Re: Re: Costas – When will this market bottom?

#108298
DBMarcos99
Participant

As per this article on Seseña, we’ll see more sales carried out by the banks. It will mean cheaper prices for buyers (and the Seseña example shows there’ll be plenty around to take advantage in certain locations) but those who bought towards the peak of the boom can lose a lot, assuming they can manage to sell.

http://www.reuters.com/article/2012/04/02/us-spain-housing-idUSBRE83103P20120402

When Jose Morales travelled up from Granada in southern Spain in February to look at a new apartment in the Madrid satellite town of Sesena, he was greeted by long queues of mostly young people outside the sales office.

“When the door opened, there was a stampede to get in, like a department store sale, and some were even injured in the dash,” said Morales.

The apartments were selling so fast, unseen by the buyers in many cases, that he missed out on the one he wanted.