Is it possible to manage the property valuation process in less time? Answer to this question is that whenever you will make a proper selection in hiring the property valuer then there is no need for you to take tension. VT is looking to carry out around 20 per cent of the work at its new state-of-the-art shipbuilding facility at Portsmouth. In order to do this, the company has embarked on a major workforce development programme to ensure that its staff have the necessary skills to complete the work.
Because the full property valuation is conducted by hired property valuer and this will remove your tension or stress that you were having with your property Valuations SA process. Skills for Life is a lifelong learning programme that will ensure that all employees, current and future, have transferable skills and qualifications. This is an ambitious programme which will begin with a comprehensive recruitment programme to find the right people to complement the existing workforce.
In this way by taking help from the experienced property valuer you can make end of your property valuation process in less time. And this way your property valuation process will also perform well. Between 2003-2006 the company plans to recruit around 1,000 new trainees, a mix of school and college leavers and adult trainees. On completion of this phase, VP has estimated it will continue to recruit around 100 additional people each year to address attrition.
The initial phase will include 200 new modern apprenticeships per year for the four-year period. Recruitment will be at all levels This will include existing shipbuilding crafts as well as trainees graduates and experienced staff. Those opportunities will be used to enhance the career opportunities of all employees elsewhere in the VT Group and should they choose to leave VT in the regional or national labour market.
Property valuation is a process of getting the estimated value of the property in accordance with all the factors affecting the value of the property. Property valuation is very essential for the one who is willing to sell the property they own. The benefits of the single currency are mainly micro-economic, while the potential costs are macroeconomic. Elimination of exchange rate uncertainty leading to greater business investment. The inability to use either the exchange rate or interest rates to manage the economy
By getting a Sydney Property Valuers of the property done, a seller can add the fair profit to it and can decide a selling price of the property. It is always advisable to hire a professional valuer for valuation. A valuer has a vast market and area knowledge which can lead to a proper and smooth valuation.
Interest rates would be set to suit conditions for the euro area as a whole, which may be inappropriate for the UK. The “Growth and Stability Pact” in its current form would limit the UK’s ability to use fiscal policy to counteract economic weakness. Such flexibility might be necessary if the UK economy diverged significantly from the euro area economy.
Issues associated with the run-up to joining the euro If the UK decided to join the euro, there would be a runup period prior to joining, which would most likely last two years. Several issues would need to be addressed once a final decision to join had been made. Any exchange rate could be chosen provided that the commitment to join at that rate were credible. This is so since the ECB could convert pounds into euros at any chosen rate. In practice it would be difficult to choose an entry rate that was very different from the market rate prevailing at the time since this would lead to e xchange rate volatility.
The recent rise in the euro has brought sterling down to around euro €1.40 to the £, close to the average rate prevailing since 1990 of euro €1.42, and adjusted for inflation is weaker than the average rate over the same time period.
The process of estimating what is of how much worth or value is known as valuation. Valuation could be of anything. It could be for the investments, different marketable securities such as shares, business and many more there are many tangible as well as non tangible assets also covered under it. As mentioned above, there is a significant amount of unsatisfied demand for offices in Dublin and our research indicates that availability has reduced in the last twelve months. Examples of companies which have got their strategy right include McCann Fitzgerald and Dillon Eustace.
Perth Property Valuers is mainly done for knowing the exact value of the capital, profit to be earned at the time of sale and the current market value of the same. Valuation keeps on changing by the changes occurring in the market conditions. Both acquired sites on Sir John Rogerson’s Quay, developed new headquarters and sold-on the completed property as an investment, thereby taking the developer’s profit for themselves.
The limits could be set for the amount that is to be kept at the time of buying or selling. Valuation works on certain principles, standards, guidance notes and many more these all are published under the Australian Property Institute (API) and are to be compulsorily to be followed. Market watchers can expect more of this over the next 24 months and, for occupiers who get their strategy right, there can be substantial rewards.
We anticipate that, by year end, it will amount to 237,940 sq m. With such levels of activity, it is not surprising that vacancy rates have fallen and the market has recovered. As outlined above, the main action this year has been concentrated in Dublin city centre, with 64.5% of all activity in Dublin 1, 2 & 4. In light of this, anyone designing or offering new product to the market would be well advised to be mindful of their requirements. However, the long-standing decentralisation issue has tied the hands of the OPW, which acquires property for public sector occupiers.
