Real Estate Highlights: 2007

Mortgage rates rise at largest banks
Pacific Business News (Honolulu) Friday, December 28, 2007 - 1:01 PM HAST

"Mortgage rates at Hawaii's largest banks nudged upward this week after dipping below 5.75 percent at most of the major lenders last week..." <- Read Full Story.

Countrywide's Effort on the mortgage crunch! And a FREE seminar on Tuesday...

Countrywide offers 'home preservation' deal
Pacific Business News (Honolulu)Tuesday, October 23, 2007 - 9:33 AM HAST

"In the wake of the credit crunch and troubles with the subprime mortgage market, Countrywide Financial Corp. will refinance or restructure $16 billion in mortgages as part of a "home preservation program" aimed at keeping at-risk homeowners in their homes..." <-Read full story.

With the publishing of that news report, I will provide some tips given at a few recent "Short Sale & Foreclosure" seminars.

-Prepare your written explanation describing your financial hardship.
-Call your Realtor right away to find out what the market conditions are for your property.
-Call your bank before you miss a payment and discuss your concerns with them.
-Negotiate with the "Default Alternatives Dept" a.k.a. "Short Sale Group" or "Work Out Department". This is the department that will try to work out an agreement to prevent you from having a short sale or foreclosure.
-Call your bank early in the morning in their time zone's working hours before their day is filled with other complaints or problems.
-Consider asking for a bearance agreement that could allow you to postpone payments if your financial hardship is temporary.
-If you receive a package of documents from your bank requesting you to submit your formal application to do a short sale, be sure to completely fill out and provide all information. If anything is missing from the package, your request will be delayed.
-If you qualified for your loan based on "stated income" and are concerned that you may have exaggerated your income, you should probably still call your bank because they will avoid bad press or publicity questioning their routine practices of verifying your income. **Warning- if you falsified your income, it is a considered a crime of fraud!!! You should consult an attorney to know your options.**

Hopefully you aren't in this situation, but if you are or know someone who is I hope this information helps you keep the issue to a minimum. -Rick

FREE SEMINAR...
If you are interested in attending a free seminar on Tuesday October 30th 1230pm-4pm at the Ala Moana Hotel, please let me know. It is titled "Real Estate Investment Strategies-Growing Your Money Tree" and the topics and the speakers and sponsors are:
• Investment Strategies — Cris Bordon, Co-Director, Kobo Wealth Conservancy & Family Office
• Financing Your Investment Property — Zachary Stankovits, Principal Broker, Pacific Home Finance
• The Tax Deferred Exchange — Michael J. Yesk, Esq., Investment Property Exchange Services, Inc.
• Increase Wealth, Improve Cash Flow and Reduce your Risk — Troy Simmons, Regional Vice President, Spectrus

I can email you more specifics and also try to get you reserved for a seat. The speaker, Michael Yesk is especially worth listening to!!

--Rick

Waimanalo Enterprise Zone Program...

Waimanalo gets enterprise zone
Pacific Business News (Honolulu) Tuesday, October 23, 2007 - 3:54 PM HAST

The City & County of Honolulu wants to establish an agricultural-oriented enterprise zone for parts of Waimanalo on Oahu's Windward Coast... <-Read full story.

This program may stimulate economics in the Waimanalo area. I may also increase demand for residences in and near the area. -Rick

New Kapiolani Condo Conversion by Abe Lee Development

Kapiolani building converted to condos
Pacific Business News (Honolulu)
"Realtor Abe Lee has put another condominium conversion project on the market, a 21-unit, three-building complex on Kapiolani Boulevard near Kaimuki High School..." <--Read full story.

This is a great oppurtunity for simple home ownership in town. - Rick.

Quarter 3 PBN report on market

Oahu Q3 home prices up, sales down
Pacific Business News (Honolulu) - by Janis L. Magin

"The prices of Oahu homes and condominiums rose about 3 percent in the third quarter but there were fewer sales, according to a new report..." <--Read full story.

Disney Resort coming to Hawaii!

Disney announces resort at Ko Olina
Pacific Business News (Honolulu)

"Walt Disney Parks and Resorts plans to build its first resort in Hawaii, a large luxury hotel and time share on 21 acres of oceanfront land it is acquiring at Ko Olina Resort..." <-- Read Full Story.

