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Edermann property
MugundaMan
#101 Posted : Thursday, November 01, 2018 8:02:27 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,885
Location: DC (Dustbowl County)
Mujiza wrote:
Pesa Nane wrote:

Latest offer

winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line



They have some very nicely built and spacious retail spaces. I hope they offer those soon.


I saw these in the gazetis jana as well.
These chaps are smart they introduce a "pressure element" in that the sale is always ending "in a few days" yet 6 months down the line you see the same deal all over again. I would not touch these with a ten foot pole. Afadhali Karibu Homes on Mutongoni road which are the size of a matchboxLaughing out loudly . At least they are worth the risk at well under 3m because that area is still highly undeveloped. Better still, buy a plot in dustbowl and build a decent bungalow on it for the same price! No need to suffer sijui leather pollution, distilleries and let's not mention service charge politics and lazy committees that cannot even manage a cattle dip let alone 300 people in the same building! But most people want the easy way out then complain later.
"The fool says in his heart, "There is no God." - Psalm 14:1**Dustbowl County is the Future of Kenya. Join us investing here or perish!!****On Vacation until Jan 1st 2020**Current NSE holdings:ZERO. Next planned re-entry into the NSE: 2052
Ryko
#102 Posted : Thursday, November 01, 2018 9:10:57 AM
Rank: Member


Joined: 5/27/2016
Posts: 261
Location: Nairobi
MugundaMan wrote:
Mujiza wrote:
Pesa Nane wrote:

Latest offer

winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line



They have some very nicely built and spacious retail spaces. I hope they offer those soon.


I saw these in the gazetis jana as well.
These chaps are smart they introduce a "pressure element" in that the sale is always ending "in a few days" yet 6 months down the line you see the same deal all over again. I would not touch these with a ten foot pole. Afadhali Karibu Homes on Mutongoni road which are the size of a matchboxLaughing out loudly . At least they are worth the risk at well under 3m because that area is still highly undeveloped. Better still, buy a plot in dustbowl and build a decent bungalow on it for the same price! No need to suffer sijui leather pollution, distilleries and let's not mention service charge politics and lazy committees that cannot even manage a cattle dip let alone 300 people in the same building! But most people want the easy way out then complain later.


@Mugundaman this houses have been good over the years, its now that the deal is not good to investor.

You would acquire this houses at 4M or 3M during offer (1st & 2nd floor) and immediately once the offer is done offload it to Mortgagers at 5.5M, clean deal in a few months and you wash your hands off to Dustbowl. Mortgagers have been a cash cow, they buy at 6M and 7M. This guys come late and get houses up the sky in 4th /5th floor is you dump on them at 5.5M 1st floor its a good saving. Everybody is happy at the end of the day. An inverstor changes cash at hand, A mortgage home buyer gets a good deal. You proceed to Dustbowl. So its not as bad as you think by the way. But remember every DOG has its day...... its now not happening. Not really complaining but thats the truth on the ground

Its not something Illegal, even now after the offer you will get mortgager's and offload to them.
I work so I can afford the amount of alcohol required to continue going to work
wukan
#103 Posted : Thursday, November 01, 2018 1:48:21 PM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,183
MugundaMan wrote:


I saw these in the gazetis jana as well.
These chaps are smart they introduce a "pressure element" in that the sale is always ending "in a few days" yet 6 months down the line you see the same deal all over again. I would not touch these with a ten foot pole. Afadhali Karibu Homes on Mutongoni road which are the size of a matchboxLaughing out loudly . At least they are worth the risk at well under 3m because that area is still highly undeveloped. Better still, buy a plot in dustbowl and build a decent bungalow on it for the same price! No need to suffer sijui leather pollution, distilleries and let's not mention service charge politics and lazy committees that cannot even manage a cattle dip let alone 300 people in the same building! But most people want the easy way out then complain later.


This is common in China where the developers give massive discounts to clear up cash for the next project. It's only that they chose the wrong location for these apartments (industrial zone & msa road traffic). If it was somewhere in pangani they would have been snapped up by now like their first project.

Quote:
HOME buyers angry that apartments are being sold for much less than they paid swamped property developers' marketing offices across China over the Golden Week holiday, demanding their money back.

A sales centre for Xinzhou Mansion, a project of Country Garden Holdings Co located in Shangrao, a city in Jiangxi province, was mobbed last Thursday, videos and pictures circulated on social media show, its windows smashed by scores of protesters throwing rocks. They're furious that Country Garden is selling units for prices around 30 per cent lower than a year ago.

