Buying a new home can be a stressful time in your life, especially when finding the perfect home that fits your budget seems next to impossible. If you’re like most first time home buyers, you probably think you need to purchase a condominium because houses here are too expensive.
Well there’s a very charming single family house in Honolulu that’s available at a condo price. It’s not a CPR so there are no condo maintenance fees. In addition, the entire house has been recently renovated and includes a new kitchen and bathroom. All kitchen appliances and washer are brand new. And there’s also yard space for gardening.
If you’re interested in learning more about this little gem near downtown Honolulu, please contact me.
According to the Hawaii Board of Realtors residential resale statistics for Oahu, median home prices dropped in the month of May.
The median home price dropped from $585,000 in April, to $550,00 in May (compared to $649,000 May 2008).
Condo prices fell from $310,000 in April to $305,000 in May (compared to $337,000 in May 2008).
According to Honolulu Board of Realtors president Sandra “Sam” Bangerter, our housing market may be showing signs of bottoming out “Single-family home sales rebounded a bit in May and the sales speed of 49 days was faster than at the same time last year. While prices were lower for single-family dwellings, the condominium median price has been holding quite steady at just over $300,000. These are just some of the signals that our housing market may be starting to return to normalcy.”
I’ll be posting virtual tours of my listings here, so you can preview them before deciding whether you want to visit them in person.
My first virtual tour is “The Continental” at 933 Kaheka St. Come and take a look at this great condo. Located on Kaheka Street near Don Quijote. This condo is 750 sq ft with 2 bedrooms/1 bath/1 parking and includes a washer dryer in the unit! Great location close to Waikiki, downtown Honolulu, University of Hawaii, Hawaii Pacific University, parks and beaches. This home is spacious and very clean. MLS# 2905970
Back in 2006, people were lining up to purchase units at the Moana Vista condominium project. As the economy took a turn for the worse, people started backing out for fear that interest rates will climb before the project can be completed.
Today, the building stands half-finished as construction has been stalled since December. The developer is stuck without cash and reducing prices, but people are waiting for completion. And now, to make matters worse, the the contractor is suing the developer for $30 million.
Check out the KITV story here. Stay tuned for more on this development.
Examining a nest of bees that moved into a foreclosed home
Interesting story on Nightline the other night about a realtor who is brutally honest when warning potential buyers about houses on the market, including his own listings.
“I don’t know if this is a flophouse, brothel, retirement home, prison, fraternity…” he announced on a recent visit to a bank-owned property in northern San Diego County, his home turf.
And this was a property he was trying to sell.
I’m not sure how focusing on the negative aspects of a property makes a person more “honest.” Perhaps because he appears to have nothing to hide? But isn’t that what disclosure statements are for?
I think when you represent the seller, you need to focus on the positive aspects of the property and properly disclose the negative. Even if it’s a foreclosed property, you’re still selling it, you’re not giving it away.
Check out the Nightline story here and let me know what you think.
Hawaii’s foreclosure activity increased a staggering 503 percent in March from the same period last year according to this Star Bulletin article. However, almost half the active foreclosure filings in the state were at rentals or vacation homes, according to data released today by RealtyTrac.
Hawaii is being hit hard by troubled investors and second home owners… About 46 percent of all active foreclosures in Hawaii have owner mailing addresses that do not match the property address, which indicates they are rentals or vacation homes
Despite this huge jump in foreclosures, Hawaii’s 2009 first quarter statistics dropped marginally compared to the same period in 2008. According to the Hawaii Board of Realtors, the single family home median sales price was $570K compared to $620K last year. The condo median sales price was $300K compared to $330K last year.
February’s 160 condo sales are exactly 50% of the 320 sales of February last year. Median prices fell as well, the median price of a single family home dropped 8% to $555K compared to $599K a year ago. Condo sales dropped 11% to $297K, compared to $335K a year ago. Hard to believe, but Hawaii median prices have remained steady compared to markets on the mainland.
Las Vegas just edged Detroit as America’s emptiest city. Detroit was in decline for decades, Las Vegas was flourishing with new construction and economic development and hit hard by the housing collapse. Empty neighborhoods are becoming a problem across the country. Detroit’s population of 900,000, is half of what it was half a century ago. Will Las Vegas suffer the same fate?
Honolulu ranked the best with a homeowner vacancy rate of 5.8%, and .5% for rentals.
Last Vegas: Rental Vacancy Rate: 16%, Home Vacancy Rate: 4.7%
Prospective home buyers are finding that the two-point drop in interest rates over the past few months equates to more buying power, meaning it’s a good time to buy.
Based on the information from the Multiple Listing Service of the Honolulu Board of REALTORS® active listings last updated on .
Information is deemed reliable but not guaranteed.
