Clean Up of Maunalua Bay Successful

A clean up of Maunalua Bay organized by the Nature Conservancy and Malama Maunalua, paid for by Federal stimulus funds of $3.4 million, cleared reef-suffocating algae from 23 acres.  Volunteers and organizers have hauled away 2.9 million pounds of algae since 2009.  The invasive algae has spread since 1981 to more than 54 acres of healthy coral reef.  All of the algae collected has been turned into compost for local farmers.

According to the StarAdvertiser.com, "Work is expected to continue for about two more months. The project was completed under budget and created 75 jobs. Another 3,000 community members and hundreds of students from 12 schools donated their time."

The Maunalua Bay reef restoration project partners also include the National Oceanic and Atmospheric Administration (NOAA), and natural resources management company Pono Pacific Land.

(Photo courtesy of HawaiiforVisitors.com)
Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Cash Buyers & Hawaii Real Estate

In 2010, approximately 12% of Hawaii buyers paid cash for single-family homes, about 33% for condo sales; and 70% for vacant land.   This compares to 28% for cash home sales nationwide.  The housing markets hit hardest by the economic downturn had the highest percentages of cash transactions.

What does this mean for our Hawaii real estate market?  The cash sales could indicate several trends.  1) that investors are more active in the market; 2) that loans are harder to get, without large downpayments and excellent credit; 3) loans for land and condotels (a large portion of Waikiki sales, for instance) are historically hard to find.

If you have cash, should you use it for a real estate purchase?  With the dismal rate of interest banks and CDs & money market instruments are paying now, the bet on real estate appreciation seems a good one.  We all know that it is a buyer's market; sellers are motivated; rates are predicted to rise.  And in the Oahu real estate market, many areas seem to have turned the corner to increased prices and decreased inventory and days on market - Hawaii Kai for one.

Paying cash gives you a good negotiating position, especially for a bank-owned or short sale property.  The attraction of a quick close and no buyer qualification can be very strong for the lender.  If you are considering a higher-priced property, negotiating for a 10% cash premium can be a big savings in the purchase price.

Seven of the 10 most-expensive single-family home sales in 2010 were bought for cash, including the highest, a $22-million Kahala home.   So if you have the means, consider getting in our Oahu and Hawaii Kai real estate market now, to take advantage of the edge you will have as a cash buyer.

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Real Estate Market Activity for Hawaii Kai & Oahu, February, 2011

The real estate market posted positive trends for both Hawaii Kai and island-wide in February.  A graph provided by the Honolulu Board of Realtors shows a steady increase in sales on Oahu for the past 3 years, both in February and year-to-date, and for both single family homes and condos.

Let me know if you would like a complete copy of the comprehensive statistical analysis of our Oahu real estate market. I can email you a .pdf file with charts and graphs, or you can request one on my web site.  Read a synopsis on my Active Rain blog.

Hawaii Kai real estate statistics showed a leveling off in February, but not a decline.  Both Single Family and Condo sales in Hawaii Kai were slow in February, with 7 home sales and 14 condos closed. This compares to 2010 with 7 home sales and 6 condo closings.

Single Family
The 7 sales ranged from $684,000 for a 3/1.5 in Koko Head Terrace to $1,600,000 for a 4/3.5 on a 10,613 SF lot in Kamehame Ridge.  There were 2 sales in Koko Head Terrace, and three of more than $1,000,000. These million-dollar sales were in NaPali Haweo, Spinnaker, and Kamehame Ridge.

Condos
The low sale was a FA unit in Mawaena Kai for $448,000, 3/2 with boat slip, main level. The high sale was $785,000 for a waterfront home in Koko Isle.  Of the 14 sales, 3 complexes had the highest number. Colony at the Peninsula, Kuapa Isle, and Lalea each had 2 sales.

As the peak real estate season approaches in Hawaii, I'd like to announce that I have upgraded the search features on both my web sites, http://www.movetohawaiikai.com/ (Search the MLS) and http://www.barbarashawaii.com/ (Home Search).  Please try them out and see if they suit your needs.  I'd like your feedback so I can be sure and tailor the search functions the way you, my web visitor, would like.  Aloha,

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Hale Ka Lae in Hawaii Kai Ready for Buyers

The new luxury condominium project, Hale Ka Lae, has held its public open house and broker's open, and is now accepting statements of interest from buyers.  Please let me know if you want more information.  The developer is letting buyers bring their own agents, if they are represented by the Realtor from their initial visit.

"Ka Lae" in Hawaiian means "the point" which could refer to the location, on the point of Hawaii Kai Drive, or a more symbolic meaning for the development itself.

