Hawaii. Just the name brings thoughts of tropical subsets, warm, ocean breezes, surfing, basking, just relaxing. Makes you wish you were going there tomorrow, ready for a week or two . . . or three of vacation time.
Obviously, a few weeks in Hawaii on vacation would be nice, but what if you could live in Hawaii year ‘round? Hawaii real estate is slowing rapidly. Hundreds of homes, condos, land, even vacation homes, are available today in Hawaii. Wouldn’t you like to live, work raise a family, and enjoy the good life in the Hawaiian Islands?
In January of 2009, a single family home in Hawaii was selling for a median price of $539,500. That’s a drop of 10.1 percent as compared with January of 2008. For a condo, the average selling price is down 5.8 percent since January of ’08, to $305,000. For all the Hawaiian Islands, the total sales dollars generated in the Hawaii real estate market during January of 2009 was $145.6 million. This is a decrease of $199.9 million, or 57.9 percent since January of 2008.
There has never been a better time to consider Hawaii homes. The price is right, the market is loaded, and the sun, sand, and surf are waiting for you. There is a home for you in Hawaii, be it a traditional single family home tucked away among the palm trees in gorgeous Hanalei, on the island of Kuai, or a beachfront condo near Waikiki Beach on Oahu, or maybe a luxury property on the water over looking Manele Bay.
If you would, instead, like to build your own Hawaii home, acres of land are now available throughout the islands. Waterfront property, farm property, property in the rolling hills, wherever you’d enjoy Hawaiian living, there’s land available for building.
Perhaps, you’re not yet ready to move to Hawaii. Consider, in that case, investing in a beachfront or inland property in Hawaii, and watch your investment prosper. Hawaii real estate, though admittedly sagging, is not nearly as depressed as the housing market on the mainland. An investment in a Hawaiian home, condo, vacation property, or lot is a great opportunity to take advantage of both the strength of the Hawaii property market, and the favorable opportunities that are, assuredly out there, as well.
Sunday, March 1, 2009
Monday, December 10, 2007
About Waikiki, Oahu, Hawaii
Waikiki located in the southeast section of Honolulu, near Diamond Head and is a favorite resort area on the South coast of Oahu island, Hawaii. Waikiki is the top visitor destination in Hawaii.
Ninety percent of all of the hotels on O'ahu are located along this shore. Waikiki sandy beach is one of the most famous beaches in the world. The two mile stretch of white sand coast is fronted by hotels and tourist facilities. The area is excellent for swimming, surfing, boogie boarding, catamaran and outrigger canoe rides.
There’s 500-acre Kapiolani Park, Diamond Head crater, the Waikiki Aquarium, Honolulu Zoo and the International Marketplace (a shopper’s bonanza located in the heart of Waikiki). Waikiki is also home to some of Hawaii’s finest restaurants and hottest nightspots. Best of all, everything is within walking distance in Waikiki.
Waikiki real estate is in high demand internationally and many new listings in Waikiki priced at market value receive bids within first few days on the market. I'd be happy to assist you in acquiring Waikiki real estate. Call me at (808) 398-9987 if you have any questions.
Best regards,
Oleg
Ninety percent of all of the hotels on O'ahu are located along this shore. Waikiki sandy beach is one of the most famous beaches in the world. The two mile stretch of white sand coast is fronted by hotels and tourist facilities. The area is excellent for swimming, surfing, boogie boarding, catamaran and outrigger canoe rides.
There’s 500-acre Kapiolani Park, Diamond Head crater, the Waikiki Aquarium, Honolulu Zoo and the International Marketplace (a shopper’s bonanza located in the heart of Waikiki). Waikiki is also home to some of Hawaii’s finest restaurants and hottest nightspots. Best of all, everything is within walking distance in Waikiki.
Waikiki real estate is in high demand internationally and many new listings in Waikiki priced at market value receive bids within first few days on the market. I'd be happy to assist you in acquiring Waikiki real estate. Call me at (808) 398-9987 if you have any questions.
Best regards,
Oleg
Sunday, December 9, 2007
Selling Your Home Privately?
When you chose to sell your home privately (without the help of a real estate agent), most likely it’s because you wanted to save some money. A research shows that selling a home privately can save as much as $9000 during the home selling process. Don’t let this fact sway you, though. A qualified real estate agent costs a lot because they have experience in the market and is more likely to give you a more secure price of your home. An agent also wins in network; being able to reach people who’s looking for a house, or can help selling one. Selling a home privately will also affect the marketing process.
