Archive for the ‘Nawahine Place’ Category

Puako for Buyers   Leave a comment

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Aloha.  It is starting off to be another beautiful week in Hawaii with the return of the cool stirrings of the Tradewinds.   Clear skies, fresh air…..Hawaii!

The time has never been better to be a buyer for Puako property.  While much of the Island’s most desirable areas have limited inventory, there has never been more properties for sale in Puako in my entire career (selling here since 1989).   By clicking on this market report covering sales over the last 3-months (wait…what sales?!?) you can see that there are 17 homes* and lots for sale with three properties in escrow

The last quarter of 2015 and early first quarter of 2016 saw fourteen properties come to market.  All but four are still on the market. Two of the three in escrow were listed then, all priced at the lower end of the price range.  (Two of the three are our Elite Pacific Properties listings) Two sold although one that sold was actually on the market nearly two years priced 17% higher, then given a “rest” from Multiple Listing Service, a refreshing practice to make it appear as a new listing. Understand the buyer had looked at it earlier and made the offer soon after the price was reduced. The best Puako value, Puako #80, was listed only a few weeks ago and in escrow within days because of its location, charm and excellent pricing.  Word on the streets is it was purchased by one of its regular vacation rental guests.  The other oceanfront home in escrow has been in escrow for months but is another example of a well-priced, well located property considered to be a good value given its extra-large, deep set lot with a classic beach house.   The lot next door to this home, another great value is still for sale, click here to see.  Although there have not been any sales over the last 3-months, there was total of 8-sales between August of 2015 and March of this year.  You can see what sold by clicking here for that report.

At least three of the oceanfront properties on the market have been trying to sell for literally years.  We can suspect that this is mostly due to their prices.  I have shown them to several clients who felt their perception of value was not equal to the sellers perception of value.   Limited inventory in the past gave sellers the luxury of pricing to meet their needs.  Add to that that sellers are not always educated as to how the differences between homes affects their values. Puako is a community without CC&Rs which is very attractive to most of those who call Puako home.  This leads to a mixed basket of homes; from rustic beach cottages to grand oceanfront estates.  It is difficult to determine values since we really have to compare mangoes to bananas.  Harder still for a seller to price to sell if he doesn’t understand how these differences affect their value in the marketplace of today.  That is the job we agents have to do!  But right now, my job is to educate you so you make the right choice as a buyer.  Having all these choices now at this time of year makes it an awesome time for us to find your perfect Puako home.  Or if not Puako, we will find you one somewhere else on this beautiful Island!

Give me a call or shoot me an email and let’s jump on this opportunity now.

 

*Puako Kai is 2-CPR homes on one lot listed separately (2X) and together (1X).  It has been on the market 18-months, listed with three different Brokerages. Now at 20% off the original list price of $2,350,000.

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Building Without a Permit can be very expensive   Leave a comment

Lots of people want to avoid the hassle of the permitting process, thinking it will save them time and money.  Every day we Realtors see the costly aftermath of this when the banks won’t loan on homes with unpermitted additions or lacking final permits….My Grandmother had a saying “Penney wise, pound foolish”  You might save a few dollars in the beginning, but if you ever want to sell your home, after the fact permitting can cost you a lot!  My friend Alan Van Zee at Hawaii Mortgage said I could share his article about the implications of building without a permit in today’s lending climate, thanks again Alan for these very wise words!

Building Without a Permit

The percentage of single family homes for sale that have unpermitted improvements is staggering.  As lending regulations have tightened over the past 8 years, sellers and homeowners are learning the harsh reality of not playing by the rules.

 

It really makes no sense to do work without a permit.  While permits may take some time getting through the building department, the cost for one is relatively low.  I’ll just be bold and say – If you proceed with building anything without a required permit, you are dumb.

 

Sorry to be harsh, but what time and money you may save going the “cheap and dirty” route, will not only cause problems for you in any future financing, but you may never really reap the reward of added value.

 

Appraisers have a tough job when valuing a home with unpermitted improvements.  No matter how nice, an enclosed lanai or transformed garage can never be counted in the calculations of living space square footage.  That could change your 3 bedroom 2 bath home into a 2-1.  The value placed on living space is significantly higher than non-living space.  If someone is trying to buy your listed home for sale, the appraisal may not support the sales price.  SO unless the buyer is putting a substantial amount down, it could cause the transaction to collapse.

