I would like to be one of the first people to extend a warm welcome to all of our newly (or soon to be) stationed military personnel and their families! Today, the Army announced the following:
"The Department of the Army announced today the availability of the record of decision (ROD) for growing and realigning the Army's force structure to support operations in the Pacific Theater.
The ROD explains that the Army will proceed with its preferred alternatives to station approximately 1,980 new Soldiers in Hawaii (1,680 Combat Support (CS) and Combat Service Support (CSS) Soldiers at Schofield Barracks and 300 additional Soldiers at Fort Shafter)..."
We welcome you with open arms and I personally would like to say that I appreciate your service and am grateful for everything you do! Please take every opportunity you get to enjoy these islands. I've attached, probably, the most famous quote from General John M. Schofield for just a little insight on him.
"The discipline which makes the soldiers of a free country reliable in battle is not to be gained by harsh or tyrannical treatment. On the contrary, such treatment is far more likely to destroy than to make an army. It is possible to impart instruction and give commands in such a manner and such a tone of voice as to inspire in the soldier no feeling, but an intense desire to obey, while the opposite manner and tone of voice cannot fail to excite strong resentment and a desire to disobey. The one mode or the other of dealing with subordinates springs from a corresponding spirit in the breast of the commander. He who feels the respect which is due to others cannot fail to inspire in them respect for himself. While he who feels, and hence manifests, disrespect towards others, especially his subordinates, cannot fail to inspire hatred against himself."
- John M. Schofield
Thank you (we can never say that enough) for your service and thank you to your families for their continued support! As always, I'm proud to be an American!
Mahalo and if you need any help with buying or selling real estate I would be honored to help you!
Rob Gerichs | RE/MAX Honolulu | rob@hawaiirob.com | (808) 284-4441
2410 Cleghorn Street, Honolulu, HI
TO VIEW A VIDEO WALK THROUGH OF THIS CONDO GO TO WWW.HAWAIIROB.COM AND CLICK ON THE "VIDEOS" TAB.
1BR/1BA Condo
offered at $319,000
Year Built
1978
Sq Footage
585
Bedrooms
1
Bathrooms
1 full, 0 partial
Floors
4+
Parking
1 Car garage
Lot Size
22,050 sqft
HOA/Maint
$461 per month
DESCRIPTION
Lowest priced unit in the building and a great investment. Right in the heart of Waikiki. Well managed pet friendly building that is close to the beach and all the amenities. Corner unit with large private lanai. Enjoy the pool, bbq area, and sauna. Property has TAT short term rental license.
see additional photos below
PROPERTY FEATURES
Living room
Dishwasher
Refrigerator
Stove/Oven
Microwave
Washer
Dryer
Swimming pool
Sauna
COMMUNITY FEATURES
Garage parking
Covered parking
OTHER SPECIAL FEATURES
To view a video walk through of this condo please visit www.HawaiiRob.com and go to the VIDEOS tab
The Waikiki Banyan is one of the more popular buildings in all of Waikiki. It is located right in the heart of Waikiki and only minutes from the beach. The building is composed of two towers, referred to as Tower 1 (Makai) and Tower 2 (Mauka). Recently, the Liliuokalani estate has offered the fee interest for purchase. A good chunk of the owners have taken the estate up on their offer and have purchased the fee. By doing that the owners have made the Waikiki Banyan one of the most desired buildings in all of Waikiki.
Along with the building now being highly pursued I can tell you that one of the most highly sought after units, if not the most sought after unit is the '02 units in Tower 2 (Mauka). These units are perfectly situated right on Ohua Ave. They stick out just past Tower 1 and give you direct views of the ocean right over St. Augustine Church. From all areas of the condo you can stare right at the ocean.
I've recently done a video walk through for a client who was off island. This unit is on the 8th floor and as you go up the view only gets better and better.
There are very few markets anywhere that are going up in value at this time, so I think it's pretty safe to make a comment on something that I think will help you in your pursuit of purchasing property.
When clients ask me how much a property is selling for I generally reply, "Well, they have it listed for..."and then I tell them exactly what it is listed for. I've realized that while "listing price" is not as solid and unchangeable as "final price" it definitely conveys a firmness that I think may give buyers the wrong impression.
As I prefaced earlier, markets that are appreciating right now are slim indeed. While most of the prices of condos and homes in Hawaii are not sinking into the ocean, they are not exactly on the firmest footings either.
