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Syokimau - Buyer Beware
Kwanini
#1 Posted : Tuesday, July 06, 2010 3:02:02 PM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
Good people, today, i wonder whether to cry or laugh. Despite all counsel, two good friends of mine have lost 200k and 250k respectively to a cartel -- purchasing plots without due diligence. Share Certificates are just that...Shares!! Be wary, Be careful. Do your howework, even if it means tracing the original ancestors to a piece of land! Shame on you
"For i am the master and the captain of my fate"
mukiha
#2 Posted : Tuesday, July 06, 2010 3:05:57 PM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
I guess the saying is true: The greater the expected return, the greater the risk.

Land does give very good returns; but many are those who have lost money as well.

I get very anxious when getting into a land deal. But not so when I pick the phone and tell my broker "buy 500 CFC"
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
Chaka
#3 Posted : Tuesday, July 06, 2010 3:18:42 PM
Rank: Elder


Joined: 2/16/2007
Posts: 2,114
@Kwanini,
Can you state which land the cons are 'selling' i.e so that other guys don't end up wasting their time and money..
Kwanini
#4 Posted : Tuesday, July 06, 2010 3:48:14 PM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
@chaka- i do not know whether it will prejudice their recovery attempts.

Its 4km from the airport. K ** K Development deliberately sold the plots sold to 4 different people. They had all fully paid e to the same office on separate dates in the past.

Truth emerged after trenches were dug and materials taken to tha site!! [ were it not for wazua hindsight, my kapikap would now be ashes -courtesy hired goons]

Talk of young blood that wont heed caution from school of hard knocks graduates !

"For i am the master and the captain of my fate"
shauriyako
#5 Posted : Tuesday, July 06, 2010 7:27:46 PM
Rank: New-farer


Joined: 6/17/2010
Posts: 71
Location: Kenya
@Kwanini
Purchasing land is more like finding a marriage partner. You have to do your home work; meet the friends, cousins, brothers and sisters then the parents the extended family - the works, including the grandmother who talk to you in her mother tongue when you clearly can not understand a word.
I have tried to buy agricultural land for over four months now and everytime I do a search and or take a surveyor to the ground the sellers either back out or develop cold feet. Most of the time either the actual size is different from the size on the title or the owners do not have a good title.
When we wake up in the morning, we have two simple choices. Go back to sleep and dream, or wake up and chase those dreams. The choice is yours! .
sheep
#6 Posted : Tuesday, July 06, 2010 7:54:08 PM
Rank: Veteran


Joined: 7/24/2008
Posts: 781
Pole my friend for the loss...
The utimate goal of investing is to buy low sell high;if we re-write this core equation in psychology terms it becomes buy fear sell greed.
Josey
#7 Posted : Tuesday, July 06, 2010 8:36:19 PM
Rank: Member


Joined: 9/12/2009
Posts: 236
Location: Nairobi
@ Kwanini
I feel you, what you saying is so true.Most of prime land in Syokimau is sold out. The parcels remaining are being sold by speculative individuals who bought it through Saccos and other self-help groups
Personally have had same sentiments from clients who have undergone through the same ordeal you mentioned.
Before you commit please do a search, get a lawyer and if its Syokimau insist to meet the owner during the transfer of ownership.

Or better still, inbox me.
Kwanini
#8 Posted : Wednesday, July 07, 2010 11:52:34 AM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
update,
on pressing the right buttons the matter is now resolved amicably. Remember "councillor" - one of the directors, has networks everywhere.

Lessons
What is happening is that the company is RESELLING plots which have remained vacant/undeveloped without consulting the original allotees.

[The new buyer is asked to move with speed and develop- apparently even if the matter goes to court, the courts lean to a developer more than speculators?]-

[Assumption is original allotees would be willing to be reallocated elsewhere, or their money is refunded, which is so unfair hata kama mtu alitoa 30k back in 90s.]

Any way all is well that ends well.
"For i am the master and the captain of my fate"
josimar
#9 Posted : Wednesday, July 07, 2010 4:26:19 PM
Rank: Member


Joined: 7/6/2010
Posts: 242
@ Kwanini ....having read deeply into Your posting , correct me if am wrong but i suspect the land seller is Komarock Developement and are their offices are in Tom Mboya street in the building opposite KTDA H/Q. The Director is a councillor at Dandora ward . He similarly sold property to buyers in Ongata Rongai and applied same tactics. Wacha uoga and shame the people if they are the ones . I doubt shaming and naming them does equals hate speech.
Chaka
#10 Posted : Wednesday, July 07, 2010 4:37:44 PM
Rank: Elder


Joined: 2/16/2007
Posts: 2,114
@Josimar,
Thanks for reading between the lines and naming these people..Lets hope they don't change their name.
iKenya
#11 Posted : Wednesday, July 14, 2010 11:27:34 AM
Rank: Member


Joined: 7/27/2008
Posts: 241
I believe at the end of the day thats whats Due Diligence implies, just that, its jsut that lots of people think that they are "angukiang a deal" and hence do stuff underground only to bring it to light when things go wrong. in a word...GREED!
Quote:
Buy when there's blood in the streets, even if the blood is your own...
Kwanini
#12 Posted : Wednesday, December 07, 2011 9:21:05 AM
Rank: Member


Joined: 1/28/2009
Posts: 353
Location: Cloud
Kwanini wrote:
update,
on pressing the right buttons the matter is now resolved amicably. Remember "councillor" - one of the directors, has networks everywhere.

Lessons
What is happening is that the company is RESELLING plots which have remained vacant/undeveloped without consulting the original allotees.

[The new buyer is asked to move with speed and develop- apparently even if the matter goes to court, the courts lean to a developer more than speculators?]-

[Assumption is original allotees would be willing to be reallocated elsewhere, or their money is refunded, which is so unfair hata kama mtu alitoa 30k back in 90s.]

Any way all is well that ends well.




Machozi, kilio, kimetapakaa kila mahali..... Uchungu wa kaplot waujuao ni watu wa syokimau
"For i am the master and the captain of my fate"
mnjoro
#13 Posted : Wednesday, December 07, 2011 11:50:52 AM
Rank: Member


Joined: 2/21/2009
Posts: 573
Na kilio chao ni "Kwanini hawakusikiliza Kwanini?"
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