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March 8, 2009
Waialae-Kahala Market a Bright Spot among low Oahu Volume
February of 2009 continued right where January left off. We had 129 single family homes and 160 homes close last month. Our year to date volume is down 53% from last year. In order to find similar numbers, we have to go back to around 1995-1996 which many can argue was the bottom of the previous down market. Our median sales price was $555,000 for single family homes and $297,000 for condos. The last time we had these prices were early 2005 for homes and mid 2006 for condos. Our days on market for homes are 69 and 70 for condos, which isn't that bad still compared to most of the mainland US. I'm surprised as to how many buyer inquiries I've had over the past several weeks where the home they're inquiring on is under contract. Even though the numbers of sales are down significantly, well priced homes are selling.
When broken down per region, Waialae-Kahala led the market w/ numbers of sales up 18% from last year and prices up 8% for single family homes year to date* For the biggest buying opportunities, Pearl City-Aiea home prices are down 33% from last year. On the condo front, Kalihi condos were up 33%. Perhaps the best buying opportunity could be Kapahulu-Kuliouou which was down 62% (part of reason was some leasehold sales drug down the prices). Outside of that, Ala Moana to Kakaako was down 43% and could create some opportunity there as well.
On a bright note, amid all the doom & gloom in the news, real estate has held its price well as an asset class. Recently, the S & P 500 index is now worth the same as it was in 1996. If you invested $100,000 then, it would be worth $100,000 today, 13 years later. If you invested $100,000 in Oahu real estate then, you would be far better off! With no financing or leverage involved, you would be up 50% on average. When you add in leverage/financing, tax incentives, etc. you would could have increased your returns exponentially!
*It was also Waialae-Kahala's appreciation that led us out of the last down market.
February 13,2009
Looking for Country Living in Town?
Tired of driving from your nice big parcel on the North Shore to town? Getting to crammed with your neighbors in town? This is your answer:
Panoramic Ocean and Mountain views abound this pristine 3.98 acre parcel on very desirable La'i Road in the very/very back of Palolo Valley. This gated community estate site has unlimited opportunity to build the home of your dreams in area rarely available. This vacant lot is located 10 minutes from downtown, 5 minutes from Kahala, beaches and schools. Zoned P-1 with an allowable 7500 square foot home.
Priced at only $4/sq. ft.- $699,000 - $226,000 off original asking price!
February 4, 2009
January Stats out for Oahu- Some Strengths among the Weakness...
The Honolulu Board of Realtors has released the latest stats for January of 2008. The median sales price of a single family home on Oahu is down 10% from the previous year- from $600,000 to $539,500 which puts us back to Feb./March of 2005 levels. The North Shore led the way- down 51.8% from the previous year. East Oahu held strong w/ a median sales price up 2.2% from 2008! Remember- ALL MARKETS ARE LOCAL What may be happening in one neighborhood might not be happening in another... Our median sales price for a condo is also down 5% from $324,000 to $305,000. To show how slow the North Shore is, there was not one condo sale there in January. We are also now at 71 days on market for Single Family homes & 59 days for condos, which isn't too bad compared to the rest of the mainland U.S. Our inventory is actually down slightly from Dec. of 2008 w/ 70 less homes on the market and 140 less condos & these numbers are real close to where we were this time last year. What has really slowed down dramatically is the number of sales on Oahu. There were 122 homes and 159 condos that sold in January, down 46% and 51% from previous year and down 37% and 35% from December of 2008. These were the lowest numbers of sales since the mid-1990's. In hindsight, this was the best time to buy real estate here. Nobody has a "crystal ball", but now could be a good time as well...
January 20, 2008
Waialae Golf Course Homes- Home of the Sony Open
With the recent completion of the Sony Open Honolulu was featured as the backdrop on national television this past week. As there were record breaking lows on the mainland, we've enjoyed beautiful sunny weather. In case you were wondering what a home on Waialae Golf Course goes for, here's what's currently on the market:
959 Waiholo St. for $2,495,000. 4 bed, 3 bath | 1161 Waiholo St. for $2,575,000. 5 bed, 3 bath
1142 Waikui Pl. for $3,795,000. 4 bed, 3.5 bath | 1014 Kaimoku Pl. for $5,500,000. 6 bed, 6.5 bath
If these homes aren't in the budget, you can get a home on one of the nearby ridges with an ocean & golf course view for around $1 million and up.
January 5, 2009
Looking to Buy? Looking to Refi? Now is the Time!
I recall in the spring of 2008, we were able to refianance our current residence at $4.875 on a 30 year fixed. We got totally lucky. We were able to lock during a day of high market volatility. Since then, nobody would believe me on the rate I got. They'd ask "for a 15 year mortgage"? I'd smile and reply, "actually a 30 year". Rates then started to go up to above 6%. Several of my buyer clients proceeded to purchase last year in the high 5 to low 6% rates. I almost felt guilty because my interest rate was so low...
Guess what? Rates are even lower today! I've had a lender friend of mine tell me she's refinancing her current residence for 4.5% for 30 years! Another lender friend of mine is doing so many deals they don't know what to do... Another agent in my office is locking in at 4.375% I can't believe it! I've never seen rates so low! If you're on the sidelines & capable of qualifying for a new loan or refi, now is the time!
December 31, 2008
Home Raffled for $50 in Maryland. New way to sell property in Hawaii?
I was watching CNBC tody and heard of a story where a desperate seller in Maryland decided a new approach on selling his home: Sell 31,500 raffle tickets for $50...
Would this work in Hawaii? Initially my thought would be yeah, people would be all over this since so many people flock to Las Vegas to gamble. Then I realized that's why they go there: gambling (essentially what this is) is illegal in Hawaii. In this circumstance, they are selling these tickets with the "opportunity" to win a $1 million + home. That is also why we don't have a lottery here... Oh well, someone in Maryland will be a happy camper in the new year if they can actually buy a $1 mil. home for $50 bucks :)
December 23, 2008
RE/MAX agent is HBR's Realtor of the Year for 2nd Year in a Row
I'd like to congradulate Shelly Campbell of RE/MAX Honolulu who was named the 2008 REALTOR of the Year by the Honolulu Board of REALTORS. This is the 2nd year in a row a RE/MAX agent has won the prestigious award! Our own PB Judy Kalbrener was last year's recipient!
I'd also like to thank my clients for nominating me for the Aloha Aina Award this year. It looks like there were 375 nominees out of the 6241 members of the Honolulu Board of Realtors. Since only 6% of Realtors that are members of the board were nominated, I feel very honored :)
3 Reasons Why Foreclosures Low in Hawaii
Here are 3 reasons in my opinion why foreclosure rates are low in Hawaii:
1. It is Hawaii. Especially this time of year, you see all the news about bad weather, snow storms, floods, etc. on the mainland. I think people work harder to keep a home here in paradise with good weather.
