Real Estate is a wonderful way for Ron to share his broad range of business expertise and technical abilities with buyers and sellers from around the world who have discovered Kauai. Ron is no stranger to change and has developed his expertise in short sales and foreclosures in Kauai's transitioning market. Formerly a business owner, Ron uses his marketing, promotional, and negotiating skills to create value in building long term relationships with both buyers and sellers. Ron is delighted to work on the Hawaii Life team, the perfect home for an agent who is passionate about technology and putting it to work for his clients. Ron is active in the Kauai community. He is a member of the Rotary Club of Kapaa, Business Development manager for the Kauai Concert Association.
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Posted by Ron Margolis, RA, ABR on March 16th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Homes, Kapaa, Kauai, Kilauea, Lihue, REO, Short Sales
The last two weeks have seen a lot of auctions for Kauai foreclosures postponed on the courthouse steps.
View all Kauai Foreclosures →
Here are the latest list of Kauai Short Sales and Kauai foreclosures for the last two weeks.
Sub $100K Kauai condo without kitchen.
1) Listed at $75,000, Unit 126 (MLS# 232544) at the Kauai Beach Resort is in building 1 with an ocean view. Many people are attracted to a Kauai condo at the sub $100,000 price. It’s crucial to know that this unit is a hotel room and does not have cooking facilities. It DOES however have consistent revenue as the Kauai Beach Resort is a wonderful place to stay and vacation.
This is one of the lesser priced homes on Kauai’s eastern shores.
2) This small home on Puka St. (MLS# 232705) on the northern end of Kapaa is not quite a short sale but for an offer under $220,000 it will most likely become one. More »
Posted by Ron Margolis, RA, ABR on March 16th, 2010 |
Tags: First Time Buyers, Foreclosures, Hanalei, Hawaii, Kapaa, Kauai, Koloa, Lihue, Poipu, Princeville, REO, Short Sales, Wailua
Time is running out for the extended first-time homebuyer’s tax credit.
Join the experts from Wells Fargo Home Mortgage, Title Guaranty Escrow, Hawaii Life Real Estate, and 101 Financial who are co-sponsoring four free first-time homebuyer seminars on March 22, 24th and 26th and the following week on April 1st. Register online →
Sometimes when buying a first home, home buyers can get overwhelmed by the paperwork and the process. By attending this seminar, you ‘ll get a great head start on understanding this process of home ownership and acquire the knowledge that will help you be more confident when purchasing. Attendees are suggested to bring a notepad to take notes, and there will be plenty of handouts for each of the seminar participants sponsoring the event.
Learn
Our group of presenters will tell you what you need to know and help you avoid an potential scam that may come your way. More »
Posted by Ron Margolis, RA, ABR on March 15th, 2010 |
Tags: Big Island, Hawaii, Honolulu, Kauai, Maui, News, Oahu, Short Sales
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.
Now 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 BPO’s (so I am not sure why BPO’s 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.
This short sale rim home (MLS# 227307) 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. More »
On a clear day, you can see forever…or is that Niihau?
From this totally remodeled home (MLS# 219726), you can see all of Poipu, Port Allen and west to Niihau. Perched above Kalaheo, this 3,000+ sf home has been completely redone.
This Kalaheo short sale has been approved by the lender which means you can avoid the delays typically associated with short sales (close in two weeks if you so wish).
PRICE: $829,000 ($-666,000)
ASSESSED VALUE: $949,800
Agents Notes: It would be hard to replace this view and quality for under $1M anywhere on this island. More »
Posted by Ron Margolis, RA, ABR on March 4th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Homes, Kapaa, Kauai, Land, Lihue, Princeville, REO, Short Sales
The latest two weeks of new listings on Kauai feature something old and something new.
View all Kauai Foreclosures →
My new listing of 10.8 acres on Kuamoo Rd. offer a superb opportunity for a developer.
Zoned R-2, 2 homes to an acre, this is an opportunity for a smaller subdivision or CPR. Let me know if you need a preliminary map or topo of this property. More »
Update: View all Kauai foreclosures →
Here are the latest Kauai REO Listings that are either bank-owned (REO) or short sales (requires approval from all lien holders) for the first 18 days of February. More »
Update: Check out the latest Kauai REO and Short Sale List →
Twelve new bank-owned Kauai listings this first week of February. Here are a few of them that are attractively priced. For some of these condos, with an all cash purchase, a positive cash flow is becoming more feasible.
Bank Owned #1
Plantation Hale K-8, Kapaa
1 bedroom 1 bath condo on Kauai’s Coconut Coast. The price is $130,000. The bank is marketing the property occupied. The buyer must agree to purchase this bank-owned property occupied and continue or do their own eviction. Owned by GMAC. More »
Kaha Lani Condo adjacent to Wailua County Golf Course
January 2010’s sales statistics showed a Kauai market with more energy and more opportunity than one year ago. We had 52 transactions for the month as compared to only 20 last January. That’s an increase in transaction volume of 160%.
The median price however (the price of the property that falls in the middle of the total number of properties for sale on the island) has adjusted down as compared to one year ago. The median price of a single family Kauai home was down to $375,000 as compared to $466,785 just one year ago. And compared to the peak of the market in mid 2006 when median prices on the island of Kauai were above $650,000.
