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MaichBlack
#11 Posted : Wednesday, August 12, 2020 2:33:53 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Kusadikika
#12 Posted : Wednesday, August 12, 2020 2:54:54 PM
Rank: Elder

Joined: 7/22/2008
Posts: 2,723
heri wrote:
Where can one get a comprehensive list of properties up for sale in Nairobi?


Sijui kwa nini watu hawajibu swali lako.

Here:

https://www.garam.co.ke/...TY-LIST-AUGUST-2020.pdf
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Kusadikika
#13 Posted : Wednesday, August 12, 2020 2:56:50 PM
Rank: Elder

Joined: 7/22/2008
Posts: 2,723
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Kusadikika
#14 Posted : Wednesday, August 12, 2020 2:59:20 PM
Rank: Elder

Joined: 7/22/2008
Posts: 2,723
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VituVingiSana
#15 Posted : Wednesday, August 12, 2020 6:45:32 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,371
Location: Nairobi
MaichBlack wrote:
These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!

The market price = 2.8mn
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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amorphous
#16 Posted : Wednesday, August 12, 2020 8:19:38 PM
Rank: Member

Joined: 5/15/2019
Posts: 687
Location: planet earth
*
In the final analysis, it all boils down to sheer plain old hard work and dogged persistence. Nothing more, nothing less!!
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itz
#17 Posted : Friday, August 14, 2020 12:56:53 AM
Rank: Member

Joined: 3/20/2009
Posts: 348
MaichBlack wrote:
These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!



The bank cannot sell/auction the property below 75% of market value which would be 4.875M using your numbers.The owner can sue and get his property back.This is the reason properties are not selling because of the exaggerated "market value"
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MaichBlack
#18 Posted : Friday, August 14, 2020 3:42:37 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
itz wrote:
MaichBlack wrote:
These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!



The bank cannot sell/auction the property below 75% of market value which would be 4.875M using your numbers.The owner can sue and get his property back.This is the reason properties are not selling because of the exaggerated "market value"

This is very difficult to prove. Just because other fellows have sold their plots at 6.5 million, how do you prove this is the "market price"? You would need to get one of them to come testify. Good luck with that. And the bank can always produce a witness who bought at a lower value.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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VituVingiSana
#19 Posted : Friday, August 14, 2020 5:10:38 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,371
Location: Nairobi
What Is Market Value?
Market value (also known as OMV, or "open market valuation") is the price an asset would fetch in the marketplace, or the value that the investment community gives to a particular equity or business.

https://www.investopedia...terms/m/marketvalue.asp

What is the Market Price?
The market price is the current price at which an asset or service can be bought or sold. The economic theory contends that the market price converges at a point where the forces of supply and demand meet.

https://www.investopedia...erms/m/market-price.asp

6.5mn? Laughing out loudly Laughing out loudly Laughing out loudly
5mn? Laughing out loudly Laughing out loudly Laughing out loudly
2.8mn Applause Applause Applause
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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  | | Edit by user: Friday, August 14, 2020 5:12 AM | Reason: Not specified
mulla
#20 Posted : Friday, August 14, 2020 9:32:47 AM
Rank: Member

Joined: 6/15/2013
Posts: 301
MaichBlack wrote:
itz wrote:
MaichBlack wrote:
These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!



The bank cannot sell/auction the property below 75% of market value which would be 4.875M using your numbers.The owner can sue and get his property back.This is the reason properties are not selling because of the exaggerated "market value"

This is very difficult to prove. Just because other fellows have sold their plots at 6.5 million, how do you prove this is the "market price"? You would need to get one of them to come testify. Good luck with that. And the bank can always produce a witness who bought at a lower value.


Wouldn't the bank need a registered valuer to give a valutaion statement of the plot, and whose decision will be based on the recent historical sale figures of plots in that area.
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