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Sunset Boulevard vs Everest Park
deadpoet
#31 Posted : Monday, January 21, 2019 8:35:13 PM
Rank: Member

Joined: 9/27/2006
Posts: 506
So, if I'm reading this story correctly, the homeowners didn't receive their title deeds for four years? How did they let that happen?
hardwood
#32 Posted : Monday, January 21, 2019 10:00:51 PM
Rank: Elder

Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
deadpoet wrote:
So, if I'm reading this story correctly, the homeowners didn't receive their title deeds for four years? How did they let that happen?
How could they receive title deeds (they are actually sub leases) while their homes were already mortgaged to the bank by the developer? The developer had to clear the 1.6B loan owed to the bank first before the property could be discharged so that he could then start the transfer process.
Ryko
#33 Posted : Monday, July 15, 2019 4:48:45 PM
Rank: Member

Joined: 5/27/2016
Posts: 274
Location: Pub
On Auction ....A sad state of affairs for the real estate. clearly things are thick
I work so I can afford the amount of alcohol required to continue going to work
FRM2011
#34 Posted : Monday, July 15, 2019 6:42:46 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
If you drive by the sunset boulevard all the way up, there are over 30 serious housing developments. My estimate is atleast 2,000 unsold units in this area alone. Safaricom pension fund has added it's own 600 units and a mall. Pure madness. I am sure the pension AGMs will be very chaotic in future but with very wealthy trustees.
Kusadikika
#35 Posted : Monday, July 15, 2019 10:54:12 PM
Rank: Elder

Joined: 7/22/2008
Posts: 2,723
FRM2011 wrote:
If you drive by the sunset boulevard all the way up, there are over 30 serious housing developments. My estimate is atleast 2,000 unsold units in this area alone. Safaricom pension fund has added it's own 600 units and a mall. Pure madness. I am sure the pension AGMs will be very chaotic in future but with very wealthy trustees.
This is a big macroeconomic problem. The biggest problem with Kenya is that all the wealth that has created so many billionaires is static land appreciation wealth. A majority of the richest people are Jomo Kenyatta's and Daniel Moi's cabinet and senior civil servants and their families and lawyers who had land holdings around Nairobi and other big cities. Many people think the economy is growing because they know many rich people. The problem is they know the same rich people who are becoming richer. A properly growing economy CREATES new RICH people and not necessarily fabulously rich but people who are moving up; 5 years ago alikuwa na baiskeli, 3 years ago akanunua nduthi, He was renting in Muthurwa, then moved to an SQ in South B and now has a plot in mlolongo, he has just finished laying the foundation of a 2 roomed house, akamaliza sitting room last year wakahama wamalize wakiwa ndani etc. This mobility was there during Kibaki government. This Jubilee government has produced astronomical growth for Safaricom and KCB and SGR but there is no mobility for ordinary Kenyans. 1000 people who become 20% richer create more demand for goods and services than 100 people who become 200% richer. Jubilee is creating the second category.
Ericsson
#36 Posted : Tuesday, July 16, 2019 10:27:06 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
The bank auctioning is I&M.
Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
Angelica _ann
#37 Posted : Tuesday, July 16, 2019 10:37:20 AM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
The units on auction had not been sold before? Reserve price per unit?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Mastermind
#38 Posted : Tuesday, July 16, 2019 10:47:45 AM
Rank: Veteran

Joined: 1/25/2012
Posts: 1,624
Location: Langley
Angelica _ann wrote:
The units on auction had not been sold before? Reserve price per unit?
Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...97422-rwiksdz/index.html
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
maka
#39 Posted : Tuesday, July 16, 2019 12:17:49 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Mastermind wrote:
Angelica _ann wrote:
The units on auction had not been sold before? Reserve price per unit?
Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...97422-rwiksdz/index.html
There is an injunction the alleged sale is contemptuous.
possunt quia posse videntur
hardwood
#40 Posted : Tuesday, July 16, 2019 2:05:15 PM
Rank: Elder

Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
maka wrote:
Mastermind wrote:
Angelica _ann wrote:
The units on auction had not been sold before? Reserve price per unit?
Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...97422-rwiksdz/index.html
There is an injunction the alleged sale is contemptuous.
They (developers) will be milked by lawyers via numerous court cases and injunctions but ultimately deni lazima walipe. They should focus on working out a deal with the bankers.
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