Santander reduces price of flats in Seseña to €65k

LoadingFavourite

This topic contains 18 replies, has 9 voices, and was last updated by Profile photo of Anonymous Anonymous 3 years, 9 months ago.

  • Author
    Posts
  • #56519
    Profile photo of Anonymous
    Anonymous
    Participant

    I read in the papers today that Banco Santander is now selling flats in the infamous Seseña development in Toledo from just €65,000, down from €180,000 at the peak. That’s a discount of 64pc.

    Seseña is not for me (or anyone in this forum, for that matter), but I believe that one day it will be finished and occupied.

    The other day I watched a Spanish TV programme of a young couple buying there now. They were delighted with what they were getting for their money. Not so delighted those who bought back in 2007 🙁

  • #107857
    Profile photo of Anonymous
    Anonymous
    Participant

    I am pleased for them. They have time on their side to see the gains in the future.

  • #107859
    Profile photo of Anonymous
    Anonymous
    Participant

    I agree with you Mark. Not a bad investment in the long run.

  • #107865
    Profile photo of Chopera
    Chopera
    Participant

    Yeah I saw that in “El Mundo” I think. While a two bed flat with pool and parking for €65k sounds fantastic, there is now the worry of who else moves in next door. However hopefully they’ll get that “critical mass” of people to attract a few shops, restaurants, etc to open up there. Also if they start slashing prices of this type of flat it’ll be interesting to see what happens to the prices of “pisos de protección”.

  • #107875
    Profile photo of logan
    logan
    Participant

    I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.

  • #107876
    Profile photo of Anonymous
    Anonymous
    Participant

    @logan wrote:

    I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.

    At this time its only people with money and a job that are buying so these could be classed as yuppie flats the area will go down hill when stability returns and the owners move on and rent them out to the less well off

  • #107883
    Profile photo of Anonymous
    Anonymous
    Participant

    @dartboy wrote:

    @logan wrote:
    I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.

    At this time its only people with money and a job that are buying so these could be classed as yuppie flats the area will go down hill when stability returns and the owners move on and rent them out to the less well off

    Yes you are right. Poor people can’t scrape together 65k anyhow. The worry is though that it gets to cheap and people buy to let.

  • #108066
    Profile photo of Anonymous
    Anonymous
    Participant

    Spaniards asked if they would buy in Seseña if it was cheap enough. Basically, the answer was no.

    [youtube:2mdhvbji]xC4PHZHeiUY[/youtube:2mdhvbji]

  • #108205
    Profile photo of DBMarcos99
    DBMarcos99
    Participant

    @mark wrote:

    I read in the papers today that Banco Santander is now selling flats in the infamous Seseña development in Toledo from just €65,000, down from €180,000 at the peak. That’s a discount of 64pc.

    Seseña is not for me (or anyone in this forum, for that matter), but I believe that one day it will be finished and occupied.

    The other day I watched a Spanish TV programme of a young couple buying there now. They were delighted with what they were getting for their money. Not so delighted those who bought back in 2007 🙁

    Looks like you were right Mark. according to this article prices have rebound in the Toledo new town. Prices rebounding from 65k to 78k in just 3 weeks.

    http://www.idealista.com/news/archivo/2012/03/28/0425643-la-burbuja-inmobiliaria-vuelve-a-sesena-toledo

  • #108229
    Profile photo of Anonymous
    Anonymous
    Participant

    Interesting that the banks haven’t understood that earlier…. if you lower the prices things will sell. 😆

  • #108230
    Profile photo of logan
    logan
    Participant

    @Ardun wrote:

    Interesting that the banks haven’t understood that earlier…. if you lower the prices things will sell. 😆

    and give them virtual ‘free’ money with which to buy it. 🙄 (Inflation 3%, mortgage rate 3.5%) or thereabouts.

  • #108246
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes, Ardun now bankers who have little grasp of the commercial world. Would you trust them with your money ???.

  • #114908
    Profile photo of DBMarcos99
    DBMarcos99
    Participant

    Looks like Seseña is trying to re-invent itself. It’s going to position itself as a centre for tech entrepreneurs, and provide things like free offices and accommodation for the first 6 months.
    Biggest problem with that I see, a lot of geek entrepreneurs don’t generally want to be hidden away – they prefer to be in cosmopolitan cities like Barcelona or London.

    http://www.elconfidencial.com/tecnologia/2013/02/01/sesena-se-lava-la-cara-de-fantasma-inmobiliario-a-posible-ciudad-tecnologica-4132/

  • #114911
    Profile photo of Anonymous
    Anonymous
    Participant

    Is it really that far from Madrid anyway? Yes but I agree that these kind of people often want to life right in center of where things are happening.

  • #114961
    Profile photo of Chopera
    Chopera
    Participant

    From memory I think Seseña is about a 45 min drive from the centre of Madrid (if you are lucky with the traffic). But what’s the point in living somewhere in the middle of nowhere with no public transport and nothing to do? It’s not that far from Toledo, which has far more attractions and also an AVE that will get you to Madrid in half an hour, and for a reasonable price. Obviously some people are buying there – but I don’t think many of them are “tech entrepeneurs” 😉

  • #114963
    Profile photo of Anonymous
    Anonymous
    Participant

    @chopera wrote:

    From memory I think Seseña is about a 45 min drive from the centre of Madrid (if you are lucky with the traffic). But what’s the point in living somewhere in the middle of nowhere with no public transport and nothing to do? It’s not that far from Toledo, which has far more attractions and also an AVE that will get you to Madrid in half an hour, and for a reasonable price. Obviously some people are buying there – but I don’t think many of them are “tech entrepeneurs” 😉

    agreed its properly the actual tech nerds who just stay in doors all the time playing on their computers writing new programes that are buying if anyone from the tech industry are

  • #114968
    Profile photo of katy
    katy
    Spectator

    Property sales will go down and down. Another 2.7% lost their jobs in January,(132,055 persons) that makes the unemployment rate about 28%+. Madrid was one of the highest job shedders!

    Never mind, they will all be able to get jobs for the summer when the tourists come back for three months 🙄

  • #115555
    Profile photo of DBMarcos99
    DBMarcos99
    Participant

    Interesting report by Irish tv, about 33 minutes into the programme.

    http://www.rte.ie/player/gb/show/10114776/

  • #115564
    Profile photo of Anonymous
    Anonymous
    Participant

    I love the typical Mayors response. ‘oh, and look now there are houses all out to here’ as though he’s really surprised that they appeared there! ?

You must be logged in to reply to this topic.