2. You can't just pack up the car & drive to another state. To move back to the mainland, takes time & money, most of which people going into foreclosure don't have. Better off trying to make it work here.
3. We are not a Non-recourse state. There was a great article put out the AP featured in our Sunday's Honolulu Advertiser. It made a lot of sense & shed light on why states that have non-recourse laws have higher foreclosure rates. Those states are Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah and Washington. Homeowners in those states are more likely to "walk away" from their home because apparently the lenders can't sue them & go after other assets. That's why there's more foreclosures there & not here. That's also why you can get a better deal on foreclosures there vs. here.
December 16, 2008
Honolulu, HI has the Smallest Carbon Footprint Amount U.S. Cities According to Study
I recently read an article titled "What Carbon Studies Tell Us-So Far" in Urban Land Magazine. What caught my eye and was interesting was that Honolulu had the smallest carbon footprint among U.S. Cities, according to "Shrinking the Carbon Footprint of America" study published by the Brookings Institution in Washington, D.C.
According to the study, Honolulu had 1,356 metric tons per Capita. Lexington, Kentucky was the highest with 3,455 per capita. What was also interesting was that Los Angeles was ranked 2nd behind Honolulu for the lowest. This is great news for us if the study is accurate! Are you surprised? Just another reason we are LUCKY to LIVE in PARADISE!
December 4, 2008
Oahu Sales Down for November, Ironically so was Inventory...
Remember when the Dow Jones plunged, the "bailout" talks started & the sky was falling? A lot of that was mid September. Those going into contract then equated to November closings! I unfortunately had 3 deals fall apart on me during all this. Guess what? We're all still alive & breathingJ I've since put several deals back under contract. As predicted, November 2008 would be an interesting month with our stats.
Through the month of November, everything seemed to be down across the board. Year to date, our total volume of sales on Oahu is down from $4.65 Billion to $3.447 Billion. This is a 25.9% decrease from 2007. The total number of sales on the island is also down over 30% as well. You would think this would equate to higher prices, right? Wrong- the reason why our volume is down less than sales is there were some monumental sales in Diamond Head and Kailua. As the saying goes "those with money, will always have money"... So what did happen to prices? Our median sales price for a single family home is also down at $594,500 which is the 3rd time in the past 3 years we've dipped under the $600,000 mark. Condos were also down with a median sales price of $316,000 which actually wasn't as bad as November. There are two areas of interest to note that stuck out at me:
•1. The number of Condo sales on Oahu was 201, down from 316 the previous month and the lowest number of sales since 1999!
•2. The number of days on market for condos was 88, up from 53 the previous month and the longest time on market since 2000!
What does this mean? The condo market is slowing down dramatically! There were months over the past year when we were having more sales in a project than we did the whole island last month! What's also interesting is there were over 500 new condo listing that came on market. Existing inventory is 2,655 units, actually down from 2,663 the previous month. Well if 500+ came on market & only just over 200 sold, how is inventory down? A number of reasons: sellers pulling their place off the market to rent (I have several clients considering this) or the listing could have expired. If only 200 units sold and 2655 are on market, as a seller you have to ask yourself: What will it take to get my place in the less than 10% of listings that are actually selling? PRICE! Places that are priced right will sell!
What does this mean for buyers? It's a great time to buy! Both homes and condos are sitting on the market longer, sellers are motivated, you can get a better buy than you could over the last few years and interest rates are back to the low 5% range!
November 29, 2008
Craiglist Honolulu is the Latest Avenue for Nigerian Scams
I've had several people contact me recently asking about properties they saw on the internet. Initially, I was excited to work with another buyer, however they were not asking about a property to buy/purchase. They called me as a third party source to see if a listing they saw for rent on Craig's List was for real and if the owners are really looking to rent it. The reason that spawned their calls was that the "so called" seller would only communicate through e-mail and ask them to wire $ to them for a depost- FIRST RED FLAG! They also said the owner was in Nigeria- SECOND RED FLAG! As a courtesy I looked these properties up & they were actually in MLS. The owners however were here in Honolulu! What it seems these scammers do is pull photos off active listings, then post the info. on Craig's List as if they were to the owner. What seems to draw them more candidates is they put the rent really low to get a lot of takers. 2 of the calls I got were on a home in Niu Valley that would normally rent for roughly$2500/month. They had posted it at $1100/month. They probably have no idea however since they are potentially half way around the world... To date, I've probably received at least 4 of these types of calls & in all circumstances I suggested they contact Craig's List and the authorities (ie. HPD, FBI, etc.). BE CAREFUL! There's a lot of crazy stuff out there!
November 27, 2008
I have a lot to thank God for!
2008 has been great & I have a lot to thank God for:
1. Blessing me with my 2nd child this year
2. Letting me help clients buy their first homes and realize the American Dream
3. Being blessed to live in the greatest nation and most beatiful state in our nation
4. Doubling the number of real estate transactions I had compared to 2007!
November 26, 2008
What's Selling on Oahu? Home $500-699k; What's not? Homes above $1 Million
We recently got our market update from the Honolulu Board of Realtors from the 3rd Quarter of 2008. After looking at the stats, what jumped out at me are two things:
1. Single Family Homes from $500,000 to $699,000 are selling! 34.5% of all homes sold fell in that category. This was the largest category/price bracket followed by homes in the $700,000 to $999,000 range at 24.7% of sales. Meanwhile, when you look at the inventory in that same price range it encompassed only 29.8% fell in the $500,000 to $699,000 range.
2. Single Family Homes over $1 Million counted for roughly 14.3% of sales in the 3rd quarter. Meanwhile, 28.3% of the homes on the market are over $1 Million!
What does this mean? Homes in the $500,000 to $699,000 are selling! This is no surprise in that our median sales price has been hovering in the $600,000 range for years... If you want your home sold, there's more likely it will sell in the price point. However, no matter what the price point, homes priced well will sell! Good news is if you're in the $1 million + bracket, there's A LOT to choose from :)
September 8, 2008
Big Day in Mortgage Industry! See NAR Press Release:
What the Government Takeover of Fannie Mae and Freddie Mac Means to Housing Industry
In short-term, home sales should improve as mortgage rates fall
Washington, D.C. (September 8, 2008)-The federal government´s takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.
The federal government had no choice. The capital situation of the two companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.
In a statement, NAR commended the Treasury´s action, announced yesterday, to bring stability and continued liquidity to the mortgage market. "The plan will help restore confidence in the secondary mortgage market," said NAR President Richard F. Gaylord. "We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market."