Foreign investment and annual trade soared by $85 billion between 1994 and 2000, helping to make Mexico the largest economy in Latin America. Its manufacturing base, buttressed by the export-oriented maquiladoras that dot its northern border, have shown marked increases of exports, nearly 90 percent of which are destined for the U.S.
Mexico experienced an economic slowdown during the past two years induced mainly by the recession in the U.S., its most important trading partner. Recovery is underway, but at a slow pace as third quarter GDP rose by a mere 1.4 percent annualized rate. Nevertheless, the economic outlook is bright as inflation is low while steady foreign investment translates into higher growth in 2003. This is good news for real estate developers, who saw their once-hot markets cool last year. It is a regular viewpoint that one can never rely on upon bank valuation and their Appraiser is regularly a preservationist one by any standard.
There has been two years of strong record supply of land in the industrial sector, says Mr Pond. Land is tightly held by all the trusts, but due to the competition to get preleases, that competition is holding down rents. Brazil is South America’s largest economy and ninth largest in the world.
Dissatisfied with the domestic economy, Brazilians elected their first leftist president in 2002, Luiz Inacio Lula da Silva. “Lula,” who favors slow adoption of the proposed Free Trade Area of the Americas (FTAA) agreement, wants to bolster the economy through domestic spending.
Chile remains the model of vitality in South America with sound monetary and fiscal policies and a stable political environment. But Chile began to feel economic shockwaves in 2002 as a result of its proximity to troubled Argentina.
Looking ahead to 2003, the South American economies will be polarized. Brazil, Chile, Columbia and Peru will post real GDP growth of 2.0 to 4.2 percent with reasonable inflation. Research shows the stand out markets in terms of capital value growth were Adelaide and Perth, though these markets see a relatively smaller volume of sales compared to other markets. The long-term economic prospects for South America remain positive.
The region’s assets - a sizable labor force, oil reserves, agricultural production, mineral deposits and other natural resources - remain attractive on global markets. Demand for its exports will depend on the recovering economies of the U.S., Asia and Europe. The pending FTAA agreement will have positive effects for most countries in the Western Hemisphere, but it remains a few years from implementation.
As many other continental economies remain flat, Europe continues to be a key destination for property related investments. Nearly 40% of all cross-border European property investment last year originated from the United States. While overall economic output in the European Union remained around 1.7% in 2002, comparable to 2001, it is estimated that 2003 will be a much stronger year.
Growth is projected to be around 2.4% in the United Kingdom and 2.3% in the European Union. The diversity of the European market, however, dictates that at any one time there will be multiple economies outperforming the European Average. The property valuation report will tell the definite position of the substance, by revealing its east west north and south.
Around the eastern seaboard, the major growth corridors in industrial land in Sydney are around Eastern Creek, Erskine Park and the South West Corridor around M5/M7 junction. Although there are varied reasons for their success, each of these economies has healthy fundamentals that are expected to drive growth forward.
The USA office leasing market lurched fitfully into recovery during 2004. The average Class A asking rental rate for available space, typically the last indicator to improve, ended the third quarter at $28.30 per sq ft per year full service gross. This was up by 1.7% from the third quarter of 2003, the first year-over-year gain in more than three years.
New York led all other markets with a 13.4% increase, but the gains were widespread. Twenty-seven of the 50 markets tracked by Grubb & Ellis posted higher average Class A asking rents in the third quarter of 2004 than in the third quarter of 2003. Companies, particularly large ones, have not been enthusiastic about hiring, which shows up clearly in the lackluster job growth numbers through the summer and early fall.
Consequently, the pace of the office market recovery has been weak with many tenants postponing leasing decisions until their prospects look more secure. Many of the companies that are hiring still have sublease space or shadow space to occupy before requiring any net new space. But enough companies leased space in 2004, particularly small and mid-sized firms, to stoke absorption, stabilize rents and arrest the three-year upward drift in the vacancy rate.
International property consultants Knight Frank are pleased to introduce the first edition of the Kenya Property Report. In Queensland, they are primarily in the South West (including Ipswich area and outer west) and South (Stapylton, Yatala), set against a background profile of the country’s economic status and structure, together with an assessment of the operational characteristics of the Kenyan real estate industry. An exact valuation of area is basic for theorists, contract banks, buyers, move down arrangements and merchants of veritable property of area.
