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Santander reduces price of flats in Seseña to €65k

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Santander reduces price of flats in Seseña to €65k

Postby mark » Fri Feb 10, 2012 8:39 pm

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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 :(
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Re: Santander reduces price of flats in Seseña to €65k

Postby shakeel » Fri Feb 10, 2012 9:25 pm

I am pleased for them. They have time on their side to see the gains in the future.
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Re: Santander reduces price of flats in Seseña to €65k

Postby Ardun » Sat Feb 11, 2012 1:21 am

I agree with you Mark. Not a bad investment in the long run.
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Re: Santander reduces price of flats in Seseña to €65k

Postby Chopera » Sat Feb 11, 2012 1:37 pm

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".
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Re: Santander reduces price of flats in Seseña to €65k

Postby logan » Mon Feb 13, 2012 11:16 am

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.
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Re: Santander reduces price of flats in Seseña to €65k

Postby dartboy » Mon Feb 13, 2012 12:39 pm

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
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Re: Santander reduces price of flats in Seseña to €65k

Postby Ardun » Mon Feb 13, 2012 4:35 pm

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.
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Re: Santander reduces price of flats in Seseña to €65k

Postby mark » Tue Mar 06, 2012 10:08 pm

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

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Re: Santander reduces price of flats in Seseña to €65k

Postby DBMarcos99 » Wed Mar 28, 2012 4:22 pm

mark wrote:Image

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
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Re: Santander reduces price of flats in Seseña to €65k

Postby Ardun » Fri Mar 30, 2012 4:03 am

Interesting that the banks haven't understood that earlier.... if you lower the prices things will sell. :lol:
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Re: Santander reduces price of flats in Seseña to €65k

Postby logan » Fri Mar 30, 2012 8:31 am

Ardun wrote:Interesting that the banks haven't understood that earlier.... if you lower the prices things will sell. :lol:

and give them virtual 'free' money with which to buy it. :roll: (Inflation 3%, mortgage rate 3.5%) or thereabouts.
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Re: Santander reduces price of flats in Seseña to €65k

Postby shakeel » Fri Mar 30, 2012 11:19 pm

Yes, Ardun now bankers who have little grasp of the commercial world. Would you trust them with your money ???.
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Re: Santander reduces price of flats in Seseña to €65k

Postby DBMarcos99 » Sun Feb 03, 2013 10:10 am

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/
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Re: Santander reduces price of flats in Seseña to €65k

Postby Ardun » Sun Feb 03, 2013 11:28 am

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.
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Re: Santander reduces price of flats in Seseña to €65k

Postby Chopera » Mon Feb 04, 2013 1:27 pm

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" ;-)
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