Have you ever contemplated owning/expanding an existing business or possibly becoming a landlord of a multi-family complex in Hawaii?
Prior to last year's economic downturn, Hawaii commercial properties were often unobtainable for many entrepreneurs.
Today’s changing economic climate has created great opportunities. Here are just a few:
· 3,936 s.f. Air conditioned warehouse with showroom; located in the Kalihi neighborhood listed at $1,285,000
· Centrally located on Kapiolani Blvd a .49 acres parcel zoned BMX-3 with the possibility of a residential high rise listed at $5,988,877
· Fee simple 4,204 s.f. multi-family home in Kalihi listed at $1,400,000
Contact me at (808) 271-5220 to obtain information on these or other commercial properties listed with our affiliate, Coldwell Banker Commercial Pacific Properties.
Rosemary Smith, RA
Saturday, September 19, 2009
Friday, September 18, 2009
Luxury Properties are on the Move! Who is Buying Them?
The return of the economy has spurned on the luxury market.
In 2009 there have been 36 properties sold for $2,000,000 or more. These properties were located in various areas of the island from the beaches of Lanikai, Kailua, and the North Shore to the hillsides of Maunawili, Tantalus, and Hawaii Loa Ridge. Who are the buyers for these luxury properties?
3,200+ sq. ft. 4 bed/3 bath home in the Kahala area ($2,750,000) was purchased by a retired gentleman from Beverly Hills who also purchased a 3,900+ sq. ft. 3 bed/3 bath in the Kahala area ($2,600,000) because he liked the setting better.
5,500+ sq. ft. 5 bed/4.5 bath home in the Tantalus area ($2,990,000) was purchased by a gentleman from the East Coast who does a lot of business in Japan and Hawaii was the perfect “stop over” destination for a 2nd home. What he liked about the home was the space and the views and felt it was the best value.
2,800+ sq. ft. 3 bed/2 bath home in the Niu Beach area ($2,650,000) was purchased by siblings from different areas as a vacation home as they liked the oceanfront location as well as the privacy and thought the property was the best value at the time.
5,200+ sq. ft. 6 bed/6.5 bath home in Black Point ($3,625,000) was purchased by a local couple who had always wanted a home developed by Tom Nicholson.
6,900+ sq. ft. 5 bed/6.5 bath home in the Aina Haina area ($5,500,000) was purchased by an Asian Corporation.
4,700+ sq. ft. 6 bed/6 bath in the Beachside area ($7,100,000) was purchased by a developer from the mainland who bought as a second home. The same developer also bought a home in Diamond Head which he is restoring.
2,700+ sq. ft. 6 bed/4 bath in Lanikai ($3,500,000) was purchased by a retired writer from Los Angeles.
4,200+ sq. ft. 6 bed/4.5 bath home in Diamond Head was purchased by a commercial developer from the mainland who is fixing up the home to use as a vacation home.
2,900 (approx.) sq. ft. 3 bed/3 bath home in Koko Kai ($2,100,000) was purchased by a local family who wanted a single level home with a view in Hawaii Kai.
4,300+ sq. ft. 4 bed/4.5 bath home in Black Point ($5,200,000) was purchased by an off-shore investor.
If you are looking to put your luxury home on the market and need to know who to target to get your luxury property sold, call me today… 808-286-5845
- Mandy Berner, RA
In 2009 there have been 36 properties sold for $2,000,000 or more. These properties were located in various areas of the island from the beaches of Lanikai, Kailua, and the North Shore to the hillsides of Maunawili, Tantalus, and Hawaii Loa Ridge. Who are the buyers for these luxury properties?
3,200+ sq. ft. 4 bed/3 bath home in the Kahala area ($2,750,000) was purchased by a retired gentleman from Beverly Hills who also purchased a 3,900+ sq. ft. 3 bed/3 bath in the Kahala area ($2,600,000) because he liked the setting better.