 

While this phenomenon of unpermitted improvements occurs on every island, what’s up with Maui and Hawaii Island?  The incidence of unpermitted improvements is almost like a contagion.  Recently I had a client wishing to buy a beautiful ranch property on Maui for $1,300,000.  The owner/seller constructed a 1,700 square-foot shed/barn/garage on the property without a permit.  Why?  The permit was not that expensive.  They obviously had a contractor build it, as it was not some piece of junk.  Now the seller has to go and obtain an after-the-fact building permit.  Not only does it slow down the transaction process, it could derail it if the county comes back and doesn’t approve what was built.  If you are selling something valued at almost 1½ million dollars, are you nuts to think you can build an illegal structure larger than many people’s home, and it won’t cause any problems?  Maybe the thought of selling was not on their radar when they built it.  But selling or not, here’s a fact – rarely does a property stay in one’s family without the need for financing.

 

I get the idea that you may work in the trade and have friends that can help on the side, but get a permit.  Maybe you don’t want to get a permit because certain specialty areas need a licensed contractor to perform that work?  For the specialty areas like electrical and plumbing, get a licensed contractor to do the work.  If I were buying a home and found that someone other than a licensed contractor did the electrical or plumbing, it would not sit well with me.  After all, what could happen?  The place flood or go up in flames?

 

The bottom line is that lending and unpermitted improvements don’t mix.  If you want to see your “investment” reap the greatest reward from the time, money, and effort you put into a renovation or expansion, do it right, and get it permitted.”

for-blogReprinted courtesy of Alan Van Zee, Hawaii Mortgage Company, Phone: 808.988.6622

A few more reasons I love my job   Leave a comment

Selling Real Estate on the Big Island of Hawaii is not like selling Real estate anywhere else in the world. Sure, the basics are universal but there is something different on this island that is Hawaii Island. Diversity is the best description; diverse in every way. The agents we collaborate with to make a sale to the clients to the properties themselves; not one is the same and all are unique
There are so many reasons to love selling Real Estate on the island of Hawaii. But the best reason is that every day I am blasted by the beauty that surrounds me. From the beautiful scenery to the beautiful people who live here; both the inner and outer beauty that we who live and visit here are so fortunate to experience.
The weeks pass by; no one like the other. Different places, different needs, different dreams. But this past week has been one spent in North Kohala. Truly lucky!!

Kohala Summer Day Kohala Ranch July 2014The south end of North Kohala seems more South Kohala than North. The average rainfall of 6”/year, although there has been 16” so far here this year (a record), provides a dry, arid environment; the most desert like zone of the Big Island. But our desert is unlike anyone else’s desert! The grass and Keawe covered dry lands roll gently into the ocean. When the rains pour down, which is often the case if darks clouds pay their rare visits, water may run in the dry stream beds, bouncing along as waterfalls while we residents watch in awe.  The South end has many nice neighborhoods; Kohala Ranch and Kohala by the Sea being two of the neighborhoods that have gated entries.
My commute with this view to show my listings in Kohala By The Sea and Kohala is an excellent example of a typical day. Those two homes appeal to different home seekers for different reasons, but are good examples of the range of homes on the market in this section of North Kohala.
KealaSS_Pool4_WRkm_Sunset_07_WR

Moving thru North Kohala you will see slopes gradually turn green as the rainfall increases while we go north. As you pass the towns of Hawi and Kapa’au you get the feeling you have gone back in time to a place where the good life means living well spent playing in the fresh air in a beautiful place with good friends and family. You can see it’s a place where the sidewalks are rolled up early because the residents want to get up at the first gleam of dawn to enjoy the place where they live. One that really sparkles in the sunlight. Secret surf spots, ditch kayaking, hiking, fishing and more demand your attention. You will see the old Plantation era homes, from the field workers homes to the managers estates, still loved and maintained; exuding the character of old Hawaii. Some are even for sale.
Scattered in the vast open spaces are farms, ranches and estate properties. Streams and waterfalls may form the boundaires of some properties but views of either the mountians, the forests or the oceans are equally shared among all the different kinds of properties. And as you come to north point of the Island, at the end of Akoni Pule Highway at Pololu Valley you will have passed the other property I had to work at this past week. You will also pass a few streams, one or two that offer swimming pools at secret spots along their course.

 

July 2014 Blog 2 Blog 4 Blog 3 July 2014 Pool Blog
Life isn’t too bad holding Open House after having a showing of this home known as the Ohana at Niuli’i. It is well-known in certain circles after being named a Record Home by Architectural Record. Only 8-homes are designated as such each year by this publication. It is quite an honor for an architect to receive. It is one of many awards for the architect, Jim Cutler of Culter-Anderson. Sometimes called the “Glass House”, it is uniquely engineered to bring the outside environment inside evoking drama in an exquisite interior.

Blog 5Who needs to hang paintings when this is your view?
And this is my job, my career… day in-day out, always amazed by the beauty of this island we call home. What’s not too love?

