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

Ingredients To A Successful Sale, Kona Westwind #2 – SOLD!

We closed on this sale Friday afternoon, and my clients and I are heading out for a celebratory lunch in just a few hours!

 This great Kailua-Kona condominium unit sold in 22 days! How is that possible, in our current market? 

The answer is that this listing had the three key ingredients to a successful sale!

1. It was easy to show. No tenants, no 24-48 hour notice, it could be shown at a moments notice! 

2. It was always in showing condition. The unit was always in great shape. No messy bedrooms, no dishes in the sink, it always sparkled! That first impression is priceless, and it certainly paid off here.

3. It was well priced. My phone rang continually with interest in this unit. Buyer agents knew this was well priced, and would sell in a short amount of time. We had multiple showings, and immediate strong buyer interest. This culminated with an offer presented on our 20th day on the market.

These three ingredients, along with my video marketing, high quality photographs and extensive social media distribution all parlayed into a successful closing for my clients!

If you are considering selling, be sure to talk to Marco about what he can do to sell your property! Put Marco to work for YOU!

Kona Westwind #2, MLS 255244, SOLD! 

Kona Market Update: Inventory Down, Sales Up!

Kona’s real estate market continues to gain momentum, as reduced inventory levels and aggressive buyers continue to take advantage of fantastic market pricing.

Our most recent market update via The Griggs Report, shows us that in North Kona’s residential market priced to 4 million,  inventory levels have been reduced 19%  when compared to the same time in 2011.

In the same market, during the same time frame that inventory has decreased, pending sales have increased by 16%.

Decrease in inventory, increase in sales…..you know quite well what is coming next. Increased pricing.

Many Realtors can attest to the fact that we don’t have the inventory we used to. It simply isn’t available. Well priced properties fly off the shelf, and my Alii Lani #F101 unit, currently in escrow, was a great example of this.

I listed the below Alii Lani #F101 condominium Friday August 3, 2012 at 8:11 a.m. Before the end of hour, I had a request for showing. Then a second showing to that same buyer by mid afternoon. The next morning, we had an offer. All parties came to terms Sunday, and we opened escrow Monday morning.

If you are a Buyer in Kona’s current real estate market, DON’T WAIT. Recovery is happening this very moment, and concrete numbers are supporting that.

Don’t be left behind!

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SOLD! Pualani Estates Short Sale

Blog Update 12/10/12 – We closed on this transaction 12/5/12! See my blog post update to read more!

Pualani Estates’ resale market continues to be red-hot! As of July 25, 2012, there are 8 resale homes currently listed for sale. Of those 8 only 1 is currently available, the rest are in escrow!

Pualani Estates is a very popular single family home development by builder DR Horton in Kailua-Kona. Owners appreciate the central location, being in the Holualoa elementary school district, and the wonderful Pualani Estates community park!

Offering multiple floor plan and upgrade package options (central air, landscaping, appliance, security, flooring, etc) along with competitive price points, currently $300K-$430K, people LOVE Pualani Estates!

The developer is currently in the final, third phase of home building. The majority of resale homes we see coming to market are in the first two phases of development, and are typically short sale or bank owned properties. 

For example, I listed this short sale property in early July and within 21 days we had received multiple offers and put the home in escrow.

 75-6133 Haku Mele Street, MLS 255608, Offered at $352,000

This is the very well-kept 4bed/3bath,  Melia model home, that has a wonderful wrap lanai area with ocean views, central air, mature landscaping in place, and has additional storage area off the garage.

Currently we are in escrow, awaiting lien holder’s short sale approval.

Back up offers are being accepted, please contact me if you would like to arrange a viewing!

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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!

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Holualoa Short Sale – SOLD!

I love selling Holualoa real estate! I was raised in the beautiful town and live in the area currently. Over time, my property familiarity and the professional relationships I’ve developed have benefited many buyers and sellers.

I am happy to report  that  77-6128 B1 Mamalahoa Highway, closed recently!

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This short sale brought it all. The highs of multiple lien holder approval, and the lows that the bureaucratic short sale process can bring at times.

Along the journey, I put the property into escrow multiple times, and for one patient buyer, the dream came true. They secured a GREAT deal on a property, because of their patience and short sale preparedness.

The short sale process is changing dramatically right now as lenders are working to streamline their approval process.  As the listing agent of this property, I wanted to share topics of interest that were beneficial to the completion of our short sale . 

Proper Market Positioning

Different lenders are now establishing the list price of properties. One of Bank of America’s newer programs is their Preapproved Short Sale pricing. You and/or your listing agent contact Bank of America directly, and work with them to set the list price of the property. This is tremendously beneficial as it takes the guess-work out of what sales price the bank will accept. Check with your lender to see if this is something they offer. Be sure to emphasize that you want to hit the market competitive,  not overpriced!

Seller Financials

Be aware that the seller’s lender will require bank statements, retirement account information, tax returns, pay stubs along with any other financial documents that they see fit to examine. This is part of the process.

The sooner you can get these together for your agent to submit to your lender, the quicker your short sale will proceed.

Be prepared to update these documents as time goes by.

Buyer Preparation

As a purchaser, make sure you have a pre-approval letter from your lender certifying your purchasing ability. If  purchasing with cash, be prepared to submit “proof of funds”.  This can be a recent bank statement or letter from your financial institution certifying the funds are present and liquid. The listing agent will need either of these to submit the offer you present to the seller’s lender.

Realize that even as lenders work to expedite approvals, this transaction will take time. If you are in a rush to purchase, a short sale property may not be in your best interest.

Don’t forget, short sale properties do close. The better prepared all parties are, the more chance of a smooth and expeditious escrow!

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!

.

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?

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!