If you're a medical professional, did you know there is an option for a low down payment of 5% (95% LTV Ratio)?
Loans for medical professionals are available in Hawaii
Even with heavy student loans, making the leap from renter to homeowner is possible. You’ve worked hard to become a medical professional and now it’s time to receive the benefits of all that work. A handful of lenders understand that your unique financial position is normal, and they offer the ability to exclude your student loan debt from the debt ratio.
Student loan payments in a period of deferment or forbearance for a minimum of 12 months are excluded from debt-to-income ratio. Eligible Medical Professionals include MD, DO, DPM, DDS, and DMD. For more information on this program, feel free to reach out to Tim O'Leary with Guaranteed Rate.
Monday afternoon David and I went to the Kahala area for a showing on Koloa Street. Going out there, I knew nothing about the area, very little about the real estate business in Hawaii and with no experience in the business. Luckily for everyone, I am only on scout as long as I have no license. Meanwhile, I will take as much as I can, and try to learn from everything I hear.
My first impression of the area, was positive, clean and premium, as we drove down towards the water coming from Kahala Mall.
We get to the house, and the first thing I notice are the bricks on the house, as almost all houses in Denmark are built that way. Going into the house, we walk into a light and open entry, with white walls, high ceilings, and beautiful dark wooden floors, with access straight to the big open living room. From the living room, we have access to the rest of the rooms, with the kitchen closest to the front door, with a view to the garden, that by the way, comes with a pool!
Hardwood Floor with Pool and Garden out back
In the middle, we have large sliding window lots, that hides away in the walls, so when opened completely, we have hardly any windows showing, which opens up the living room a whole lot.
Brick Pillars and White Roof
Going outside, the brick-style from out front continues as tiles outside, and down the pillars holding a light, white roof on the terrace.
1070 Koloa Street is a beautiful house, with a great location, beautiful design and great possibilities. It's close to the water, but no ocean view. It seems to be a great area, with other beautiful houses, and very close to Kahala Mall, which offers a variety of stores to fulfill almost every need for shopping.
Mahalo for our continued success in real estate last year. We could not have done it without you!
Each one of the photos above represent the wonderful Buyers and Sellers we were able to work with and successfully purchase or sell in 2017. THANK YOU for contributing to our success in Real Estate!
We are very appreciative for our great clients and network of friends and colleagues who have done business with us and referred our services to others. As a result, our business continues to grow!
We've had some great weather this week thus far for the 2018 Sony Open here on Oahu. Last year, a course record was set by Justin Thomas as there was little to know winds. This year seems no different in that our local trade winds that came make playing there quite challenging are almost non-existent again this year.
Homes for Sale on Waialae Golf Course
Like every year, I write an article featuring the homes for sale along the golf course. This year there are only 4 listings spread throughout 3 MLS neighborhoods which are Kahala, Kai Nani and Waialae Golf Course. Here they are in sequential order by price:
1. 4817 Kaimoku Way (MLS # 201723195) in Kai Nani is listed for $3,999,000
This one was listed for sale last year for $4,195,000, so the Seller appears a little more motivated. It's also the lowest priced listing available fronting Waialae Golf Course. The entry level pricing was lower last year, however the lower priced homes either backed up to Kalanianaole Hwy or needed more work. This one is definitely a beauty!
2. 959 Waiholo St. (MLS # 201722957) in Waialae Golf Course is listed for $4,750,000
This one sits on the 11th fairway and was completely remodeled after last selling near the bottom of the market in 2010 for $2,300,000 and features solar PV panels among many other bells and whistles.
3. 951 Waiholo St. (MLS # 201800519) in Waialae Golf Course is listed for $5,500,000
Right next door, you'll find 951 Waiholo - also on the 11th Fairway. This one was also on the market last year, however the Seller is also more motivated coming back on the market this week $400k off their $5,900,000 price then.
4. 949 Kealaolu Ave. (MLS # 201712232) in Kahala is also listed for $5,500,000
This is the only listing in Kahala, where you don't have get on Kalanianaole Hwy for access. Although it's a great facing view of the course, there's technically a drainage canal between the home and the golf course that provides a buffer. It's a great home built by Tom Nicholson overlooking the 18th fairway and the owner won't be making much of a profit as they paid $5.2 million 10 years ago in 2008...
More on the Sony Open and Other Golf Course Homes
Tomorrow is the final round and it'll be interesting to see if last year's course record can be challenged. I hope you enjoyed these homes. If you're considering a home on the golf course here on Oahu, however have a tighter budget I put together a page of all the golf course frontage homes on Oahu.
If there's anything I can help with, feel free to contact me for more information about these and other real estate here on Oahu.
2017 Has been a great year for Alfred Preis listings in Manoa. Several have hit the market for sale on Melemele Place this year. Just a few months ago I wrote an article about 3206 Melemele Place. Now, us mid century modern fans have been blessed with another at 3255 Melemele Place.
3255 Melemele Place (MLS # 201724509) is listed for $1,395,000
As with many of Alfred Preis homes that are well preserved, there were the signature use of the old narrow hallow tile bricks, built in cabinetry and use of both mahogany and painted turquoise paneling.
Hallow tile wall and built in cabinetry typical of a Preis home
Built in drawer detail and wood mahogany paneling behind chair
Turquoise paneling on furniture, kitchen and bathrooms
Get ready! Aalii - Howard Hughes' latest new construction project will be launching soon...
Rendering of A'ALI'I in Kakaako
Set as more "affordable" options compared to previous launches, Aalii will have over 700 units and various floor plans that consist of studio, 1 and 2 bedroom options.
