Posted by Pat Strausse, R on March 15th, 2010 |
Tags: Big Island, Deals, Dry Side Waimea, For Sale, Green Side Waimea, REO, Short Sales, Waimea Kamuela
While the overall sales price to date in Waimea (Kamuela) is $425,390, Green Side Waimea distressed sales averaged almost half that amount.
Dry Side Waimea Short Sale Listing (MLS# 228261), $649,000.
While we’re just a few months into this year, there is starting to be a noticeable difference in the type of sales between “Dry side” and “Green side” Waimea on Hawaii’s Big Island. Read entire post →
Posted by David Buck, R, BIC on March 15th, 2010 |
Tags: Ewa Beach, Foreclosures, Kapolei, Oahu, REO, Waianae, Waikiki, Waipahu
RealtyTrac’s latest numbers are out for February of 2010 and the top 5 zip codes for Oahu foreclosures are:
Ewa Beach and Kapolei have consistently been at the top, as they were in January and in 2009. Four of these five on the list are on Leeward or West Oahu. Waikiki was the only area in town to make the list. As foreclosures continue to rise on Oahu, there will be more and more REO’s or lender owned properties coming back on market. Once they are listed as an REO, they are typically priced very well and sell fast. Here’s some galleries of single family home and condo REOs. Feel free to contact me if you’re looking for the most up to date REO information.
Posted by Kamalani Duerksen, RS on March 15th, 2010 |
Tags: Agents, Big Island, Foreclosures, REO, Short Sales
Kona Brewing Company
Earlier this week I had the supreme pleasure of going to lunch and conversing with some of the top Real Estate agents in the business today! They’re so busy it was amazing we could all find time to get together at the well-known Kona Brewing Company, in the heart of Kailua-Kona. Their delicious strawberry spinach salad was a hit.
Hearing and learning from their experiences surpasses any traditional education from a classroom… it’s in the real world, real transactions, in this market, where business has turned into assisting with short sales, foreclosures and REO’s. It’s a great feeling to know that the seasoned Hawaii Life team is confident about doing their job. Having the right tools and knowledge combined with tremendous support from our brokers is the perfect recipe for success and achievement.
Posted by Ron Margolis, RA, ABR on March 15th, 2010 |
Tags: Sales Stats, Short Sales
A storm is brewing between appraisers and Broker Price Opinion (BPO) professionals vying for valuation work for short sales conducted through the Making Home Affordable Foreclosure Alternatives (HAFA) program. Hawaii is a State where real estate agents are prohibited from receiving payment for BPOs (so I am not sure why BPOs are used). However, it is true that a BPO is less expensive than a professional appraisal and that may have something to do with the banks policies. Whether a property owner is seeking a loan modification, pursuing a short sale, or the property has already been foreclosed on, the determination of value is key to the success of each of those transactions.
Wailua Rim Home delayed by BPO
This short sale rim home listed above had a compelling offer of $585,000 submitted. But, the banks BPO came in at 640,000 and the buyer walked away.
The Appraisal Institute — a trade group that represents appraisers — released a public letter it wrote to Treasury Secretary Timothy Geithner on Tuesday, calling for an end of the practice of using BPOs for Making Home Affordable modifications and refinances, as well as amending the rules for the upcoming HAFA program to require appraisals to determine value for government-incentivized short sales. Seasoned short sale agents like myself are looking forward to the HAFA program to bring a new efficiency and streamlining to what has been a long drawn-out process of a short sale.
“Generally speaking, real estate agents and brokers are not independent or properly trained valuation specialists. They have an inherent bias towards quick results and action which produces a fee for themselves irrespective of whether the lender/services/investor/property owner/borrower gets a fair return on the short sale,” the Appraisal Institute said in its letter.
“We believe that such conflicts can and should be mitigated by implementing basic requirements reestablishing independence and competency in the valuation process,” the letter also said.
Specifically, the Appraisal Institute called for the short sale process to include appraisals conducted under the regulations outlined in the Uniform Standards of Professional Appraisal Practice (USPAP).
I’m hopeful that this letter finds resonance with the government agencies . Many buyers, sellers, and agents have been frustrated by short sales that have blown up from an inaccurate BPOs. It’s also good for the appraisal business which has been greatly softened due to the contracting of the numbers of transactions in each market throughout the state of Hawaii.
HAFA (Home Affordable Foreclosure Alternative) is set to launch on April 5. It provides monetary incentives for borrowers, services and lenders to who complete a short sale under the program’s terms.
Learn more about the short sale process if you are interested in purchasing a distressed property on Kauai
Posted by Catherine Klug, RS on March 14th, 2010 |
Tags: Big Island, Condos, For Sale, Kohala Coast, Luxury, Mauna Kea Resort, Price reduction
The price for this spectacular Kohala Coast condo located within the legendary Mauna Kea Resort has plummeted from $1,200,000 down to $995,000. (-205,000)
Blue Pacific view from wrap-around lanai
MLS listing #230118, Unit H-4, offers the largest floorplan in the Kumulani community of Mauna Kea Resort at 1,541 sq ft. It has an attractive floor plan, comes fully furnished and ready for occupancy / vacation rental, and features newly painted interior rooms. Enjoy sweeping ocean and golf course views, sunsets, and whale-watching as you dine or simply relax in the quiet, secluded setting of the large wrap-around lanai.
This is the only 3 bedroom unit in the complex; the third bedroom was created with tasteful custom bookshelves and closet cabinetry, making it an ideal retreat for both a family holiday and year-round living.
