This week’s highlighted bank owned (REO) property is listed substantially lower than the last comparable sale that occurred less than 60 days ago.
520 Lunalilo Home Road V3407, at the Peninsula in Hawaii Kai, is a 1,584 s.f. residence with 3 bedrooms. The town home is a corner unit with a 2 car garage. The Peninsula is a very popular East Oahu community known for its landscaped grounds, marina and amenities such as walking/jogging path, BBQ, club house, exercise room, recreation/party room and pool. This property is NOT a short sale and listed at $575,000 fee simple, courtesy of Michael R. Kwak, Realtor Associate.
Contact me to represent you on the purchase of this property or if you are interesting in obtaining information on other REO’s or foreclosed homes.
Rosemary Smith, RA
(808) 271-5220 Cellular
rosemarys@cbpacific.com
Licensed in Hawaii and New York
Saturday, October 10, 2009
Friday, October 9, 2009
The Forgotten Luxury Market... Condos!
Featured Property: Hokua at 1288 Ala Moana
The size and comfort of a single family home, the convenience of a residential condominium, the amenities of a world-class resort, and the best views Honolulu has to offer. A luxurious residence that has more in common with a single family home than a traditional condominium.
Located on Ala Moana Blvd. across the street from Ala Moana Beach Park, Hokua enjoys the classy lifestyle of Kakaako with all the convenience of Waikiki and Ala Moana. What sets Hokua apart from other high rise condominiums is its amenities. The dominant feature of Hokua's recreation deck is a vanishing edge pool with a sweeping view of the Pacific Ocean, bordered at the back by a row of jacuzzis. Closer to the main building, there are five separate enclosed barbeque cabanas, equipped with gas ranges, that may be used for family gatherings, parties, or any other occasion. One feature that has been particularly well received is the Bark Park. Residents can have up to two dogs of less than 40 pounds each - a rarity in itself - and at the street level they may be taken off their leashes and given free reign in two park areas, one for small dogs and one for large dogs. Other marquee offerings include a play area adjacent to the pool area which features a court surface with markings for tennis and basketball, as well as more conventional playground equipment for younger children. A fully equipped, state-of-the-art fitness center and spa, with locker rooms, a steam room and sauna, eliminates the need to go to an outside gym. Furthermore, the Hokua Business Center offers meeting rooms for those residents wishing to receive guests in a more formal setting.
Built in 2004, Hokua offers 2 & 3 bedroom condos ranging from 1,463 sq.ft. 2 bedrooms to 4,315 sq.ft. penthouse lofts. These condos currently range from $1,295,000 for a low floor 2 bedroom unit to $3,750,000 for a 2,222 sq.ft. 3 bedroom, 2.5 bath penthouse loft.
To view this truly luxurious condominium, call Mandy Berner, RA at 808-286-5845.
The size and comfort of a single family home, the convenience of a residential condominium, the amenities of a world-class resort, and the best views Honolulu has to offer. A luxurious residence that has more in common with a single family home than a traditional condominium.
Located on Ala Moana Blvd. across the street from Ala Moana Beach Park, Hokua enjoys the classy lifestyle of Kakaako with all the convenience of Waikiki and Ala Moana. What sets Hokua apart from other high rise condominiums is its amenities. The dominant feature of Hokua's recreation deck is a vanishing edge pool with a sweeping view of the Pacific Ocean, bordered at the back by a row of jacuzzis. Closer to the main building, there are five separate enclosed barbeque cabanas, equipped with gas ranges, that may be used for family gatherings, parties, or any other occasion. One feature that has been particularly well received is the Bark Park. Residents can have up to two dogs of less than 40 pounds each - a rarity in itself - and at the street level they may be taken off their leashes and given free reign in two park areas, one for small dogs and one for large dogs. Other marquee offerings include a play area adjacent to the pool area which features a court surface with markings for tennis and basketball, as well as more conventional playground equipment for younger children. A fully equipped, state-of-the-art fitness center and spa, with locker rooms, a steam room and sauna, eliminates the need to go to an outside gym. Furthermore, the Hokua Business Center offers meeting rooms for those residents wishing to receive guests in a more formal setting.
