This paper investigate the value for a preemptive right on the private house for lease in Korea which were supplied at Pankyo and Heoungduk Area in February 2006 and May 2007. Using the price of the house in the neighborhood area, Bundang and Youngtong as proxy variable, we estimated the value of a preemptive right based on the binomial option pricing model. Major results are summarized as follows: (i) While a purchase of right for the case of Pankyo were profitable, the case of Heoungduk was'nt which was consistent with the historical competition results. (ⅱ) while the profitability for the Pankyo was stable across the variation of the parameters, Heoungduk was not. Finally, some policy implications and limitations of this paper were suggested.