A few weeks ago, I started hearing loud construction noises near my office.  It’s an unavoidable part of urban life, and with all the road construction in this area, I didn’t really pay attention to it.  Just when I’ve grown acustomed to the construction sound, I realized where it was really coming from… One Ala Moana!

This is the view from my office.  One Ala Moana will be right next to our building.  My office is located on 15th floor and this photo gives you some ideas of what the views will be from One Ala Moana.

If you zoom into the photo, you can see a white line on the roof top.  I believe it’s the projected building’s footprint.  Am I the only person who thinks it looks a bit small?

What do you think?

ワンアラモアナ工事風景
アラモアナショッピングセンター　ノードストローム駐車場上に出来るワンアラモアナの建設風景。
１ヶ月程前から作業が始まり、毎日ドリルの音が絶えません。ガラス越しですが、私の事務所から撮った物です。事務所は１５階なので、このプロジェクトの１５階辺りを購入された方は左に少し見える海の風景が想像できると思います。
写真をズームしていただくと分かると思いますが、太い白線が引かれています。それが建物が建つ場所のようです。意外に小さいと思ったのは私だけでしょうか？

It doesn’t surprise me that Facebook founder Mark Zuckerburg invested some spare change to hold several units in Oahu’s next ultra-luxury condo. Dubbed “the next Hokua,” ONE Ala Moana offered 103 units to owner-occupant buyers last month and all 103 units were sold out in less than two days. There were a bunch of units offered to exclusive clients in Tokyo, Japan before this project was made public. If it’s true that Zuckerberg purchased several units, then there were other unpublicized sales.

The project is officially sold out, which is good for the project, but not good for the many frustrated buyers who are probably out there hoping to get in on the action.

I personally have mixed opinions on this project. I wonder if the project’s sale performance will be able to match it’s expectations.

フェイスブック創立者のマーク・ザックバーグ氏が　オアフ島の次のホクアと騒がれている高級コンドを幾室も押さえてる　と聞いても大富豪の彼だからちっとも驚きのニュースではない。”次のホクア”とはワンアラモアナのことで、先月、主住居目的者のみの購入者を募り、出した103室は2日で完売した。この物件発表がオアフ島でされる前に　実は東京ではもうすでに限られた人を対象に売出しが始まっていた。このザックバーク氏の購入が本当の話であれば、一般に公表されてない販売は東京以外にもあった事になる。

このプロジェクトは完売と言われている、販売としては非常に成績の良い事であるが、購入にありつけなかったローカルや　残念ながらザックバーク氏のように特別連絡を貰えなかった多くの投資家は　この完売というニュースに苛立ちを覚えているにちがいない。

個人的にはこのプロジェクトに対して色々複雑な意見。とりあえず　こんなに優等生販売を終えてしまって　この先のプロジェクトパフォーマンスも優等生で続けられるのだろうか？楽しみだ。

What was the state of Oahu real estate in 2012?  Here is a quick review.

The chart below shows how Oahu’s real estate market performed in 2012 compared to the previous year.

Unbelievably, the number of sales increased even as prices went up.  Our low inventory and historically low interest rates are a big contributor to this unusual equation. There are fewer homes available in the market (both number of new listings and active listings were down).  Look at the number of pending sales, up 57% for single family homes (SFH) and up 43% for Condos. Buyers are wiping out the available inventory, even at the higher prices. This is not a new trend, our market is continuing to improve in sales and price…just at much quicker pace.

Smart home buyers aren’t standing still. They are taking action now.

Smart home sellers should also take advantage of today’s high-demand market with less competition and much more interested buyers.

If this trend continues, 2013 will be a fantastic year for Hawaii real estate.

Are you considering buying or selling?  I’d love to give you a complementary consultation to discuss your specific needs.