If you sell your home without the help of an agent, it’s not likely that you’ll have access to Multiple Listing Services – a database full of house listings given out to homebuyers. You might need to get the buyers in some other way, like holding an open house or putting an advertisement on local newspaper.
Furthermore, when a buyer sees that you are selling your home privately, they will offer a lower price, because they knew you’re already saving money from not hiring an agent.On the other hand, it is understandable that some people can not trust other people to sell their home.
Selling your home privately means being in total control of the transaction. You know that you will always be available for questions or home showings. Whenever you made a mistake, it’s yours and only yours to blame (trust me, a mistake that costs you nothing would still feel better than an expensive one). When you’re sure that selling your home privately is the way to go, there are some extra preparations you need to do. Take extra measures in preparing your house.
Remember that you’ll be competing with professional agents and their clients’ houses – make sure you have a chance to stand out! Find websites that provides a “selling by owner” kit. Get as maximum exposure as possible You also need to get educated in legal requirements and contract making. This will take some time, so get help from an attorney and start researching way behind your selling date.
Selling a home privately is a tricky business. Some say that you’re able to sell your own house if you have three free hours every day of the week. With a little bit of work, you’ll manage to put that much-needed money to better use.
If you sell your home without the help of an agent, it’s not likely that you’ll have access to Multiple Listing Services – a database full of house listings given out to homebuyers. You might need to get the buyers in some other way, like holding an open house or putting an advertisement on local newspaper.
Furthermore, when a buyer sees that you are selling your home privately, they will offer a lower price, because they knew you’re already saving money from not hiring an agent.On the other hand, it is understandable that some people can not trust other people to sell their home.
Selling your home privately means being in total control of the transaction. You know that you will always be available for questions or home showings. Whenever you made a mistake, it’s yours and only yours to blame (trust me, a mistake that costs you nothing would still feel better than an expensive one). When you’re sure that selling your home privately is the way to go, there are some extra preparations you need to do. Take extra measures in preparing your house.
Remember that you’ll be competing with professional agents and their clients’ houses – make sure you have a chance to stand out! Find websites that provides a “selling by owner” kit. Get as maximum exposure as possible You also need to get educated in legal requirements and contract making. This will take some time, so get help from an attorney and start researching way behind your selling date.
Selling a home privately is a tricky business. Some say that you’re able to sell your own house if you have three free hours every day of the week. With a little bit of work, you’ll manage to put that much-needed money to better use.
Thursday, November 22, 2007
Honolulu real estate market maintain stable pace
HONOLULU - Unlike similar U.S. Mainland markets, Oahu's residential real estate remains on a stable course according to resale figures released today by the Honolulu Board of REALTORS® for the month of October.
During October, sales of 265 single-family homes and 423 condominiums were reported through the Board's MLS, decreases of 10.5 percent for single-family homes and 0.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,142 for the first ten months of 2007, a decrease of 7.6 percent over the same time period one year ago. Total condominium sales through October were 4,767, a 13.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first ten months this year were $649,000 and $325,000, respectively, increases of 2.2 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first ten months of the year was $4.329 billion, a decrease of 7.0 percent, or $325 million, compared to the $4.654 billion produced one year ago.
"The statistics are showing us that Oahu is not following the softening in Mainland markets, proving the National Association of Realtors position that real estate is driven locally," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Inventory is up in some areas which should help buyers with a wider range of choices. Sales in October were similar to last year and we're looking for a continuation of this pattern in the upcoming holiday season and into 2008."
"Stability has been the keyword in the market for residential properties on Oahu," commented Harvey Shapiro, Research Economist at the Board of REALTORS®. "In October, both the number of sales and the median prices stayed within a narrow range and market speeds actually increased since the same month last year. Single-family homes required 41 days to sell, down from 49 one year ago, and condominium sales happened in just 37 days, well below last year's 49 days. And, with the quarter-percent drop in the federal funds rate made by the Federal Reserve this week, mortgage rates will remain at levels that will continue to fuel our market."
