Preview: Kapolei Today
Kapolei TodayPublished: Fri, 03 Jul 2009 14:25:29 GMT Last Build Date: Fri, 03 Jul 2009 14:25:29 GMT
Rental Property In Ko Olina Wed, 01 Jul 2009 03:41:00 GMT Available Property For Rent In Ko Olina If there is a better place to live, I just haven't found it. Located just outside of Kapolei, Hawaii, Ko Olina Resort and Marina is simply paradise. 4 protected lagoons front 5 star destination vacation spots like the Marriott Ihilani, The Marriott Beach Club Time Share Resort, The Beach Villas at Ko Olina and the Ko Olina Marina. With Disney's newest Hotel currently under construction, wouldn't you love to live where most people can only vacation. Currently available units: I have a gorgeous 3 bedroom with 2 full baths townhouse with partial ocean views available for rent on a 12 month lease. Walk out the sliding doors and enjoy the sunset or take a stroll to a secluded beach off the beaten trail. This unit is in exceptional condition, with plantation shutters, granite counters, soothing decor and gorgeous views. A single car garage and additional parking space in this gated community with swimming pool and hot tub on 11 beautiful acres fronting the ocean create a place to live you've only dreamed of. As a resident of the community, through the Home Owner Association paid by the owner, you will also be entitled to membership to the Ko Olina Sports Club which includes tennis courts (with lights at night), a fitness center, fitness classes and discounts on restaurants and other activities in the resort. If you would like more information on the sports club I can email you the latest newsletter. Available now for $3,000 /month + GET on a 12 month lease this is as good as it gets! Enjoy the pictures and if you would like to make an appointment to see the property, give me a call at 808-225-3660 or you may email me by CLICKING HEREMahalo for your time and I hope to hear from you if you are interested in finding out more about the property! Michael Hege' RA Kapolei Realty, Inc. (808) 225-3660Ko Olina, HawaiiHere are a few pictures : This is the entry gate into Kai Lani located within Ko Olina Resort & MarinaThis is the green space showing the separation of units.Your new home would be the unit in the center of this Picture. This is the angle of the view from your back patio looking toward the ocean through the green spaceGranite counters, with ample cupboards and an eat in barplace the kitchen in the center of it all. A microwave hood,double door refrigerator, oven and range with a Bosch dishwasher complete the package.The total sq footage of 1,320 sq feet allows for a large Living area with a covered lanai off the back with oceanviews. Master bedroom is also facing the ocean side of the home. Sorry the picture is so dark, blame the photo-grapher not the home. The master bath is tile and granite with a double vanityand a walkin closet. The home is in excellent conditionPool party? or just relax and catch up with yourself. Don't you owe yourself the best? If you would like to learn more about Ko Olina including the rest of the resort, world class golf course, and marina - CLICK HEREIf you own property in Ko Olina and have considered having a professional management service manage your property, Kapolei Realty, Inc has been managing property in the area for over 15 years and is a locally owned company with an impeccable reputation. I would be more than happy to explain our property management program to you! [...]
Luxury Ocean Front Estates on Oahu Hawaii Sat, 27 Jun 2009 19:28:00 GMT
As you can tell from the numbers above, while 8 to 14 sales in this price range and category are the historical range per year, with no sales and no pending sales currently identified on the MLS for the past 3 months, what a great climate to present an offer to a seller that is cash and priced according to the current market conditions.
The Beach Villas at Ko Olina sale event is temporarily on hold Sun, 21 Jun 2009 19:47:00 GMT Reservations now being considered without $50,000 initial deposit!!!If I have ever dreamed of being a Developer, that thought is now officially out of my head. I have been more involved with this project than any other in my career and am now in full understanding of the risks that a developer takes. It's easy to think of how great it would be if everything goes great, but the vulnerability to outside forces can not be understated. This project has experienced many adverse conditions. An economic downturn of near biblical proportions, deterioration of market values, declines in the tourist industry, changing lender guidelines and Home Owner Association (HOA) issues have all taken their toll on the event. And yet, it seemed that with a 7 week postponement, the event was still going to be successful. All of this was thrown into question this past week when litigation was filed and it now seems that the event has been placed on hold until this is resolved. And still I like this project! Perhaps more now than before. I have placed 3 more reservations this weekend and hope to place a few more once I receive them. The biggest change generated in all of this is the apparent willingness of the Developer to now accept reservations without the previous requirement of the $50,000 deposit due to the uncertainty of when the event will occur. The units are the same as they were and Ko Olina is the same as it was before. Arguably one of the best beach front fee simple developments on Oahu, that has also not changed. Bearing in mind that over half of the units have sold and closed at the pre event discount prices and that the last word I had was that once the event occurs, there is still the intention of selling at discounts ranging from 30% to 40% (subject to change of course) from those prices, in my opinion it continues to be an investment worthy of consideration depending more on your own situation than that of the Developer. I'm not saying that there aren't issues and I'm not saying that due to the cost structure that these properties have that they are for everyone. Because of the winding road the event has taken and the complexity of the issues involved, I would also emphasize that it is a great example of where there is a definite advantage of having outside representation with only the buyer's interest at heart. But I will say that this is shaping up to have all the possibilities of a good opportunity to buy into a unique resort property at very competitive prices. As always, if you would be interested in contacting me, I would be more than happy to share my thoughts with you and send you a reservation form for your review and consideration. With the apparent ability to secure a reservation without a deposit, it seems a great opportunity to get a place in line and then make the harder decisions when the time comes. For a link to my last article with links to all the previous articles, CLICK HERE . To contact via email, CLICK HERE . If you would just like to chat about them and get a little more information, please feel free to give me a call at (808) 225-3660. I look forward to hearing from you! Mahalo, Michael Hege' RA Kapolei Realty, Inc
