Honolulu Condos: June 2010

Waikiki Condotel: Regency on Beach Walk #34 1bd/1ba $397,500

Regency on Beach Walk,
Central Waikiki

255 Beach Walk 34
Honolulu, HI 96815


Price: $397,500

1 Bedrooms, 1 Bathrooms
639 Square Ft

Listing # 1004945

Close to Trump Tower, Highly Renovated area.

An incredible boutique upscale Hotel in the middle of Waikiki s most luxurious properties. Trump Tower is across the street, and Embassy Suites is next door. Short walk to Outrigger s On the Beach, Roy s, Yard House, and PF Chang s, all the best at your doorstep. Exquisite unit for immediate sale

Basic Features:

Acres: 18630
Region: Metro
City Name: Honolulu
County Name:
Neighborhood: WAIKIKI
Schools: Ala Wai
State: HI
Sub Area:
Subdivision:
Type:
Zip: 96815
Bathrooms: 1
Bedrooms: 1
Partial Baths:
Square Ft: 639

Additional Features:

Additional Rooms: Open Lanai
Amenities: Community Laundry,Concierge,Security Guard,Trash Chute
Building Name: Regency On Beachwalk
Building Style: Condotel,High-Rise 7+ Stories
Floor Covering: Hardwood,Marble/Granite,W/W Carpet
Furnished: F
Interior Living Area: 494
Land Area: 16269
Maintenance Fee Includes: Cable TV,Electricity,Hot Water,Internet Service,Sewer,Water
Monthly Maintenance Fee: 610
Parking: None
Prop Condition: Excellent
Remodel Year: 2006
Security: Security Patrol,Video
Property Type: Condo
Unit Features: Bedroom on 1st Level,Even# Unit,Single Level
View: City
Year Built: 1961
Land Tenure: Fee Simple

Please Note:  This is not my listing, however, I can show you this property and others, as well as represent you as a buyer.

For More Information about Regency on Beach Walk Condos for sale, including floor plans, map, current listings and more photos, visit our website for featured information at http://www.HNLCondos.com.

Kakaako Neighborhood:  Public Meeting Regarding Shoreline Development

According to "Hawaii News Now":

First came the sparks, citizens outraged about plans to develop on the Kakaako shoreline area. They were blasting the consultants as they unveiled possible blueprints, some citizens are upset that some of the consultants the state hired are from the mainland.

"I think they would be a bit more sensitive to the local community, instead of spending thousand of dollars looking into to Pikes Place in Seattle, Vancouver and San Francisco," said Curtis Crabbe, a concerned citizen.

Then came the calm, a Hawaiian blessing brought everyone involved back to the focus at hand, working together to come up with the best development plan for last available shoreline open space in Honolulu.

"We are clear on the mandate that we have to build a public gathering place, sans housing, so despite a lot of controversy inside and people saying no housing no housing, it was never discussed," said Anthony Ching of the Hawaii Community Development Authority.

Part of the master plan already includes building a beachfront promenade with shops and restaurants, where the John Dominis restaurant currently is, and a parking lot that would have 1,100 spaces.

"We don't want developments to block our access, we want our free parking which is there now , so all those things come into place and we want access to the ocean," said Ron Iwasa, of the Friends of the Kewalos.

Four years ago hundreds of people rallied against the development of condos on the Kakaako Makai Area. Since then, legislation was passed that prohibits residential structures from being built, but business developments are allowed.

There will be one more community workshop in about two months where the pubic will be allowed to voice their opinion once again, then the final Kakaako Makai Master Development Plan will be complete by the fall.

Mortgage rates sink to record low, says Freddie Mac - Good for Honolulu Condo Buyers

According to "USA Today", "Mortgage rates fell this week to the lowest level on records since to 1971, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.

The average rate for 30-year fixed loans sank to 4.69%, from 4.75% last week, mortgage company Freddie Mac said Thursday.

That's the lowest point since Freddie Mac began tracking rates in April 1971. The previous record of 4.71% was set in December. Rates for 15-year and five-year mortgages also hit lows.

