Amazing Property

Court For alleged willful destruction of property valued at N120 million, a 45 years old land grabber, Emeka John Onugha has been arraigned before a Lagos Magistrate Court sitting in Igbosere. The suspect was arraigned before Chief Magistrate Folashade Botoku by Inpector-General Monitoring Team, (IGP Monitoring) Abuja on a seven count-charge His offence borders on conspiracy, felony, willful destruction of building, forcible entry, conduct likely to breach public peace and threat to kill. The police in a charge marked B/88a/2018, alleged that the defendant and others now at large, sometimes in March 2018, at Oko-Ado, in Eti-Osa Local Government Area, of Lagos, conspired among themselves and forcibly entered into a large expanse of land belonging to Hassan Ogwu Aku and Smart Clement. The police alleged that during the said unlawful entry into the said land, the suspects also willfully demolished a building valued at N120 million, which belonged to the two complainants. The defendant was...

Since the marginal recovery from the recession last year, the real estate sector is still lagging behind general economic performance because of an uncontrollable micro economic index. According to the National Bureau of Statistics, the sector contracted further to –9.4per cent in Q1’18 from -5.92per cent in Q4’17 and -3.1per cent in Q1’17. High borrowing costs, low demand for properties, rent service charge defaults and low construction activities have slowed activities in the sector and hindered growth rate. The real estate sector is still feeling the pinch of high borrowing costs and dwindling consumer demand across board. Demand in the office sub-category remains driven to a large extent by co-working spaces as developers offer flexible prices and terms, while industrial market has shifted focus to locations with lower rents and taxes in places such as Ogun state even though there are still need for certain infrastructure developments to be in place to fully ...

Have you heard of private lending? Not so much as an owner-financed home but loans made by a certain type of lender using its own internal guidelines without having to follow third party regulations? Private money, or so-called “hard money,” is a valuable asset in the world of real estate and without it many existing properties could ultimately fall into a state of disrepair such to the point where it detracts value from surrounding real estate. In the residential world, private loans are used to buy and rehabilitate investment properties. Most residential loans today are issued following guidelines set forth by Fannie Mae or Freddie Mac. When a lender approves a loan using these standards the loan is then eligible for sale in the secondary market. Selling a loan means freeing up more capital for the lender in order to make more loans. With a private loan, the goal isn’t selling the loan, it’s getting the loan paid back. Private loans will carry higher...

FHA’s Managing Director, Prof. Mohammed Al-Amin To ensure sustainable infrastructure in estates, the Federal Housing Authority (FHA) is considering a new agency to manage its facilities. The subsidary to be called Federal Housing Facility Management Agency (FHFMA) will be responsible for infrastructural development in federal housing estates across the country. FHA Managing, Professor Mohammed Al-Amin who made this known at the inspection of federal housing estate phase I, Lugbe in Abuja, said FHFMA when established will assist to boost infrastructural development in federal housing estates as well as the maintenance. He believes that with good maintenance culture it will save government more funds to construct new houses than reworking on the old ones. According to him, the tour embarked upon by the agency was the continuation of assessment of facilities the agency had commenced, and how to work out ways to provide finance. Al-Amin asserted that there was the need to mai...

1004 Estate in Lagos The controversy dogging the imposition of exorbitant service charges in various estates in the country is set to boil over, with bitter quarrels between the property owners or managers and the occupiers. In rare cases, the trouble has been between residents and associations executives. Service charge is a mandatory payment made by tenants toward the cost of maintenance and repairs of common facilities, beyond those being personally used by individual residents’ in their apartments.     According to the Royal Institution of Chartered Surveyors’ (RICS) Code of Practice document, the service charge enables owners of estates to recover the costs of operating a property from the occupiers as well as any other persons who benefit from and use the services/facilities provided.   The fees, also covers; car park or shared driveway, reception areas, corridors, lifts, grass cutting/gardening, general repairs and maintenance, Close Circuit Televisio...

‘Era of Super-Low Mortgage Rates Is Over’ | Realtor Magazine Internet Explorer does not currently support REALTOR® Magazine search. IE users, please download Firefox, Chrome, or Edge. The Federal Reserve on Wednesday voted to raise its benchmark interest rate by a quarter of a point to the highest point in more than a decade, and the housing market is now bracing for impact. © anyaberkut - iStock/Getty Images Plus The Fed lifted its rate to range between 2 percent and 2.25 percent. This is the third time in a year the Fed has raised its rate. The committee points to an upbeat economy that is “healthy and moving forward.” “These rates remain low,” Federal Reserve Chairman Jerome Powell said at a news conference. “This gradual return to normal is helping to sustain this strong economy for the longer-run benefit of all Americans.” While the Fed’s key rate is not directly tied to mortgage rates, it do...

Every area has those secret places that only the locals know about. From cool bars and restaurants, to amazing beaches or hikes, here’s how to spot where the fun happens in your neighbourhood. If you’ve just moved to a new area, or it’s been a while since you’ve really explored your current one, it’s time to get your finger on the pulse. Lines run deep for the pork rolls at Banh Mi Thit Nguoi in Marrickville, NSW. Picture: Kate Hunter Take advantage of all the possibilities in your area with these out-of-the-box ideas. Top-secret night spots If you’re in or around an urban area, chances are there’s more than one speakeasy in your midst. Drawing on drinking traditions of the prohibition era, speakeasy bars are hidden away from the unknowing passersby. For instance, if you’re in Sydney’s inner west, a closed butcher shop hides the popular watering hole, Earl’s Juke Joint. In Collingwood, you’ll find 16-seat cocktail bar Abo...