Hawaii Life Real Estate Brokers » Foreclosures

Oceanfront Price Reductions in North Kohala (Hawi)

Beth Thoma Robinson, R(B) — Thu, 02 Feb 2012 01:15:24 +0000

I took my dog whale watching along the oceanfront near Hawi this morning. Technically, it was his daily run, but this time of year most of our favorite places to walk offer fabulous opportunities to spot whales. From home I can see whether the windmills near Hawi’s Upolu Airport are turning lazily, briskly, or not at all…and in calmer winds, one of our favorites is the walk along Hoea flats next to the 88-acre oceanfront parcel for sale.

This 88-acre oceanfront parcel (MLS# 231242) adjacent to the runway below the windmills was just reduced to $1,588,000

Oceanfront Foreclosure Still Available at Screaming Deal Price

The whales seem to prefer to hang out a bit to the east of this airport property, where I’ve often seen them up close and personal from the oceanfront mansion that is back on the market as a bank-owned foreclosure. When last I blogged about this property, it had been reduced to $4 million…and now it is offered for only $3,150,000. That’s for over 13,000 sq. ft. and 20 acres!

Whale watching from your living room for $3,150,000 in this foreclosure (MLS# 244454)

If you like the location, but not this estate home, which has sensibility a bit more Waterford chandelier than tiki torch, the adjacent 20-acre lots also had their prices reduced last week to $1,050,000 (MLS# 231244). Technically not oceanfront because the county requires the oceanfront to be assigned to a single parcel in these small gated subdivisions, these front row lots are effectively oceanfront with only a narrow strip of conservation-zoned land in front of them.

Two 20-acre parcels to the right of the mansion in this photo were reduce to $1,050,000 each

125 Acres for Large Oceanfront Compound or Development Opportunity

Continuing east from Hawi to Kapaau town, another large oceanfront parcel of land also had its price reduced this month from $4,950,000 to $3,988,000 for 125 acres. One might ask what makes a parcel of 125 acres worth $4 million when the 88-acre parcel a few miles away is offered for less than half the price? Try half a mile of ocean frontage; subdivision potential (which also means a savvy buyer could subdivide solely for the purpose of legally building multiple dwellings for a family compound); and no risk of one’s calm and privacy being disturbed by operations at the adjacent airport or windfarm.

Oceanfront 125-acres is currently grazed by cattle; oceanfront compound or equestrian estate? (MLS# 244771) now $3,988,000

Eight other nearby Kohala parcels of vacant land, 7 to 50 acres with big ocean views, were also subject to price reductions recently, reflecting the market perception that prices have dropped 20%-25% in the last year. With the winter rain turning pastures green and the whales singing, it’s certainly a good time to show oceanfront property in North Kohala and along the Kohala Coast!

A hui hou!
Beth Thoma Robinson, R(B)

Dawn Surf Patrol at Halii Kai Resort

Diane Chavez, RS — Wed, 01 Feb 2012 23:06:32 +0000

Early Morning Surf Session at “Peaks” off the Mauna Lani Hotel

Just beyond the Canoe House Restaurant

The high surf warning draws a few “naughty” wave riders across the edge of the golf course around 6:30am as they anticipate the promise of a good swell. The resort condos are close enough to make this type of excursion effortless.

Halii Kai resort condos are a big favorite due to the quality construction. The ocean club with pool, fitness hale, Bar and Grill are uniquely well done and appreciated by the members. The lowest priced unit (MLS# 248981) available now is a short sale priced at $399,000. In the last 30 days, 6 condos down the coast have recorded at an average price of $487,500 so picking up a short sale is not a bad idea.

If you would like to see a Halii Kai condo and the local surf spot, call 808-987-8294 or e-mail me at diane@hawaiilife.com

Best Deal on Maui? Wailuku Home for Sale at $193,050

Kathleen Wilson, R(S), SFR — Wed, 01 Feb 2012 20:25:12 +0000

Who Doesn’t Want to Live in Wailuku Town???

