Archive for the 'Buying Honolulu Real Estate' Category
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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Honolulu View Home for $5,300,000
May 21st, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101, Views of Honolulu
Oh the value of a view. Over the years, I have noticed that a view brings an “X” factor to the sale of a property. An “X” factor is something that brings additional value to a sale. “X” factors may not be immediately measurable, yet they are real, and people are willing to pay more for a house with an “X” factor. A view is something that makes buyers willing to compromise on their initial needs, because the view brings an emotional aspect that they want and are willing to pay for. In the past, I have seen Buyers who have had very rigid buying standards become very flexible when presented with a terrific view! For Honolulu buyers, your quality of life will be better because there is something calming and serene about a great view. From an investment perspective, when you become a seller, you should be able to sell for significantly more than a non-view home.
For Honolulu sellers, expect to sell at a higher price than non-view homes. Be sure to market your view, as it is a significant and valuable feature.
Click on the youtube video above to see a terrific view from a $5,300,000 Diamond Head home.
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Honolulu Grass Shack $5,200,000
May 17th, 2008 categories: Buying Honolulu Real Estate, Views of Honolulu
Have you always wanted your own grass shack? Well here it is! For $5,200,000 you get the pool and a 5 bedrooms 5 and ½ bath house too. This home is located in Kahala and it is a whopping 5,832 square feet of living area. All of this and more rest on a 1/3 acre lot (15,669 square feet of land). Close your eyes and dream of relaxing in the pool with your beverage of choice.
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Can Honolulu’s Newest Safeway Change a Neighborhood?
May 13th, 2008 categories: Buying Honolulu Real Estate, Rants & Riffs
This past Mothers Day I had the chance to shop at the new Safeway on Kapahulu. As I drove to the convenient rooftop parking, I considered that this store is going to positively change the face of this desirable Honolulu neighborhood. Not only is this one of the nicest super markets I have seen anywhere, but it shows that Honolulu will patronize really high quality retailers. Every part of the store exudes excellence!
The deli is delightful. A bakery that will make your mouth water! How about a meat department that has everything you need. The produce department reminds me of Gelsons Super Market in California. Every fruit and vegetable looks like it is of the highest quality. Need sushi? Go to the sushi bar. How about a latte? Stop by the coffee bar. It is a good thing that there is an area to sit down and relax, because the store is so big that going up and down each aisle could be a work out for some. It is worth going to on a Friday evening to check it out and have dinner. Safeway is not the only tenant at this center.
Once it is completely full this mall will have many of the things that residents in this area had to go to other areas to find. Given the quality of this project, Read the rest of this entry »
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“X” Marks The Spot in Honolulu
May 2nd, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101
Paragraphs C-41, C-42 and C-43 of the Purchase Contract (PC) have to do with surveying a the corners and/or perimeters of the lot. When the surveyor is complete with his work all of he corners should have pins or marks which locate the location of the particular corner. This marks take the form of a steel rod, nail, or an “X” in the appropriate spot. When you are buying make it a priority to walk the lot and inspect the location of each mark.
Be sure to take the written survey with you as it may reflect relevant walls, side walks, sheds or other improvements near the property line. Once you own the the home, it is a good idea to make sure that the corner markers can be maintained. You can do this by pouring a small amount of cement around steel bars or making sure that other corners are cleared and marked with paint. If the locations are preserved and, if you keep a copy of the written survey, you may be able to use the survey you received when you purchased when it is time to sell (this could save you $1000’s of dollars).
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Honolulu Foreclosures…Good News!
April 29th, 2008 categories: Buying Honolulu Real Estate, Reasons To Sell
Read this article which shows Honolulu having the second lowest foreclosure rate in the U.S.
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Honolulu Foreclosures, Is This A Good Way To Get A Good Buy?
April 21st, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101
That is a definite maybe or maybe not! Let me start by saying that in Honolulu these are two methods of foreclosing on a mortgage. For years Hawaii was a judicial foreclosure State and in the late 1990’s a non-judicial foreclosure process was added by the legislature. If you are considering buying a foreclosure via a non-judicial sale, then I highly recommend that you engage a qualified attorney to advise you as to the process and any potential pit falls. I’ve looked into non-judicial purchases for my own account and I am not comfortable with the risks generated by the process. In summary beware of the non-judicial process.
The judicial process offers a more clear path to a valid sale and I believe that this is a result of it being a method that has been tested over time. It bring methodical statutes that give a step by step process to foreclose. It is expensive because it requires the filing of a lawsuit.
The highlights of a judicial foreclosure are as follows: Read the rest of this entry »
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Oahu Rent Highest in the Nation
April 15th, 2008 categories: Buying Honolulu Real Estate
Todays article in the Honolulu Star Bulletin quotes an affordable housing advocacy group’s recent report that says Hawaii is the most expensive state for renters. It goes on to say that Oahu has the highest rent in the state (an average of $1,630 per month for a 2 bedroom).
“In Hawaii, where a little less than half of the state’s roughly 403,000 households rent, rents have climbed about 70 percent since 2000, according to the report.”
If you own rentals, you may want to check to see if your rental rates are at the current market.
If you are an investor, take a look at buying in Honolulu. Even with higher values you may be able to make the cash flow work because of our average monthly rental.
If you rent, with current interest rates, you may be able to buy. After the tax benefits of the mortgage interest deduction, you may end up paying less per month and not have to deal with a landlord.
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Honolulu Real Estate & Hospitals
April 10th, 2008 categories: Buying Honolulu Real Estate, Fun & Living
Almost all of the major medical care available in Hawaii is located in the core of Honolulu. Not only is there a great deal available in Honolulu’s center, but I am told that we have very good health care (thankfully, I haven’t had to personally discover how good it is).
If you need significant health care in Hawaii, you will probably come to Honolulu for that care. What does this mean to Honolulu real estate?
Well, we have all heard about the legendary buying power Read the rest of this entry »
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