Similar demonstrations took place at One Mansion in Shanghai, another of Country Garden's projects. There, apartments are going for as much as 25 per cent less than two months earlier. At Zhangzhou, a city in southeastern Fujian province, people protested outside the offices of a Ronshine China Holdings Ltd project, waving banners that called the firm an "unscrupulous developer".
https://www.businesstime...-chinas-property-market

winmak
#104 Posted : Thursday, November 01, 2018 3:46:39 PM
Rank: Member


Joined: 12/1/2007
Posts: 420
Location: Nakuru
Hitting the pause button to rethink, maybe in the next 6 mo they might reoffer at 2.85?!?!
For investors as a whole, returns decrease as motion increases ~ WB
winmak
#105 Posted : Thursday, November 01, 2018 4:13:53 PM
Rank: Member


Joined: 12/1/2007
Posts: 420
Location: Nakuru
Kate_Mbarire wrote:
Ryko wrote:
winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line


1. What is the level of satisfaction of those in GW 1


Greatwall really depends on what you want, 1. Do you want to invest? or 2. Do you want to live there?

1. If you want to invest:

-If you have to buy make sure you get the 3M cash deal, you must also be fast so as to acquire ground, 1st or 2nd floor. Avoid 3rd, 4th, 5th because of tenants.
-You will take so long to ever sell that house simply no buyers, since Mchina keeps building houses at 3M. (if you want to go in buy and cash out you will be "Slaughtered Alive" - no buyers) may be in future.
- If you miss out on Ground/1st/2nd you MAY struggle getting a tenant. Tenants have lots of options, since there lots of apartments. I know of guys who don't have tenants until now.
- The rent is, 27 3Bdr/ 25 2Bdr (some are offering as low as 24 3Bddr/19 2Bdr)
- Basically its a struggle to get tenants if you have houses up the sky, option is to reduce rent.
- Final paperwork takes long, shitty to sell those apartments - May change in future
- The water-bills scare away tenants
- Upcoming phases are better i.e Phs 2 has bigger kitchens, phs 3... rolls back to tenants prefering newer phases than old phases
- service charge is 2k monthly

Conclusion: If you investing long-term you can have a shot (issa Lock up investment), if you are after liquidity forget about it.
Its a good deal if you get at 3M, get a 27K tenant who will always be in (to increase this chance target 1st floor).
By the way a simple basic investment like CIC money market (10%) may give you better returns monthly.


2. If you want to live there:

- I hear Waterbills are terrible, its like paying shell V-power.
- The rest is fine, road network bla bla.




Excellent insights Ryco.I also think the high-rises that the government is building under the affordable housing agenda may give you better returns.eg they're building some at old Ngara ...3bd flat at 3M.ofcourse the sq ft is really small and am sure the finishing will be basic but I think these will be easier to work with.


Very grateful @Ryko, good feedback.

@Kate_Mbarire, are these Pangani developements publicly listed ama ni kujuana? Coz, I have been shopping around for such property but only Ederman is low priced enough and publicly advertises
For investors as a whole, returns decrease as motion increases ~ WB
Kate_Mbarire
#106 Posted : Thursday, November 01, 2018 8:22:59 PM
Rank: New-farer


Joined: 9/4/2018
Posts: 62
Location: Nairobi
wukan wrote:
MugundaMan wrote:


I saw these in the gazetis jana as well.
These chaps are smart they introduce a "pressure element" in that the sale is always ending "in a few days" yet 6 months down the line you see the same deal all over again. I would not touch these with a ten foot pole. Afadhali Karibu Homes on Mutongoni road which are the size of a matchboxLaughing out loudly . At least they are worth the risk at well under 3m because that area is still highly undeveloped. Better still, buy a plot in dustbowl and build a decent bungalow on it for the same price! No need to suffer sijui leather pollution, distilleries and let's not mention service charge politics and lazy committees that cannot even manage a cattle dip let alone 300 people in the same building! But most people want the easy way out then complain later.


This is common in China where the developers give massive discounts to clear up cash for the next project. It's only that they chose the wrong location for these apartments (industrial zone & msa road traffic). If it was somewhere in pangani they would have been snapped up by now like their first project.

Quote:
Yes Wukan pangani is a hit....bought one unit there and the income is steady and tenant reliable.proximity to town and almost everywhere is a plus

Only place I see with high demand for rentals on MSA road is IMARA


HOME buyers angry that apartments are being sold for much less than they paid swamped property developers' marketing offices across China over the Golden Week holiday, demanding their money back.

A sales centre for Xinzhou Mansion, a project of Country Garden Holdings Co located in Shangrao, a city in Jiangxi province, was mobbed last Thursday, videos and pictures circulated on social media show, its windows smashed by scores of protesters throwing rocks. They're furious that Country Garden is selling units for prices around 30 per cent lower than a year ago.