Kaha Lani REO offers lowest price in the complex in 8 years
It’s good to see land transactions starting to happen too as buyers realize that owning a parcel of land on Kauai is much more affordable now. The total dollar volume of land transactions for January 2010 was up a whopping 321% from just one year ago. Construction loans are still available for those getting ready to build. However, the land loan market has become more constrained with lenders like American Savings and First Hawaiian Bank requiring 35% or more down payment. Over 50% of the land transaction volume in January 2010 were cash only sales.
Hale Honu - Princeville REO 2 BR condo for $239,000
REOs, bank-owned properties and Short Sales comprised 35% of the Kauai real estate market and the percentage of transactions coming from that distressed market segment continues to grow statewide. Buyers who want to take full advantage of this segment of the Kauai market need to have their pre-approval (different than pre-qualification) and their proof of funds ready to submit with any offer and as in all transactions, but especially when dealing with the banks, CASH is KING. Email me for a list of all Kauai’s distressed properties (foreclosure and pre-foreclosure).
Currently there are 127 Kauai properties in escrow. Some of these are short sales which are waiting for the bank’s approval and that can sometimes take a while. It is essential if you are going to pursue purchasing a short sale that your buyer’s agent properly sets your expectations. As a buyer it is essential that you understand the process you may be up against. Until all the lien holders have agreed on the terms of the deal, as a buyer, though you have agreed on a price with the seller and come to a meeting of the minds, you really DO NOT have a deal. More »
Our first round of seminars for Kauai residents entitled, “Home Ownership 101″ was well attended this week. Over 70 attendees came to our presentation that focused on:
- The process and sequence of purchasing a home
- Programs and tax benefits for first time homebuyers
- FHA, VA and USDA rural loans - (These are the loans available in the market today for owner occupants with little or no money down)
- The escrow process (real estate transactions in the state of Hawaii use a neutral third party entity called an escrow company that provides support to both parties and keeps the transaction on track. Escrow provides title insurance to the buying party as well)
- Kauai Short Sales and Foreclosures and things buyers need to be careful about when purchasing these types of Kauai distressed properties
- Smarter Banking and Better Budgeting – keys to getting your financial house in order and raising your credit score to qualify for the best loan.
At the conclusion of each session we had a long time for questions and answers. Many of the questions had to do with loan programs and the first time Homebuyers Tax Credit. One good question came from a couple who had inherited a home, along with their brother and sisters, and wanted to know if they could still qualify for the first time Homebuyers Tax Credit that requires a home to be in escrow by April 30th. Here are the details of that TAX CREDIT PROGRAM. Our notion was that the couple could qualify but my lender collaborators, Ellen Henderson and Lisa Ledesma from Wells Fargo Home Mortgage, were going to confirm the answer. Another good question had to do with using co-borrowers to help improve the possibility of securing a loan. Whenever you bring a co-borrower into the mix you must take the good with the bad, or hopefully, the good with the good. In other words, if you count the co-borrowers income, you also must count their credit score. So for example, if your friend or family member who wants to help you has great credit but limited income, or vice-versa, you will be taking the good with the bad into consideration when qualifying for the loan.
The notion of getting a great value by buying a Kauai short sale or Kauai foreclosure property must be tempered by some of the risks involved. When purchasing an REO property from a bank, a buyer will not receive a seller’s disclosure and will be buying the property AS-IS. Therefore, the buyer must rely on their buyer’s agent and together perform thorough due diligence so the buyers know exactly what they are getting into, and make their decisions accordingly.
Here are some additional links that may be of value to first time home buyers. The possibility of home ownership for local residents in Hawaii is increasing as our market prices adjust. I’m here to help if you need assistance.
We’ll be holding these seminars throughout the island for the next couple of months. Send me an email if you wish to be notified about our next set of events.
Posted by Ron Margolis, RA, ABR on January 22nd, 2010 |
Tags: Deals, Escrow, First Time Buyers, For Sale, Homes, Kauai, Loans, Obama Tax Credit, Short Sales
Register for our seminar entitled HOME OWNERSHIP 101 on Kauai:
I’ll be facilitating a seminar for 1st time homebuyers and homeowners entitled Home Ownership 101, for those who wish to learn about purchasing a home. We’ll also cover the state of the Kauai real estate market and the types loans available including FHA and VA loans . The seminar will feature presenters from four dynamic companies including:
101 Financial
Title Guaranty Title and Escrow
Wells Fargo Home Mortgage
Hawaii Life Real Estate Services, LLC
This is a fantastic time for 1st time home buyers and all types of buyers. Interest rates are still low (but may be trending up later in 2010). There is a 1st time homebuyer’s tax credit which can save you up to $8000. The Kauai real estate market is hovering near or around its bottom. There are many distressed sellers and bank-owned properties which are bringing prices down.
There’s a lot to know about purchasing a home and a Kauai buyer’s agent can make it an easier process for you. Key points we will be covering at the seminar include:
- Reducing your debt, improving your credit score, and getting your financial house in order
- Taking advantage of the 1st Homebuyers tax credit which expires April 30th
- Getting prepared to purchase a short sale or bank owned property – risks and rewards
- Current financing options for 1st time buyers including FHA loans.
- Understanding the process of escrow which is what you go through when you purchase property in the state of Hawaii.
Attendees will receive binders with lots of FREE Valuable information.
We’ll be having two sessions: Registration begins at 6:30 PM
Tuesday January 26th 7p.m.
Hilton Kauai Beach Resort
Lihue, HI
Thursday January 28th 7p.m.
Waimea Neighborhood Center
Waimea, HI
Register Online or for further information contact me, Ron Margolis, at 808.346.7095
