Oahu Real Estate News & Market Trends 

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!

March 30, 2020

Tradewinds Hotel Inc A509 - New Listing

360 Degree Photos and Virtual Video Walkthrough

Click here to learn more about Tradewinds Hotel Inc

(Interactive 360 photos for Tradewinds Hotel Inc A509. Click and drag around to take a look. Press Fisheye on the top right 3 times to view in a normal perspective)



Tradewinds Hotel Inc A509 Video Tour (1:16 Minute)

Posted in New Listing
March 18, 2020

Victoria Place Virtual 3D Showroom Tour

Ward Village's 7th Tower - Victoria Place


Victoria Place Ward VillageVictoria 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. 

Aerial View of Victoria Place

(Victoria Place is right on the front row of Ala Moana Blvd) 
(3D Virtual Tour of Ward Village's Victoria Place model Kitchen and bathroom)

 

Register My Interest For Victoria Place

Fill out my online form.
March 13, 2020

Corona Virus on Oahu Real Estate

How has Corona Virus impacted our Market thus far? 


Hawaii Real EstateHas 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?   

Historic Level Low Interest Rates

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. 

Virtual 3D Tour Hawaii Real Estate

Virtual 3D tour example that I use for listings. Click the image above to take a look.

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.  

Actual 360 degree picture of Imperial Plaza. Feel free to click and drag anywhere on the picture to look around. 

Overall, things have been more or less the same. The two very important changes in the market to keep in mind for buyers are:

  1. Historic low-interest rates and
  2. Slightly less competition in certain areas (depending on the building/market)

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!

Jonathan Pang Home Search Oahu

Jonathan Pang (R), BIC, CIPS, CRS, GRI, SRES, CHMS, e-PRO

Locations LLC – Broker In Charge (BIC)
Certified International Property Specialist (CIPS)

Certified Residential Specialist (CRS)

Graduate Realtor Institute (GRI)
Senior Real Estate Specialist (SRES)
Certified Home Marketing Specialist (CHMS)
Mobile: (808) 753-7048
Email: Jonathan.Pang@LocationsHawaii.com 

Ward Village Aalii Sales Team Member
Locations Masters Circle Award Winner
PREA Leading Edge Award Winner
2013-2019 Aloha Aina Award Nominee

Locations LLC | RB-22025
614 Kapahulu Avenue, Suite 200
Honolulu, HI 96815

homesearchoahu.com

March 3, 2020

94-1008 Kanawao Street - New Listing

360 Degree Photos and Virtual Video Walkthrough

Click here to learn more about this property

(Interactive 360 photos. Click and drag around to take a look. Press Fisheye on the top right 3 times to view in a normal perspective)
(Kitchen 360 View)
(Living Area looking towards the kitchen and front entry)
(Interior front entry, half bath, and stairwell area)
(Upstairs Area outside of the second bathroom and bedrooms)
(Master bedroom with full bath and walk-in-closet)
(Second bedroom)
(Third bedroom)
(Extended lanai/patio area overlooking the mountains)


94-1008 Kanawao St 1 Minute Video Tour

Posted in New Listing
Feb. 27, 2020

Nauru Tower The Best Deal In Kakaako

Nauru Tower - The Best Deal in Kakaako


Nauru Tower For SaleHave 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! 

Nauru Tower For Sale

Nauru Tower is just a short distance away from Ala Moana, Diamond Head, and the Beach

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. 

Feb. 8, 2020

Olena at Hoopili

Olena at Ho'opili | The Newest Phase Introduced in 2020


Olena at HoopiliAs 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**

 

 

Feb. 5, 2020

Aalii Ward Village - Construction Update

Aalii about to reach the top floor

Aalii Ward VillageAalii is Ward Village's 5th Residential Tower in the 60 acre master planned community owned by the Howard Hughes Corporation.

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. 

Aalii Ward Village Construction 2/4/2020

(Aalii Construction Progress - 2/4/2020 from Rinka)

Aalii Ward Village Construction 2/5/2020

(Aalii Construction Progress - 2/5/2020 from the Ae'o Sky Deck)
Feb. 1, 2020

Affordable Housing

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

Frequently Asked Questions & Good to know Info

  • What is HHFDC

    • 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?