This report is designed to be of interest to both domestic and overseas occupiers, developers and investors and places particular emphasis on Nairobi. The publication of this report coincides with the opening of Knight Frank Kenya – a joint venture between First Chartered Securities and Knight Frank.
Headquartered in Nairobi, Knight Frank Kenya offers a complete range of agency, professional and consultancy services to the East African real estate market. This is well above compound growth over the last five years, which has been 7% with the assistance of the Directors of Knight Frank’s East African operations.
Following recession in the early 1990s, the Kenyan economy has expanded steadily through this decade. However, in line with the increased weight of investment dollars in the industrial space and strong growth in the transport and logistics sector experienced around four years ago, when plans for the M5 were announced four years ago (delete), investment commenced well prior to completion of the road.
When the M2 was completed some nine years ago, investors were buying land at the same time. Multi-cultural demo -graphic growth, rapid urbanization and infrastructure overload represent major challenges to the authorities. Regardless of political complexion, the completion of the Elections late last year should ensure administrative continuity.
Successful investment in Kenya is predicated upon the ability to understand a complex and dynamic commercial and cultural environment. To attract such investment, the authorities must demonstrate stability and cohesion.
Real estate is a dominant investment medium in Kenya with ownership an important collective and individual objective. Asset weightings are as high as 25% and more. This partially reflects the positive returns associated with retaining developed assets in recent years.
Building quality varies significantly with the stock of Grade A office space being restricted. Vacant supply is extremely low with all developments committed for occupation close to practical completion. For example, when the final link was announced in the M4 around 15 years ago, it took prospective purchasers a year or two for investment to gain momentum.
Leasing had the strongest performing year on record in 2005 and there is strong demand for tenant representative services. The relatively new business line of Project & Development Services has also seen strong growth and has delivered projects – refurbishments, new-builds and fit outs - with a capital value of over $400 million, says Ms Bartlett.
Current development activity is concentrated in Nairobi CBD, Westland’s and The Hill. Jones Lang LaSalle Research shows industrial investment and land sales came in just below the ten-year year high of 2003. The Property valuation procedure serves to make better process for doing the right steps in the process.
Today, investors look at potential sites for development alongside infrastructure around two (delete) years in advance of completion. Indeed, the M7, which was completed in December last year, had strong investment interest up to three years in advance, says Mr Pond and the contribution allocations to local authorities for the development of en globo land, he says.
Even stronger rental growth combined with firming of yields contributed to capital value growth of Adelaide North West precinct of 18.4% and in Adelaide’s Inner West and West at 10.1%.
Other high profile tenants within the 12,785 square metre building include BHP Billiton, Harvey World Travel and the Minister for Administrative & Information Services, and it occupies a very prominent position within the Central Business District close to Rundle Mall and King William Street.
Despite many years of Independence, good comparative economic growth and relative political stability, the country clearly still faces a considerable challenge in meeting the social and economic aspirations of a large and growing section of the population. Whether you are pushing your house valuation for mortgage purpose or not it is innovatively a pressing errand for you to figure your propertys expense.
Kenya has some 42 recognized African tribes contained within its census designation profile. Growth is being driven by the warehousing and logistics sector, which is ultimately reliant upon infrastructure that allows easy access with minimal traffic flow disruptions.
An understanding and appreciation of the cultural and ethnic composition of Kenya, which includes a dynamic, urban based business community of Indian origin, is an essential ingredient in successful commerce.
In addition, Jones Lang LaSalle has broadened its range of services in the last 12 months to provide specialist expertise in Property Development, Sustainability and Smarter Workplace Solutions. One of the firm’s most recent initiatives has been its expansion into property development.
We have focused on attracting very experienced project managers to our P&DS team and are reaping the benefits, with our clients becoming our best advocates for future business, she added. Jones Lang LaSalle’s focus moving forward is to provide high quality, innovative advice to occupiers, investors and owners, particularly our corporate clients, says Ms Bartlett.
Mr Carrier has over 25 years of experience in the Australian property market and his previous high-profile projects include the multi-award winning $700million Walsh Bay Redevelopment, Optus Centre and Greenwood Plaza, the Capita Centre and Raleigh Park. Mr Carrier says the firm will be looking for opportunities to partner with corporate and investor clients in joint venture deals and take an equity position.