Mortgage rates have fallen over the past two months as nervous investors have shifted money into the safety of Treasury bonds. The demand for Treasurys has caused Treasury yields to fall. And mortgage rates tend to track the yields on long-term Treasurys.

Yet the falling rates have yet to spark a home-buying boom - or energize the economy. New-home sales collapsed in May after homebuying tax credits expired. The economy also remains under pressure from high unemployment. And many people don't qualify under tightened lending rules.

"As long as prospective homebuyers are still concerned about their jobs and financial well-being, many will be reluctant to take the plunge, even though affordability has never been better," said Greg McBride, senior financial analyst with Bankrate.com.

Low rates throughout the economy also hurt one group of Americans: savers. Puny rates are especially hard on people living on fixed incomes who are earning next to nothing on their savings.

Lending activity remains sluggish. Mortgage application volume dipped 6% last week from a week earlier, according to the Mortgage Bankers Association. Refinancing activity fell 7%. And mortgage applications to buy homes slipped 1.2%.

Many Americans owe more on their mortgages than their homes are worth - often called "under water" - and can't refinance. The Obama administration has launched programs to help borrowers refinance if they owe up to 25% more than their home's value and have loans owned or guaranteed by mortgage giants Freddie Mac or Fannie Mae.

About 291,000 homeowners have participated as of March. Yet that's a small fraction of the nearly 15 million homeowners who are under water and cannot refinance, according to Moody's Economy.com. In hard-hit areas in Nevada and Florida home prices have fallen 50% or more from their highs. Record-low rates can't rescue those homeowners.

"It's not the desire to refinance; it's the ability to refinance," Chris Brown, a loan officer with Trinity Mortgage Co. in Orlando "A lot of the people who can already have."

Given the costs of refinancing, some mortgage experts say a refinancing can be worthwhile if you can shave at least 0.75 percentage point from an existing rate. Others suggest waiting until you can lower your rate at least a point.

Despite some lenders' ads, refinancing is never free. A fee normally goes to the mortgage broker or lender. There are also fees for title insurance, a new appraisal, document processing and other charges. Often, mortgage brokers or lenders create the appearance of a "no fee" mortgage by adding the costs to a total loan amount or by charging a higher interest rate.

People considering refinancing should factor in such fees. They should also calculate how many months it would take to recover them. For those who expect to stay in their home for two years or less, the fees might outweigh the savings from a lower rate.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate, even within a given day.

Rates on 15-year fixed-rate mortgages fell to an average of 4.13%. That was the lowest on records dating to September 1991. It was down from 4.2% a week earlier.

Rates on five-year adjustable-rate mortgages averaged 3.84%, down from 3.89% a week earlier. That was also the lowest on Freddie Mac's records, which date back to January 2005 for such loans.

Average rates on one-year adjustable-rate mortgages fell to 3.77% from 3.82%. That was the lowest average since May 2004.

The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount.

The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year, 5-year and 1-year loans. The average fee for 15-year loans was 0.6 of a point."

A True Bargain: Condo Conversion in Waikiki - Cabana at Waikiki starting from $199,000 - Part 2

Cabana at Waikiki

ON SALE NOW!

2551 Cartwright Rd (Just off Kapahulu)

• Fifteen One Bedroom Suites now available for purchase
• 
  Never before offered as individual condominiums.
• 
  Now is your chance to own a piece of paradise!

Read True Bargain: Condo Conversion in Waikiki - Cabana at Waikiki starting from $199,000 - Part 1

Ideal Location

· Diamond Head Side of Waikiki a short walk to Kapiolani Park and Waikiki Shell

· Five minute walk to world famous Waikiki Beach, wonderful swimming and the birthplace of surfing

• Near Exclusive Shops and Restaurants, Honolulu Zoo and Waikiki Aquarium, tennis and golf

Please click here to view Current Listings at Cabana at Waikiki. 

