About Honolulu County, HI

A new forecast released by the University of Hawai'i Economic Research Organization says some smaller Asian economies are leading a rebound, but that larger nations, notably the U.S. and Japan, will have less growth.

"The anticipated slow pace of global growth will likely mean a sub-par recovery for Hawai'i," said the report being released today. The forecast concentrates on global economics and is a predecessor to one focusing solely on Hawai'i that will be released next month. One positive is the stronger yen against the dollar, which might result in higher Japanese tourist spending.

Experts agree that Hawaii's rebound from the economic doldrums will depend on the state's leading industry, tourism. "Growth has also returned to the U.S. and Japan, but the depth of the decline, lost household wealth, and lingering credit problems mean that full recovery will take a number of years," the UHERO forecast said.

Read more at Honolulu Advertiser.

With the tax incentives for buyers and homeowners just passed into law, it's a great time to take advantage of our high inventory and reduced prices. It's only a matter of time before our economy - and housing prices - recover. Don't lose this opportunity.

November 20th, 2009 categories: Honolulu Real Estate 101, Rants & Riffs

The Honolulu Advertiser headline reads, “Foreclosure in Isles 10^th worst in nation” and its first paragraph articulates the following.

“Slightly fewer home foreclosure cases in Hawai’i were begun in the third quarter compared with the second quarter, but the number of pending foreclosures and the number of delinquent mortgages that aren’t yet in foreclosure both rose.” CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE

As a Honolulu real estate broker, I see both good and bad news in the numbers. My beef...

CLICK HERE TO READ THE ENTIRE POST.

Do Your Clients Bathroom or Kitchen Cabinets Need a Face Lift?

Often times a small remodeling budget precludes any cabinet updating save for a few coats of paint. If you have dowdy laminate cabinets, paint usually doesn't make the grade when trying to give an attractive update to an old kitchen or bathroom, mainly because laminate does not hold the paint very well and can peal off easily and or bubble in humid environments. The steam from your shower or boiling pot of pasta can ruin the paint job faster than you can say spaghetti carbonara.

As most sellers are under a tight budget these days a cost effective alternative to cabinet replacement or painting is hardwood veneer laminate. Not only does it improve the look of old cabinets it can add quantifiable value to your property for sale. I recently fell in love with a company called Treefrog that offers a surprising array of amazing exotic and modern hardwood laminates to compliment and enhance any interior space. Of course hardwood veneer laminates can be used in many applications aside from just cabinet refacing. Let your imagination run wild with Zebrawood or Wenge and take your Real Estate Merchandising to a whole new plain of posibilities.

Learn more at treefrogveneer.com.

JDS Consulting- Hawaii Home Staging and Decor Design. Providing Real Estate Merchandising services including: Home Staging, Interior Decor, Turn Key, Landscaping, Remodeling, & Open House Hosting. Diamond Head, Kahala, Waikiki, Kapahulu, Kailua, Makiki, Tantalus, Hawaii Kai, Manoa, Nu'uanu, Ala Moana, Waialua, Haleiwa, North Shore, Kapolei, Makaha, Honolulu.

www.Staged.Homestead.com tel.+1.808.344.1264 Kimo Stowell Copyright ©2009

November 19th, 2009 categories: Honolulu Real Estate 101

I could have told you this, but BusinessWeek did the work to confirm it (as reported in Pacific Business News).

CLICK HERE TO READ THE ENTIRE POST.

This Mililani sales report covers zip code 96789 which covers both Mililani Mauka and Mililani Area (which includes Mililani Town, Launani Valley and Waipio Acres).

Mililani real estate is beginning to pick up again. We are still seeing good real estate activity in the Mililani area. The market is beginning to shift back to a seller's market for the first time in awhile. Inventory levels are a fraction of what they were even a few months ago.

A few dynamics in the area: Castle and Cooke have almost finished selling the new homes in Mililani Mauka. We are continuing to see troop movements at Schofield Barracks, which is contributing to the movement of inventory in Mililani. Many troops returned for Iraq and Afghanistan putting pressure on the rental market and entry level property sales.

Single Family Homes (resale): Average sales prices in Mililani Town and the valleys stayed are down from the same time last year. Although we are seeing things pick up within the planned community of Mililani Town, the valleys are still sluggish. Mililani Mauka has seen average sale prices begin to increase the last couple of months. The inventory levels have dropped lower than we have seen in a long time in Mililani Mauka and in Mililani Town, which are putting pressures on the prices.

Buyers will find this to be a great time to get in the market.

• Prices have stabilized and are seeing pressure to increase.
• Interest rates are at historic low levels.
• Federal tax credits have been extended for first time buyers and are now available to all buyers that meet the income requirements (most buyers)

Sellers will find this a great time to list their home.

• Inventory levels are low giving them less competition.
• Buyers have incentives to buy now.
• Prices have stabilized.

Condo and Townhouses (resale): Sales volume and average sales prices in Mililani Town and the Valleys are picking up. Although they are down from this time last year, with the lowered inventory levels we are seeing things picking up the last 3 or 4 months. The valleys are not seeing as much activity as within the planned community, but as the inventory levels have dropped in Mililani Town and Mililani Mauka buyers are beginning to look in the valleys again for value.

Currently Active for Sale (November 17, 2009):

• 31 Single Family Homes - Mililani Area
• 12 Single Family Homes - Mililani Mauka
• 55 Condos/ Townhouses - Mililani Area
• 15 Condos/ Townhouses - Mililani Mauka

Currently in Escrow (November 17, 2009):

• 24 Single Family Homes - Mililani Area
• 23 Single Family Homes - Mililani Mauka
• 39 Condos/ Townhouses - Mililani Area
• 16 Condos/ Townhouses - Mililani Mauka

*These numbers were taken from the Honolulu Board of Realtors MLS system and are deemed to be accurate, but not guaranteed.

©2009 Randy L. Prothero