Everybody said watch out - when it turns - its going to take off - Is this the turn? All I do is report the facts - you tell me if this is the turn.
So watching the numbers, this year has been pretty bad, started out in January down <65%> from 2008 - WOW.
Then February was off by <31%> - pretty bad - but twice as good as January.
March came a long with only <25%> decrease - slowly moving up.
April - back off by <30%> - Still far better than Januarys numbers!
May - now that's what this Blog is about - we matched our sales for 2008 - at least in home sales, which I feel is better Gage for the economy versus Condo sales. Of the 28 reported sales on the MLS, 18 of them were under $500,000 - and 2 of them were over $1,000,000 (one was actually $5,850,000.00 - where was I for that one) .
The good news for Sellers - things are starting to sell again
The good news for Buyers - there are still at a bargain - down <22.99%> from last year - for now at least!
So was May just a blip on the map - well looking at Junes numbers so far - we are tracking 1 shy of what we did last year - so MY initial reaction is - this may start to be a trend here on the Big Island. I know the other Islands are not as fortunate as the Big Island, but the Big Island has always been different the the rest of the Island chain. According to studies (and my own personal experience) You Kona home buyer is someone that has been to the Islands many times, has spent the past few trips on the big island, and has fallen in love with the spirit of the Big Island. I dont know how many people know this - but you can take all the other islands combined, double them in size, and put them on the Big Island, and you would still have room left over - that along with the fact that we have 11 of the worlds 13 climate zones, and the most perfect weather zone of the Islands right here in Kona, and what we call - Lake Pacific - right out your front door. I can go on for hours - just take a look at my my webpage - look under personal photos tab to your left and you will see what I am talking about!
Enough for now - Aloha
Visit my webpage below for all the market reports.
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
I know - the - LONG, If EVER Sale, also known as a short sale, does actually close. I decided to take on short sales pretty much exclusively, about a year ago, and it has been a long, hard, learning process - but it is paying off. I just checked the numbers on our MLS and Hawaii County has had 10 short sales close in the last 90 days. 6 of them were from our office, and I am happy to say that 5 of them were mine. Better yet almost all of them paid 6% commissions, My $800,000 sale was the exception - it only paid 5% .
Bottom line is - if you are looking to sell your home, whether it is in Foreclosure, or just a short sale - why not list it with someone that has a proven record, someone that delivers. I got to tell you also - its not all about the sale - of my 24 listings, 3 of my homeowners are now in the - MAKE HOME AFFORDABLE PROGRAM - put out by Obama, its funny because I always screen my clients to see if they have some sort of a chance at this program - and if they do - I always advise them to pursue that avenue first, I also encourage them to pursue it during the listing process - in fact 2 of them had offers in on there homes whe we were able to get them in the program - there is nothing like the moment, when someone saves their HOME - Priceless - and then they look devastated because they don't know what to do about me? I have offers, I have spent all this time, how are they going to pay me? I just turn around and give them a hug, they don't owe me anything, somehow I will get back - what I have put in - it always comes around full circle - maybe it will be helping their parents sell a home and get a condo - who knows - but it will come back.
One word of advice - NEVER PAY SOMEONE TO MODIFY YOUR LOAN - ITS EASY - AND YOU CAN DO IT YOURSELF - JUST CALL YOUR BANK - THEY HAVE GOVERNMENT MONEY THAT THEY WOULD LOVE TO HELP YOU WITH.
Ok - so I rambled a little off track - but here it is - the 10 short sales that closed in the last 90 days
| Copyright ©6/5/2009 by Hawaii Information Service |
| SALES |
| Search criteria: Hotsheet from 3/7/2009 including status changes to S TMK Taxkey 3. MLS Restrictions on commission Shortsale. MLS Status Sold |
| MLS DATA | |||||||||||||||
| MLS # | Tp | St | <!-- <td nowrap id="SH_4" srtTp="2" stFld="mls$dom" onclick="spSheet.sort(this)" drg="1" oncontextmenu="spSheet.onRtClk(this, 1)" title="Click to sort on this column Click and drag to move it Right-Click for more options" nowrap><b>DOM</b></td> -->DOM | Taxkey | Tnr | Price | Location | Land area | Details | Listed by | |||||
      |
215115 | RS | S | 219 |  3-1-6-53-71 |
FS | $199,000 | 16-1206 Moho Rd | 3.00 ac | 1,056 3/2 | Lance D Owens - R(S) / Aloha Kona Realty Incorporated | ||||
| SOLD 4/29/2009 for $195,000 (FMHA) DOM 219 by Byron D Matthews - R(S) / The Hawaii Land Realty Corp |
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  |
219115 | T | S | 49 | 3-7-5-21-7-67 |
FS | $219,000 | Alii Villas #223 | 635 #223 1/1 | Lance D Owens - R(S) / Aloha Kona Realty Incorporated | |||||
