The first ultra-luxury hotel-condominium property to be built in Waikiki in 25 years is scheduled to be open November 1st, 2009. The Trump International Tower & Hotel Waikiki Beach Walk offers it all. Located in the recently redeveloped Beach Walk area of Waikiki this luxurious condominium offers convenience to the best shops, restaurants, and entertainment as well as some of the best views on the island. But what makes this property special and truly luxurious is the lifestyle that it offers. Trump Tower offers everything from 24 hour concierge, 24 hour in-room dining, to valet parking, full service spa, contemporary fitness center and more.
Trump Tower offers studios, 1 bedrooms, 1 bedrooms + dens, 2 bedrooms, 2 bedroom + dens, & 3 bedrooms $551,000 to $4,900,000. The units range from 350 sq. ft. to 3,000 sq. ft. and prices range from The units themselves offer beautifully refined interior designs of natural stone, hand-crafted millwork, and top of the line stainless steel appliances.
In November 2006, 462 units were pre-sold in one day for a total of $700 million, possibly the fastest real estate sale in history. If you missed out in 2006, call Mandy now for your opportunity to own in the world renowned Trump Tower in Waikiki… Mandy Berner, RA 808-286-5845.
Friday, October 23, 2009
Thursday, October 22, 2009
Why do Loan Officers Ask For So Much Paperwork?
Loan officers ask for way too many paperwork and they have borrowers sign way too many documents! The standard financial paperwork that a loan officer will ask for are:
Most current two years federal tax returns (Year To Date Profit and Loss Statement for self-employed)
Most current one full month of paystub(s)
W-2 statements for the past two years
Most current 2 months (reflecting a 30 day history) bank statement
Once those documents are submitted to the loan officer they will review the documents and determine whether or not more documentation is needed. Here are some examples of when a loan officer will ask for more documents:
· The bank statement shows a large deposit that is not the normal amount of your deposits. Where did that money come from? Or the total balance is less than what you need for closing cost.
· Tax returns show that you have a small partnership in another company or have a second business that was not documented in the loan application because it’s just “play” money and “not that important”. If it shows anywhere on any of the documents provided, lenders will ask for more information regarding it.
There are more situations that may occur where your loan officer will ask for more documents. Trust me when I tell you that we really don’t want to ask for it but it’s a must to ensure proper documentation and due diligence.
– Linda Le, 808-561-5943, Loan Officer, Pacific Access Mortgage
Most current two years federal tax returns (Year To Date Profit and Loss Statement for self-employed)
Most current one full month of paystub(s)
W-2 statements for the past two years
Most current 2 months (reflecting a 30 day history) bank statement
Once those documents are submitted to the loan officer they will review the documents and determine whether or not more documentation is needed. Here are some examples of when a loan officer will ask for more documents:
· The bank statement shows a large deposit that is not the normal amount of your deposits. Where did that money come from? Or the total balance is less than what you need for closing cost.
· Tax returns show that you have a small partnership in another company or have a second business that was not documented in the loan application because it’s just “play” money and “not that important”. If it shows anywhere on any of the documents provided, lenders will ask for more information regarding it.
There are more situations that may occur where your loan officer will ask for more documents. Trust me when I tell you that we really don’t want to ask for it but it’s a must to ensure proper documentation and due diligence.
– Linda Le, 808-561-5943, Loan Officer, Pacific Access Mortgage
Wednesday, October 21, 2009
First Time Home Buyers---Here are some things you need to think about before you start to look for your dream home…
Before you start to look for that home, check your credit report with all three credit reporting companies (TransUnion, Experian, and Equifax). It is important to do this a few months before you begin that search for your home because if there are any things that need to be corrected on your credit reports, this will allow enough time to do so.
Ask lots of questions of the agent who is representing you. You and your agent will work as a team to find the best property you can afford. The looking process could be quick, or it could be lengthy, so make sure you find someone you are comfortable with.
You will need to shop around for a loan. Different mortgage brokers might have different interest rates available to them, so don’t just accept the first loan package that comes along. For example, if you think you will be in the property for a short time (two or three years) before you move on, you will not want to have large discount points up front. It would be better to pay a higher interest rate.
Stay tuned for next week’s continuation of these things to think about. There are more. If you can’t wait till next week, call Tiare Dutcher at 808-753-5327.
Before you start to look for that home, check your credit report with all three credit reporting companies (TransUnion, Experian, and Equifax). It is important to do this a few months before you begin that search for your home because if there are any things that need to be corrected on your credit reports, this will allow enough time to do so.
Ask lots of questions of the agent who is representing you. You and your agent will work as a team to find the best property you can afford. The looking process could be quick, or it could be lengthy, so make sure you find someone you are comfortable with.
You will need to shop around for a loan. Different mortgage brokers might have different interest rates available to them, so don’t just accept the first loan package that comes along. For example, if you think you will be in the property for a short time (two or three years) before you move on, you will not want to have large discount points up front. It would be better to pay a higher interest rate.
Stay tuned for next week’s continuation of these things to think about. There are more. If you can’t wait till next week, call Tiare Dutcher at 808-753-5327.