Please Note:  These are not my listings, but I can show any of these properties to you, as well as others elsewhere, and represent you as a buyer.

Honolulu Condos - Real Estate News & Trends 6/23/10

Aloha!

Welcome to this month's issue of "Honolulu Condos - Real Estate News & Trends", provided by Douglas / Christopher Realtor Associates with RE/MAX Honolulu. This newsletter is published monthly and contains time sensitive information about the Honolulu Real Estate Market. It also combines the weekly newsletter, "Honolulu Condos - Listing Alerts" which includes current new condo listings and distressed property listings.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as:

Leisure Heritage Condos in Waikiki - 2bd/2ba $419,000

Leisure Heritage #305E

311 Ohua St 305 E
Honolulu, HI 96815


Price: $419,000

2 Bedrooms, 2 Bathrooms
994 Square Ft

Listing # 2912014

Popular location and building in Waikiki.

Enjoy Waikiki living in this beautifully upgraded home. Only two blocks from World famous Waikiki beach. The unit features contemporary designed and renovated kitchen with high-end appliances, newly replaced central A/C blower (one of two), upgraded bathrooms and more. Each room has its own balcony to enjoy tree top view. Close to all the entertainment yet very quiet building.

Basic Features:

Acres: 0.466
Region: Metro
City Name: Honolulu
County Name:
Neighborhood: WAIKIKI
Schools: Jefferson
State: HI
Sub Area:
Subdivision:
Type:
Zip: 96815
Bathrooms: 2
Bedrooms: 2
Partial Baths:
Square Ft: 994

Additional Features:

Additional Rooms: Dining Area,Open Lanai
Amenities: BBQ,Patio/Deck,Pool,Storage,Trash Chute
Building Name: Leisure Heritage
Building Style: High-Rise 7+ Stories
Floor Covering: Marble/Granite,W/W Carpet
Frontage: Other
Furnished: P
Interior Living Area: 900
Land Area: 21450
Maintenance Fee Includes: AC Central,Electricity,Hot Water,Sewer,Water
Monthly Maintenance Fee: 745
Parking Spaces: 1
Parking: Assigned,Covered1,SecuredEnt
Prop Condition: Excellent
Remodel Year: 2009
Security: Key,Video
Property Type: Condo
Unit Features: Bedroom on 1st Level,Central AC,Corner/End,Full Bath on 1st Floor,Odd# Unit,Single Level,Storage
View: Garden
Year Built: 1974
Land Tenure: Fee Simple

Please Note:  This is not my listing, however, I can show you this property and others, as well as represent you as a buyer.

For More Information about Leisure Heritage Condos for sale, including floor plans, map, current listings and more photos, visit our website for featured information at http://www.HNLCondos.com.

Things that You Should Know about Foreclosure Properties in Hawaii

Does buying a foreclosure property really make sense? Here's a very brief explanation of things that you should know about foreclosure properties.

Facts:

On Oahu, during 2009, the average price paid as a percentage of the property's tax assessed value for all sales reported through the board of realtors was 95%.  It was much less for foreclosure sales.  74% for Post-foreclosure sales (lender sales) and 79% for Pre-foreclosure sales (short sales). 

It might appear that you would get a much better value by purchasing a foreclosure property.  However, there are more factors that we must investigate before deciding.

Foreclosure Process in Hawaii:

There are several types of foreclosure sales:
-        Pre-foreclosure sales: known as Short Sales
-        Post-foreclosure sales: known as Lender Sales (or REOs - "Real Estate Owned")
-        Judicial foreclosure auctions
-        Non-judicial foreclosure (power of sale) auctions

Short Sale:

Short Sales occur when the purchase price of the property is "short" of, or less than, what is owed on the property combined with the associated cost of the sale and the lien holders (lenders) are asked to release the liens allowing the sale to occur.  The sale only occurs if the lender approves the short sale.  Lenders only approve a short sale if it minimizes their losses as compared to processing a more costly foreclosure.  Buying a short sale typically takes 4 to 7 months and is a laborious process and sometimes risky

Lender Sale:

A Lender Sale happens after the foreclosure has occurred and the lien holder now owns the property.  The lender usually rehabs the property so that it is in fair or better condition for the new buyer.  These sales typically take less than 45 days.  However, it is important to check with the title company to confirm that title has been transferred to the lender and they now have marketable title to sell the property.  Otherwise, the sale could stay caught up in Land Court indefinitely.