2012年のオアフ島不動産はどうだったんでしょうか？　ぱっと見て分かるように表にしました。（上記太文字）
数字は前年度からの比べた物です。

値段が上がってきているにも関わらず、売却数が伸びてきています。在庫が少ないのと　歴史的に低い金利が大きな影響を及ぼしています。買える家が一方的に減っていている事（新しく市場に出る物件数減、現在市場に出ている物件数減）ご覧のように　売却契約中の物件が　一戸建てで57%、コンドミニアムで43%もアップ。　購入者は買える物件を　少々高くなった値段でもどんどん消化していっています。

実はこれは新しい動きではありません。オアフ島の不動産市場は取引数も、値段も上昇気流には乗っていたのですが、ただスピードが速くなてきたようです。

賢い購入者は　今とばかりに　目を光らせて真剣に住宅購入に取りかかっています。
売却をお考えの方は、競争相手が少なく、購入者の多い　この需要の高いマーケットを是非有効利用してください。

何れにしても、売却や購入、買い替えをお考えの方は　是非一度無料相談のご連絡ください。

The experts are now more confident in their predictions. According to the Star Advertiser, Oahu’s housing medium price is predicted to be at $800,000 or more by 2015. This is not an average price of all homes (which would be skewed by Oahu’s very expensive high-end homes). The median price is the point that separates the half of houses that sold at a higher price, from the half that sold at a lower price.

Looking back at our history, Oahu’s medium home price has nearly doubled every 10 years. If history repeats itself, it should be over $1.2 mil in a few years. Although I’m not an expert, I don’t think that will happen. $800,000 appears to be more realistic.

オアフ島現地新聞、スターアドバタイザーによると、オアフ島の中間価格が２０１５年には＄８０万弱もしくは＄８０万を超えると予測されています。　現在の価格から比べて約２０万ドルのジャンプだ。

オアフの歴史を見ると、約１０年ごとに中間価格は倍増し続いて、２０１５年では＄１２０万近くになる計算になる。　専門家でない私でも　少なくとも２、３年の内ではありえないと自身を持って言えてしまう。　そうすると、この＄８０万ドルもそうそう的が離れていない予測のように感じませんか？

1649 Leilehua Ln A Honolulu, HI for Sale at $350,000

Can you believe an offer like this exists in Honolulu in 2012 where the medium price for single family home in Oahu is $620,000 (according to the latest Honolulu Board of Realtors statistics)?

This cute  cottage (detached home) stands at a very convenient location where you can walk to nearby Safeway and Longs Drug Store and the downtown district (China Town). The house is located on a small lane and nestled at the end of a private walkway. It is very private and secluded, yet, has easy access to major thoroughfares like Pali Highway and the H1 Freeway.

This house was originally built in 60′s and you can find a lot of 1960′s charm throughout the house.

The entire house was renovated (including a brand new kitchen and bathroom) by licensed contractors. And has never been occupied since.

The house is offered at $350,000.

Is it a leasehold property?
No, it’s not leasehold. It is pure fee simple.

Is it a CPR?
No, it’s not a CPR, which means there are no monthly association/maintenance fees.

In addition, there’s yard space if you enjoy gardening!

Why is it so cheap?
There are no parking spaces on the premises, there is only street parking. This was fine back when the house was originally built, and will continue to be legal as it has been grandfathered in.

ホノルルの中心でとてもチャーミングな一戸建ての家がコンドミニアムしか買えない値段で売りに出されています。

このホノルルの中央価格が62万ドル（ちなみにオアフ平均価格だと72万ドル）の時代に信じがたい売り出し物件。
ダウンタウンやお店まで歩ける距離。コンドミニアムのように共同使用区間がないので管理を毎月支払わう必要なし。それに、真新しいキッチン、浴室を含め　この家は最近プロに手直しされ、それから誰も住んでません。台所家電や洗濯機も新品。十分なガーデニングできるスペースもあります。

どうしてこんなにお安いのでしょう？　実は駐車場がありません。と、いうことで路駐のみ。この家が建てられた時はどれでオッケーだったんでしょうね。

ホノルルダウンタウン近郊にあるこの小さな宝石箱のような家、ご興味がある方はこちらまでお問い合わせください。

Would you be surprised if I told you that Ewa Beach had the most residential home sales in the last month (June, 2012) compared with the rest of Oahu?  Some people still seem to be stuck with the old market impression for Ewa, which is slow, dragging and gloomy. Well that’s not the case.  I have personally experienced Ewa’s market and it’s very different from last year. Ewa is now a very fast and competitive market!  This PBN article covers a good snap shot of what’s going on the entire island.  Check it out.

