Posted by Kevin Spaise, RS on March 17th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Luxury, Maui, Sales Stats, Short Sales, South Side, Wailea
Maui’s luxury community of Wailea has been resilient, but not immune to the REO and short sale market.
South Maui’s luxury community of Wailea, which currently has the distinction of the highest priced condo listing on the island (MLS# 339893), has proven resilient in challenging times, but it’s not immune to the occasional distress sale. You won’t find any REO (bank owned) or short sale movement at Wailea Point (although the highest priced condo listing was recently reduced $700K), but there are a few buying opportunities at these blue chip condominium properties.
There is currently one REO, a 2 bed/2 bath at the Wailea Ekolu listed at $525K (MLS# 339878). The Ekolu is located just up the hill from the spectacular Wailea beaches, and wraps the Wailea Blue golf course. This unit is in good original condition, and is a great candidate for a full-blown renovation. The three most recent 2 bedroom sales at the property: $695K (Jan. ‘10), $715K (Dec. ‘09), $738K (July ‘09).
There are 11 2-bedrooms currently listed in the complex between $695K to 1.1M. Location is everything at this property—contact me and I’ll send you a site map.
There is also a potential short sale at the same property, a 1-bedroom unit listed at $629K (MLS #337451), that’s been on the market for 316 days.
One high-profile potential short sale, a 3 bed/2.5 bath unit at gated Papali.
The gem of the short sale candidates is unquestionably Unit 6 at Papali Wailea, the gated luxury residential development built at the end of 2008. Listed at $2,395,000, this 2,386 sf, 3 bed/3.5 bath (MLS# 338095) has never been occupied, and offers expansive views from nearly every room. It was originally sold at $3.24M, in April ‘08. Read entire post →
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. Read entire post →
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. Read entire post →
Posted by Lori Owens, RS on March 15th, 2010 |
Tags: Big Island, First Time Buyers, Foreclosures, Hawaii, Honolulu, Kauai, Lanai, Loans, Maui, Molokai, Oahu, Short Sales
You might be wondering, “have we hit ‘bottom’”?
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.
- Lenders are looking more closely at appraisals, and who chooses the appraiser has changed.
- 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)
Read entire post →
Posted by Pat Strausse, R on March 15th, 2010 |
Tags: Big Island, Deals, Dry Side Waimea, For Sale, Green Side Waimea, Hawaii, REO, Short Sales, Waimea Kamuela
While the average sales price to date in Waimea (Kamuela) is $425,390, Green Side Waimea distressed sales averaged almost half that amount.
Dry Side Waimea Short Sale Listing (MLS# 228261), $649,000.
While we’re just a few months into this year, there is starting to be a noticeable difference in the type of sales between “Dry side” and “Green side” Waimea on Hawaii’s Big Island. Read entire post →
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. Read entire post →
Posted by Kevin Spaise, RS on March 5th, 2010 |
Tags: Hawaii, Hoolei, Kihei, Maui, Sales Stats, Short Sales, South Kihei, Wailea, Wailea Point
I always look at market statistics with a skeptical eye, and as a potential buyer so should you.
South Maui’s upper end surged in February. One of the 14 closings was a 3-bedroom at Wailea Point, at $2.9M.
For example, last year about this time, in the depths of our market correction, a front page story on the Maui News trumpeted a blockbuster month of condo sales. Technically, the story was accurate. But buried beneath the headline was the caveat: of the 109 closings in January 2009, 65 of them were new project sales units, Kaanapali’s Honua Kai. The real picture was a bit more bleak, with 44 resales sold for the month.
Fast forward to 2010, and we show a 30% year to date drop in condo sales for January. But the real picture is a 39% increase when you filter out the Honua Kai sales for both years. Read entire post →
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. Read entire post →
The big news in Waikoloa Village homes sales is…short sales.
The average Waikoloa Village real estate residential sales price (year to date) is $333,722, negotiated down from an average listing price of $357,200. Wondering where a sales price of $335,000 fits into the historic pattern of Waikoloa Village sales?
As you can see, the chart was bouncing around the $350,000 range before it took a bit of an upturn in the last quarter. March sales are yet to be reported, but at this point it appears the amount of distress sales are having an impact on pricing in the Waikoloa Village home market. Read entire post →
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. Read entire post →