<-- Click for Disney's press release.

West Oahu is going to be getting some additional exposure soon. This plan sounds like a good idea to spread the job sources out in that side of Oahu. More people will be able to find work and live near the area they work! - Rick

Home Prices in the news... (3 papers)

Three local papers report on housing prices...

Home prices steady, sales down on Oahu
Pacific Business News (Honolulu)
"Home prices on Oahu held steady last month as the number of single-family home sales fell to the lowest level in more than 18 months, according to statistics released Tuesday..." <--Read full story.

Hawaii home sales down on Oahu
By Andrew Gomes
Advertiser Staff Writer
"Sales of existing homes on O'ahu continued to tumble in September, but median prices were about 5 percent higher compared with the same month last year..." <--Read full story.

Home sales down, prices up
By Allison Schaefers
Honolulu Starbulletin Writer
"A big drop in sales on Oahu hasn't stopped the prices from rising..." <--Read full story.

Hawaii's ranking in fair housing complaints...

Hawaii housing bias may be underreported
By Mary Vorsino
Advertiser Urban Honolulu Writer

"Only 43 people pursued housing discrimination cases with the Hawai'i Civil Rights Commission during the last fiscal year ・a slight decrease from the year before..." <--Read full story.

This is a good article for private landlords and tenants to read. I know it occurs out there because most landlords are not licensed agents in Hawaii. - Rick

Honolulu's 'performance' improves... by PBN

Honolulu's 'performance' improves
By: Pacific Business News (Honolulu), Wednesday, September 26, 2007 - 11:12 AM HAST

"Honolulu has moved up in a national survey that ranks the "best-performing cities."..." <-- Read full story.

New reports on Hawaii's Foreclosures...

Isles' August foreclosures up sharply
Pacific Business News (Honolulu) - 2:43 PM HAST Tuesday, September 18, 2007
"Hawaii had one of the lowest home foreclosure rates in the nation in August, but the numbers are up sharply from July..." <--Read Full Report.

PBN's Report on Hawaii's Low Mortgage Rates...

Local mortgage rates below national average
Pacific Business News (Honolulu) - September 14, 2007
"Hawaii's three largest banks continued to offer 30-year fixed-rate mortgages at interest rates below the national average..." <--Full Story.

Call a loan officer or mortgage broker now to check on your qualifications. -Rick

News Reports Hawaii Mortgage Interest Rates Down a Bit!

Hawaii mortgage rates continue fall
Pacific Business News (Honolulu) - September 7, 2007
"Hawaii's second and third largest banks this week followed First Hawaiian Bank's lead in lowering rates on 30-year, fixed-rate mortgages to 6 percent..." <--Full Story

3 Local Papers Reports on the Local Housing Economy

Oahu home sales, prices up
Pacific Business News (Honolulu) - 9:42 AM HAST Wednesday, September 5, 2007
"Sales of single-family homes on Oahu rose last month to the highest level so far this year, and prices of houses and condominiums also rose when compared with August 2006..." <--Read Full Story.

Oahu home sales, prices up
By Andrew Gomes
Advertiser Staff Writer
"O'ahu's housing market continued to display its stamina last month, with slight increases in median sale prices of existing homes as many Mainland markets are tanking...." <--Read Full Story.

Oahu home sales, prices up
The Honolulu Star-Bulletin By Nina Wu
"The median price of a home on Oahu jumped to $650,000 in August, 2.4 percent higher than it was the same time last year. Compared to July, the price was 1.6 percent higher...." <--Read Full Story.

Pacific Business News report to keep you informed on the mortgage company changes.

Charter Funding will reopen as IndyMac
Pacific Business News (Honolulu) - 11:52 AM HAST Tuesday, September 4, 2007
"Charter Funding of Hawaii offices will reopen under the IndyMac Bank brand next week as the California-based company expands its lending presence in the Hawaii mortgage market..."

A Honolulu Advertiser report on the changes in home mortgages and how it's affecting buyers and sellers.

Down payments soar for Hawaii mortgages
By Andrew Gomes
Advertiser Staff Writer
"Cash.

It used to be that very little, if any, was needed to buy a home, and that helped scores of Hawai'i residents in recent years buy property in one of the nation's costliest housing markets..." <--Read full report.

