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Housing bubble still bursting in Spain

Housing bubble still bursting in Spain
01/24
Caption
Buildings view at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
02/24
Caption
Santander Bank advertising for Apartments for sale in the the Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
03/24
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Santander Bank advertising for Apartments for sale and field even without building in the Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
04/24
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A view of the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
05/24
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A building still empty at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
06/24
Caption
A building still empty at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
07/24
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Building development paralyzed since 2008 at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
08/24
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Some of the buildings at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
09/24
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Statue of of Francisco Hernando and his wife at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
10/24
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Buildings view at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
11/24
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A school at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
12/24
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A view of at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
13/24
Caption
A view of at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
14/24
Caption
A view of the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
15/24
Caption
The pier in the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
16/24
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The pier in the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
17/24
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The lake in the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
18/24
Caption
A view of the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
19/24
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The entrance of the Maria Audena park (name of his wife) at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
20/24
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The Residential Francisco Hernando in Seseña (Toledo) in Spain with tennis courts, parks and swimming pool.
Housing bubble still bursting in Spain
21/24
Caption
A view of the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
22/24
Caption
The Residential Francisco Hernando in Seseña (Toledo) in Spain view from a car dealer.
Housing bubble still bursting in Spain
23/24
Caption
A view of the park at The Residential Francisco Hernando in Seseña (Toledo) in Spain.
Housing bubble still bursting in Spain
24/24
Caption
The entrance of The Residential Francisco Hernando in Seseña (Toledo) in Spain.
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain
  • Housing bubble still bursting in Spain

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.

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