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Kapolei Today
Working with lenders
My view of being a REALTOR has always been that the easy part of the job was finding a house my clients liked. The real task was to find the best way for them to buy the house they selected. Many of those details were within the role of the REALTOR and many were placed into the care of others. I used the word "care" purposely, because 9 out of 10 times I have been involved in the selection of the lender and the "lender experience" is often the way the entire transaction is viewed by the home buyer.
I work with lenders I know personally, lenders who I meet through the transaction and lenders who have been recommended to me. There are some that I am able to vouch for personally from other transactions and some are a yet to be determined quantity. What I don't have is a lender who will "count" on my transactions as much as one's who appreciate the opportunity to be able to compete for them. I wanted to talk about one of those today.
I think my first assignment when working with a buyer is to introduce them to the options available to them and help them decide what the best type of financing will be for their particular situation. VA, FHA or conventional and if conventional, which of those products will be the best fit for them. I do my best to explain the pros and cons of each approach and when I have a good understanding of their goals we'll talk about the choices available to them. If they have a lender they have selected as someone they would like to work with, I ask that we get a Good Faith Estimate (GFE) from that lender as well as 2 others at a rate, price, prepaid interest date and program that is identical so we can see how everyone compares in the market.
The GFE's give me the ability to analyze the overall costs and approach that each lender is bidding for this clients loan. FICO scores are necessary for this to be a valid exercise and the purchasers will already have been preapproved before we start the viewing process by one of these lenders so that we have those scores and a purchase power guideline.
The final selection is up to the buyers. It may be about money, it may be about a relationship they have with the lender, it may be many things. What is most important to me is that they would be able to say what that reason was and that it wouldn't be "because I told them to use them". There is just too much money and longterm expense at stake for me to be making that decision. I want to give them the best choices I can and help them to fully understand their choices, but I want the buyers to be the "deciders".
In a transaction that is closing this week, one of the lenders that I had brought into the decision process was the selected lender. He won their business on several levels and is one who I enjoy working with immensely. Rates had risen since their lock and when the underwriters changed their guidelines for the approval he went to bat for the purchasers exhausting all avenues of relief through the supervisory channels. When he was unable to have them stand by their earlier commitment, he pulled the loan from them and placed it with another lender to satisfactorily obtain loan approval.
His income will be reduced by over 50% due to the changes in rates between the application and new loan application. The purchasers will have the same costs he had promised them. In my conversation with him, he explained to me that it was the right thing for him to do and he had no regrets in doing so. He had chosen the underwriter, he had made the commitment to the purchasers and that his reputation and his word were the most important part of the transaction to him. Income from the loan was much lower on his list of priorities.
It may seem like a lot of work to be involved as much as I am in the lender process, but I've personally found that if you approach each transaction unbiasedly and find the lender that fits the needs of your buyer the best, that it can make all the difference in the world.
I will recommend Tony again as one who has my respect and admiration to future buyers. I'll also get 2 other GFE's when I do and let the buyers decide. But if all other things are comparable, I will share this story of integrity that Tony exhibited and see if he doesn't receive some additional value beyond the dollars and cents.
If you'd like to contact Tony Dias for a pre-approval or Good Faith Estimate he can be reached through his website at:
Tony's website
If you are a veteran or if you are working with one, Tony's specialty are VA loans and I've found him to be simply marvelous.
I work with lenders I know personally, lenders who I meet through the transaction and lenders who have been recommended to me. There are some that I am able to vouch for personally from other transactions and some are a yet to be determined quantity. What I don't have is a lender who will "count" on my transactions as much as one's who appreciate the opportunity to be able to compete for them. I wanted to talk about one of those today.
I think my first assignment when working with a buyer is to introduce them to the options available to them and help them decide what the best type of financing will be for their particular situation. VA, FHA or conventional and if conventional, which of those products will be the best fit for them. I do my best to explain the pros and cons of each approach and when I have a good understanding of their goals we'll talk about the choices available to them. If they have a lender they have selected as someone they would like to work with, I ask that we get a Good Faith Estimate (GFE) from that lender as well as 2 others at a rate, price, prepaid interest date and program that is identical so we can see how everyone compares in the market.
The GFE's give me the ability to analyze the overall costs and approach that each lender is bidding for this clients loan. FICO scores are necessary for this to be a valid exercise and the purchasers will already have been preapproved before we start the viewing process by one of these lenders so that we have those scores and a purchase power guideline.
The final selection is up to the buyers. It may be about money, it may be about a relationship they have with the lender, it may be many things. What is most important to me is that they would be able to say what that reason was and that it wouldn't be "because I told them to use them". There is just too much money and longterm expense at stake for me to be making that decision. I want to give them the best choices I can and help them to fully understand their choices, but I want the buyers to be the "deciders".
In a transaction that is closing this week, one of the lenders that I had brought into the decision process was the selected lender. He won their business on several levels and is one who I enjoy working with immensely. Rates had risen since their lock and when the underwriters changed their guidelines for the approval he went to bat for the purchasers exhausting all avenues of relief through the supervisory channels. When he was unable to have them stand by their earlier commitment, he pulled the loan from them and placed it with another lender to satisfactorily obtain loan approval.
His income will be reduced by over 50% due to the changes in rates between the application and new loan application. The purchasers will have the same costs he had promised them. In my conversation with him, he explained to me that it was the right thing for him to do and he had no regrets in doing so. He had chosen the underwriter, he had made the commitment to the purchasers and that his reputation and his word were the most important part of the transaction to him. Income from the loan was much lower on his list of priorities.
It may seem like a lot of work to be involved as much as I am in the lender process, but I've personally found that if you approach each transaction unbiasedly and find the lender that fits the needs of your buyer the best, that it can make all the difference in the world.
I will recommend Tony again as one who has my respect and admiration to future buyers. I'll also get 2 other GFE's when I do and let the buyers decide. But if all other things are comparable, I will share this story of integrity that Tony exhibited and see if he doesn't receive some additional value beyond the dollars and cents.
If you'd like to contact Tony Dias for a pre-approval or Good Faith Estimate he can be reached through his website at:
Tony's website
If you are a veteran or if you are working with one, Tony's specialty are VA loans and I've found him to be simply marvelous.
Market Stats through first 6 months of 2008
The first 6 months of statistics for Oahu, HI are now available through the link below. There is truly a wealth of information in them and probably something for everybody whether you are a buyer, investor, seller or homeowner wondering about a move.
The most significant stats in my opinion is the reduction of units sold which is compounded by the increasing numbers of units available for sale. We will normally refer to this as the "Monthly Inventory" and as the numbers of months required to sell the existing inventory increases, it becomes more and more of a buyers market. The number is reached by dividing the listing inventory by the number of units sold, or in Oahu's Single family for instance:
2,080 (currently listed homes) / 252 ( homes closed in June '08) = 8.3 months
This number in a vacuum means very little and is more helpful when compared to a different time period. For instance as compared to a year ago, the same data was:
1,806 (# of homes listed June '07) / (357 (#number of homes closed June '07) = 5.1 months
This represents an increase in the monthly inventory of 3.2 months which is a very significant increase. It has been trending up all year and is one of the key numbers to watch when looking at the "health" of a market place. This information is on page 17 of the linked report and is also broken down by specific areas and price ranges. For Ewa Beach, Kapolei and Ko Olina refer to the Ewa Plain area and Makakilo has her own area's listing.
Another very interesting statistic is that in June 2008 the average Days on Market (DOM) was actually the lowest it has been since 2005. This would indicate that some properties are selling very quickly while others are languishing. In other words, there are good values and they are being bought quickly and there are others which are simply not selling. As REALTORS, we always try to explain to our listing clients that your initial entrance to the marketplace is the most important move you make. Pricing, condition, advertising presence, documentation and ability to show the property should all be in place on Day one of your listings availability.
Testing the market price or prematurely making your property available can damage your longterm results by losing the buyers with the highest level of interest while you take care of the loose ends. A new listing will often have more showings in the first 2 weeks of it's marketing period than during the next 30 to 60 days, and those first 14 days were the people who for a number of different reasons were possibly the most interested in your property.
Long story short, homes that are priced right, staged well and marketed with a high impact entry to the marketplace are still selling and selling fast. If you choose to be one of those properties, the market is there.
I hope you are able to take sometime to peruse the report and that it helps you to analyze your position. If you'd like to spend some time to learn what all those statistics mean to you, I'm always available to get together with you and listen to your goals and give you an honest opinion of how you might consider getting there.
In the meantime... Happy 4th of July and I am reminded as I write of how fortunate we all are to have the possibility of Home Ownership available to us in the first place.
June 2008 HBR housing statistics
Mahalo for your interest. If you would like to visit my real estate website or would like my contact information, here is the link.