Judicial and Non-Judicial Auctions:

Judicial and non-Judicial auctions take place at the court house steps.  Judicial foreclosures require a hearing after the auction allowing a second round of bidding.  Non-judicial foreclosures allow the purchase of the property immediately.  A cashier's check for the down payment is submitted moments after the bidding process is completed, and the balance of the monies have to be paid within a short amount of time (i.e., 30 days).  Both foreclosures do not include the use of real estate agents, so it is important for the bidder to do their own detailed research. 

I believe the biggest misinterpretation buyers have about distressed properties like these in Honolulu and Oahu, is that they always represent the best value or biggest bargain.  I find, that many times an equity owner, with little or no mortage and motivated to sell, will often offer the best value in today's market.  That said, it is wise to keep an open mind and consider all properties for sale, as conditions and risks can vary greatly.

If you are interested in purchasing a foreclosure, please feel free to contact me to discuss your options.  For our weekly Honolulu Condos "Listings Alerts" Newsletter including all foreclosure home and condo properties for sale in Honolulu and Oahu please visit our website at www.HNLCondos.com or click on the links hee.

Oahu, Hawaii:  Paradise Protected

"Hello, surfer dude."  Politicians and media had gathered to announce the signing of Executive Order No. 10-07, which establishes the Duke Kahanamoku Surfing Reserve (surf breaks from the Ala Wai canal to Waikiki War Memorial Natatorium) and the North Shore Reserve (waves from Ali'i Beach Park to Sunset Beach) on Oahu.

It essentially preserves these world-class waves as historic landmarks and "acknowledges the cultural, sports and historic significance of important surf sites in Hawaii." And, this allows the Department of Land and Natural Resources to receive donations to distinguish surf reserves with signs or markers.

"Governor, this is an effort in the right direction for Hawaii to regain its prominence and leadership in surfing and that's why I appreciate what you've done here," said Hemmings. Hemmings took Lingle surfing for her first time years ago and they share a bond as surf instructor and student, as well as politicians in the same party.

Hemmings was a highly successful contest surfer in the 1960s, winning the Makaha International four different occasions and the World Surfing Championship in 1968 at Rincon, Peurto Rico. He also created the Triple Crown of Surfing and has been a politician in Hawaii for a decade.

Sen. Hemmings is retiring from politics this year and attempted to preserve the Waikiki and North Shore waves by introducing Senate Bill 2646 in the 2010 legislative session. It was shot down in the House of Representatives during the final hours of the session and it would be recommitted to a future year. This was a brutal display of partisan politics because the legislative branch of the Hawaii State government is primarily Democrats. There are only 6 Republican representatives in the House compared to 45 Democrats. Hemmings is one of two Republicans in the Senate while there are 23 Democrats.

"When we began our administration we knew that, being a Republican governor and having a legislature that was majority Democrat, there would be a challenge to get a variety of things done," said Lingle of the challenges of passing laws like Senate Bill 2646. "This was a real labor of love for people on our side because it's such a good idea."

Hemmings got the concept for the surfing reserves from the National Surfing Reserves Australia program. Hemmings hopes this executive order will bring back recognition and prominence to Hawaii in the international surf community. Executive Order 10-07 creates no cost to tax payers.

"Surfing is Hawaii's gift to the world," said Hemmings. "We must regain the cultural and sports leadership of the world of surfing, and surfing reserves are a step in that direction. It's a great day for surfing."

Excellent Condo Conversion in Waikiki - Cabana at Waikiki starting from $199,000

Cabana at Waikiki

ON SALE NOW!