Similar demonstrations took place at One Mansion in Shanghai, another of Country Garden's projects. There, apartments are going for as much as 25 per cent less than two months earlier. At Zhangzhou, a city in southeastern Fujian province, people protested outside the offices of a Ronshine China Holdings Ltd project, waving banners that called the firm an "unscrupulous developer".
https://www.businesstime...-chinas-property-market


Kate_Mbarire
#107 Posted : Thursday, November 01, 2018 8:26:52 PM
Rank: New-farer


Joined: 9/4/2018
Posts: 62
Location: Nairobi
winmak wrote:
Kate_Mbarire wrote:
Ryko wrote:
winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line


1. What is the level of satisfaction of those in GW 1


Greatwall really depends on what you want, 1. Do you want to invest? or 2. Do you want to live there?

1. If you want to invest:

-If you have to buy make sure you get the 3M cash deal, you must also be fast so as to acquire ground, 1st or 2nd floor. Avoid 3rd, 4th, 5th because of tenants.
-You will take so long to ever sell that house simply no buyers, since Mchina keeps building houses at 3M. (if you want to go in buy and cash out you will be "Slaughtered Alive" - no buyers) may be in future.
- If you miss out on Ground/1st/2nd you MAY struggle getting a tenant. Tenants have lots of options, since there lots of apartments. I know of guys who don't have tenants until now.
- The rent is, 27 3Bdr/ 25 2Bdr (some are offering as low as 24 3Bddr/19 2Bdr)
- Basically its a struggle to get tenants if you have houses up the sky, option is to reduce rent.
- Final paperwork takes long, shitty to sell those apartments - May change in future
- The water-bills scare away tenants
- Upcoming phases are better i.e Phs 2 has bigger kitchens, phs 3... rolls back to tenants prefering newer phases than old phases
- service charge is 2k monthly

Conclusion: If you investing long-term you can have a shot (issa Lock up investment), if you are after liquidity forget about it.
Its a good deal if you get at 3M, get a 27K tenant who will always be in (to increase this chance target 1st floor).
By the way a simple basic investment like CIC money market (10%) may give you better returns monthly.


2. If you want to live there:

- I hear Waterbills are terrible, its like paying shell V-power.
- The rest is fine, road network bla bla.




Excellent insights Ryco.I also think the high-rises that the government is building under the affordable housing agenda may give you better returns.eg they're building some at old Ngara ...3bd flat at 3M.ofcourse the sq ft is really small and am sure the finishing will be basic but I think these will be easier to work with.


Very grateful @Ryko, good feedback.

@Kate_Mbarire, are these Pangani developements publicly listed ama ni kujuana? Coz, I have been shopping around for such property but only Ederman is low priced enough and publicly advertises



Kujuana galore....no advertising
MugundaMan
#108 Posted : Thursday, November 01, 2018 10:00:00 PM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,885
Location: DC (Dustbowl County)
Ryko wrote:
MugundaMan wrote:
Mujiza wrote:
Pesa Nane wrote:

Latest offer

winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line



They have some very nicely built and spacious retail spaces. I hope they offer those soon.


I saw these in the gazetis jana as well.
These chaps are smart they introduce a "pressure element" in that the sale is always ending "in a few days" yet 6 months down the line you see the same deal all over again. I would not touch these with a ten foot pole. Afadhali Karibu Homes on Mutongoni road which are the size of a matchboxLaughing out loudly . At least they are worth the risk at well under 3m because that area is still highly undeveloped. Better still, buy a plot in dustbowl and build a decent bungalow on it for the same price! No need to suffer sijui leather pollution, distilleries and let's not mention service charge politics and lazy committees that cannot even manage a cattle dip let alone 300 people in the same building! But most people want the easy way out then complain later.


@Mugundaman this houses have been good over the years, its now that the deal is not good to investor.

You would acquire this houses at 4M or 3M during offer (1st & 2nd floor) and immediately once the offer is done offload it to Mortgagers at 5.5M, clean deal in a few months and you wash your hands off to Dustbowl. Mortgagers have been a cash cow, they buy at 6M and 7M. This guys come late and get houses up the sky in 4th /5th floor is you dump on them at 5.5M 1st floor its a good saving. Everybody is happy at the end of the day. An inverstor changes cash at hand, A mortgage home buyer gets a good deal. You proceed to Dustbowl. So its not as bad as you think by the way. But remember every DOG has its day...... its now not happening. Not really complaining but thats the truth on the ground

Its not something Illegal, even now after the offer you will get mortgager's and offload to them.