HomesOahuHawaii
The most significant stats in my opinion is the reduction of units sold which is compounded by the increasing numbers of units available for sale. We will normally refer to this as the "Monthly Inventory" and as the numbers of months required to sell the existing inventory increases, it becomes more and more of a buyers market. The number is reached by dividing the listing inventory by the number of units sold, or in Oahu's Single family for instance:
2,080 (currently listed homes) / 252 ( homes closed in June '08) = 8.3 months
This number in a vacuum means very little and is more helpful when compared to a different time period. For instance as compared to a year ago, the same data was:
1,806 (# of homes listed June '07) / (357 (#number of homes closed June '07) = 5.1 months
This represents an increase in the monthly inventory of 3.2 months which is a very significant increase. It has been trending up all year and is one of the key numbers to watch when looking at the "health" of a market place. This information is on page 17 of the linked report and is also broken down by specific areas and price ranges. For Ewa Beach, Kapolei and Ko Olina refer to the Ewa Plain area and Makakilo has her own area's listing.
Another very interesting statistic is that in June 2008 the average Days on Market (DOM) was actually the lowest it has been since 2005. This would indicate that some properties are selling very quickly while others are languishing. In other words, there are good values and they are being bought quickly and there are others which are simply not selling. As REALTORS, we always try to explain to our listing clients that your initial entrance to the marketplace is the most important move you make. Pricing, condition, advertising presence, documentation and ability to show the property should all be in place on Day one of your listings availability.
Testing the market price or prematurely making your property available can damage your longterm results by losing the buyers with the highest level of interest while you take care of the loose ends. A new listing will often have more showings in the first 2 weeks of it's marketing period than during the next 30 to 60 days, and those first 14 days were the people who for a number of different reasons were possibly the most interested in your property.
Long story short, homes that are priced right, staged well and marketed with a high impact entry to the marketplace are still selling and selling fast. If you choose to be one of those properties, the market is there.
I hope you are able to take sometime to peruse the report and that it helps you to analyze your position. If you'd like to spend some time to learn what all those statistics mean to you, I'm always available to get together with you and listen to your goals and give you an honest opinion of how you might consider getting there.
In the meantime... Happy 4th of July and I am reminded as I write of how fortunate we all are to have the possibility of Home Ownership available to us in the first place.
June 2008 HBR housing statistics
Mahalo for your interest. If you would like to visit my real estate website or would like my contact information, here is the link.
HomesOahuHawaii
May 2008 Oahu real estate statistics
As numbers for another month become available, there is good information for Buyers and Sellers to take note of. The numbers of unit sales is down considerably but prices are remaining fairly stable.
For sellers, this means that homes are selling and for those that are priced well, days on market and list price to sale price ratios are favorable. Pricing and market exposure are more important than ever and the best of the best listings are selling but coming in 2nd or 3rd on a buyers choice is not good enough. The good news is that if you have a home to sell, the market is there and if you want to sell you probably can. As always, professional advice, a solid marketing plan and competitive pricing based on the competition in your area will dictate your success.
For buyers, the reduction in units sold has made you Very Important People. You have the ability in this market to make your desires known and use your wide variety of choices to negotiate assertively. When you present yourselves to a seller as someone who is fully capable of performing if you are able to come to terms with the seller, you bring the most powerful argument to that seller. "We'd be interested in purchasing your home, but if we can't reach an agreement, there are others who may."
Here is a link to the most recent stats from the Honolulu Board of REALTORS.
May 2008 Statistics
If you are interested in finding out more about the Kapolei and Ko Olina real estate market, I would enjoy having a conversation with you. If you'd like to learn more about my proactive approach, please be sure to visit me at :
Michael's website
In the meantime... Know your market!
For sellers, this means that homes are selling and for those that are priced well, days on market and list price to sale price ratios are favorable. Pricing and market exposure are more important than ever and the best of the best listings are selling but coming in 2nd or 3rd on a buyers choice is not good enough. The good news is that if you have a home to sell, the market is there and if you want to sell you probably can. As always, professional advice, a solid marketing plan and competitive pricing based on the competition in your area will dictate your success.
For buyers, the reduction in units sold has made you Very Important People. You have the ability in this market to make your desires known and use your wide variety of choices to negotiate assertively. When you present yourselves to a seller as someone who is fully capable of performing if you are able to come to terms with the seller, you bring the most powerful argument to that seller. "We'd be interested in purchasing your home, but if we can't reach an agreement, there are others who may."
Here is a link to the most recent stats from the Honolulu Board of REALTORS.
May 2008 Statistics
If you are interested in finding out more about the Kapolei and Ko Olina real estate market, I would enjoy having a conversation with you. If you'd like to learn more about my proactive approach, please be sure to visit me at :
Michael's website
In the meantime... Know your market!
Ko Olina residential neighborhoods, pictures and information
Ko Olina is sometimes overlooked as a place to not only vacation, but to live year round. There are currently 5 different neighborhoods sprinkled throughout the resort and each of them have a different look and feel to them. Settings, architecture, amenities and price range all create different choices depending on what a person is looking for. What they all share in common is being located in the beautiful Ko Olina resort and all 5 communities will allow you to be members of the Ocean Club with access to the pools, tennis courts, gym and to receive discounts within the area.
Located within 3 miles of Kapolei, Ko Olina offers convenient access to shopping but the relaxed atmosphere of living within walking distance to 4 gorgeous lagoons and miles of walking trails. As you drive in, you know you've arrived to a special place, and it is easy to understand why Disney has selected Ko Olina to build their first offsite Hotel property.
Here is a picture of the entrance to the Ko Olina area with the 24 hour Aloha team check in on the roadway in the right of the picture.
As you enter the area, the first of the housing areas will be on your right. It is called Kai Lani, and is about 30 individual 4 unit buildings some of which have unobstructed ocean and coastline views, many of which are only separated from the coast by a small ribbon of Conservation property. Each unit has a single car garage and there are 1st floor and 2nd floor units. Of all the communities, Kai Lani is the smallest and offers the best of the best in terms of privacy and views. The link will show you available properties in Kai Lani. The picture below shows the gated entrance into the homes. Prices on Kai Lani listings are currently between $700K to $1.295MM
Kai Lani Units for sale
The entrance to the Kai Lani residences
As you continue on into the Resort, you'll pass the Marriotts Ihilani 5 star Hotel and then adjacent to this fantastic property, you'll come to the future site of the Disney Hotel. Located on 23 + acres and fronting the second half of the largest of the 4 Lagoons, this should be quite a transformation to the area.
Future site of the Disney Hotel property
Across the street from the site is the entrance to another community in Ko Olina, Coconut Plantation. These units are located on some beautiful grounds and the landscaping is truly remarkable. Coconut Plantation is the closest of all the 5 communities to the Disney site and has the Ko Olina Golf Course on it's other boundary. Currently, the lowest priced property in Coconut Plantation is just under $600K.
Entrance to Coconut Plantation
Coconut Plantation properties for sale
As you continue on Aliinui Drive, the Ko Olina main artery, you'll go past the newest of the residential choices in Ko Olina and the first beach front property offering year round residency, the Ko Olina Beach Villas. This luxurious high rise style complex has 2 buildings between 7 and 11 stories high and offers one of the most prestigious packages on Oahu. Designed with no details unattended to, the grounds are modeled after the finest 5 star resorts and the designer designed suites units are exquisite. Prices begin in the $900's and for penthouse ocean view estates the prices are in the area of $2.5MM depending on model, view and ammenities. If you'd like more information on this property, drop me a line and I'll send you a brochure with available units and prices.
On pass the Marriott Beach Club and the Marina, you will either turn left to head toward the Ko Olina Kai Golf Estates or go straight to the Ko Olina Hillside Villas and The Fairways at Ko Olina.
At Ko Olina Kai Golf Estates, you'll find the only 60 single family residences in the entire Ko Olina Resort. These single family residences are located on the perimeter of the golf course and are all fairway lots. Once inside Ko Olina Kai the remainder of the community is comprised of 6 unit buildings with floor plans ranging between 2 bedroom/2 bath units to 3 bedroom/3 bath units. The pool/community area is lovely and special attention was given to creating a very open feel through the use of green space. A walking trail leads from the community to the pro shop and 1st tee box of the golf course for those who share that affliction.
Entrance to Ko Olina Kai Golf Estates
Ko Olina Kai Golf Estates Townhomes
Ko Olina Kai Golf Estates Single family homes
At the end of the resort are the Ko Olina Hillside Villas and The Fairways at Ko Olina. As you drive down to the end of Aliinui Drive, you'll have the Hillside on your left and The Fairways on your right. As the name would imply, The Fairways at Ko Olina are built along the golf course and the perimeter units offer expansive views of the Championship course with various sized units and floor plans. Currently priced as low as $425K, these units provide a remarkable value and very affordable entry into the resort.
Entrance to The Fairways at Ko Olina
The Fairways at Ko Olina listings
The Hillside Villas are similarly priced and again, provide a great way to live in a little bit of paradise. Overall, the prices in Ko Olina have softened over the past year and there are some excellent values to be had.