2 Stories covering Mortgage/Foreclosures and Scams

Hawaii foreclosure rate low in July
Pacific Business News (Honolulu) - 12:53 PM HAST Tuesday, August 21, 2007
"Hawaii had one of the lowest home foreclosure rates in the nation in July, according to a new report..." <--Read full story.

BBB warns of mortgage scams
Puget Sound Business Journal (Seattle) - 9:48 AM PDT Wednesday, August 22, 2007
"Although not as prevalent in the Pacific Northwest compared with the rest of the country, the regional Better Business Bureau (BBB) warned homeowners of possible mortgage foreclosure scams..." <--Read full story.

A more detailed report on Charter Funding's closing of business

Charter Funding, First Magnus close down
Pacific Business News (Honolulu) - 2:55 PM HAST Friday, August 17, 2007
"One of Hawaii's largest privately held mortgage companies has ceased funding loans..."
It's very important to keep track of the daily changes in the real estate financial businesses. For example, if you were purchasing a property with financing from Charter Funding, if they don't fund your loan, you can't close and you'll have to go through the loan process with another lender. If you were selling a property now to a buyer using Charter Funding, your closing will most likely be delayed as the buyer needs to find a new lender. -Rick
<--Read full story.

Countrywide and Charter Funding makes headlines....

Countrywide Borrows, Charter Funding Closes
Howard Dicus - hdicus@kgmb9.com KGMB News
"The rise in mortgage defaults has turned one of the biggest lenders into a borrower, and more local mortgage offices have closed, possibly for good. World stock markets fell, but local banks actually did a little better..."

In times like this, it's important to be aware of the standings of your mortgage bank. Be sure you are up to date. You could default on your transaction if by chance the place that is supposed to be funding your loan suddenly closes operations. -Rick

<--Read full story.

2 Reports on Hawaii's Foreclosure situation.

Oahu home foreclosure rate rises
By Andrew Gomes
Advertiser Staff Writer
"O'ahu's home foreclosure rate rose 68 percent in the first half of the year compared with a year earlier, but was still the fourth-lowest among large U.S. metropolitan areas..."
Don't forget!! Read and understand the entire report. -Rick

Honolulu ranks low for foreclosures
Pacific Business News (Honolulu) - 12:32 PM HAST Tuesday, August 14, 2007
"Honolulu ranks near the bottom of a new list of foreclosure rates in the 100 largest metropolitan areas in the nation..."

Both these reporters are covering the same data. Notice how dramatically different the headlines are. This is why people must always read the whole story and not just the headlines before making decisions. -Rick

The Honolulu Board of Realtors' July Reports are out.

Honolulu Board of Realtor July Reports and Press Releases.

Monthly Statistical Reports of Residential Resale Activity on Oahu <--Click
Oahu Housing Trends <--Click
Monthly Statistical Report <--Click

Those are the reports prior to the news media creating their reports and wording this data into their view.

PBN's Report on July's Statistics. -Rick

Oahu home sales hit brisker pace
Pacific Business News (Honolulu) - 10:12 AM HAST Thursday, August 2, 2007
"Sales of single-family homes and condominiums on Oahu hit a brisker pace last month, with the fewest average days on the market recorded this year..." <--Full Story

Honolulu Advertiser Reports drop in Median Prices.
-Rick

Median price of Oahu homes dips in July
By Andrew Gomes Advertiser Staff Writer
"The median sale price for existing single-family homes on O'ahu fell in July, a month after prices climbed to a record high and surprised some market watchers..." <--Read Full Story.

Don't just read the headlines! I think this report contains some valuable information for those on the verge of the "Real Estate Market". If you are thinking of selling or buying, it's very important to understand the data in reports like this. It's difficult to figure out exactly what these reports are saying sometimes. If it just confuses you, don't give up. Ask me for some explanations or if you have your own Realtor, he or she should be able to explain what this report is trying to tell current or prospective Real Estate clients in the Honolulu Market. -Rick

The Starbulletin's report on the planned road development in Kapolei. -Rick

$124M Kapolei roadwork planned
By Rosemarie Bernardo Honolulu Starbulletin
"In partnership with the city, a developer plans $172 million in improvements..."