Tuesday, October 20, 2009
A Best Buy in Waikiki
This week’s “Best Buy” features two listing from the Waikiki Office, The Waikiki Sunset Unit 1807 and The Rosalei Ltd Unit 402. Both are true one bedroom, one bath and come with parking.
The Waikiki Sunset unit lists for $225,000 Lease Hold. The Fee has been reserved for $98,200. This brings the total Fee Simple price $323,200. The unit has a lanai with access from both the living room and bedroom. The living space gives one a unique "I'm home in paradise" feel. The building boasts good management. This is a good buy for the first-time home buyer. The unit has good potential positive cash flow for an investor and the possibility for future sales is desirable. The Waikiki Sunset has had 7 units sell in the last 6 months.
The Rosalei Ltd Unit 402 list $199.000 Fee Simple. This is a short sale. The condition is above average. It comes with a large lanai. The building is VA and FHA approved. This is a good opportunity for a renter to convert to an owner as well as an excellent opportunity for the first time home buyer. It is worth noting that the VA financing allows a no-money-down option. The unit also may meet an investor strategy who is seeking good potential cash flow. Future re-sale is also a good possibility. Sales in the Rosalei have been very active. Five units have sold since June of 2009.
If you would like any further information about these two properties or investment opportunities here in Hawaii please do not hesitate to call Abron Toure. My cell phone number is 503 475 6872.
The Waikiki Sunset unit lists for $225,000 Lease Hold. The Fee has been reserved for $98,200. This brings the total Fee Simple price $323,200. The unit has a lanai with access from both the living room and bedroom. The living space gives one a unique "I'm home in paradise" feel. The building boasts good management. This is a good buy for the first-time home buyer. The unit has good potential positive cash flow for an investor and the possibility for future sales is desirable. The Waikiki Sunset has had 7 units sell in the last 6 months.
The Rosalei Ltd Unit 402 list $199.000 Fee Simple. This is a short sale. The condition is above average. It comes with a large lanai. The building is VA and FHA approved. This is a good opportunity for a renter to convert to an owner as well as an excellent opportunity for the first time home buyer. It is worth noting that the VA financing allows a no-money-down option. The unit also may meet an investor strategy who is seeking good potential cash flow. Future re-sale is also a good possibility. Sales in the Rosalei have been very active. Five units have sold since June of 2009.
If you would like any further information about these two properties or investment opportunities here in Hawaii please do not hesitate to call Abron Toure. My cell phone number is 503 475 6872.
Monday, October 19, 2009
Hawaii Market at A Glance!
In last week's blog, I discussed the stats for home and condo sales in Sept and what the trend may be in October.
This week we'll identify neighborhoods that are reflecting the first indications of Stage One of the Real Estate Cycle.
Stage One is when unit sales are above prior year sales and median sales prices are slightly below to even with prior year. Three months of these tendencies in a neighborhood would confirm a stage one trend.
For single family homes in September, the following single family neighborhood was exhibiting stage one tendencies:
Units Sold vs Pr Yr Median Sales Price vs Pr Yr
Waipahu 7 vs 13 $493,000 vs $$511,000
Stage 2 is when unit sales are above prior year and median sales prices are above prior year. The following single family neighborhoods exhibited stage 2 tendencies:
Hawaii Kai 25 vs 7 $830,000 vs $665,000
Windward Coast 4 vs 3 $492,500 vs $444,000
Stage One Condo Neighborhoods:
Kalihi/Palama 10 vs 5 $291,500 vs $292,900
Ala Moana/Kakaako 38 vs 21 $425,000 vs $415,000
Hawaii Kai 21 vs 15 $510,000 vs $511,000
Mililani 26 vs 18 $294,000 vs $297,000
Stage Two Condo Neighborhoods:
Moanalua/Salt Lake 26 vs 14 $300,000 vs $294,000
Makakilo 8 vs 5 $275,908 vs $247,200
How does this affect you if you're a Buyer or Seller?
Contact Dwight Ellis at 808 351-1507 for more information!
This week we'll identify neighborhoods that are reflecting the first indications of Stage One of the Real Estate Cycle.
Stage One is when unit sales are above prior year sales and median sales prices are slightly below to even with prior year. Three months of these tendencies in a neighborhood would confirm a stage one trend.
For single family homes in September, the following single family neighborhood was exhibiting stage one tendencies:
Units Sold vs Pr Yr Median Sales Price vs Pr Yr
Waipahu 7 vs 13 $493,000 vs $$511,000
Stage 2 is when unit sales are above prior year and median sales prices are above prior year. The following single family neighborhoods exhibited stage 2 tendencies:
Hawaii Kai 25 vs 7 $830,000 vs $665,000
Windward Coast 4 vs 3 $492,500 vs $444,000
Stage One Condo Neighborhoods:
Kalihi/Palama 10 vs 5 $291,500 vs $292,900
Ala Moana/Kakaako 38 vs 21 $425,000 vs $415,000
Hawaii Kai 21 vs 15 $510,000 vs $511,000
Mililani 26 vs 18 $294,000 vs $297,000
Stage Two Condo Neighborhoods:
Moanalua/Salt Lake 26 vs 14 $300,000 vs $294,000
Makakilo 8 vs 5 $275,908 vs $247,200
How does this affect you if you're a Buyer or Seller?
Contact Dwight Ellis at 808 351-1507 for more information!
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