Archive for the 'Buying Honolulu Real Estate' Category
Great View Home In Aiea (Newtown) $850,000
June 26th, 2008 categories: Buying Honolulu Real Estate
This 3 bedroom 2 bathroom 1,744 square foot home is located at the end of a cul-de-sac on a 6,561 square foot rim lot. This location offers fabulous views and a level of privacy that is hard to find. It is priced at $850,000 and can be moved into right away. The kitchen is very usable with a large dining area located just beyond the pass through. The two-car garage is big with high ceilings and it has access right into to the kitchen for easy unloading of groceries. Vaulted ceilings throughout the home make it feel much larger than one might expect for its square footage. Please call me at 808-737-2093 to schedule a showing.
COMPARABLE SALES FOR THE AREA.
Other Properties Available For Sale
Fairway Villa-$300,000
Sun Rise-$225,000
Village Maluhia-$300,000
Makakilo Gardens-$249,000
Terrace Towers-$350,000
Palm Court
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In Hawaii, You May Want To Buy Existing Rather Than Build!
June 26th, 2008 categories: Buying Honolulu Real Estate, Rants & Riffs
I have great respect for anyone who attempts to build a home or develop real estate in Hawaii. The list of projects that have been approved and then strung out endlessly via the courts is very, very long. Yesterday’s Honolulu newspapers had separate articles concerning a project on Kauai and one here in Nuuanu. Both had received approval to move forward and then a fight ensued.
“Perry halted the work on the home, on an oceanfront parcel once owned by movie star Sylvester Stallone, saying that any work done on the property would violate state laws of grave desecration.
However, the owner of the property, Joseph Brescia, had clearance from nearly a half-dozen state and county agencies, including the Burial Council of Kauai and Niihau, the state Historic Preservation Division, the Kauai Planning Department and others.”
READ THE HONOLULU STAR BULLETIN STORY HERE
“The idea to build on the hillside was first proposed in 2004, by the property’s previous owner.
Shin received tentative approval for his subdivision application in May 2006, and last month the city approved his construction plan and issued him a grading permit, giving him clearance to move forward with clearing the land and putting in infrastructure improvements, such as roads, drainage systems and sewer, water and other utility lines.”
READ THE HONOLULU ADVERTISER STORY HERE
In the case of Kauai, I am not for building on burial grounds, but the owner of the property had met the necessary guidelines to build and the County approved his project. Given the fact that he cleared the necessary hurdles, he should be allowed to build.
When developers are put through extended battles we all pay. First, should the developer ultimately finish the project, the additional costs associated with being drawn out will be added to the cost, thus we pay for it. Second, if those fighting the development win, our supply of existing homes does not grow and this limits the supply of available homes. If supply is limited, you and I pay more for the homes that are available for sale.
With all of the risk associated with developing, I think you are better off buying existing homes. If you don’t like an aspect of the house you buy, then remodel it. In the long run you may have less stress and save money and time.
OTHER POSTS TO READ
How To Determine Your Honolulu Offering Price
Today’s picture is looking down Waimanalo Beach toward Bellow’s and Lanikai.
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2 Bedrooms 2 Bathrooms with 2 Parking For $225,000?
June 23rd, 2008 categories: Buying Honolulu Real Estate
Yes its true! This 2 bedroom 2 bathroom Sun Rise Town Home was built in 1993 and comes with 2 parking stalls. It has an interior square footage of 811 square feet, as well as a 60 square foot lanai. There is plenty of guest parking in the immediate area and at the center of the complex is a beautiful pool and cabana area. Walk to get your groceries or a latte. The carpet is brand new and the unit is very, very clean! Just bring your furniture, belongings and tooth brush to move right in right now! Or the unit will rent in the range of $1,395 and it may back a great rental property. The following is a brief analysis of a possible investment scenario based on a rental rate of $1,395 per month.
Monthly Expenses
Maintenance fee $315.27
Association $25
Property Taxes $75 (estimated)
General Excise Tax $66
Total $481.27
Monthly Rent $1,395
Less Expenses $481.27
Net Income Before Mortgage Payments $913.73
An investor mortgage payment of $1,071 at 6.5%, amortized over 30 years will carry a mortgage of $144,400.
Based on a down payment of $80,600, this apartment is very close to a break-even cash flow.
Call me at 808-737-2093 or toll free at 877-737-2093 to see if this might meet your investment needs.
Other Available Investment Properties
3 Bedroom near University of Hawaii!
Note-please don’t rely on this information to make your investment decision. Make sure that you confirm the validity of the numbers contained in this analysis.
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2 bedroom Makiki Investment!
June 20th, 2008 categories: Buying Honolulu Real Estate
This 2 bedroom 1 bathroom condominium with one covered parking and is offered at $300,000. It has an interior square footage of 630 square feet and a very usable 35 square foot lanai, which is perfect for your morning coffee and evening beverage. The 2nd bedroom has sliding doors that open into the living room, making the living room feel much larger than it is. Based on a review of rental rates at craigslist.com, I estimate that the unit will rent at around $1,500 per month (please check this yourself and do not rely on my estimate to determine your cash flow). The following is a brief analysis using that rent.
Monthly Expenses
Maintenance fee $402 (includes water, sewer, electricity, basic cable & building maint.)
Property Taxes $82
General Excise Tax $71
Total $555
Monthly Rent $1,500
Less Expenses $555
Net Income Before Mortgage Payments $945
An investor mortgage payment of $945 at 6.5%, amortized over 30 years will carry a mortgage of $149,500.
Given this loan amount, one could use $150,500 as a down payment and have its cash flow very close to break even.
