Vladimir Ossipoff (1907–1998) won recognition as the “master of Hawaii modern architecture.”
Ossipoff's sub-tropical designs makes use of Hawaii's climate and trade winds, his open-plan spaces, and inside-outside characteristics makes use of the environment and he creates what's appropriate for a particular site.
Characteristically, Ossipoff homes are known for their strong roof lines, deep overhangs, dark woods, native stones and built-in cabinets and fixtures. He always took advantage of natural ventilation through huge sliding doors and windows that would open entire walls to the outside.
Famous private homes he designed include the Goodsill, Pauling and Liljestrand residences, as well as a Kahala home for the late Clare Boothe Luce that sold several years ago for $11.6 million. In the 1940s and 1950s, Ossipoff also designed hundreds of simple yet stylish homes for middle-class families moving out to the growing East Honolulu suburbs.
People take great pride in having an Ossipoff home and any hint of Ossipoff's hand in a home is a selling point for Realtors. It’s been said that an Ossipoff home on the market has brought up to 15 percent more than a similar home.
The only Ossipoff home currently on the market is a 5 bedroom, 5.5 bath home built in 1995 and remodeled in 2009 on the slopes of Diamond Head listed at $5,200,000. To view this home or for more information on other Ossipoff designs contact Mandy Berner, RA 808-286-5845, mandyb@cbpacific.com.
Friday, October 2, 2009
Thursday, October 1, 2009
Why do lenders ask so many questions?
Lenders main objective is to make sure the individual is qualified prior to searching for a home. The main reason lenders ask so many questions upfront is because they want to make sure they have as much information as possible in order to know which loan programs the borrower may qualify for and is best for their unique financial situation.
Some of the questions lenders will ask during the pre-qualification process are:
Contact information: Contact phone number and emails
Personal information: name, address, birthday and social security number
Job Information: Who do you work for, what is your job function, how long have you worked there, how long have you been in this line of profession.
Income Information: What is your gross income?
Debt Information: What are your monthly debt obligations? Credit cards, car loan, personal loan, child support… etc.
Assets: How much do you have in your savings, checking, IRA, brokerage accounts, and cash?
Credit Scores: When was the last time you ran your credit report? How were the scores? Do you have any current or past delinquencies, any liens or bankruptcies?
Down Payment: How much do you plan to put down? Which bank account will money be drawn from? Will it be gift money?
Who else will be on the loan?
All these questions are important to a successful qualification of a loan. They allow the lender to see what potential red flags may come up. For example, cash is always a concern to lenders as it can not be documented. So if you have cash in a bank box, take it out and deposit it into your bank account (remember, it’ll have to be in your account for at least two months).
Good luck in your pre-qualification process. If you already have been pre-qualified and would like to get pre-qualified again, please contact me at 808-561-5943 or email me at lle@pacificaccessmortgage.com.
- Linda Le, Loan Officer, Pacific Access Mortgage
Some of the questions lenders will ask during the pre-qualification process are:
Contact information: Contact phone number and emails
Personal information: name, address, birthday and social security number
Job Information: Who do you work for, what is your job function, how long have you worked there, how long have you been in this line of profession.
Income Information: What is your gross income?
Debt Information: What are your monthly debt obligations? Credit cards, car loan, personal loan, child support… etc.
Assets: How much do you have in your savings, checking, IRA, brokerage accounts, and cash?
Credit Scores: When was the last time you ran your credit report? How were the scores? Do you have any current or past delinquencies, any liens or bankruptcies?
Down Payment: How much do you plan to put down? Which bank account will money be drawn from? Will it be gift money?
Who else will be on the loan?
All these questions are important to a successful qualification of a loan. They allow the lender to see what potential red flags may come up. For example, cash is always a concern to lenders as it can not be documented. So if you have cash in a bank box, take it out and deposit it into your bank account (remember, it’ll have to be in your account for at least two months).
Good luck in your pre-qualification process. If you already have been pre-qualified and would like to get pre-qualified again, please contact me at 808-561-5943 or email me at lle@pacificaccessmortgage.com.
