Kona Condo Update: Alii Lani Inventory and Recent Sales

The popular Alii Lani condominium project, located on Kailua-Kona’s Alii Drive continues to draw strong buyer interest as many find the project’s competitive pricing good Kona value.

Alii Lani has 2bed/2bath or 3bed/2bath floor plans, multiple swimming pools for owners to enjoy, low maintenance fees and is just minutes from Kona’s many beaches.

I closed on my Alii Lani F101 listed property, September 14, 2012.

Alii Lani Inventory, Alii Lani Condo, Kona Real Estate, Kona Real Estate Blog, Kailua Kona Real Estate, Kona Selling Agent, Kona Buyer's Agent, Kailua Kona Realtors, Kona Realtor, Kona Property Blog, Alii Drive Real Estate,

This turnkey furnished unit had been almost completely redone from top to bottom with new appliances, flooring, paint and fixtures. As my seller and I began readying the property for market,  I shot high quality photographs along with a high-definition video tour to best showcase the property!

I released Unit F101 onto the market,  the morning of August 3, 2012. Within the hour we had a request for showing, a second showing to same buyer that same day,  and by the next morning a full price offer!  When a property is priced right, and you have professional photographs paired with a video tour, your property will sell.  We closed September 14, 2012 at our list price of $189,000. My seller, and the buyer were ecstatic!

There is still some great inventory in Alii Lani. Currently there are four units available, priced from $155,000-$209,000. Units that have sold from June 1, 2012 range in sales price from $138,000-$209,000. To view Alii Lani inventory and recent sales activity click here. 

For information on these or other units, or to discuss selling your property, contact Marco today!

New Listing: Video Tour, Alii Lani #F101!

I just released this great offering in the Alii Lani condominium project this morning! This unit has been wonderfully reappointed by the sellers, talk about NEW, NEW, NEW!

There is new paint, flooring and fixtures throughout the entire unit. New air conditioning units in the living, master and 2nd bedroom. New stack washer/dryer,  new kitchen appliances, and custom closet built ins!

If that wasn’t enough, the unit is being sold furnished! That is right, turnkey furnished! There are a few personal exclusions, and an inventory will be provided. Enjoy the tour!

Alii Lani #F101, MLS 26537, Offered Furnished $189,000

Kona Westwind #2 Video Tour!

I’m very happy to share West Hawaii Real Estate’s inaugural, high-definition, property video tour!

My sellers now have the benefit of HD video tours showcasing their properties, WOW!  Property video tour demand is tremendous right now among buyers, and this is another great sales tool I am able to bring to my clients!

This Kona Westwind unit is an updated 2bedroom/2bath offering that has an expansive lanai area, ocean view, and is just minutes from town.

Kona Westwind is a low density (15 unit!) project that is pet friendly, and does not allow vacation rentals.

MLS 255244, 77-296 Kalani Way Kailua Kona HI 96740, Offered at $155,000

Want to get a better look at the property? Be sure to mark your calendars, this unit is being held open Sunday, July 15 from 12pm-4pm during Clark Realty’s Summer Sell-Abration extravaganza. Hope to see you then!

New Listing: Kona Westwind #2

I just listed a GREAT condo in the Kona Westwind condominium project!

This is an upgraded 2bed/2bath unit with a fantastic lanai area that overlooks the coastline and the delightful saline pool area!

The kitchen, living room and lanai are tiled, with laminate wood floors in the bedrooms.

Kona Westwind is a low density, 15 unit condominium project that is pet friendly, has elevator access and does not allow vacation rentals.

Want more good news? This is not a short sale or a bank owned property!

If you are looking for a GREAT condo in Kona, you have to see this unit!

Click here for the multiple listing service information, MLS 255244. Offered at $155,000!

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona --

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona --

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona --

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona --

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Buyer's Agent, Kona Selling Agent, West Hawaii Real Estate, Cheap Kona Condos Accredited Buyer's Representative, Pet Friendly Condos Kona

Interest Rates Drop Again, Is It Time To Refinance?

Kona Real Estae Blog, Kona Property Blog, Big Island Real Estate, Kona Condos, Kona Homes, Holualoa Real Estate, Kona Buyer's Agent, Kona Selling Agent, Kona Oceanfront, Kona Alii Drive,

Interest rates are at unbelievable lows right now and many property owners are taking of advantage by refinancing their current mortgages.

Have you thought about refinancing? Will it help your financial position at this time?

Lenders charge a fee for you to refinance your loan. These fees are known as “points”.  Points are upfront interest paid to the lender, calculated on the amount of money you borrow.

1 point = 1% of your borrowed money.

If you had a loan of $450,000 and you were going to be charged 1 point to refinance, that would equate to $4,500.

