Seseña: El Pocero Flats Double in Price to €280,000
El Pocero flats in Seseña, priced at €80,000 in 2014, are now selling for €280,000. The housing crisis revives El Quiñón, with a waiting list.
English · Original discussion in Spanish · Published
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SIZE=6]Seseña: El Pocero flat valued at €80,000 is now selling for €280,000[/SIZE]
A 40-kilometer drive from Madrid, a flat advertised for €80,000 or less in 2014 is now selling for €280,000. Twenty years after the bursting of the property bubble froze thousands of homes in Seseña (Toledo), the housing crisis has revived El Quiñón. The development, El Pocero, established by Francisco Hernando, is once again active, with sales promotions and a waiting list. The symbol of the uncontrolled property boom has, over time, become a refuge for price.
From 13,000 Projected Homes to Half Constructed
The original project by Hernando envisioned 13,000 homes. Only half were built. For years, it was the emblem of excess: empty flats in the middle of nowhere, far from everything, with a closed train station and no free gasoline. In 2014, they were advertised for less than €80,000. Today, there are new promotions in El Quiñón, and last year, land for another 3,500 homes was auctioned. The Sagra, that plain which seemed like a ruin a decade ago, is appreciating in value.
Bought at €140,000 and Sold at €280,000: Who Wins and Who Doesn't
There is one case that summarizes the market shift: whoever bought at €140,000 can now sell for €280,000. The calculation seems sound, but there is a catch. That same owner who wants to move into a flat valued at €200,000 then and now worth €400,000 does not get rich: they go from having to put down a €60,000 difference to putting down €120,000. The revaluation doubles the asset and also the step up in category. Nobody gets rich by moving house on the same ladder.
The Dispute with Izquierda Unida that Marked the Development
The urban planning conflict left a judicial trail. Hernando referred to the Seseña councilors of Izquierda Unida (IU) as his “enemies,” and according to statements gathered by the formation itself, their goal was to end their presence in the Town Hall. He filed complaints for slander—including one regarding a municipal bulletin titled “King of Brick”—and claimed millions in deposits. IU maintained that these actions sought to intimidate and silence them; the businessman defended that his honor had been unjustly attacked.
With these prices, Seseña is no longer a bargain. And it still lacks an operational train station. The buyer pays for living 40 kilometers from Madrid with gasoline priced like gold: they buy Madrid without being in Madrid. That is where the analysis stalls.
SIZE=6]Seseña: El Pocero flat valued at €80,000 is now selling for €280,000[/SIZE]
A 40-kilometer drive from Madrid, a flat advertised for €80,000 or less in 2014 is now selling for €280,000. Twenty years after the bursting of the property bubble froze thousands of homes in Seseña (Toledo), the housing crisis has revived El Quiñón. The development, El Pocero, established by Francisco Hernando, is once again active, with sales promotions and a waiting list. The symbol of the uncontrolled property boom has, over time, become a refuge for price.
From 13,000 Projected Homes to Half Constructed
The original project by Hernando envisioned 13,000 homes. Only half were built. For years, it was the emblem of excess: empty flats in the middle of nowhere, far from everything, with a closed train station and no free gasoline. In 2014, they were advertised for less than €80,000. Today, there are new promotions in El Quiñón, and last year, land for another 3,500 homes was auctioned. The Sagra, that plain which seemed like a ruin a decade ago, is appreciating in value.
Bought at €140,000 and Sold at €280,000: Who Wins and Who Doesn't
There is one case that summarizes the market shift: whoever bought at €140,000 can now sell for €280,000. The calculation seems sound, but there is a catch. That same owner who wants to move into a flat valued at €200,000 then and now worth €400,000 does not get rich: they go from having to put down a €60,000 difference to putting down €120,000. The revaluation doubles the asset and also the step up in category. Nobody gets rich by moving house on the same ladder.
The Dispute with Izquierda Unida that Marked the Development
The urban planning conflict left a judicial trail. Hernando referred to the Seseña councilors of Izquierda Unida (IU) as his “enemies,” and according to statements gathered by the formation itself, their goal was to end their presence in the Town Hall. He filed complaints for slander—including one regarding a municipal bulletin titled “King of Brick”—and claimed millions in deposits. IU maintained that these actions sought to intimidate and silence them; the businessman defended that his honor had been unjustly attacked.
With these prices, Seseña is no longer a bargain. And it still lacks an operational train station. The buyer pays for living 40 kilometers from Madrid with gasoline priced like gold: they buy Madrid without being in Madrid. That is where the analysis stalls.
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (47 replies).
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