June 2010

Found 10 blog entries for June 2010.

Waikiki beach is getting much needed sand.  I was down there this past weekend with my church and there are some areas where there is very little sand at all. Tourists come to Hawaii to sit on the white sand, not on rocks, not in chairs.
waikiki condos and beach
State officials plan to spend $2.5million to restore a portion of sand on Waikiki Beach by taking it from nearby shoals, widening the 1,700-foot-long beach by about 37 feet between the Royal Hawaiian Hotel and Kuhio Beach.


The state Office of Conservation and Coastal Lands has completed its environmental assessment and plans to apply for government permits. The project is scheduled to start in January or February and would widen the beach back to its 1985 width.  The sand would be pumped to a dewatering site in an

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north 
shor houseThis house is located just one house back from the sand at V-land, one of Oahu's best surf spots on the North Shore.  Built in 2008 in gated Sunset Beach Colony, this beautiful 2775 sqft house is just amazing. It's about 15,000ft of land and only a few steps to the sand, a surfer's dream!

Homes in this neighborhood are worth up to $5 million, so this one is a bargain at $2,395,000. 

 The house has wood floors, granite counters, board and batton construction, and a huge open great room. The lanai off the great room has stacking pocket doors that look over the ocean view. Check out the kitchen here.

 

kitchen 
sunset beach colony

My clients flew in for the week to buy a vacation home, and this was definitely the best one we saw out of about a dozen around the

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hawaii ocean view houseThis house has a beautiful ocean view from Maunalani heights, overlooking Honolulu and looking down into Diamond Head. 

After viewing more than 20 homes around Oahu, my clients chose this brand new house with over 2700sqft and a massive 4 car garage. 

Check out this beautiful kitchen with granite, stainless steele, and a feature I had never seen before - self closing cabinet doors.  I had seen self closing drawers before, but the doors on these cabinets do the same. Try slamming them, and they just slowly close without a sound. 

This house has many great features: 

  • Insulated attic
  • Low-e windows
  • Stacking glass lanai doors 
  • Travertine tile floors downstairs
  • Brazillian Cherry wood floors upstairs
There's a lot more, but the best thing is a…
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I got an email this morning from a lender that I work with - 4.25% 30 fixed rates with 2 points origination. 

This makes buying a home incredibly cheap, cheaper than it has been in a long time, maybe ever.  Everybody should be buying a house and holding it for 30 yrs.  I'm serious. 

My friend from England told me this week than British buyers can hope for a 5 yr fixed rate at most, and usually more like 2 yrs fixed.  He was shocked the US has rates fixed for 30 yrs, and was very excited about buying a house. 

Most Americans have no idea  how good we have it right now!  To put this in perspective, during the mid 70's and early 80's, mortgage rates were up  in the 13%-17% range.  That would make buying a house basically impossible for most of

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Personal income in Hawaii grew at the sixth-fastest rate in the nation through the first quarter of this year, according to an article this morning in the Star.

Hawaii residents' personal income rose by 1.35 percent compared with the fourth quarter of 2009, according to the report released by the U.S. Bureau of Economic Analysis.

GAINING STRENGTH

States with biggest increases in personal income in the first quarter of 2010 compared to the fourth quarter of 2009.

1. Mississippi 1.6%
2. Kansas 1.5%
3. Louisiana 1.4%
4. Alaska 1.4%

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For anyone looking for a reason to visit Honolulu or invest in Honolulu real estate, the fantastic cuisine and the beaches are two of the best reasons. Being out in the middle of the Pacific, Hawaii has a wealth of cultural influences that make up its cuisine, from Asia, Europe, and North and South America. Below are some favourite picks of local restaurants, and a few great beaches of different styles.

Let's start with some favorite culinary picks in Honolulu:

Top of Waikiki While picking the only revolving restaurant is a bit predictable, for anyone new to Honolulu this restaurant offers a spectacular 360 degree view, with amazing food to match. You get to view the full range of Honolulu’s scenic beauty from several hundred feet up, which fits

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kailua condoThis 2 bedroom condo in Kailua is about a 5 minute bike ride to world famous Kailua beach. It's a short sale listed for $350k, and we are not doing any showings until Saturday June 26th. I have already had multiple buyers say they want to write an offer sight unseen. 

In  a short sale, the lender has to approve the sale price, which can take many months. The last few I have done have taken more than 6 months each.  If you have the patience and about $350k (at least), then this might be a good opportunity to get into the condo market in Kailua.


It has new wood floors, a brand new kitchen including nice stainless appliances, and renovated bathrooms.  You don't even need AC because there is a gentle sea breeze almost everyday in this area of

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I don't usually post an entire statistical report for download, but here it is for May.

The reason I am posting this one is because the numbers just speak for themselves. In short - 

  • Sales are up everywhere.
  • Inventory is down everywhere.
  • Prices are up everywhere.  

If you read this report and you don't see that the market is improving, you should be in a different business. Try investing in Amway or something  :)

Maybe the best numbers to look at are

  • "Days on market until Sale" on page 7.  Currently, homes in Oahu are selling in 27 days.  Condos sell in 28 days. 
  • "Percent of original list price recieved at sale" on page 8.  Most homes sell at 96.3% of their asking price. 
  • "The Inventory of homes available" is at a 4 year low on
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Don't say I didn't warn you.  The number of home sales on Oahu jumped in May, and prices also posted gains compared to the same month last year.  Year-to-date sales rose by 40 percent!!!

The median price of a single-family home in May was $606,000, 12 percent higher than May 2009, when the median price was $542,000.  That was based on 284 home sales, which was a 31.5 percent increase over 216 sales in May 2009.

Condo sales on Oahu soared 35.5 percent in May to 355 units sold, up from 262 units sold last May, and the median price rose 4 percent to $312,500. 

There were 1,183 sales of single-family homes during the first five months of the year, which was a 40 percent gain over the same period in 2009.   Condo sales totalled 1,605 during the January-May
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hr1000813-7_640Congrats to my clients who just closed on their purchase of this 2 bedroom marina front condo in the Esplanade last week! 

The unique feature of this unit is that it is ground floor, corner unit, AND has this great little yard that leads to the grassy park area and right to the water. 

This unit has a nicely remodeled kitchen, but my clients are going to redo everything else, and being one of the only ground floor corner units in the building, I think they are going to see  a great  return on their investment.

Congratulations Bill and Arlyene! Enjoy your new Hawaii Kai marina front condo!

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