Golden Print [EN]: Chapter 124

Jae-yeop had a worry these days. It started with a phone call from his mother about their new house.

“Son,” his mother said.

“Yes, Mother,” Jae-yeop replied.

“This time, the residents’ association for the new apartment building told us to apply for a unit size, so your father and I applied for the penthouse. Did we do well?”

“Pe-penthouse?” Jae-yeop asked, surprised.

“Yes. Since we’re moving to a new house, we thought we’d treat ourselves,” she said.

“Mother, I think you’ve treated yourselves a bit too much…,” Jae-yeop mumbled.

“Listening to what the association says, if the penthouse is built well, its investment value will be incredibly high,” his mother continued.

“Then, how much is the extra cost?” Jae-yeop asked, already feeling anxious.

“About 1.5 billion?”

“Can you afford that? Do you and Father have 1.5 billion?”

“No, where would we get 1.5 billion? It’s been ages since your father retired.”

“Then what are you going to do…?”

“We’re thinking of just selling this house to you this time.”

“Pardon?” Jae-yeop exclaimed.

“Jae-yeop, your mother will sell it to you for about 100 million cheaper. Take it and pay the extra cost.”

“This is a shock!” Jae-yeop said, frustrated.

“But you have to let your mother and father live here for a while, okay?”

“Why are you suddenly doing this….”

“It’s all for our son. You know that, right, son?”

Jae-yeop’s parents had lived in Gangnam for a long time. They lived in Daechi-dong until he was a student, and then moved to the Seonyeong Apartment in Cheongdam-dong when he became an adult. The house in Apgujeong, where Jae-yeop now lived, was an apartment he had bought for investment when he became independent.

He remembered his mother’s strong suggestion that Apgujeong was the best in Gangnam when he bought the Apgujeong apartment.

‘Ha, my mother has a knack for picking the wrong things….’ he thought.

Before the pain of the price dropping by nearly 100 million after Jae-yeop bought it could heal, his mother had stirred up trouble again.

“Son, you have about 1.5 billion, right? Right?”

“No, Mother…. And you’re not even giving me the house, you’re telling me to buy it from you.”

“That’s to be used for your mother and father’s retirement funds.”

“Anyway, if I have to give you and Father over a billion, where am I going to get another 1.5 billion for the extra cost?”

“You can pay the cost when it’s completed. You can earn it by then, right?”

“Well, yes, but.”

“Your mother and father get to live in a Cheongdam-dong penthouse. You make a lot of money from the investment. Everyone’s happy. Right?”

“If it’s a penthouse, making a lot of money… are you sure?”

“The association president said so.”

“You believe that?”

“Anyway, that’s what they say. Our son, fighting!”

Jae-yeop, remembering the conversation with his mother, felt his head throbbing again.

‘They’re impossible to stop,’ he thought.

The Cheongdam-dong penthouse was attractive enough to excite Jae-yeop. His parents would sell the house to him for about 100 million cheaper.

However, the total cost, exceeding 2 billion, including the extra payment, was a large sum that burdened Jae-yeop.

He could manage it if he worked hard for a few more years, but investing it all in the penthouse was another matter.

With 2 to 3 billion, he could buy a decent small building in the city.

‘Really, with that money, I could gather a bit more and buy another building….’

Jae-yeop had made a good profit from a building he had purchased before, so he was reluctant to invest in an apartment. Also, the Apgujeong house price had fallen, making him feel more uneasy.

“Ha. It’s already happened, so there’s nothing I can do….”

Jae-yeop wanted advice from Woo-jin, the real estate expert. He needed comfort and reassurance. Hearing Woo-jin say it was okay and had investment value would ease his mind.

So, on Thursday’s filming day, Jae-yeop arrived early and waited for Woo-jin. As soon as Woo-jin arrived, he quickly approached him and started the consultation.

“Hey, Woo-jin. Can I get some advice from you for a moment?”

“What kind of advice? Real estate?” Woo-jin asked.

“Would I be asking you for relationship advice, then?” Jae-yeop joked.

“Well, there’s some time left before filming starts…. Tell me. What is it?”

Jae-yeop took a deep breath and started to explain, his voice a little shaky. He really hoped Woo-jin would tell him everything was going to be alright.

Across the room, Woo-jin arrived at the bustling filming set, but his mind was still miles away, lost in thoughts about his bean field presentation. He was so preoccupied that when Jae-yeop asked for advice, he was only half-listening.

“So, it’s a bit of a mess…” Jae-yeop began, wringing his hands slightly.

But as Jae-yeop told the story of his parents and the penthouse, something in Woo-jin’s eyes sharpened. He suddenly focused, his earlier daze vanishing.

“Hyung,” Woo-jin interrupted, his voice now much louder, “Wait a minute. Did you just say… Cheongdam Seonyeong?”

Jae-yeop blinked, surprised by Woo-jin’s sudden intensity. It turned out, the problem Jae-yeop was worried about was directly connected to the Cheongdam Seonyeong project that Woo-jin was working on for tomorrow.

“Hey, why are you suddenly raising your voice like that! It’s making me anxious,” Jae-yeop complained.

“What’s making you anxious?”

“I’m anxious that you’ll say it’s not good, what else.”

“It’s a prime apartment in the heart of Cheongdam, how could its investment value be bad?”

“Hey, the real estate agent said the same thing when I bought my Apgujeong house.”

“That house, you bought it well. I think I’ve said it about five times.”

