Written by Consuelo R from Prada

Major real estate developments affected by the crisis

Every crisis is affected in the market, and the real estate sector has been the most Great urban madness Untied in the 2000-2007 period. Everything was sold, based on speculative consumption and financed with high leverage.

One of the consequences of this boom and subsequent crisis have been the Major real estate developments Which had high sales expectations but did not become, and we can ask ourselves What will happen to them now? Because the answer is always, depends...

Depends from his location And all that this entails: Distance to the urban nucleus Most important, of Socio-economic factors The municipality, the accesses already built, the reason for acquisition of potential buyers ... and depends on another great factor: Their degree of consolidation. That is, the percentage of iNfraestructuras already available and the population that already resides in the development. Depending on this we can typify the urban and Predict their future Logical and coherent.

Some examples.-The development of Marina D'or, Powered by Grupo Marina D'or, had planned 35.000 housing when it began in the year 2000. Its location in Oropesa (Castellón) is clearly aimed at Second residence So it is not close to an important population nucleus, but also has no good access. The degree of consolidation and construction is high in some areas but scarce in others surrounded by open fields.

It is estimated that some 15.000 units will be completed, in the hands of Sareb and financial entities, and the rest will not be built due to lack of demand. The prices in the boom era were more than 200.000 € for small apartments and now they are trying to sell below 60.000 €. The solution to all this stock is to sell with high losses what is already built and paralyze what is half built, because it does not compensate the sale price with the cost of finishing it and the floors that are not built, right now, have a negative value.

Aerea_urbanizacion

Seville.- Another development affected by the crisis and very different from the previous one is The area of ​​Entrenúcleos in Seville, In the municipality of Dos Hermanas. Also in year 2000 the town hall urbanized this great sector offering to the market finalist ground for 13.500 residences of first residence of which 6.000 were protected. The person in charge of all this was Inmobiliaria Colonial. In 2009-2010, and despite having sales, the lack of liquidity in financial institutions prevented the construction. It is a development with zero degree of consolidation, there are only bags of soil without buildings and without endowments. However, the Good access Of those that it has and the proximity to the capital of Seville There is a future close to this macro-project. The ground is in the hands of financial institutions eager to pull forward. Of course, the prices that were handled before when the future was sold as if it were present is totally improbable, the houses that previously could be near the 230.000 € will not be able to raise of the 150.000 € but it is Clearly an area with demand that is going to be driven in this 2015.

Valdeluz.-A third example of development that did not meet your expectations. He was born in 2003 with the idea that the resident population outside of 30.000 inhabitants in more than 10.000 homes. The project included a wide range of tertiary services - commercial, industrial and hotel - through all kinds of socio-cultural equipment, leisure (theme park), sports (bike path, golf course and sports area), commercial (66.560 m2 surface area sales), business and business (one business park and two hotels), health and welfare (two health centers and two geriatric centers), education (9 schools) and, in general, quality of life, when trying to have ample green areas and extensive public parks. The impeller was Reyal-Urbis.

Valdeluz

Photo: web ciudadvaldeluz.com

La Reality in 2015 it is very different, the location is not close to an important municipality, it is more than 60 km from Madrid and 11 kilometers from Yebes, a village of 300 inhabitants. Valdeluz has registered people near 2.500 so we can imagine the amount of stock on sale that he has. Nor is its degree of consolidation high, does not have the necessary endowments, does not have schools, medical services are scarce, although the University Hospital of Guadalajara is located at 7 km, transportation is also very limited, both the AVE and the buses so it is imperative to use a car or two. The prices that were previously in the 250.000 € are now between the 120.000 and the 130.000 € and even then it is difficult to place them in the market because it is not really an area with high demand, very far from Madrid and without a degree of consolidation.

What do we do with this stock that nobody wants? The answer is the owners of the same, the financial institutions and Sareb. Some ask to convert it into social housing. To this end, municipalities should expropriate and pay owners a fair price and do not have this liquidity. We speak of many millions of euros, even if it is only cost price.

Knock them down? I can not imagine any individual or entity destroying their assets, when in addition, even the demolition is another cost. Another issue is those buildings that have not even reached the 20% structure, the owner can compensate more to throw it than to maintain it, but those that are finished only go through a slow absorption of the market and assuming the losses they have supposed. They will not have 2007-2008 prices but will be sold.

Planning.- The good accesses and the short distance of a great development to an important municipality of more than 500.000 inhabitants are two variables that must exist prior to the beginning of the programming, if this had been given, the crisis would not have affected it as much. The degree of consolidation comes later.

We have reviewed some of the projects affected by the bursting of the bubble, but there are more like Quer (Toledo), Yuncos (Toledo), La Muela (Zaragoza), El Toyo (Almería) ... We will all study them independently to see what Future have short and long term, as it will depend on several factors as we have seen.

