So the Big Island of Hawaii only had 13 total condo sales for the month of February, of the 13 that sold, 8 were in Kailua Kona, of the 8 that sold - 4 were either an REO or a Short Sale. Of those 8 that sold, there price ranged from $170,000 - $450,000 - with one exception - There was a unit sold for $1,250,000 cash - with 96 days on the market . In fact that is the only sale in the last 6 months over $550,000 ! (Kailua Kona area -excluding this month - we had a sale of $800,000).
Here is the list of those lucky 8 condos
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
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SALES |
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Search criteria: Hotsheet from 2/1/2009 through 2/28/2009 including status changes to S TMK Taxkey 3-7. MLS Form Condo |
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MLS DATA |
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MLS # |
Tp |
St |
DOM |
Taxkey |
Tnr |
Price |
Location |
Land area |
Details |
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T |
S |
286 |
FS |
$185,000 |
Kailua Bay Resort #4101 |
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682 #4101 1/1 |
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SOLD 2/20/2009 for $170,000 (CNV) DOM 286 |
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T |
S |
58 |
FS |
$227,525 |
Maluhia Kai #31 |
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1,196 #31 3/3 |
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SOLD 2/5/2009 for $210,000 (CNV) DOM 58 |
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T |
S |
120 |
FS |
$231,900 |
Alii Villas #339 |
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647 #339 1/1 |
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SOLD 12/31/2008 for $230,000 (CNV) DOM 120 |
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T |
S |
106 |
LH |
$265,000 |
Kona Makai #6106 |
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1,041 #6106 2/2 |
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SOLD 2/25/2009 for $241,000 (CASH) DOM 106 |
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T |
S |
126 |
FS |
$439,000 |
Kona By The Sea #311 |
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919 #311 1/2 |
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SOLD 2/24/2009 for $435,000 (CASH) DOM 126 |
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T |
S |
794 |
FS |
$445,000 |
Na Hale O Keauhou #A5 |
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1,404 #A5 2/2.5 |
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SOLD 2/2/2009 for $422,000 (CASH) DOM 794 |
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T |
S |
78 |
FS |
$469,000 |
Holualoa Bay Villas #107 |
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1,232 #107 2/2 |
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SOLD 2/17/2009 for $450,000 (PMM) DOM 78 |
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T |
S |
96 |
FS |
$1,399,000 |
Hainoa Villas #4 |
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1,761 #4 2/2 |
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SOLD 2/11/2009 for $1,250,000 (CASH) DOM 96 |
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This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. |
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
Looking for some feedback - Our MLS came out with a new policy the other day - stating that we can no longer disclose in public comments - that the property is in Foreclosure, or a Short Sale. I think this is INSANITY 101.
It takes Realtors back to the shady days of being a used car salesman - bait them, on some low ball price, get them in, sign them up, then after they have signed the 12 page contract - you slip in the addendum about it being a distressed property - come on now Hawaii MLS - lets disclose this up front - in the public comments.Many people want nothing to do with a Distressed Property, then again many people want nothing but Distressed Properties. Either way - lets be honest, up front, and professional about it - no back office secrets!
So I called them the other day and questioned them on this - the response was - they are going with the NARs policy on this. The property owner may not want people to publicly know they are in foreclosure? This is a valid concern, but certainly not the answer! Maybe we should add a line on the listing agreement or an addendum, but not totally require us to remove this from public display.
I specialize in Foreclosures and Short Sales, and I personaly feel that the public needs to know - what do you think ?
Please give me your feedback
Better yet - send them an email after you give me your feed back
CustSvc_Suggestion_or_comment@hawaiiinformation.com
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
You want to talk about some staggering numbers.
Take a look at February's figures
I just pulled the report and looked at in depth, now usually I just report the Kona side, but today I decided to take a look at the entire island.
85 - Number of homes that sold for the Big Island. (Off 26 % from last year)
13 - The number of Condos that sold for the Big Island. (Off 37 % from last year)
68 - Number of Vacant Land that sold for the Big Island. (Off 50 % from last year)
1 - Number of Commercial listing's that sold for the Big Island. (Off 41 % from last year)
0 - Number of Business that sold for the Big Island. (Off 100 % from last year)
Those numbers aren't to alarming considering the world today, but when you combine it with the numbers below - that starts to get a little alarming.
5,773 - The number of Active listings on the Big Island!
Five Thousand, seven hundred and seventy three active listing?
One hundred and sixty seven sold?
For the full report, go to my website
And you can download it for free.
