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Longonotgate for a first time real estate investor-is this viable?
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anika66
#1 Posted : Wednesday, November 14, 2012 6:16:16 PM
Rank: Member


Joined: 2/25/2010
Posts: 158
I am new in real estate investments. I have visited and liked the Longonot Gate (Naivasha Gardens Phase Two project). I am interested in paying the deposit but I am wondering if this is a viable investment move for a first time real estate investor such as I. I am thinking of shelving this idea of longonotgate for the following reasons
1. The project may take years to complete by which time I will have a substantive chunk of my money tied up in it
2. The project as currently proposed does not have a provision for refund for those who may wish to drop off before the final payments should the developers fail to deliver on their promises
3. It may take years for me to have a real estate property in my name
4. This being an election year, there is no knowing whether the project will be affected by elections and its outcomes
5. The proposed project will require massive water resources. It is set to be at the base of mt longonot. What if NEMA fails to give its consent?
6. What is the connection between the project and the Kenyatta Family? I heard a romour that the land was previously owned by the Kenyatta family.
I need your advice on all these issues including advice on the alternatives i should consider since i have no other investment in real estate and i do have some money lying around doing nothing
Keeping it all in the family
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Am
#2 Posted : Wednesday, November 14, 2012 10:35:36 PM
Rank: Veteran


Joined: 2/21/2012
Posts: 1,739
@Anika66,

I am simply shoked by the levels of your worry over things that are not in your control. For example, you should look at the proffesional side of things as far as the Longonot gate project is concerned - more than the Kenyatta family involvement in it or their ownership. To set you free, this project is owned by One Lee Karuri and family, he of Dimensions architecs.Purely Proffesional and worthy Investing in.

Being a first time real estate invester, My take is that this is the wrong destination for you. If I were you, I would simply invest in (several)cheaper land as far as you follow due diligence. Juja farm, Murera/Ruiru, Kamulu, Ruai,Kajiado, Magadi road, Isinya, Kitengela, Greater eastern and other Bypasses etc will be beneficial in the short/long term than spend 4 million in a single 1/4 acre plot.

Go to Longonot and I can assure you that you'll reap at 78 years if lucky! Contact me if you need referals

Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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anika66
#3 Posted : Thursday, November 15, 2012 5:30:43 PM
Rank: Member


Joined: 2/25/2010
Posts: 158
AM you can inbox me at magicalnora@yahoo.com so you can 'mentor' me on this real estate investment journey. But out of curiosity, why do you say that returns from Longonot Gate investment can take over 78 years to materialize. Is the land overpriced or what?
Keeping it all in the family
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Robinhood
#4 Posted : Thursday, November 15, 2012 5:39:48 PM
Rank: Elder


Joined: 12/11/2008
Posts: 2,306
Anika, I fnd it obnoxious for anyone to sell me a plot in the middle of nowhere - Longonot is literally the middle of nowhere - at Kshs 8m an acre (Kshs 4m for 1/2 acre). Some have bought and I wish them well. Still I very much doubt that Longonot will be making mountains of cash for a new investor like you in the next few years. I could be wrong though.
Great men are not always wise, neither do the aged understand judgement...
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haronmogeni
#5 Posted : Thursday, November 15, 2012 7:09:22 PM
Rank: New-farer


Joined: 5/27/2012
Posts: 26
I agree with you Robinhood-Isn't this the same region where we hear huge cracks develop on the land during the rainy season-the volcanic mountain is said to be unstable.
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maka
#6 Posted : Thursday, November 15, 2012 7:27:21 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Robinhood wrote:
Anika, I fnd it obnoxious for anyone to sell me a plot in the middle of nowhere - Longonot is literally the middle of nowhere - at Kshs 8m an acre (Kshs 4m for 1/2 acre). Some have bought and I wish them well. Still I very much doubt that Longonot will be making mountains of cash for a new investor like you in the next few years. I could be wrong though.

...Hio ilinipita ati 8m an acre?gosh that mark up is just too high.
possunt quia posse videntur
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Mainat
#7 Posted : Thursday, November 15, 2012 7:41:47 PM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
Shida ni moja tu. The information vacuum in pricing of land.
Anika-if you have Ksh8m, look at what you can do with it elsewhere. Especially near major towns
Sehemu ndio nyumba
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dunkang
#8 Posted : Thursday, November 15, 2012 8:31:28 PM
Rank: Elder


Joined: 6/2/2011
Posts: 4,818
Location: -1.2107, 36.8831
I also find it weird why all the way at whatever price. Retirement home?
Receive with simplicity everything that happens to you.” ― Rashi

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guru267
#9 Posted : Thursday, November 15, 2012 9:01:55 PM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
dunkang wrote:
I also find it weird why all the way at whatever price. Retirement home?


retirement/holiday!
Mark 12:29
Deuteronomy 4:16
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