    1. Allows eligible and qualified applicants to purchase at below-market prices, likely creating built-in equity

    2. Homebuyers have an opportunity to live in town in a brand new development that fits their budget
    3. Gifting and co-signing provides an opportunity for homeownership.
    4. Household limitations subject to The City and County of Honolulu ordinances.
  • What are the buyer's procedures

    1. Attend an educational seminar and receive an Application Packet.
    2. Fill out the Application Packet and meet with a lender for a mortgage loan pre-qualification.
    3. Return the completed packet by the project deadline
    4. HHDFC First Review - Review of applications to determine eligibility.
    5. Public Drawing.
    6. HHFDC Second Review - Assignment of Property Selection Number (PSN)
    7. Unit Selection & Contract Signing
  • What are the documentation requirements?
    • 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. 

  • What are the income limits for HHFDC Affordable Housing?
    • HHFDC Affordable Housing is for buyers earning 140% and below of the HHFDC established Area Median Income. This number changes yearly
  • How do I know if I am eligible for Affordable Housing?
    • The HHFDC will determine eligibility based on the required information you provide in your Application Packet, including the following:
      1. US Citizen or permanent resident alien (with valid Government-issued Card).
      2. At least 18 years of age.
      3. A resident of the State of Hawaii who currently resides in the State of Hawaii.
      4. Shall physically reside in the unit purchased.
      5. Does not own a majority interest in a fee simple or leasehold property anywhere in the world. 
      6. Has sufficient gross income to qualify for the loan to finance the purchase.
      7. Has a need for housing in accordance with state law. Refer to your project's information packet for additional information.
  • What is the deposit schedule?
    • The buyer will need to provide $500 at contract signing and the remainder of 5% minus $500 after 30 days from contracting (subject to change depending on the developer)
  • What is the HHFDC Buyback Restriction?
    • The Buyback Program is 1 of 2 HHFDC required programs that are imposed on all new HHFDC developments. This requires that the owner occupy the unit purchased as their primary residence (owner-occupancy) for 10 years or the duration of the program. The buyback program also gives HHFDC the first option to purchase the property in the event that the owner can no longer be an owner-occupant or wishes to sell or transfer the unit during the first 10 years of ownership. The restriction automatically terminates at the end of 10 years from the recording date. 
  • What is the SAE Program Restriction?
    • Shared Appreciation Equity or "SAE" is the 2nd of 2 HHDFC required programs that are imposed on all new HHFDC developments. This is the sharing of the property's net appreciation with the HHFDC in exchange for the buyer's opportunity to purchase the unit at below-market prices. The SAE percentage is calculated prior to closing and once it is determined, it will not change. The program requires owner occupancy for as long as the SAE obligation is owed to the state and has not been released by the HHFDC.
  • When is the SAE due and payable?
    • The SAE must be paid when the property is sold, transferred, or rented. Owners may choose to pay off the SAE at any time after the property closes and is recorded. 
  • How is HHFDC's Percentage Share Calculated?
    • The formula is: Original Fair Market Value (determined by HHFDC's appraisal prior to closing), minus the Original Purchase Price, divided by the Original Fair Market Value and rounded to the nearest one percent.
  • If I am a single person, can I purchase a 2-bedroom unit?
    • Any applicant may select ANY unit based on their PSN (property selection number) and what is available at the time of their unit selection. The lenders determine the sales price based on the applicant's pre-qualification letter and HHFDC approved income category.

Register My Interest

Fill out my online form.

Jan. 24, 2020

Ililani in Kakaako - Lifestyle Video and New Renderings


New Ililani Renderings

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

Ililani Front Desk Area

Ililani Shared Work Area

Ililani Shared Work Area

Ililani Multipurpose Room

Ililani Multipurpose Room

Ililani Rec Deck

Ililani Citrus Grove

Ililani Rec Deck

Ililani Front Desk Area

Jan. 13, 2020

Oahu's Most Competitive Neighborhood in 2019

The Most Competitive Neighborhoods on Oahu

Have you ever wondered which neighborhoods on Oahu were the hardest to get into? Well, my brokerage firm analyzed all single-family neighborhoods to find out which region was the most competitive.

The Most Competitive Neighborhoods on Oahu

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:

The Most Competitive Neighborhoods Data

Kapolei Kai was Oahu's most competitive neighborhood in 2019

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. 

Kapuna Hala came in second place

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. 

Kaneohe

Kaneohe was Oahu's most competitive region on the island

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.

Posted in Market Updates