So, in my quest to give buyers a better understanding and comfort with the market I've started playing around with the idea that I should start responding to clients pricing inquiries with "Well, the suggested retail price is...". Why not? It is the truth and does explicitly represent the market that we are in. We are in a buyers market and I think that using "suggested retail price" helps my buyers feel more comfortable in offering less than the listing price.
I'm not thinking that the formal groups that regulate the real estate industry will even give this idea much more than a nanosecond of attention, but maybe it gives some of you a slightly better grasp on the changing market we are in.
The most exciting development to hit the entire state of Hawaii is, hands down, Donald Trump's development in Waikiki. Trump Tower Waikiki is slated to be finished in the fall of 2009. After selling out in a matter of hours, the demand for units in Trump Tower Waikiki has been phenomenal.
Let it be known, there are currently three units that have recently been made available for sale to the public. They start with a studio on the Diamond Head side and go up to a 2 bedroom unit with a premier corner location that has unobstructed and breath taking views of the ocean and sunset.
The above mentioned units are not currently on the traditional MLS market. If you are interested in purchasing one of these units please contact me immediately. These available properties are a rarity and are available on a first come first serve basis. Purchasing these units requires a 20% down payment with final closing on the property in the fall of 2009, when the the tower is completed.
Trump Tower Waikiki is and will be the pinnacle development for Hawaii for decades to come. This is a fantastic opportunity to grab your own slice of the Trump experience. Have confidence in the brand that radiates class and quality.
Trying to plan out the activities for your upcoming vacation to Hawaii? Or, are you a resident of Hawaii who's just looking for something to do on a Friday night? Well then, if that is the case then I think I may be able to help you plan out your Friday night.
Every Friday evening the Hilton Hawaiian Village puts on a series of shows for guests (and anyone else who may wander through their hotel). It opens with the village guards drill team proceeding through to start the main show, which is a Polynesian party of song and dance that will take you through many of the native dances. This wonderfully firey show full of energy is performed pool side by the pool that is closest to the beach. You can buy tickets to sit in the pool area and watch the show. However, as many do, you can just stand right outside the pool area and still have the same great experience for free. The show will last a little less than an hour and will end simultaneously with the kaboom and kickoff of the fireworks show.
While you can still get a great view from the pool for the thundering fireworks the best location is right on the beach directly behind the Hilton Hawaiian Village. Note, that if you have some young keiki (kids) you may want to walk down away from the Hilton towards Diamond Head, because the thundering fireworks are launched from the beach directly behind the lagoon at the Hilton. So, if anyone in your party still has sensitive ear drums you may want to back away from the crowds. Although, if you want to feel the pulse of the fireworks and hear each glorious explosion you may then want to congregate with the crowds.
Below is a schedule of the activities described above. For any questions or for other activities that go on at the Hilton Hawaiian Village please consult their web site.
Show Schedule Village Guards Precision Rifle Drill Team 6:15 p.m. (October to March) 6:45 p.m. (April to September)
Main Show at the Super Pool 6:30 p.m. (October to March) 7 p.m. (April to September)
Fireworks Display 7:30 p.m. (October to March) 8 p.m. (April to September)
I hope you are fortunate enough to make it to this Friday night spectacle. Please enjoy and have fun!
Kahala, one of the finer neighborhoods on Oahu, has some interesting numbers to point out. I've been studying Kahala for a long time and wanted to bring your attention to some things that may interest a few of you buyers and sellers out there.
First off, did you know Kahala just had it's first sale under $1,000,000 since 2005? It's true. The cheapest home to sell in Kahala since 2005 just recently closed for $980,000. Right now the least expensive home for sale is priced at $1,250,000.
Of the 50 homes that are currently for sale 21 of them (42%) are priced between $1.2M and $3M. The remaining 29 (58%) are priced from $3M to $7.45M. There's nothing too surprising about those numbers, because Kahala does offer a nice balance between a typical residential suburbia feel and higher end ocean view or oceanfront homes.
What makes those numbers stick out is that all of the five currently "Pending" homes are listed from $1.3M to $2.5M. It's not hard to do the math on those numbers at all. There are zero homes above $2.5M that are under contract.
If you go back and look at all of the "Sold" properties since 1/1/08 you will see that 14 (77%) of the total properties sold were priced from $980k to $3M. That leaves a total of 4 properties sold, for the first half of this year, that were priced from $5.2M to $6.5M. Nothing in between $3M and $5.2M has sold at all this year.