- Linda Le, Loan Officer, Pacific Access Mortgage
Wednesday, September 30, 2009
Home Inspection 101
There are lots of things to be nervous about when you are buying your first home, and having to do a home inspection shouldn’t be one of them. You should definitely get a professional home inspector to do the inspection. He will go over the home to check for various things---
He’ll look at structural elements like the walls, foundation, floors, ceilings, and the roof.
He’ll check the plumbing. Do all the drains work properly? Do the toilets flush? How are the P-traps?
He’ll look at appliances. What is the condition of the washer and dryer? Does the dishwasher work well—he should run it through a cycle. What is the condition of the stove and refrigerator?
He’ll check all the electrical components like switches, plugs, circuit breakers, and he’ll look to see if the home is grounded properly, and he’ll make suggestions as to what to do if it isn’t.
Is there an attic to the home? The inspector will check the attic for its condition. Is there a basement? He will look at that as well.
He’ll go out into the yard, if there is one, and look at landscaping, outdoor lighting, fences, rock walls, sidewalks, etc.
Your home inspector will tell you if there are health and safety issues you need to be aware of, any damage to the roof that he can see, appliances that are malfunctioning, foundation problems, and moisture or drainage issues.
There may be some things that need repair. As the buyer, you should talk to your agent about this. Will you get a credit through your escrow? Or will the seller do the repairs? If the seller does the repairs, they need to be finished by the time you close on your home. And you need to make sure the repairs are done properly, so you will need to be sure to check those things on your final walk through before closing.
If you need more information on home inspection ideas, and what to look for, please be sure to call Tiare Dutcher at 808-753-5327.
He’ll look at structural elements like the walls, foundation, floors, ceilings, and the roof.
He’ll check the plumbing. Do all the drains work properly? Do the toilets flush? How are the P-traps?
He’ll look at appliances. What is the condition of the washer and dryer? Does the dishwasher work well—he should run it through a cycle. What is the condition of the stove and refrigerator?
He’ll check all the electrical components like switches, plugs, circuit breakers, and he’ll look to see if the home is grounded properly, and he’ll make suggestions as to what to do if it isn’t.
Is there an attic to the home? The inspector will check the attic for its condition. Is there a basement? He will look at that as well.
He’ll go out into the yard, if there is one, and look at landscaping, outdoor lighting, fences, rock walls, sidewalks, etc.
Your home inspector will tell you if there are health and safety issues you need to be aware of, any damage to the roof that he can see, appliances that are malfunctioning, foundation problems, and moisture or drainage issues.
There may be some things that need repair. As the buyer, you should talk to your agent about this. Will you get a credit through your escrow? Or will the seller do the repairs? If the seller does the repairs, they need to be finished by the time you close on your home. And you need to make sure the repairs are done properly, so you will need to be sure to check those things on your final walk through before closing.
If you need more information on home inspection ideas, and what to look for, please be sure to call Tiare Dutcher at 808-753-5327.
Tuesday, September 29, 2009
3 Ways to Determine If a Property is a Best Buy: Part III
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 3.) Properties, single family homes above average quality in highly sought after neighborhoods where the inventory for sale is relatively nonexistent and are selling below market value; or condos meeting the same quality standards where the inventory for sale is relatively nonexistent and are selling below market value.
For example 3 bed room condos are relatively in short supply in both the Waikiki and Kakaako area. For our best buy in this area my favorite building would be Koolani. Generally 3 bed rooms in this building sell for over a million dollars. Currently there are three 3 bedroom units on the market. They all come with two parking stalls. Unit 2609 boasts 1,392 square feet. It list at $949,000. Unit 3901 Boast 1,374 square feet and sells at $980,000. Finally there is Unit 1002 which boast 1,561 square feet and list at $1,195,000. Two units have sold in 2009. Unit 4409 at 1,393 square feet sold 3/3/09 for $1,040,000 and unit 2602 which boast 1,561 square feet sold 1/9/09 for $1,250,000. From this information unite 2609 would be the best buy of the three.