The Ko Olina Hillside Villas
Ko Olina Hillside Villas listings
I hope you will find this to be a good introduction to the many choices that are available in Ko Olina Resort and Marina. I also hope that you will feel free to contact me if you have any questions about this magical place known as Ko Olina... or as it would be translated from her Hawaiian name, Place of Joy... and it truly is.
Michael's Real Estate website
Located within 3 miles of Kapolei, Ko Olina offers convenient access to shopping but the relaxed atmosphere of living within walking distance to 4 gorgeous lagoons and miles of walking trails. As you drive in, you know you've arrived to a special place, and it is easy to understand why Disney has selected Ko Olina to build their first offsite Hotel property.
Here is a picture of the entrance to the Ko Olina area with the 24 hour Aloha team check in on the roadway in the right of the picture.
As you enter the area, the first of the housing areas will be on your right. It is called Kai Lani, and is about 30 individual 4 unit buildings some of which have unobstructed ocean and coastline views, many of which are only separated from the coast by a small ribbon of Conservation property. Each unit has a single car garage and there are 1st floor and 2nd floor units. Of all the communities, Kai Lani is the smallest and offers the best of the best in terms of privacy and views. The link will show you available properties in Kai Lani. The picture below shows the gated entrance into the homes. Prices on Kai Lani listings are currently between $700K to $1.295MM
Kai Lani Units for sale
The entrance to the Kai Lani residences
As you continue on into the Resort, you'll pass the Marriotts Ihilani 5 star Hotel and then adjacent to this fantastic property, you'll come to the future site of the Disney Hotel. Located on 23 + acres and fronting the second half of the largest of the 4 Lagoons, this should be quite a transformation to the area.
Future site of the Disney Hotel property
Across the street from the site is the entrance to another community in Ko Olina, Coconut Plantation. These units are located on some beautiful grounds and the landscaping is truly remarkable. Coconut Plantation is the closest of all the 5 communities to the Disney site and has the Ko Olina Golf Course on it's other boundary. Currently, the lowest priced property in Coconut Plantation is just under $600K.
Entrance to Coconut Plantation
Coconut Plantation properties for sale
As you continue on Aliinui Drive, the Ko Olina main artery, you'll go past the newest of the residential choices in Ko Olina and the first beach front property offering year round residency, the Ko Olina Beach Villas. This luxurious high rise style complex has 2 buildings between 7 and 11 stories high and offers one of the most prestigious packages on Oahu. Designed with no details unattended to, the grounds are modeled after the finest 5 star resorts and the designer designed suites units are exquisite. Prices begin in the $900's and for penthouse ocean view estates the prices are in the area of $2.5MM depending on model, view and ammenities. If you'd like more information on this property, drop me a line and I'll send you a brochure with available units and prices.
On pass the Marriott Beach Club and the Marina, you will either turn left to head toward the Ko Olina Kai Golf Estates or go straight to the Ko Olina Hillside Villas and The Fairways at Ko Olina.
At Ko Olina Kai Golf Estates, you'll find the only 60 single family residences in the entire Ko Olina Resort. These single family residences are located on the perimeter of the golf course and are all fairway lots. Once inside Ko Olina Kai the remainder of the community is comprised of 6 unit buildings with floor plans ranging between 2 bedroom/2 bath units to 3 bedroom/3 bath units. The pool/community area is lovely and special attention was given to creating a very open feel through the use of green space. A walking trail leads from the community to the pro shop and 1st tee box of the golf course for those who share that affliction.
Entrance to Ko Olina Kai Golf Estates
Ko Olina Kai Golf Estates Townhomes
Ko Olina Kai Golf Estates Single family homes
At the end of the resort are the Ko Olina Hillside Villas and The Fairways at Ko Olina. As you drive down to the end of Aliinui Drive, you'll have the Hillside on your left and The Fairways on your right. As the name would imply, The Fairways at Ko Olina are built along the golf course and the perimeter units offer expansive views of the Championship course with various sized units and floor plans. Currently priced as low as $425K, these units provide a remarkable value and very affordable entry into the resort.
Entrance to The Fairways at Ko Olina
The Fairways at Ko Olina listings
The Hillside Villas are similarly priced and again, provide a great way to live in a little bit of paradise. Overall, the prices in Ko Olina have softened over the past year and there are some excellent values to be had.
The Ko Olina Hillside Villas
Ko Olina Hillside Villas listings
I hope you will find this to be a good introduction to the many choices that are available in Ko Olina Resort and Marina. I also hope that you will feel free to contact me if you have any questions about this magical place known as Ko Olina... or as it would be translated from her Hawaiian name, Place of Joy... and it truly is.
Michael's Real Estate website
Ko Olina & the Disney resort
As the pages of the calendar fall to the floor, what seemed a distant event begins to appear closer. From the first time I heard the rumor, it was easy to believe and easy to imagine. Disney was going to build a hotel in Ko Olina.
The Disney family is a pretty good family to have moving into our neighborhood! Not only for the investment and jobs that will be brought, but for the quality of the corporation and the people who are part of it.
Ihilani Hotel - Marriott Disney site Beach Villas Marriott Beach
Club timeshares
I had the pleasure of working with a large company move when the Santa Fe Railroad moved their Locomotive repair shop and other support services from San Bernardino, Albuquerque and Euless, Texas to Topeka, Kansas. It was over several years and being a REALTOR was redefined to me during that experience. I personally visited each of the locations that was being effected by the move and met with workers and their families to answer a multitude of questions that came up. We actually rented conference rooms in the hotels and invited transferees to come with their families and ask about Topeka. During those trips, I spoke to hundreds of people.
What I learned was that in each family, a move to a far away place was way beyond the house they would be living in. Schools for the children, jobs and unemployment benefits for the trailing spouses, the community in general, tax events, cost of living, doctors and health concerns were often more of what we talked about than Real Estate. In many cases, we were the first person they knew in the town they were learning they were going to be calling home. I was involved in a lot of transactions, but more enjoyably, I was involved in a lot of lives and think I was able to provide a valuable service throughout the experience.
The internet was not was it is then. I suppose that many answers will be able to be answered with Google and websites. It will be interesting to watch the process as it unfolds and people begin to come to town. I hope I'm able to make that transition more comfortable and easy as they do. In the meantime, I will start to add references and things that someone moving here might find interesting.
As I have said before in this forum, Ko Olina is a beautiful place and since this will be the first time Disney will build a Hotel without an accompanying park, I think that speaks volumes of how beautiful the area is on her own merits. The planned hotel site is located on a crescent shaped lagoon and will be built between the Ihilani Hotel, a 5 star Marriott property and the Beach Villas which are brand new residence villas which are the first year round residence opportunities on any of the 4 Ko Olina Lagoons.
A wonderful beach trail connects the 4 lagoons on a mile and a half coastline trail. There are 5 other communities within the gates of Ko Olina which are Kai Lani, Coconut Plantation, Ko Olina Kai, Ko Olina Hillside and Ko Olina Fairways. Several of them are built along the perimeter of the Ko Olina Golf Course which is world class and currently Michelle Wie's home course. Lastly, there is a beautiful marina with nearly 300 slips in what is one of if not the best marinas in the State of Hawaii.
Ko Olina is officially within the city limits of Kapolei and is a neighborhood more than an independent city. I would guess that the 5 communities have over 1,500 residences between them within walking distance to the new hotel site. The school district is Kapolei and it has several new schools and bus service to them from Ko Olina. Ko Olina is about 3 miles away from the center of Ko Olina and I think you'll find the area a good place to live as well as a great place to raise a family.
More to come!
The Disney family is a pretty good family to have moving into our neighborhood! Not only for the investment and jobs that will be brought, but for the quality of the corporation and the people who are part of it.
Ihilani Hotel - Marriott Disney site Beach Villas Marriott Beach
Club timeshares
I had the pleasure of working with a large company move when the Santa Fe Railroad moved their Locomotive repair shop and other support services from San Bernardino, Albuquerque and Euless, Texas to Topeka, Kansas. It was over several years and being a REALTOR was redefined to me during that experience. I personally visited each of the locations that was being effected by the move and met with workers and their families to answer a multitude of questions that came up. We actually rented conference rooms in the hotels and invited transferees to come with their families and ask about Topeka. During those trips, I spoke to hundreds of people.
What I learned was that in each family, a move to a far away place was way beyond the house they would be living in. Schools for the children, jobs and unemployment benefits for the trailing spouses, the community in general, tax events, cost of living, doctors and health concerns were often more of what we talked about than Real Estate. In many cases, we were the first person they knew in the town they were learning they were going to be calling home. I was involved in a lot of transactions, but more enjoyably, I was involved in a lot of lives and think I was able to provide a valuable service throughout the experience.
The internet was not was it is then. I suppose that many answers will be able to be answered with Google and websites. It will be interesting to watch the process as it unfolds and people begin to come to town. I hope I'm able to make that transition more comfortable and easy as they do. In the meantime, I will start to add references and things that someone moving here might find interesting.
