Kailua Kona Real Estate: Winter, Our Busy Season Has Arrived!

The Kailua Kona real estate winter season has officially arrived! Our lovely town is full of visitors from all over the world out enjoying the sun and sea.

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Historically, December through February are our busiest real estate months, and this year has already been rocking and rolling!

New Year’s Eve I received an email from a Buyer interested in a Holualoa property. After coming into my office and discussing their wants and needs, the luxury condo route seemed like a better fit. We spent some time in the Mauna Lani area, and found them the perfect unit in the Golf Villas at Mauna Lani! We are currently in escrow, with an early March close date.

This past Friday morning, a buyer called in to view my listing on Mahilani Drive. I showed the home, and they expressed interest. The couple also had interest in the homes offered in Pualani Estates. So off we went to view that development  They fell in love instantly, and wanted to make an offer straight away. Wanting to make sure these buyers were well informed and had all the information they needed to make a strong offer, I suggested we take a lunch break, then adjourn to my office for a look at the comparables and current market pricing. We did all of this, and within a few hours submitted an offer to the developer. We came to terms the next day!

Last, but certainly not least….my Mahilani Drive listing, which has had tremendous interest since the day we hit the market,  we put into escrow yesterday! My Sellers are over the moon, and the soon to be owners are getting a wonderful home with fantastic views & potential!

If you are interested in seeing what our market is currently offering, I’ve recently implemented a  property search to my blog! You are now able to access any property for sale on the Big Island! You can search by district, size, price, etc, etc.

Remember, well priced properties aren’t staying on the market for long. Many times, we are seeing multiple buyers submitting offers on the same property. The market in Kona has changed dramatically, if you like a property, make your move now! If the property is priced right, it won’t be available for long.

Enjoy your property searching, and please contact me with any questions you may have!

Big Island Property Search

Kona Real Estate Video Blog: Client Testimonial!

Nothing says “job well done” like a client endorsing the professional services I  provide.

West Coast buyer Haze Moss, recently went on camera to speak about his positive experience in buying his family’s “dream home” in the Holualoa area of Kailua-Kona Hawaii.

Haze shares details on the buying process, comfort level throughout the transaction, the impact of being out of state purchasers and his positive experience in working with me.

Mahalo Haze Moss, it was an absolute pleasure working with you! 

I strive to provide excellent service to my clients! For Kona real estate assistance, questions or advice contact me anytime!

Purchasing Now: Your Property As A Kona Vacation Rental

One of the great options home buyers in the Kona real estate market embrace is the popularity and ability to rent their properties as vacation rentals. People come from all over the world to enjoy our wonderful climate, pristine beaches and relaxed island lifestyle.

Some wonderful clients, who I sold the below home to, have done just that! This is their retirement dream home, that they absolutely LOVE. Since they aren’t planning to retire for another 10-15 years, they are offering the home as a vacation rental. What an awesome opportunity for families vacationing on the Big Island!

http://www.vrbo.com/398178

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The property is meticulously landscaped, with lush garden areas, producing fruit trees and plenty of yard room for outdoor games and activities. Of the many highlights of the home, the pool is an absolute favorite!  The privacy afforded in the pool and sunning area is something one can only dream of.

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The main house is a 4bedroom/2 bath home completely outfitted for your convenience, with a delightful chef’s kitchen, breezy screened in lanai area, and a pool table for entertaining.

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Below the main home is the completely self contained “ohana” unit, that is furnished with a king size bed, mini-refrigerator and offers a great escape for visitors seeking a little more quiet and privacy away from the main group!

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This property is quiet, extremely private and offers all the amenities of a high end resort, at a fraction of the price!

Click the Vacation Rental By Owner link below for more property information and to view rental availability!

http://www.vrbo.com/398178

Kona Real Estate Market Update:October 2012

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Kona’s real estate market continues to improve as the latest real estate numbers show quite clearly.

For the full market report click Griggs Report- Mid October 2012

In our North Kona residential market current inventory is down 18% compared to the same time last year, while pending sales are up 19%.

The pending ratio is an illustration of market supply and demand. That ratio is found by dividing the pending sales by active listings, then multiplied by 100.

A pending ration below 30 is a buyer’s market. A pending ratio 30-50 is neutral. Pending ration 51-99 is a seller’s market. Any ratio over 100 is a peak in the market,  with market correction/adjustment not far behind.

The higher the ratio, the greater the market demand for real estate.  In the time period we are looking at, the pending ratio is 56.28. A telling statistic, as this is indicative of our current market changing to a more seller friendly environment, or a “seller’s market”.

Put simply, inventory is low, and buyer interest is extremely high!

If you have been contemplating Kona real estate, don’t wait any longer. Get in while the getting is good!

The Griggs Report is published bi-monthly and used here courtesy of Michael B. Griggs, R(B) of Clark Realty Corporation’s Kailua-Kona office. 

 


					

Kona Luxury Property Best Buy: Bayview Estates $899K!

Bayview Estates is home to one of Kona’s best priced properties right now!

