# 55% discount on houses in Comunidad de Madrid



## Pesky Wesky (May 10, 2009)

We went to Bilbao this weekend for the annual paella to celebrate MIL's birthday. On the way back we went past a sign that wasn't there at Christmas which was when we last drove past - 55% discount on houses, so the recession is alive and kicking in some parts.
Los Pinarejos - Casas en la sierra de Madrid para vivir todo el año

This is a large Urb., totally new, built in the middle of nowhere. It says it has schools and shops, but I'm not sure if they are built or projected. Building started at least 5 years ago, if not more and the urb. has never been heavily occupied.
Having said that, there are signs of new building going on in the region. What's going to happen to the houses that are already built or half built and that are standing empty is anyone's guess.


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## alborino (Dec 13, 2014)

Pesky Wesky said:


> What's going to happen to the houses that are already built or half built and that are standing empty is anyone's guess.


Pesky interesting. Looking in that area on individual sales you see lots of recent reductions of up to 20% and it is easy to find a 4 bedroom adosado for 200,000 or less so these with IVA to me sit about right with the reduction but of course that doesn't mean they will sell any time soon. They are big houses but I'd have thought being an hour by bus from Madrid that they wouldn't appeal to a mass market. 

We are looking at prices in Cadiz, Malaga, Asturias and Madrid at the moment (yeah don't ask ) and we see no general recovery in the market. Still being flooded every week with further reductions, offers of rent for trial period, please make an offer, you could rent out rooms and make it a business, etc. Just two months ago the Cadiz agent told us in our very precise target area our budget would only buy an adosado but not a chalet. However in the last ten days we have 4 chalets in that area to consider inside budget 

I guess until the reservoir has gone one cannot expect anything else.


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## Pesky Wesky (May 10, 2009)

alborino said:


> Pesky interesting. Looking in that area on individual sales you see lots of recent reductions of up to 20% and it is easy to find a 4 bedroom adosado for 200,000 or less so these with IVA to me sit about right with the reduction but of course that doesn't mean they will sell any time soon. They are big houses but I'd have thought being an hour by bus from Madrid that they wouldn't appeal to a mass market.
> 
> We are looking at prices in Cadiz, Malaga, Asturias and Madrid at the moment (yeah don't ask ) and we see no general recovery in the market. Still being flooded every week with further reductions, offers of rent for trial period, please make an offer, you could rent out rooms and make it a business, etc. Just two months ago the Cadiz agent told us in our very precise target area our budget would only buy an adosado but not a chalet. However in the last ten days we have 4 chalets in that area to consider inside budget
> 
> I guess until the reservoir has gone one cannot expect anything else.


Wow, yes, quite a mixture there!
I thought you were already here?

When I was looking for a link to post on the forum I Googled casas (or viviendas, don't remember) 55% descuento Madrid and more than one came up


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## alborino (Dec 13, 2014)

Pesky Wesky said:


> Wow, yes, quite a mixture there!
> I thought you were already here?


We are here, there and everywhere  And sadly property owners here and there  

But we need a final resting place. Hell that sounds awful!!! I mean a place to grow old disgracefully as Mary would say 

And we need a place for MIL. Which means we don't have to have those awful thoughts of "it won't be long, we have to think about when we are older and lose our mobility". It isn't for us but MIL so that makes me feel younger


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## Chopera (Apr 22, 2013)

These 55% discount offers are a bit misleading because it implies they are 55% less than their original market value. But obviously they weren't originally priced to market (otherwise they would have sold) so in fact they are 55% less than some fictitious value someone dreamed up at the peak of the boom, and which no one was ever going to pay.

In fact I have come across those houses on idealista before:

Los Pinarejos, Urbanizadora colmenar, s.a., Miraflores de la Sierra — idealista

And I think I've seen a bank trying to sell them as well. They caught my attention because they were advertised as being in Miraflores de La Sierra, which is quite an attractive village in the mountains. However they turned out to be on the outshirts of Soto el Real, which does have a rail connection to Madrid, but they're not really within walking distance of there either. They look nice, but at the moment it's an empty urbanisation in the middle of nowhere.


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## xabiaxica (Jun 23, 2009)

that's one heck of a discount!

conversely, here in Jávea, house prices (of those actually sold) have risen by 11.2% in the past year Mercado inmobiliario: Xàbia lidera el repunte de precios inmobiliarios en España | Comunidad Valenciana | EL PAÃ�S



> Xàbia encabeza el repunte de los precios inmobiliarios en España, según el informe presentado este lunes por la empresa de tasación Tinsa. El municipio de la Marina Alta situado a los pies del Montgó ha visto elevarse los precios un 11,2% en el último año. Una evolución que contrasta con el "estancamiento" en la mayor parte del litoral valenciano, que sigue sin recuperarse de la gran crisis que empezó en 2008.


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## mrypg9 (Apr 26, 2008)

alborino said:


> We are here, there and everywhere  And sadly property owners here and there
> 
> But we need a final resting place. Hell that sounds awful!!! I mean a place to grow old disgracefully as Mary would say
> 
> And we need a place for MIL. Which means we don't have to have those awful thoughts of "it won't be long, we have to think about when we are older and lose our mobility". It isn't for us but MIL so that makes me feel younger


Mary stays up way past her bedtime far too often these days.....

I think you are both right about prices not really recovering. In the boom years houses round here, on the edge of the village, sea views, easy access airport, Estepona and Marbella, went for around the million mark. The few properties that have sold recently have been to Arabs and Chinese for around half that amount and the new owners have spent hundreds of thousands tarting them up, landscaping and so on.
Our next door neighbour down the road, Manolo, has had his house on the market for years. He wants to go back to Seville. It seems he and his wife have gone and are renting on a weekly basis to summer visitors. Several other properties have been for sale since we arrived over six years ago.
I don't know whether the Spanish owners are asking unreasonable prices but I do know a friend with a five bed front-line beach house put it up for sale a couple of years ago. She said she wanted 500000 euros 'in her hand' after all fees were paid, something she considered a 'giveaway'.
In two years she had two inspections and one offer of under 400000 euros.
She decided to take the property off the market.


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## Chopera (Apr 22, 2013)

Some more in the sierra...

Residencial La Chopera, Urbazo, Guadalix de la Sierra — idealista

Chalet en venta en joaquin turina, 14, El Boalo

La Dehesilla, Docome, Collado Mediano — idealista


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## Overandout (Nov 10, 2012)

Great thread!

We are wondering where to live when we return to Spain and this is feeding my imagination!!

Keep them coming please, you guys are saving me time on Idealista!!

The problem with the Sierra de Madrid is the travel into Madrid in winter.

In summer it would be fantastic as I ride a motorbike (apart from the inevitable fines) but when the snow comes....


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## Chopera (Apr 22, 2013)

Overandout said:


> Great thread!
> 
> We are wondering where to live when we return to Spain and this is feeding my imagination!!
> 
> ...


There is a commuter train that runs right into the mountains. Obviously it's more pricey near the line, but it's obviously do-able. 

See this thread for more discussion:

http://www.expatforum.com/expats/sp...ear-madrid-help-needed-re-ideal-location.html


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## Overandout (Nov 10, 2012)

Thanks Chopera,

I know the area quite well already. 

My times of commuting on Cercanías is well behind me thankfully, as my office (assuming I stay with my current employer) is a long way from a Cercanía station, and even if I were prepared for the bus ride from the nearest station, I would have to go to Chamartín to change trains, so using public transport is not really an option unless I want to take 2 hours commuting each way.


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