You can visit the Board's Internet web site here
During October, sales of 265 single-family homes and 423 condominiums were reported through the Board's MLS, decreases of 10.5 percent for single-family homes and 0.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,142 for the first ten months of 2007, a decrease of 7.6 percent over the same time period one year ago. Total condominium sales through October were 4,767, a 13.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first ten months this year were $649,000 and $325,000, respectively, increases of 2.2 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first ten months of the year was $4.329 billion, a decrease of 7.0 percent, or $325 million, compared to the $4.654 billion produced one year ago.
"The statistics are showing us that Oahu is not following the softening in Mainland markets, proving the National Association of Realtors position that real estate is driven locally," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Inventory is up in some areas which should help buyers with a wider range of choices. Sales in October were similar to last year and we're looking for a continuation of this pattern in the upcoming holiday season and into 2008."
"Stability has been the keyword in the market for residential properties on Oahu," commented Harvey Shapiro, Research Economist at the Board of REALTORS®. "In October, both the number of sales and the median prices stayed within a narrow range and market speeds actually increased since the same month last year. Single-family homes required 41 days to sell, down from 49 one year ago, and condominium sales happened in just 37 days, well below last year's 49 days. And, with the quarter-percent drop in the federal funds rate made by the Federal Reserve this week, mortgage rates will remain at levels that will continue to fuel our market."
You can visit the Board's Internet web site here
Monday, September 24, 2007
Home foreclosures triple in Hawaii
Home foreclosure filings in Hawai'i more than tripled in August from a year earlier, according to a California real-estate research firm. There were 145 Hawai'i foreclosure filings last month, up from 42 in August 2006, said RealtyTrac of Irvine, Calif.
Foreclosures are rising nationwide because many consumers can't keep up with mortgage payments and face difficulty trying to refinance or sell their property as the housing market slows and prices drop in some areas. In many cases, defaults are rising because interest rates are resetting at dramatically higher rates for exotic loans heavily marketed to subprime borrowers over the past several years.
Nationally, foreclosure filings rose 115 percent to 243,947 — the highest number of filings in a single month since RealtyTrac began issuing its reports in January 2005. However, the company said the year-over-year change may have been inflated because of expanded data coverage for the state compared with a year ago.
While Hawai'i's housing market is tightening, it's not experiencing anywhere near the level of foreclosures seen in other states nor the level seen in Hawai'i in the mid-1990s. Hawai'i has the 10th-lowest foreclosure rate in the nation.
In the mid-1990s, Hawai'i foreclosures ranged between 4,000 and 5,000 a year, said Nick Ordway, professor of Financial Economics & Institutions at the University of Hawai'i and chair of Hawaii Real Estate Research & Education Center at UH. When told of the 145 Hawai'i foreclosures last month, Ordway said, "That's nothing." Hawai'i had one foreclosure filing last month for every 3,387 households. The national average was one per 510 households.
Hawai'i has maintained a relatively low foreclosure rate thanks to mostly stable home prices and a strong job market. Local lenders also say Hawai'i borrowers generally were more conservative, and didn't take out as many of the riskier loans compared with some Mainland markets. Still, RealtyTrac data show that Hawai'i foreclosure filings have risen in seven of the first eight months of this year compared with a year earlier.
NO HOUSING GLUT
The August increase in Hawai'i shows that the market "is obviously tightening and people do have to be prudent in taking loans," Ordway said. But he said the monthly increase does not signal a return to a '90s-style trend.
Unlike some Mainland states that are facing a housing glut, Hawai'i has not "gone overboard in the development" of single-family homes, he said. RealtyTrac said that given all the trouble with subprime lending, foreclosure filings may be headed higher. Subprime lending refers to higher-rate loans taken out by people with poor credit.
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity," RealtyTrac CEO James Saccacio said in the report. Nevada, where there were 6,197 August foreclosure filings, had the highest filing rate at one per 165 households. The lowest rate was in Vermont, where 11 filings equated to one per 27,940 households.
RealtyTrac's data is one of the better, though imprecise, indicators of how many homeowners are facing foreclosure. The company counts a range of document filings in the foreclosure process, from default notices to auction notices and bank repossessions.
Because of the methodology, RealtyTrac's count can include more than one foreclosure filing on the same property. But the data also miss nonjudicial foreclosure notices that aren't recorded publicly, and situations in which homeowners in mortgage default are working with lenders in hopes of avoiding foreclosure action.
