Hawaii Randy's Real Estate Opinions: February 2007

Makakilo is made up of the neighborhoods on the hills above the City of Kapolei (makes up most of tax map key 192).

Single family home prices have leveled but have had consistent levels of sales.  Currently there is about 6 months worth of inventory.

Makakilo condos and townhouses have shown some leveling but have had consistent sales volume and prices.  There is currently about 3 months worth of inventory.

These are only the totals and averages.

Here are number of single family homes sold in Makakilo:

2007:                                                                                       Average Sales Price:

• Today                                      78 homes active for sale
• Today                                      26 homes in escrow
• January 2007                           10 homes sold                        

Previous periods:

7/1/06 through 12/31/06:         83 homes sold                         $653,228

• 1/1/06 through 6/30/06            84 homes sold                         $645,502
• 7/1/05 through 12/31/05          81 homes sold                         $660,278
• 1/1/05 through 6/30/05            61 homes sold                         $533,322
• 7/1/04 through 12/31/04          97 homes sold                         $489,115                    

Here are the number of condos and townhouses sold in the Makakilo:

2007:                                                                                       Average Sales Price:

• Today                                       35 homes active for sale       
• Today                                        25 homes in escrow
• January 2007                             13 homes sold                                  

Previous periods:

• 7/1/06 through 12/31/06:           96 homes sold                       $366,454        
• 1/1/06 through 6/30/06            123 homes sold                       $370,782                    
• 7/1/05 through 12/31/05          101 homes sold                       $301,006        
• 1/1/05 through 6/30/05            103 homes sold                       $248,602                                
• 7/1/04 through 12/31/04          127 homes sold                       $208,267                    

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

Kapolei is a planned community Hawaii (makes up part of tax map key 191).

Single family home prices have leveled off and even shown a slight softening in the last half of 2006.  Currently there is about 6 months worth of inventory.

Kapolei area condos and townhouses have shown some leveling but have had consistent sales volume and prices.

These are only the totals and averages.

Here are number of single family homes sold in Kapolei:

2007:                                                                                                     Average Sales Price:

• Today                                      61 homes active for sale
• Today                                      10 homes in escrow
• January 2007                           11 homes sold                        

Previous periods:

• 7/1/06 through 12/31/06:         65 homes sold                         $590,312
• 1/1/06 through 6/30/06            71 homes sold                         $605,859
• 7/1/05 through 12/31/05          80 homes sold                         $615,553
• 1/1/05 through 6/30/05            72 homes sold                         $544,000
• 7/1/04 through 12/31/04          91 homes sold                         $473,339                    

Here are the number of condos and townhouses sold in the Kapolei:

2007:                                                                                                     Average Sales Price:

• Today                                         11 homes active for sale      
• Today                                         10 homes in escrow
• January 2007                                4 homes sold                                 

Previous periods:

• 7/1/06 through 12/31/06:           32 homes sold                       $293,075
• 1/1/06 through 6/30/06              30 homes sold                       $306,506        
• 7/1/05 through 12/31/05            25 homes sold                       $308,240
• 1/1/05 through 6/30/05              35 homes sold                       $242,374                    
• 7/1/04 through 12/31/04            34 homes sold                       $216,725        

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

Village Park is a community in Waipahu, Hawaii (makes up part of tax map key 194).

Single family home prices have leveled off and even shown a slight softening in the last half of 2006

There are not enough sales of condos and townhouses in Royal Kunia to draw any scientific conclusions, but the prices have consistently climbed during the tracking period.

The below figures include both fee simple and leasehold properties.  These are only the totals and averages.

Here are number of single family homes sold in Village Park:

2007:                                                                                       Average Sales Price:

• Today                                       17 homes active for sale
• Today                                      12 homes in escrow
• January 2007                              3 homes sold                                   

Previous periods:                                                    

• 7/1/06 through 12/31/06:         32 homes sold                         $520,410
• 1/1/06 through 6/30/06            27 homes sold                         $517,700
• 7/1/05 through 12/31/05          27 homes sold                         $460,429
• 1/1/05 through 6/30/05            35 homes sold                         $408,388
• 7/1/04 through 12/31/04          34 homes sold                         $368,155                    

Here are the number of condos and townhouses sold in the Village Park:

2007:                                                                                       Average Sales Price:

• Today                                         0 homes active for sale        
• Today                                        1 homes in escrow
• January 2007                              0 homes sold                                   

Previous periods:

• 7/1/06 through 12/31/06:           2 homes sold                         $279,500
• 1/1/06 through 6/30/06              4 homes sold                         $245,625        
• 7/1/05 through 12/31/05            4 homes sold                         $249,250
• 1/1/05 through 6/30/05              3 homes sold                         $192,000                    
• 7/1/04 through 12/31/04            8 homes sold                         $159,019

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

Royal Kunia is a planned community in Waipahu, Hawaii (makes up part of tax map key 194).