Wailuku has a fascinating historical legacy, evident in its unique influence in building, quaint streetscapes and georgeous vistas. It was the home of Maui’s most famous rulers and the site of Kamehameha’s victory in 1790 at Iao Valley. These powerful influences that shaped the town remain today as Wailuku was designated Maui’s County Seat in 1905 and is still the hub of government, business, and entertainment.

(MLS# 350786)

This adorable 1,012 square foot Wailuku styled home is in a great location and within walking distance to Wailuku Town. Plan on walking to “First Friday” every month, out to dinner weekly, and a take in a the plays at the theater…but that’s not all, don’t forget the movie theater close-by!

Plenty of private space, large lanai for BBQs and parties. Here you have many possibilities and cash left over to add some extras with your own design flair.

Connect with my blogs on foreclosure properties (and more) and how to find the best value for your property purchase, which includes a step-by-step process on “How To” purchase your bank owned property.

Our offices are working upwards of 30 pre-foreclosures (properties not listed in the MLS) at any given time. To protect homeowners and tenants currently still living in bank owned properties, and because of MLS rules, we are unable to give out addresses of our unlisted pre-foreclosures. However, if you email us for new Maui foreclosure listings, we will inform you when a property of your dreams is about to be listed.

This is a Bank Owned property. No Seller’s disclosure will be provided and property is offered “AS-IS”, may not conform. Buyers and/or Buyer’s agent to do own due diligence in association with this property.

Where Does Hawaii’s Act 48 Go This Year (2012)?

Ron Margolis, RA, ABR — Thu, 26 Jan 2012 00:11:36 +0000

In 2011, the Hawaii Legislature passed Act 48, a lengthy bill intended to reform the foreclosure process in Hawaii. From the day the law passed, non-judicial foreclosure, the preferred methods for mainland banks to rapidly foreclosure on distressed homeowners, was killed. There have been no non-judicial foreclosures since May 5th when the law passed.

When combing my Google Alerts tonight, I saw that Rep. Herkes, the Chair of the Consumer and Commerce Committee, had submitted an editorial piece to the Star Advertiser, Hawaii’s largest newspaper, and Star-Advertiser would not print it. I think Rep. Herkes makes some excellent points, so let me share his perspective and comments and add a few thoughts of my own further down the page:

Last Thursday, this paper (referring to the Star Advertiser) reprinted old news about Act 48. We already knew the foreclosure rate dropped 50%-60%. We already knew the banks are foreclosing through the courts to avoid penalties for fouling up the new non-judicial process. We can only speculate why the repeat messaging and why this paper is so intent on spinning Act 48 as a failure. Their editorial last Monday provides some clues. Its title, “Reform law to let lenders, borrowers settle homes fairly” presumes Act 48 isn’t “fair” to lenders. What they’re really talking about is a loss of privilege. In light of all the illegality, we were obligated to limit their license to self-police.

Remember – almost half the other states disallow non-judicial foreclosures. Banks only started foreclosing non-judicially in Hawaii after a law was passed in 1998. But there’s a twist to the legislative history – which this paper aptly explained in 2010: the 1998 law was so defective, it went unused – only to revive an arcane law from 1874. The Star Bulletin reported the 1874 law was created to drive Native Hawaiians off their land. Title insurers resigned to work with that law and helped lenders develop a non-judicial “practice” that was palatable to them.

After the economy tanked, the mainland banks became desperate for capital and our so-called “law” made Hawaii a perfect target. Act 48 stopped the hemorrhaging under the 1874 law and fixed the 1998 law the banks pushed so hard for just fourteen years ago. That’s all the time it took for lenders to consider the 1874 fast-track their right. How rude of us. Here’s another strange statement from the editorial: “While delinquent homeowners might have been helped by the resulting sharp decline in foreclosures, the change in recent months could prolong the negative effects on the housing market.” Huh?

