Honolulu, HI Real Estate News

By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
  Local Market Update  Waikiki Honolulu, August 2023   Single Family Homes August Year to Date 2023 / 2022 Change% 2023 / 2022 Change% Closed Sales 0 / 0  0% 0 / 1  -100% Median Sales Price $0 / $0  0% $0 / $1.5M  0% Percent of Original List Price Received 0 / 0  0% 0 / 90.9%  0% Median Days on Market Until Sale 0 / 0  0% 0 / 103  0% New Listings 0 / 0  0% 0 / 1  -100% Pending Sales 0 / 1  -100% 0 / 2  -100% Active Inventory 0 / 0  0% ---    Condos August Year to Date 2023 / 2022 Change% 2023 / 2022 Change% Closed Sales 86 / 103  -17%  743 / 952  -22% Median Sales Price $475,000 / $340,000  40%   $418,500 / $429,000  -2% Percent of Original List Price Received 97.2% / 99.5%  -2% 97.2% / 98.8%  -2% Median Days on Market Until Sale 31 / 14  121% 27 / 19  42% New Listings 122 / 146  -16% 1...
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By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
  Local Market Update  Ala Moana & Kaka'ako Honolulu, August 2023   Single Family Homes August Year to Date 2023 / 2022 Change% 2023 / 2022 Change% Closed Sales 0 / 0   4 / 6  -33%   Median Sales Price $0.0 / $0.0   $1.243750M / $1.3625M  -9% Percent of Original List Price Received 0.0% / 0.0% 92.1% / 98.2%  -6% Median Days on Market Until Sale 0 / 0  0% 15 / 21  -29% New Listings 1 / 0  0% 7 / 12  -42% Pending Sales 1 / 0  0% 4 / 6  -33% Active Inventory 3 / 4  -25% ---    Condos August Year to Date 2023 / 2022 Change% 2023 / 2022 Change% Closed Sales 44 / 61  -28%  363 / 542  -33% Median Sales Price $727,500 / $615,000  18% $680,000 / $754,500  -9% Percent of Original List Price Received 95.3% / 98.1%  -3% 96.8% / 98.0%  -1% Median Days on Market Until Sale 50 / 18  178% 40 / 27  48% ...
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By Keahi Pelayo
(KU Realty)
June 24th, 2008 categories: Rants & Riffs We are our own worst enemy! Believe it or not we drive the economy! If we want it to change, then we need to move our attitude away from pessimism and toward optimism. Maybe I am showing my age, but I lived through recessions in the early 80’s and middle 1990’s and what we are now experiencing is nothing worth crying over. READ MORE ABOUT WHINING.
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June 24th, 2008 categories: Honolulu Condominiums Fairway Villa is centrally located in Waikiki. It is a building that is in the process of upgrading its common areas, is well managed and has a very bright future. This 1 bedroom 1 bathroom unit is priced at $300,000 and is being sold furnished (including a flat screen television). Enjoy washing your clothes in the stacked Bosch washer/dryer. Including the large open and very usable lanai the unit has a total are of 706 square feet. A tenant has just moved out, so it is ready for you to move in now! The unit was last rented for $1695 and, given the shifting market, we are projecting a rent of $1,595. The following is a brief analysis of a possible investment scenario based on a rental rate of $1,595 per month. MORE ABOUT FAIRWAY VILLA
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By Randy L. Prothero, Missouri REALTOR, (808) 384-5645
(eXp Realty)
Have you ever heard that joke? Unfortunately this is not a joke.  After three weeks of trying to reach an agent to schedule a showing, I am still waiting.  A little over three weeks ago, I set up appointments for my buyers to view 6 of 8 properties they wanted to see in a particular neighborhood.  The reason for 6 of 8 was that one the owners had a family gathering and the agent for the other one did not return my calls. The following week I called again and got no response.  We continued to look in other neighborhoods and my clients gravitated back to that property.  They really want to see this one before making their decision.  It is a short sale, which they are not excited about. The home is larger and lists more upgrades than the others. This week I left voice mail and e-mail messa...
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By Keahi Pelayo
(KU Realty)
  June 20th, 2008 categories: Reasons To Sell It seems the further one gets outside of the core of Honolulu, the worst the traffic gets. A recent report on Honolulu’s traffic confirms that this is the case. “Forty hours sounds like a typical workweek. But that’s how long motorists are stuck in traffic each week where Moanalua Freeway’s eastbound lanes meet the H-1 freeway from the airport. That logjam contributes to Honolulu’s rating as the worst U.S. city for rush-hour slowdowns, according to a private survey released by a Seattle firm.” READ MORE ABOUT HONOLULU TRAFFIC
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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.   CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
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.  CLICK HERE TO READ THE ENTIRE POST.
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By Randy L. Prothero, Missouri REALTOR, (808) 384-5645
(eXp Realty)
While showing properties this weekend it hit me.  The reason so many properties seem to be improperly identified is there are not enough categories in the MLS system. For example let's look at the condition of homes.  We definitely need some more categories here.  Instead of just excellent, we need a few levels of "Excellent" Really Excellent - Move in condition, with upgrades and a great yard. Nearly Excellent - Recently painted the bedroom Almost Nearly Excellent - Paint and carpet less than 10 years old Used to be Excellent - You should have seen it 10 years ago. Above Average Condition Really Above Average - Ready to Move in, but could use updating Nearly Above Average - Badly needs paint and carpet Almost Nearly Above Average - The roof is not leaking.  The blue tarp was recently r...
