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Caroline Mutoko's take on the property market
MugundaMan
#1 Posted : Monday, September 24, 2018 3:54:51 PM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
Ati selling that 20m apartment to who? Laughing out loudly Laughing out loudly Laughing out loudly To investors, first time buyers, Kenyans abroad, the middle classes of East and Central Africa, wazungu investors from all over the world, Chinese & other Asian investors, retirees, companies, small businesses, chamas, investment clubs, Sacco members and so much more. Millenials are broke and have no money for the most part that is why they are stuck renting and pretending they do not want to own anything. The churn rate for this segment is very high. This is why I would never rent to anyone below age 35 unless they prove beyond a shadow of a doubt to be stable in thought, savings, employment, outlook and mindset.
wukan
#2 Posted : Monday, September 24, 2018 5:32:58 PM
Rank: Veteran

Joined: 11/13/2015
Posts: 1,658
Applause Applause Applause lovely. Same thing I keep telling you. This is a gig economy
jamplu
#3 Posted : Wednesday, September 26, 2018 3:49:03 PM
Rank: Veteran

Joined: 3/25/2010
Posts: 939
Location: Nai
MugundaMan wrote:
Ati selling that 20m apartment to who? Laughing out loudly Laughing out loudly Laughing out loudly To investors, first time buyers, Kenyans abroad, the middle classes of East and Central Africa, wazungu investors from all over the world, Chinese & other Asian investors, retirees, companies, small businesses, chamas, investment clubs, Sacco members and so much more. Millenials are broke and have no money for the most part that is why they are stuck renting and pretending they do not want to own anything. The churn rate for this segment is very high. This is why I would never rent to anyone below age 35 unless they prove beyond a shadow of a doubt to be stable in thought, savings, employment, outlook and mindset.
those millenials are the only market you will have sooner than later after your 35's retire in the next 15 years.
MugundaMan
#4 Posted : Wednesday, September 26, 2018 4:16:39 PM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
jamplu wrote:
those millenials are the only market you will have sooner than later after your 35's retire in the next 15 years.
The good thing about these silly media propagated sociological labels like "Millenials" and "Generation X" and "baby boomers" is that whatever they are purported to be and do changes with times and seasons and never lasts. I remember when my generation (Generation X) was being labeled with all these silly values. We were called "The MTV generation." Ati we were the latchkey kids, disaffected, uninterested in the world around them, cynical and slackers. This was total rubbish! Nobody I know or went to school with was ever this way, yet they labeled us these things. Now almost everybody I know from my generation is getting a lot done, most are well educated, have good jobs or run businesses, some are well known politicians, others are CEOs, the list is endless. Does that sound like a cynical lot of slackers? Hata this millenial labeling is garbage. These so called fads will be long forgotten once most of them turn 35 and are responsible citizens getting a lot done in life. In fact this labeling is very deliberate. The corporates need to create zombie like thinking to which they can sell all sorts of things to. When a 25 year old is told a millenial does not buy he rents and it is drummed in his head every day through the media, the simple ones among them will actually believe it.
Sansa
#5 Posted : Wednesday, September 26, 2018 4:27:35 PM
Rank: Member

Joined: 3/19/2013
Posts: 344
MugundaMan wrote:
jamplu wrote:
those millenials are the only market you will have sooner than later after your 35's retire in the next 15 years.
The good thing about these silly media propagated sociological labels like "Millenials" and "Generation X" and "baby boomers" is that whatever they are purported to be and do changes with times and seasons and never lasts. I remember when my generation (Generation X) was being labeled with all these silly values. We were called "The MTV generation." Ati we were the latchkey kids, disaffected, uninterested in the world around them, cynical and slackers. This was total rubbish! Nobody I know or went to school with was ever this way, yet they labeled us these things. Now almost everybody I know from my generation is getting a lot done, most are well educated, have good jobs or run businesses, some are well known politicians, others are CEOs, the list is endless. Does that sound like a cynical lot of slackers? Hata this millenial labeling is garbage. These so called fads will be long forgotten once most of them turn 35 and are responsible citizens getting a lot done in life. In fact this labeling is very deliberate. The corporates need to create zombie like thinking to which they can sell all sorts of things to. When a 25 year old is told a millenial does not buy he rents and it is drummed in his head every day through the media, the simple ones among them will actually believe it.
I think these terms are U.S. based (or at least used to be).
MugundaMan
#6 Posted : Wednesday, September 26, 2018 4:34:22 PM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
Sansa wrote:
I think these terms are U.S. based (or at least used to be).
Yes of course, and unfortunately they are swallowed all over the world thanks to the power and reach of Hellyweird,
jamplu
#7 Posted : Thursday, September 27, 2018 8:12:54 AM
Rank: Veteran

