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. Read entire post →
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. Read entire post →
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. Read entire post →
Posted by David Buck, R, BIC on August 31st, 2009 |
Tags: Ewa, Homes, Oahu
This past Friday, the State Land Use Commission voted against DR Horton’s proposal to build 12,000 new homes on the Ewa plain between Waipahu and Kapolei. The project, named Ho’opili would be the largest project since Mililani in central Oahu by Castle and Cooke, which just completed last year after 40 years of development. It’s also said to be similar size in scale to Hawaii Kai in east Oahu. There are two arguments to the development:
- Pros: It would be great for the island in that it would tie in to the Mayor’s proposed rail project and spur the economy with job creation & keep or lower housing costs
- Cons: The proposed area would displace one of Oahu’s largest farming areas. This is a section that is zoned Agriculture and is vital to Oahu farmers. There has been a lot of buzz lately about “sustainability” building these 12,000 home would kill that idea, create more traffic & cause property values to plunge even more for current owners…
Both are valid arguments. There is obviously a need for more affordable housing, yet what price do we pay? This saga is not over in that DR Horton can petition again once they get their ducks lined up in how they will go about the development in phases. They argued that over the 20 year span of the development, the farmers will “gradually” be displaced. Only time will tell..
Posted by Mike Gallagher, BIC on July 21st, 2009 |
Tags: Ewa, Oahu, Sales Stats
This article is about ‘reaching the bottom’ in the current real estate cycle for Oahu properties. The data currently available can either be interpreted as a change in the market place that will lead us to a bottoming of the market, or the current data may imply that this is nothing more than a regular, seasonal thing that the height of the market brings us every year. Time will only tell.
Read entire post →
Posted by Mike Gallagher, BIC on July 17th, 2009 |
Tags: Ewa, Homes, Oahu, Sales Stats
This map shows us the % of increase of decrease of the average sold prices of the 2nd quarter 2008 vs. 2nd quarter 2009. The map also shows us the average for sale and sold prices as of June 30th. ’09. Read entire post →
