M4RK - The last I heard townhouses in Condesa were asking 450k Euros approx.
If you are looking to buy anywhere in Spain for the first time - you are in luck. There is lots available and you can drive a hard bargain.
The comments on this forum are unhappy mainly because of the huge delay and waiting. Our contracts were due for completion December 2005. Then the previous developer went bust and did not tell the truth for atleast 2 years. The new developer is working very hard to try to finish asap. Still, we were told it would be done by June 07, then September, then November, ........... And annoyingly none of these target dates are announced officially.
Putting all things aside, Condesa will be a beautiful development. It is in the midst of already developed expensive villas. There appears to be no massive developments in the immediate area, and we are told the hills around are not to be sold to developers. Ofcourse you never know what happens in the future. If you are keen to live / holiday in Spain, Condesa is a good bet. I would imagine in the current property climate you should be able to get a good bargain. If you do not intend to make a quick buck and are looking for a relatively quiet place, Condesa is great. You can avoid the heavy traffic nearer the beach and enjoy the beautiful, peaceful surroundings. Especially attractive to golf enthusiasts, families and the retired.
What are ADH quoting you ? You can send me a private message if you want some advice.