Single family home prices have leveled off and even shown a slight softening in the last half of 2006

Royal Kunia area condos and townhouses have shown some leveling to slight increases in prices.

These are only the totals and averages.

Here are number of single family homes sold in Royal Kunia:

2007:                                                                                                                       Average Sales Price:

• Today                                      31 homes active for sale
• Today                                      37 homes in escrow
• January 2007                             6 homes sold                        

Previous periods:                                                                                               

• 7/1/06 through 12/31/06:         53 homes sold                         $582,273
• 1/1/06 through 6/30/06            45 homes sold                         $607,627
• 7/1/05 through 12/31/05          55 homes sold                         $592,976
• 1/1/05 through 6/30/05            51 homes sold                         $512,225
• 7/1/04 through 12/31/04          59 homes sold                         $446,527                    

Here are the number of condos and townhouses sold in the Royal Kunia:

2007:                                                                                                                   Average Sales Price:

• Today                                          6 homes active for sale       
• Today                                         2 homes in escrow
• January 2007                               4 homes sold                                  

Previous periods:

• 7/1/06 through 12/31/06:           11 homes sold                       $313,759
• 1/1/06 through 6/30/06              17 homes sold                       $312,558        
• 7/1/05 through 12/31/05            13 homes sold                       $295,538
• 1/1/05 through 6/30/05              10 homes sold                       $231,650                    
• 7/1/04 through 12/31/04            21 homes sold                       $209,238        

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

We have all been there.  You compete and earn a listing for a piece of property.  You are excited to start the marketing.  There is one complication though, it is currently rented out.

I try not to get involved with listings that have tenants unless they are on month to month tenancy or are a multi-unit dwelling that buyers will want stable tenants.

You can help yourself by working with the tenants and try to minimize the impact on their lives.  This is their home and you at all times have to remember that you are adding a lot of stress in their lives. 

I meet with the tenants and the seller and explain that the home, (usually a condo or townhouse) is being sold.  We will do everything possible to make it as painless as possible. 

There are three possible outcomes:

1. They work with us to help sell the home.  They can stay in the home during the sales process.  If the buyer is an investor who wants them to stay, they can continue on with lives without having to move.
2. They work with us and the buyer wants to live there, they will at that time receive a 45 day notice to vacate.  They can move anytime during the 45 days with no penalty.  I will work hard with them to help find them a replacement home.
3. Should they choose not to work with us, they immediately get their 45 day notice.  I will still help them to find another place.  After all I got in this business to help people get a place to live, not to kick people out.

So we met with the tenants, they have pledged their cooperation and away we go.

Well maybe not so fast.  I did remember to mention that there were tenants?  In the real world tenants have a vested interest in delaying the sale of the property and they find many creative ways to that.

Tenants can make or break you.  More times than not they may not break you, but they will at the least make you bend or twist.  Here are a few of the things that I have had tenants do:

• Change the locks
• Move out and leave the place trashed
• Make showing appointments and then cancel at the last minute
• Not allow any showings during the week
• Leave dished I the sink all week long
• Not allow a lock box
• Tell perspective buyers about every negative and a few they made up
• I had one move out, and drop the keys off at my office. Unfortunately they were not for his condo.
• Move in family and friends with all of the personal effects
• I almost forgot; I have had tenants delay their move date causing the escrow not to close on schedule.

I had one who cooperated with me as long as I sprung for lunch and a movie every Sunday, so her and her daughter had something to do while I held open houses. I didn't mind, because she actually helped us sell the unit.

I have not only helped several tenants find replacement homes, but helped them move. 

This is a people business and have found that every time I have gone the extra mile it has come back to bless me many times over.

In today's world of internet and technology some buyers think they are ready to go it on their own.  To the contrary they need us more than ever.