What does this mean? This data points directly at a residential based buyer here on Oahu that is still looking for a nice property that is affordable (by Kahala standards). It also points out that the very high end of Kahala real estate is still somewhat alive, but the current situation may be slowing more. However, if you are a seller that has a home that falls between $3M and $5.2M the market is not on your side right now.
Opportunity is the key in real estate! I will address the following price ranges and situations and where you might be able to fit in.
Everything under $3 Million - This is by far where the biggest pool of buyers are. The key to buying in this range is quality and location. Most buyers in this range are looking for a home that is newer or has been remodeled recently (note, buyers in this range will sacrifice location more for quality and appeal). As many of you do know, Kahala has a good supply of properties that need to be remodeled. If you can find a property that has potential, good location, and some nice characteristics you may want to think of buying a fixer. The potential gains and ability to customize your own home may be what works best for you. Sellers, focus on making your house presentable and doing all the things you can to point out the good features of the house. However, I would like to note that you may want to give remodeling a second thought if you don't plan on doing a full remodel. Partial remodels don't always attract buyers. Don't expect buyers to pay for a brand new kitchen when the rest of the house screams 1960's.
$3 Million to $5.2 Million- This is what I like to call the area of opportunity. The buyers in this range right now are practically non-existent. If you are a buyer in this range you should be smiling with the opportunity that may lay before you. Sellers are a lot more "accommodating" when you are the only one that is walking through their home. You are in the range where you are above Kahala's definition of affordable and you are not quite at the very high end of what Kahala has to offer. I'll admit that this range has its fare share of overly optimistic sellers. Opportunity is all around... maybe look for the very high end property that has fallen from the top due to some characteristics that the seller never remedied or that you could easily remedy. Such as, an ocean view home who's ocean facing side has very few windows. Remodel that side of the house and add instant value by putting in larger more expansive windows. The key here is to capture the view that the house never has done before.
$5.2 Million and up- If you are going to pay top dollar make sure the stars are aligned before you buy. The traffic on this range is existent, but slow. Finding buyers in this range with the money to buy can be difficult. Sellers, make sure your home is top notch and do everything you can to increase the views and add more privacy. Buyers, Kahala has some of the finest oceanfront homes you can imagine. Enjoy the process and find the home that constantly reminds you of how good it is to own a home in Hawaii.
I would be honored to help you with your real estate needs, whether you are a buyer or seller. I specialize in going above and beyond for my clients and will make sure that your experience is not only a success but also enjoyable. Mahalo!
For the month of May Waikiki has shown it's feeling a bit of downward pressure, or close to holding its own. Compared to last month Waikiki has had the number of properties sold increase while Days on Market have gone down and prices have dropped less than 1%. When you look at May of this year in comparison to May of 2007 you notice a slight slowdown.
May 2007
68 Units Sold
Avg. List Price $413,488 of units sold
Avg. Sold Price $398,682
Avg. Days on Market 76
May 2008
53 Units Sold
Avg. List Price $403,485 of units sold
Avg. Sold Price $385,991
Avg. Days on Market 62
Sold prices are down about about 3% from last year at this time. Days on Market (the time to sell a property) have been trimmed by about 19%. Taking into consideration that 53 units sold in May of '08 vs. 68 in May of '07 (22% decline) I would say that you have every right to draw a slightly opaque conclusion to all this. However, keep in mind that in 2007 it was a lot easier to get a loan than it is in 2008. Lenders are now scrutinizing buyers more than ever. You need to keep your credit score in check, have more money to put down, and be prepared to verify everything. There are plenty of willing buyers out there but since lenders have added more hoops to jump through it's keeping more and more buyers on the sidelines.
For myself, I watch a few different markets off island and for our prices to only drop by 3% in a year is fantastic. Less units are selling, but units are now selling faster. The simple conclusion that I come to is that sellers are becoming more realistic and open to offers, but still are not willing to give away the farm. Which is exactly what any healthy real estate market needs.
The numbers are in for Hawaii Kai single family activity during May of 2008. When comparing May of 2007 with May of 2008 you'll see a few nice things below, if you are a buyer.
First, the Data:
May 2007 -
22 homes sold
Avg. List Price $1,238,727
Avg. Sold Price $1,204,659
Sellers got on average 97% of their asking price.
Avg. Price Per Sq. Ft. $562
Days on Market (DOM) 72
May 2008 -
18 homes sold
Avg. List Price $1,014,166
Avg. Sold Price $969,934
Sellers got on average 96% of their asking price.
