Archive for July, 2008
Trying To Help With Foreclosures
July 31st, 2008 categories: Rants & Riffs
With the spate of national foreclosures and the recently signed “Bail Out” bill, it is good to hear that Freddie Mac is going to attempt to slow down some of them. A recent Wall Street Journal article read as follows.
“Freddie Mac, which has been stung by surging delinquencies, will double the financial incentives it offers to mortgage servicers that help borrowers with Freddie-owned loans avoid foreclosure.”
CLICK HERE TO READ THE ARTICLE
I wonder if part of the Bail Out bill is being used to buy time for these foreclosures? May people from Oahu and Honolulu benefit from this plan!
Today’s picture is of Kahakuloa, which is on the north side of Maui. It was taken this past weekend while I traveled on the Hawaii Super Ferry.
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Honolulu’s Endangered Species
July 30th, 2008 categories: Rants & Riffs
This past weekend I visited a friend on Molokai and the entire experience reminded me of days gone by in Hawaii. There was no traffic, friendly people and a simplicity and freedom that were very refreshing. There was one thing that really struck a chord in my heart and that was the existence of coconuts! Yes, coconuts!
As a child, I remember eating them, carving them, playing catch with the small ones and an abundance of coconuts at the base of coconut trees. Flash-forward to 2008, I challenge you to drive around Honolulu and find a coconut tree…with nuts! To find one is a very rare occurrence. In fact if you do find one, take a picture and e-mail it to me, I would love to see it. So the question is, why have coconuts become endangered?
In my opinion, over the last 40-50 years, our society has tried to remove all possible risk from our lives. Not because we are afraid of getting hurt, but from the fear of being financially ruined by a liability lawsuit. We would go to the beach at Waikiki and as we walked under coconut trees, my aunt would say, “Watch out for falling coconuts!” We were careful and I don’t remember anyone ever being hit by one. But landowners started assessing liability issues and coconuts were targeted for trimming. So coconut’s have gone the way the of swing sets, diving boards, teeter totters and the myriad of other “dangerous” things with which we used to play. Most people are quick to blame the attorneys, however, we are the problem. Without our willingness to higher an attorney, the legal profession would have no market for these law suits.
The next time you see a neutered coconut tree be sad, because our litigious society has over time given away our freedom to do as we please, nuts and all!
| Discussion: 5 Comments »
Rarely Available Honolulu 3 Bedroom Unit
July 29th, 2008 categories: Honolulu Condominiums, Honolulu Real Estate 101
Guess what this blog is about? Yes, you’re right, I have just listed a very special
Nuuanu Parkside three bedroom unit for sale. The last three bedroom to sell closed in July of 2006, and it sold at $650,000. This apartment is listed for $600,000! Because there are just four units per floor, each of them is a corner end unit. This means that the bedrooms, the living room and kitchen all have excellent views of Punchbowl, the city, ocean, downtown and, in the evening, city lights. On top of this, each of them has its own lanai. The lanai off of the living room is perfect for dining with a view. An elegant entry begins your enjoyable walk through a very usable and private layout. The master bedroom is on the Ewa side of the apartment with the second and third bedrooms are the perfect distance away for privacy. It’s simple elegance is complimented by engineered maple wood flooring, white solid surface counter tops, Jennair cook top and a kitchen with a view from two windows. The coup-de-grace is that this unit comes with two side by side covered parking stalls! One of my core beliefs is that an individual apartment unit is only as good as the overall quality of the building it is in. Be happy because this is a terrific building.
Begin with a secured entry which is manned 24/7 by security staff, a covered circular drive allows your guests to enter the clean and elegant lobby out of any potential weather. Guest parking, car wash area, gated parking structure, heated salt water swimming pool, a legitimate work out room, wine room with a personal storage locker for your fine wine, business center (with desk, computer, fax machine & copier) and party room, private park with gazebo for your barbecuing pleasure, round out a nearly perfect residence. You get the point…this is a terrific building.
To say you don’t see these units sell very often is to be understated. In fact, since January of 2006, only five units have sold. Four were two bedrooms and one was a three bedroom. TO SEE THE COMPARATIVE MARKET ANALYSIS OF THESE SALES JUST CLICK HERE. Three bedrooms may be even more rare, since there is only one three bedroom per floor. I did a search for 3 bedroom sales back to 2004 and found that there have be four sold. By my estimate, on average, one three bedroom per year sells at Nuuanu Parkside. Sooooo, if you want to be in a three bedroom in this building…call me now to see it.
| Discussion: 1 Comment »
Canadians In Honolulu
July 29th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
It’s great to be in Hawaii. Our tropical paradise has always been attractive to people from other parts of the world. Our warm breezes, blue skies and soothing water have made us the place of dreams. It seems interest in our real estate ebbs and flows with the economic fortunes of the rest of the world.
As economies become strong we see the newly rich find interest in our isles. Then as one economy cools, another will heat up bringing new interest from that area of the world. Over my lifetime Hawaii has seen significant investment interest from Californians, Canadians, Japanese, Middle Eastern oil money, Koreans to a lesser extent and many more. Who knows owners of Euros may be on their way? I believe the interest is the result of our location in the Pacific, terrific climate and our status as a State of the United States of America. In other words, we are somewhat exotic but you can drink the water without an attack of revenge and you don’t have to exchange you money. Furthermore, in today’s world of terrorism we offer a level of safety that may not be found outside of the United States.
