September 2009

Found 13 blog entries for September 2009.

The Rail system in Honolulu is a massive financial black whole even before it has begun.  With a budget already falling so short that government employees are forced to take furloughs, and with tax revenues down and falling even more, the City and County. and the State cannot afford this $5billion project. As a member of the Honolulu Board and the Hawaii Association of Realtors, I think it's time these two associations take a stand against the Rail project, before more tax dollars are wasted and more debt is ammassed. Already the City (read: Mayor Mufi) has used our tax dollars to advertise on the radio and TV, attempting to turn public opinion in favor of this project.  Already money has been spent on planning, researching, etc. It’s time to stop. Last…
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Last week, the Federal Open Market Committee announced they were leaving rates unchanged.  According to the statement released, in an effort to "provide support to mortgage lending and housing markets" they will "purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt." 

However, what's important is that "they expect to gradually slow the pace of these purchases in order to promote a smooth transition."

That means that eventually rates are going up.  We don't know when, as it depends on how fast the Fed decides to stop buying the MBS.  Last year in an effort to stimulate housing, the Fed began purchasing the oversupply of debt.  Without this help from the Fed, rates would have moved higher already.

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The stats are not posted yet, but I can tell just by searching for clients that inventory is down overall. I'm sure the stats, which come out on the 1st, will show an even smaller amount of homes for sale, even as sales picked up yet again.

 Case in point - I have a buyer waiting for a Kuapa isle listing on the water.  None are available.

I have another client looking for a home in Ocean Pointe, Ewa Beach. Can't find except the 5 short sales.

Multiple Buyers looking all over the island, up to $5million, and it's very hard to find. I have clients looking for $10mil homes on the water and there just aren't as many as there used to be!

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I'm back from 10 days in Japan and had a great time with my family. Kids loved Disney Tokyo, but walking about 5 miles a day took a toll on me and the wife.

Now that I'm back I see that I have dozens of buyers and sellers ready to take action. Time to start selling some Hawaii real estate!

I have a client who may be listing a great place in Kuapa Isle shortly.  Let me know if you're interested!

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$5 BILLION.  That's $4300 per person in the State of Hawaii to have a Rail System in Honolulu, compared to Phoenix's $180 per person system.  There is no question that we must stop rail now.  Go visit the Stop Rail Now site and see what you can do to participate.

There is also a great post over at Fix Oahu Blog, where Panos says, " The fact is that the project will cost much more because utility relocations, stoppages for iwi (ancient burial grounds) and delays from lawsuits are not included in the costs. Not enough taxes are being collected due to the prolonged slow economy, so property taxes will have to be raised to cover the escalating costs."  The bottom line is that the cost of Rail has already gotten way out of hand while about half of the…
2,484 Views, 6 Comments

If you have a VA loan and you want to simply lower your rate, did you know an appraisal is not required by the VA?  Some lenders require an appraisal as an in house rule, but the VA doesn't, so you should be able to find a lender who will let you lower your rate without any appraisal at all.

Pretty great deal for anybody with a VA loan that they got more than a year or two ago.

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While most people know that VA loans allow military buyers to get into Hawaii real estate with zero down, most don't know that there is a similar loan backed by the USDA (yes, the beef people) that also allows zero down purchases for regular civilians.

The USDA home loan will allow any buyers who make less than $109k/ year to buy a house with no money down. Similar to the VA loan, there is a funding fee of 2%, but other than that, it's quite simple.

If you have more than 5 people in your family, you can actually make a lot more money and still be eiligible.  There is no loan amount limit as long as your debt ratios still qualify.

Just doing the math, a family of 4 with no other debt making $109,000 a year could buy a house of around $500k with zero

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Yesterday I received an email showing all the Realtors in the state ranked by their volume of sales this year. Out of over 2300 agents, I was number 75, about the top 3%.

Praise God for his blessings!

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I will be on HGTV's My House is Worth What? today at noon and several more times over the next few months. Watch for 4 episodes that show homes in Aina Haina, Kailua, and Hawaii Kai

The shows feature me and Kendra Todd, winner of The Apprentice, looking at homes that have been renovated. I am brought in as the real estate 'expert' who gives the home owner the good or bad news about their current home value.

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I hope I got your attention with that headline. Recently there has been a lot of talk about Dr Horton/Schuler's plans to build 12,000-15,000 more homes on the farmland between Ewa and Kapolei.

Their website says, "Ho'opili... is a master planned community that will connect Ewa Beach, Waipahu, Makakilo & Kapolei. Currently in the planning stages, Ho'opili will feature a mix of affordable & market rate homes with approximately 10,000 to 15,000 homes planned. This master planned community will feature schools, commercial centers and other community amenities."

Last week the Land Use commission voted 5-3 against the project, while residents in the area grow more and more opposed to it.

There are about 789 reasons that this project should never be built,

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