Avg. Price Per Sq. Ft. $467
Days on Market (DOM) 93
What Does This Mean? Well, it definitely means that it is a buyer's market. Which is something that many of you already knew. So, beyond that what do these numbers mean? Well, you're seeing an increase in time that it takes sellers to sell their homes. Along with that you are noticing that the sales price is coming down. The motivation of the seller is also rising slightly. Sellers were willing to accept a 3% discount last year from their listing price. In 2008 that has grown to 4%.
So where does that leave you? Well, to give you some perspective, the condo/townhomes of Hawaii Kai have gone down about $2,000 in average sales price since 2007. Currently, they are selling for $594,242 and since 2007 their DOM have gone from 71 to 49. Fewer properties are selling, but you are seeing a demand at about $600,000 for a condo/townhome in Hawaii Kai.
With a single family home selling for $467 per sq. ft. and condo/townhomes now going for $439 per sq. ft. there is not much holding back condo buyers back from switching to being a single family home buyer. All that appears to be seperating the two is the price tag. Single family homes in Hawaii Kai use to be more than twice as expensive as condo/townhomes. Now the average single family homes are selling 63% higher than the average condo/townhouse. At a certain point and time single family homes are going to get too close in price to the condo/townhouse market and you'll see a shift. That "certain point" is left up to you to determine. All factors must be taken into account, and if you feel it's the right time then you might want to go ahead with buying.
When you analyze the number of condo sales in Waikiki since the beginning of 2008, it's easy to see that sellers are realizing that it is more and more of a buyer's market these days. It's taken some time, especially since Waikiki is very well balanced in terms of risk due to its exposure to buyers from all over the world. I like to think of Waikiki as the "melting pot" of the Pacific which protects it from some dramatic losses that areas of the mainland are experiencing.
I've pulled in all the fee simple condo sales in Waikiki from the beginning of 2008 until the day of this blog. I could analyze Waikiki based upon several factors, but the one factor that always gives you a finger on the pulse of real estate is the sales price. However, the sales price alone doesn't tell you much. I could compare it to the sales price from a year ago, but that only really works if everything remains the same (i.e. no new buildings were built or no buildings converted from Leasehold to Fee Simple). So, I figured what better way to analyze what's really happening in real estate then to compare it to the psychology of the seller. Well, you're probably asking how I do that. It's not as hard as you think, but it's not as deep as you might think either...
Every Seller I've ever met in my life has always cared the most about one thing more than any other thing when selling. That one thing is Price. They want the best price they can get for their particular scenario. Most people have sold a property before, and if you've ever sold in a normal market or less than normal market than you're probably familiar with lowering the sales price of your property. It's the point where you realize that you probably are not going to get what you want and that you're hoping to reduce your price as little as possible to where a willing buyer will buy your property. When you get to that point you've just arrived at my theory about finding out what's happening in real estate by analyzing the psychology of the seller. This is the point at which the seller (generally with reluctance) decides to give up on selling their property at a certain price and adjusts it to what they feel is a fair price. This process could keep happening over and over until the seller finally gets to a sales price where a willing buyer commits to purchasing their property. So, with that I bring you the numbers.
I have access to the original list price at which the seller first listed their property for. I also have access to what the list price was at the time the seller accepted an offer from a buyer. That list price is not always what the seller received. To get the final price we need to add in the final sales price. Without further ado... the results:
Original List Price
List Price at time of accepted offer
Final Sales Price
AVG WAIKIKI CONDO
$407,210
$389,216
$373,985
4.42% decrease from Orig LP
8.16% decrease from Orig LP
What can you take from this? As you can see the average seller started out at $407,210 and then along the way has discounted their property 1 or more times for a total of 4.42% to $389,216, until they finally accepted an offer. That offer came in another 3.91% lower than what they had their property priced for sale at the time they accepted that offer. In total, the average seller in Waikiki this year has come down 8.16% from their original listing price.
What does this all mean? It means that this little melting pot of the Pacific is still pretty stable, but sellers are realizing that in order to sell their property they have to come down a little with their prices to find those willing buyers.
If you are looking to buy or sell anywhere in Hawaii please contact me and I will let you know how I go above and beyond for all my clients to make sure your real estate needs are met. - Mahalo!
Whatever it may be the penthouse units in every building seem to attract a fair amount of attention. Typically they tend to be the most expensive units in a building so from building to building you can hear owners occassionaly chatting about how much the penthouse unit is going for or how much the penthouse unit just sold for.
