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Amazon.com C.E.O Jeff Bezos buys Beverly Hills mansion for a record $245 million

The world’s richest man just set a new record for the priciest home in Los Angeles. Amazon Chief Executive Jeff Bezos has paid a gaudy N61 billion ($US 165 million) for David Geffen’s palatial Beverly Hills home. That beats the previous record for the priciest residential purchase of $US 150 million in LA, set last year for a Bel Air estate known as Chartwell, the NY Post reports. The new record, first reported by The Wall Street Journal, gives Bezos the keys to a nine-acre property known as the Warner Estate after its original owner, Jack Warner, the former head of Warner Bros. Hollywood producer Geffen reportedly paid $US 47.5 million for it in 1990. Despite the eye-popping price tag, Bezos appears to have saved on brokers fees, LA broker and author of “The Legendary Estates of Beverly Hills” Jeff Hyland told The Post. Geffen had been “quietly” shopping the estate for $225 million before striking a deal directly with Bezos, Hyland said. Bezos has also forked over $90 million for a piece of undeveloped land in LA owned by late Microsoft co-founder Paul Allen, who died in 2018. Sources confirmed Bezos bought the land, describing it as an “investment.” Bezos…Read More

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Real Estate Agents Get Paid Too Much

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We are putting our house on the market soon. One agent

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Increase your home value

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Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

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Facility manager, residents feud over 1004 estate’s management

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The feud is getting messier as both parties are jostling to undo each other. While the manager is raising the alarm over the failure of the residents to honour their part of the agreement and forcefully seeking to take over the estate, the residents differ, alleging that 1004 Limited has not been fair in the management of the property THE last has not been heard of the crisis brewing between 1004 Limited and residents of the estate, as the duo have resorted to the Nigerian Police Force for intervention. The feud is getting messier as both parties are jostling to undo each other. While the manager is raising the alarm over the failure of the residents to honour their part of the agreement and forcefully seeking to take over the estate, the residents differ, alleging that 1004 Limited has not been fair in the management of the property. Addressing the media in his office last week, the Managing Director, 1004 Estates Limited, Mr. Samuel Ukpong, said that the management has been having dispute with some people who claimed to be the residents and homeowners association of 1004 estate. He said these are not recognized either by an election or any…Read More

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Check out the World Building of the Year

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Check out the World Building of the Year An astonishing ‘vertical village’ has been named the world building of the year. The eye-catching housing development called The Interlace has been recognized in the World Architecture Festival 2015.   The Singapore condominium includes 31 apartment blocks stacked by breeze blocks at angles to each other and won in the housing category. It includes 1,040 homes across eight hectares and was finished two years ago. Source: lindaikejisblog.com

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Nigeria’s property market

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Political stability rekindles demand in Nigeria’s property market. After a sluggish housing market that left the players bruised over the election period, a new report released last week has revealed that stronger confidence and investment appetite in the second quarter, helped stimulate the sector for the first time in 2015; the unexpected peace and calm has rekindled new demands. The new analysis, named Nigerian Real Estate Market Review by North Court Real Estate shows that real estate activity was not as intense as previous periods due to   other topical issues such as Central Bank of Nigeria’s (CBNs monetary policies, fuel scarcity, rising inflation and political uncertainties. “These economic and political upheavals were too consecutive and far-reaching for business to continue as usual. Land prices either stayed the same or improved only slightly. In some isolated cases they reduced. “A lot of planned developments have been halted while on-going constructions continued at a slower pace as either materials and labour costs needed to be re-priced or factors such as feared political uprisings and fuel scarcity kept workers away from the construction site.” The report points out that first half of 2015 was one of the toughest times the nation has seen in over a decade, but the news of a…Read More

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WRITING PROPERTY OFFER

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The most powerful tool in any negotiation is knowledge . I learned this decades ago in a course on negotiations, and it has proven true again and again over the years. The more information you have about a property before you make an offer the better. In addition to the physical characteristics of a land and its status under zoning, it is helpful to know why the owner is selling it now, what he paid for it, how long he has owned it.  At the outset, it’s highly likely that the seller knows more about the land than you do, so do everything in your power to gather enough knowledge to level the negotiating table. Put it in writing. Also remember to get any critical information in writing – from the seller, agent, or town official. In real estate transactions, verbal agreements or communications carry little weight. Nor do opinions, such as “I think you could probably subdivide the lot.” Make sure any important information that might affect the value of the land or your ability to use it as you desire is put in writing. APPRAISALS: HOW MUCH IS IT WORTH? If you’ve looked at enough pieces of land…Read More

