Tough times have continued to affect several sectors and now, even high net worth runners in real estate are not spared.
On Monday, August 12, Daily Nation contained seven pages of auctioneer advertisements mostly houses and parcels of lands, four of which were entire storey buildings of at least 3 storeys and a maximum of seven storeys.
Phillips International Auctioneers placed two storey buildings, the first being a seven-storey commercial property, Sagaas Center Building on auction.
The architectural building located along Nandi and Makasembo Roads in Eldoret Town is a commercial hub. The two top floors were still unoccupied and unfinished by the time it was being placed on auction.
The auction will take place on Wednesday, August 28, beginning at 11:00am.
Separately, the auctioneer also announced that a 3-storey prime commercial cum residential property in Kinungi Town, Nakuru was also on auction. The auction exercise is slated for September 3, 2024.
Muga Auctioneers, on the other hand, placed a five-storey apartment located in Gitaru Area of Kiambu County on auction.
The building hosts 41 one-bedroom apartments, 4 bedsitter units, 1 two-bedroom apartment, one single room and one external shower. The gross income from the building is estimated at Ksh384,500.
Valley Auctioneers placed a six-storey building located in Ngumba Estate off Thika Superhighway in Nairobi County on auction. The auction exercise is slated for Thursday, August 15, 2024.
The auction announcements were featured alongside an advertisement where Onyango and Tarus, a company headquartered in Upper Hill, was looking to sell 65 cars beginning at a reserve price of Ksh200,000.
The company announced that the vehicles listed are being sold on an as-is-where-is-basis.
A spike in number of auctions signify effort by lenders to get as much as they can from homes and automobiles when borrowers default on loans.
In the housing sector, the majority of homes are usually foreclosures hinting at a tough economy for home and business owners.