My blog here today serves two purposes. One, I thought my readers might like to take a look at all the units currently available for sale in the Honolulu neighborhoods of Waikiki, Kakaako, and Ala Moana. Second, there is a distinguished pool of buyers who exclusively tend to buy only the penthouse units of buildings. So for you few my blog is here to serve. Oh, and if you would like to own an entire penthouse floor (the 35th to be exact) in the Waikiki Landmark they are all currently up for sale for the grand sum of $10,090,000.
Please follow the links to enjoy some of the finest properties that Honolulu has to offer (This link has been updated recently and is valid through 8/25/08).
If you are looking for more information or need assistance purchasing or selling a piece of property on the Island of Oahu please give me a call, I would be happy to help.
Well, if you have not heard yet, the Ilikai is going through a little bit of a transitionary struggle. Before purchasing in the Ilikai you may want to read up on www.Ilikaiowners.com. The Ilikai has been a focal point of Waikiki for decades, and now it's sad to see that the building is falling into conditions that would make any owner more than a little irate.
I happened to walk through the Ilikai on behalf of some clients a short time back and noticed that a good majority of the shops on the main floor have been vacated and shut down. I walked through the lobby this past weekend and was shocked when I saw even more shops shut down. On top of that I read the parking is now going up to $225 per month. These are just a sample of the issues at the Ilikai right now.
There are currently 47 properties for sale in the Ilikai and of that 47 there are two that are in escrow. On top of that From Jan. 1, 2008 to the present of May 13, 2008 there have been only an anemic 8 sales in the building this year.
I've included some links of those properties for sale and sold in the Ilikai. They will be good for 30 days. After that they will expire and no longer work. If you read this blog more than 30 days after I post it please feel free to email me and let me know. I will send you an updated link. The link below has been updated since this blog was done (the link is good until 8/25/08).
If you are thinking of purchasing in the Ilikai you may want to do a little more investigating before going forward. I have don't know how long you'll have to wait for the Ilikai to turn around, but if it is still something you are looking to purchase I would like the opportunity to be your agent. If you would like to look at any other property on Oahu I would be able to help you as well.
Looking for that property where some of the world's best surfing is right out your back door?
If so, then the North Shore of Oahu is for you. Whether sufing is your passion or you just like to view the roll of mother natures ocean, this is the place for you. Currently, the Sunset area of the North Shore has 10 properties available for sale. They start at a bungalow from 768 living sq. ft. and go all the way up to a brand new 5,303 living sq. ft. oceanfront masterpiece. These Oceanfront properties start at $2,100,000 and top out at $12,500,000. If you're looking to carve your own piece of architecture into the land then this area is where you should start. Getting an oceanfront property in the $2,000,000 range is a bargain these days when compared to other Oahu beaches. Revitalizing this area with new construction is an opportunity that is worth looking into.
If you would like a full comprehensive list of properties that are available on the North Shore or anywhere in Hawaii please feel free to contact me and I will be happy to provide you with everything that is for sale. If you are off island and photos of properties will not due, please inquire about my video previewing services that are free and offer you a more detailed first person viewpoint. I specialize in going above and beyond for my clients to deliver exceptional results.
As of the date of this posting there are 11 oceanfront properties up for sale in the Beachside area of Kailua. This fantastic area is home to some of the nicest beaches on Oahu, and some of the most spectacular homes in all of Hawaii. The size of these properties range from 1,631 living sq. ft. to 8,373 living sq. ft. They are priced from $3,998,000 to a high of $24,500,000. The biggest asset by far is the gorgeous beach that you have access to. If you ever feel like living out your own Corona commercial this is the place to do it.
Even when you go inside these homes it's tough to leave the beach behind, and thankfully most of these homes have been wonderfully designed to capture the beauty of the ocean from all vantage points.
If you would like a full comprehensive list of properties that are available in Beachside or anywhere in Hawaii please feel free to contact me and I will be happy to provide you with everything that is for sale. If you are off island and photos of properties will not due, please inquire about my video previewing services that are free and offer you a more detailed first person viewpoint. I specialize in going above and beyond for my clients to deliver exceptional results.
Well, aside from the rare fire sale due to extreme matters that may force some owner of a condo to sell way below market, I'm here to tell you that finding something in Waikiki that is dirt cheap or for that matter far below market is a tough thing to do right now. The factors at play are a key ingredient.