1% of $450,000 = $4,500

If you had a $450,000 mortgage, at a current rate of 6%, your monthly payment would be $2698.  If your lender was going to charge you 1.5 points to refinance to the current market rate of 3.5%, it would cost you $6,750.  Once completed, your new monthly payment would drop from $2698 to $2021, a decrease of $677! Wow!

Your monthly savings would be so great, that you by your 10th payment at your lower interest rate, you will have recouped the $6750 it originally cost you to get the lower interest rate, a wise move on your part!

While the refinance did wonders for you, that isn’t always the case. Take the scenario with your neighbor.

Your neighbor can’t believe how much you are saving and wants to refinance as well.

Currently they are paying 4% on their $450,000 mortgage, their monthly payment is $2,148.

Their lender is going to charge them a fee of 1.5 points or $4,500 to refinance to the market rate of 3.5%. After paying the $4,500, their monthly payment has decreased from $2,148 to $2,021, a monthly savings of $127. Realize here that they have just come out of pocket $4500 to save $127 a month. This isn’t anywhere close to the dramatic change you saw in your payment.

By the 36th payment (36 x $127 =$4,572) the monthly saving of $127 will equal the $4500 originally paid to secure the lower interest rate. In essence, it took them 3 years before realizing any savings from their new, lower rate. Possibly not the best use of their money.

A refinance includes an appraisal of the property, and a thorough examination of the borrower’s credit scores and financial strength. Think of it as going through the loan process all over again. As property values have decreased, appraisal value has been problematic at times, although new government regulations have tried to ease this.

Your lender will be able to advise you accordingly, just be sure you crunch the numbers and examine the many aspects a refinance presents.

Best of luck!

Snapshot Of West Hawaii’s Recovery: Kona Coffee Villas

When do you know the real estate market has hit bottom? When it has passed you by!

West Hawaii’s continued recovery can be clearly illustrated in some of our local condominium projects.  The Kona Coffee Villas is one of these.

Located in Holualoa, this project of 176 fee simple units can prove to be a great investment for first time buyers or the savvy investor. Coffee Villas offers concrete constructed 2bed/2bath units, some offering additional loft areas, with dynamite ocean views and low maintenance fees!

Click information below to enlarge.

The three highlighted units SOLD for $65,000, $80,000 and $82,000!  Are you kidding me? These are fee simple,  2bed/2bath units, in concrete buildings, with low maintenance fees! 

Currently in the project there are 3 units available, priced between $120,000-$150,000. Will we see units listing at under $100,000 anytime soon? Possibly, but not likely.  In my opinion, that market has bottomed, and is already, as illustrated, on the way back.

It’ll be interesting to see where it goes!

.

Buying Now: How Interest Rate Increases Affect YOU

“Interest rates are at historic lows right now!”  I’m sure you’ve heard it, but how do interest rates affect you and your purchase?

Interest rates affect your monthly payment, and the amount you will have paid by the time your loan is paid off.

Minute increases in interest rates directly affect the amount a buyer ends up paying in the short and long-term.

Let’s run some numbers to better illustrate.

We have found your dream property, at your price point of $500,000.

The interest rate on your $500,000 dream home is 3.875%. For a 30 year, conventional mortgage you can expect your monthly principal and interest (P&I) payment to be  $2351  By the time the loan has been paid off, you will have paid $1,595,967.

But, you just aren’t certain. Prices have been going down, and you want to wait a week or two, see if the sellers reduce their price. What does waiting a week or two hurt, right? 

Unfortunately, when you next look at this purchase, interest rates have gone up. Now, the best rate you can get is 4.25%, and increase of .375%.

Your same property, now at 4.25%, is costing you  $2460 per month. Principal and interest payment has increased by $109.

Along with that the total amount paid on the loan which previously was $1,595,967 has now increased to $1,785,325, a difference of $189,357 over the life of the loan. Wow. 

The chart below illustrates how changes in rates will continue to affect you, at different percentages. 

Value     Int Rate         Term             P&I Payment        Total Paid                Difference

500K        3.875%         30 year           $2351.19             $1,595,967            From 3.875%

500K        4.00%           30 year           $2387.08             $1,656,749           $72.62/60,781

500K        4.25%           30 year           $2459.70             $1,785,325           $108.51/189,357

500K        4.50%           30 year           $2533.43             $1,923,849           $182.24/327,882

The question you should be asking yourself is, do you forecast the market dropping far enough to cancel out an increase in interest rates? Or are you ok paying an additional $70-$180, or more a month, to continue waiting on your purchase?

Interest rates are at historic lows right now make sure you take advantage of them!

Kona Makai #6301: Exquisite Oceanfront Living!

I previewed Kona Makai #6301 recently on our West Hawaii Realtor caravan and was so impressed I had to share it!

Oceanfront Condo, Kona Real Estate, Kona Blog, Kona Real Estate Blog, West Hawaii Property, Kona Condos, Kona property, Kona Vacation Rentals, Big Island, Kona Makai Unit #6301: Exquisite Oceanfront Living! ,

A top floor, oceanfront end unit with vaulted ceilings, Unit #6301 is the pride of the Kona Makai condominium project.