Corruption, at all levels, is deep seated almost to the extent of being systematic and woven into accepted procedural norms. Social, economic and infrastructure provision typically break down at the interface between elected officials and the civil service. Civil service structures are typically large and bureaucratic with civil servants accounting for some 13% of the total working population. The reason that Property valuation controls for making a better way in doing the valuation process will result in profit.
FHowever, policies and plans can be easily set aside by powerful political influences. Concern and controversy mounted in the latter part of 1997 as the country approached the late-called December 28th Election. The re-election of the KANU administration, headed by President Moi, for a consecutive and (for Moi) final term, was inevitably not welcomed universally.
Now we want to capitalise on opportunities for the firm to enter into joint ventures here in Australia and New Zealand, he says. We believe Jones Lang LaSalle’s huge knowledge base and extensive global client network will result in excellent development opportunities.
The Nairobi real estate market has been a direct beneficiary as a result of the city’s growing regional, perhaps wider, dominance of a more freely trading environment. A more liberalized trading environment has fostered a significant expansion in stock market activity over the past 3-4 years. The addition of this capability is the final link in the chain to enable Jones Lang LaSalle to provide a complete end-to-end service for our corporate, investor and government clients.
At the same time, market capitalization and the Share Index have both escalated dramatically, peaking at an unsustainable level in 1994 followed by falls in 1995 and a subsequent leveling off. Bartlett says that she has also looked at a number of acquisition opportunities in the past 12 months and continues to look for prospects which fit with the firm’s growth strategy. Locally, the most recent acquisition by Jones Lang LaSalle in Australia was of Ray L Davis in Canberra in January 2004. Globally the most recent acquisition was of the agency business, Rogers Chapman, in the UK.
These cities are now in a growth phase similar to that experienced along the eastern seaboard over the last two years.Investor awareness of the potential value of land near to infrastructure development over the past 15 years has grown significantly, says Mr Pond. Around 75% of our business revenue currently comes from agency, compared to some 84% five years ago.
There is some 200 basis points premium in Sydney’s favour, he says. In Australia, however, the number of people entering retirement continues to grow, and is also contributing to the strength of investor demand, he says. Using the services of valuation for doing the process from www.melbournevaluers.net.au is a better solution for making you free from any type of tension.
However, the current rate environment means that the returns on cash can exceed those on property by a substantial margin. Falling in line with the records being achieved in the retail asset investment market, Sydney prime office yields will hit 16 year lows of below 6% within the next quarter. Exports to the Far East and Australasia have however, now overtaken Europe and represent the country’s second most important export market. Mr Penn says that in addition to the growing domestic appetite, new international investors are entering the market. Shifting trade patterns have had a direct impact on the property market in all 0sectors.
In Europe in particular, wealthy Middle Eastern petro dollars are searching for a home, as are US Investment Banks and the Japanese. Future commerce and property investment will be predicated upon the successful interpretation of economic change.
If the political arena settles, the country’s economic prospects could look increasingly positive. New investment, to take advantage of new markets and opportunities, will continue to strengthen the property sector in the years ahead. Kenya’s current National Development Plan (1997- 2000), produced by the Government, is more international and commercial than previous Plans and is also more positive than at any other point this decade.
These new highly leveraged investors are prepared to enter the market on high loan to value ratios, pushing prices higher and providing even greater competition for our domestic superannuation funds, he says.With the concept of ownership deeply ingrained in the Kenyan psyche, a disproportionate amount of the country’s wealth is tied up in property.
Whilst this creates a substantial investment trading market and also means that institutional portfolios contain a spread of assets across different centers and sectors, the fact that most assets are concentrated within Kenya leaves the institutions with vulnerable risk- return horizons. Portfolio diversification and spread of risk outside Kenya are thus two issues currently facing the market, although the Insurance Act does not permit the investment of Insurance Funds outside Keyna. Our licensed valuers are capable and talented enough to tackle their clients process.
With exchange controls now removed, an increase in foreign investment, particularly in Uganda and Tanzania, is both expected and necessary. In spite of a large institutional market, the property sector has, on occasion, suffered from lack of liquidity. Most developers and institutions operate on the basis of developing in order to retain assets for their ongoing income flow rather than developing to trade and realize capital profit.
