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Are Housing prices going down?
pm
#1 Posted : Thursday, September 17, 2009 4:05:00 PM
Rank: Member


Joined: 11/11/2006
Posts: 60

It looks like the housing prices have come down from the high of Dec08/Jan09,anyone else noticing this? It looks so from the Internet,how is reality on the ground ...
Surealligator
#2 Posted : Friday, September 18, 2009 8:20:00 AM
Rank: User


Joined: 6/27/2008
Posts: 709
Location: Velayat-e Faryab
Yes,they are going down. Developers are not getting fair returns by renting houses while banks are recalling their loans. Note what you see in the papers is mostly backed by banks providing morgage.
Land prices are also heading south as brokers dispose off Assets to invest elsewhere as the economy has started showing a silver lining at the horizon. By end of the year,real estate prices will now be dictated by quality (Thika Greens)etc as more and more people settle towards Machakos and Kajiado.

They walk among us,and they reproduce.
Go overdrive in purchasing the goods when there's blood on the streets, expecially if the blood is your own
amauriceus
#3 Posted : Friday, September 18, 2009 8:55:00 AM
Rank: Member


Joined: 9/13/2006
Posts: 17
If all the new TO LET signs coming up every day all over Kileleshwa is anything to go by,then be very sure property prices are headed south or will be stagnant for some time.
Pablo
#4 Posted : Friday, September 18, 2009 9:51:00 AM
Rank: Member


Joined: 3/17/2008
Posts: 567
Location: Nairobi
Mr. T - Uko Wapi?

Hii maneno ni ya kweli??


Want to be a millionaire.... plant a million cabbages and sell them at a bob...
Mr.Tea
#5 Posted : Friday, September 18, 2009 10:47:00 AM
Rank: Member


Joined: 12/4/2008
Posts: 341
Location: Nairobi
@Pablo,
Huo ni uvumi.Habari ambazo hazina msingi wowote......Even those in Kibera know better....

Patience Pays in Guaranteed Checks
Patience Pays In Guaranteed Checks.
kenyanbeef
#6 Posted : Friday, September 18, 2009 12:19:00 PM
Rank: Member


Joined: 7/24/2009
Posts: 273
I am interested in this discussion...could that mean my rent ita'head south' soon coz I was considering moving to a cheaper place. Pls advise ndio nisihame nikirudi....
Dizzy
#7 Posted : Friday, September 18, 2009 3:05:00 PM
Rank: Member


Joined: 8/24/2007
Posts: 18
I like this... now there is hope for better housing for some of us. How far south with the prices go??? I hope by a minimum of 15%

Strike while the iron is hot
pm
#8 Posted : Friday, September 18, 2009 5:18:00 PM
Rank: Member


Joined: 11/11/2006
Posts: 60
@all, thanks for your responses,especially those who shared their views from the ground- more housing classifieds etc... I was in Jam last Xmas and what is now availlable in the housing market is much more at less prices at least from the Internet...

Also,I think the falling prices / more houses avaiillabe for sale is NOT due to a drop in housing demand but mostly due to afordability issues...

@surealligator/amauracius & others, I have talked with a number of real estate experts and they all appear to be split 50/50,those who think the prices are going down,and those who think the prices are holding ... high-end housing has definitely gone down except for pockets where houses are being sold to those with EASY money... the low end may not come down due to excessive demand and affordability... last time we got together to talk about affordability,we thought 3m was the affordable level for a family of four.

BTW @Kenyanbeef, this is the moment to look for a better housing- location/fit/rent by negotiating a longer term contract at most favourable terms to you ... if you sit at your current place,you may never get the break,its a matter of shopping
MoKenya
#9 Posted : Friday, September 18, 2009 5:57:00 PM
Rank: Member


Joined: 3/17/2008
Posts: 25
And while we are still on housing,maybe I could add something about properties that potential sellers are posting on the new Nations Nsoko properties website http://property.nation.co.ke/. I like their (Nations) idea where people can post housing properties,motor vehicles,jobs etc much like Craiglists in the US (for a fee off-course). A larger population (not only brokers and agents) can now interact in the trading process without involving brokers,agents or other middlemen. Hopefully,one can get better deals this way.

However,I think potential sellers need to start including more photos of properties,just like the do with/for cars on sale. I do not understand why for example I see a ton of properties by Villa Care many without even one picture. What's the deal in rushing to advertise and doing such a lousy job. Stop being cheap and introduce some sophistication in this process!

Take a look at a realty company like http://www.edinarealty.com/ and see how the presentation makes shopping easy! This is something many Kenyans can do; armed with just a digital camera,one can snap 10s of picture and post them online (on Nsoko),and help buyers zero in on properties they like quicker. That means a quicker sale. After all fiber is in and faster download of content is possible. Is it not the case?

Seriously,if sellers are not willing to do this,then somebody ought to exploit the opportunity and offer photography and web posting services for sellers. I am currently selling my house and I cannot imagine how anyone would give it an iota of attention if I did not have 10s of photo's showing every aspect of the house - kitchen and bathroom especially. What do skerians think?
VituVingiSana
#10 Posted : Friday, September 18, 2009 8:38:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,105
Location: Nairobi
Ultimately,it boils down to DEMAND vs SUPPLY. The supply seems plenty (for now) but as belts tighten,the demand will drop... Banks are NOT lending as freely...


Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
mukwano
#11 Posted : Saturday, September 19, 2009 1:50:00 AM
Rank: Member


Joined: 11/15/2006
Posts: 44
jus checked the usual web sites,flats in lavi 8.5 M,that's 4M down from mid 08 .... kile flat down 'only' 0.5 M from one yr ago ... keen to get it from the ground too. for us who were waiting to jump in it looks that window may open soon ...
kenyanbeef
#12 Posted : Saturday, September 19, 2009 7:39:00 AM
Rank: Member


Joined: 7/24/2009
Posts: 273
@mukwano,which are these usual sites...pls?
mukwano
#13 Posted : Saturday, September 19, 2009 3:58:00 PM
Rank: Member


Joined: 11/15/2006
Posts: 44
i started with propertykenya.com

i am comparing with prices i got after my own leg work done last yr visiting flats in kile,lavi and hurlingham. there is a guy who asked me to pay 12m for a flat in hurlingham,and he didnt even blink! id love to go back and see if they all sold. the flats in lavington,i have to walk there myself and see if they mean 'new lavington' which turns out to be riara/ dagoreti ...
Mainat
#14 Posted : Monday, September 21, 2009 6:59:00 AM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
How dificult is it to come up with a housing price index? I'm sure lands or KRA must keep a register of prices,si they can sell the same or use it to create one?

And yes,I think prices are down,though only slightly,because of diaspora unemployment.


www.mjengakenya.blogspot.com
Sehemu ndio nyumba
j-mo
#15 Posted : Monday, September 21, 2009 6:05:00 PM
Rank: Member


Joined: 6/12/2008
Posts: 6
@ mokenya

it does boggle the mind doesnt it,asking someone to make what is arguably the most important investment most of us will make in our lives and pasting ONE or two lousy photos??????

me thinks i will start my own site and school these fools on how to market properties sawasawa.

jeez

@ all

see sites live viviun.com/kenyasales.
now thats what the F am talking about.

doesnt even have to be a villa to benefit from a few mo pics.

j-mo
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