| SOLD 6/5/2009 for $195,000 (CASH) DOM 49 by Janet Wells Brown - R(S) CRS, ABR, e-PRO/ Clark Realty Corp. - Kona |
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| |
218719 | RC | S | 59 | 3-7-6-25-35-2 |
FS | $299,000 | 76-366 Kanaka St #35B | 5,115 sqft | 1,029 3/2 | Lance D Owens - R(S) / Aloha Kona Realty Incorporated | ||||
| SOLD 4/2/2009 for $290,000 (CNV) DOM 59 by James R Cotter - R(S) / Knutson & Associates |
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| |
221552 | T | S | 16 | 3-7-6-25-55-1 |
FS | $299,000 | Kamani Trees #55A | 861 #55A 2/2 | Rebecca M Morton - B / Windermere/C & H Properties - Kona | |||||
| SOLD 5/29/2009 for $295,000 (FHA) DOM 16 by Ramona M Cannon - BIC / Century 21 Paradise International |
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| |
216228 | RS | S | 227 | 3-6-8-32-70 |
FS | $350,000 | 68-1711 Kamahao Pl | 12,184 sqft | 1,753 3/2 | Henry C. Williams - R / Windermere/C & H Properties-Waimea | ||||
| SOLD 6/3/2009 for $351,000 (CASH) DOM 227 by Al Knauf - R(S) / Clark Realty Corporation - The Shops at Mauna Lani |
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| |
217820 | RS | S | 70 | 3-7-7-25-8 |
FS | $359,000 | 77-6542 Hoolaupai St | 7,500 sqft | 1,092 3/2 | Lance D Owens - R(S) / Aloha Kona Realty Incorporated | ||||
| SOLD 4/20/2009 for $339,000 (CNV) DOM 70 by Brenda K. Kuessner - R(S) / Clark Realty Corporation - Keauhou |
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| |
211516 | RS | S | 265 | 3-7-5-40-81 |
FS | $575,000 | 75-110 Nakukui Pl | 33,541 sqft | 1,883 3/2.5 |
|
||||
| SOLD 5/29/2009 for $525,000 (CNV) DOM 265 by Lovette R Llantos - RA / MacArthur and Company Sotheby's International Realty, Kona |
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| |
220903 | RS | S | 14 | 3-7-5-34-59 |
FS | $645,000 | Hualalai Colony Lot #:88 | 19,655 sqft | 2,120 3/2 | Jeri Parker - RA ABR, CRS / Century 21 All Islands - Plaza | ||||
| SOLD 3/31/2009 for $620,000 (CNV) DOM 14 by Christine Babian - R(S) / Golden Triangle Real Estate |
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| |
215678 | T | S | 109 | 3-6-8-22-4-107 |
FS | $875,000 | Villages At Mauna Lani #512 | 2,174 #512 3/3.5 | Lance D Owens - R(S) / Aloha Kona Realty Incorporated | |||||
| SOLD 4/22/2009 for $800,000 (FHA) DOM 109 by James F. Allison - RA / Coldwell Banker Maryl Realty - At the Shops at Mauna Lani |
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| |
222527 | RS | S | 39 | 3-7-5-12-84 |
FS | $999,999 | 75-654 Nani Ohai Pl | 1.00 ac | 3,581 4/4.5 |
|
||||
| SOLD 5/29/2009 for $800,000 (CASH) DOM 39 by John M Sevick - RA / Aloha Kona Realty Incorporated |
| This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. |
| Copyright ©6/5/2009 by Hawaii Information Service |
You never know how many people are watching what you do - until you stop doing it ??? First of all thank you - you have brought me so many clients, that believe in, understand, and agree with me on the Kailua Kona market. you just know there is a moment in your career when you just know you - got it - you know all the stars are aligned, whats that Japanese saying for it - being one with your body??? - or something like that. Whatever it is - its working. 21 active contracts as we speak, not including some of my listings without offers - YET - and the multiple offers on some of the others(1 listing has 6 offers - I had to pull it) . 5 closings in 6 weeks, 3 scheduled closings in the next 3 weeks .
All I can say is - keep the inquireys coming, keep signing up for foreclosure updates, and keep believing in me.
I have the new May 2009 market report - kona is 1 shy of matching last years home sales - look for the - Market Report - tab on the left of my homepage ( www.KonaHomeTeam.com )
Want daily updates on Foreclosures, Short Sales, and REO Bank Owned Property in Kona - just sign up for the - FREE daily updates - if you signed up earlier and have not received your updates. Please put a note in the last part of the remarks section for me to personally set you up - and I will - we had some difficulties in the last few weeks and didn't get everybody uploaded - please try again - just let me know - I am stil trying to recover the ones we lost in May. www.KonaForeclosures.com
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
I know I am way behind the curve here - I always swore I would never own an Apple/MAC product, but here I am - an IPhone owner - shoot me now would you. As much as I like this phone though - it does still have its problems. If I had it to do all over again I would wait a couple of months, for the new version - OS 3.0, rumor is it will come out in a 32gb storage also. Ok - the best 2 free apps I found are -
1: Zillow - How many times have you been out showing homes - and your client says - How come were not looking at this one - as you drive by a nice home with a sign in front. Typical, honest answer is - I don't know - maybe it only has 3 bedrooms and you asked for 4? Maybe you had me stop my search at $500,000 and this home is $550,000? Not anymore, with Zillow it uses the phones GPS,locates where you are, and pulls up the listing, price, photos, bedrooms, baths, sqft, agent, contact information. Its Awesome, and its free!