Commercial leases are typically for six years with rent reviews every two years. Reviews can be either to open market or via pre-agreed escalation rates contained in the original lease. The latter approach tends to prevail, but the length and structure of leases are tailored to avoid out dated rent restriction legislation that militates very strongly against landlords. Building quality and specification vary dramatically. Overall, the market lacks prime, well specified accommodation.
A considerable proportion of the leasing market comprises occupiers upgrading their premises. The turnover of space is thus relatively high with new, additional demand related to the economic cycle. Air conditioning is not standard and very few buildings offer this facility in what is a very benign climate. Air conditioning is not standard and very few buildings offer this facility in what is a very benign climate.
High rise development in the 10-30 floor range has a 30 year history in Nairobi, but unreliable services and high duties on imported items such as lifts, are now creating disproportionate costs as owners are forced to install full load, stand-by power and guaranteed water systems, along with more sophisticated security measures. In common with many similar markets, decentralization of the real estate sector away from the CBD is well established and gathering further momentum.
Congestion, low building quality, infrastructure over-load and falling security and safety levels are pushing occupiers into more suburban locations, although the implementation of the Urban Transport Study recommendations could revive failing addresses. In Nairobi, the private sector commercial core is increasingly moving to The Hill and other residential areas to the north and west of the CBD.
The CBD is moving down market, although several of the best known streets are, and will remain, a key Government and Civil Service enclave. Development levels and prices are at their highest in non-CBD areas. Both the office and retail markets are shifting to suburban settings. House Valuations solutions to get an estimated value of the residential property valuation Sydney.
Whilst City Plans are prepared, the operations of the planning process are based on participation rather than regulation. Detailed zoning systems are in place but these can and do respond to commercial and/or political pressure. Of particular concern is the need to plan for a population growth rate now running at around 10% per annum? Increasingly, there is a presumption against detailed physical planning which is viewed as a limiting constraint on economic growth and progress.
With the planning authorities handling only around 30% of actual development in Nairobi, the Kenyan system is effectively based on encouragement and guidance. This has enabled large tracts of unplanned and unregulated development to emerge around the major towns and cities, especially Nairobi. Many occupants in these areas have been granted title over their buildings via blanket approvals in order to bring them into the economic/political mainstream, create a tradable investment product and foster a vested interest in building maintenance and upkeep.
Whilst difficult to measure accurately, non residential development levels in Nairobi have been steadily rising over the past 3-4 years. The purpose built market in Kenya is limited, making the majority of construction speculative. Despite low vacancy rates, most occupiers will usually only commit to a building as it nears practical completion or is finished.
Tenants tend to be cynical about developers’ time and quality statements and calculate that the threat of unoccupancy provides a bargaining lever as a scheme nears completion. Reflecting inflation, labor costs and raw material price increases, construction costs in Kenya have increased steadily through this decade, including the recessionary years of 1992/3. property valuers perth before buying or selling process of property with affordable prices.
The contractor sector is well developed and dominated by Asian interests. Construction and rental prices have been converging and some developments may prove to be uneconomic at the level of specification planned. From the Estate Agents Act, commercial letting fees to agents are benchmarked at 7.5% of the first year’s rent with market competition typically bringing this down to 5%.Sale fees, paid by the vendor, are usually set at around 1.25%.Whilst not statutory in all circumstances, an annual valuation cycle has become the norm for major funds and investors.
As in most African nations, the property management sector is the process of growing and evolving. The institutional community is currently split on the issue of management in- house or management via third party service providers. Historically, in-house management has often been preferred in the interests of cost control and confidentiality. However, this attitude is gradually giving way to a more commercial view which sees a proper and direct link between value retention and enhancement and efficient, cost-effective asset management.
The management community is growing and strengthening in consequence, although a service that goes beyond rent collection and house-keeping is not yet commonly understood. Less regulated and less well supported is the emergence of a growing market in corridor developments along major route ways.
In Nairobi, for example, there has been extensive development along the airport highway in a wide variety of low density, low rise formats. As yet however, the embryonic nature of this form of development, together with regulatory considerations, has prevented the emergence of an institutional market in these areas. The division of the city in to self-governing boroughs is currently mooted, but may only serve to widen economic disparities.
An ongoing programmed of privatization will create further development opportunities and increase liquidity in the market in the years ahead. The office sector in Nairobi is a market in transition. Over the past five years, good economic growth has fostered an upturn in development and investment activity which has considerably increased the supply of office accommodation in the city.
