Sesena Spain...kind of like Temecula.

User Forum Topic
Submitted by PadreBrian on August 27, 2008 - 9:56am

Lying just 20 miles south of Madrid, Sesena was designed as a major urbanisation for professionals who could not afford city prices.

But there are few signs of life at Sesena, now dubbed the Spanish ghost town.

The population of this town did not disappear, they simply never arrived.

More than 13,500 apartments were built on this area of scrubland. But less than 3,000 have been sold. So far the number of people living in Sesena can be counted in the hundreds.

http://news.bbc.co.uk/2/hi/business/7584...

‹ This survey on CNN shows how nobody thinks about the people with reason Down payment hedging ›
Hi PadreBrian, That is an
Submitted by mydogsarelazy on August 27, 2008 - 7:56pm.

Hi PadreBrian,

That is an interesting article, but I don't think Sesena has much at all in common with Temecula.

I tend to think of Temecula and Murrieta as one community, so here is what I am noticing as a resident of the Murriecula area...

The area is still jammed with people, although there certainly are plenty of homes empty due to foreclosure. Traffic is still dense and the Temecula Mall is going through construction and expansion. How are those new upscale stores -- Pottery Barn for example -- going to do in this economy? We will find out.

It does appear that developers have stopped building homes and that they can't sell the inventory they have left.

More commercial properties are vacant all the time and furniture row in Murrieta is one area that does indeed resemble a ghost town. Maybe we will see some auto dealers go under soon?

Financial distress and strained marriages seem to be everywhere. Young people in particular are having trouble finding jobs. Its a tough time, and it doesn't help that the temperature reaches the high nineties almost every day.

One more thought: how will this area do if we have water rationing next year? Would Harveston look good as a dry concrete lake? I hear they do have bad water problems in Spain, so maybe that Sesena comparison isn't too far off after all.

JS

Bad title...but Temecula area
Submitted by PadreBrian on August 27, 2008 - 8:43pm.

Bad title...but Temecula area suffers from over build...too many houses for not enough peop0le. Basically, the "free" money from the banks let the builders kept building which caused the speculators kept buying which kept the builders kept building...

But why the hell did the Spanish developers build a city of 13.5k condos (buyable apartments) and think people would move out in the middle of no-where?

Those who keep saying
Submitted by Nor-LA-SD-guy on August 28, 2008 - 8:01am.

Those who keep saying Temecula will be a ghost town have obviously not tried to drive through Temecula between 6 - 8 AM or 3 - 7 PM during the work week.

As a side note:

Abbott Lab's is just really cranking it these days.