Kumulani residents can furthermore take advantage of the community pool and spa area as well as the world-famous beach, golf, and tennis amenities of the Mauna Kea Beach Hotel.
Manicured grounds showcase Kumulani Building H
Posted by Katie Minkus, R(BIC) on March 14th, 2010 |
Tags: Hawaii, Life
Hawaii had the highest well-being index in the nation in 2009, with a record-breaking score of 70.2.
Hawaii is Good for your Health!
The Gallup Well-Being Index is calculated on a scale of 0 to 100, where a score of 100 would represent ideal well-being, across six sub-indexes: life evaluation, emotional health, work environment, physical health, healthy behaviors, and access to basic necessities. The 2009 Well-Being Index score for the country is 65.9, unchanged from 2008. Click here to see more detailed information on this poll.
The Gallup-Healthways Well-Being Index measures the daily pulse of U.S. well-being and provides best-in-class solutions for a healthier world. To learn more, please visit well-beingindex.com.
Posted by Kevin Spaise, RS on March 13th, 2010 |
Tags: entry level Maui condo, Kihei condos, Maui vacation rental condos, Maui Vista, South Maui condos
Maui Vista
South Kihei’s Maui Vista: Will a 1-bedroom vacation rental condo there, listed at $219K, be the next bargain condo to hit escrow?
Talk story with any island Realtor, and they’re likely to point out that we’re very much in the eye of a buyer’s market, for those who can qualify for a loan or have cash.
With no shortage of bank-owned (REO) properties and potential short sales, and motivated sellers, the scales have tipped to the buying side — that’s no secret.
It’s one thing to spout platitudes and generalities — it’s another to see principal put into play, at ground level.
One of my clients pre-qualified for an FHA loan (3% down, primary residence) on a $200,000 property. When he shopped the condo market a few years ago, he found nothing suitable. Last week he made an offer on a 1-bedroom condo in South Kihei, a block from The Cove (surf break) and Kamaole I Beach, listed in the $150K range. The offer wasn’t accepted during our prescribed time period, so we decided to wait to see what the week would bring.
Sure enough, another 1-bedroom condo nearby was listed, and it fit all of his criteria. It came up at $110,000.
We had our offer submitted within hours of the listing’s appearance, at $2,000 over asking price, with an as-is addendum in place. The seller’s agent later told me that she fielded a half dozen offers in the first 24 hours of the listing. Our offer was blown out by an all cash deal. I’m not sure what he offered, but I’d bet full price.
This is the way the market is supposed to work. If a seller wants to sell quickly, in any market, he or she prices the property accordingly.
There are five units in escrow at the same condo property, with listing prices of $148 to $219K, in various condition. Two more are listed there, at $150K (http://www.hawaiilife.com/property339360-1.html), and $164,900.
I have a list of clients that want to be notified when the next great deal is listed, no matter what or where it is. Some are in the market to buy now, and others are educating themselves for later. I don’t use this list very often — maybe three times a month. Last week a price reduction of a condo at Pacific Shores, across the street from Kamaole II Beach, sounded the alarm. The seller dropped his price from $289K to $219K. He had multiple offers within 72 hours, and it’s now in escrow.
Yesterday a 1-bedroom vacation rental condo at the Maui Vista was listed at $219K — another bell-ringer (http://www.hawaiilife.com/property339360-1.html). “The owner priced it where I thought most of the lower priced units were in escrow,” said the listing agent. That is why this one will, I believe, also sell quickly.
Interestingly, only one of the three deals we talked about here (the Pacific Shores unit) was an REO or potential short sale.
Kevin A. Spaise is one of Hawaii Life’s property specialists, and the author/publisher of The Maui Condo Book, the reference directory used by Maui Realtors, Brokers, and other professionals and investors (www.TheMauiCondoBook.com). He loves talking real estate — feel free to email or call him at kevin@hawaiilife.com, or (808) 344-0624.
Posted by Kamalani Duerksen, RS on March 13th, 2010 |
Tags: Big Island, For Sale, Homes, Luxury, Price Reductions
This week I had the privilege of viewing an amazing 3 acre estate on the slope of Hualalai mountain.
Custom kitchen with Koa Wood cabinetry.
Located within the upscale community of Keopu Heights, this pristine 5 bedroom / 4 bath (MLS# 226679) home stands out from other homes in this area.
Price Deduction: $-300,000 Read entire post →
Posted by Katie Minkus, R(BIC) on March 13th, 2010 |
Tags: Big Island, For Sale, Hamakua Coast
Authorized for release by the Listing Agent, Beverly Molfino with MacArthur And Company: Not yet on the MLS!
29 Acres of Sustainable living
ASKING PRICE: $1,850,000 ($-350,000)
NEW PRICE: $1,200,000 (-$300,000; “As Is”; Close in 30 days) Read entire post →
Posted by Jeremy Stice, R(S) on March 12th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Homes, Kahului, Kihei, Makawao, Maui, News, Pukalani, REO, Wailuku
The last 3 months have seen some serious bidding wars on properties across Maui, especially in starter homes in Kahului, Kihei, Wailuku, Makawao and Pukalani.
Maui starter home under $500K → | new Maui development projects under $600K →
As bank owned REO homes (foreclosures) come on the market, there can be immediate multiple offers. Many of these properties end up closing as much as 10% over the original asking price.
Our personal experience attests to this trend as we’ve successfully closed 4 of the 5 transactions where we represented a buyer competing against 5-20 other buyers on each respective property. Read entire post →
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