5,500+ sq. ft. 5 bed/4.5 bath home in the Tantalus area ($2,990,000) was purchased by a gentleman from the East Coast who does a lot of business in Japan and Hawaii was the perfect “stop over” destination for a 2nd home. What he liked about the home was the space and the views and felt it was the best value.
2,800+ sq. ft. 3 bed/2 bath home in the Niu Beach area ($2,650,000) was purchased by siblings from different areas as a vacation home as they liked the oceanfront location as well as the privacy and thought the property was the best value at the time.
5,200+ sq. ft. 6 bed/6.5 bath home in Black Point ($3,625,000) was purchased by a local couple who had always wanted a home developed by Tom Nicholson.
6,900+ sq. ft. 5 bed/6.5 bath home in the Aina Haina area ($5,500,000) was purchased by an Asian Corporation.
4,700+ sq. ft. 6 bed/6 bath in the Beachside area ($7,100,000) was purchased by a developer from the mainland who bought as a second home. The same developer also bought a home in Diamond Head which he is restoring.
2,700+ sq. ft. 6 bed/4 bath in Lanikai ($3,500,000) was purchased by a retired writer from Los Angeles.
4,200+ sq. ft. 6 bed/4.5 bath home in Diamond Head was purchased by a commercial developer from the mainland who is fixing up the home to use as a vacation home.
2,900 (approx.) sq. ft. 3 bed/3 bath home in Koko Kai ($2,100,000) was purchased by a local family who wanted a single level home with a view in Hawaii Kai.
4,300+ sq. ft. 4 bed/4.5 bath home in Black Point ($5,200,000) was purchased by an off-shore investor.
If you are looking to put your luxury home on the market and need to know who to target to get your luxury property sold, call me today… 808-286-5845
- Mandy Berner, RA
Financing Tip of the Week
Government Loans (VA, FHA & USDA) have been become very popular in today’s market due to the low down payment options.
Please keep the following in mind when previewing properties for these types of loan programs:
All appliances (Stove, Refrigerator & Sink) need to be properly installed and in working condition.
All repairs and damages notated on the appraisal report will need to be completed prior to Final Loan Approval. - Linda Le, Pacific Access Mortgage
Please keep the following in mind when previewing properties for these types of loan programs:
All appliances (Stove, Refrigerator & Sink) need to be properly installed and in working condition.
All repairs and damages notated on the appraisal report will need to be completed prior to Final Loan Approval. - Linda Le, Pacific Access Mortgage
Thursday, September 17, 2009
The Foreclosure and Short Sale Hype
Every buyer in today's market seems to have a mantra. Let me see the foreclosures first!
They may have a point. Properties that are in the foreclosure process or have been foreclosed upon can many times be purchased at a bargain.
Properties in the foreclosure process which are on the market for sale are usually short sale listings. Short sales occur when the purchase price of the property will fall short of the oustanding liens on the property (like a mortgage) and the costs associated with the sale. In these situations, the lien holders will be asked to release their lien allowing the sale to occur. Since the seller is in a "distressed" situation they are willing to sell the property at below market price to find a buyer quickly. The lender may approve the short sale because it is less costly than conducting a foreclosure and rehabilitating the property back to health after the foreclosure occurs. What's the catch? Short Sale Buyers need to be very patient and accomodating as short sales take 4 months to a year to complete if they go through at all. Less than 20% of the short sale properties on the market actually sell. Additionally, since the seller does not have any money the buyer is usually asked to pay for some of the escrow expenses (ie Termite Inspection) which they usually would not pay under normal sale circumstances.
A Foreclosed property has already been seized by the lien holder and has been placed on the market to sell within 30 days. Unlike short sales, these properties can be sold quickly. The lien holder who now owns the property is motivated to sell quickly at an attractive price because they need cash fast because of the financial struggles facing financial institutions. Addtionally, they do not want to follow the market down by pricing at or above the market. Therefore, the buyers benefit from good pricing and a good value buy.
For a free list of foreclosures in your preferred area, contact one of our columnists today.
