The Japanese yen (¥) to U.S. dollar ($) conversion has been the lowest ever as far as I remember. At ¥76 to a dollar range, the yen is at it’s highest level since WWII. When I first came to U.S. 16 years ago, the exchange rate was ¥125 to the dollar. The ¥125 range had been considered the norm for a long time. When the yen dropped below ¥125, Japanese buyers felt like they were getting discounts in U.S. stores. If you apply this same concept to a much larger purchase like real estate, your savings can be pretty considerable. Instead of keeping your yen in a low-interest yielding bank account in Japan, it may be worth investigating investing your yen in Hawaii real estate instead. Not only will you enjoy your Hawaii visit more, the value of your investment will increase as the dollar increases in strength. Or if you choose to purchase a rental property, your net rental income might be better than the interest that you get from your bank in Japan.
Talk to your accountant to see if this opportunity is right for you. Then talk to me.
Have you ever considered renovating your home? There are dozens of home improvement television shows that will inspire you to turn your home into your dream home… yourself.
But in reality, there’s a lot more detail involved than what you see on TV. And it’s not uncommon for the novice do-it-yourselfer to run into problems, go over budget and take much longer finish the project than they initially planned (if they finish at all). Sometimes it may just make sense to find the perfect home, instead of building it (or renovating it) yourself, where someone else already dealt with the headaches of the renovation.
I know of such a home.
There’s great listing with an unobstructed ocean view that has been fully renovated this year. A total of $115,000 was put into renovations to convert this spacious one-bedroom unit into a dream home. The listing is being offered at $579,000 and is in perfect move-in condition.
Some great advice in US News & World Report… the top 10 mistakes of first-time home buyers.
1. Not checking your credit report and score
2. Not getting preapproved
3. Not creating a long-term budget
4. Forgetting about the hidden costs
5. Not using professional help
6. Picking your real estate agent and lender blindly
7. Thinking you’ll get everything on your “wish list”
8. Not keeping your feelings in check before hiring a home inspector
9. Not researching your neighborhood
10. Not considering the resale value of your home
If you avoid all these mistakes, you will be in much better shape. Your transaction will be smoother, your stress level will be lower, and your expectation level will be more in alignment with your results.
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.
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.
The median price of a single-family home in Hawaii fell to $539,500 in January, the lowest price since 2005 according to the Honolulu Board of Realtors.“The current economic conditions are causing buyers to take a ‘wait-and-see’ attitude, as evidenced by the slow sales in Oahu’s residential housing marketing during January,” said Sandra “Sam” Bangerter, the board’s 2009 president.
According to Freddi Mac, the national average of interest rate last week has dropped to the lowest ever since 1971. This historical low interest rate is sparking a big refinancing boom among homeowners trying to lower their monthly payments, shorten the life of their loans, or convert from adjustable rate to fixed rate mortages. It’s expected that more people will refinance as word of the low interest rates spread. Check out the Honolulu Advertiser article.
Ofcourse… when rates are this low, it’s also a great time to buy.
According to Honolulu Board of Realtors, the Oahu home prices in 2008 were fairly stable. If you compare the median price for single-family homes in 2008 and 2007, the median price in 2008 ($624,000) dropped only by 3 percent from 2007 ($643,500). When you do the same comparison by month, December’s median price in 2008 ($626,500) has actually risen by 3 percent from December 2007 ($610,000). Read Pacific Business News article
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.