Bankia to auction over 1,100 properties
Bankia, the group that owns La Caja de Canarias, is to today launch a massive auction of more than 1,100 properties, with discounts of between 30 and 60% and in some cases with prices starting at just €40,000. According to sources in the company, it is the largest auction ever organised by Bankia Habitat, the company that manages the real estate assets of BFA-Bankia group. A new feature is that the auction will also include properties from developers. The ultimate goal is to expedite the sale of flats by an agreement with the sector.
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The auction covers new constructions throughout the country including Madrid, Valencia, Castilla y Leon, La Rioja, Castilla-La Mancha, the Canary Islands, Andalucia and Aragon. Of the total assets, 677 are from Bankia Habitat portfolio and more than 440 come from 16 different developers. The buildings will have a discount of between 30% and 60%, with prices starting at €40,000 euros. The auction will be open until November 13th, 2012. The bank will finance the purchase of the properties, while providing 100% of the amount of the sale, a maximum repayment term of 40 years and an interest rate of ‘Euribor plus a differential of 0.90 points’.
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Apart from the auction which starts today, Bankia Habitat also has another current campaign which launched in September in which it offers 619 properties with discounts of up to 60% and runs until November 15th 2012. Bankia Habitat is also preparing its participation in major exhibitions in the real estate sector to be held in autumn which commence today with ‘Barcelona Meeting Point’. For this event, which ends on October 21st 2012, the group’s subsidiary is involved with a range of over 595 properties, most of them second-hand, with a maximum discount of 60%.
This bank is not stupid and no bank gives away anything unless there is a reason,anybody falling for this scam is as stupid!
There is in the Cosmos a lot of activity which will bring about a n enormous amount of Geophysical activity, align that with the Volcano on Cumbre Vieja on La Palma and El Hierro and what you have is a cataclysmic event just waiting to happen!
http://rense.com/general13/tidal.htm
The bank knows this and for sure,they will not lose out,even helping the gullable with a cheap loan!
Enjoy the sun while you can folks! let your local govt keep you in the dark, thats why they want the Spanish geosurvey people to be quiet!
What on earth are you on about??? This story is about a property auction and you are on about the end of the world?! Get a grip man. It isn’t the end of the world. It is just a property auction!
Bankia is doing the absolutely right thing ! Writing as an ex professional property valuer who has dealt with similar situations I should point out however that the article is a little misleading in one aspect . There is no such thing as selling at a “discount” by Auction since the Market Value will be the sale price achieved and not someones artificial idea of what that should be . A discount implies giving away something cheap which I suspect is not the case here unless the Bank is operating as a charity . . The true value of any property is only what someone is prepared to pay for it . Bankia may well be pleasantly surprised at the prices the flats might achieve in this situation . I would suggest very low reserves for the first few till a market level has been set then push for higher figures as the demand permits .