Sounds like a good strategy lakini a bit risky. Just like buying off plan and planning to unload as soon as the apartment is complete. Yes you will find buyers but there is a certain risk element to it compared to just plain dustbowling smile . If the project stalls mambo kwisha. That's why prices are cheaper off plan; you are shouldering the risk burden together with the developer. As someone mentioned in an earlier post..if there are some controversies eg riparian or distillery right outside the project, offloading may not come easy. At least with your own plot on dustbowl you are in 100% control and what you see is what you get.
"The fool says in his heart, "There is no God." - Psalm 14:1**Dustbowl County is the Future of Kenya. Join us investing here or perish!!****On Vacation until Jan 1st 2020**Current NSE holdings:ZERO. Next planned re-entry into the NSE: 2052
winmak
#109 Posted : Friday, November 02, 2018 10:36:03 AM
Rank: Member


Joined: 12/1/2007
Posts: 420
Location: Nakuru
Kate_Mbarire wrote:
winmak wrote:
Kate_Mbarire wrote:
Ryko wrote:
winmak wrote:
Todays Nation, offering Greatwall 2 for 3 million. I am very interested but ....
1. What is the level of satisfaction of those in GW 1
2. Is this new property next to the Industries et al with possible issues in future?
3. Seefar is going down after a similar blitz sale back in 2013/4, is there something I am not seeing?

Would appreciate advice before I sign the dotted line


1. What is the level of satisfaction of those in GW 1


Greatwall really depends on what you want, 1. Do you want to invest? or 2. Do you want to live there?

1. If you want to invest:

-If you have to buy make sure you get the 3M cash deal, you must also be fast so as to acquire ground, 1st or 2nd floor. Avoid 3rd, 4th, 5th because of tenants.
-You will take so long to ever sell that house simply no buyers, since Mchina keeps building houses at 3M. (if you want to go in buy and cash out you will be "Slaughtered Alive" - no buyers) may be in future.
- If you miss out on Ground/1st/2nd you MAY struggle getting a tenant. Tenants have lots of options, since there lots of apartments. I know of guys who don't have tenants until now.
- The rent is, 27 3Bdr/ 25 2Bdr (some are offering as low as 24 3Bddr/19 2Bdr)
- Basically its a struggle to get tenants if you have houses up the sky, option is to reduce rent.
- Final paperwork takes long, shitty to sell those apartments - May change in future
- The water-bills scare away tenants
- Upcoming phases are better i.e Phs 2 has bigger kitchens, phs 3... rolls back to tenants prefering newer phases than old phases
- service charge is 2k monthly

Conclusion: If you investing long-term you can have a shot (issa Lock up investment), if you are after liquidity forget about it.
Its a good deal if you get at 3M, get a 27K tenant who will always be in (to increase this chance target 1st floor).
By the way a simple basic investment like CIC money market (10%) may give you better returns monthly.


2. If you want to live there:

- I hear Waterbills are terrible, its like paying shell V-power.
- The rest is fine, road network bla bla.




Excellent insights Ryco.I also think the high-rises that the government is building under the affordable housing agenda may give you better returns.eg they're building some at old Ngara ...3bd flat at 3M.ofcourse the sq ft is really small and am sure the finishing will be basic but I think these will be easier to work with.


Very grateful @Ryko, good feedback.

@Kate_Mbarire, are these Pangani developements publicly listed ama ni kujuana? Coz, I have been shopping around for such property but only Ederman is low priced enough and publicly advertises



Kujuana galore....no advertising


Si now I know you ;-) if you don’t mind can we correspond via email wmakanga at yahoo dot com... no space
For investors as a whole, returns decrease as motion increases ~ WB
Ryko
#110 Posted : Sunday, July 14, 2019 8:21:28 AM
Rank: Member


Joined: 5/27/2016
Posts: 261
Location: Nairobi
obiero
#111 Posted : Sunday, July 14, 2019 9:19:01 AM
Rank: Elder


Joined: 6/23/2009
Posts: 12,179
Location: nairobi
hardwood
#112 Posted : Sunday, July 14, 2019 9:58:14 AM
Rank: Elder


Joined: 7/28/2015
Posts: 9,328
Location: Rodi Kopany, Homa Bay


Eti rent is 30k but water bill is 20k per month or more, service charge 2k. So a tentant thinks they are moving into a 30k house but actual cost is 52k+. Sad. How much is mavoko county and EPZ charging other tenants for water per unit?

BtW @obiero did you people sort water issues at Nyayo?
obiero
#113 Posted : Sunday, July 14, 2019 10:17:32 AM
Rank: Elder


Joined: 6/23/2009
Posts: 12,179
Location: nairobi
hardwood wrote:


Eti rent is 30k but water bill is 20k per month or more, service charge 2k. So a tentant thinks they are moving into a 30k house but actual cost is 52k+. Sad. How much is mavoko county and EPZ charging other tenants for water per unit?

BtW @obiero did you people sort water issues at Nyayo?

It's better now, three days assured supply in a week.. But once in a long while it falls down to two..
COOP 5,500; KCB 7,500; KNRE 100,000; KQ 221,100
maureenowaters
#114 Posted : Saturday, August 17, 2019 1:54:40 PM
Rank: New-farer


Joined: 8/15/2019
Posts: 14
Yahh!! Good deal guys.
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