You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings and new project construction. That’s because we care about the community and want to help you find your place in it. Our blog posts are straight forward and we won't sugar coat anything as we feel you ought to hear what you need to know and not what you want to hear. As always, please reach out if you have any questions at all. We would love to talk with you!
Victoria Place is Ward Village's 7th tower in their Master Planned Community in Kakaako. This ultra luxury condo sits on the front-row of Ala Moana Blvd next to Waiea and has incredible views of the Ocean, beach, park, and harbor.
The building itself consists of 350 units and there are a mix of 1, 2, and 3 bedroom units available. Buyers also have the option to combine select units should they purchase two units and wish for a larger space. This ultra luxury condo features many exclusive and resort-like-amenities only for residents to enjoy.
If you are looking for the newest and most exclusive building in Kakaako right now, then this is the building for you. Click the button below to learn more about Victoria Place or fill out the form down below if you're interested in getting a unit.
Has Covid-19 aka "Corona Virus" impacted your daily routine? Are you noticing you're not going out as much? Do you see your closets full of toilet paper, hand-sanitizer, and masks? Or are you the opposite and using this time to enjoy those empty beaches, malls, and cheap CHEAP airline tickets?
Well, one thing is for sure and that is people are reacting "differently" these days whether it be now working from home, avoiding public spaces, avoiding handshakes, or any of the previous items I mentioned above. But how is it affecting our Oahu Real Estate market?
Now here's the disclosure - this is just my own personal blurb on how my business has been and it doesn't reflect every Realtor on the island. Personally, this past month has been super busy. Sure the now called global pandemic may have scared away some future home-buyers or investors planning to buy using all cash (by selling stocks from their portfolios). But to those who are still seriously looking, it's your lucky day! First of all interest rates have reached historic level lows meaning that your monthly mortgage payments just got a whole lot smaller. Or you can look at it from the other perspective that your same mortgage payment can now get a whole lot more house (more bang for your buck). Second, you MAY have fewer people going out to look at properties resulting in less competition. It of course all depends on the property, I've seen some listings in my brokerage firms go silent and have had hardly any showings. But then again there are other properties like my listing in Waikele which had a whopping 25 groups at the first open house and 13 private showings.
Then certain markets and micro-niche markets and buildings that primarily have a lot of foreign buyers are seeing a slowdown. As more and more people become hesitant to fly and travel bans come into effect, we may see some of these markets/buildings have more listings than usual and some sellers may be more open to pricing it "attractively" to move quickly.
Listings, on the other hand, have been a little different as well. Those owners who currently reside in the home that they are trying to sell may refuse showings or limit the number of potential clients to come in. Others have reduced the number of open houses and some agents even now supply their own disinfectant wipes during open house. Other sellers have been requesting more Virtual 3D tours so buyers and agents alike can first look at it virtually through interactive tours before seeing it in person. But for those "hot neighborhoods and buildings," sellers are still seeing their property get into escrow quickly with multiple offers and it goes hand-in-hand since those buyers can take advantage of low-interest rates.
Even some of my buyers now request that I take a look at properties for them (which I don't mind) and request pictures before they see it themselves. Below is a 3D picture that I usually take for those buyer clients that are out of state or cannot physically make it. Click the top right corner "fisheye" three times to see it in a normal perspective view.
Overall, things have been more or less the same. The two very important changes in the market to keep in mind for buyers are:
At the end of the day, you still need a place to live. Sure you can continue to rent and isolate yourself from the general population while covid-19 continues to spread across the world. But you need to remember, if you are renting and your landowner needs money, they are definitely more likely to sell their investment property rather than his/her primary residence. Plus there's nothing like the pride and sense of ownership from owning your own place! Plus you get tax benefits, build equity, and have the opportunity to see appreciation if you hold it long term!
As always, I'm always here if you have or think of any questions or if you are in need of a Realtor!
Have you been looking for a new home in the Kakaako or Ala Moana Neighborhood? Well here's the best deal to hit the market!
Nauru Tower Unit 2903 is a 1220 Square Foot Condo with direct ocean facing views priced at $1,188,000! This 2-bed 2-bath home features Gaggenau and Bosche appliances, floor to ceiling windows and a curved glass facade to allow for more views. This unit also has a lanai that directly looks out towards Ala Moana Beach Park and the Pacific Ocean. Nauru Tower is by far one of the best-managed buildings an one of the best quality built buildings in the neighborhood. Here you have 24/7 security, plenty of guest parking, and an amazing amenity deck with a heated pool, multiple jaccuzzis, outdoor seating, tennis courts, BBQ grills, and cabanas. This unit comes with 1 full-sized covered parking but if you need another stall, the seller has an additional parking stall on the B-level right next to the elevator (for an additional $50,000).