As you know, Hawaii is a U.S. Dollar based economy. If you are a holder of that dollar your buying power has been shrinking ever so slowly for the past few years. However, while the purchasing power of some dwindles that means there is a rise in the purchasing power of others. Canada, Japan, Australia, China, and the European countries have been some of those mentioned whos purchasing power has continued to climb. I bring up those countries because they have a large part in ownership of Waikiki condos. See my blog on buyers from Canada. Buying U.S. property is a great way for people holding those respective currencies to make a play on making money via a currency correction in the future along with future price appreciation.
From my standpoint if I were from outside of the United States it would make pretty good sense to me investing in the U.S. right now. Why not put your bet on the U.S. dollar recovering? It has only been the the fuel for the worlds strongest consumer based economy the world has ever seen. Everything goes in cycles, buy the currency when it's low and sell it when it's high.
Waikiki is also a high demand area where people want to own property. So, Waikiki is protected a little by the theory of Supply and Demand. And even though Waikiki is always bringing on more supply it keeps getting eaten up by hungry buyers. This building below is a high end development called the Watermark. It still has to be completed, but it's virtually sold out.
Another reason why Waikiki is a little more stable is because the wild and crazy loans that were taking place on the mainland were a little more limited here. Mainland lenders do not really flourish here in Hawaii. Although Countrywide has a large presence here most of the lending is done by Hawaiian banks who have different lending requirements.
I keep my eyes open at all times for "dirt cheap" properties, but taking the above into consideration you can see why I don't come across them very often. It is a great time to buy and if you are interested in owning your own piece of Hawaiian property please give me a call and I'll let you know what I can do to make it a reality.
For anyone who's fortunate enough to live beachfront in Kahala you are already privy to this information. However, for the vast majority of you that are not I thought I would share a little slice of the early morning scenery.
The Waialae Beach Park was where we perched for our sunrise viewing. Which is right by the luxurious Kahala Beach Apartments, Waialae Country Club, and Kahala Hotel and Resort. It's a great area of the island that offers some nice residential properties.
I believe pictures speak better than words, and I think a sunrise is pretty self explanatory. So, enjoy!
If you have the opportunity to visit or move to Kahala I hope you set aside a few good mornings to partake of the fantastic sunrises they have.
Everytime I've needed photos for my webpage or some mailings I go to http://www.istockphoto.com/. I've found this place to be a wonderful resource for fantastic photos that are priced well and allow you to have a good amount of freedom in their use.
It's a very simple to use webpage. Just buy some credits and download the picture and size you want. It's just as easy as can be, and the quality is fantastic and consistent.
I live in Hawaii so for me there is a bunch of material to use. One of the photos I've used on my webpage actually shows the building that I live in. I'm not sure that will be the case for the most of you, but I'm sure they have plenty of phenomenal pictures that would fit the area you live.
If you yourself are a great photographer you might want to try uploading your shots and make a few dollars on the side.
I'm in no way affiliated with anyone at http://www.istockphoto.com/, but have found these guys to be the best. If you know of another site that beats this one please let me know. Mahalo, and in case you were wondering, the photo below, unfortunately, is not of me. Just another example of the great photos they have.
Not only is Hawaii Loa Ridge home to one of the best neighborhoods on the island of Oahu, but it's home to great hiking also.
In the neighborhood of Hawaii Loa Ridge you will find some of the most exquisite homes with breathtaking views. See for yourself, I've included a video link for a walk through I did on a property that a client is considering. If you are looking for a secured neighborhood with gorgeous views all the way from Portlock to Diamond Head this is your neighborhood.
Since Hawaii Loa Ridge is about as secure as Fort Knox you'll need to make sure that you show up early in the morning if you want to get in and go hiking (they only allow 10 non-resident vehicles at a time). You'll also need to have a Hawaiian resident in the car with you who has a Hawaii drivers license. After you get through all of the formalities just take the nice long drive up the hill and you'll happen upon the trail head where the views are already fantastic (Diamond Head in the distance with the Gold Coast to the right and Kahala to the left).
Along the way you'll be able to enjoy more of the fantastic views this ridge has to offer.
At the end you should have a fabulous view. I say "should" because my wife and I have not yet been lucky enough to make it to the top. Our good ol' friend Mr. Rain made our descent a little premature. Note, It generally rains around midday, so if you don't want to go down the hill via slipping and falling because of the mud then I would suggest you embark upon your hike by 10:00am. If you're still wondering what the view looks like from the top then you'll have to visit this hiking site because they apparently did what I was not fortunate enough to do... reach the top.
