Hawaii

Aloha,

We’re starting the year out right – with a total of 63 sales for Jan 12 which is a 9% increase over the 58 sales of Jan 11. Any increase is good news! Of those 63 sales, 30 were residential, 8 land, 4 commercial and 21 condos. The Waimea zone accounted for 4 of the sales, Koloa zone saw 11, in the Lihue zone there were 12 sales, 19 in Kawaihau and Hanalei zone had 17 transactions. This month’s number is an increase compared to past Januarys – in Jan 10 there were 54 sales, Jan 09 saw 20 sales, 08 had 50 sales and only Jan 07 had more which was 68 sales.

Sales volume was down dramatically showing at 20% decline from $38M in Jan 11 to $30M for Jan 12. Residential took a 43% decrease, going from $30M in sales in Jan 11 to $18M for Jan 12. Condos were up 44 % with $7M changing hands in Jan 12 compared to $5M in Jan 11. Still, these monthly numbers are up from recent years – Jan 10 had $22M in sales volume and Jan 09 $24M. Jan 08 was a good year with $47M and was topped by Jan 07 with $55M. Of course, 06 and 05 will always be the banner years but I only go back 5 years in reporting.

Median sales price was at $402,500 for Jan 12 residential compared to $421,000 for Jan 11. Land was about the same, going from $255,000 in Jan 11 to $234,950 in Jan 12. Condos stayed the same with $270,000 as the median price for both Jan 11 and 12. Quite unusual. Keep in mind these are median prices and not average pricing.

We’re still seeing short sales and foreclosures, although short sales are far exceeding the number of REO’s. It cost the bank less time and money to process a short sale and they seem to be closing them with less stress than a couple of years ago. This may be due to the fact that more and more agents are “short sale” knowledgeable and are bringing more informed buyers and sellers to the table.

Whatever the case, there’s good buys to be had in today’s market place, if you have the time and energy to commit to finding the right property for your needs. As a buyer or seller, if short sales are your goal, please do ask your agent if they have had any specialized training in this area and / or how many short sales transactions they’ve handled. In this market, a good agent can often mean the difference between a closed transaction or a property going back on the market.

If you have any short sale or foreclosure questions, or questions about this month’s statistical report, please do not hesitate to ask. For a copy for a copy of the full report, please go to my wesbsite and click on “monthly market statistics” along the left margin.

See you the beginning of March to check the market pulse once again.

Aloha Elaine

Nothing like a westside sunset over Niihau.

Elaine Schaefer (R, CRS, GRI, ABR, SFR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Short Sale and Foreclosure Resource Certification
Top Producer 100% Club

RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.KauaiRealEstateNow.com
blog: http://blogs.alohaliving.com/princeville-condo-sales/

……Making your real estate dreams
my business………

My Favorite Honolulu Neighborhoods: Triangle, in the Hawaii Kai Region

The Traingle neighborhood is located right next to Portlock and is bordered by the Kalanianaole Highway, Poipu Drive and Makaweli Street. Viewed from above and framed by these roads, the area appears triangle in shape, which is how it was named. It is an easy walk to the Koko Marina Shopping Center and all the stores and shops that are found there.

When first developed, the area was called Maunalua Traingle and was the first neighborhood the developer, Henry Kaiser, began marketing the 318 homes originally built. Most of these homes were built in the 1960′s, but over the years most have been highly remodeled or torn down and replaced with newer and more luxurious homes. Although the original homes were on the small size, most lots were quite large, at 10,000 square feet or larger.

Most homes in this area do not have ocean views, except for a few located on Polihale Place, along the slopes of Koko Head. Homes on this street enjoy maginificent panoramic views from Mariner’s Ridge to Diamond Head, including views of the mountains, the marina, Maunalua Bay and the ocean. Many consider homes here to have some of the best views of any on Koko Head. For many of the other homes without ocean views, many have incredible views of mountains, bluffs and cliffs where some of the best non-ocean views can be found as well.

View Current Homes for Sale in the Triangle Neighborhood of the Hawaii Kai Region of Honolulu

View Other Hawaii Kai Neighborhoods of Honolulu

So what is happening with short sales in Kauai. Hawaii? They went up in 2011. The number of short sales increased to 108 in 2011 on the island - up by nearly 32%. At the same time, the median sales prices for those short sales fell by $77,875 (20%).

A big factor in the median sales price decline came from the the thirty one (31) short sales at Kauai Beach Resort. The median sales price for those short sales was $37,000 with sale prices ranging from $22,000 to $94,000. Currently there are only 5 Kauai Beach Resort condos offered for sale starting at $39,000. Only one is a short sale.

The most expensive Kauai short sale was a beachfront home on Moloaa Bay that sold for $2,200,000. It is a 5 bedroom/ 3.5 bath home oceanfront home.

Currently there are 81 active short sale listings and 73 contingent sales. Contingent means that the Seller has accepted an offer and the offer has been submitted to the lien holder for approval. Sometimes the line holder (bank) takes so long that the Buyer "walks". Sometimes the lien holder counters the offer with a higher price and the Buyer will not agree to the higher price so the property comes back on the market.

If you are a homeowner and are behind in your mortgage payments, contact me. Even if you have received a foreclosure notice, it is not too late. A short sale can be a better alternative than a foreclosure.