Let me break down the cause and effect. Act 48 guarantees third-party oversight in owner-occupant foreclosures – in court or dispute resolution. No more free rides on the 1874 express. The new express train requires banks to show their legal standing to foreclose – or they’re thrown off. That frightening prospect resulted in the sharp decline of foreclosure activity. By slowing down the rate of wrongful, fraudulent, and avoidable foreclosures, we’ve stopped a flood of inventory from dragging down home prices and keeping folks from going further underwater. I doubt Hawaii’s homeowners view this as a “negative.” In fact, that is a “negative” our Federal Reserve is trying to achieve. The prestigious Council of State Governments also recommended that states enact their own Act 48.

Simply asserting there are “negative effects on the housing market” without explaining what they are is an insult to readers. Ironically, the editorial was printed the same day Paul Brewbaker lectured the legislature on Hawaii’s economy. He spoke at length about Hawaii’s housing market, emphasizing that Oahu’s prices are slowly stabilizing and that neighbor island prices are tracking the market on the mainland. He didn’t mention any “negative effects” specifically created by Hawaii’s Act 48. There are more colossal market forces at play.

I have grown tired of arguments that rely on fabrications and baseless doomsday scenarios. We cannot ignore the rule of law because someone affected (a realtor, banker, mortgage broker?) claims it’s bad for business. Resolution to this crisis cannot rest solely on the simpleton’s question to troubled homeowners, “did you pay your mortgage?” We also need to be asking the banks, “did you cheat?”

Pay attention this legislative session. We’re going to apply what we’ve learned from Act 48′s shake-out – and do what is best for Hawaii’s people.

I’m glad to read Rep Herkes comment. He understands well that the banks have been negligent, abusive, and disrespectful to American homeowners and he’d like them to be held accountable. One thing I do not understand in his column though, Rep. Herkes implies 3rd party oversight in judicial foreclosures. Has MFDR process defined in Act 48 been applied to the judicial proceedings? Have the judges in all our counties attended any seminars or workshops from the nations foreclosure defense and fraud experts to learn what exactly to look for when the proceedings come their way?

The judicial system appears (I cannot be sure) to be moving slower than ever with an ever growing load of judicial proceedings. On my little island of Kauai, all 300 plus non-judicial proceedings were cancelled and all are slowly beginning again in the courts. Yes, we’ve slowed down the banks a lot, but I thought the law’s intention was to help Hawaiian homeowners stay in their homes for good. By placing leverage on the banks, the banks would need to be more reasonable with homeowners. I can testify that this is not and may not happen. This law is just buying a lot of time for homeowners and sometimes free time. Modifications have NOT gotten any better.

In fact, it’s well known that if the owner of the note has heavy insurance on the secured trust where the loan is setting, the loan will NOT be modified. It’s not in the financial interest of the noteholder to do so. Kudos to Rep Herkes and his peers for their efforts, but it’s going to take more than Act 48 to keep Hawaiian homeowners in their homes that have lost 30-50 per cent of their value since 2008.

And as far as the market is concerned, the Oahu market is very different from the neighbor islands. As long as there are a large amount of pending foreclosures and some shadow inventory (those homes already foreclosed on, but the banks are still reviewing if they did the process properly and have not released the properties for sale), the market won’t recover.

I’ve seen reports that we won’t return to 2006 prices til 2023. Yes, the market is at the bottom, and it’s probably a deep and wide trough that will be here for several years to come. Act 48 WILL NOT help our real estate market to recovery. That’s my 2 cents.

Deal – Brand New $475K Home For Sale With Attached 1-Bed Cottage in Wailuku

Rustin Singleton, RS — Sat, 14 Jan 2012 03:45:15 +0000

This is a brand new home that went into foreclosure right after it was completed. It is located in Wailuku, which is 10 minutes from the airport on the northern side. This is in a great central location for anyone who wants a regular home instead of the tourist types in our resort towns.