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The Federal Mortgage Bank Of Nigeria –

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Eligibility for Loan Registration via NHF 1 (employer) and NHF 2 (employee) forms. Deducted monthly contributions remitted to FMBN promptly. At least 6 months contributions should be made. Passbook to be updated by employer and is transferable from one employment to the other. Yearly statement of cumulative contributions plus accrued interest available. Apply through any accredited Primary Mortgage Institute (PMI) Applicant must provide satisfactory evidence of regular income. NHF – Funding Mandatory contribution of 2.5% of monthly income of Nigerians earning =N=3000 and above per annum. Commercial and Merchant Banks to invest 10% of their loans and advances portfolio. Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the housing sector with 50% of these directly in the funds. Financial contributions of the Federal Government. For more informations : www.fmbn.gov.ng/doc/EligibilityForLoan

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Ibeju Lekki vs Lekki Phase 1 properties

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Ibeju Lekki vs Lekki Phase 1 A plot of land in Lekki Phase 1 is N120m – N150m and in 3yrs, it will worth N140m – N170m. While a plot in Ibeju Lekki worth N1.5m today would be worth N7m – N15m in 3yrs. If you happen to invest your Lekki Phase 1 N120m – N150m in Ibeju Lekki, in 3yrs your property would be worth N700m to N1.5b. (What do you think?) Why Ibeju Lekki? 1. Dangote Refinery. 2. New Airport. 3. New Sea Port. 4. Proposed 4th Mainland Bridge. 5. Beach Resorts. 6. Luxury Golf Course. 7. Light motor-train. And so much more Kindly share this with your social media friends, family, colleagues, Church members, Neighbours and everyone in your world, who you think might find this information useful. By: Azonobi Obinna REBAZNET HOMES “your real estate solution

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Federal Mortgage Bank of Nigeria (FMBN) MD/CE Estimate The Worth Of Nigeria Real Estate

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The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Mr. Gimba Ya’u Kumo, spoke to journalists in Abuja on the challenges of housing deliveryin the country among other issues.IFEANYI ONUBAwas there. How viable is the real estate sector in Nigeria? The total value of the real estate market in Nigeria is put at N59tn and that is potentially six times bigger than the local stock market, which is now valued at N12tn. On this basis, the sector cannot be ignored. Let me explain how we arrived at that figure. The housing deficit in the country, which is estimated to be 17 million units, when multiplied by N3.5m, which is the estimated cost of a single housing unit, will result in the amount.   I am, however, optimistic that with the coming on stream of the Mortgage Refinancing Company, the housing sector will experience a revival that will attract investments to the sector and boost the economy. Why do you think it has taken the government this long to holistically address financing issues in the sector? I think it has taken the government this long to decide to finance the sector because the government initially wanted to see if the funds…Read More

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New govt may throw up fresh valuation jobs for estate surveyors

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IF the incoming General Muhammadu Buhari-led administration gives consent to some of the proposals from members of the Nigerian Institution of Estate Surveyors and Valuers (NIESVs), fresh deals on valuation jobs would in few weeks from now be thrown up. The valuation deals, it was learnt are tied with the stance of the president-elect, Buhari, on the need for all incoming government appointees to declare their assets. Encouraged by this posture and to ensure the process follows the right path, NIESVs, as at last week sought to seek audience with Buhari over the matter. But The Guardian, as at the time of filling this report could not confirm whether the institution actually met with the president-elect or not. For public officers to declare their assets is not a new idea in Nigeria. It is a nomenclature for anybody to occupy any public office. But whether the process that leads to the valuation of those assets declared is right or wrong is another issue. Also, there have been cases of overvalue of some properties, because the experts in that field are not involved in the process. Speaking the issue last week in an exclusive chat with The Guardian, NIESVs’ First Vice…Read More

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