2: 9-Toolbox - the best free mortgage calculator I have seen - simple, easy to use, amortization chart built in - its great - and its FREE. also comes with some other calculators built in - tip calculator, and its not just a - 15% of what ever it is - you get fast choices, 10,15,20, other, plus split the bill choices - very handy.
I apologize if I am wasting your time - there may have been 50 people today already write about this - I have just been so busy lately I have not been able to spend my quality time on ActiveRain - good news is at least I can afford my IPhone :)
Let me know your favorites.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
I have a homeowner (condo) and this is her primary residence, and it is in foreclosure. Pay off is roughly about $300,000. The offer is for $195,000 - CASH. Which by the way is about 10,000 under fair market value - of course that is reason for a whole new blog - what is fair market value when you 848 active listings, with only 13 sales last month? Needles to say I think this is a very good offer and I let the bank know this also.
Here is there response to me - by the way the names have been changed to protect the guilty :)
Hello Lance,
I submitted the short sale to the mortgage insurance company for their approval. I have received a response from them. They said they would approve the short sale
but the seller will have to sign a 40,000 promissory note. It is interest free and the payments will be for 25 years at 133.33 per month. Please let me know if the sellers
are willing to sign the note. If so then I will get the mi companies approval and submit to the investor for their final approval. At which point if I receive their approval then
I will have an approval letter for you and you can proceed to closing. However if the sellers are not willing to sign the promissory note then I will have to let the mi company
know and see what they say. More then likely they will not approve unless the sellers contribute towards the loss in some way. Please let me know once you find out something.
Thank you!!
Brandy XXXXXX
US Bank Home Mortgage
My response back them stated that my client is unemployed - how could any bank or person sign a loan knowing they could not repay - isn't that what got you in this mess to begin with?
They got back to me today with this response.
The Mi company has responded and they stated they will extend the start date for the promissory note to 11/01/2009 so she can obtain employment.
They stated they will not approve the short sale unless she participates in the loss by signing the promissory note. If she still does not agree to sign
the note they have stated to proceed with foreclosure and they will seek deficiency once it goes to sale. It really would be in her best interest to sign this
note since they have extended the start date. This gives her time to obtain employment. Please let me know what she is willing to do. Thank you!
Brandy XXXXXX
US Bank Home Mortgage
I for one don't think anybody deserves a free ride, but when you have lost everything, and it's your primary residence, and you have been paying for your mortgage insurance - how can they expect you to pay another $40,000 - Why did you pay for insurance in the first place - wasn't it to cover you in this situation? I mean when I paid my car insurance, and I got in an accident that caused $20,000 between to the 2 cars - they didn't come back to me and say - hey we will only cover it if you pay us back $10,000 - and by the way, we know you lost your job - just sign this promisary note - CRAZY isn't it?
Another lender - trying to still write another bad loan - what do you think?
UPDATE: The owner emailed the bank and here is there response
Rosxxxxx,
The MI company holds the insurance on the loan for the investor. They have to pay a claim on the loan to the investor if it were to go to foreclosure sale. That is the only reason
they are on the loan and the only time they have to pay a claim. Therefore they are in no way required to review or accept a short sale because they are not required to pay a claim
for a short sale. So if they do review a short sale then they are going to mitigate their loss as well because they can and they do not have to review it at all. If they request a promissory
note to repay some of the claim loss for them then they can do that and we can do nothing about it. If they do not want to accept the short sale unless you sign a note then they are not required
to and we can not go any further without their approval.
In the letters you received from USBank it does state the investors because not every account has MI. in no way does the letter state that we WILL DO a short sale on your property.
It is a lengthy process that has to be reviewed and has to go through several approvals. Ultimately if everyone approves the short sale then it will be accepted as full satisfaction of the mortgage
debt and the short sale will be completed however if your account has MI and they want a promissory note that has nothing to do with the mortgage debt. They are wanting you to sign the note to
mitigate their loss on the claim they are paying. Your are not paying back on the mortgage.
A Deed In Lieu is also an option that we have however we have to obtain approval from the MI company for that option as well. So more then likely if they are asking for a promissory note
for the short sale then they are for sure going to ask for one in order to approve the Deed In Lieu. This option has not been mentioned for this reason along with we are still working on the
short sale.
The MI company is Radian and the processor is Pat xxxxx.
Their phone number is 1-800-xxxxxxx.
Please advise me ASAP what you are going to do that way we can either proceed with getting the investors approval or deny the offer. Thank you so much!
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
By the way - here is the condo
Free MLS listings - tailored to your needs. Sign up for up to the minute MLS updates - using the same service I use - only it will be delivered to you daily! www.KonaHomeTeam.com
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