PBN's report on Hawaii's Foreclosures - Rick

Hawaii ranks low in foreclosures
Pacific Business News (Honolulu) - 3:15 PM HAST Monday, July 30, 2007
by Janis L. Magin
"Hawaii lags far behind the most of the Mainland in the number of foreclosure actions filed, according to a report released Monday that found foreclosure filings in the United States were up 30 percent in the first six months of 2007..." <--Click for full story.

Another report of the Federal Gov't investigating into subprime loans.

Fed targets subprime loans

Advertiser Staff and News Services
"WASHINGTON — Federal and state regulators yesterday announced a coordinated effort to weed out deceptive or unfair practices at some of the nation's largest subprime mortgage lenders..." <-click for full story.

Report on a problem with the Kukui Gardens sale.

Kukui Gardens sale hits federal snag

By Rick Daysog
Advertiser Staff Writer
"The $131 million sale of the Kukui Gardens affordable housing complex near Chinatown has hit a snag..." <-click for full story.

The Honolulu Advertiser's report on the newest Waikiki Luxury Condo, Allure, that recently opened for sales. It's off to a decent start!
-Rick

Waikiki's new luxury high-rise condominiums still have strong buyer appeal
By Andrew Gomes Advertiser Staff Writer
"New luxury high-rise condominiums in Waikiki still have sturdy buyer appeal, judging by the response to the latest planned tower that recently began sales in the midst of Hawai'i's generally cooling housing market..."

Another article in the news about the cautions of non-traditional mortgages. Interest rates are going up!
-Rick

Monthly mortgage payments going up
Andrew Gomes Advertiser Staff Writer
"Many Hawai'i homeowners with adjustable-rate mortgages will face higher monthly payments in the next year..."

Raceway Park owner wants it rezoned
By Crystal Kua The Honolulu Star-Bulletin

"The owner of the old Hawaii Raceway Park site is asking the City Council to rezone the 66-acre property to turn it into an industrial park..."
This does not deal with residential Real Estate, but if you have been following my personal interests and hobbies, it's obvious why I keep close watch on this subject. You can read more about how it affects me under "About Me"... -Rick

State warns of higher mortgage rates
Pacific Business News (Honolulu) - 11:48 AM HAST Thursday, July 5, 2007

"Homeowners with adjustable rate mortgages should prepare for interest rates to rise in the next year -- especially if they have subprime mortgages with nontraditional conditions...."
Hawaii's consumers have not widely used non-conventional mortgages as much as the rest of the Nation's consumers, but now the time has come, for the small percentage that have, to look into the next plan. -Rick

Oahu home, condo prices set record
Pacific Business News (Honolulu) - 4:56 PM HAST Tuesday, July 3, 2007

"The price of housing on Oahu set a new record in June..."
Even with rising mortgage rates, the Oahu Real Estate prices have managed to set another record. This could show the presence of the international cash purchasing economy... -Rick

500 Guam government workers hit by pay cuts
Associated Press Honolulu Advertiser Posted at 7:03 a.m., Monday, July 2, 2007

"HAGATNA, Guam — More than 500 top government workers in Guam, including members of the governor's Cabinet, are looking at paychecks this weekend that were cut 12.5 percent..."
Many local investors have been investing or looking into moving Real Property Investment to Guam from Hawaii's high prices. This news may affect future decisions regarding this idea. -Rick

Kamehameha Schools buys Varsity theater
By Rick Daysog Advertiser Staff Writer

The "Kamehameha Schools has acquired the Varsity Twin Cinema site and the nearby Varsity Office Building from Los Angeles-based Robertson Properties Group..."
Kamehameha Schools may add more of the "College Town" feel to the University of Hawaii area. Perhaps dorm apartments? -Rick

Kaka'ako burials must stay put, Honolulu developer told
By Gordon Y.K. Pang Advertiser Staff Writer

"The company behind the $100 million Victoria Ward Village Shops redevelopment project in Kaka'ako is being told by the state to leave 30 sets of iwi, Hawaiian burial remains, where they've been found..."
If you were waiting for this new development, plans may need to change. -Rick

Safeway names Kapahulu tenants
Pacific Business News (Honolulu) - June 26, 2007

"Three eateries, a bank, an ice cream shop and several coffee retailers have signed leases for space at Safeway Inc.'s new Kapahulu shopping center..."
This will be a very large development for Kapahulu Avenue. Some will appreciate its value and convenience others may not enjoy the expected increase in traffic to the already busy street that leads to Waikiki. -Rick

Hawaii growth rate still better than most
Pacific Business News (Hon) - 9:32 AM Thursday, June 7, 2007 by Howard Dicus

"Hawaii's economy, which began to show some signs of cooling in 2006, has nevertheless made the top 10 in a new breakdown of state shares of U.S. gross domestic product..."