“Anyway. So, what’s the conclusion? Can I go ahead with this as is?”

Woo-jin was surprised. ‘To think there was a member of the association right next to me….’

He had learned that Jae-yeop was a member of the association the day before the general meeting to select the construction company for that Cheongdam Seonyeong Apartment.

‘If I had known a little earlier, it would have been easier to gather information,’ he thought.

Woo-jin thought Jae-yeop was lucky. He thought of himself as unlucky with money, but the Apgujeong apartment he bought was expected to increase in price soon. Even if it had dropped by 100 million now, it would rise by another 1 billion, so the current market price was meaningless.

And the penthouse in the Cheongdam Seonyeong Apartment that Jae-yeop was talking about now….

‘This is just a jackpot. In ten years, it’ll be worth almost 10 billion,’ Woo-jin thought.

Luxury goods like penthouses are either very profitable or a complete loss. The advantages and disadvantages are clear.

‘The advantage is scarcity and premium. The disadvantage is it’s difficult to find buyers quickly if you need to,’ Woo-jin mused.

The quantity is small, and the demand is limited. When the economy is bad, you can’t sell it even if you want to, so you have to sell it at a lower price. Therefore, you can’t get the right price when the real estate market is down, like now in 2010.

But when the real estate market is good, the price will soar. At this time, you can’t buy it even if you want to. The owner doesn’t want to sell, and the buyer wants to get it at any cost, even if it’s expensive. The asking price becomes the price.

Unlike now in 2010, the real estate market will start to boom from around 2014. At that time, a penthouse, especially in the best location in Cheongdam-dong with a Han River view, will be hard to get even with money.

Woo-jin felt a little sick to his stomach. ‘I want to buy a penthouse too….’

With an envious expression, he said to Jae-yeop, “Hyung, can’t you sell that penthouse you applied for to me?”

“What, you crazy?” Jae-yeop asked.

“I want to buy it. The members of the association will take it all, and it won’t be available for general sale, right?”

“What does that mean?”

“It means I’m incredibly envious.”

“That… much?”

“That’s about 3 billion now, including the extra payment, right? Would it be about 3.12 billion?”

Jae-yeop’s eyes widened as if he were looking at a ghost. Woo-jin had accurately guessed the amount, down to the ten million won unit.

“What. How did you know?” Jae-yeop asked, creeped out.

Woo-jin smiled. “If you go to my office desk now, you’ll see the member sale price for each unit size of Cheongdam Seonyeong Apartment organized.”

“What…?”

Woo-jin, finding Jae-yeop’s embarrassment amusing, added, “Are you coming tomorrow, Hyung?”

“What are you talking about again?”

“There’s a general meeting to select the construction company there tomorrow.”

Jae-yeop’s eyes widened even more. “What, were you a member of the association too?”

Woo-jin made a bitter expression. “I wish I was a member of the Cheongdam Seonyeong association too….”

“Then, you’re not?”

“I’m just a salesman.”

“Huh…?”

Jae-yeop waited for Woo-jin’s next words, confused. But Woo-jin didn’t say anything more. His description of himself as a ‘salesman’ wasn’t wrong.

‘In fact, I’m a salesman. I’m going to sell the design I designed to the members of the association,’ Woo-jin thought.

He wondered what Jae-yeop’s expression would be if he met him at the general meeting to select the construction company tomorrow. Jae-yeop, sitting in the member’s seat and seeing him on the podium, would be interesting to watch.

“Anyway, I can tell you one thing for sure,” Woo-jin said.

“What is it?”

“If you sell that now because you think the extra cost is a waste, you’ll be thinking about it every night before you go to bed for at least 20 years.”

Jae-yeop tried to say something, but the conversation was interrupted. Su-ha and Ri-ah arrived at the filming set and approached them with happy expressions.

“Oh, Oppa! You were here early?” Su-ha greeted.

“When did Woo-jin get here?” Ri-ah asked.

“Ah, everyone’s here?” Jae-yeop said.

The story continued even with their arrival. Jae-yeop had already told Ri-ah and Su-ha about this at the last drinking party.

“But what were you two talking about with such serious expressions?” Su-ha asked.

“That story. The apartment that my mom forced me to buy,” Jae-yeop explained.

“Ah! That Cheongdam-dong apartment?” Ri-ah remembered.

“That’s right. We were talking about that.”

Even while the filming equipment was being set up, Jae-yeop asked Woo-jin more questions. He wanted to hear more specific reasons beyond just saying it was good.

Woo-jin didn’t explain in depth because it was a hassle.

“It’s hard to earn more no matter where you buy with that money, so just take the Cheongdam Seonyeong penthouse. Got it?” Woo-jin said simply.

“Ugh……. It’s making me nervous,” Jae-yeop repeated.

“Why is Jae-yeop, who is so successful on TV shows, getting nervous with 1.5 billion? You earn that much in a year,” Woo-jin teased.

Ri-ah, who was listening quietly, suddenly jumped in. “Hey, Woo-jin.”

“Yeah?”

“Is that place so good for investment?”

Woo-jin felt uneasy. “Uh…? Well, it is, but….”

Ri-ah said casually, “Hmm, maybe I should buy one too.”

It sounded like she was picking out an item at the supermarket.

Moreover, her words didn’t seem like a joke at all.

“Woo-jin, you should buy one too. Let’s be neighbors,” Ri-ah added.

Woo-jin and Jae-yeop were speechless, surprised by Ri-ah’s sudden interest.