 

 

“Off Island Owners” “On Island Agent” Defined   Leave a comment

Mauna Lani Point Per the 2012 Hawaii Act 326 all owners of Hawaii rental properties need to have an “On Island” representative even if they reside in Hawaii on a different island from their rental property and if living outside of the State.   There has been a lot of confusion as to whether this “custodian” must be licensed or not.  The Real Estate Commission November newsletter included a good explanation of this provision.  It looks like the unlicensed individual may only work for one owner; either an individual or an entity , but not more than one owner with out a license.  This is really nothing new, just clarified again.  However there a lot of people who have built a business acting as an off island agent for many owners while not licensed.  Not passing any judgements here as I am sure most do a great job. Licensees are better educated  because of standards imposed by the State,  incur a lot of time and expense complying with license laws which demonstrates a professional commitment to service.  The license gives owners more protection and support should they need recourse.  Get the full opinion here: REC Off Island Agent Opinion

Happy Holidays to you all and may your New Year be Happy EVERYDAY!  A hui hou

The Glue Network   Leave a comment

Have you ever heard of the Glue Network?  It is a virtual bulletin board to raise funds for very specific projects.  Got to the site and check it out, very interesting.  Its an amazing how a little can add up to a lot…to big differences in lives.  Donate yourself or buy gift cards for friends.  Let then pick which project they want to fund with your gift.  Perfect gifts for any occasions.  Amazing what can be accomplished!

Big Island home prices up 7.9% in August, but condo prices slumped – Pacific Business News   Leave a comment

Big Island home prices up 7.9% in August, but condo prices slumped – Pacific Business News.

BIG ISLAND HOME PRICES UP

News like this is always great to hear.  Looking a little deeper we see that the home sale price average is up just about everywhere due to shrinking inventory and increasing demand.   Mauna Lani Resort and Puako had some very large sales in the month of August.  However, the diversity of the markets on the Big Island does not translate into an evenly distributed 8% increase.  Just as the nearly 11% slump in condo prices does not equate to  a decline in condo prices at Mauna Lani Resort, Waikoloa Beach Resort or Mauna Kea Resort.  There we are seeing prices creeping up, sometimes leaping, as inventory shrinks and prices naturally head north.  There are fewer distressed properties hitting the market and when they do, the rising of the market price floor brings these prices up as well.

MARKET HEATING UP

For the first time in years we are seeing very competitive markets.  Multiple are offers coming in and less discounting in all sectors of the market.  Kailua-Kona is the best example of this on the Big Island.  There FOR SALE inventory is almost half the amount of homes in escrow (pending sales).  We seem to be following the recent Statewide trend where homes that have been on the market as long as 18 months are now receiving multiple offers….bidding wars have returned.  The super low, and I mean SUPER LOW, interest rates may be the call to action!!  As the reality sinks in the the economy has been slowly recovering for years and is gaining momentum, fewer and fewer buyers are taking the wait and see approach.  They don’t want to be wishing next year that they bought this year.

Because statistics lump all of the Big Island together;  properties from Puna to Hualalai ResortKukio and all that lies in between, the rate of increase will be higher on the West Side and lower on the east side.  This being my second Big Island Real Estate Roller coaster ride, I feel pretty comfortable encouraging buyers to leap now on that property of their dreams.  Take advantage of these extraordinary low interest rates before the tide changes….rolling in with both higher prices  and higher rates.  Leap now while the water is warming up, before it’s hot enough to get burned!

New on Market: 69-1033 Nawahine Place #1A, Waikoloa $480,000

MLS# 252918 | 2 Bedroom | 2 Bathroom | 1,317 sf

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Enter this elegantly finished Villa and your eye is drawn out to the beautiful Waikoloa Beach Golf Course. 1A enjoys a great Sothern orientation and views of Mauna Kea, Mauna Loa and Hualalai. 1A is Brand New and is being sold direct from the developer with a fit and finish warranty as well as a 10 year structural warranty! This is the last new Ho’oulu 2bd 2ba and a great value. Residents of this ocean front gated community enjoy the exclusive Halii Kai Ocean Club. The Ocean Club is located at the ocean’s edge and has unrivaled views of the Kohala Coast sunsets, Maui and Mauna Kea. As an Ocean Club Member, Halii Kai owners can lounge by the ocean side, enjoy a refreshing dip in the club’s heated, salt-water multi-tiered swimming pool and exercise with the latest fitness equipment at the club’s exercise hale.  The Ocean Club’s bar and grill are a favorite of many.  Owners at Halii Kai enjoy meals that are prepared by the Club’s classically trained Chef and excellent cocktails prepared by their very friendly bartenders. Halii Kai provides the luxurious Hawaiian lifestyle you’ve been dreaming about. How much longer will you put your dreams on hold?…

Contact me for further details on this listing.