As I have said before in this forum, Ko Olina is a beautiful place and since this will be the first time Disney will build a Hotel without an accompanying park, I think that speaks volumes of how beautiful the area is on her own merits. The planned hotel site is located on a crescent shaped lagoon and will be built between the Ihilani Hotel, a 5 star Marriott property and the Beach Villas which are brand new residence villas which are the first year round residence opportunities on any of the 4 Ko Olina Lagoons.
A wonderful beach trail connects the 4 lagoons on a mile and a half coastline trail. There are 5 other communities within the gates of Ko Olina which are Kai Lani, Coconut Plantation, Ko Olina Kai, Ko Olina Hillside and Ko Olina Fairways. Several of them are built along the perimeter of the Ko Olina Golf Course which is world class and currently Michelle Wie's home course. Lastly, there is a beautiful marina with nearly 300 slips in what is one of if not the best marinas in the State of Hawaii.
Ko Olina is officially within the city limits of Kapolei and is a neighborhood more than an independent city. I would guess that the 5 communities have over 1,500 residences between them within walking distance to the new hotel site. The school district is Kapolei and it has several new schools and bus service to them from Ko Olina. Ko Olina is about 3 miles away from the center of Ko Olina and I think you'll find the area a good place to live as well as a great place to raise a family.
More to come!
WolfgangsVault.com
I was thinking the other day about our move to Oahu and I thought how much easier the move had been with the advent of all the modern miracles that surround us. When we told our friends of our intent, we were warned of "Island Fever", that claustrophobic feeling of being trapped on an Island, as well as countless other reasons to not move here, all of which I'm glad to say have yet to manifest themselves. In fact, after a little more than a year, I am only now starting to feel as though I am beginning to understand how vast Oahu is, let alone her sister Islands that we have yet to really explore at all.
There was also the thought of isolation from all that we had known... friends, family, familiar places, all of which we have been able to stay in touch with and even had the pleasure of hosting in our new surroundings. That is the magic of the aforementioned modern miracles. I think the move would have been harder without email, without cable and cell phones and without mapquest and google I'm not sure if we would have survived. Throw in jet planes, overnight delivery, Costco and cable news and I don't feel as though I've given up a thing. And what we've gotten in return has been a life we only imagined.
I am of the age that the internet and all it has to offer constantly amazes me. While talking to my longest friend the other day, he told me of one more wonder of the internet. The site is called WolfgangsVault.com, and it is an amazing place. They have a library of concerts that I can't wait to explore. There are concerts that we actually went to in the '60s and 70's and it is truly a blast to click on a favorite performer and remember when. Now, not only can I go San Francisco, LA or anywhere else with a click of the mouse... but I can even find myself at the doors of the Fillmore with tickets in my hands.
I hope you enjoy the site as much as I do and if you find a good show, let me know. "As long as there is music..."
Kapolei to have Hawaii's largest solar farm
Tentative agreements have been reached for a 12 acre Solar farm to be
built on 12 acres of James Campbell Co. land next to the
Campbell Industrial Park. The energy production farm is to
be built by a subsidiary of Hoku Scientific Inc., a Kapolei
Company.
built on 12 acres of James Campbell Co. land next to the
Campbell Industrial Park. The energy production farm is to
be built by a subsidiary of Hoku Scientific Inc., a Kapolei
Company.
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I hope this becomes a harbringer of the future! If we have one resource with unlimited supply in Kapolei, it is sunshine. According to reports, the farm would be capable of generating 1.5 megawatts of photovoltaic power. It is estimated that over the 25 year life of the system, it would produce enough electricity for approximately 6,700 homes for one year.
Hoku Solar would be responsible for designing, engineering, financing, procuring, installing and operating the solar facility. The company would lease the property from Campbell, which has also promised to help market the energy.
Hoku Solar provides turnkey photovoltaic system installations in Hawai'i for commercial and residential applications. This would be the company's first development of a photovoltaic energy farm and it would rank among the largest in the country. Hoku Solar officials believe only one such photovoltaic farm exists in Hawai'i — a 1.75-kilowatt system at Waimea's Parker Ranch on the Big Island that was installed in 2001.
Scott Paul, Hoku Scientific vice president and general counsel, estimated the cost of the new development at $10 million to $15 million.
These are the types of steps I am happy to see and will hopefully become more common in the next few years.
Hawaiian Slack Key
In case you haven't noticed yet, I find it hard to list the ways that I love Hawaii and her people and culture. One of the experiences I've had the opportunity to be exposed to on a very personal level is Hawaiian Music.
Robert, remember Robert... originally our boat broker, has also helped to expose
us to the vast world of Hawaiian Music. For me, it is beautiful and so are the people who perform it. We've had the opportunity to meet musicians, and talk story with
them as well as hear and watch as they perform. The one common thread seems to
be the love they have for the music and it's heritage.
Slack-key guitar is a fingerstyle genre of guitar music that originated in Hawaiʻi.
Its name refers to its characteristic tuning: the English term is a translation of the Hawaiian kī hōʻalu, which means "loosen the [tuning] key". Most slack-key tunings
can be achieved by starting with a classically-tuned guitar and detuning or "slacking" one or more of the strings until the six strings form a single chord, frequently G major.
For a history of Slack key and much more information... http://en.wikipedia.org/wiki/Slack-key
From performances in libraries, to small clubs and intimate performances to more formal settings, we have had a chance to meet and enjoy several musicians and I
hope you have a chance to do the same. It is exciting and soothing at the same
time. Here is a site where you can see coming performances in your area, whether
you are on the mainland or one of the islands here.
http://edit.cisdata.net/bin/web/real_estate?acnt=AR243140&ZKEY=e09afd720c0b67eeb1730764954e4c36&action=
ACTIVATE_FRAMES&button=&linkout_sourcepage=LOCAL_INFO&tm=&linkout=
http%3A%2F%2Fwww.dancingcat.com%2Findex.php
I bring it up today, because we went to the Hawaiian Public Radio Atherton Winter series and saw Cindy Combs play her music. It was wonderful. An accoustical evening of local music with stories as well as songs. I hope you have a chance to spend an evening listening to this wonderful style of music.
http://www.hawaiipublicradio.org/hpr/index.php?option=com_content&task=view&id=29&Itemid=51
And lastly, if you enjoy youtube, there are several offerings there. Search "hawaiian slack key" and you'll find quite a variety. www.youtube.com
Robert, remember Robert... originally our boat broker, has also helped to expose
us to the vast world of Hawaiian Music. For me, it is beautiful and so are the people who perform it. We've had the opportunity to meet musicians, and talk story with
them as well as hear and watch as they perform. The one common thread seems to
be the love they have for the music and it's heritage.
Slack-key guitar is a fingerstyle genre of guitar music that originated in Hawaiʻi.
Its name refers to its characteristic tuning: the English term is a translation of the Hawaiian kī hōʻalu, which means "loosen the [tuning] key". Most slack-key tunings
can be achieved by starting with a classically-tuned guitar and detuning or "slacking" one or more of the strings until the six strings form a single chord, frequently G major.
For a history of Slack key and much more information... http://en.wikipedia.org/wiki/Slack-key
From performances in libraries, to small clubs and intimate performances to more formal settings, we have had a chance to meet and enjoy several musicians and I
hope you have a chance to do the same. It is exciting and soothing at the same
time. Here is a site where you can see coming performances in your area, whether
you are on the mainland or one of the islands here.
http://edit.cisdata.net/bin/web/real_estate?acnt=AR243140&ZKEY=e09afd720c0b67eeb1730764954e4c36&action=
ACTIVATE_FRAMES&button=&linkout_sourcepage=LOCAL_INFO&tm=&linkout=
http%3A%2F%2Fwww.dancingcat.com%2Findex.php
I bring it up today, because we went to the Hawaiian Public Radio Atherton Winter series and saw Cindy Combs play her music. It was wonderful. An accoustical evening of local music with stories as well as songs. I hope you have a chance to spend an evening listening to this wonderful style of music.
http://www.hawaiipublicradio.org/hpr/index.php?option=com_content&task=view&id=29&Itemid=51
And lastly, if you enjoy youtube, there are several offerings there. Search "hawaiian slack key" and you'll find quite a variety. www.youtube.com
Oahu and Kapolei Gasoline prices
For those of you without the advantage of being able to drive by the local service station to see the prices of gasoline here, I thought the latest information on costs
per gallon would be informative. As you can tell, while higher than the national average, the rate of increase is significantly less than the national average. A good news/bad news type of report. The average price of a gallon of regular gasoline in Hawaii costs about one-fifth more than it was a year ago, according to data from the American Automobile Association.
per gallon would be informative. As you can tell, while higher than the national average, the rate of increase is significantly less than the national average. A good news/bad news type of report. The average price of a gallon of regular gasoline in Hawaii costs about one-fifth more than it was a year ago, according to data from the American Automobile Association.
