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Hawaii resort residential sales down whiles prices rise

April 25, 2015 By Mark G. Howard Leave a Comment

Sales of homes in Hawaii’s residential resort market in 2014 fell to 1,316, down from 1,447 in 2013, but the average price rose 6.6 percent to $1.23 million, according to data collected by Ricky Cassiday, principal of Data@Work.

For sales including bulk sales by island, Maui had the highest sales in 2014 at 451; followed by Kauai at 394; Big Island at 389; and Oahu at 92. By average sales price, Maui led all islands with an average price of $1.56 million. Big Island was next highest with average prices of $1.41 million; followed by Kauai at $805,314 and Oahu at $680,743.

By price range, sales were moving from the lower to higher ends. In the $250,000-$499,999, 319 sales closed in 2014, down 7 percent from 2013. In the $1 million-$1.249 million range, 124 properties sold, up 13 percent from 2013. For properties over $3 million, 104 properties were sold, a 4 percent increase.

New condominium sales were up to 124 in 2014 from 88 a year before, but is significantly down from a 861 in 2006. The price per square foot in the developer condo market is up to $830 from $779 in 2013.

With sales down and prices up, one might assume that very little new product inventory exists, but Cassiday says new condo sales actually increased from 192 to 195 in 2014. He adds that new product is in the pipeline, including projects in Makena and Wailea on Maui and Princeville Lagoons on Kauai.

Another reason could be on the demand side, saying, “the buyers in the price ranges below median price are less confident than those above, and are staying on the sidelines,” he said. “Hence, the high end seems to be driving the market, for now.”

Jason Ubay Reporter – Pacific Business News

Filed Under: Blog, Featured Blog, General Real Estate Tagged With: Big Island, DataWork, Kauai, Makena, Maui, Residential Real Estate, Ricky Cassiday

8 Biggest Mistakes to Avoid When Buying or Selling a Home

November 7, 2011 By idx guys Leave a Comment

1. Attempting to "Time the Market" or getting stuck on "To buy or not to buy?" This is the real estate question haunting would-be buyers. It really has nothing to do with the economy. It’s an age-old question. Buyers have always been uncertain about making their first purchase for decades. It’s scary. Let’s face it, it’s a lot of money. And a long-term commitment. And there are so many details. But, consider how much your rent might increase over the next 30 years? And how much of your hard-earned dollars are you spending on rent when you could be building your own equity? If your rent is just $1,000 a month, in five years you will have spent $60,000 and have nothing to show for it. Don’t get overly bogged down with whether you think sales prices are going to go up or down, in the short-term. You only deal with the sales price two times, when you buy and when you sell. You deal with the cash flow — your monthly payment — you see every month. Luckily your monthly payments are based on interest rates, which are still at all-time lows. What buyers need to realize is that housing markets, like any market, have their ups and downs. And still, homeownership has a record that is virtually unmatched by any other purchase in terms of appreciation and building wealth.

2. Getting greedy – overpricing your home If you are considering a sale, the biggest mistake you can make is to over price. If your home is realistically worth $500,000 and you’re asking $550,000, you’re setting up prospective homebuyers to be underwhelmed. They’ll be comparing your house to others that are really worth $550,000 and it won’t compare well. Price it right and make your home look like it’s worth every penny. Also, buyers are more knowledgeable than ever. If your home is perceived as overpriced, buyers simply won't come to see it. The fewer buyers who see your home, the less likely you will get an offer to purchase. And the longer your home is on the market, the worse it gets. Your home may become "stigmatized," and you may have to lower the price later, to below market value, to attract new buyers. Remember, the most common mistake when pricing a property is failing to consider how it will compete with other current listings. Don’t confuse asking prices with market value. You need to be aware of the prices of comparable properties that have recently sold. Pricing a property with a cushion for negotiation is also considered over pricing your property and will carry the same consequences. 2010-10-25 14.00.17

3. Over-extending yourself when buying Success is not about keeping up with the Joneses. It is about being able to comfortably make your payments. A good rule of thumb is to plan to spend about 2.5 times your annual salary on a home. Talk with me, your loan officer for actual prequalification figures, so you don’t waste time looking in a price range you simply can’t afford. Don’t get in over your head. Set a realistic budget and then stick to it. Also remember, the tax savings inherent in home ownership may help you make your payment easier to afford. Ask your tax accountant or CPA how home ownership may benefit you with lower taxes.

4. The white elephant – home renovations that don't increase the value of your home It’s easy to get carried away with remodeling projects. Granite this and bamboo that and all of a sudden you’re caught in a wave that is way beyond what you budgeted, AND perhaps more that you could ever hope to recoup if you were to sell. Check out neighboring open houses to see if the renovations you are planning are consistent with neighborhood norms, especially if your improvements are intended to help you sell for more money. Most home improvements will help you sell your home faster, but don't increase its market value.