Joined: 3/25/2010
Posts: 939
Location: Nai
MugundaMan wrote:
jamplu wrote:
those millenials are the only market you will have sooner than later after your 35's retire in the next 15 years.
The good thing about these silly media propagated sociological labels like "Millenials" and "Generation X" and "baby boomers" is that whatever they are purported to be and do changes with times and seasons and never lasts. I remember when my generation (Generation X) was being labeled with all these silly values. We were called "The MTV generation." Ati we were the latchkey kids, disaffected, uninterested in the world around them, cynical and slackers. This was total rubbish! Nobody I know or went to school with was ever this way, yet they labeled us these things. Now almost everybody I know from my generation is getting a lot done, most are well educated, have good jobs or run businesses, some are well known politicians, others are CEOs, the list is endless. Does that sound like a cynical lot of slackers? Hata this millenial labeling is garbage. These so called fads will be long forgotten once most of them turn 35 and are responsible citizens getting a lot done in life. In fact this labeling is very deliberate. The corporates need to create zombie like thinking to which they can sell all sorts of things to. When a 25 year old is told a millenial does not buy he rents and it is drummed in his head every day through the media, the simple ones among them will actually believe it.
Yes they do become responsible and we have to accept there will always be differences between each demographic cohort. But arent we the ones pushing them to not own homes. Very few at 26 when starting a family can afford 20m mortgage. The plots are as well overpriced yes majority will argue its demand and supply or willing seller willing buyer bs but is ana 1/8 say in syokimau or kitengela really worth the above 3.5m pricepricetag tag taking into account there are no road, water and sewer systems. Compare that to prices in other neighborhoods like towns/cities in south Africa!!!
MugundaMan
#8 Posted : Thursday, September 27, 2018 8:56:03 AM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
jamplu wrote:
Yes they do become responsible and we have to accept there will always be differences between each demographic cohort. But arent we the ones pushing them to not own homes. Very few at 26 when starting a family can afford 20m mortgage. The plots are as well overpriced yes majority will argue its demand and supply or willing seller willing buyer bs but is ana 1/8 say in syokimau or kitengela really worth the above 3.5m pricepricetag tag taking into account there are no road, water and sewer systems. Compare that to prices in other neighborhoods like towns/cities in south Africa!!!
I think the argument that a plot or house is overpriced in Kenya today therefore a millenial cannot own anything is a fallacy. Kenya is not Lavington and Kilimani type of properties alone, one has to start somewhere. In Kenya today a plot can be obtained for a song but the compromise one has to make is to move further away from the city. I think the bigger issue is that many do not want to cut their cloak according to the cloth. I remember watching a show on NTV I believe about 8 years ago in which a wealthy property owner with properties in the Nairobi core said something very insightful (at least to me). He said something to the effect that everybody wants Runda, Muthaiga and Lavington, but if you cannot afford these, start at South C. If you cannot afford South C, start at Syokimau. If you cannot afford Syokimau start at Lukenya and so on. Then work your way in over many years and eventually you will afford Lavington. These days with a regular job, to save 100k for a millenial is not a big deal. I see them with apple iphones that cost that much. 100k can buy a plot in the far reaches of the outskirts of Nairobi. They can then build slowly (even if it takes ten years), before reaping the benefits of capital gains in the years to come, before repeating the process. There is really no excuse as far as I am concerned! The key is starting where one can afford, being patient, delaying gratification and being persistent and success is inevitable.
Pesa Nane
#9 Posted : Thursday, September 27, 2018 11:20:36 AM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
MugundaMan wrote:
jamplu wrote:
Yes they do become responsible and we have to accept there will always be differences between each demographic cohort. But arent we the ones pushing them to not own homes. Very few at 26 when starting a family can afford 20m mortgage. The plots are as well overpriced yes majority will argue its demand and supply or willing seller willing buyer bs but is ana 1/8 say in syokimau or kitengela really worth the above 3.5m pricepricetag tag taking into account there are no road, water and sewer systems. Compare that to prices in other neighborhoods like towns/cities in south Africa!!!
I think the argument that a plot or house is overpriced in Kenya today therefore a millenial cannot own anything is a fallacy. Kenya is not Lavington and Kilimani type of properties alone, one has to start somewhere. In Kenya today a plot can be obtained for a song but the compromise one has to make is to move further away from the city. I think the bigger issue is that many do not want to cut their cloak according to the cloth. I remember watching a show on NTV I believe about 8 years ago in which a wealthy property owner with properties in the Nairobi core said something very insightful (at least to me). He said something to the effect that everybody wants Runda, Muthaiga and Lavington, but if you cannot afford these, start at South C. If you cannot afford South C, start at Syokimau. If you cannot afford Syokimau start at Lukenya and so on. Then work your way in over many years and eventually you will afford Lavington. These days with a regular job, to save 100k for a millenial is not a big deal. I see them with apple iphones that cost that much. 100k can buy a plot in the far reaches of the outskirts of Nairobi. They can then build slowly (even if it takes ten years), before reaping the benefits of capital gains in the years to come, before repeating the process. There is really no excuse as far as I am concerned! The key is starting where one can afford, being patient, delaying gratification and being persistent and success is inevitable.
100k.....Nairobi. WHERE? WHERE? Pray Pray
Pesa Nane plans to be shilingi when he grows up.
MugundaMan
#10 Posted : Thursday, September 27, 2018 11:29:52 AM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
Pesa Nane wrote:
100k.....Nairobi. WHERE? WHERE? Pray Pray
Isinya for starters:smile https://www.property24.c...sale-in-isinya-106677839
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