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The Honolulu Board of Realtors statistics for the 1st Quarter of 2008 show 46 sales in Hawaii Kai, with a median sales price of $865,300.  This compares to 51 sales in the 4th quarter of 2007, with a median price of $919,000. Median list prices were considerably higher:  $1,269,700 for the first quarter of this year, and $1,314,200 for the 4th quarter. In May, 2008, 18 homes sold in Hawaii Kai, with a price range from $630,000 to $2,100.000.  Averages for sold homes were 2,076 square feet, 4 bedrooms/3 baths, 96% list:sales price, and 93 days on market. Our 2008 sales year so far in Hawaii Kai has been very robust, with 71 sales.  Averages were 2,305 sq ft, 4 bedrooms/3 baths/96% list:sale price, and 84 days on market.  Prices ranged from $551,000 for a home in Kalama Vally to $6,400,0...
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By Keahi Pelayo
(KU Realty)
June 17th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs More and more reports are coming out pondering significant economic inflation. As much as I don’t want to see the inflation of the late 70’s and early 80’s, I would be remiss to turn a blind eye to its possibility. Two recent articles at the Wall Street Journal’s website talk about signs that inflation may be on its way.   CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
June 16th, 2008 categories: Honolulu Real Estate 101 A blog by Cynthia Hoskins, of Clark Realty on the Big Island, inspired me to write about off island lenders. Cynthia writes the following. “ Local lenders understand the Hawaii Purchase Contract and its contingencies and have established relationships with underwriters who are familiar with the unique aspects of the Hawaii real estate market–there are many!" CLICK HERE TO READ THE ENTIRE POST.
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By Ronda Ching Day, Call "Help Me Ronda" for your Real Estate Needs!
(Coldwell Banker Pacific Properties)
One of Honolulu's superblock of retail, dining and new residences is located between Ala Moana Shopping Center (between Ala Moana and Kapiolani Boulevards), Walmart/Sam's Club (on Keeaumoku Street) and the Ward Shopping Compex.  Over the last fifteen years and more recently, within the last two, new luxury towers have been displacing what was once warehouses and auto body shops.  These architectural trophies are creating an interesting skyline for Honolulu postcards which you can now mail to friends and family. If you are looking to buy or sell a one bedroom (1 BR) condominium in this Hot Neighborhood (Kakaako), ask Ronda Ching Day to help you. As of today, there are 21 Active Listings of One Bedroom Condominiums in the Kakaako neighborhood: Building                #units for sale      ...
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By Keahi Pelayo
(KU Realty)
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.”   CLICK HERE TO READ THE ENTIRE POST.
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June 12th, 2008 categories: Honolulu Real Estate 101 So you sold your house and now you’re a couple of weeks away from the close of escrow. The buyer’s lease has run out and they have to move. You get a call asking that the buyer be allowed to move in prior to the close of escrow. What to do? What to do? Here is the short answer…run for the hills! Don’t let it happen! Squash the idea like a bug! Just say “No”! Am I clear? Any questions? Now for the long answer.   CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
  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...
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  June 9th, 2008 categories: Rants & Riffs Honolulu’s hurricane season is upon us. Sure we need to make sure to have the appropriate supplies on hand, batteries, water, food, radio’s, some cash, etc. The recent article at Fox News talks about the documents we should have on hand too.   CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
This 3 bedroom 1.5 bathroom condominium is offered at $350,000 and it is in a Honolulu condominium called Terrace Towers.  At 918 square feet it comes with one open parking stall. The kitchen and bathroom cabinets were changed in 2006 and the unit would make an excellent home for a first time buyer or rental income property for an investor. I checked with a local property manager and he felt that the unit would rent in a range between $1900 and $2300 per month. The following is a brief analysis of a possible investment scenario based on a rental rate of $2200 per month.   CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
Using An In House Lender in Honolulu? May 13th, 2008 categories: Reasons To Sell Many local Honolulu real estate firms have their own “in house” lender, also known as an “affiliated” lender.   CLICK HERE TO READ THE ENTIRE POST.
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By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
Colorful Curb Appeal; Painting with Plants:  In Hawaii we are blessed with incredible tropical flora, some of it indigenous much of it imported. To really add some zing to your curb appeal I have assembled some of my favorites. Ti plants (Cordyline terminalis)3'-6' are indigenous to Hawaii and are found through out Polynesia and tropical climes worldwide. Ti's come in a great number of shapes, colors, and textures. Here are just some of the many varieties available.Ti plants are sacred to the Hawaiian's and are used in many ways in addition to landscaping. Foods such a Lau Lau and Kalua Pig are wrapped in Ti leaves and cooked in Imu's (traditional Hawaiian oven's dug in the ground), They are also used as hula skirts, in religious ceremonies and as offertory wrappings.                   ...
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Surveys and the case of Encroachments in Honolulu April 7th, 2008 categories: Honolulu Real Estate 101, Negotiating One of the issues that can be shown on a perimeter survey is called a encroachment. In layman’s terms, an encroachment is when a wall, gate, pool or some other improvement crosses the property line. This can be an improvement from a neighboring property coming onto your property or from your property going onto a neighboring lot. What to do? First, it needs to be determined if the encroachment is de minimus and in Honolulu residential real estate this means that it is six (6) inches or less (HRS 669). If it meets this standard (de minimus) then the Purchase Contract calls for no further action. If it is greater than six (6) inches, and C-42 and C-43 of the Purchase Contrac...
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