For single family homes an area that is very sought after where the inventory is in short supply is Aina Haina Beach. There are currently three properties on the market. Also since January of 2009 there has only been one sale. Although properties generally sell for well over $2,000,000 there is currently a 3 bedroom, 1,128 square foot unit is average condition selling for $859,000. The other two homes on the market are 3 bedrooms, one 2,152 square feet, average condition and a 5 bedroom, 3,731 square feet; they both list at $3,475,000. The one sale in this area was September 1st 2009. It was 5 bedroom home at 6,930 square feet which, sold for $5,500,000. The 3 bedroom at $859,000 would appear to be our best buy in this case. If you would like any help in identifying a best buy or if you are interested in viewing any of the listings mentioned in this article I can be reached on my cell 503 475 6872. Mahalo!
For example 3 bed room condos are relatively in short supply in both the Waikiki and Kakaako area. For our best buy in this area my favorite building would be Koolani. Generally 3 bed rooms in this building sell for over a million dollars. Currently there are three 3 bedroom units on the market. They all come with two parking stalls. Unit 2609 boasts 1,392 square feet. It list at $949,000. Unit 3901 Boast 1,374 square feet and sells at $980,000. Finally there is Unit 1002 which boast 1,561 square feet and list at $1,195,000. Two units have sold in 2009. Unit 4409 at 1,393 square feet sold 3/3/09 for $1,040,000 and unit 2602 which boast 1,561 square feet sold 1/9/09 for $1,250,000. From this information unite 2609 would be the best buy of the three.
For single family homes an area that is very sought after where the inventory is in short supply is Aina Haina Beach. There are currently three properties on the market. Also since January of 2009 there has only been one sale. Although properties generally sell for well over $2,000,000 there is currently a 3 bedroom, 1,128 square foot unit is average condition selling for $859,000. The other two homes on the market are 3 bedrooms, one 2,152 square feet, average condition and a 5 bedroom, 3,731 square feet; they both list at $3,475,000. The one sale in this area was September 1st 2009. It was 5 bedroom home at 6,930 square feet which, sold for $5,500,000. The 3 bedroom at $859,000 would appear to be our best buy in this case. If you would like any help in identifying a best buy or if you are interested in viewing any of the listings mentioned in this article I can be reached on my cell 503 475 6872. Mahalo!
Monday, September 28, 2009
Real Estate Market at a Glance
FHA REQUIREMENTS FOR LOANS ARE BEING INCREASED
As the housing market struggles nationally to gain ground and post postive growth, challenges and changes continue to create obstacles to achieving that growth. Once such challenge has recently been implemented with one of the bright lights in the home buyer process.
FHA insured loans have steadily grown as owner occupants have found the low down payment of 3.5% very attractive vs other types of loans.
However, the requirements for Borrowers to qualify for FHA insured loans are being changed.
Due to the increase of FHA insured loans increasing from 3% of all mortgages issued to nearly 25% today and the default rate increasing from 5.4% to 8%, the FHA is running out of money. The recent shortfall of FHA funds to below the 2% threshold required by Congress requires implementing changes in their lending guidelines that will effect the ability of Borrower's to qualify for loans.
For Borrowers, the following changes are anticipated:
Appraisal policies will be based on the Fannie Mae and Freddie Mac
requirements. This has made the 30 day close for a purchase requiring financing virtually obsolete.
Income documentation will be required for all types of loans eliminating the streamlined reduced documentation previously available for refinances
Higher mimimum credit scores will be required which will reduce the pool of qualified Borrowers
A proposed increase in the minimum down payment on purchase transactions could also affect the pool of qualified Borrowers.*
Also, the list of FHA approved condos will be modified to delete those condos approved BEFORE 10/1/08. This will be effective 11/2/09. These unapproved condos will need to be resubmitted for FHA approval. The procedures for this process are still to be determined.