Amenities
Some of the amenities include a roof top lanai, swimming pool dec, gym and other cool spaces to hang out. Here's some samples:
Lanai 42 Gathering Space
Pool Deck
Fitness Center on Level 42
Level 42 Lanai (indoors)
Level 8 Gathering Room
To learn more about this great project and how to get registered, contact us for more information.
The median sales prices for a single family home and condo were relatively flat in October compared to last year (up just 1.3% for SFH and .4% for condos)
Condo Stats
View from Ala Wai Plaza condo (MLS # 201722630) listed near October's median price
The silver lining in October's stats were a 14.3% jump in the number of condos sold on Oahu (489 compared to 428 last year). The median sales price was $397,500, which was barely up from $396,000 last year and quite a ways off from the record of $425,000 we saw reached in July. The median Days on Market is still only at 21 days, however it's a slight uptick from 20 last year.
The median sales price for a single family home was $752,000. The same month last year was $742,000 for a 1.3% increase. The number of sales were up 6% from 335 to 355 on the island. The Median Days on Market continued to show signs it's a Seller's Market with just 15 Days (21.1% drop from last year's 19 days)!
Local Market Updates
As always, real estate is local and here's what neighborhoods were hot for buyers and sellers in the month of October:
Please consider these are broad overviews for regions on Oahu. To find out what is happening in your specific neighborhood (or street for that matter), feel free to contact me for more information.
In the spirit of Halloween, it's Logan here (a.k.a The Wolverine) and I've decided to swap out my Dog Tag for a Harcourts Tie and tell you about some great real estate deals here in Hawaii.
3 Great Condo Deals in Town
1. Cabana @ Waikiki #203 (MLS # 201717411) for $290,000
Only 2 blocks to the beach, this is the lowest priced legal 1 bed vacation rental in Waikiki. This the perfect investment property for someone looking to use when visiting and lease out when not here. I bet my Canadian friends at Harcourts Vancouver may be able to come up with a snowbird buyer or two looking to escape the upcoming winter.
2. Uraku Tower 6A (MLS # 201712358) for $573,000
Situated right next to Ala Moana Shopping Center, this one is a steal for a 2 bed, 2 bath in the area. Since it's on the 6th floor, it's priced at roughly half of what units go for on the higher floors. There's 2 covered parking stalls, in a secure building, with pool, spa, sauna, weekly maid service and 50 limousine uses per year, these amenities are hard to beat!
3. Waikiki Landmark #2006 (MLS # 201722209) for $800,000
The Waikiki Landmark is an iconic building on the corner of Ala Blvd and McCully. It's also a secure building with 2 covered parking stalls and the unit has Mountain, Canal and some ocean views off its two lanais on the eastern (cooler) side of the building.
3 More Deals in the Mountains and at Sea
For those that have a little more $ to spend and are looking for some privacy, here's 3 more deals on Tantalus and Turtle Bay to relax and get away from it all...
3953 Round Top Drive (MLS # 201706400) for $1,300,000
This is a vacant parcel secluded in the hills (my kind of land) with great views of Manoa, Diamond Head and sunsets out west.
2. 3959 Round Top Drive (MLS # 201706393) for $2,450,000
This property is adjacent to 3953 Round Top and is sold as a package of 4 parcels with a home and cottage included. Built in 1918, there's lots of history here.... almost as much history as I can recall (yes - The Wolverine isn't a spring chicken).
3. Ocean Villas at Turtle Bay #219 (MLS # 201713714) for $2,600,000
This one's a beauty that's located in the Turtle Bay resort on the North Shore. Having something on the water with access to world class amenities in the resort (horseback riding, tennis, golf and more) and great restaurants, this one is hard to beat. Not only have super heroes fallen over this one, so have some celebrities... members of the Beatles, U2, Sean Penn and Kelly Slater have all stayed in this unit... Did I mention the Seller is also offering financing?
Enjoy Your Halloween
I hope you found some value out of some of these great deals and wishing you all a Happy Halloween from Honolulu!
Melemele Place is a street in Manoa where you can see a number of his works. What's nice about this one is the sheer size of the lot - 16,555 sq. ft. according to tax records.
Expansive lot featuring driveway, lush views and level yard out the back
This home also has a nice feel of "bringing the outside in" with lots of fixed pane windows.
Living area with hardwood floors bringing the outside in with large windows
The home also featured Alfred Preis' signature use of custom hardwood cabinetry, hard color surfaces (often turquoise or teal) on countertops and backslashes for color contrast. He also used ventilation pukas (holes) in pantry cabinets as well as bathroom cabinets for a built-in laundry hamper.
Hardwood built-ins, color contrasts and ventilation were some signature features
We feel blessed to live in one of these homes designed by Alfred Preis. If you're interested in this or other mid century modern homes on Oahu, feel free to contact me for more information.
The median sales price of a condo on Oahu last month tied the previous record of $425,000 that was set in July.
Condo Stats
Hale Pua Lei condo (MLS # 201717956) in Diamond Head listed @ September's median of $425k
Sales volume was also up 2.7% from last year with 526 condo transactions taking place on the island. Sellers were not only happy with the their gains, they were also getting properties sold with a median days on market of just 19 days.
Single Family Home Stats
This Hoakalei Ka Makana home (MLS # 201722272) is available for $760,000
Although the single family home price didn't set a new record last month, sales volume took a huge jump with a 13.7% increase from last year to see 374 homes transact for the month. It was also great for Sellers with the median days on market at just 14 days (which tied the lowest we've seen in 3 other months this year so far)!
Local Market Updates
As always, real estate is local and here's what neighborhoods were hot for buyers and sellers in the month of September:
Please consider these are broad overviews for regions on Oahu. To find out what is happening in your specific neighborhood (or street for that matter), feel free to contact me for more information.
