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Honolulu, HI Real Estate News

By Kimo Stowell, James "Kimo" Stowell - REALTOR®, ABR®, GREEN
(HI Pro Realty LLC RB-21531 )
Oʻahu Home Prices Ease as Sales Volume Declines in April Despite softer sales activity, median days on market improved, with single-family homes remaining under one month HONOLULU – According to resale figures released this week by the Honolulu Board of REALTORS®, median prices in April decreased slightly in both markets. Prices for single-family homes declined 1.7% compared to the same period last year, while the condo median decreased 1.0% to $500,000. Properties priced at $500,000 or less accounted for 193 sales in April and 666 year-to-date, with 1,168 active listings in that price range. Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:   Single-Family Home Resales   Number of Sales Median Sales Price APR...
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By Kimo Stowell, James "Kimo" Stowell - REALTOR®, ABR®, GREEN
(HI Pro Realty LLC RB-21531 )
               Latest rates, based on 20 percent down, $200,000 owner-occupant mortgages. The rates and terms may vary; check with lenders for details. Rates may have changed click here to verifyWednesday, May 6, 2026 Lender Term/Type Interest Rate % Points % *APR American Savings Bank808-593-1226NMLS#423168 15-YR Fixed 5.000 2.000 5.390 30-YR Fixed 5.875 2.125 6.129 5-YR ARM 5.125 1.875 6.113 Bank of Hawaii877-616-2636 15-YR Fixed 5.375 0.750 5.491 30-YR Fixed 5.750 2.000 5.937 5-YR ARM 5.125 2.000 6.060 Central Pacific Bank808-544-0500NMLS#416603 15-YR Fixed 5.125 2.250 5.607 30-YR Fixed 5.875 1.875 6.137 5-YR ARM 5.375 2.000 6.444 Finance Factors808-548-3300NMLS#449916 15-YR Fixed 5.125 1.875 5.636 30-YR Fixed 5.875 2.250 6.228 5-YR ARM 5.750 1.500 6.588 First Hawaiian Bank808-643-46...
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July 7th, 2008 categories: Honolulu Real Estate 101, Reasons To Sell Generalities. In general they can be right and in specific they can be wrong. A prime example is the general condition of most real estate markets in the U.S. Most news reports and people espouse the idea that the housing market is not doing well. In general they may be right and in specific they can be wrong. This year I have been selling lots of houses and condos. Most of my sales have been my listings and a number have been buyers that I represented. Many of my listings (not all) have been selling within weeks of coming on the market (how is this in a “soft” market?). I have found there to be three keys to having a property sell fast and thus make it a “good” market. READ IT ALL
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An article in the Honolulu Advertiser today quoted Mike Sklarz, a well-known economist on Oahu.  He said home prices are flattening, following the steep increases of the last few years, creating a stairstep effect. In the first 6 months of this year, the median price for single-family homes island-wide was $629,000, compared to $645,000 last year in the same period. For a stark contrast, consider that the median sale price in 2001 was $299,900, and in 2005 $590,000. Sales on Oahu are down 26% so far this year, and if that continues, the decline will create the lowest level since 1998. Shouldn't prices follow volume downward?  Local economists credit population growth in the islands, low unemployment, stable personal income, and low interest rates for keeping prices close to those of 200...
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By Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
(Liberty Homes)
It's 4:05 am on July 4th, 2008 and he gets up and stumbles to the bathroom. After he's finished he climbs back into bed and snuggles close to her. Just when he's starting to doze off again she startles him wide awake with a "let's get up and drive to the other side of the island to look at the sunrise"! Huh? He rubs his eyes and asks her, "Are you serious?". YUP! She jumps out of bed and hops in the shower with the poochie running after him while he turns the automatic coffee pot to 'brew' NOW. They check their emails and sip coffee for a few minutes and he hops in the shower. She gets off the pc and finishes getting ready. Cameras...check. Flip Video .....check. Put a puppy pad down and feed the dog. Check. Off we go! It's 5am and we're on the road. A cool crisp morning and it's still...