The AAA's Fuel Gauge Report Web site shows Hawaii's statewide average rose to $3.481 from $2.909 a year earlier, a gain of about 20 percent. The national average increased at a faster pace during the year, rising to $3.033 from $2.209. That was 37 percent higher than a year earlier.
For those of you moving to Oahu, our island's average is less than Hawaii, and for reference purposes, I purchased gasoline in Kapolei for $3.37 in Kapolei last night. Had I not been on empty, with a trip to town (Honolulu) in the near future, I'd have waited like I usually do to go to the Costco on the way where there is usually about a 5 cents saving. The site also showed Honolulu's average price rose also. The average price for a gallon rose to $3.361 from $2.823 a year ago.
The exciting aspect of this for us Kapolei residents is that those trips to Honolulu should begin to be less necessary as the Commercial expansion will explode in the next year to two in Kapolei with names like Costco, Best Buy, Target, Walmart all scheduled to open in our marketplace. Those names, along with the largest Mall in
the state and our own University will make an amazing transformation of the job opportunities as well as our true coming into our own as "Oahu's second city".
As talk of recession, depressed housing starts and a declining middle class are reported across the country, Kapolei/Ko Olina seemed to be bucking the trend.
From transportation contracts (roads, highways, light rail system) to commercial expansion to resort investment (Disney Hotel in Ko Olina) we are truly alive and
well here.
Here are two links that are relevant to the article that you might find interesting.
Here is gasoline costs on Oahu:
http://gas prices.mapquest.com/searchresults.jsp?search=true&city=KAPOLEI&stateProvince=HI&postalCode=
96707&gasPriceType=3,4,5&radius=10
Here is the website to the University of Hawaii, West Oahu. I find the addition of
this campus to be a tremendously exciting development in our town.
http://westoahu.hawaii.edu/
Using Multiple Listing Service (MLS) to your full ability
Looking back over the last 20 years in the real estate industry, I was remembering the "Old days". The excitement as the new book came out every two weeks with the "new" listings that ranged from 4 weeks old to 1 week old. Fax machines and overnight express which allowed us to be within days of our out of state clients versus a week or two depending on the mail. Land lines went to car phones and then to cell phones, until today we can carry our contracts, listing inventory, computers and phones in our top pocket.
2,800 baud modems which morphed to 28.8K, 56K and then DSL and cable. I actually attended the NAR meeting in Boston in the mid 90's as a representative from our Board in Topeka, Kansas when NAR rolled out REALTOR.com and spoke of the future of Real Estate on the internet. Webstreaming, virtual tours, IDX and so many other technological advancements, bring us to where we are today.
The one thing that is as important, if not even more so now, is knowing about listings as they become available, what has sold and for how much, who has reduced their asking price and what is currently available. As REALTORS, we continue to be the stewards of this data, and I believe we have worked exceptionally well together to make the information accessible and embrace the proposition that an informed public is better for our overall business than to try and restrict access to the information. For those of us who were in those conversations over the years of all the changes that were going to destroy the business, everything seems to have worked out pretty well.
I have come to categorize Real Estate websites into 2 broad categories. Those with MLS access (IDX) and those without. The ability for a consumer to come to my website and search the broad Oahu real estate market or to fine tune their search to individual neighborhoods and price ranges is a great service and is just the beginning of all that the MLS is capable of.
Buyers can not only see what is available, but over time, understand the rhythm of new listings as they come on to the market and then sell. They can see how the prices reflect the competitive marketplace and what sells and what doesn't. Customized searches of specific requirements they have beyond price and bedrooms are possible, so that when a hard to find property does become available, they will be alerted to it by email immediately. All these things have made us better as REALTORS and able to honestly provide the best services possible to our clients and to our listings.
Not only are sellers able to utilize the historical data to make informed decisions as to their market values, but they are also able to receive so much more than that with a little effort by themselves or their agents. Email notifications of new listings that are competitive to theirs as they come onto the market keep them informed of their competition in real time. Notification of new pending properties that were competing with theirs let them evaluate why the consumer chose that property over theirs. Potential sellers can use the same notifications to ensure themselves that the market is there and give them confidence to place their homes on the market.
Renters canperch on the doorway of the market, watching and waiting until that home they never thought they'd find miraculously becomes available. Ongoing professional counseling from their REALTOR during the "watch" period can provide them with the guidance to obtain pre approvals from reputable lenders in hand, to enter into month to month leases while they are waiting and help them develop a solid confidence of their understanding of the market. What could be better for everyone than a buyer who is emotionally and technically prepared to initiate a purchase agreement when the perfect opportunity presents itself to them. How many times has the opportunity been lost when by the time preliminary details were taken care of, the home was already under contract by someone else? That is hard on everyone and more often than not, avoidable with quality customer care.
It's not only what is available today, but it is what is going to be on the market tomorrow, next week or next month. I have my own personal dream searches that occasionally send myself an email! Ocean front with a minimum # of bedrooms, fee simple with condition unimportant. Until then, I am content on the boat... but I'm always just an email away from my favorite REALTOR (moi) to tell me that there is a new house on the market I should really take a look at... TODAY, file in hand!
If you'd like to visit my website and explore my MLS access, please visit www.HomesOahuHawaii.com .
If you are interested in the Oahu real estate market, ask me to send you the free report through the form on the side bar and see the trends and activity of our market for yourself.
The Real Estate market in Oahu, Hawaii is a great place to be right now. The Kapolei / Ko Olina area is booming with thousands of homes scheduled to be built and growth is everywhere you look. It is different that it was 2 years ago and 2 years from now it will be a different market again, but informed buyers and sellers will find opportunities in every market and todays is no exception.
"May you live in interesting times" is a quote I've always enjoyed. Indeed we do!
2,800 baud modems which morphed to 28.8K, 56K and then DSL and cable. I actually attended the NAR meeting in Boston in the mid 90's as a representative from our Board in Topeka, Kansas when NAR rolled out REALTOR.com and spoke of the future of Real Estate on the internet. Webstreaming, virtual tours, IDX and so many other technological advancements, bring us to where we are today.
The one thing that is as important, if not even more so now, is knowing about listings as they become available, what has sold and for how much, who has reduced their asking price and what is currently available. As REALTORS, we continue to be the stewards of this data, and I believe we have worked exceptionally well together to make the information accessible and embrace the proposition that an informed public is better for our overall business than to try and restrict access to the information. For those of us who were in those conversations over the years of all the changes that were going to destroy the business, everything seems to have worked out pretty well.
I have come to categorize Real Estate websites into 2 broad categories. Those with MLS access (IDX) and those without. The ability for a consumer to come to my website and search the broad Oahu real estate market or to fine tune their search to individual neighborhoods and price ranges is a great service and is just the beginning of all that the MLS is capable of.
Buyers can not only see what is available, but over time, understand the rhythm of new listings as they come on to the market and then sell. They can see how the prices reflect the competitive marketplace and what sells and what doesn't. Customized searches of specific requirements they have beyond price and bedrooms are possible, so that when a hard to find property does become available, they will be alerted to it by email immediately. All these things have made us better as REALTORS and able to honestly provide the best services possible to our clients and to our listings.
Not only are sellers able to utilize the historical data to make informed decisions as to their market values, but they are also able to receive so much more than that with a little effort by themselves or their agents. Email notifications of new listings that are competitive to theirs as they come onto the market keep them informed of their competition in real time. Notification of new pending properties that were competing with theirs let them evaluate why the consumer chose that property over theirs. Potential sellers can use the same notifications to ensure themselves that the market is there and give them confidence to place their homes on the market.
Renters canperch on the doorway of the market, watching and waiting until that home they never thought they'd find miraculously becomes available. Ongoing professional counseling from their REALTOR during the "watch" period can provide them with the guidance to obtain pre approvals from reputable lenders in hand, to enter into month to month leases while they are waiting and help them develop a solid confidence of their understanding of the market. What could be better for everyone than a buyer who is emotionally and technically prepared to initiate a purchase agreement when the perfect opportunity presents itself to them. How many times has the opportunity been lost when by the time preliminary details were taken care of, the home was already under contract by someone else? That is hard on everyone and more often than not, avoidable with quality customer care.
It's not only what is available today, but it is what is going to be on the market tomorrow, next week or next month. I have my own personal dream searches that occasionally send myself an email! Ocean front with a minimum # of bedrooms, fee simple with condition unimportant. Until then, I am content on the boat... but I'm always just an email away from my favorite REALTOR (moi) to tell me that there is a new house on the market I should really take a look at... TODAY, file in hand!
If you'd like to visit my website and explore my MLS access, please visit www.HomesOahuHawaii.com .
If you are interested in the Oahu real estate market, ask me to send you the free report through the form on the side bar and see the trends and activity of our market for yourself.