However, whilst supply and demand has generally remained in near-equilibrium on a city-wide basis, significant discrepancies between supply and demand have occurred and continue to arise at a localized level. The successful interpretation of such local factors is essential in viable office development and investment programmers. The recent upturn in office development and investment is traced back to the early 1990s recession and the last round of Elections and the inevitable pause in the market this engendered in 1992. Our expert guides will help you understand clients valuation requirement and preparing valuation reports.
Despite local variations and occasional years, the delivery of new office space to the Nairobi market has risen steadily (see Figure 8). From less than 50,000 sq m in 1992, annual office completion rates (including schemes with minor retail elements) had risen to well over 100,000 sq m by the end of last year. Of this, around 45% (274,000 sq m) has been completed in the CBD and 55% (337,000 sq m) in the decentralised market.
The off-centre market is therefore expanding in volume terms at a faster rate than the traditional, downtown sector. Average annual completion levels in the CBD and decentralised market this decade have been around 34,250 sq m and 42,150 sq m respectively.
The decentralised market may be divided into two types of location. Firstly, established areas (Westlands and The Hill) and secondly, emerging concentrations (Muthaiga, Parklands, Waiyaki Way, Hurlingham, Kilimani and Ngong Road). Westlands and The Hill dominate the off- centre market and look set to emerge as the principal private sector office foci of the city.
The Eastern European countries are a key focus of investors in the market at present due to their higher yields, growth prospects and a general downgrading of perceived risk, he says. By sub-market, some 51% (57,350 sq m) of this space was within the CBD, 15% (17,325 sq m) in Westlands and 34% (38,100 sq m) in The Hill area. In the longer term, the Nairobi Racecourse development a 30 acre mixed-use scheme comprising a 22 acre office park (the fi rst of its kind in Kenya) and an 8 acre retail park – will significantly enhance and redefi ne the suburban market, providing a natural destination for occupiers seeking to exit the CBD.
The current office supply figures are however, also somewhat distorted by the Central Bank of Kenya (CBK) development in the CBD. This 40- storey, 36,000 sq m office tower has been under construction for some four years and was originally designed to be the Central Bank’s headquarters. We have the most promising property valuers Property valuers in our company who are performing and managing the overall work which is related to do the valuation process.
To be the tallest building in East Africa when completed in late 1998/early 1999, this building is now however, totally surplus to The Bank’s requirements. Renamed Times Tower, it threatened the supply position before being allocated to the Kenya Revenue Authority in late 1997. Times Tower alone accounts for a little over a half of all active office development in the CBD and with the large GPO HQ also nearing completion, points to the down town dominance of Government and Parastatal buildings in the current cycle.
This is reflected in the fact that we have made a solid commitment to fostering innovative thinking within the firm by embarking on a unique innovation program in partnership with Deloitte.In 2005, Jones Lang LaSalle recorded the largest revenue of any agency business in Australia, while in the first quarter of 2006.This strong result builds on the previous year, where the firm recorded full year revenue growth of 11%.
In Shilling terms, the Nairobi office market has produced annualised growth of 13.5% over the period 1989-97 but in US$ terms, this measure falls to only 0.9%.This has obvious and profound implications for the way in which developments are financed. Takaka is experiencing a mini-boom as the town anxiously awaits next week’s announcement on the future of the fire-damaged Fonterra dairy factory. The company has begun restoring a milk-powder drying facility, leaving many residents hopeful that it plans to fully rebuild the $80 million plant which was severely damaged by fire last month.
The cost of conveyancing sydney is without any doubt quite high but it is worth paying the price because there are thousands or even millions of dollars at stake when you buy and sell properties. Nelson Musical Theatre has decided to borrow the money to finance moving the old Cathedral Parish Centre to Founders Park. Marsden House Funeral Services donated the buildings to the group, on condition it committed to funding the removal by this week. Committee member Ross Benbow said theatre members decided at a meeting on Thursday night to fund removal of the buildings instead of leaving them to be bulldozed to make way for parking.
House sales in the Nelson region dropped 10 percent from May to June, largely because of fewer sales in rural areas.While Nelson city house sales were actually up 2 percent on May, there were 55 percent fewer homes sold in Motueka – 10, down from 22 in May – and an 11 percent drop in Richmond, from 28 sales to 25.