Back in 1982 when I first went to real estate school to get a license:

• The purchase contract (DROA) in Hawaii was 1 page long.
• Mortgages were hard to get and there were not many choices in loan programs and lenders.  Home inspections were not as complicated then either.
• Mold was something you scrubbed off.  Asbestos and lead paint were commonly found in most homes. 
• To get information on homes for sale you found an area real estate agent to look them up in the listing book.  The computerized MLS was new and the computer in our office had a 1200 baud modem with suction cups for the phone.  It printed one line of very limited information on listings.
• Back then it seemed like one out of about every dozen adults had a real estate license and only a tiny percentage ever sold a home.  There were no continuing education requirements to keep your license and association and insurance were not very expensive either.  Times were a lot simpler back then, yet most people would not think of going it on their own.

Today, with the information super highway, buyers feel they have more knowledge and more power.  The truth is they are getting just enough information to be dangerous in many cases.

The purchase of real estate is a lot more complicated to buy real estate in 2007.

• The purchase contract (DROA) is 12 pages long plus addendums
• We have to deal with mold, lead based paint, toxic waste
• Fair Housing Laws
• Hawaii Civil Rights
• Planned communities
• Home Inspections
• A multitude of loan programs
• Flood insurance
• Hurricane insurance
• Clouds in title
• Termite inspections
• Disclosures
• Non-conforming use
• Encroachments
• Annual new law changes

Granted that many of these issues existed back then to some degree, they are a lot more complicated today.

On the internet, buyers get to see prices and specs on properties.  It is a great tool to help them narrow their search.  It is no substitution for having a professional to navigate them through all of the obstacles and hazards ahead.

Ewa Gentry is a planned community in Ewa Beach, Hawaii (makes up part of tax map key 191).

Single family homes sales have leveled off in price and volume.  Currently there is about 6 months worth of inventory.

Ewa Gentry condos and townhouses prices have also shown some flattening.  Currently there is about 3 months worth of inventory.

These are only the totals and average sale prices.

Here are number of single family homes sold in Ewa Gentry:

2007:                                                                                       Average Sales Price:

• Today                                       128  homes active for sale
• Today                                          30 homes in escrow
• January 2007                               19 homes sold                                

Previous periods:                                                                  

• 7/1/06 through 12/31/06:           132 homes sold                     $501,314
• 1/1/06 through 6/30/06              133 homes sold                     $507,623        
• 7/1/05 through 12/31/05            192 homes sold                     $497,666                    
• 1/1/05 through 6/30/05              145 homes sold                     $425,716        
• 7/1/04 through 12/31/04            180 homes sold                     $367,648

Here are the number of condos and townhouses sold in the Ewa Gentry:

2007:                                                                                       Average Sales Price:

• Today                                           22 homes active for sale    
• Today                                           12 homes in escrow
• January 2007                                  5 homes sold                               

Previous periods:

• 7/1/06 through 12/31/06:             40 homes sold                     $263,010
• 1/1/06 through 6/30/06                62 homes sold                     $270,262        
• 7/1/05 through 12/31/05              68 homes sold                     $268,426
• 1/1/05 through 6/30/05                68 homes sold                     $209,741                                           
• 7/1/04 through 12/31/04              70 homes sold                     $186,306

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

Ocean Pointe a planned community in Ewa Beach, Hawaii (makes up part of tax map key 191).

Single family homes sales have continued to climb in price and volume.  The second half of the year was a little stronger than the first half.

Ocean Pointe condos and townhouses prices have shown some flattening, but sales volume is climbing.

These are only the totals and average sale prices.

Here are number of single family homes sold in Ocean Pointe:

2007:                                                                                                             Average Sales Price:

• Today                                       37 homes active for sale
• Today                                       13 homes in escrow
• January 2007                              6 homes sold                                  

Previous periods:                                                                                     

• 7/1/06 through 12/31/06:           64 homes sold                       $613,602          
• 1/1/06 through 6/30/06              54 homes sold                       $594,297        
• 7/1/05 through 12/31/05            58 homes sold                       $602,861                    
• 1/1/05 through 6/30/05              39 homes sold                       $538,805        
• 7/1/04 through 12/31/04            49 homes sold                       $460,261

Here are the number of condos and townhouses sold in the Ocean Pointe:

2007:                                                                                                            Average Sales Price:

• Today                                         22 homes active for sale     
• Today                                           7 homes in escrow
• January 2007                                 4 homes sold   

 Previous periods:                              

• 7/1/06 through 12/31/06:             49 homes sold                     $406,700
• 1/1/06 through 6/30/06                45 homes sold                     $421,855        
• 7/1/05 through 12/31/05              40 homes sold                     $407,947
• 1/1/05 through 6/30/05                26 homes sold                     $347,653                    
• 7/1/04 through 12/31/04              30 homes sold                     $304,936        

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

Salt Lake Area (tax map key 111, includes Moanalua, Aliamanu, Mapunapuna and Airport Area)

Single family homes took a little dip in prices in the first half of 2006, but came roaring back the second half of 2006 to a new historic high in prices and an increase in homes sold.  January single family home sales continued to show growth in average prices. 