Built in 2004, Hokua offers 2 & 3 bedroom condos ranging from 1,463 sq.ft. 2 bedrooms to 4,315 sq.ft. penthouse lofts. These condos currently range from $1,295,000 for a low floor 2 bedroom unit to $3,750,000 for a 2,222 sq.ft. 3 bedroom, 2.5 bath penthouse loft.
To view this truly luxurious condominium, call Mandy Berner, RA at 808-286-5845.
Thursday, October 8, 2009
Ever Wonder How Rates are Determined?
Last week we blog on why lenders ask so many questions during the pre-qualification process. Ever wonder why each lender have different rates and how interest rates are determined?
Below are a few things lenders look at when determining an individual’s interest rate:
Is the subject property a single family home or a condo? The cost to get a better rate increases by .75% if your down payment is less than 25% on a condo.
Type of Loan: Rates differ for VA, FHA and USDA loans
Type of Borrower: if your credit scores are higher your rate will be better
Purchase or Refinance: If you are purchasing a new place, the rate is better by .5%.
Extended Locks: If you lock in a rate, there is an increase to the cost if you do a 45 day or longer.
Each lender’s rate may differ because that bank’s cost to borrow the money may have been higher.
Timing: And last but not least, the day you lock in plays a key part to the rate. You may lock in one day and the next day the rate may either go up or down. It’s a daily (and sometimes hourly) gamble.
Remember these items when you wonder why your rate is different from someone else’s rate. To get a quote for today’s rate, give me a call at 808-561-5943 or email me at lle@pacificaccessmortgage.com. – Linda Le, Loan Officer, Pacific Access Mortgage
Below are a few things lenders look at when determining an individual’s interest rate:
Is the subject property a single family home or a condo? The cost to get a better rate increases by .75% if your down payment is less than 25% on a condo.
Type of Loan: Rates differ for VA, FHA and USDA loans
Type of Borrower: if your credit scores are higher your rate will be better
Purchase or Refinance: If you are purchasing a new place, the rate is better by .5%.
Extended Locks: If you lock in a rate, there is an increase to the cost if you do a 45 day or longer.
Each lender’s rate may differ because that bank’s cost to borrow the money may have been higher.
Timing: And last but not least, the day you lock in plays a key part to the rate. You may lock in one day and the next day the rate may either go up or down. It’s a daily (and sometimes hourly) gamble.
Remember these items when you wonder why your rate is different from someone else’s rate. To get a quote for today’s rate, give me a call at 808-561-5943 or email me at lle@pacificaccessmortgage.com. – Linda Le, Loan Officer, Pacific Access Mortgage
Wednesday, October 7, 2009
FIRST TIME HOME BUYERS, HERE IS THE LATEST NEWS!!!!
Over the last 30 years, now is the BEST time to buy! The interest rates are lower than they have been for a LONG time. Even in the peak buying years of 2004 and 2005, the interest rates were higher than they are now. Just today, the mortgage lenders with Pacific Access Mortgage told me that the interest rates are only 4.5%. That translates to more buying power for you. For example, a $400,000 loan at 7% would cost you almost $650 more per month than a loan at 4.5%. A $240,000 loan at 7% would be $380 more per month than a loan at 4.5%.... Now is definitely the time to buy!
Call Tiare Dutcher today at 808-753-5327 to set up an appointment to find that first time home you’ve been looking for.
Call Tiare Dutcher today at 808-753-5327 to set up an appointment to find that first time home you’ve been looking for.
Tuesday, October 6, 2009
Unusual Best Buy in the Luxury Market
Recently stumbled upon a “Best Buy”, it is a high end condo listed at $2.9 million. The monthly taxes and fees total $5,675. The reason why it is a best buy because of the following:
1. It is has 4,286 sq. ft of living space and is in excellent condition.
2. It is one of two true penthouses in the building with its own private elevator.
3. The other true penthouse at 4,607 which is comparable it is listed at $ $4.98 million
4. The two true penthouses are on the top floor, 38. There is a double unit Penthouse on the 35th floor which has 5,359 square feet of living space. It is listed for $4.6 million.
5. Then there are two other units on the 35th floor one at 3,111 square feet, the other at 3,225 square feet listed at $2.55 million and $2.695 million respectively.