Foreclosures are rising nationwide because many consumers can't keep up with mortgage payments and face difficulty trying to refinance or sell their property as the housing market slows and prices drop in some areas. In many cases, defaults are rising because interest rates are resetting at dramatically higher rates for exotic loans heavily marketed to subprime borrowers over the past several years.
Nationally, foreclosure filings rose 115 percent to 243,947 — the highest number of filings in a single month since RealtyTrac began issuing its reports in January 2005. However, the company said the year-over-year change may have been inflated because of expanded data coverage for the state compared with a year ago.
While Hawai'i's housing market is tightening, it's not experiencing anywhere near the level of foreclosures seen in other states nor the level seen in Hawai'i in the mid-1990s. Hawai'i has the 10th-lowest foreclosure rate in the nation.
In the mid-1990s, Hawai'i foreclosures ranged between 4,000 and 5,000 a year, said Nick Ordway, professor of Financial Economics & Institutions at the University of Hawai'i and chair of Hawaii Real Estate Research & Education Center at UH. When told of the 145 Hawai'i foreclosures last month, Ordway said, "That's nothing." Hawai'i had one foreclosure filing last month for every 3,387 households. The national average was one per 510 households.
Hawai'i has maintained a relatively low foreclosure rate thanks to mostly stable home prices and a strong job market. Local lenders also say Hawai'i borrowers generally were more conservative, and didn't take out as many of the riskier loans compared with some Mainland markets. Still, RealtyTrac data show that Hawai'i foreclosure filings have risen in seven of the first eight months of this year compared with a year earlier.
NO HOUSING GLUT
The August increase in Hawai'i shows that the market "is obviously tightening and people do have to be prudent in taking loans," Ordway said. But he said the monthly increase does not signal a return to a '90s-style trend.
Unlike some Mainland states that are facing a housing glut, Hawai'i has not "gone overboard in the development" of single-family homes, he said. RealtyTrac said that given all the trouble with subprime lending, foreclosure filings may be headed higher. Subprime lending refers to higher-rate loans taken out by people with poor credit.
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity," RealtyTrac CEO James Saccacio said in the report. Nevada, where there were 6,197 August foreclosure filings, had the highest filing rate at one per 165 households. The lowest rate was in Vermont, where 11 filings equated to one per 27,940 households.
RealtyTrac's data is one of the better, though imprecise, indicators of how many homeowners are facing foreclosure. The company counts a range of document filings in the foreclosure process, from default notices to auction notices and bank repossessions.
Because of the methodology, RealtyTrac's count can include more than one foreclosure filing on the same property. But the data also miss nonjudicial foreclosure notices that aren't recorded publicly, and situations in which homeowners in mortgage default are working with lenders in hopes of avoiding foreclosure action.
Looking for foreclosures in Hawaii? Clik here to search
*Article by Andrew Gomes, Honolulu Advertiser Staff Writer. You can reach Andrew at agomes@honoluluadvertiser.com
Hawaii real estate market update - September 2007
HONOLULU - While some real estate markets across the nation are experiencing instability, Oahu housing market continues on a steady path according to resale figures released today by the Honolulu Board of REALTORS® for the month of August.
During August, sales of 381 single-family homes and 495 condominiums were reported through the Board's MLS, an increase of 8.5 percent for single-family homes and a decrease of 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,622 for the first eight months of 2007, a decrease of 4.6 percent over the same time period one year ago. Total condominium sales through August were 3,930, a 14.5 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eight months this year were $647,300 and $325,000, respectively, increases of 1.9 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first eight months of the year was $3.580 billion, a decrease of 6.2 percent, or $236 million, compared to the $3.816 billion produced one year ago.
"The Oahu housing market has remained relatively stable," said Berton Hamamoto, president of the Honolulu Board of REALTORS®. "Single-family home sales during August were not only the highest in 2007, but also the best since March 2006 when there were 392 sales. Prices have been stable as well, with both single-family home and condominium pricing staying within a very narrow range."
"Mortgage rates dropped significantly over the last month, especially for the 1-year adjustable rate mortgage, and this historically leads to increased demand in the housing market," added Harvey Shapiro, research economist at the Board of REALTORS®. "Additionally, there are expectations of a Federal Reserve rate cut at their September 18 meeting, an event that could bolster demand for housing nationwide."
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