Archive for January, 2009
Honolulu Real Estate…Worst Behind Us?
January 14th, 2009 categories: The Market
A recent positive article posted at Forbes.com may signal that the worst of this is recession is behind us.
“These figures signal that the most intense period of the recession is behind us, not in front of us. Any “stimulus” applied by government has less to do with creating the recovery than letting politicians take credit when the recovery happens.”
CLICK HERE TO READ THE FORBES ARTICLE.
Here are a few factors that might indicate the worst is behind us. Read the rest of this entry »
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Emerson’s Quote Of The Day
January 13th, 2009 categories: Rants & Riffs
“But do your thing, and I shall know you. Do your work, and you shall reinforce yourself.”
Ralph Waldo Emerson
Essay on Self-Reliance
If you would like to speak with me about Honolulu real estate, feel free to call me at 808-737-2093 or toll free at 877-737-2093.
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Honolulu Condos With 70% Or More Owner Occupancy
January 13th, 2009 categories: For Buyers, For Sellers, Negotiating Contracts
Here is a BIG thank you to Tim O’Leary, of Bank of Hawaii, for directing me to Hicondos.com. In yesterday’s blog post, I informed you that lenders are now requiring a owner occupancy of 70% or more, if a buyer is using a down payment in a purchase of less that 20% of the price. As I feared, there are not many Honolulu condos that can meet this level of occupancy. Below are 10 that do meet the guideline.
1001 Wilder-87%
1010 Wilder-95%
1015 Wilder-83%
1133 Waimanu-75%
1350 Ala Moana-89%
Cantebury Place-80%
Courtyards at Punahou-94%
Hawaiki Tower-90%
Oceanside Manor-78%
Queen Victoria Residences-80%
Note that this is not a complete list, but I will post more as I find them. It is interesting that most of these condominiums are in the upper range of value for Honolulu. Call me at 808-737-2093 or toll free at 877-737-2093 to discuss your real estate plan.
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Owner Occupancy Requirement UP For Honolulu Condos
January 12th, 2009 categories: For Buyers, For Sellers, Negotiating Contracts
In the good old days of the fast and easy availability of financing, a lender would make a loan on a condominium with an owner occupancy percentage above 50%. Some lenders had a stricter guideline of 55%. With all of the shifts in financing over the last half year, in cases where buyers are using a down payment of less than 20%, lenders are now requiring an owner occupancy percentage of 70%! To find a Honolulu condo with this high of an owner occupancy level is very rare. This new requirement may have the following implications. Read the rest of this entry »
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The Private Jet Economic Indicator
January 9th, 2009 categories: Rants & Riffs
A friend emailed me this picture taken at Kahalui Airport on Maui. Count the private jets! There are over 30…amazing!
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Emerson’s Quote Of The Day
January 9th, 2009 categories: Rants & Riffs
” It is easy in the world to live after the worlds opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude.”
Ralph Waldo Emerson
Essay on Self-Reliance
If you would like to speak with me about Honolulu real estate, feel free to call me at 808-737-2093 or toll free at 877-737-2093.
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Refinance Your Honolulu Home…NOW!
January 9th, 2009 categories: For Sellers, Mortgages & Financing
I locked a 4.375% interest rate! Read the rest of this entry »
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Emerson’s Quote Of The Day
January 8th, 2009 categories: Rants & Riffs
“My life is not an apology, but a life. It is for itself and not for spectacle.”
Ralph Waldo Emerson
Essay on Self-Reliance
If you would like to speak with me about Honolulu real estate, feel free to call me at 808-737-2093 or toll free at 877-737-2093.
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Honolulu Real Estate Values Down! But Are They Really?
January 8th, 2009 categories: The Market
A Wall Street Journal article about Chicago condominium sales translates beautifully to the Honolulu real estate market.
“However, I quickly discovered that a 10% drop in Chicago didn’t necessarily translate into a similar decline in the neighborhoods where we wanted to live, where prices have held relatively steady. We were interested in three areas: Lakeview, with its tree lined streets, multiple elevated train lines and throngs of stores and restaurants. Wicker Park, once ruled by artsy hipsters but slowly being overtaken by the stroller-pushing set. We also decided to check out a couple of options close to downtown, where condos were smaller but I might be able to walk to work.”
CLICK HERE TO READ THE WALL STREET JOURNAL ARTICLE
Sources like the Case Shiller Index make general pronouncements that a particular market area is down a certain percentage. However, once a one starts looking in more desirable neighborhoods, it is found that values have held and, in fact, there could be competition for the best properties. Whether you are a buyer or a seller of a Honolulu condo or home, be sure to do two things.
1. Hire a reputable and experienced Realtor to represent you.
2. Look specifically at the active, pending and sold listings in the micro-market in which you are interested.
A good Realtor can give you positive or negative insight that is not reflected in the statistical numbers. By considering the information specific to a neighborhood, you may see trends that aren’t reflected in the more general area.
If you would like to speak with me regarding your specific situation, please feel free to call me at 808-737-2093 or toll free at 877-737-2093.
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Waikiki From Magic Island
January 7th, 2009 categories: Rants & Riffs
My daughter races outrigger canoes for Punahou School (Obama’s alma mater). This picture was taken from Ala Moana Park’s Magic Island, looking toward the Hawaii Prince Hotel.
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