The Real Estate market in Oahu, Hawaii is a great place to be right now. The Kapolei / Ko Olina area is booming with thousands of homes scheduled to be built and growth is everywhere you look. It is different that it was 2 years ago and 2 years from now it will be a different market again, but informed buyers and sellers will find opportunities in every market and todays is no exception.
"May you live in interesting times" is a quote I've always enjoyed. Indeed we do!
YTD Real Estate Market Report Oahu-Hawaii
The end of the year numbers are in and I give my thanks to Board of REALTORS for
the outstanding job they do of compiling the data and giving us members such a
great tool to view the market and the trends.
Here is a portion of the report that highlights three key components of the
Market. Median sale price, Unit sales based on a rolling 12 month average and
Months of inventory based on current sales, DOM and current listing inventory.
To be honest, the broad market is comparatively good analytically compared to how
it seems to "feel" sometimes. The most dramatic change in the last 12 months in
my opinion is the unit drop, but that is offset by the nearly static sale price over
the same time period.
The inventory report shows a lengthening of time required to deplete the
inventory. Overall, most markets and price ranges reflect an increase of 1
month +/- which is significant increase as a percentage.
Most of all what the chart tells me is that the homes that are priced competitively
in their ranges will sell and that the listings that are overpriced will languish. A
great market to be a qualified buyer with nothing to sell. For owners of real estate
who have held property since 2000, their gain may not be as much as they thought,
but they should be significant and for those who purchased their homes as recently
as 2004, their appreciation could be expected to still average 20%+ as compared
to their purchase. The sobering side of the chart is that nearly all of that
appreciation occurred during 2005, with 2006 and 2007 being nearly flat from a
broad market view.
If anyone would like to have the complete report emailed to them, visit my
website at www.HomesOahuHawaii.com and register for the free report and I'll
email you a copy post haste.
Personally I am very excited about 2008 and think that between the potential
of Federal intervention in the lending industry, election year politics and the
phenomenal growth of my primary market in the Kapolei / Ko Olina area that
we will see a healthy and robust albeit steadier than the past market
Pricing on the sellers point and premium financial condition on the buyers
point will be the largest factors in their respective categories.
Hope you find the data interesting.
Michael
'
the outstanding job they do of compiling the data and giving us members such a
great tool to view the market and the trends.
Here is a portion of the report that highlights three key components of the
Market. Median sale price, Unit sales based on a rolling 12 month average and
Months of inventory based on current sales, DOM and current listing inventory.
To be honest, the broad market is comparatively good analytically compared to how
it seems to "feel" sometimes. The most dramatic change in the last 12 months in
my opinion is the unit drop, but that is offset by the nearly static sale price over
the same time period.
The inventory report shows a lengthening of time required to deplete the
inventory. Overall, most markets and price ranges reflect an increase of 1
month +/- which is significant increase as a percentage.
Most of all what the chart tells me is that the homes that are priced competitively
in their ranges will sell and that the listings that are overpriced will languish. A
great market to be a qualified buyer with nothing to sell. For owners of real estate
who have held property since 2000, their gain may not be as much as they thought,
but they should be significant and for those who purchased their homes as recently
as 2004, their appreciation could be expected to still average 20%+ as compared
to their purchase. The sobering side of the chart is that nearly all of that
appreciation occurred during 2005, with 2006 and 2007 being nearly flat from a
broad market view.
If anyone would like to have the complete report emailed to them, visit my
website at www.HomesOahuHawaii.com and register for the free report and I'll
email you a copy post haste.
Personally I am very excited about 2008 and think that between the potential
of Federal intervention in the lending industry, election year politics and the
phenomenal growth of my primary market in the Kapolei / Ko Olina area that
we will see a healthy and robust albeit steadier than the past market
Pricing on the sellers point and premium financial condition on the buyers
point will be the largest factors in their respective categories.
Hope you find the data interesting.
Michael
'
Those pesky termites
I am in awe of the insect world. In my past life in Kansas, termites, termite inspections and the occasional termite repair were transactional inconveniences which were most commonly a call to the seller with the bad news. A mud run on the foundation or an infested fence post near the house. Occasionally there might be damage to a porch stoop, but I can't remember ever having repairs that couldn't be completed for $500.
Meanwhile, back in Hawaii...
I will be marketing a REO property which recently came under my tutelage. I had the opportunity to spend some time at the property today with the Pest Control company, and while we surveyed the damage, he told me tales of the Formosa Subterranean Termite. Again... we're not in Kansas anymore!
As the bids are being prepared, the portion of the bids directly attributable to the damage by this wily Queen and her average 3 million loyal subjects looks to be in the area of $25,000 to $30,000. That will be to repair the best guess of damage. The bid will also have a time and material clause for damage which could only be discovered after the siding and door jams are removed and the wall studs can be inspected. The cost could go way up from there.
Add to that the additional expense of removing and repairing porch overhangs, window and trim boards as well as interior sheet rock and repainting the complete interior and exterior... and I'm sure you can see how expensive the overall repairs will be. The cost to treat a home on precautionary note would be less than a thousand dollars and the cost of an inspection would be free in some cases, or minimal in the diligence stage of purchase agreement.
When I asked the pest control company how this house would rate on a scale of 1 to 10 on infestations they have had experience with he thought it about a 5. That was when I was really a believer! My broker told me that under the proper circumstances, a home can be essentially consumed by a colony in a years time. Granted, there would be signs during that year, but in a rental situation or a part time 2nd home, you might make the discovery much later than you wished you had.
So today will be the day and the story I tell when I'm working with the purchaser who is debating whether or not they should get a termite inspection. When a tenant calls to say they noticed some mud in the corner of the room of one of my rentals, I will remember the paper thin shell of the siding on this home and immediately call a pest company to come and make an inspection. This will be the experience I recall when I am listing a home and recommend to the seller that we get the termite inspection at the time of listing, instead of waiting for escrow only to discover it later.
I like to think this might save someone from an unanticipated expense of termites. Maybe an inspection before they purchase or a call to an inspector in the home they live in at an early stage versus a late stage. I always knew that termites were voracious and once they appeared they needed to be eradicated, but I learned today the exponential nature of this species. The colonies can be as much greater than the average colonies and the Queen can be 50 feet below the surface and quite a distance laterally from the affected property. The loyal subjects do not sleep... they just fill their stomachs with wood,take it to the nest like a little wheelbarrow with legs, empty their wheelbarrow to provide food for the nest and then repeat the process 24 hours a day, 7 days a week.
The good news is that I don't have any excuse now to underestimate them and it is one of my few free lessons that I've learned in Real Estate. So that is a good thing!
Meanwhile, back in Hawaii...
I will be marketing a REO property which recently came under my tutelage. I had the opportunity to spend some time at the property today with the Pest Control company, and while we surveyed the damage, he told me tales of the Formosa Subterranean Termite. Again... we're not in Kansas anymore!
As the bids are being prepared, the portion of the bids directly attributable to the damage by this wily Queen and her average 3 million loyal subjects looks to be in the area of $25,000 to $30,000. That will be to repair the best guess of damage. The bid will also have a time and material clause for damage which could only be discovered after the siding and door jams are removed and the wall studs can be inspected. The cost could go way up from there.
Add to that the additional expense of removing and repairing porch overhangs, window and trim boards as well as interior sheet rock and repainting the complete interior and exterior... and I'm sure you can see how expensive the overall repairs will be. The cost to treat a home on precautionary note would be less than a thousand dollars and the cost of an inspection would be free in some cases, or minimal in the diligence stage of purchase agreement.
When I asked the pest control company how this house would rate on a scale of 1 to 10 on infestations they have had experience with he thought it about a 5. That was when I was really a believer! My broker told me that under the proper circumstances, a home can be essentially consumed by a colony in a years time. Granted, there would be signs during that year, but in a rental situation or a part time 2nd home, you might make the discovery much later than you wished you had.
So today will be the day and the story I tell when I'm working with the purchaser who is debating whether or not they should get a termite inspection. When a tenant calls to say they noticed some mud in the corner of the room of one of my rentals, I will remember the paper thin shell of the siding on this home and immediately call a pest company to come and make an inspection. This will be the experience I recall when I am listing a home and recommend to the seller that we get the termite inspection at the time of listing, instead of waiting for escrow only to discover it later.
I like to think this might save someone from an unanticipated expense of termites. Maybe an inspection before they purchase or a call to an inspector in the home they live in at an early stage versus a late stage. I always knew that termites were voracious and once they appeared they needed to be eradicated, but I learned today the exponential nature of this species. The colonies can be as much greater than the average colonies and the Queen can be 50 feet below the surface and quite a distance laterally from the affected property. The loyal subjects do not sleep... they just fill their stomachs with wood,take it to the nest like a little wheelbarrow with legs, empty their wheelbarrow to provide food for the nest and then repeat the process 24 hours a day, 7 days a week.