Community features will include

• Lap pool
• Lagoon-style pool
• Extra storage, big enough for surf boards
• Private theater with stadium seating
• Indoor golf simulator
• Acoustically-insulated entertainment center
• State-of-the-art fitness center
• His and hers saunas
• Rooftop lanai with BBQ dining pavilions
• Outdoor lounge area with jacuzzi
• Private dining room
• Library
• 3 visitor guest suites
• Adjacent to 5-acre park
• Concierge services
• Gated and secure

There will be 4 individual enclaves with their own elevators, outdoor lanais, central air, energy-rated windows, top-of-the-line interior materials, gourmet kitchens, and luxurious baths. 

Hale Ka Lae will also be pet-friendly!.

I'll keep you informed of updates, and please call or email me if you have an interest.  I'd be pleased to email you copies of the floor plans and more details on the residence features.

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Hawaii Kai Elementary Schools May Survive the Budget Ax

The Department of Education has proposed redrawing the attendance boundaries of Koko Head Elementary and Hahaione Elementary, in order to keep the schools open, and take those numbers from Aina Haina Elementary, which is now over enrollment.  While the proposal presented at a public meeting a couple of weeks ago was enthusiastically supported by parents who wanted to keep both schools open, the most recent discussion was criticized by some Kuliouou parents.

DOE earlier had said any students now enrolled would be grandfathered, and exceptions could be made for siblings.

Calvin Nomiyama, Kaiser complex-area superintendent, told parents he understood the concerns and agreed change wasn't going to be easy. But, he added, the shift would benefit students across the complex.  "Do we want to shut down high-performing schools?" he asked parents. "I wouldn't be here if times weren't so hard. From where I sit, I have this tough call to make."

The consolidations discussion is part of a statewide review of small schools to cut costs.  So far, the state has closed two schools but spared six others on the possible closure list, including the two high-performing schools in Hawaii Kai, Koko Head and Hahaione.

It certainly is never easy to try and please everybody!  Stay tuned for the DOE decision.

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Working with a Professional Realtor more Important Now than Ever Before

A recent study conducted by a multiple listing service in New Jersey reported 95% of consumers felt working with a real estate professional is just as important, if not more so, than it was even a few years ago.  The survey, Keepin' It Real, can be found on the MRIS web site.

Most consumers understand that now is not the time to complete a real estate transaction on their own.  The market is too unsettled and prices too variable neighborhood to neighborood.  In order, they ranked the following qualities as critical in choosing an agent:

• Trustworthiness
• Experience
• Willingness to look out for a client’s interest
• Expertise in negotiating contracts
• Responsiveness
• Familiarity with contracts
• Knowledge of the local community

Additionally, 68% of buyers and sellers rated their agents 6 or 7 on a 7-point scale. 48% found their agents by a referral. 80% said they would in turn recommend their agents.

Consumers today want more than simple guidance.  They can search homes for sale and community information extensively online, but want an expert they trust to take them through the entire process of buying or selling real estate.  Yet, despite all of the tools and resources available, when it comes time to actually buy or sell a home, there is nothing more valuable than the industry knowledge, expertise, and guidance a real estate professional offers.

I've been living and working in Hawaii Kai for more than 20 years, and can give you the insider view of all our communities.  Call or email to ask me your questions about Hawaii Kai real estate.

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb

Homeownership Still a Large Part of the American Dream

A recent survey conducted by Trulia.com, on American attitudes towards homeownership, showed conclusively that we still feel homeownership is part of the American Dream.  “Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare," said Pete Flint, CEO of Trulia.

Conducted by Harris Interactive, the survey of 2,079 adults 18 and over, found 70% view homeownership as part of their own American Dream, and 78% feel their homes are the best investment they ever made.

Although many of today’s young adults came of age during the recent housing crash, 26% say their views on owning a home have become more positive over the past six months. 88% of 18-34 year old renters aspire to be homeowners, making this new generation of buyers crucial role in the stabilization of today’s real estate market.  While these buyers are in no hurry to purchase. 70% of renters in the Western region plan to buy a home eventually.

“During the housing bubble, the American Dream of homeownership was beyond reach for many young adults. Stuck with student loans and entry-level jobs, many had resigned themselves to being lifelong renters. But the tide is changing—Millennials are now today’s most serious home buyers,” said Tara-Nicholle Nelson, Consumer Educator for Trulia. “Unjaded and largely untouched by the effects of the housing crash, this new generation of buyers will no doubt lead America from its current housing slump towards true recovery.”

In our Hawaii Kai real estate market, there are million dollar estates and affordable condos.  Call or email me and let's talk about options for making your American Dream of Homeownership come true.

Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb