One famous housing project in Spain is the Residential Francisco Hernando development, with apartments selling for 221,000 euros in 2008. Now those same new apartments are selling for only 65,000 euros, a result of the housing development crash.
In the famous urban development, today houses sold for less than a third of the asking price. of the asking price and the entire second phase, some 2,000 buildings, is held by financial institutions.
Francisco Hernando Contreras, well-digger, began in 2004 building a macrourbanización 13,500 homes in Señena (Toledo) through its business group Onde 2000. He thought the population will be multiplied by six Seseña, but did not have the bursting of the housing bubble in 2007, when only 5,096 houses had been built and only sold just over 2,700 in April 2008.
In 2004, he sold more than 1,500 housing units at an average price of 180,000 euros and in 2007, raises the price by 280,000 euros, just get 50 buyers. The bubble burst hits him and the driller had to adapt to market and reduce the price after seeing how it has to compete even with their own customers.
In 2008, he incomes 607 millions after selling (transfer to the bank) 2030 homes. -The company recorded a profit of 88 million euros and noted in the concluding section that was about to slow down production because of the economic situation.
In 2011 the bank gets license to sell the homes after the operation has been unlocked politically when the new mayor of the town, Carlos Velazquez, giving the green light to the first occupation licenses for these homes. The operation was blocked by the previous mayor, who did not give the license of occupation.
Santande rBank, markets floors below cost with prices starting at 65,000 euros (March 2012) that barely cover the cost of building a 2 rooms apartment (82m2) which cost 221,000 euros in 2008.
The neighbors of Seseña macrourbanization continue to support Francisco Hernando, although it has abandoned the project without finishing.