The good news is that I don't have any excuse now to underestimate them and it is one of my few free lessons that I've learned in Real Estate. So that is a good thing!
The Leeward side
I'm a child of the 60's and have always felt fortunate to have spent my formative years in Southern California. I remember going to Newport, Huntington and Laguna beach as a child in the early 60's and as a teen in the late 60's. When I go back there now, they have changed so much.
The Leeward coast of Oahu from Kapolei to the end of 93 north of Makaha reminds me so much of the Pacific Coast Highway way back then. For me, it is like going back in time to a simpler time and place. Beautiful coastlines, sprawling beaches that are uncrowded in the busiest of times and almost deserted most times, it is a special place for me. The community along the highway is a wonderfully diverse blend of native, local and tourist and Aloha can be found waiting for you behind every door.
Surfers share their beaches easily and it is a great place to escape to if you are in the mood to slow things down a bit. Makaha Valley, north of Waianae is a beautiful place with several golf courses designed by the valley versus the alternative. I believe the area is a pleasant surprise from the affordability point of view and as Kapolei grows over the next decade, the Leeward coast will become closer and closer to the rest of the Island. Condos on the beach are still priced under $200K and golf course homes in the valley are surprisingly affordable.
This is looking north off the Coast of Ko Olina up the western coast of Oahu.
Onward up the coast from Makaha, the road surrenders to the ocean and ends. From this point on, it's an enchanting walk for 3 or 4 miles to Kaena Point, the westernmost tip of Oahu.
If you approach from the South, you'll have vistas of the Waianae coast on your left and the sheer and picturesque Ko'olau range on your right. After you reach the point, the sea transitions to it's North shore temper. Following the trail on to the east for another 4 or so miles you'll come to where the pavement begins or ends (depending on your perspective) and heads on to the quaint and charming town of Haliewa and on from there to those iconic beaches with names like Pipeline and Sunset.
For the hardy, and with permits and permission, there is a triangular route along the two coastlines and then back to the point of beginning making a triangle over the ridge. I haven't been that organized yet, but hope to be. Whether you are visiting or calling it home, there are several guidebooks available which have taken our family to vistas and magic places on Oahu, and I highly recommend them.
But however you come... come. There is an Albatross nesting site on the point and a rugged coast of the shore. Most of the times I've gone, I've had the gift of seeing Monk seals as they lazed among the rocks. There is my favorite tidal pool I've yet to find that is about 4 feet deep, 30 feet long and 8 to 10 feet wide that swells and then recedes with the surf, but is completely contained for those who like a secure pool.
A guided trail leads you through the reserve. Nesting time now, the chicks will be hatching soon and then learning to fly during the spring.
It's a good day!
The Leeward coast of Oahu from Kapolei to the end of 93 north of Makaha reminds me so much of the Pacific Coast Highway way back then. For me, it is like going back in time to a simpler time and place. Beautiful coastlines, sprawling beaches that are uncrowded in the busiest of times and almost deserted most times, it is a special place for me. The community along the highway is a wonderfully diverse blend of native, local and tourist and Aloha can be found waiting for you behind every door.
Surfers share their beaches easily and it is a great place to escape to if you are in the mood to slow things down a bit. Makaha Valley, north of Waianae is a beautiful place with several golf courses designed by the valley versus the alternative. I believe the area is a pleasant surprise from the affordability point of view and as Kapolei grows over the next decade, the Leeward coast will become closer and closer to the rest of the Island. Condos on the beach are still priced under $200K and golf course homes in the valley are surprisingly affordable.
This is looking north off the Coast of Ko Olina up the western coast of Oahu.
Onward up the coast from Makaha, the road surrenders to the ocean and ends. From this point on, it's an enchanting walk for 3 or 4 miles to Kaena Point, the westernmost tip of Oahu.
If you approach from the South, you'll have vistas of the Waianae coast on your left and the sheer and picturesque Ko'olau range on your right. After you reach the point, the sea transitions to it's North shore temper. Following the trail on to the east for another 4 or so miles you'll come to where the pavement begins or ends (depending on your perspective) and heads on to the quaint and charming town of Haliewa and on from there to those iconic beaches with names like Pipeline and Sunset.
For the hardy, and with permits and permission, there is a triangular route along the two coastlines and then back to the point of beginning making a triangle over the ridge. I haven't been that organized yet, but hope to be. Whether you are visiting or calling it home, there are several guidebooks available which have taken our family to vistas and magic places on Oahu, and I highly recommend them.
But however you come... come. There is an Albatross nesting site on the point and a rugged coast of the shore. Most of the times I've gone, I've had the gift of seeing Monk seals as they lazed among the rocks. There is my favorite tidal pool I've yet to find that is about 4 feet deep, 30 feet long and 8 to 10 feet wide that swells and then recedes with the surf, but is completely contained for those who like a secure pool.
A guided trail leads you through the reserve. Nesting time now, the chicks will be hatching soon and then learning to fly during the spring.
It's a good day!
H-1 Freeway Closure between Kapolei & Ewa Beach
This is one of those articles that you read in December and think to yourself, "hmmm... bummer" and forget until it happens. Then, in June you lament daily when it happens and mark the calendar with a big red circle on the day it will be over.
Apparently, the interstate that connects Ewa (pronounced eva) Beach and Kapolei is going to be completely closed on June 9th, 2008 for about 6 months. This will effect about 100,000 cars a day, rerouting them on a bypass while and old bridge is removed and a new one built to allow the construction of the new North-South road, which is planned on being completed in 2009. Drivers on the three lanes heading in each direction will be diverted to three newly built lanes along each side of the freeway for 4,500 feet and then get back on the freeway. Sounds simple enough.
Here is the exercise. "The best attitude is gratitude."
I don't spend a lot of time each day being grateful for the roads and hiways. Maybe I should. If you take the time as you're driving and imagine all of the energy that has been spent to build this incredible network of roads, bridges, etc. that we are so fortunate to have at our disposal, it is an amazing feat. Instead of stressing out when the traffic slows, what if we all took the opportunity to be grateful for what we had. I hope you understand that this blog is a form of therapy for me and hopefully I'll remember my words in June and July.
Road closures like this are even more dramatic on our gorgeous Islands. Bordered by the coast and mountains, most of the Island arteries are the only games in town when it comes to circumnavigating the islands. H-1 isn't one of several ways to the Leeward coast from Honolulu after Ewa Beach. It is THE way.
When it is all said and done though, we will be well on our way to an expanded network of access and exits. It will take pressure off of Fort Weaver and Fort Barrette roads. The hope is that it will also ease the bottlenecks at the Kunia-Ewa and the Makakilo-Kapolei interchanges.
It's going to come and there is just no fighting it. As the serenity prayers says, "Grant me the serenity to change the things I can, to accept the things I can't and the wisdom to know the difference."
Ommmmmmmmmmmmmmmm.
If I knew then...
I could just kick myself for not learning more about blogging earlier. I actually prefer the term journaling, but I suppose that goes to my age. In any event, it would have been a perfect way for me to have saved the thrill that we all felt as we arrived here in Oahu, suitcases in hand. I still remember the fragrance of the air as we left the airport. Our boat broker met us there and we each had lays, but the scent was more than the lay. If I could put that scent in a bottle, I'd name it Paradise.
What an adventure it has been. There is something invigorating about embarking on a adventure that is unlike anything you've ever done before. I had alway envied Bilbo and his chance to take a quest. I like adventure when used as noun. I was even the same age as Bilbo as he had set off for the Misty mountains. Moving to a boat, living in Hawaii, knowing no one and loving every minute of it. It made us feel alive! I was about to have my own adventure.
And the people! What wonderful people we have met since we moved here. Living in the marina has introduced us to a community of it's own. Fascinating people from all walks of life who have chosen to call their boats their home. And they all have tales of distant shores and wonderful journeys. Not the week or two trips I had become accustomed to, but of years beneath their sails. Raising families as they migrated from island to island. Staying for as long as they wanted before they decided where they'd like to go to next.
When we bought our boat, I can't begin to tell you how little we knew on the subject. My wife Vicky and I had come to Hawaii for 3 weeks to decide where we wanted to live. We left our 11 year old at home in Kansas and the two of us decided to take that honeymoon we'd never really managed to fit into our schedule. 28 years after the fact, but a honeymoon nevertheless. We went to Kauai and had our breath taken away. We went to Molokai and immersed ourselves in the peace of that Island. We returned to Maui and this time stayed at bed and breakfasts and seriously considered one as a place to call our own. We had already been to the Big Island and were thinking it was probably going to be our home, but wanted to go to Oahu for a few days first. We came to Oahu and found our home.
It was accidental, aren't the great things in life all accidental? We looked at boats for sale with Vicky (who is a Minnesota farm girl) all the while asserting her power of veto. I think the phrase, "Are you crazy?" may have come up once or twice, but we were in the mood for something so different that every possibility was on the table. So, we meandered to Kapolei and found ourselves at the Ko Olina marina. We found a boat that we felt at home on the minute we stepped aboard. We fell in love with the warmth of the teak and the shimmer of the soles. She had a galley I could make myself at home in and a bridge I could imagine myself at the controls of (if I only knew how).
