If you have been out shopping for a bank foreclosure or REO lately you probably have noticed less and less of them on the market. Why is this? Well there could be several reasons for it.
1. More buyers in the market. Sales are on the rise albeit slow but they are rising. Every buyer out there is looking for a deal and most people feel they can find that deal in the REO market and so that is where a lot of the market activity has been, thus depleting the inventory.
2. Banks are not foreclosing on properties. Because new law added regulations, it is making it harder for banks to foreclose on homeowners. Hawaii is not allowing automatic non judical foreclosures on primary residences. In other states the banks are being tied up with law suited because of illegal foreclosures. The banks reaction to this is that they are not in any hurry to foreclose. Another contributing factor is that the banks already have enough bank inventory of unsold foreclosures and really don’t want any more right now, thus delaying foreclosure action on many delinquent home owners. Below is a great article detailing this.
http://www.msnbc.msn.com/id/44099816/ns/business-real_estate/
3. The banks are slowly putting the inventory they do have on the market. The banks understand that if they just flood the market with all there unsold inventory it will drive prices down even further. Because of this, they are slowly bringing on the inventory they do have and trying to gradually raise prices. Not only are the banks concerned about the value of all the unsold foreclosure inventory they have but all the homes out there that the homeowners are still paying on. They don’t want to drive the values down so much that those people loose hope and start defaulting on their loans.
My opinion is we will see a steady flow of REO’s over the next 1-1.5 years with the banks gradually raising prices. I think the banks will shift more to the short sale vs foreclosure as a way to dispose of there toxic loans. Either way there is a termendous opprotunity right now for buyers. With rates down in the 3% and prices down 30-40% affordability is off the charts. If you would like more information on homes in your area give em a call or drop me a line and let me know how I can help.
Once again Kauai's beaches are in the news. Well now the whole world knows what we hear on Kauai already know that hard to find Polihale State Park was named in the Top Ten in America. Click here:
http://www.cnn.com/2011/TRAVEL/07/21/north.america.beaches.bt/index.html?hpt=hp_bn12
Of course we could add Secret Beach, Hanalei Bay and Beach, Limahuli, Tunnels, Ke'e, Wailua, Kealia, Pali Ke Kua, 'anini, Moloa'a, Po'ipu, and many more. Some times The Garden Isle ought to be called The Beach Paradise! Enjoy.
Aloha
Well its another beautiful day here in paradise. The real estate market continues to remain active here on the islands. As in most places here and on the mainland the majority of the sales activity is in the “distressed market” ie; forclosures and short sales. One of the unique things about the Kauai market vs other areas in the country is that forclosures and short sales probably only make up 20-30% of the listings for sale here vs 50-70% as in some areas of the mainland. They are however responsible for the vast majority of current pending contracts and sales. The flip side to this is that we are seeing the inventory for foreclosures and short sales that are active on the market beginning to dry up. The really really really god deals, no brainers, deal of a lifetime, are getting harder and harder to find. What does all this mean? I have quit trying to predict but my gut tells me, that it is pointing to the bottom or close to it for the real estate market. As we move the distressed inventory out we are starting to see more non distressed sales occurring with the motivated seller who is willing to sell at a discount but not at a price that would make him have to sell “short”.
Do not fear my friends I am not saying that there are not or will not be good deals coming. We still have a long way to go tho get this crazy real estate market back on track, but I think we are headed in the right direction. Below are a few of the REOs that I think represent a good value here on Kauai.
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 243157 | CND | AT | CPR | Active DOM:146 | 4-2-8-20-35-29 | FS | $299,900 | Poipu Crater #29 | 1,094 | 2/2.00 | #29 |
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 244464 | CND | AT | CPR | Active DOM:100 | 4-4-3-8-1-54 | FS | $324,500 | Waipouli Beach Resort #C206 | 823 | 1/2.00 | #C206 |
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 242917 | CND | AT | CPR | Active DOM:140 | 4-5-4-5-30-6 | FS | $199,900 | Princeville Mauna Kai #F6 | 1,280 | 2/2.00 | #F6 |
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 246173 | CND | AT | CPR | Active DOM:37 | 4-5-4-15-21-47 | FS | $225,150 | Sandpiper Village I #210 | 1,173 | 2/2.01 | #210 |
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 244096 | CND | AT | CPR | Contingent DOM:113 | 4-5-4-5-18-91 | FS | $194,500 | Puamana #25B | 1,298 | 2/2.00 | #25B |
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MLS # | Type | Sub | Own | Status | <!-- <TD style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' style='FONT-SIZE: 11px; FONT-FAMILY: Verdana' align=right> </td>--><!--changes made by mimi on 103106-->Taxkey | Tnr | Price | Land Area | Location | Lv. Area | Bd/Ba | Unit |
| 245847 | RES | DT | CPR | Active DOM:48 | 4-5-2-17-23-5 | FS | $1,295,000 | 7.99 ac | Mamao Komohana #E | 2,874 | 4/3.00 | #E |
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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. Copyright ©7/21/2011
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Buying or Selling on the island of Kauai North or South Shore, Eastside or the beautiful Westside is easy with me. With over 11 years of expereince I bring more Buyers and Sellers together than anyone
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