This private, gated, highly sought after subdivision , which typically see properties listing and selling in the $1,000,000 + price point has a wonderful property offered right now at  $899,000! SOLD FURNISHED! Unbelievable!

Built in 2001, the 3bed/4bath, 2,426sqft home offers fantastic views of the Kona coastline, Tigerwood floors, granite counter tops, custom cabinetry and central air conditioning.

The second and third bedrooms suites are located off of the main home, each with separate entrances allowing for additional privacy and convenience.

There is an expansive lanai, very large yard and pool entertaining area!

This is an amazing opportunity for someone who is looking for great value in our West Hawaii market!

Enjoy the pictures below, and please contact me if I can arrange a private viewing for you.

Bayview Estates, 78-7023 Mololani Street78-7023 MOLOLANI ST, Bayview Estates, HOT Buy in Kona, Luxury Kona, Kona Real Estate Blog, Bayview Vacation Rentals,  , MLS  257151

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Have a question about this property?

Buyer Short Sale Tips: Preparing Yourself For Purchase

Short sales are a part of West Hawaii’s real estate inventory, and appear to be for the near future. There are a few ways you can prepare yourself before making an offer on a short sale that will improve your chances of securing that property.

Be financially prepared

Make sure you have spoken with your lender, know exactly what loan you are qualified for along with what documents and financial information you are going to need to qualify for that loan.

Your lender will be able to discuss what you can expect payments to be, the amount of down payment (if necessary) and exactly what price point your finances support.

You can request a pre-approval letter be issued to you, or you can wait until you have found the specific short sale property you intend to make an offer on. The seller’s lender will require a pre-approval letter to accompany your offer before they review it.

You want to be able to make a strong offer that you know can work for you financially. Valuable time is lost when people decide they like a short sale property, wait a few days to talk to their lender, see if they can get a loan, etc, etc. Meanwhile, that well priced short sale property you were interested in, is now under contract with another buyer, and also has an accepted back up offer.  I cannot stress enough how important this is. 

A large amount of cash on hand or earnest money down is not a necessity. When making an offer, a deposit of some kind is usually made as an act of  “good faith” by the buyer. This amount is individual to each transaction. There is no set norm, or minimum/maximum. Keep in mind, the larger the earnest money deposit, the more serious and vested the buyer seems,  however, you have no guarantee the short sale will be approved by the seller’s lender. You don’t want to unnecessarily over extend yourself. 

The more prepared you can be with your financing, the better.  

Don’t Make A Lowball Offer On the Property

The lender will have a good idea from multiple sources, as to what the relative value of the property is.  

The seller’s lender who will be approving the sale of the property will already have completed or will soon order a broker’s price opinion (BPO) on the property. This is a current market analysis provided by a licensed Realtor that gives the lender an opinion of value.

Along with that broker’s price opinion in some cases there may have already been an appraisal completed on the property by the lender.

In these buyer competitive times, you want to put your best offer forward, first. Making an outrageous offer, vastly different from what market conditions reflect is not to your benefit. 

The seller won’t accept your offer, another buyer will get the property, and you’ll continue looking. Be realistic. Make sure you have recent sale information for the neighborhood along with similar sale comparables to give you an idea of where a good offer point is. Your Realtor will be able to supply you with all of these facts.

On the chance that the seller does accept the below market value offer you have made, that contract will have to be approved by their lender.  After spending your valuable time waiting weeks or months for a short sale response, your original offer will almost certainly be countered at a higher price.  

 Patience is key

Short sales take time.

Once the purchase contract, seller financials and other necessary documents  are provided to the seller’s lender, the file is reviewed by the negotiator, loss mitigation department and investor(s) for approval.  These are all different steps in the process and accordingly, they take time.

If something is incorrect in the seller’s documents, or a document needs to be amended, re-signed or clarified the negotiator can put a delay on the file. This stops everything until the problem is addressed. Resending, refaxing, and resigning documents multiple times are things that do occur.  Banks have been overwhelmed with short sales, and they have struggled with to keep up with the volume.

On a positive note we are seeing much quicker short sale approval times. The key in all of this however, is the seller and their financial situation.

As a short sale buyer it is very important to know that the seller has their short sale packet ready to submit to their lender. You don’t want to be waiting for weeks as documents slowly trickle into the listing agent before everything heads off to the lender for sale approval. Before you write an offer have your Realtor inquire with the listing agent as to the seller’s short sale preparedness.  What you want to hear is  “seller has all their documents ready, we are just waiting for an offer to submit to the bank”.

As you wait for approval make sure your Realtor checks in periodically with the listing agent for updates as to where your are in the approval process.

While you can find value in short sale properties, make sure you don’t limit yourself in your property searches. There are traditional sellers on the market right now who realize they are in competition with short sale offerings and have priced themselves accordingly. Don’t get caught in the “I’m only getting a deal if I buy a short sale” mindset!

There is great opportunity in West Hawaii’s real estate market, let me help you find it!