Attention my friends to the north from Canada! As you know, the value of the Canadian Dollar (CAD) has risen in great value when exchanged with the United States Dollar (USD). I've attached the five year chart showing what the purchasing power of the Canadian Dollar has done in the last 5 years. What that means for you is tremendous buying power. If you are in a position to buy real estate in Hawaii now is the time.
5 years ago a $500,000 USD Hawaiian property would have cost about $760,000 CAD. However, today that same property would cost you $506,000 CAD. That's an amazing bargain for anyone holding Canadian Dollars. Right now, the United States is in a slow recessionary climate where housing prices have been falling and the USD has been declining in value. Many foreign investors have been purchasing homes in the Hawaiian market due to their favorable currency status when compared to the USD. On top of that some markets in Hawaii have been making pricing corrections and when you can combine that with a favorable currency position it opens the door for you to buy that dream property in Hawaii.
I am a full service real estate agent in Hawaii that is fully prepared to help you make owning property in paradise a reality. If you are interested in the opportunities that Hawaii may hold for you please contact me and I would be happy to help you with any requests you may have. I go the extra mile for all my clients and guarantee you a fantastic experience.
Discovery Bay is a twin tower complex on the western side of Waikiki. The two towers, The Endeavor and The Resolution, are made up of over 660+ units. The units range from studios to two bedroom units and are quite spacious when compared to other Waikiki condo's. All units come with parking.
Studios - 464 sq. ft.
1 bedroom - 770-852 sq. ft.
2 bedroom - 1,081-1,897 sq. ft.
Discovery Bay Center offers residents a multitude of shops on the lower levels. There are a handful of eateries, a coffee shop, clothing boutiques, car rental agencies, and even a liquor store. Even in the surrounding couple of blocks you have a grocery store, convenience stores, and nice dining opportunities.
The spacious pool deck is a great place to meet up with the other residents of Discovery Bay. There is a nice sized pool with large hot tub. Close to the pool you will find workout and cardio exercise rooms. The pool deck is well stocked with lounge chairs and you will never have to worry about a shortage. The building does not get much short term seasonal traffic, so the people you see in the building today will most likely be around for quite a while. There is a friendly and quiet nature to the building that makes it perfect for enjoying a peaceful Waikiki day.
If you get tired of the pool the beach is only one block away. Just saunter past the famed Ilikai or Hilton Hawaiian Village and you'll be right at one of the best beaches on Oahu.
I've filmed a video walk through of to help familiarize you with this great building.
A few Discovery Bay notables:
Built in 1977
4 elevators per building and they work great
Each building is 42 stories
Well staffed and maintained
Lanais can be enclosed
Storage for bicycles
As of the publish date of this blog the building is currently Leasehold. The association has purchased 62% of the fee and is trying to purchase the remaining ownership interests from the final lessor.
This newly remodeled unit has so much to offer. The kitchen has ample space, new cabinets, tile and bar. Newer vinyl windows allow plenty of light. Located in a nice building with quiet tenants and double wall construction. Fully furnished. Complete with tile flooring. The double entrance to the private lanai has great views. This unit is available to show on little notice. Close to the beach and all the amenities you need to enjoy yourself.
I've posted some helpful links below that will help anyone moving to the island of Oahu, Hawaii, or anyone interested in knowing what's going on with our island.
Hawaii newspapers and entertainment publications online:
I've recently received calls from friends and family asking me how to find pre-foreclosure and foreclosed properties. After I talked to them I had to sit back and think for a minute as to how these two types of foreclosure properties have changed.
In my mind they use to be good deals, but now they seem to be a waste of time (as far as Hawaii and Idaho go). I myself have purchased both pre-foreclosure and foreclosed properties. I got great deals on them at the time, but when I look now I just find the pre-foreclosures to be over mortgaged. So far over mortgaged that even if the lender accepted an offer at their minimum levels (through a short sale) that they would still be over priced.
The foreclosed properties that go to auction are either priced too high and attract no buyers or are priced decently and attract a few investors who soon bid them up to current market prices. If the lender lists the property with a real estate agent the agent puts them right where they should be, at current market levels.