If you are looking for a newer built building, you won't find a unit of this size for this price. Trust me, as a new projects specialist, the newer condos of this size are definitely more expensive. Or if you were to buy a newer condo at this price, you are looking at something that is about 300-400 sq ft smaller. Click the button below to learn more about the building to schedule a showing!
Actual 360 degree lanai view of Nauru Tower 2903. Feel free to click and drag anywhere on the picture to look around. Also feel free to click on the top right corner on "Fisheye" three times to see a more normal perspective.
As of February 2020, Ho'opili just announced Olena, their newest phase of multi-generational Single Family Homes in Ewa Beach. This release has 3 different floor plans ranging from 1678-2130 sq ft. These homes are designed with a modern contemporary design and features open and modern finishes on the interior. The homes feature a two-car attached garage that is PV and EV ready. Olena also features designer flooring packages, whole house split AC, stainless stell appliances with WiFi enables stove/oven, and its own Smart Home System. These homes start in the low $800,000's and perfect for those homebuyer's looking to find a new modern/contemporary designed home in Ewa Beach.
**Now Taking Applications - Sign up below to enter the lottery**
As one of the original Aalii Sales Team Members, it is awe inspiring to finally see the building near the top floor and reach one step closer to final completion.
According to our meetings with the developer it was stated that the building plans to reach the top floor by this Spring. If you drive by you can currently see the lower floors have their windows and lanai railings installed and workers are continuing to work on the upper levels of the building.
Units Still Available for Purchase - Aalii currently has a few studio, 1-bedroom, and 2-bedroom units available for sale and if you are interested. Be sure to register your interest here. As part of the original sales team, I know the ins and outs of the building and can inform you of everything you need to know. The building has not yet established a firm completion date, but we are anticipating completion to be sometime in 2021.
Here on the island, many residents flock at the chance to buy Affordable Housing projects. Here on Oahu, there are two main programs - Affordable Housing and Reserved Housing. Both allow buyers to purchase units at below-market prices but have different rules, restrictions, and are administered by different state agencies. The Hawaii Housing Finance and Development Corporation (HHFDC) is in charge of Affordable Housing and The Hawaii Community Development Authority (HCDA) is in charge of Reserved Housing.
The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency that is in charge of overseeing affordable housing, finance, and development in Hawaii. Their website is: http://dbedt.hawaii.gov/hhfdc/
What are the benefits of HHFDC Sponsored Affordable Housing?
Allows eligible and qualified applicants to purchase at below-market prices, likely creating built-in equity
What are the buyer's procedures
The HHFDC will require documentation to support the buyer's application. Some examples are - Current year tax returns, W-2(s), 2 months of pay stubs, and a Pre-Qualification letter from one of the preferred project lenders. Lenders will typically have different requirements to determine loan pre-qualification.
Ililani is the Newest Project in Kakaako that is geared to start its unit selection and contracting within the coming month. At a private event last night (1/23/2020) the Developers hosted a few top project agents and here we were given an array of new amenity and building renderings. Shown below are the new renderings of Ililani
The data was compiled from all single-family neighborhoods that had at a minimum of 5 sales in 2019. We used bid-ups (a bid-up is when a property sells for above list price with multiple offers) to measure these neighborhoods. The region neighborhoods that had the most bid-ups in 2019 are:
In 2019, Kapolei Kai saw bid ups in more than two out of every three homes sold. The neighborhood is comprised of 204 single-family homes and was completed in 2003. It is located right behind the Kapolei Middle School. With only 6 home sales in 2019, the turnover was just 2.7%. The median price was $688,500 which was an increase of 2% from just a year ago.
In Kaneohe, Kapuna Hala came in as a close competitor. Here we saw very competitive conditions with 62.5% of homes selling for above-asking price. Kapuna Hala has a mix of old and newer single-family homes with 393 single-family homes that make up the neighborhood. In 2019, there were only 8 sales which resulted in a turnover of just 2%. But the strong demand pushed the median price up 13% to $892,500 - which is just slightly higher than the overall median price of Kaneohe.
Among all the 12 regions on Oahu, Kaneohe was the most competitive neighborhood region. With about one in four homes having a bid-up situation. Factors that affect competition among buyers include a neighborhood's median price, relative to the surrounding neighborhoods, median days-on-market statistics, turnover, and desirability.