Summary of what the Treasury actually did and what it means
·In the takeover, Treasury placed the GSEs into a conservatorship-similar to a Chapter 11 bankruptcy- which fully protects taxpayers from conflicts of interest between taxpayers and shareholders or current management.
·The federal government is authorized to take up to an 80 percent stake in the companies, will review their financial condition quarterly, and inject money into the operations as needed. That means the market for GSE securities will be treated more like Treasury obligations, which should push mortgage interest rates down. That in turn, is expected to speed up home sales and help stabilize home prices.
·The GSEs will be allowed to increase their mortgage funding over the next year and a half to help stabilize markets. Starting in 2010, the plan calls for them to reduce their portfolios.
·The heads of Fannie Mae and Freddie Mac have been relieved of their duties. Treasury selected Herbert Allison, former Merrill Lynch vice chairman, to lead Fannie Mae, and David Moffett, former U.S. Bancorp CFO, to guide Freddie Mac.
Talking Points (Use these in talking to the media, your members, and local officials.)
·NAR, as the leading advocate for homeownership and housing issues, has closely monitored the market turmoil affecting the stock and debts of the two government-sponsored enterprises (GSEs) ? Fannie Mae and Freddie Mac. Their mission is crucial to the economy to make fair and affordable mortgages available to home owners and home buyers. That mission must not be interrupted.
·Fannie Mae and Freddie Mac play a vital role in the U.S. economy by making fair and affordable mortgage loans available for home buyers and owners. That must not be interrupted. Treasury Secretary Henry M. Paulson Jr. and James B. Lockhart III, director of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac, have issued strong statements assuring the public that credit will continue to flow over the next 12 to 18 months.
·Short term, the takeover will result in government money driving down interest rates, which is expected to spur an increase in home sales.
·Long term, the action will lead to a major reorganization of the two GSEs as privately owned models. The brunt of that work will fall to the new administration and new Congress. NAR will help shape that process and the association is already working on a plan to do that.
·The action taking by Treasury and the FHFA, which regulates GSEs, makes clear the government will not let the deteriorating conditions of the GSEs disrupt the flow of capital to the housing sector, or harm the national and international financial system.
·The GSEs guarantee more than 40 percent of the nation´s mortgages and own or guarantee more than $5 trillion in mortgages. Since the credit crunch began in August 2007, the private sector mortgage securitization market has virtually disappeared and the market share of the GSEs has jumped to about 70 percent.
·NAR will continue to follow events closely and develop recommendations on the future of the GSEs´ mission to ensure there will be a robust secondary mortgage market in all markets.
September 7, 2008
Diamond Head High End Round 2
Just 1 day after my previous post on Diamond Head Luxury homes, 3239 Noela St., which was asking $12.6 Million went into escrow! It was also over an acre & sold for $9 million back in 2000. It would also have to be one of the trophy properties in Diamond Head at the end of a culdesac & also the highest priced listing in Diamond Head- as of now....
3239 Noela St.
September 1, 2008
No Slowing Down for High End Real Estate in Diamond Head!
There's no question the market is "slower" than it has been. However one segment that has recently picked up steam over the past week is high end real estate in Diamond Head. On Thursday, August 28th, 3063 Diamond Head Road sold for $9.5 Million Cash! Just two days prior, 3944 Noela Place, which is asking $8.2 million went into escrow. On top of that 3692 Diamond Head Circle closed for $9.7 Million on July 28th... Keep in mind, these are all "Trophy" properties, however only the Diamond Head Road sale had a sliver of the property that went down to the water. As a whole, these are all non-oceanfront... Amazing! In my opinion, some better ones are still on market! I've been in all 3 of the homes mentioned. If you're looking for your own "Trophy" property, you know who to call :)
3063 Diamond Head Road
3944 Noela Place
3692 Diamond Head Circle
July 13, 2008
Honolulu Property Taxes a Sweet Deal!
Just when I thought our residential property taxes here in Honolulu were a bargain, they just got better! Not only has the city been readjusting their valuations lower because of 7,000 + complaints received, they even lowered the rate at which we're taxed! From July 1st of this year through June 30th of 2009, the rate at which we're taxed at is now $3.29 per $1,000 of assessed value. What that means is if the city says your house is worth $1 Million, your annual property taxes would be $3,290! To put this in perspective, if you live in California your assessed value is $1 Milion, your annual property taxes would be between $10,000-$12,000! If you lived in Austin, Texas and had a home assessed at $1 Million, your annual property taxes would be $30,000. This is one of the best kept secrets of Honolulu, HI real estate!
July 10, 2008
Rarely Available Puu Iki Listing!
I just got a new listing at Puu Iki in Kaneohe. It's a cute little complex adjacent to Puu Alii and Lilipuna. Unlike the Lilipuna, there is ample guest parking. What I'm excited about this listing is that it is a 1 bedroom, which seldom becomes available. The parking stall is right in front of the unit, #1 which is not only great but hard to forget :) The seller recently installed laminate flooring, tile and completely painted the place. It's also within walking distance to shops, restaurants & Windward Mall. The last Kaneohe 1 bedroom at Haiku Point just closed at $317,000 and we're priced at $290,000. Hurry! Won't last long...
June 24, 2008
No more homes being built in Mililani by Castle & Cooke
Last week, there was a big press release by Castle & Cooke announcing that they have sold their last home in Mililani.
This was a milestone because after 40 years of development, they are no longer developing residential property. Now that resales won't be competing with the homebuilder/developer, it will be interesting to see where prices go... Mililani was Hawaii's first master planned community and has always been considered relatively "new". Now that development is complete, this "established" community potentially could be even more sought after?
June 22, 2008
Honolulu Condos set a record for median sales price!
No that is not a typo! Believe it or not, the median sales price for a condo on Oahu last month was $337,300- a record high! What is wrong with this picture? Everything else in the news talks about housing sales down, subprime meltdown, housing bottom no where in sight, etc. Yet, we just set a record... Why is that? A number of reasons- people getting priced out of single family homes (still), more people looking to move here vs. leaving, demographic trend of babyboomers looking to retire here, increasing foreign investment due to weakening dollar... the list goes on, however when it boils down- it's simple: there is more demand than supply. How long will this go on? Who knows... I'm still hearing the same story today from buyers that I've heard over the past 7 years: I'm waiting for prices to drop.... good luck in the wait :) There are however pockets where prices have dropped & feel free to contact me if you'd like to learn more :)
May 26, 2008
Hawaii Rail: The political mess & what makes sense?
As most people are aware, one of the most heated political debates locally is Honolulu's potential rail system. There are many issues at hand:
1. Should we have it?
In my opinion, something needs to be done to alleviate our traffic problem, however I'm not sure it this is the way... Our tax payer dollars will be paying for it, however how many people will actually use it? In addtion, one of the largest factors is cost. As everyone knows in Hawaii, construction projects almost NEVER come in at budget. Also, what will the costs be to maintain it? Charles Djou on our city council seems to be one of the more intelligent politicians asking some of these tougher questions...
2. What type of system should it be?
There are several types of systems the city is now voting on: steel on steel, magnetic, rubber, etc. Apparently Mayor Hanneman is making a big push for steel on steel, however most cities that have this have residents complaining of the noise. Another factor to consider is we are in Hawaii, surrounded by salt air. Back when Aloha Stadium was built, the contractors were saying the steel won't be a problem. Now, look at it rusting away.... Are we going to spend Billions on a rail system that not everyone will use and will be rusting away in the next 20-30 years?
3. Should it connect to Honolulu Airport?
This third issue was highlighted over the weekend in the Starbulletin and spurred me to post this article. Although, I'm not all in on the rail I think if it is to be done, the airport route is a must. Why spend billions on a transportation system if it is not even going to connect to the airport? The good news is that they are now considering this... bad news is the price tag is now $4 Billion! Now my question, is where is this money going to come from?
May 22, 2008
Priced out of the Single Family Home market? Here's a great townhome option...
Are you or anyone you know priced out of the single family home market on Oahu? If so, here's a completely remodeled turnkey townhome I have listed in Mililani at Mililani Garden Homes 2. At $425,000 Fee Simple this two level townhome boasts 3 bedrooms, 2.5 baths and is in walking distance to shops & restaurants!
With 1484 square feet, this place feels like a home & also has it's own enclosed yard!
May 22, 2008
National Association of Realtors at 100 Years too!
With all the excitement this month on Outrigger Canoe Club's 100 year anniversary, I thought it very interesting that another organization very close to me celebrated it's 100 year anniversary as well- our very own National Association of Realtors! It was a pleasant article to read in this month's edition of REALTOR Magazine. The chronology/time line that was covered and the background of our organization is a must read. It's the vision and founding fathers of this organization that layed down the groundwork for getting Realtors licensed, abiding by ethics and in essence really protecting the consumer/homeowner. It's an organization I'm proud to be a part of. What I really got a kick out of was an old ad they had in there for a brand new home for $5,990.... the good 'ole days...
May 18, 2008
Outrigger Canoe Club Celebrates 100 Years!
This month, May, 2008 commemorates the 100 year birthday of the Outrigger Canoe Club a private club at the base of Diamond Head. The club was founded in 1908 by Alexander Hume Ford and the original location of the club was in Waikiki where the main Outrigger Hotel currently is. The new or existing club location was completed in the early 1960's and designed by the late Vladimir Ossipoff.
The club is a great place for families, social events, dining, entertaining and most importantly beach and water sports. There is a dedication plaque from 1964 that says: "Let this be a place where man may commune with sun and sand and sea, where good fellowship and aloha prevail, and where the sports of old Hawai'i shall always have a home." It is a place where I like to call home too (I guess like a 2nd home). I spent a lot of time growing up down there. Just about everyone in my family was a member. My father served on several boards and is a past president. I am now giving back as well and have coached several paddling crews over the years, served on committees and now on the board of directors as well. It is a special place that I am sure will be around for another 100 years!
May 18, 2008
Is it possible to find a 2 bed condo in town w/ 2 parking under $300,000? Yes!
The answer is yes! I've got a listing that fits this criteria right now. It's a 2 bed, 1 bath condo in a walk up building called the Crown Kinau. It has a tandem parking stall that can fit 2 cars and one of the lowest maintenance fees anywhere at just $219/month! We originally came on market at $282,000 and are now priced at a steal of $255,000! The last sale in the building was $269,000 and this unit is turnkey where the tenants vacate at the end of the month. This is another listing of mine, where it could be close to breaking even with a positive cashflow of 20% down. The current tenants were paying $1200/month! The seller is ready to get this thing sold, so feel free to contact me with any questions.
May 12, 2008
April 2008 was Actually Pretty Great!
It is pretty typical in any residential real estate market across the country to see sales volume and activity pick up. A lot of buyers are out there looking in the Spring & Summer and this year was no different. I had 4 transactions close in April and almost 6 (2 closed March 31st). As far as the Honolulu, HI real estate market as a whole the month wasn't so bad either. The median sales price for a single family home was $639,000 and $327,000 for condos. In addition, days on market were back down to 43 days for homes & 33 for condos, which is actually pretty good from a Seller's standpoint. The catch however, is make sure the properties are PRICED RIGHT to SELL. There are still many homes on the market that have been sitting for up to a year or more. Considering that, these numbers are actually pretty good. In the mid 1990's the time on market was around 90 days and I'll take a wild guess that markets on the mainland are experiencing some of this pain today. Also, last month there were 1955 homes on the market compared to over 4500 in the early 1990's. We are very fortunate for this and shouldn't take this for granted...
May 7, 2008
Lowest Priced Home in Aiea with Great Investment Potential!
Invesment in residential real estate in Hawaii hasn't always been known for its cashflow. Typically most people that "invest" are banking on appreciation. In any event, getting properties to cashflow has been more difficult in the last year or two. For those of you out there looking for an investment, I have a listing that is the lowest priced home in Aiea at $510,000. It is currently tenant occupied and the tenants are paying $2500/month. That alone could carry a good $400,000 ish in debt service. If someone where to be able to put 20% down, this would pay for itself! It's right up the hill from Pearl Harbor and minutes from Pearl Ridge shopping center!
In addition, this place was completely remodeled in 2007! A 4 bed, 2 bath home @ $510,000! It's a bargain!
April 4, 2008
Condo Prices Up, Homes Down...
The latest stats are out from the Honolulu Board of Realtors for March, summarized as follows:
There were 282 Single Family Homes sales in March of 2008 vs. 330 in 2007 for a 14.5% decline in number of sales. The median sales price last month for a Home was $628,000 vs. $643,500 in 2007 for a 2.4% decline.
There were 392 Condo sales in March of 2008 vs. 541 in 2007 for a 27.5% declilne in number of sales. The median sales price for a condo was $329,000 vs. $321,000 in 2007, which was a 2.6% increase.
Bad news= number of sales down drastically (not good for Realtors)
Good news= prices have held well relative to rest of the United States (good for homeowners)
March 26, 2008
Which of the Hawaiian Islands Should I Choose to Retire? Oahu Because.....
This is a question I am often asked from those looking to retire here from the mainland. All of the islands have their own unique beauty and pros and cons about them. However, one factor that is driving their decision and has come up more and more lately is access to health care and hospitals. Having just spent this past weekend in Queen's Hospital for the birth of my daughter, I take for granted the time that I do not have to spend in hospitals. However, when you need access to a good hospital and physician, most everybody wants somewhere convenient and someone good.
One reason why so many people have chosen and will continue to choose Oahu as a place to retire is the access to the hospitals. Tripler is also the premier Military hospital in the state and one of the reason our military choose to retire here. I also got familiar with the various hospitals and their specialties during my tenure as a Honolulu firefighter. I had to know where they were and how to get in there in the event of driving an ambulance. I also spent 8 years of my life growing up on Maui with just one hospital and that is a BIG problem over there....
March 25, 2008
One "Buck" Richer!
Our family just got one "Buck" richer with the birth of our daughter, Margaret Leslie Grace Buck this past weekend. She came in weighing 6 pounds 10 ounces and 19 inches long. Our family is very thankful and we thank God for our wonderful gift. It was nice taking some time off from the Real Estate biz over the weekend.... it is also nice to be home from the hospital too...
March 17, 2008
What's New in Kailua Town?
Last week Thursday, I had the opportunity to get a tour with the Urban Land Institute's Young Leader group with Mitch D'Olier, the President and CEO of Kaneohe Ranch. We started at the Farmer's Market, which is relatively new to Kailua and takes place every Thursday from 5-7:30 PM. It is hosted by the Hawaii Farm Bureau Federation. It's in the parking lot behind Long's Drugs in the heart of Kailua Town. What's great about this & other farmer's markets (such as the one at Kapiolani Community College on Saturdays) is that they do not even have to advertise. The products are so good that the "word of mouth" buzz creates more than enough traffic. We met at the new fountain fronting Kailua Road. Mitch gave us a brief history on Kaneohe Ranch and the Castle Family. The perpetuation of the family land and philanthropy throughout the years has been remarkable. From the fountain, we walked to where the new Whole Foods site is going- on the corner of Kailua Road, where the existing First Hawaiian Bank is located. It will be interesting to see how this effects real estate prices here. I've always heard that wherever Whole Foods goes, so does real estate investment. This might already be evidenced in that the parcels that Kaneohe Ranch sold to DR Horton to develop condos has far exceeded demand expectations. The project calle the Ironwoods at Kailua is apparently going to have 300 units max and the waiting list already exceeds 1000! We capped off a great tour with dinner at Formaggio which I would highly recommend!
March 16, 2008
Useful Tips on Getting Great Exchange Rates for Canadian Buyers
As a follow up to my previous blog posts, this Canadian buyer movement keeps on rolling... I was quoted again in the Star Bulletin last week. Believe it or not, some are saying the "new Japanese" J I don't think their purchasing power will be anywhere like the Japanese of the late 1980's or early 1990's, However, this trend of them coming here more often and spending more money is definitely on the upswing. The article I was in also caught the eye of an up and coming company called HiFX. They are a company that specializes in offering great exchange rates to foreign buyers looking to purchase large properties in the U.S. They are able to lock in exchange rates to give buyers the peace of mind when they are dealing with such large cash transactions. They are also really competitive when it comes to exchange rates & charges (ie. Compared with local Canadian bank offering to do the transaction). Here's a little more of what they do:
Great rates - A recent independent survey of foreign exchange brokers and high street banks published in The Sunday Times in the UK highlighted consumers would have saved up to 4% if they had used HiFX rather than their high street bank to transfer money overseas. You can view additional press articles at http://www.hifx.com/business/media_coverage/overview.aspx
Service excellence - We work with over 2,000 corporate clients from over 100 different industry sectors including major airlines and software giants. Our reputation for service excellence is illustrated perfectly through the longevity of our corporate and affiliate relationships. We have an unrivalled experience and knowledge of the market place from partners worldwide including relocation companies, HR groups, financial advisors, property agents, developers, lawyers, mortgage brokers and visa specialists.
Market Expertise - HiFX are the ONLYcurrency specialists to be ranked within the top 20 most accurate foreign exchange forecasters on a consistent basis.
Zero charges - With HiFX there are no transfer charges and no commission fees.
Fast, secure transfers - HiFX has direct access to SWIFT, the world's largest payment settlement network for domestic and international trades. This enables faster payments, enhanced security, increased visibility and automated processing.
March 3, 2008
More Canadian Interest in Hawaii Real Estate
As a follow up to my last posting, there is still evidence of more Canadians interested in Hawaii. In the Star Bulletin the other day it said that Canadian visitors continued to boost our tourism growing by 27.7% from a year ago! That also helped boost visitor spending to its largest increase in 19 months!
Well, they are also interested in our real estate too! I spent last week working with another buyer out of Brittish Columbia. It seems so many of the "snowbirds" are looking to purchase somewhere nice & warm for a stay during the winter... I was also the featured guest on a radio program in Montreal last week with Florence Bernard the top RE/MAX realtor in the area. It was a great experience, learning about their weather, home prices and mortgages which are different than ours. If anyone is looking for real estate in or around Montreal, Florence is the best!
This has been an interesting winter with the "snowbirds" from Canada- let's see now if the momentum carries into our Spring & Summer...
February 23, 2008
Where are our Housing Prices Headed?
I just had a conversation the other day with a friend of mine asking "what do you think is going to happen to prices here on Oahu?" He said that a from all sources he's been hearing from "if Hawaii hasn't been effected yet, it will be" and that prices are "going to go down". Now, we all wish we had a crystal ball & could predict where prices are headed. If that were the case, we would all be very wealthy....
My response was, I wouldn't mind if prices went up or down. Realtors make money helping their clients when prices go up and when prices go down. If prices stay flat and nobody is buying or selling, it would be hard to stay in business. We are also fortunately enough to have bought 5 years ago. Even if there is a correction, we've still got a lot of equity in our home & intend to be here for awhile. For those looking to buy in the next month or two and sell or "flip" for a profit in the next year, now is not the time. If you are however looking to buy, you are in a much better situation than 2 years ago and interest rates are still great. We were just able to refinance our home at 4.875% for a 30 year fixed loan! There are still great buys out there.
