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. Read entire post →
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
How banks function in distressed property sales, like short sales or REO (real-estate-owned by banks) transactions.
I am sure this question has been on the minds of many prospective buyers. Pardon the expression but it is a “scary” market out there if you are not informed. I hope this article will relieve some of your concerns and answer some of your questions about Hawaii’s current real estate market.
Between the changes in the lending guidelines, the negative media blast about how the U.S. housing market is at its all time worst with no way to recuperate and a short supply of housing inventory, no wonder prospective buyers could easily be scared off. The good thing is that it doesn’t have to be this way. A little knowledge can go a long way…
Qualifying for conventional loans is more stringent.
The debt to income ratio has decreased from 60% to 45%.
Larger down payments are required.
Fortunately, you have alternatives, one being private mortgages. If you have any family members, distant relatives, friends or acquaintances that have money in a savings type account they are most likely making no more than 3% interest in this market. They could be making 5-7% interest as a private mortgagee.
Another alternative is FHA financing, if you qualify you may only have to pay as low as a 3.5% down payment with lower closing costs and possible easier credit qualifying. Go to www.hud.com or www.fha.com for more information.
Beautiful 2 bedroom/2 bath oceanfront condo located at 75-6106 Alii Drive (MLS# 231993)
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. Read entire post →
As reported, a new mortgage industry report shows that more homeowners in Hawai’i fell behind on their loan payments last year, suggesting that foreclosures will continue to rise this year. At the end of last year, 4.5 percent of the loans statewide were in foreclosure, and an additional 12,182 mortgages, representing 7.3 percent of the market, were delinquent but not yet in foreclosure.
Here are the latest Kauai REO Listingsthat are either bank-owned (REO) or short sales (requires approval from all lien holders) for the first 18 days of February. Read entire post →
On Monday, March 8th, a gorgeous 6,015 square foot Estate Home and Guest Home perched on 5.79 acres along Kauai’s Ocean Bluff (MLS 231773), will sell at Auction.
Even the most affluent sellers and buyers are not immune to the characteristics of today’s challenging market. Many sellers have been caught in a down market with limited liquidity, high carrying costs and may even be at risk of foreclosure. At the same time, buyers with plenty of cash in the bank are still looking for a deal, looking to take advantage of the distress in Hawaii’s luxury market. Sois an auction the best way to facilitate a quick sale of a luxury ocean bluff estate home on the island of Kauai? What are the advantages and disadvantages to the Seller and the Buyer?
Kauai Ocean Bluff Luxury Estate Overlooking Paliku Point and Donkey’s Beach.
Let’s consider a current luxury estate on Kauai being sold using the auction technique. On Monday, March 8th a gorgeous 6,015 square foot Estate Home and Guest Home perched on 5.79 acres along Kauai’s Ocean Bluff (MLS 231773) will sell at Auction. This privately gated estate has stunning, panoramic Ocean Views and as well as Mountain Views and was meticulously designed by one of Hawaii’s finest architects. With high-end finishes, three bedroom suites, an office, fitness room, and an impressive kitchen not to mention its own elevator, it is easy to fall in love with the main residence, only to be further smitten upon inspection of the ocean view pool and guest home. The estate is perched above Paliku Point in the up-and-coming Kealia Kai subdivision, where a leisurely stroll brings you to secluded Donkey Beach, or a beach cruiser bicycle ride along the Kauai Coastal Path allows you to enjoy any number of beautiful beaches. It is obvious how simple it is to become wrapped up in the estate – but let’s get back to the question at hand: Is an Auction the answer?Read entire post →
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. Read entire post →
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.
Some people think the worst of the recession is behind us. Other people, like on this month’s cover of Economist magazine, are providing a “bubble warning” cautioning it’s readers that “many of our asset classes are overpriced.” Regardless of your opinion, one thing is for certain. On the North Shore of Kauai., the affordability factor for Kauai 2nd home vacation condominiums has gotten much better in the last 12 months.
The dollar volume of North Shore condos sold in 2009 was down a whopping 53.45% from 2008 numbers and the Median Sales Price of a North Shore condo dropped 38.67 % from $799,000 to $499,000. Currently, not including fractional offerings, there are 37 condos currently for sale in Princeville under $400,000 and thus, you can see the improvement in affordability. If you’ve been wanting a condo on Kauai’s North Shore, the time is right. Let me highlight a few of the more outstanding values for you to consider:
1. Sandpiper Village Unit 115
This bank-owned 2 bedroom condo can be used as two rentals. There’s a full one bedroom apartment and a separate studio apartment. Each unit has its own lanai. It’s a ground floor unit with a large park-like lawn just outside the lanai. Remember, when buying an REO you must show proof of funds and pre-approval from the lender if you are purchasing with a mortgage. At $215,000 this is very affordable Princeville Condo. View more details on the Hawaiilife.com website.
2. SeaLodge Unit B3
Unit B3 at SeaLodge is a quite little condo of around 600 sq. ft in a great location by the bluff overlooking the grand pacific. Originally priced at $499,000, this one bedroom unit is now price at $345,000 and it would make a cozy and quaint vacation home for some individual or family. The unit is a successful vacation rental too.
3. Nihilani 14B
This split-level, two-story “Hoku” townhome at the new, beautifully landscaped Nihilani complex located within Kauai’s Princeville Resort Community is an excellent destination for a primary residence, second home, or investment property (VDA location allows for long-term or vacation rental use). 1, 567 sq ft of living area, 2 bedrooms, 2.5 bathrooms plus a large family room and attached two-car garage make this opportunity a real value. Short Sale of course reqires bank approval and buyers are best to be pre-approved and show proof of funds with the offer.
4. Nihilani 3B
Nihilani 3B now only $385,000. $100K price reduction PLUS developer will CONVERT to 3 BEDROOM at NO COST TO BUYER. Great opportunity to purchase in this newer Princeviile complex, close to everything on the North Shore. View the details of this developer special in Princeville.
