Approaching 200 Sales in Hawaii Home Sales Mike Gallagher is in the Top 7% of Agents Nation Wide.
Ardent gathering of sales statistics, negotiation skills, member of the Honolulu Board of Realtors Ethics Complaints Committee and pleasing personality make Mike Gallagher, Broker in Charge of RE/MAX 100+ Agents one of the best choices any buyer or seller can make.
Ewa Area Under Distress?
The Ewa Area has long been a particular point of interest for me as we muddle our way through this current housing down turn. Ewa I believe provides us with a litmus test of perhaps what is in store for the rest of the market on Oahu as the current conditions and trends in Ewa are now spreading to Makakilo and Mililani.
The Ewa Region is Tax Map key 191 to 191 and this includes Kapolei. This whole area has one of the highest sales rates on the Island. The reason for this is two fold. First off, this area provides us with what is termed “affordable housing” and secondly this area is abundant in what is known as “Distressed Properties” which are predominantly Short Sales and Foreclosures.
We all know what Foreclosures are and Short Sales are the preferred choice of action when the owners can no longer afford to make their mortgage payments. The owner wants to sell but currently owes more than the home sale will provide by selling. This results is the owner having a ‘short fall’ to payoff their mortgage.
Owners will have to contact their lender(s) and prove by documentation that they can no longer afford to pay the mortgage and the owners are really asking the lender to allow them to sell the home for less than their current mortgage pay off is. This is basically a renegotiation of the mortgage. Once the lender agrees to a Short Sale the owner then contacts a real estate agent and signs the listing agreement and the agent begins marketing the property as a Short Sale where they will list the ‘conditions’ for submission of all offers which, inturn, will be sent to the lender for approval.
Let us now begin to look at the numbers in this region to reach a full understanding of this market and the impact upon other neighborhoods on Oahu. More »
It all started almost a year ago when my phone rang. An Investment Banker was on the other end of the line. After a short introduction I asked what I could do for him. He of course is representing a Consortium who wanted to examine ‘opportunities’ in the Waikiki and more specifically Kakaako Luxury Condo Markets. The information needed by this gentleman included any ‘distressed’ property sales, Days On Market (D.O.M.), Price / Square Foot, amenities, Sold data, location within Honolulu, etc.
More recently I have received three more phone calls and a couple of emails from other representatives of investors asking for the same information and this prompted me explore this market and to write this article.
After performing research on this particular market for the investors I was quit surprised at the results.
There are at any given time over 100 Condos for sale in the Kakaako area ranging in for sale as low as $400,000 to as high as almost $4,000,000. This may not seem like many condos to some especially when you stop to consider that the Waikiki Condo Market has approximately 600 condos for sale but the point is not in how many units that are for sale, the point is more about the sizeable investment in U.S. $’s these individual condos represent that are for sale.
When I researched this data I first wanted to see what was for sale and I came up with this Pie Chart Below: More »
Posted by Mike Gallagher, BIC on September 22nd, 2009 |
Tags: Condos, Ewa, Oahu, Sales Stats
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
Posted by Mike Gallagher, BIC on September 21st, 2009 |
Tags: Ewa, Homes, Sales Stats
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
Posted by Mike Gallagher, BIC on September 16th, 2009 |
Tags: For Sale, Oahu, Sales Stats
I find it amazing that we have fallen in values sold by -10% when comparing last year August figures with this year’s. I would have thought that at this point we be seeing a decline of no more than -5% to -8%. This is not say that every neighborhood is doing this poorly but this is what the average market conditions are for Oahu in August of 2009. More »
Posted by Mike Gallagher, BIC on September 16th, 2009 |
Tags: Homes, Makakilo, Oahu, Sales Stats
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
Posted by Mike Gallagher, BIC on September 16th, 2009 |
Tags: Condos, Makakilo, Oahu, Sales Stats
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
Posted by Mike Gallagher, BIC on September 11th, 2009 |
Tags: Hawaii Kai, Homes, Oahu, Sales Stats
The above below shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
Posted by Mike Gallagher, BIC on September 9th, 2009 |
Tags: Condos, Oahu, Sales Stats, Waikiki
The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map. More »