Look for the button on the left - MLS Market Report - just click on that, you'll figure it out from there.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
A Little Sunshine from Hawaii to warm you up
Better than RealtyTrac, Yahoo Real Estate, AOL, Zillow, and the rest of all those Foreclosure . com sites.
Why? because this is - MLS - based, straight from the Realtors input - directly into your email box.
How Much ? FREE
How do I get this free service? You need to go to www.KonaForeclosures.comand fill out the registration form. Hawaii MLS rules state that we cannot post this information publicly - but we can send it to someone who asks for it? By signing up on my web page and asking me for it - you qualify - and I will not spam you, sell your email address, or do anything but send what you ask for.
Why would I do this? Because a certain amount of you will end up buying - and I hope that by the time I send you all these emails - your going to be calling me to write that offer for you.
Take a look at my websites for some that come out before they are on the MLS
www.KailuaKonaForeclosures.com
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
Heres something to keep you warm until then - Makalawena beach - 4 wheel drive access only.
With the headlines screaming out last week how much Hawaii's Foreclosures have sky rocketed, not once do they mention anything about Act 137, they quote the usual economic woes, unemployment, tourism, pay cuts, and so on. but they fail to ask the question about what happens when you take a Realtor, who has pledged themselves to protect and promote the interests of their client. . You take that Realtor, You tie him up in the corner - because he is not allowed to help you in short sale, you duct tape his mouth, because he is not allowed to talk to the bank and assist you. You call up your insurance man to come over and help you - your probably saying WHAT - but that's how crazy this law is! An Insurance agent is exempt from this law, attorneys are exempt (of course they drafted it) other lenders are exempt. Why not Realtors? The answer is - there is no good reason - just take a look at that magical number - 174% - increase? Tourism didn't drop 174%, unemployment didn't go up 174%? But Realtors were 100% restricted from assisting their client.
Short sales are a challenge for agents under the best of circumstances. They take much more time and often have their commissions reduced by the lenders as a condition of approving the transaction. I honestly don't know of any Realtor that would choose doing a short sale over a regular transaction.
But often times, our previous clients will come back to us, asking for our help to sell their home. I cant tell you how many times clients have broken down in tears at my desk, men and women, and often it brings tears to my eyes. These are hard working honest people, that have spent their entire adult lives protecting their credit and there just caught up the current economic woes, many of them didn't listen when we told them not to take those crazy loans - ARMs - I used to look them in the eye and question them - if you cant afford that higher payment now - what makes you think you can afford it 2 years ? Nobody ever had a good answer. What ever the reason - they need a professional Realtor to assist them in the sale of there home. Now I have to sit there and tell them I cant help them - do you know what that sounds like - sounds like I am running for the hills, I didn't have a problem helping them when it was easy, but now that is a little (lot) more challenging - I am not there for them. How crazy is that? You direct them to a DPC (Distressed Property Consultant)? These people aren't sworn to any oath? No code of ethics? No training required? No licensing? But its ok for them to call your clients bank? Don't get me wrong here - I have found a few that are good - some are Realtors, ex mortgage brokers, and honest people. but for the most part these are a bunch of people that stay up watching too many late night infomercials.
The Moral to the story is - Just take a look at the numbers yourself - those 3 numbers speak a thousand words - they are like a painting on the wall - 174 -
I rest my case Hawaii - We need to get this Law redrafted, and make it work for the people it was intended to protect, and stop all these foreclosures.
Let me tell you a little flip side to the Short Sale vs Foreclosure's:
Fannie Mae recently established a 2-year elapsed time period for reestablishing credit for homeowners who sell their homes through a short sale. Two years may seem like a long time to wait before being able to get a new loan, but compare this to what happens if the homeowner goes through the foreclosure process. According to the Fannie Mae guidelines, effective May 31, 2008, a homeowner who has filed a foreclosure will be "ineligible" for a loan for five years - that's up a year from what it used to be!
Again..this is a crucial point. Someone goes through foreclosure...no Fannie Mae backed mortgage for FIVE YEARS...in all reality that means that they will be renters for at least 5 years. To put his into perspective if someone has a bankruptcy they can't buy for 4-7 years. This should tell you how much Fannie Mae prefers homeowners short selling over foreclosure. Hawaii LLegislators have effectively taken you off the market for the next 5 years by limiting your ability to perform a short sale.
Homeowners need to unite and call their legislators - demand a change in the law !
Alright - I have gone on long enough about this
Its time to head out to the beach and enjoy life some.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
VALENTINES DAY AT THE BEACH
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