What's keeping Hawaii's prices stable is that there are still more people wanting to move to Hawaii than are leaving. This is because more & more Baby Boomers that are looking to retire are choosing Hawaii as their destination. We have also seen a slew of international (in particular, Canadian) buyers over this winter due to the following reasons:
1. Strength of Canadian Dollar vs. U.S. Dollar
2. Honolulu's economy has been one of the strongest in the U.S., averaging some of the lowest unemployment rates over the last several years
3. Honolulu is a "stepping stone" to Asia with an influx of Chinese and South Korean buyers predicted over the next decade
4. They aren't producing any more land (outside of the Volcano on Big Island which is uninhabitable for the foreseeable future) Also, demand outpaces supply- that is why we are one of the few U.S. markets including San Francisco and New York City that has held prices stable amid all the bad news in the U.S. housing market
5. It's a beautiful place to be!
6. Canada gets a bit cold this time of year J
There were over 100 transactions from Canadian buyers over the past several months. In addition to that, an Australian scooped up several lofty properties on Kahala Ave. & a Japanese buyer paid $22 million cash for an oceanfront parcel in Kailua....
CNBC also featured Hawaii real estate in last week's episode of High Net Worth and talked about how Hawaii has one of the lowest foreclosure rates in the nation and why it might be a time to invest here since we have been somewhat insulated from all the subprime mess in the media.
There is no doubt we have seen a great run in appreciation over the past 5 years. We are also very fortunate not have crashed like many mainland cities in recent times. If prices do go down, that's fine by me. I now have significantly more buyer than seller clients (as I have most of my career thus far). What I have noticed is the one that are "waiting for a good deal" can sometimes wait for years because they don't realize a good deal when they see it.... I've bought some of my best buys on properties I presented to clients that they decided to pass on because they were "waiting for something better to come along".....
Finally, where are prices headed? Only time will tell... I do however still see a lot of opportunity out there!
January 28, 2008
There are Still Great Buys Out There in a Slowing Market
I was fortunate enough to be featured yesterday in 2 articles in the business section of the Star Bulletin titled:
Both articles featured success stories where I was able to find my clients great homes in this market place. One example was where client purchased a home in Palolo for $440,000 and the other was another couple I just got into an REO in Ewa Beach at a great price with equity in the place from day 1 after closing. I also was able to purchase for investment a 2 bedroom condo in Diamond Head for $540,000 where the Seller paid $860,000 in 2005! These are real life examples of some great opportunities out there. And guess what? They were all in MLS! These were not in some "secret foreclosure" website you sign up for and pay a lot of money for. Nobody had to go to an auction block, stand in line, etc. These are real life examples of how it pays to work with a REALTOR.
With so much in the media on the national level cutting down the housing market, some of it bothers me & some of it gets me excited because it creates buying opportunites. There is a quote that someone once told me & I think it stands true today: "You make your money when you buy" as opposed to when you sell. Keep in mind here however, all of these examples were situations where we are looking to buy and hold. Don't get me wrong, most of these examples could be sold at a profit today. However, these current market conditions are not one to be "flipping" properties. I am a big reader of Robert Kiyosaki and he has been preaching this lately- that the "flippers are losers" If you analyze the investment from this standard, chances are you will come out ahead :)
January 20, 2008
Capitol Place: Quality New Construction in Downtown Honolulu
I had the opportunity to get a tour of Capitol Place yesterday. I see their motto of "Upscale, Uptown, Unequaled" coming to fruition very soon. They are anticipating completion in April. When complete, it will be 39 stories with 12 units on each floor, consisting of a nice mix of 1,2 and 3 bedroom units. I have some clients that are purchasing a 3 bedroom unit. The contruction is top of the line. The floor to ceiling windows are double-glazed and insulated. Sitting on the corners of Bishop & Beretania, you could not even hear the cars outside.
Here's an idea of Kitchen: Soon to be pool area: Furnished Living Room:
There is porcelain tile in entry, kitchen, and bathroom floors. The kitchens come with granite countertops with river wash finish, Viking refrigerator, oven, cooktop, range hood and dishwasher. There is generous closets and storage space. Believe it or not, there is actually more cabinet space in the 1 bedroom units here than the 3 bedroom units at Moana Pacific! Each unit comes with split AC, thus saving on electricity vs. your central AC such as that at Hokua. What's also exciting is each unit is pre-wired for state-of-the-art communications, including high-speed internet and cable television.
Ewa View from 34th Floor: Diamond Head View: View of The Capitol:
Capitol Place will also have the following amenities: 24 hour Front Desk Residential Specialist, 24 hour Security, Bell Service, Car Service (Battery charge cables, flat tire assistance), Club Room, Massage Room, Movie Theater, Personal Delivery for Newspapers, Packages and Dry Cleaning, Taxi & Limo Arrangements, Terrace Cabana Use, Will Call Service and an Incredible Gym. There is also plenty of guest parking.
Punchbowl View: Future Gym:
As of yesterday, there are 25 2 & 3 bedroom units left of the 322 total, ranging from $718,375 to $981,700. Call me at 808-371-3509 for more information.
January 19, 2008
The Future of Leasehold Properties in Hawaii: A Potential Time Bomb for Lesees
This past Friday, the 18th marked a historic landmark for leasehold ownership in Hawaii. The landowner (lessor), Kaneohe Ranch prevailed in a suit between themselves and the individual owners (lessees) of the Kailuan in Kailua. Over a dozen owners will be forced to surrender their homes by Febuary 15, 2008. As of December 31st of 2007, the lease expiration date, the owners/lesee's equity in the property is all gone. They were given eviction notices prior to the end of the lease, however decided to take Kaneohe Ranch to court with the hopes of being able to salvage their home or investment. This is the first time a landowner was successful in taking their property back.
Every leasehold transaction involves a leasehold disclosure, where every potential owner/buyer must sign a disclosure saying that when the lease term, is up the property reverts back to the landowner. I have always recommended to my clients the potential of not owning the property when the lease is set to expire and be sure the read the leasehold disclosure docs very carefully. This now sets a precedent for many other buildings and thousands of other leasehold owners in the state that have leases set to expire in the next ten years. This could have a time bomb effect in that the longer you hold on to your leasehold property, the less and less it will be worth...
These next several years will be really interesting... Some other buildings that are in some great locations that the lessors or landowners have made it pretty clear will not renegoiate are the Kahala Beach which expires in 2027 and the Diamond Head Beach Hotel set to expire in 2032. Like I said, this is like a time bomb and I wouldn't want to be one of the lesees holding on at the end....
January 13, 2008
Modern Architecture in Hawaii
I finally had the chance yesterday to get down and see the Ossipoff exhibition at the Honolulu Academy of Arts. For those of you that don't know, Vladimir Ossipoff was the most renowned architect in Hawaii in the 20th Century. He was born in Russia, raised in Japan and schooled at UC, Berkley. He passed away in 1998 after a career spanning six decades! The reason for the display was this year marked what would have been his 100th birthday. I've heard so much about him over the years. His work included both residential and commercial designs. There are just too many too name. Some of his noted works were the Honolulu International Airport, the IBM Building, the McInerny Building in Waikiki, the Chapel at Hawaii Preparatory Academy on the Big Island, and the Chapel at Punahou School where I attended.