To find comparables that have sold in the pass year is very difficult. The only properties that come close were sold in late 2008 and early 2009. They were penthouses or luxury condos that sold on high floors. There were a total of four in all:
1. 1,981 square feet for $3.3 million
2. 1,981 square feet for $3.67 million
3. 2,222 square feet for $3.8 million
4. 2,574 square feet for 4.9 million
With these comparative results one can see why the $2.9 million example is considered a “Best Buy”. If you would like any more detail regarding this article or if you interested in viewing any of the properties please do not hesitate to me, Abron Toure 503 475 6872, Mahalo.
Abron Toure Passion, Performance, Persistence http://dos-n-donts.realtors.officelive.com Realtor Associate 503 475 6872 Cellular
1. It is has 4,286 sq. ft of living space and is in excellent condition.
2. It is one of two true penthouses in the building with its own private elevator.
3. The other true penthouse at 4,607 which is comparable it is listed at $ $4.98 million
4. The two true penthouses are on the top floor, 38. There is a double unit Penthouse on the 35th floor which has 5,359 square feet of living space. It is listed for $4.6 million.
5. Then there are two other units on the 35th floor one at 3,111 square feet, the other at 3,225 square feet listed at $2.55 million and $2.695 million respectively.
To find comparables that have sold in the pass year is very difficult. The only properties that come close were sold in late 2008 and early 2009. They were penthouses or luxury condos that sold on high floors. There were a total of four in all:
1. 1,981 square feet for $3.3 million
2. 1,981 square feet for $3.67 million
3. 2,222 square feet for $3.8 million
4. 2,574 square feet for 4.9 million
With these comparative results one can see why the $2.9 million example is considered a “Best Buy”. If you would like any more detail regarding this article or if you interested in viewing any of the properties please do not hesitate to me, Abron Toure 503 475 6872, Mahalo.
Abron Toure Passion, Performance, Persistence http://dos-n-donts.realtors.officelive.com Realtor Associate 503 475 6872 Cellular
Monday, October 5, 2009
The Hawaii Real Estate Market at A Glance
So, When Is It the BEST Time to Buy Real Estate in Hawaii?
Now!
Why Now?
For first time homebuyer's who want to take advantage of the tax credit up to $8000, you need to make an offer on a property and get your offer accepted so you can close by December 1st, 2009. To make this deadline, you'll need at least 45 days in escrow to close if you require financing.
Interest rates are still under 5% so your purchasing power is still MAXIMIZED!!
Home prices are still LOW vs prior years but are stabilizing with low inventories. As long as inventory levels remain low, the RATE of decrease in prices will continue to level.
FHA financing is doing some reorginazition of guidelines that will take effect in NOV and may be more stringent on qualifications for prospective buyers.
If you insist on waiting til we reach the absolute bottom of the market before buying, you'll only discover the bottom after it's already PASSED!!!
Buying on either side of the bottom of the price curve is ideal. The danger of waiting to buy at the absolute bottom of the market is that while you're WAITING for the BOTTOM of the MARKET in PRICES, INTEREST RATES may increase and REDUCE your PURCHASING POWER faster than prices DECLINE.
So, WHEN is it the BEST time to buy real estate in Hawaii?
NOW!
If you're ready to buy in the next 30 days, contact Dwight Ellis at dwighte@cbpacific.com or call me at 808 351-1507
Now!
Why Now?
For first time homebuyer's who want to take advantage of the tax credit up to $8000, you need to make an offer on a property and get your offer accepted so you can close by December 1st, 2009. To make this deadline, you'll need at least 45 days in escrow to close if you require financing.
Interest rates are still under 5% so your purchasing power is still MAXIMIZED!!
Home prices are still LOW vs prior years but are stabilizing with low inventories. As long as inventory levels remain low, the RATE of decrease in prices will continue to level.
FHA financing is doing some reorginazition of guidelines that will take effect in NOV and may be more stringent on qualifications for prospective buyers.
If you insist on waiting til we reach the absolute bottom of the market before buying, you'll only discover the bottom after it's already PASSED!!!
Buying on either side of the bottom of the price curve is ideal. The danger of waiting to buy at the absolute bottom of the market is that while you're WAITING for the BOTTOM of the MARKET in PRICES, INTEREST RATES may increase and REDUCE your PURCHASING POWER faster than prices DECLINE.
So, WHEN is it the BEST time to buy real estate in Hawaii?
NOW!
If you're ready to buy in the next 30 days, contact Dwight Ellis at dwighte@cbpacific.com or call me at 808 351-1507
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