Salt Lake area condos and townhouses showed some slowing in 2^nd half of 2006, but the prices continued to climb.

The below figures include both fee simple and leasehold properties.  These are only the totals and averages.

Here are number of single family homes sold in Salt Lake and the surrounding areas:

2007:                                                                                                    Average Sales Price:

• Today                                     14 homes active for sale
• Today                                       6 homes in escrow
• January 2007                             6 homes sold                        
• 7/1/06 through 12/31/06:         23 homes sold                         $742,217

Previous periods:                                                                                Average Sales Price:

• 1/1/06 through 6/30/06            22 homes sold                         $667,363
• 7/1/05 through 12/31/05          28 homes sold                         $703,571
• 1/1/05 through 6/30/05            36 homes sold                         $564,333
• 7/1/04 through 12/31/04          39 homes sold                         $535,666                    

Here are the number of condos and townhouses sold in the Salt Lake and the surrounding areas:

2007:                                                                                                      Average Sales Price:

• Today                                         49 homes active for sale     
• Today                                         39 homes in escrow
• January 2007                               23 homes sold                                
• 7/1/06 through 12/31/06:           130 homes sold                     $313,774

Previous periods:

• 1/1/06 through 6/30/06              196 homes sold                     $276,293        
• 7/1/05 through 12/31/05            157 homes sold                     $274,602
• 1/1/05 through 6/30/05              208 homes sold                     $232,627                    
• 7/1/04 through 12/31/04            219 homes sold                     $239,542        

You can find out more about real estate in Hawaii at: http://www.hawaiirandy.com/

12 Reasons to live in the All-America City:

1. Mililani is a planned community with beautiful tree lined and landscaped roads.
2. Six recreation centers and a seventh to open soon.
3. Parks, ball fields, soccer fields, a skate park, dog park and roller hockey arena.
4. More activities for children and families than any other community in the state.
5. Three great shopping centers that combine, big box stores, great choices for food, small boutique shops, medical, dental, office spaces and a multi-plex theater.
6. Homes are moderately priced compared to equivalent properties in other parts of the island.
7. Mililani is at a higher elevation, keeping temperatures cooler and breezier.
8. Mililani has a tradition for state and national sports champions.  Both at our high school and our community sports leagues.
9. Less traffic than almost anywhere on the island.
10. Friendly people
11. Numerous churches and schools.
12. A great Realtor: Randy L. Prothero (R), CRS, GRI, Century 21 Liberty Homes

To get more information on real estate in Mililani, Hawaii or other communities on Oahu go to:  http://www.hawaiirandy.com/

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Mililani Links:

• Mililani Town Association: http://www.mililanitown.org/
• Mililani Drug Free: http://www.Mililanidrugfree.org/
• Mililani Chess Club: http://www.mililanichess.org/

Mililani Blog Posts:

• Welcome to Mililani - Part 1 the Shopping Centers
• Welcome to Mililani - Part 2 the Planned Community
• Welcome to Mililani - Part 3 the Surrounding Communities
• Mililani is Pet Friendly  
• Mililani, Hawaii Directory of Schools
•   
• 12 Great Reasons to Buy a Home in Mililani, Hawaii
• Mililani - Q1 2007 Real Estate Sales Activity of Existing Homes
• Real Estate Sales In Mililani Seems to be Picking Up
• Real Estate Sales Activity in Mililani
• Mililani Townhouse Sales are on Fire!
• Mililani, Hawaii - A changing market, many opportunities
•   
• Mililani Chess Kids are Still Flashing Their Stuff
• Mililani Middle School Brings Home State Chess Title
• Mililani High School Cheerleaders Take Their First State Title
• A Sunny Day of Chess and Real Estate in Hawaii
• Mililani HS Wins OIA Softball Title
• Are You Involved in Your Community? If Not, Get to It.