先月エバが一番オアフ島の中で家が売れたって、ちょっとびっくりした人もいるのでは？まだエバの不動産市場は低迷化の真っ最中で、なんて一昔のイメージを今だにもたれている方も多いのでは？　実際のところ、去年より続いて、エバの急速なマーケットにお客様共に十分と実感させられました。

PBNの記事が上手にオアフ島全体の不動産市場をまとめています。

I had a chat with a very successful business person who is now retired and enjoying his life (and is enjoying spending his money). He said that everyone understands the concept of “buying low and selling high.” But what a lot of people end up doing is they buy real estate because they fear prices will rise beyond their price range, then they sell when prices begin to drop and they fear that the prices will continue drop lower. In the end, they’re buying high and selling low.

Don’t play the guessing game. Contact a realtor that you trust to give you the most up-to-date information and make an educated decision.

あるビジネスに大成功した人と少しお話できる機会があった。今はもう引退生活を十分に（そして十分以上に自由にお金を使って）楽しんでいる。

その人からのコメントは　結局、不動産はみんな値が低い時に買って、値が高い時に売るのが最高のシナリオだと分かっているのに、実際のところは全く逆をしている人が多い。　値段がこれ以上上がる前に買ってしまおうと買い、値段がこれ以上低くなる前に売ってしまいたいと、売るのが現実なところ。

なるほど、分かってはいるものの、そう言われてみれば　ほとんどの人は同感できるのではないでしょうか？

There’s more positive news and predictions about the housing recovery. Housing price predictions are getting stronger as they (the experts) are confident about what will happen next. According to Real Estate Magazine, these experts are already throwing out a number of the percentage price increase and what the timeline will be. How do they know this? Wow.

I can only rely on facts, or actual data after it already happened, as I don’t have a crystal ball. According to the Honolulu Board of Realtors, the latest stats on Oahu’s real estate market have already shown a 11% jump in the single family home median price in comparison to the same month (May) of last year. Wow! Condominium sales has risen by 12% in the same period.  Wow!

I’m hoping these facts are revealing trends that’s really happening and help guide our decisions in the near future.

The real estate market on the mainland may be seeing the light at the end of tunnel, but here on Oahu, the market is already out of tunnel and bathing under the sun.

Image credit: adamr / 123RF Stock Photo

The newest stats from the Honolulu Board of Realtors has confirmed that housing prices on Oahu are on the rise. If you recall the upside-down bell curve graph from high school math class, our home prices were already at the very bottom of the curve, and starting to move upward.

Lots of buyers who were on the fence waiting for Oahu’s housing prices to hit rock bottom are starting to realize that they just missed it–and they starting to jumping in.

Why is this happening?

1. There is not enough inventory. There simply aren’t a lot of houses on sale.

2. Interest rate are the lowest ever. In fact, just this week interest rates hit the lowest since the long term mortgage has been introduced in 1950.

3. High demand

This Pacific Business News article summarizes the report nicely.

Buyers: Your wait is over. Put an action plan together right way for your right new home.

Sellers: your wait is over. It’s clear buyer demand is there. It’s the time to put your property on the market!

Happy House Hunting!

Great news for Bank of America home loan holders. As part of a deal the U.S Government made with the major lenders, BofA will make an effort to reduce the financial hardship of their borrowers who are caught in an “upside down” situation (where the balance of their loan exceeds the value of their home). BofA has already started mailing out notification of payment reduction to qualified customers–an average of 30 % in contractual payment will be forgiven. According to this Forbes article, qualified borrowers would be someone who are at least 60 days behind on their payments since the beginning of this year. I understand this is a part of the “foreclosure” settlement, but I wonder how other borrowers who were almost qualified for this program would feel about this news. Especially those whose home payments are more than 25% of their gross household income, and their loan amount exceeds the value of their home today. These borrowers are struggling to make their payments on time, but their diligence disqualifies them this “rescue.”

I would like to hope that help will be on the way for them as well.

バンク・オブ・アメリカのローン保持者に好報です。アメリカ連邦政府と大手金融機関との間で交わされた取り決めで　現在アメリカの住宅事情低迷のため　貸し付けのローン額が現在の不動産価格より上回るいる状況の顧客に　経済的に補助をするというものだ。バンク・オブ・アメリカではもうすでに条件に当てはまる顧客には今週より郵送でローン返済額の減価の知らせを出し始めた。平均にして３０％の減価。フォーブスの記事によると、条件としては今年に入って少なくとも６０日以上月ローン返済が遅れている等がある。