2551 Cartwright Rd (Just off Kapahulu)

• -Fifteen One Bedroom Suites now available for purchase.
• -Never before offered as individual condominiums.
• -Now is your chance to own a piece of paradise!

Located off the beaten path yet close to it all, The Cabana At Waikiki is a four story walk-up, fifteen unit, upscale property perfectly situated on a quiet respite off Kapahulu Avenue, just a block from world famous Waikiki Beach. These furnished one bedroom suites are "pet friendly" and come with fully equipped kitchens. From right in the heart of Waikiki, you can walk to all that this vibrant neighborhood has to offer; great restaurants, shopping, beautiful beaches, nightlife. Don't forget that magnificent Kapiolani Park is just around the corner. Such tropical delights make The Cabana At Waikiki the ideal choice for a live-in apartment, second home, or a Hawaiian vacation getaway.

Please click here to view Current Listings at Cabana at Waikiki. 

Please Note:  These are not my listings, but I can show any of these properties to you, as well as others elsewhere, and represent you as a buyer.

Honolulu Condos Lising Alerts 6/16/10

Aloha!

Please view the links below for this week's Listing Alerts.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as: *NEWLY ADDED

• Lender Owned Condo Listings
• Lender Owned Single Family Home Listings*
• Foreclosure Condo Listings
• Short Sale Condo Listings

 *NEWLY ADDED

Also, please feel free to visit our website, one of the most complete Honolulu Condominium Directories available online at www.HNLCondos.com

DAILY BLOG!! Please take a look at our new Honolulu Condos Blog, where posts are written and published several times a week. You may note or click on the Blog website address, http://blog.hnlcondos .com.

New Honolulu Condo Listings by Neighborhood* for June 16th, 2010

These condo listings are new listings that have come on the market for sale, since last week's newsletter.

ALA MOANA NEW CONDO LISTINGS

DIAMOND HEAD NEW CONDO LISTINGS

DOWNTOWN/CHINATOWN NEW CONDO LISTINGS

KAKAAKO NEW CONDO LISTINGS

KAPIOLANI NEW CONDO LISTINGS

MAKIKI NEW CONDO LISTINGS

WAIKIKI NEW CONDO LISTINGS

To view all Honolulu condo listings please visit the MLS Search page on our Website or set up your own Listing Manager Account.

Distressed Bargain Properties for June 16th, 2010

These distressed Condo and Single Family Home listings include REO, or lender owned properties, foreclosures and short sales. All the distressed Condo listings are for Metro Honolulu only, while the Lender Owned Single Family Home Listings are for Metro Honolulu as well as the entire island of Oahu. New Listings are new this week, since last week's newsletter.

Please click here to read a complete definition or description of Lender Owned, Foreclosure and Short Sale Properties .

ALL LENDER OWNED CONDO LISTINGS

NEW LENDER OWNED CONDO LISTINGS

ALL LENDER OWNED SINGLE FAMILY HOME LISTINGS (METRO HONOLULU) - No Current Listings

NEW LENDER OWNED SINGLE FAMILY HOME LISTINGS (METRO HONOLULU) - No New Listings This Week

ALL LENDER OWNED SINGLE FAMILY HOME LISTINGS (ENTIRE ISLAND OF OAHU)

NEW LENDER OWNED SINGLE FAMILY HOME LISTINGS (ENTIRE ISLAND OF OAHU)

ALL FORECLOSURE CONDO LISTINGS

NEW FORECLOSURE CONDO LISTINGS - No New Listings This Week

ALL SHORT SALE CONDO LISTINGS

NEW SHORT SALE CONDO LISTINGS

IMPORTANT NOTE REGARDING SHORT SALES: When a Seller "accepts" an offer on a short sale property, it is not technically accepted until the bank approves the short pay. This can take up to six months or longer. In the meantime, the listing remains "Active" in the MLS, and not as a Pending Sale.

If you are interested in any short sale property, please feel free to call or email, and we'd be happy to check on the offer status of a property.

Have a wonderful week!

If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be our pleasure to help.