surrounding area its tremendous value. A city with it’s jobs and night life are a natural attraction for young people. But a larger quality of life is required in a flat world where companies and people can choose their home.

The Koreans are a unique people with many endearing and a few not so endearing traits. One of the things I admire most about them is their dedication to family. I can see that this school is probably one of the things that makes 20,000,000 people (almost half of the Korean population) want to live in Seoul.

David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com