After we left her, we explored the area. We walked from the marina to the sea trail and followed it as one lagoon ended and another began. Grassy manicured beaches with fine sand aprons. At the end of the sea trails the coast continued with lava ledges of tide pools and coves cut into the lava. I'm sure I'd decided what I wanted to do before we even began the walk back. Turns out that Vicky had also begun to believe that maybe we had found what we were looking for.
Our broker, Robert, was a resident of the Marina. A wonderful soul, he continues to be one of our very good friends out here. He hadn't sold a boat yet, so we had the advantage of that quality of care that I believe you can only get from a first time transaction. I always tried to teach my agents to remember how attentive they were to their first clients and to try to maintain that level of caring. So we strategized with Robert and eventually came to terms with the seller. That was November of 2006. In celebration we spent our last night at the Marriott Ilihani in Ko Olina, our victory celebration! It was marvelous and I highly recommend it.
We left the next day with our home in hand and couldn't wait to tell our friends in Kansas what we'd decided to do, wondering how many more times we would both now hear, "Are you crazy?".
What an adventure it has been. There is something invigorating about embarking on a adventure that is unlike anything you've ever done before. I had alway envied Bilbo and his chance to take a quest. I like adventure when used as noun. I was even the same age as Bilbo as he had set off for the Misty mountains. Moving to a boat, living in Hawaii, knowing no one and loving every minute of it. It made us feel alive! I was about to have my own adventure.
And the people! What wonderful people we have met since we moved here. Living in the marina has introduced us to a community of it's own. Fascinating people from all walks of life who have chosen to call their boats their home. And they all have tales of distant shores and wonderful journeys. Not the week or two trips I had become accustomed to, but of years beneath their sails. Raising families as they migrated from island to island. Staying for as long as they wanted before they decided where they'd like to go to next.
When we bought our boat, I can't begin to tell you how little we knew on the subject. My wife Vicky and I had come to Hawaii for 3 weeks to decide where we wanted to live. We left our 11 year old at home in Kansas and the two of us decided to take that honeymoon we'd never really managed to fit into our schedule. 28 years after the fact, but a honeymoon nevertheless. We went to Kauai and had our breath taken away. We went to Molokai and immersed ourselves in the peace of that Island. We returned to Maui and this time stayed at bed and breakfasts and seriously considered one as a place to call our own. We had already been to the Big Island and were thinking it was probably going to be our home, but wanted to go to Oahu for a few days first. We came to Oahu and found our home.
It was accidental, aren't the great things in life all accidental? We looked at boats for sale with Vicky (who is a Minnesota farm girl) all the while asserting her power of veto. I think the phrase, "Are you crazy?" may have come up once or twice, but we were in the mood for something so different that every possibility was on the table. So, we meandered to Kapolei and found ourselves at the Ko Olina marina. We found a boat that we felt at home on the minute we stepped aboard. We fell in love with the warmth of the teak and the shimmer of the soles. She had a galley I could make myself at home in and a bridge I could imagine myself at the controls of (if I only knew how).
After we left her, we explored the area. We walked from the marina to the sea trail and followed it as one lagoon ended and another began. Grassy manicured beaches with fine sand aprons. At the end of the sea trails the coast continued with lava ledges of tide pools and coves cut into the lava. I'm sure I'd decided what I wanted to do before we even began the walk back. Turns out that Vicky had also begun to believe that maybe we had found what we were looking for.
Our broker, Robert, was a resident of the Marina. A wonderful soul, he continues to be one of our very good friends out here. He hadn't sold a boat yet, so we had the advantage of that quality of care that I believe you can only get from a first time transaction. I always tried to teach my agents to remember how attentive they were to their first clients and to try to maintain that level of caring. So we strategized with Robert and eventually came to terms with the seller. That was November of 2006. In celebration we spent our last night at the Marriott Ilihani in Ko Olina, our victory celebration! It was marvelous and I highly recommend it.
We left the next day with our home in hand and couldn't wait to tell our friends in Kansas what we'd decided to do, wondering how many more times we would both now hear, "Are you crazy?".
New homes and jobs coming to Kapolei
As Kapolei continues it's growth, an additional 3 new projects will add an additional 6,500 homes and over 7,000 jobs to the area. These represent some of the final pieces of the Kapolei Master plan, originally discussed in the mid 1950's, to develop a second urban area on Oahu. Or as is the common term for Kapolei, The second City.
There is an estimated economic impact of 66 Billion dollars over the next 12 years and the latest plans were presented at the Makakilo/Kapolei/Honokai Hale Neighborhood Board meeting this month. About a dozen people testified in support of the projects.
I like learning that the jobs created will exceed the homes built. To add another 6,500 homeowners in Kapolei to commute to Honolulu would fuel an already raging blaze of gridlock to H-1. Many of the residents who spoke at the meeting voiced similar opinions. It is comforting for me to know that there is a plan for the growth here and that an equal focus is being placed on the local economy and job creation.
The three projects are:
1. Makaiwa Hills, a 4,100-home residential development mauka of Farrington Highway from Honokai Hale and on the hill to the west of Makakilo.
Types of homes on the 1,781 acres will range from 1-acre lots near the top of the development to apartments and townhouses nearer to the freeway.
There also will be one elementary school and one middle school, as well as about 30 acres of commercial space. Sixty percent of the property will be left in open space.
Access into the neighborhood will be primarily through an extension and improvement of Old Farrington Highway just beyond the Palailai interchange near the Hawaiian Adventures Water Park; and a new "Road D" off Farrington Highway east of Kamokila Park. A third outlet would connect Makaiwa with Makakilo.
2. Kapolei West, consisting of 2,400 townhouse and apartment units on 516 acres between Ko Olina Resort and Downtown Kapolei. No single-family homes are envisioned. The project is considered, at least on its western side, an extension of Ko Olina's townhome development.
There will be another elementary school and an 18-hole golf course. The project also includes the 47-acre Kapolei Commons shopping complex. Projected to open in March 2009, the open-air mall developed by The MacNaughton Group and Kobayashi Group will contain 605,000 square feet of retail space, including one of Hawaii's first two Target stores and a 31-screen movie theater complex.
There also will be a 12-acre transit center near Kapolei Commons along the extended Kapolei Parkway, which is expected to connect with Ko Olina.
3. Kapolei Harborside, a 345-acre light industrial and business park. The type of businesses there will be similar to those that have moved into nearby Kapolei Business Park, which is about two-thirds the size of Kapolei Harborside. Also nearby is Campbell Industrial Park, which contains more heavy industrial uses and is about twice the size of Kapolei Harborside.
About 3,800 permanent jobs are expected to be created in the new park. This is likely the last major, untapped industrial park site on O'ahu. He said its proximity to Kalaeloa Harbor, directly to the west, will be a selling point for potential tenants.
Kapolei Harborside also will include a 12-acre natural park reserve.
The three projects also will include 800 acres of open space, 12 active parks, three major freeway interchanges and a 12-acre natural park reserve.
Kapolei Property Development officials estimated the price tag for the infrastructure, homes and other buildings at Makaiwa Hills at $2.2 billion, Kapolei West at $1.28 billion and Kapolei Harborside at $590 million.
The 6,500 homes in Makaiwa Hills and Kapolei West combined are just slightly more than the 6,300 homes either built or proposed for Makakilo.
The Villages of Kapolei, which is complete, consists of about 4,800 homes. East Kapolei, which is being developed by the state Department of Hawaiian Home Lands and other state agencies, is expected to add 9,300 homes.
D.R. Horton Schuler Division's Mehana project, just to the west and south of Downtown Kapolei, has just begun construction and is expected to add about 1,150 homes. A senior living community known as Leihano Village, between Villages of Kapolei and Downtown Kapolei, is adding about 400 units and is being developed by Brookfield Homes and Kisco Senior Living.
In preliminary planning stages is Schuler's Ho'opili development, which would bring up to 12,000 homes on 1,600 acres of former sugar cane land between Kapolei and 'Ewa.
There is a difference in my opinion between planned development and unbridled growth. It's a wonderful place to live and growth will occur in one of the two ways no matter what. I'm so very glad that longterm thought has taken place and that there is a strategy in place for the growth planned and anticipated.
The Superferry
Few stories have created as much "stir" in the Islands as the Hawaii Superferry. In fact, it is a real contender for the story of the year. After a 4 month delay, the Superferry resumed service to Maui last Thursday but now finds itself facing another court challenge. The latest challenge is from Maui Tomorrow on the constitutionality of the Hawaiian legislation's Special Session that neutralized the Superferry from it's last Hawaii Supreme Court defeat.
Whether you are for or against the Superferry, it has provided in
Whether you are for or against the Superferry, it has provided in