Apparently, I grew up around his architecture my entire life without realizing it. He designed both of the homes my two grandmothers lived in when I was a child- one in Puupanini and the other was Diamond Head Apartments Penthouse #1201, which fetched $4.5 Million last year! Too bad our family sold it years back L He also designed the Outrigger Canoe Club and the Pacific Club, both of which I have spent a lot of time at over the years. As my real estate career has progressed, I have also heard his name more & more. This past year, I sold a unit at the Diamond Head Apartments and a home he designed on Maunalani Heights built in 1937 to some clients of mine. His single family residences are harder and harder to find since so many have either been remodeled or torn down over the years. I also have heard that some homes can demand an additional 15% premium if they were an Ossipoff home. If you're interested in house hunting for one, I know of a few J Call me at 808-371-3509.
One of the most interesting quotes I walked away with yesterday was "Air Conditioning is the Root of All Evil" I can see why he said that. Don't get me wrong- I'm a big fan of AC, however I think he saw it almost as cheating. Everything he designed had a way to take in natural light, he used natural stones and wood for a cooling effect, and took our trade winds into consideration to function as a natural AC. He also was famous in the 60's for his "War on Ugliness". He was really opposed to high rise buildings and the use of glass and how they obstructed the ocean views. It's a battle he unfortunately lost as you see the Honolulu skyline today. My guess is he may not have been a big fan of the modern high rises such as Nauru Tower, Hawaiki Tower, Hokua, Koolani, and Moana Pacific. However, if he did win and high rise development was curbed even more strictly over the years, just imagine where our real estate prices would be today...
January 7, 2008
Reaching for the Sky- Be Great in 2008!
First of all, I would like to say Happy New Year! I am really excited about 2008. Every RE/MAX Realtor will be "Reaching for the Sky", some literally and some figuratively. Dave Liniger, the founder of RE/MAX predicts this year will be real similar to 2007 on the national level. However, locally Oahu still seems to defy national housing statistics. We are one of a few select markets including San Francisco and New York where prices have held strong over the past year. The reason: Demand still outstrips Supply. There is only so much land in all 3 markets mentioned. The tough thing about moving to Hawaii from some of the slower markets on the mainland is that those markets are slower.... I now have 4-5 clients that are "ready and able" to purchase here "as soon as they sell" another property elsewhere. These slower markets I'm referring to are southern California, Las Vegas and the Big Island of Hawaii. For those looking to relocate to the mainland, now is the time :) Homes can still be sold relatively fast with median days on market being 51 for homes and 47 for condos for December, 2007.
I am normally not one to be superstitious. Growing up in Hawaii, I have heard of how the Chinese consider 8 a lucky number and have even seen some Realtors taking that into consideration in pricing a home (ie. $788,888) with the hopes of attracting a buyer considering that to be "lucky". During a recent conversation with a client that is studying Chinese, he made me aware of how proud the Chinese are to have the Olympics in Beijing this year. They even set the kickoff date to August 8th - 8/8/08 I am a big fan of the Olympics having tried out in 1996 for flatwater kayaking after 7 years on the U.S. national team. My wife and I also celebrated our honeymoon at the 2004 Olympics in Athens, Greece. I am really looking forward to this exciting year and let me know how I can serve your real estate needs!
December 20, 2007
Congratulations Judy!
2007 was another great year & I was fortunate again to be nominated for the Aloha Aina Awards, recognizing Honolulu Realtors. What culminated this great year last week was the annual general membership meeting for the Honolulu Board of Realtors at the Hilton Hawaiian Village. I am not normally one to brag, however the event ended in no better fashion than recognizing my Principal Broker, Judy Kalbrener as the 2007 Realtor of the Year! It was such an exciting day to see someone so special and so deserving to win this award! Here's a little about her from the Honolulu Board of Realtors press release:
Kalbrener, a REALTOR® with RE/MAX 808 Realty, has been a REALTOR® member for 19 years and has served as president of the Honolulu Board of REALTORS®, as well as on numerous committees. She also serves on the boards of the Hawaii Association of REALTORS® and the National Association of REALTORS® (NAR) and is a member of NAR's Professional Standards and Ethics Committee. Leading by example, Kalbrener is a consistent multi-million dollar producer who believes in the power of education, networking and professional development, as demonstrated by her professional designations, including Graduate REALTOR® Institute, Certified Residential Specialist, and Senior Real Estate Specialist. In addition to her work with many professional associations, Kalbrener actively participates in the community through her work with the American Cancer Society and Rotary International of Downtown Honolulu.
Way to go Judy! Here she is receiving her award:
December 3, 2007
Are Realtor really making all that money?
In the latest issue of Hawaii Realtor, there was an interesting article titled: "If You Are In Real Estate, You Must Be Doing Well..." written by Bill Chee, past president of the Hawaii Association of Realtors, Honolulu Board of Realtors and the National Assocation of Realtors. Some of the findings were staggering. Stats were provided from the Honolulu Board of Realtors for a 12 month period from October 1, 2006 to September 30, 2007:
39% of Realtors had no sales
27% of Realtors had 1 or 2 sales
12% of Realtors had 3 or 4 sales
14% of Realtors had 5-9 sales
8% of Realtors had 10 + sales
Chee went on to say: "Think about this for a moment. If 78% of the licencees in Honolulu made four or less sales, what does this say about the majority of sales agents? How many are really qualified to handle the sale or purchase of a $650,000 home?" Fortunately, I have not been in that 78 percentile since my first year in the business, even considering I was a full time firefighter for seven of those years. I thank God for my blessings.
November 20, 2007
RE/MAX Forecast for 2008
Today I attended an incredible presentation titled "Reach for the Sky, Be Great in 2008" hosted by Dave Liniger, co-founder of RE/MAX and RE/MAX International Chairman and Margaret Kelly, RE/MAX International CEO. Liniger broke down the sub-prime mess as follows:
$9.9 Trillion Mortgages in the U.S.
$150 Billion of Mortgages are sub-prime
$75 Billion are predicted to go into foreclosure
$37.5 Billion (half) are predicted to be written off by financial institutions
$37.5 Billion is a large number no doubt, however Wall Street has lost Trillions in market cap over the past several weeks. It's amazing what fear can do... Liniger went on to predict that the market here will be relatively the same in 2008 compared to 2007. He went to say that Oahu has 5 months of remaining inventory, while the Big Island has over 20 months of remaining inventory. The National Association of Realtors say the anything less than 6 months is considered a Seller's market and anything over 6 months is a Buyer's market.
