You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings, local spots, 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!
I hope everyone is doing well with the self-quarantining. This week is a special week showcasing two 360° areas - The Hilton Lagoon and Kahanamoku Beach in Waikiki.
These spots are located within 500ft of each other right behind the Hilton hotel on the west side of Waikiki. Curious about what's for sale in the neighborhood? Click here to see all Waikiki properties listed for sale.
With the continued Oahu COVID-19 quarantine, I have decided to post more 360 degree videos and will continue to post at least one 360° video every single week showcasing the beautiful island of Oahu.
Enjoy this video of Kahala Beach and view it as if you were physically lying on the beach in Kahala (works with VR goggles as well) If you are curious of what is being sold in the area, click here to see all Kahala properties listed for sale.
Due to the extra time of COVID-19, I have decided to post more 360 degree videos and will post at least one 360° video every single week showcasing the beautiful island of Oahu.
Enjoy this video of Punaluu Beach and view it as if you were physically lying on the beach in Punaluu (works with VR goggles as well) If you are curious of what is being sold in the area, click here to see all Punaluu properties listed for sale.
Many local residents have been stuck at home for the past few weeks due to COVID-19 which has been Oahu just like the rest of the world. Have you been bored at home? Getting a little stir-crazy? Well, take a break from what you are doing to enjoy this interactive 360-degree video of the Gold Coast during the twilight hour and view it as if you were on the lanai from an oceanfront unit!
The Gold Coast is located just outside of Waikiki at the base of Diamond Head. If you like the Gold Coast and want to see what's being sold, click here to see all Gold Coast properties for sale.
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Whether you are just starting to search for Hawaii Real Estate or a frequent Hawaii property browser, chances are you have seen two words frequently popping up - Leasehold and Fee Simple.
Now, I oftentimes get asked this question and it is a very common question to those who are new to home searching online. These are the two types of land tenure here on Oahu. Here I will explain the difference between Leasehold and Fee simple properties and keep it very simple and easy to understand.
Fee Simple (FS) properties are the most common form of land tenure in Hawaii and most of the continental United States. Fee simple in layman's terms means that you own the land (or a proportionate interest in the land if it is a condo) and the structure on top of the land (unit if it is a condo) until the end of time. Owners of fee simple properties have no time limit on the duration of ownership and the property may be passed down to the owner's heirs.
Leasehold (LH) properties are a bit more unique to Hawaii. To put it simply, leasehold properties do not own the land, they only own the structure and improvements (the house or condo) for a duration of time. For leasehold properties, there is a separate person or entity that owns the land who gives the Leasehold owner the right to occupy and use the land for a set duration of time. The owner of the leasehold property must pay a monthly lease rent to the landowner to occupy and use the land.
Since leasehold properties have a set duration of time you will see when the lease expires. Most leases initially begin as a long term lease. However, if an owner of a leasehold property decides to sell his or her interest, the lease term does not roll back and continues to count down. When a leasehold property's lease expires there are 3 different scenarios that can occur:
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Normally, many people are better off with Fee Simple properties (owning the land outright). But there are certain situations where owning a Leasehold property may work. Here are just a few examples:
As always, I'm always here if you have or think of any additional questions!
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
Click here to learn more about Tradewinds Hotel Inc
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!
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
Click here to learn more about this property
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.