-Kalama Kim, Realtor, BIC
Coldwell Banker Pacific Properties
They may have a point. Properties that are in the foreclosure process or have been foreclosed upon can many times be purchased at a bargain.
Properties in the foreclosure process which are on the market for sale are usually short sale listings. Short sales occur when the purchase price of the property will fall short of the oustanding liens on the property (like a mortgage) and the costs associated with the sale. In these situations, the lien holders will be asked to release their lien allowing the sale to occur. Since the seller is in a "distressed" situation they are willing to sell the property at below market price to find a buyer quickly. The lender may approve the short sale because it is less costly than conducting a foreclosure and rehabilitating the property back to health after the foreclosure occurs. What's the catch? Short Sale Buyers need to be very patient and accomodating as short sales take 4 months to a year to complete if they go through at all. Less than 20% of the short sale properties on the market actually sell. Additionally, since the seller does not have any money the buyer is usually asked to pay for some of the escrow expenses (ie Termite Inspection) which they usually would not pay under normal sale circumstances.
A Foreclosed property has already been seized by the lien holder and has been placed on the market to sell within 30 days. Unlike short sales, these properties can be sold quickly. The lien holder who now owns the property is motivated to sell quickly at an attractive price because they need cash fast because of the financial struggles facing financial institutions. Addtionally, they do not want to follow the market down by pricing at or above the market. Therefore, the buyers benefit from good pricing and a good value buy.
For a free list of foreclosures in your preferred area, contact one of our columnists today.
-Kalama Kim, Realtor, BIC
Coldwell Banker Pacific Properties
Wednesday, September 16, 2009
Attention First Time Homebuyers! The Clock is Ticking!
If you are a first time home buyer, you are helping the US Economy get back on track... In July, first time home buyers were responsible for one third of all home purchases.
The $8000 federal tax credit was a primary motivation to buy a home for almost 11% of buyers, according to Realtor.com.
The deadline to buy that home is fast approaching. Only 11 weeks left to get your property closed, if you want to take advantage of that $8000 tax credit. It takes approximately 45 to 60 days to close a property once the offer has been accepted, and sometimes, that acceptance process can take a week or so.
Ask yourself some questions:
Do you know what area you want to live in? This will help eliminate many properties if you know WHERE you want to live.
Have you pre-qualified yourself with a bank or mortgage lender so you know how much you can afford to spend on a property? Now, today, is the time to call that lender. They can tell you in a short period of time what you can afford to purchase.
Do you have money in the bank for down payment or closing costs? There are still 100% financing programs for those with credit at or above 720. There are also FHA, VA, USDA, and other government loan programs. In most cases, you will still need to provide your own finances for closing costs.
Please call a realtor today if you need help with prequalification, talking about different areas in which to live, and the whole purchase process. Call now! Buy now!
-Tiare Dutcher, RA
Coldwell Banker Pacific Properties
The $8000 federal tax credit was a primary motivation to buy a home for almost 11% of buyers, according to Realtor.com.
The deadline to buy that home is fast approaching. Only 11 weeks left to get your property closed, if you want to take advantage of that $8000 tax credit. It takes approximately 45 to 60 days to close a property once the offer has been accepted, and sometimes, that acceptance process can take a week or so.
Ask yourself some questions:
Do you know what area you want to live in? This will help eliminate many properties if you know WHERE you want to live.
Have you pre-qualified yourself with a bank or mortgage lender so you know how much you can afford to spend on a property? Now, today, is the time to call that lender. They can tell you in a short period of time what you can afford to purchase.
Do you have money in the bank for down payment or closing costs? There are still 100% financing programs for those with credit at or above 720. There are also FHA, VA, USDA, and other government loan programs. In most cases, you will still need to provide your own finances for closing costs.
Please call a realtor today if you need help with prequalification, talking about different areas in which to live, and the whole purchase process. Call now! Buy now!