He had some exciting statistics about RE/MAX:
RE/MAX has 6% of all the Realtors in the U.S.
RE/MAX spends 51% of the Adverstising in U.S. (vs. 26%-Century 21, 14%-Coldwell Banker, 9%-Prudential)
RE/MAX has 17% of the market share of sales in the U.S.
RE/MAX Realtors earn 20% of the commissions paid in the U.S.
Here I am pictured with Margaret Kelly, CEO RE/MAX International and Dave Liniger, RE/MAX Co-founder and Chairman RE/MAX Internaitonal:
October 15th, 2007
Is the market all that bad?
Despite what a lot of the media is saying, there are still buyers out there, especially on the high end. A portion of the former Kaiser Estate in Hawaii Kai just sold for $15.9 Million, the highest residential sale this year, surpassing an earlier sale in Kailua for $11 Million and another in Kahala at $11.1 Million.
October 2, 2007
Great New Listing in Palolo Valley
I'm really excited about a new listing of mine. It's 3.98 acres of land zoned P-1 in Palolo Valley. It's like living in the country, yet you're still in town. It is so private and also very, very unique. I've got some information posted on this site under "Featured Listings" button on the right hand side of my website. Feel free to call me at 808-371-3509 for more informaiton.
We participated/volunteered for a radiothon at Kapiolani Hospital to raise money for this wonderful cause. It was also very informative. Having grown up here and celebrated my daughter's 1st birthday party earlier this year, I had no idea of the meaning behind the traditional baby luau. It was really to celebrate that the baby lived for the first year. At the turn of the century in 1900, so few survived. It's thanks to places such as Kapiolani Hospital, it's staff, donors, and volunteers that enable the deliverance of modern medicine to help our keiki. It was also fun to see my uncle, Mike Buck live on the radio there as well with his KHVH 830 AM program helping the cause. I also personally donate a portion of everyone one of my commission checks to the Children's Miracle Network.
RE/MAX the largest real estate network has been partnering with Children´s Miracle Network since 1992. Since that time, RE/MAX has raised more than $65 million, making them the second largest sponsor. RE/MAX Associates generated more than $9.9 million in donations last year alone. Said Carolynn Bond, Liaison to Children's Miracle Network for RE/MAX International, "Our business is about more than just buying or selling homes. Our business is to care for families, and what better way to show that care and concern than to support Children's Miracle Network." Their current marketing tagline, "Outstanding Agents. Outstanding Results" applies not only to real estate, but to helping kids as well.
August 28th, 2007
Honolulu, San Francisco and New York "Bucking" the Trend
My sister-in-law recently started looking for a condo to purchase in San Francisco. What amazes me is that she has now written two seperate offers on two different places above asking and did not get either of them? From what it sounds like, the market there is still strong. I've also heard that New York City is still really strong and both have had slight appreciation over last year. Similar to Honolulu, both San Francisco and New York are the same old story of supply & demand. In all 3 circumstances, there's is limited supply & still high demand vs. other parts of the country, such as Las Vegas, San Diego, and Phoenix with a lot of supply and little demand as speculators are fleeing...
It will be interesting to see what the future holds. Metro Honolulu and East Oahu have held strong so far this year with prices actually picking up, whereas the Leeward Coast and the North Shore have been slowing down in both numbers of sales and median sales prices.
July 24th, 2007
Aloha HFD....
After almost 8 years, last week marked my last shift as Honolulu Firefighter. It was a decision I thought long & hard about over the past year. I spent the past 7 years as a Realtor and Firefighter. I loved them both, however there was just not enought time left in the day to devote to the two careers and raise a family. At least now, I can be home every night to tuck my daughter in to bed :)
I also want to take this opportunity to thank everyone for making my real estate career such a success that I can enjoy being a full time Realtor. I will carry on the Honolulu Fire Department's motto of Pride, Service, and Dedication in the future for all your real estate transactions!
June 18th, 2007
May Stats
After having reviewed the stats from May, it looks like the market is steady with the median home sales price at $650,000 down from last month's $665,000 and condos remaining unchanged at $325,000. The median days on market have decreased to 42 from 45 and remained unchanged in condos at 38. We're now going into what's typically the strongest time of the year. We'll see what the future may bear...
June 17th, 2007
I'm Back!
What a trip! We just got back from a family vacation/cruise in the Mediteranean on Royal Carribean's Brilliance of the Seas. It was our first cruise & I would recommend it to anyone traveling with a family. It's great, you only have to unpack once, which was key since we were traveling with our little one. Not a bad way to preview some prime European Real Estate I might add... Here are some highlights:
Barcelona, Spain Nice, France Monaco Seaside
Pompei, Italy Florence, Italy Dubrovnik, Croatia
Capri, Italy Gondola Ride in Venice, Italy
Now, it's back to selling real esate:) Thanks again to the wonderful support of everyone in my office at RE/MAX 808 Realty for managing my business while I was able to get a nice vacation. We had two successful closings while I was gone!
May 7th, 2007
April Stats
The April stats are now out from the Honolulu Board of Realtors. The median sales price for single family homes was $665,000 which was up from $643,500 in March. The median condo price was $325,000 which was also up from $315,000. The median days on market was 45 for homes and 38 for condos, down from 65 and 40 from March. Looks like the market is picking up a little steam...
April 17th, 2007
Taxes, Real Estate and Rich Dad
Well, today hopefully most of us have filed our federal taxes by now and have that behind us :) For most people, this can be a stressful time of year. I'd have to admit, it's not exactly a breeze for me either. One thing I can be thankful for is I now have a much better strategy in having my money work for me. Although I am still technically an employee of the City and County of Honolulu with the Fire Department, I have realized the potential of taking my own business into my own hands. Through real estate sales and real estate investing, I have experienced some great tax advantages I wouldn't have otherwise as just a "W-2" employee. If anyone is considering creating wealth and having your money work for you, I would have to recommend the book "Rich Dad Poor Dad" by Robert Kiyosaki. Robert is a local boy that grew up in Hawaii and has done really well. Here is a photo of me with him at his book signing last week in Kahala Mall for his most recent book he co-authored with Donald Trump:
My wife got me his original book 6 years ago and it has really changed the way I look at money, and more importantly, how I look at real estate. Real estate has so many advantages vs. other investment vehicles. His inspiration has led me to invest in half a dozen properties since that I wouldn't have otherwise :) Mahalo Robert!
3239 Noela St.