Ewa Beach shopping center moves forward
Pacific Business News (Honolulu) - 11:45 AM HAST Thursday, June 7, 2007

A Mainland retail investment and development group has bought a 20-acre parcel in Ewa Beach and plans to spend some $100 million on developing a new shopping center.
More convenience is coming to Ewa (the West side of Oahu). The "Second City" is growing up to it's name. - Rick

Oahu median home price: $650K
Pacific Business News (Honolulu) - 6:36 PM HAST Monday, June 4, 2007 by Howard Dicus

"Oahu sales of existing single-family homes slowed in May, both in number and in price, the Honolulu Board of Realtors said Monday. Condo sales also slowed but prices improved..."

Hawaii Association of Realtors Bulletin
Helping our clients understand financing options...

This is the body of my most recent Hawaii Association of Realtor bulletin. It is designed for us (Realtors) to assist our clients understand the various financing programs out there and what to be cautious of. Rather than make you (my Clients or potential future Clients) ask me or a loan officer about these, I am publishing it on my website for you to study as you feel necessary. Many of you already are aware of what to be aware of, but there are always new programs that might be designed to lure consumers into a product that is not well suited for them.

Please read the following and ask me or your loan officer if you would like more information.

The National Association of REALTORS^® has teamed up with several other organizations and federal agencies to produce brochures that will help prospective buyers make informed decisions on which kind of mortgage is best for them.

Specialty (Non-Traditional) Mortgages: What are the Risks and Advantages?
Produced jointly by NAR and the Center for Responsible Lending, this brochure will help your clients assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages.
Download the Brochure >> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-105

Traditional Mortgages: Understanding Your Options
While specialty mortgages may help make homeownership more affordable, they generate more risk and consumers should understand these risks before they choose a mortgage. This brochure, also produced jointly by NAR and the Center for Responsible Lending, explains that for most consumers, traditional fixed-rate mortgages and adjustable-rate mortgages (ARMs) continue to be excellent options.
Download the Brochure>> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-125

Learn About FHA Mortgages
This brochure, produced by NAR, FHA, and the Department of Housing and Urban Development, outlines the changes to FHA and how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Download the Brochure>> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-128

How to Avoid Predatory Lending
Finding an affordable home loan with fair terms and reasonable costs is a crucial step towards achieving homeownership. Unfortunately, home buyers need to be aware that some lenders offer predatory loans that take advantage of consumers. This brochure, produced jointly by NAR and the Center for Responsible Lending, identifies the warning signs of predatory loans. It also gives consumers tips on how to avoid them, including questions they should ask when shopping for a loan.
Download the Brochure >> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-135

"Genshiro Kawamoto says five more Kahala homes will be ready for families to move in..."

Photo courtesy CINDY ELLEN RUSSELL Honolulu Starbulletin

--This is a very interesting idea and situation for this Japanese billionaire to bring to the Kahala neighborhood. I am closely following this story. Rick--

Click to read full story ->

Oahu real estate market firming up
Pacific Business News (Honolulu) - 2:27 PM HAST Friday, May 11, 2007

"Sales are up, prices are up and the number of days homes on Oahu are staying on the market are down, all signs that the state's largest real estate market may be gaining strength..."

City measures seek to reopen raceway
By Crystal Kua

"Councilman Apo proposes a possible land swap for the city to obtain the site..."
--This is a subject that I follow closely. Not only it is a Real Estate matter, it involves Oahu's only motor sports raceway park! A place I used to frequent and miss. More of my hobbies and interests may be found under the "About Me" section of my website.-- Rick

"Can't wait for the eagerly anticipated Nobu Waikiki restaurant to open May 28?..."
Read full story...

---A highly anticipated addition to the already amazing selection at the newly developed Waikiki Beach Walk Project! I love living in Waikiki and being able to go for evening walks to some of the best restaurants around!---Rick