This could have an affect on the number of buildings available for FHA loans and options for Buyers. **
Thus, the housing market recovery period will likely face further delay caused by these additional government regulations.
If you're a prospective Buyer and want to take advantage of the $8000 Tax Credit for First Time Buyers , you should be sure to discuss your financing needs with a Knowledgable lender who is familiar with these changes and how they can affect you.
If you'd like a REFERRAL to a lender with this knowledge and expertise, contact Dwight Ellis at 808 351-1507.
* Info from Alan Zukerkorn, President of Hawaii Mortgage Co, Inc
** Info from Darren Wong, Loan Officer, Pacific Access Mortgage.
Dwight M EllisRealtor Associate
“Your Hawaiian Real Estate Connection! “Designations:
Graduate Realtor Institute (GRI)
Certified Home Marketing Specialist (CHMS)
Certified Mobility Relocation Specialist (CMRS)
Certified Affinity Relocation Specialist (CMAS)
E-Pro
NumbersMobile 808-351-1507Office 808-944-1888Fax 808-748-8024Email
DwightE@CBPacific.com
Website www.CBPacific.com/DwightECOLDWELL BANKERPACIFIC PROPERTIES1909 Ala Wai Blvd, Ste C-2
Honolulu, HI 96815
As the housing market struggles nationally to gain ground and post postive growth, challenges and changes continue to create obstacles to achieving that growth. Once such challenge has recently been implemented with one of the bright lights in the home buyer process.
FHA insured loans have steadily grown as owner occupants have found the low down payment of 3.5% very attractive vs other types of loans.
However, the requirements for Borrowers to qualify for FHA insured loans are being changed.
Due to the increase of FHA insured loans increasing from 3% of all mortgages issued to nearly 25% today and the default rate increasing from 5.4% to 8%, the FHA is running out of money. The recent shortfall of FHA funds to below the 2% threshold required by Congress requires implementing changes in their lending guidelines that will effect the ability of Borrower's to qualify for loans.
For Borrowers, the following changes are anticipated:
Appraisal policies will be based on the Fannie Mae and Freddie Mac
requirements. This has made the 30 day close for a purchase requiring financing virtually obsolete.
Income documentation will be required for all types of loans eliminating the streamlined reduced documentation previously available for refinances
Higher mimimum credit scores will be required which will reduce the pool of qualified Borrowers
A proposed increase in the minimum down payment on purchase transactions could also affect the pool of qualified Borrowers.*
Also, the list of FHA approved condos will be modified to delete those condos approved BEFORE 10/1/08. This will be effective 11/2/09. These unapproved condos will need to be resubmitted for FHA approval. The procedures for this process are still to be determined.
This could have an affect on the number of buildings available for FHA loans and options for Buyers. **
Thus, the housing market recovery period will likely face further delay caused by these additional government regulations.
If you're a prospective Buyer and want to take advantage of the $8000 Tax Credit for First Time Buyers , you should be sure to discuss your financing needs with a Knowledgable lender who is familiar with these changes and how they can affect you.
If you'd like a REFERRAL to a lender with this knowledge and expertise, contact Dwight Ellis at 808 351-1507.
* Info from Alan Zukerkorn, President of Hawaii Mortgage Co, Inc
** Info from Darren Wong, Loan Officer, Pacific Access Mortgage.
Dwight M EllisRealtor Associate
“Your Hawaiian Real Estate Connection! “Designations:
Graduate Realtor Institute (GRI)
Certified Home Marketing Specialist (CHMS)
Certified Mobility Relocation Specialist (CMRS)
Certified Affinity Relocation Specialist (CMAS)
E-Pro
NumbersMobile 808-351-1507Office 808-944-1888Fax 808-748-8024Email
DwightE@CBPacific.com
Website www.CBPacific.com/DwightECOLDWELL BANKERPACIFIC PROPERTIES1909 Ala Wai Blvd, Ste C-2
Honolulu, HI 96815
Subscribe to:
Comments (Atom)