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By Keahi Pelayo
(KU Realty)
July 2nd, 2008 categories: Honolulu Condominiums A very interesting project is under construction next to Honolulu’s Lexus dealership. The developer is refitting the majority of the old National Cash Register Building at the corner of Cooke and Kapiolani. It is part of the growing “metropolitization” (my word) of Honolulu. READ HONOLULU'S LOFTY CONDO PROJECT
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By Keahi Pelayo
(KU Realty)
July 1st, 2008 categories: Honolulu Real Estate 101, Rants & Riffs “Gov. Linda Lingle signed the measure, Senate Bill 644, SD 3, HD 3, CD 1, into law yesterday to reduce Hawaii’s dependence on imported oil. It requires all building permits for single-family homes issued after Jan. 1, 2010, to include solar water heaters. READ HONOLULU SOLAR LAW POST
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June 30th, 2008 categories: Reasons To Sell I love what you could do before the tightening of the building codes. More than likely, the rail above would not be allowed under current building codes. The gaps between the leaves are too wide and a child could fall through. If this home were for sale and you purchased it, be ready for your professional inspector to note the irregularity.
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By Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
(Liberty Homes)
My belief is that ALL housing markets differ and the circumstances are going to depend on the housing markets in each of the states &  local cities; and right down to each neighborhood which will show a significant difference in number of sales and of course the sales prices too. I also believe that it is up to everyone in the Real Estate Industry to keep the market moving. With our professional attitudes shining through in all communication and contact with our clients and peers and being thorough in our process through each and every transaction are just a few points to always be aware of. How well we all perform will determine the level of service "they" will rate us as well. The most important factor to consider regarding our housing market in the United States is that it is truly ...
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By Ronda Ching Day, Call "Help Me Ronda" for your Real Estate Needs!
(Coldwell Banker Pacific Properties)
What to eat after sunning at the beach? Need a snack after surfing? Willing to give your taste buds a test?  Stop by Hank's Haute Dogs across from the Volvo car dealership and behind the Sprint office on Ala Moana, that is, at 324 Coral Street...(between Officemax and the former Comp USA site) in Kakaako.  Near the Kakaako Waterfront Park and Ala Moana Beach Park.  Close to One Waterfront.   Opened by Hank Adaniya, aka restauranteur of Chicago's five star dining experience Trio, you will be wowed by the menu and dogs here.  Genuine Chicago Vienna all-beef hot dogs with its famous snap!  Portuguese, Andouille, Chorizo, Chicken, Bratwurst, the No Dog, Polish and Chili Dogs (currently priced from $3.75 - 6.25).  For the more adventurous, you can find the daily special and be surprised on M...
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By Keahi Pelayo
(KU Realty)
June 27th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs I am a Honolulu Realtor because I have seen how home ownership changes the lives of those who own them. Certainly, the financial aspect of potential long-term appreciation is enticing, but property rights are fundamental to the freedoms we enjoy as Americans. One of our great founders, James Madison, writes about our property rights. READ WATCH YOU HONOLULU PROPERTY RIGHTS.
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June 26th, 2008 categories: Buying Honolulu Real Estate, Rants & Riffs I have great respect for anyone who attempts to build a home or develop real estate in Hawaii. The list of projects that have been approved and then strung out endlessly via the courts is very, very long. Yesterday’s Honolulu newspapers had separate articles concerning a project on Kauai and one here in Nuuanu. Both had received approval to move forward and then a fight ensued. READ THE ENTIRE POST ON BUILDING AND DEVELOPING IN HONOLULU.
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By Keahi Pelayo
(KU Realty)
June 25th, 2008 categories: Rants & Riffs, Views of Honolulu For the last few months I have been writing that the Chinese are on their way to Honolulu! Here is an article confirming the first group is here.   CLICK HERE TO READ MORE ABOUT THE VISIT TO HONOLULU.
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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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