Village Maluhia is located at the corner of Davenport and Pensacola. This location has terrific bus service and is very close to downtown, Ala Moana, University of Hawaii and many private schools. One of the best locations in the building, this unit is a corner end unit. It feels very private and has excellent views. Call me at 808-737-2093 or toll free at 877-737-2093 to see if this might meet your investment needs.
Note-please don’t rely on this information to make your investment decision. Make sure that you confirm the validity of the numbers contained in this analysis.
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Buying Property Through the Bankruptcy Court
June 19th, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101
I have been fortunate to represent a number of U.S. Bankruptcy Trustees in the sale of Honolulu real estate. I find that many people think that the bankruptcy sales process is the same as a foreclosure. In some ways it is similar and in other ways it is totally different. Rather than comparing and contrasting the two processes, I am going to walk you through an outline of the bankruptcy (Chapter 7) sales process.
1. An owner of a property files Chapter 7 Bankruptcy and becomes known as the debtor. This will “stay” creditors from taking action to exercise their rights. Read the rest of this entry »
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2 Bedroom Close To Everything!
June 18th, 2008 categories: Buying Honolulu Real Estate
This 2 bedroom 1.5 bathroom condominiums is offered at $279,000. It has an interior square footage of 750 square feet, as well as a 75 square foot lanai with views of the Koolau Mountains and city lights. The building is perched on ridge that makes the unit cool due to the breezes that come from the valley below. Not only is the unit well located, but also it is also very clean inside. There is a tenant in the unit through the end of June and they have been paying $1,475 per month. You should be able to re-rent it in this range. The following is a brief analysis of a possible investment scenario based on a rental rate of $1,475 per month. Read the rest of this entry »
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20% Down Payment to Break Even?
June 18th, 2008 categories: Buying Honolulu Real Estate
This 3 bedroom 1.5 bathroom condominium is offered at $249,000. It has an interior square footage of 1113 square feet, as well as a large lanai with views of Kapolei. The unit needs work and the price reflects the room for you to invest your time and energy to make the unit the way you like it. Prior to filing bankruptcy, the owner installed a new sliding glass door, new kitchen cabinets and an extra deep Kohler tub. I checked with a local property manager and he felt that the unit would rent in a range between $1,700 and $1,900 per month. The following is a brief analysis of a possible investment scenario based on a rental rate of $1,800 per month. Read the rest of this entry »
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Honolulu Is Becoming Even Safer!
June 13th, 2008 categories: Buying Honolulu Real Estate, Rants & Riffs
Great news. Even though Honolulu seems safe, according to the Honolulu Advertiser, the crime rate has been declining over the last four (4) years.
“Law enforcement officials and observers credit the declining crime rate to a focus on repeat offenders, especially drug traffickers and car thieves, as well as increased community vigilance.”
As I have said before, quality of life issues make a city a great place to live. Do you think a better quality of life could add to the value of your real estate? I think so.
TO READ THE ENTIRE ARTICLE CLICK HERE.
Today’s picture is looking toward Kahala from Puu Panini.
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5 Honolulu Condo’s for Under $500,000
June 11th, 2008 categories: Buying Honolulu Real Estate, Honolulu Condominiums
Believe it or not, large 2 bedroom 2 bath apartments in Honolulu under $500,000 can be hard to find. Below are 5 that are located centrally to everything Honolulu has to offer. They are all over 1,000 square feet and are available to purchase now! Call me at 808-737-2093 or toll free at 877-737-2093 to discuss how they might fit into your plans.
Tropicana Village-Makai located in Kahala priced at $439,000
Fairway Manor located in Waikiki priced at $449,000
Waialae Gardens located in Kahala priced at $459,000
Academy Towers located in Makiki $490,000
Ala Wai Plaza located at Kapiolani and Unversity $498,000
FOR A FACT SHEET, JUST DOUBLE CLICK ON THE UNIT THAT INTERESTS YOU.
Today’s picture of Moana Pacific condominium, Hawaiki Tower condominium, Nauru Tower condominium among many other condo’s was taken from lower Makiki Heights.
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Building a Honolulu Real Estate Empire!
June 11th, 2008 categories: Buying Honolulu Real Estate
Disclosures Before You Read This Blog.
1. The FHA may not allow the purchase of multiple properties.
2. Lender guidelines regularly change and loan programs may not be available in the future. Specific terms outlined herein could change too.
3. The interest rate of 6% is an example and may not be available when an attempt is made to get a loan.
4. A 3% appreciation rate is an example. It is possible that you could experience little or no appreciation. It is possible you could experience negative appreciation. DO NOT RELY ON THIS BLOG TO DETERMINE AN EXPECTED RETURN ON INVESTMENT.
5. All estimates made in this Blog, are for discussion purposes only and should not be relied on for purchase or investment decisions. Should you decide to follow any portion of this plan, it is imperative that you seek legal and tax advice regarding its application to you and your financial goals.
I am 47 years old and I am going to outline a plan that may be too late for me to use. Federal Housing Administration (FHA) Loans have long been the mortgages that offer the lowest down payments for anyone that is not a veteran of the armed services. With the debacle in portions of the general mortgage industry, FHA Loans are one of the few sources for parties with small down payments to get a mortgage for their home purchase. Here are a few nuances of FHA mortgages.
1. They can be obtained with 3% down payment
2. Their lending guidelines are more forgiving than most conventional lenders (they will accept much lower FICO scores).
3. The FHA will inspect the property and may require repairs to bring it to FHA standards.
4. You are required to live in the property.
5. A seller can credit a buyer up to 6% of the purchase price toward closing costs.
6. Gift down payments from relatives are acceptable.
So here’s the plan. Read the rest of this entry »
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