A recent article in the Honolulu Star Bulletin shows that we have been seen more people visiting from Canada.
“Last month, while other tourism markets to Hawaii floundered, the showing from Canada increased by 13.7 percent, according to statistics from the state Department of Business, Economic Development and Tourism. Through May, 184,320 visitors from Canada have come to Hawaii, DBEDT said.”
CLICK HERE TO READ THE STAR BULLETIN ARTICLE.
Given this increasing interest, is it possible that the Canadians could fuel a new rise in our market?
Today’s picture of Diamond Head was taken from the Hawaii Super Ferry on my way to Maui.
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Freedom and Property Rights
July 25th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Believe it or not, your property rights have a great deal to do with freedom and the under pinnings of our country. A recent blog by Donald Kochan, at hughhewitt.townhall.com/blog, touts a book that looks like it will lend clarity to the ongoing property rights threats posed by our government.
“A very interesting and enlightening book by Don Corace, “Government Pirates,” exposes the methods and means by which the government can use its eminent domain or regulatory powers to diminish or take our private property rights, and the impact on property owners — especially post-Kelo.”
CLICK HERE TO READ THE ENTIRE POST.
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Hawaii In The Top 10!
July 24th, 2008 categories: Fun & Living, Rants & Riffs
Pacific Business News reported three of Hawaii’s islands are rated in the top 10 in the world as ranked by Travel + Leisure magazine.
“Maui, Kauai and the Big Island were all named to the list of the world’s top 10 islands. Maui was No. 3, down from No. 2 a year ago. Kauai dropped from No. 3 to No. 4, and the Big Island moved up to No. 7 from No. 9 a year ago.”
CLICK HERE TO READ THE PBN ARTICLE
| Discussion: 1 Comment »
Is Honolulu Really That Much More Expensive Than The Mainland?
July 23rd, 2008 categories: Rants & Riffs
One of the major knocks about living in Hawaii is the greater cost living. Hawaii will probably always be more expensive since almost every single thing here has had to be shipped here. What follows are five reasons the cost might not be as great as you think.
1. One Set of clothes to wear your round. My wife comes from an area that has all four seasons. Before we were married, I will visit my future in-laws and I noticed that as fall approached they would take out clothes appropriate to fall. When winter came out would come in the winter clothes, Read the rest of this entry »
| Discussion: 3 Comments »
Honolulu Foreclosure Rate Goes Down?
July 22nd, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Almost every day I speak with buyers from mainland markets that are experiencing significant downturns and a great deal of gloom and doom. Because their markets are hurting they believe there may be opportunities to buy properties in Honolulu at discounts comparable to their home markets. Our market is down some, but it is not off the 30- 50% that I am hearing some parts of the mainland are experiencing. Let me be clear, there are good values in our market as compared to our recent highs (2005 and 2006). However, it is unrealistic to believe that one is going to buy in core Honolulu at a 30-50% discount. As I have said in other posts, Honolulu proper does not have a significant way to increase the supply of houses and our ability to increase the number of condominiums is greatly hampered over the long run too. I cannot tell you if our market is at a bottom or if it will continue to slide, but if you are a long-term investor, I am perfectly comfortable with you making a purchase today.
A recent article in the Honolulu Star bulletin reflected that even though we have been seeing foreclosures, Honolulu dropped from 40th in the nation to 45th from June of 07 to June of 08. Quoting the article.
“Hawaii recorded a 17 percent decrease in June foreclosures from the prior month, driving the state to 45th in a national survey, down from 42nd in May, according to RealtyTrac, an online marketplace for foreclosure properties. Hawaii ranked No. 40 in June 2007.”
CLICK HERE TO READ THE HONOLULU STAR BULLETIN ARTICLE
Call me an optimist, I have had the good fortune to have been through three “down cycles” and I have noticed that people who have the courage to purchase in times like these, over the long run, can make fortunes.
Today’s picture is of Honolulu Harbor and was take from the 9th floor of the Harbor Court parking structure.
| Discussion: 3 Comments »
Honolulu Real Estate Values Up 30% By 2013?
July 21st, 2008 categories: Rants & Riffs
If you are planning on owning real estate past 2013, now maybe a good time to buy. A recent Honolulu Star Bulletin article regarding a visit to Honolulu by the National Association of Realtors Chief Economist stated the following.
“In fact, by 2013, Honolulu homeowners are likely to have seen their investment grow another 30 percent, said Lawrence Yun, NAR chief economist and senior vice president of research, during a forecast to the Honolulu Board of Realtors Brokers Forum yesterday.”
CLICK HERE TO READ THE STAR BULLETIN ARTICLE
This time frame is 5 years away. With today’s interest rates and selection of property, you will do well to buy now.
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Haggling Honolulu REO Properties
July 18th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Blogtherockies.com had a recent post that does a terrific job outlining many issues that may make your REO purchasing process easier. They say…
“Make sure if you are buying a bank owned home you are working with a Realtor who has experience selling bank owned properties. I would recommend having a buyer’s agent represent you. A buyer’s agent will help you through the process of purchasing a home manage the sales process for you and help you avoid problems.”
CLICK TO READ THE ENTIRE POST
To me, the best advice is that a REO might not be the best buy! REO’s are just another source to consider, let your conscience and the market determine whether or not a property is a good buy.
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