-Tiare Dutcher, RA
Coldwell Banker Pacific Properties
Tuesday, September 15, 2009
Best Buy Properties
There are three ways to determine if a property is a best buy:1.) Property that yields a positive cash flow with minimal down payment typical for the area.2.) Property asking price is substantially below like kind homes that have sold within the last six months.3.) Property that is a quality structure and highly sought after in neighborhoods where the inventory for sale is relatively nonexistent and are selling at or below market value.This week the focus will be on topic number 2.) Properties where the asking price is substantially below like homes that have sold within the last six months. According to the Honolulu Board of Realtors the average price of a single family home on Oahu has dropped 16.2%. While the average price for a condo on Oahu has dropped 11.1%. This means that condos that are in better than average condition and are selling below 11.1% may satisfy the best buy criteria. For example, take a condo, one bedroom, unit-3608, Villa on Eaton Square, 582 square feet. It sold for $330,000 in March of 2008, Compare that with unit-3607, Villa on Eaton Square, 681 square feet selling on the same floor today for $310,000. At first glance this only appears to be about a 6.5% drop in value, making it a so-so best buy. However upon closer examination when the difference in square footage is taken into account the picture improves dramatically. For example, the cost per square foot of the unit sold in the 2008 is $567.01. While the cost per square foot of the unit currently for sale is $455.21. This reflects a 24.6% drop in price over the one year period which now solidly meets the best buy criteria of being substantially below market value. There are not many units available for sale in this building and there is a strong possibility a value of this type will not last long. If you are interested in viewing this unit I can be reached on my cell 503 475 6872. Mahalo!
Monday, September 14, 2009
Market At A Glance
In Search of Neighborhoods With Deals For Buyers
As the months of inventory continues to increase in various neighborhoods around the island, opportunities present themselves to Buyers looking for properties with Sellers who are MOTIVATED and willing to negotiate their sales price. In August, some of these neighborhoods were the following:
SINGLE FAMILY HOMES:
Neighborhoods: Months of Inventory Remaining:*
Waipahu 10.1
Waialea-Kahala 10.2
Makakilo 12.0
Ewa Plain 14.0
Kaneohe 14.6
Wahiawa 24.6
CONDOMINIUMS:
Neighborhoods: Months of Inventory Remaining:*
Mililani 9.7
Makaha-Nanakuli 11.2
Kailua-Waimanalo 19.0
Makakilo 21.2
Downtown-Nuuanu 45.0
Generally, when months of inventory increase to 9 months or more, Sellers tend to be more receptive to negotiating prices to sell their homes. This is especially true of homes in these neighborhoods with Days on Market in excess of 90 days.
These Best Buys are available for Buyers who work with diligent ahd knowledgable Realtors. Email me for more info if you would like this kind of assistance.
-Dwight Ellis, RA
*Stats courtesy of Kalama Kim, AOM Waikiki CBPP
As the months of inventory continues to increase in various neighborhoods around the island, opportunities present themselves to Buyers looking for properties with Sellers who are MOTIVATED and willing to negotiate their sales price. In August, some of these neighborhoods were the following:
SINGLE FAMILY HOMES:
Neighborhoods: Months of Inventory Remaining:*
Waipahu 10.1
Waialea-Kahala 10.2
Makakilo 12.0
Ewa Plain 14.0
Kaneohe 14.6
Wahiawa 24.6
CONDOMINIUMS:
Neighborhoods: Months of Inventory Remaining:*
Mililani 9.7
Makaha-Nanakuli 11.2
Kailua-Waimanalo 19.0
Makakilo 21.2
Downtown-Nuuanu 45.0
Generally, when months of inventory increase to 9 months or more, Sellers tend to be more receptive to negotiating prices to sell their homes. This is especially true of homes in these neighborhoods with Days on Market in excess of 90 days.
These Best Buys are available for Buyers who work with diligent ahd knowledgable Realtors. Email me for more info if you would like this kind of assistance.
-Dwight Ellis, RA
*Stats courtesy of Kalama Kim, AOM Waikiki CBPP
Subscribe to:
Comments (Atom)