5. There’s no place like home – buying in an unfamiliar place If you are looking for an investment property, don’t get caught up in those sales presentations that are all about buying property in obscure cities you don't know anything about. If you don’t know anything about the neighborhood or the market, it’s not smart to buy there — no matter what anyone says – or how low the price appears. Experts suggest first time investors buy close to home. That way, it’s easy to drive by and make repairs or check on your property.

6. Not getting professional help Even though most buyers start their home buying online, the process is complicated enough that it is highly recommended to call in the pros. When you buy a home, you will deal with a real estate agent at some point. You might as well choose an experienced real estate agent and a good mortgage loan officer to advise you. While you’re at it, you’ll ultimately need a good home inspector. These folks are in the business of buying and selling homes. They know where the pitfalls are and will help you to avoid them. Seek out a real estate advisor who is like a mentor who can help devise a home buying plan.

7. Skipping the home inspection While you’re drooling over the fabulous kitchen and oohing and ahhing over the incredible views, don’t overlook the possibility that there might be problems with things you can’t see. Hiring a professional home inspector to check out the three most important big-ticket components — the roof, the plumbing and the structure — can save you thousands of dollars in expensive repairs later. When you work with a Real Estate Agent, the home inspection will be part of the Purchase Contract you will use in the buying process.

8. Paying too much for money, or not getting pre-approved When shopping for a mortgage, ask questions. Loan products range from the standard 30-year fixed rate loan, to a variety of non-traditional loans that might include step-ups in interest rates and monthly payments. But remember, you are shopping for money and, in the end; it boils down to selecting a reliable and reputable lender and a loan product that fits your budget. Also remember, talk to a lender early in the home buying process. You will want to be pre-approved for a mortgage to compete successfully with other buyers in the marketplace. Despite the changes in mortgage lending, if you have good credit, a job and a steady income, you will find there is still plenty of mortgage credit to be had at very low rates and affordable terms. Be sure and avoid these 8 real estate mistakes by calling me to help you through the process.

MARK HOWARD rb20384
Owner/Broker/Founder
808-791-2923   [email protected]

Hawaiian Americana Realty, Inc
www.HawaiiAmericana.com | www.ShopMauiRealEstate.com

Filed Under: Oahu Tagged With: Hawaii real estate, Maui

HomePath® Buyer Incentive June 14 – October 31

July 19, 2011 By idx guys Leave a Comment

Homepath copy HomePath® Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31st, 2011. Buyers or their selling agents must request the incentive option upon submission of initial offer in order to be eligible. Initial offer must be submitted on or after June 14, 2011 and sale must close by October 31, 2011. Other restrictions apply. 

Click here to download a color flyer:  Download HP_Buyer_Incentive

HomePath® Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011.

The HomePath property buyer must meet the following qualifications to be eligible:

  • Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
  • The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
  • The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
  • Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
  • Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  • If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer

Oahu HomePath Properties

 

"Don't forget about our special Buyer Rebate Program that we offer – which is 30% of our commission is paid back to you the Buyer, as a rebate – in other words if you purchase a property for $500,000 you would receive $4,500.00 back to use for your closing costs, new carpet or paint, furniture or anything you like even cash if your lender approves"


HawaiiAmericana.com | HawaiiAmericanaBlog.com | 808Brokers.com

Hawaiian Americana Realty, Inc | Mark Howard — Owner/ Broker/Founder — RB 20384
1888 Kalakaua Ave., C312
Honolulu, HI 96815
Phone 808-791-2923

Filed Under: Oahu Tagged With: bank owned, lender sale, Maui, REO

PayPal co-founder Peter Thiel buys Maui home for $27M

July 15, 2011 By idx guys Leave a Comment

Maui-27M-homeNEWS_LS This aerial shot shows the 1.7-acre Makena property purchased by PayPal co-founder Peter Thiel for $27 million, the largest amount ever paid for a Maui residence. 

 

 

 

 

Peter Thiel, the co-founder of the payment service PayPal , has purchased a single-family home on Maui for $27 million. It is the largest amount ever paid for a single-family home in Maui County, according to Nancy Callahan, the Wailea Group.

Thiel bought the 1.7-acre Makena property from Wyoming rancher Dan Huish before it was put on the market. Huish had purchased the 4,500-square-foot house in 2006 for $19.2 million, Callahan said. Amenities for the home, which is undergoing renovations, were not disclosed.

Pacific Business News
Date: Friday, July 15, 2011, 12:55pm HST – Last Modified: Friday, July 15, 2011, 1:36pm HST


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Filed Under: Oahu Tagged With: luxury properties in Hawaii, Maui, Maui luxury estates, million dollar listing, ocean front properties, Peter Thiel

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© 2014 - Hawaii Americana Realty. All Rights Reserved. Hawaii Americana Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Subject to change without notice. While the information on this site is deemed to be accurate, Hawaii Americana Realty. does not guarantee its accuracy, and provides this information without warranties of any kind, either expressed or implied. Hawaiian Americana Realty, Inc. 134 Kapahulu Ave., CUB, Honolulu, HI 96815 * by appointment only * RB20383 / RB20384