This home (MLS# 340514) sits on a huge lot of over 12,000 sq. feet. It also has an attached 1-bedroom cottage for that mother-in-law, or to use as added income. The price just reduced to $475,000 down from $589,000. Over 2,400 sq. feet of living space and the 500 sq. foot cottage make this a steal of a deal. Don’t wait on this one!

This is in an older neighborhood that has seen a great deal of revitalization over the past few years. It is literally 100 yards to the ocean. The views from the deck are superb. There are whales on this side of the island along with the cruise ships that come and go. The beaches aren’t much here, but the surf is always great.

Don’t wait on this one! I have seen it personally and have even taken some video. It is in a great location and will move quickly with this new price reduction. Feel free to ask me about it, or any other listing you see.

Rustin
808.281.1625
rustin@hawaiilife.com

Just Listed – Princeville Paniolo Bank-Owned (REO) Condo For Sale

Carol Skon, RB — Sat, 14 Jan 2012 01:15:01 +0000

Are you looking for a great buy on a bank-owned (REO) property in Princeville? I just listed this first floor end condominium (MLS# 251048). It offers views out to a tree-lined path to Anini Beach and beyond to the Prince Golf Course.

This unit has 1,058 square feet with one bedroom and 2 bathrooms. This is a great floor plan that gives you lots of flexibility. Start with a large entry, then on one side you have a kitchen, dining and living area, and bathroom. On the other side is a bedroom/sitting area with a full bathroom. You can live in the entire condo, or live in one side and rent the other, or rent out each side separately. This unit has two lanais, tiled floors throughout, and the bathrooms have been remodelled. The condominium needs work, but is being offered for $134,900.

Paniolo at Princeville

Princeville Paniolo is a small condominium complex of 26 units (11 buildings) located in Princeville, Kauai that were built in 1979. The last 2 sales (in 2011) at Princeville Paniolo sold for $285,000 and $400,000.

Honua Kai-Hoku Lani – Maui Condo Property Pick of the Year

Kathleen Wilson, R(S), SFR — Fri, 06 Jan 2012 23:30:38 +0000

One of the great luxuries about living in Hawaii is the ability to live indoors and outdoors at the same time. This resort offers it all! Not only does it bring the panoramic ocean views indoors, you will also experience verberating waves lapping the shore and rocking you to sleep at night.

Honua Kai-Hoku Lani offers all the favorites my buyers ask for and I know these amazing assets are what you are looking for too! You will not need to make any compromises with your purchase at this luxury resort.

So many buyers become confused looking at properties and feeling they need to make unwanted choices: an ocean view or not, a pool or not, a gym or not, a spa or not…not at Honua Kai-Hoku Lani. It has everything including an over abundance of amenities, a fabulous Kaanapali oceanfront location, and high-end finishes. With sales prices (sold in 2011) from $400,000 to $2,790,000, you have all the choices rolling at your feet.

With mesmerizing ocean and mountain views, sea breezes, 3 distinct pools, 5 spas, a fitness center, and the ability to hand over your property as a vacation rental for extra income while you are away, it makes a lot of sense…

But that’s not all! Be sure to add to the list of positives:

Daily maid service
Lobby cafe
A gourmet deli
Duke’s Maui Restaurant

Still, I have not covered the gammet of all that Honua Kai–Hoku Lani has to offer. This property is a must see in 2012! No wonder this is the favorite pick of the year from my buyers!

Call me for an apointment and I will also show you the competition as well as this fabulous property. Connect with my blogs for how to find the best value for your property purchase, which includes a step-by-step process on “how to” purchase a bank owned property.

Besides all the great luxury properties we have available on Maui, our offices are working upwards of 30 pre-foreclosures (properties not listed in the MLS) at any given time. To protect homeowners and tenants currently still living in bank owned properties, and because of MLS rules, we are unable to give out addresses of our unlisted pre-foreclosures. Yet, I offer a solution that will help you to be among the 1st on the list to see a highly sought after property when it is first listed.