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Written by Consuelo R from Prada

Salón Real Estate of Seville, the opportunity to acquire your house on the beach and in the city

Forum Consultants will be present at the Real Estate Hall of Seville Which is celebrated 20 and 21 days of February at the NH Collection Hotel of the Seville capital, with a wide range of housing. It is the first Real Estate Hall of Andalusia, Called Welcome Home, and it is organized by ABC newspaper and BBVA. Entrance is free and open.

Forum Consultores presents a wide portfolio of new housing developments located in Seville, Malaga, Cádiz and Huelva At very competitive prices and, mostly, up to the 100% financing.

An exceptional opportunity to find housing, both on the beach and in the city. In just two days, this room offers the possibility of contacting the professionals of the sector, knowing the best investment opportunities, obtaining financing and finding the home you are looking for, both new and used.

More info on our website Www.foroprovivienda.com

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Written by Ignacio Ortiz de Andrés

Castellana Norte, thermometer of economic recovery

On Friday 30 of January was presented District Castellana Norte Madrid (DCNM). It is the name with which they have now called the known Operation Chamartín. I prefer to call it with the old name, clearer and adjusted to what is, a great economic investment.

Finally, the dream longed for by many prolong The Castellana, will materialize in the coming years. Because of the characteristics of the operation, Will be a true thermometer of economic recovery, Since it counts on a great amount of offices and projected dwellings. It will be developed over 20 years.. It will tell us what is the demand of the built, the interest of the companies to be located in said place, to install corporate headquarters, the attraction that will generate in the citizens to buy a house in this place. Undoubtedly, we can read through its development the evolution of employment, regional and state development.

Good communications.- It is a development that will be perfectly communicated. As for public transport, it will have three metro stations, two commuter stations and a tramway on tires (high capacity bus). The knots of the M-30 (underground) and the M-40 will be improved. Facilitate the union between Las Tablas and Tres Olivos (district of Fuencarral El Pardo). In terms of residential building, the Castellana Norte District is approximately 50% greater than that of Las Tablas. Said development is experiencing moments of improvement in demand, both for sale and for rent, before the location of new corporate headquarters, such as BBVA.

Photo from the south

Homes and offices.- La The buildable area is 1,05, with a total of 3.270.000 m², of which the residential assumes an 55%. They will be built 17.700 homes, An 10% of them protected. It is to be expected that, in a trend contrary to the real estate boom, Majority typologies Are from Three and four bedrooms. There will be high buildings, mostly exempt and with a high level of qualities and common areas.

If you want to Endowment plots, are properly distributed. Regarding Offices, there are one million square meters (Cuatro Torres Business Area (CTBA) has 250.000) mostly concentrated in what will be called the business area, which means a very significant amount that will take a long time to build and effectively occupy.

Areas of Castellana Norte.- La 1 area (Central Park) with 6.000 housing is the best part of the operation. In front of a green area (24 hectares buried beach), near the Four Towers (especially the houses to be built in the parking lots of the EMT) and with plots of use and offices.

1 performance zones

However since the 2 zone (Business Area) and to the north, 3 zone (Prolongation of Paseo de la Castellana) and 4 zone (Technological area) arises to my understanding, a serious conditioner: lThe roads are not buried. No less than 4.000 housing, on the east side of the Castellana, will be to a greater or lesser extent uncomfortably accompanied by a multitude of roads. And this is the failure that is not exposed. It has been said that the barrier effect of this linear work is broken, it is true that bridges will be made that cross the railway infrastructure diagonally and transversally, but this effect, far from being broken, is enhanced by construction in that area. There will be a distance of up to 1.500 meters without any bridge to Las Tablas, that is not typical of the Paseo de la Castellana and will depreciate the value of the houses in the east zone.

And from the Urbanistic point of view There is talk of making a city, but it frankly disappoints this project, since for three kilometers it takes advantage of soil affected by the transit of trains. Actually no compensatory measure is projected that will add more value to the intrinsic one that already has its proximity to the financial district of the capital. I trust that, and since it is a very long-term development, there is a viable way to solve this important condition.

First homes in 2020.-We are talking about a project in which, after approval, the area needs to be urbanized and subsequently promoted, with which The houses They will begin marketing within approximately three years In the best scenario. They will be expected to be delivered by the year 2020. By then, the existing offer in developments in the north of Madrid will have been considerably absorbed. With this, it would be like having a great future PAU, much better communicated than none as its distribution is fundamentally linear, in a new financial environment with its corresponding synergies.

Estimated prices.- According to the studies of Foro Consultores Inmobiliarios related to urban developments in the north of Madrid, and the characteristics of Castellana Norte District, the following assessment of Average prices:

  • For the 1 zone, best location (Parque Central) with 6.000 housing: 3.500-4.000 € / m².
  • For the rest of the zones, west slope of the Castellana: 3.000 -3.500 € / m², and east side, from 2.500 for the worst location to 3.000 € / m².

DCNM account as we have seen with some extraordinary figures, and as noted in the title and beginning of this post, Will measure the strength and economic development of the country and will empower a large city. We hope that all the parties involved, including of course the citizens, will seek and find the best possible urban development.

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