What does that mean? For too long foreclosure's have been seen as a way to get a bargain basement price on property. Unfortunately, from my viewpoint it's not the case anymore. Not to fret, now is the time to just be a little more creative and focus on the primary characteristic of finding good deals. That being MOTIVATED SELLERS. Foreclosure's are not the only reason for a seller to be extremely motivated. Think hard and you should find 5-10 scenarios that lead to motivated sellers. When you find them get yourself a great agent and go to work!
Remember, if you are an investor there is one rule that should protect you at all times. That is, make your money when you buy the property, never count on the market to make it for you.
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Each week the Honolulu Advertiser composes a list of local lenders and their current rates. I check their website each week for the latest rates. Right now you'll notice that a 30 year fixed rate (assuming you put 20% down) is comparable to a 1 year arm and at times can beat out the 1 year arm with a lower rate. Depending on your situation you can get a 30 year fixed in the high 4% range. That's fantastic and it sets the stage for the perfect buying opportunity.
I've got 3 reasons as to why, if you are a buyer, you should be ecstatic about real estate in Hawaii right now.
1. Their is a good amount of property available for sale that exceeds the number of available buyers. That leads to the development of pricing competition.
2. Where did all the buyers go? More appropriately the question should be "Where did all the lenders go?". With some lenders shutting their doors for good and others revamping their lending standards it's going to limit the number of potential buyers in our market. Simply, buyers now need to save up a down payment to purchase properties. Gone are the days where anyone can walk in and get a stated income loan or zero down loan. Our market has willing buyers who just can't get loans which in my mind brings the market artificially lower than it really is. Less buyers equals less competition for you buyers which can only bring a smile to your face.
3. Mortgage rates are LOW which increases your buying power and makes owning a home or condo more affordable. Less cash out of your pocket to pay the mortgage is always a good thing!
P.S. PROTECT YOUR CREDIT!! Our credit rating system still needs to be revamped, but being late on a credit card payment can literally cost you thousands upon thousands of dollars when you get a mortgage. Our system is heavily dependent upon the credit rating system. In a time with defaulting loans becoming more and more prevalent it definitely pays to keep your credit score in good condition (lenders will generally reward you with a more favorable rate).
If you are a seller there are still ways to get your home sold. Whether you're a buyer or seller, contact me for a free consultation and I can work with you to put a plan together to solve your real estate needs.
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Right now I'm between appointments (my first appointment went surprisingly fast) and here I find myself with plenty of time to check emails and blog. I've never blogged before from my Blackberry, so I thought I'd give it a try. Having this phone/computer/day planner/modem is the best tool I've ever come across as an agent. it allows me to be away from my office and still be actively connected to my clients. If you don't have one and you are a real estate agent I think it is definitely something to look into getting. No more do I have to tie myself to a computer. I can actively market myself all day and when clients have questions or concerns I'm instantly available to help them. When I'm out and I need more computing power (Blackberry's can't do it all...yet) I just plug my Blackberry into my laptop and use it as a wireless modem. My phone also has a great mapping feature that is about as good as any of those expensive GPS devices out there. This thing does it all and I hope that you have the priveledge to use great technology like this. What impresses me is that it is only going to get better. Also, if anyone has an iphone I'd like to hear from you. Is it a great business tool (not just a great mp3 and video device)? Note, excessive use and lack of discretion can lead to habitual use of the Blackberry and turn it into the well known Crackberry. Which may lead to you receiving scowls from your spouse when you return emails at 10:00 pm at night.
"The discipline which makes the soldiers of a free country reliable in battle is not to be gained by harsh or tyrannical treatment. On the contrary, such treatment is far more likely to destroy than to make an army. It is possible to impart instruction and give commands in such a manner and such a tone of voice as to inspire in the soldier no feeling, but an intense desire to obey, while the opposite manner and tone of voice cannot fail to excite strong resentment and a desire to disobey. The one mode or the other of dealing with subordinates springs from a corresponding spirit in the breast of the commander. He who feels the respect which is due to others cannot fail to inspire in them respect for himself. While he who feels, and hence manifests, disrespect towards others, especially his subordinates, cannot fail to inspire hatred against himself."
Living room
The most exciting development to hit the entire state of Hawaii is, hands down, Donald Trump's development in Waikiki. Trump Tower Waikiki is slated to be finished in the fall of 2009. After selling out in a matter of hours, the demand for units in Trump Tower Waikiki has been phenomenal.
Kahala, one of the finer neighborhoods on Oahu, has some interesting numbers to point out. I've been studying Kahala for a long time and wanted to bring your attention to some things that may interest a few of you buyers and sellers out there.