Answer a few questions below, and as bank owned properties become available and ready to be placed in the MLS, you will be among the first to be contacted for showings. Keep in mind that my bank owned properties go from list to contract, on average, in 16 days and this is the reason to place yourself on THE exclusive list.

Please send the information below, or call 808.463.8080 to speak with me personally:

Assets you desire in a property: (i.e. acreage with a house and cottage, condo, 3 bed/2 bath, swimming pool, vacation rental on the golf course, etc.)
Pre-approval letter or proof of cash: I would be happy to send you names of loan officers, so that you can be pre-approved and ready to make an offer
Preferred location: (i.e. W. Maui, S. Maui, or an actual town such as Haiku, Kapalua, Kihei, Wailea, or a zip code)
Phone number, name, and email address

Kathleen Wilson, SSCP – Short Sale Certified Professional – Five Star Institute, RECP – REO Certified Professional – Five Star Institute and SFR – Short Sale Foreclosure Resource

Deal – Price Reduced On Waikoloa Beach Villas Townhouse

Dan Fumento, R(S) and Marion Fumento R(S) — Tue, 27 Dec 2011 04:20:51 +0000

We blogged recently about Unit A4, the only townhouse available at the Waikoloa Beach Villas. It was listed at $450,000 then and we thought it was a good deal. These 3 bedroom townhomes sold in the mid $800K range at the height of the market. The list price on A4 has just been reduced to $429K, making it an even better deal.

It’s in a great location overlooking the lawn and garden area, just steps to the pool, workout room, and BBQs. Unit A4 (MLS# 243992) is 1,874 sq. ft. with one bedroom downstairs, and two bedrooms and a loft upstairs. This unit has beautiful cherry wood cabinets, two lanais, and a garage included. This is a short sale and it is being sold unfurnished.

Waikoloa Beach Villas

The Beach Villas is a low-density, gated complex of 120 condominiums on approximately 13 acres. Because of its proximity to the shops, restaurants, and the beach, these units do very well as vacation rentals.

Resort Report – Mauna Lani Resort Sales (Nov. 2011)

Dan Fumento, R(S) and Marion Fumento R(S) — Sun, 18 Dec 2011 20:49:35 +0000

Here’s an update for condo sales in the Mauna Lani Resort through November, 2011. The first graph tracks the number of condos sold:

While this graph shows condo sales trending down over the course of 2011, it is interesting to note that condo sales in Mauna Lani are at 57 through November compared to 40 for the same period in 2010. Two of the three sales in November were resales, one was a foreclosure.

The next graph tracks the median selling price:

Clearly, prices are not plunging and seem to be holding their own. As of the end of November, there were 51 active listings in Mauna Lani compared with 47 at the end of October.

So, unit sales are up for the year, prices seem to be steadying out, and inventory is still on the low side, historically. Has the market bottomed? Are we seeing a consolidation as things stabilize? Does this mean great deals will be harder to find going forward?

Kapalua Golf Estates 2-in-1 Condo For Sale

Rustin Singleton, RS — Fri, 02 Dec 2011 04:00:19 +0000

This unit (MLS# 348805) is the exact same layout as the unit I wrote about yesterday. It has 2 bedrooms and 2 full bathrooms with the added touch of a lockout capability; use one for short term rentals (top video) and one for family (bottom two videos).

There is over 1,300 sq. feet of living space and great golf course and ocean views from the single story condo. This condo is priced at $524,900; $50,000 less then the other REO, but not nearly as nice. The remodel was cut short and there are many personal touches that were never upgraded.

It does have very nice furniture though. For the right buyer who wants to finish the remodel, this could be a great property. Both bathrooms will need some major upgrades to compete with the other listing I posted yesterday. This listing is also listed as a Homepath property, which means special financing for an owner occupant.

I can explain more about the Homepath financing if you ask. These are both great buys in Kapalua.

Rustin Singleton
808.281.1625
rustin@hawaiilife.com