This spacious 2bed/2bath offering has been completely remodeled with cherry cabinets, slab granite counter tops, new tile flooring, redone bathrooms and all new appliances!

The master bedroom provides stunning ocean views and the unit is graced with an enormous 531 sq ft wrap around lanai that is ideal for enjoying Kona’s year round sunsets! To give you a better idea, that square footage is comparable to some of Kona’s smaller condos!  

Kona Makai Unit #6301: Exquisite Oceanfront Living!, Oceanfront Condo, Kona Real Estate, Kona Blog, Kona Real Estate Blog, West Hawaii Property, Kona Condos, Kona property, Kona Vacation Rentals, Big Island

                                                                                                                                                                Up for a swim, kayak or some great snorkeling? Immediately below your unit, you have direct ocean access! Walk downstairs and climb on in!

Kona Makai Unit #6301: Exquisite Oceanfront Living, Oceanfront Condo, Kona Real Estate, Kona Blog, Kona Real Estate Blog, West Hawaii Property, Kona Condos, Kona property, Kona Vacation Rentals, Big Island

Can you imagine the vacation rental potential here?! WOW!

This is a lease hold property, with the lease due for renegotiation in 2019 and lease “expiration” in 2039. If you have questions about the lease and lease hold property, please contact me directly.

Offered for purchase at $449,000,  Kona Makai #6301 needs to be experienced in person to fully capture what a fantastic property this is, please contact me directly if I can arrange a private viewing for you!

Kona Real Estate Statistics: Escrows Reflect Continued Recovery!

Mike Griggs, a fellow Realtor Broker here in Kona puts out a market report updated every two weeks, and it is packed full of valuable information!

The Griggs Report – February 29, 2012 came out late Friday afternoon and I wanted to share this great publication with my blog readers.

As the report indicates, pending sales are up! Current North Kona properties in escrow number at 114, up 17 from a month ago! A huge indicator in this statistic is that this level of escrow activity was last seen in the recovery cycle of 2001.  I like it! To better put that in perspective, at our current cycles low point in 2008, North Kona had 26 homes in escrow. Yikes!  Any idea which way we are heading?

We have a classic example of supply and demand shaping up in West Hawaii. As Kona’s residential inventory decreases with demand staying strong, you can certainly expect increased pricing on the horizon.  To make purchasing even more enticing, interest rates are still at historically low levels.

If you are not out shopping for homes, you should be!  There is fantastic opportunity right now in West Hawaii, send me a note and I can get you a list of my best buy properties!

Kona Real Estate HOT Buy: Beach Villas at Kahaluu #302

Kahaluu Beach, Kona Ocean view, Kailua Kona, West Hawaii Real Estate, Kona Real Estate, Hot Buy In Kona, Kona Real Estate Deals, Kona Property, Big Island Real Estate, Turnkey Kona Condominium, Alii Drive Vacation Rental, Kona Property Blog, Kailua Kona Real Estate,People around the world are recognizing the tremendous purchase opportunity West Hawaii’s condominium market is ofering right now.

Beach Villas at Kahaluu, Unit #302 located on the southern side of Alii Drive, here in Kona is the perfect example!

The Beach Villas at Kahaluu  is situated directly across from the world famous Kahaluu Beach Park,  a highly popular destination for snorkeling or just enjoying sand and sun.  The variety of sea life you’ll encounter is almost astounding, but be sure to keep a safe (and required) distance from our local Honu sea turtles which are considered a threatened species.  Looking for surf? You’ll find a great break on the northern end of the beach! Not too big, not too small….just right! Kahaluu Beach, Kona Ocean view properties, Kailua Kona Real Estate, West Hawaii Real Estate, Kona Property Blog, Kona Hot Buy, Big Island Property Deals, Kona Property, Kona Condos, Big Island Condos

The Beach Villas at Kahaluu is a 22 unit, newer (2004) project that has an exceptional pool/BBQ area and is vacation rental friendly.  Unit #302,  purchased in 2005 for $781,000, is 2 bedroom/2 bath drop dead gorgeous, turnkey furnished unit offered for purchase at $399,000.  That is correct, sold furnished at $399,000! Though the price has dropped by nearly 50%  than what originally sold for, it is my pleasure to note this unit is not a short sale or bank owned property!

With a gourmet chef’s kitchen, granite counter tops, top-of-the-line designer furnishings, air-conditioned comfort and impressive ocean views, the only thing missing to date is the lucky buyer that is going to pick up a fantastic unit at an amazing price!

Kahaluu Beach, Ocean view, Kailua Kona, West Hawaii, Real Estate, Hot Buy, Deals, Kona, Big Island, Big Island Condos

 Let me know if I can arrange a viewing for you!