Ko Olina Beach Villa Final Sale event rescheduled to July 25th Fri, 29 May 2009 07:11:00 GMT Update June 21st. Sale event place on hold due to litigation and reservations being considered without $50,000 deposits. For more details on the postponement,CLICK HERE The final sale event, originally scheduled for June 6th and 7th has been rescheduled until the weekend of July 25th according to Bruce Sloan, Division President, Centex Destination Properties - Hawaii. For an interesting look at the Villas, Edward Howard made a scale model of the Beach Villas at Ko Olina and this link provides an interesting look from several views, Scale Model link  The purpose of the rescheduling was explained in a letter from Mr. Sloan sent to the current reservation holders. The following is a portion of that letter: "With the prospect of the completion of sales by Centex Destination Properties at the Sales Event, some of our existing owners have expressed concern about the future use and operation of the amenities and grounds at the Beach Villas. We are currently contemplating modifications to the operational framework of the property to remove some perceived uncertainty that is concerning to certain existing owners while at the same time maintaining the existing uses and quality that make the property so appealing. The delay in the timing of the Sales Event should allow us an opportunity to make the contemplated changes as well as provide you the necessary time to modify your plans to attend." With the exception of travel plans that had already been made, I see many more positives than negatives associated with the postponement. For those folks who were just finding out about the sale, it gives them more time to evaluate and decide. For those who had already decided to participate, there are some details that can be cleaned up and when they are, the Beach Villas will be a better product than they already are. If this is your first exposure to the Villas, I have written several articles on them and if you have been searching for a unique luxury property in Hawaii with beach front access and discount pricing, I recommend you follow the links below to learn about the Villas, the sale event and the opportunity that is being presented with them. If you would like to contact me for more information, Click here to contact Michael The Beach Villas at Ko Olina - Overview The Beach Villas at Ko Olina - Final Sale Event The Beach Villas at Ko Olina - Final Sale Event - Update For information about other Ko Olina properties follow this link I look forward to hearing from you!
The last 30 days for Beach Villas at Ko Olina sale event Sun, 03 May 2009 21:19:00 GMT Update May 31st - Sale postponed to July 25th - Details For those of you paying attention to the calendar, what seemed liked the distant future in January is quickly coming. The best guess is that there are currently 130 +/- reservations in place for the remaining 120 units. Conventional wisdom is that there will be enough fall out from those parties with reservations that there will still be available units with the current count of reservations. What is unknown is that assuming the Developer's intention to sell all the units is still soundly in place, what the developer will be willing to do to achieve that goal. More than ever, I think it is important to place yourself in the position to have the opportunity to say yes or no. I am not convinced that as we speak now, we know the final terms and incentives that will be placed on the units and we certainly don't know what the ultimate prices will be. Everything I've heard is that the bulk of the interest is in the lower priced units and I think that a reservation placed in the near future will still have an excellent chance of being able to purchase some of the nicest units in the buildings. Depending on how they set the ultimate prices, there may be opportunities to purchase Ocean Front luxury fully furnished condominiums for as little as $1.625 MM which were selling for $2.8 as recently as 6 months ago. If you would like to look at some pictures of these units, here is a link to several on Flickr Beach Villas on Flickr .There is a lot to talk about regarding the sale event and time is drawing to a close, so I would love to hear from you if you would like to spend some time on the phone to hear about them. If at the end of the conversation, if you are still interested, we can take if from there. To quote Woody Allen, "90% of life is showing up". There are also some great rates available during the event at the Beach Villas themselves and at the JW Marriott Ihilani Hotel. Both are having rates under $200/night plus tax, although the Villa rates are based on a minimum 7 night stay. Still, I think that may be the least expensive rate I have ever heard of at the Villas and apparently includes their entire inventory of units which would mean to me that you should be able to get a unit that is great for you or your family. This sale is a product of the current housing environment and could be looked back on as a "What was I thinking? " when the opportunity passes and the results are in. Lenders are in place with sharpened pencils and if nothing else, it will be a fascinating event to participate in on June 6th and 7th. For earlier articles on the Beach Villas by myself, follow these links: Introduction to the Beach Villas at Ko OlinaAnnouncement of the Final Sale event in FebruaryMarch Final event updateIf you want me to mail you more information, you can reach me at Contact Michael Aloha[...]
Oahu Real Estate Statistics through April 2009 Sun, 03 May 2009 18:38:00 GMT In almost any conversation I have with people who are interested in Real Estate, the question always comes up as to whether we are at the bottom of, nearing the end of or expecting to continue the current declining market. It is a question that I don't know the answer to. The data that I read seems to indicate that in our local market, we are closer to the end of the downturn than the beginning, but I think it would be premature to say that we are in the rebound stage. Hawaii in general and Oahu in particular seems to have been uniquely positioned to better weather the financial storm that descended into the real estate market over the past few years. Factors benefiting Oahu seem to be the combination of employment, supply versus demand of housing and a lower than average number of subprime mortgages. That said, in the latest analysis of subprime mortgages in Hawaii we see that 10.87% of the mortgages in Hawaii were subprime mortgages as compared to other state averages from 16% (Florida and California) to 4-5% in states like North Dakota, Montana and South Dakota. So, that sounds promising. Unfortunately, of those subprime mortgages in Hawaii, 19.22% of them are seriously delinquent as of the 4th quarter 2008. As a state, Hawaii falls into the middle of the pack with the highs in states like Florida at 36,4%, Nevada at 31.4%, California at 28.9% and Arizona at 27.3%. Those are the top for states with "serious delinquencies", and while we are way below Florida, we are not nearly as far below Arizona for instance as I would like to be. With 20% of 10.87% of the subprime mortgages heading toward foreclosure, that would carry through to 2.2 % of the entire mortgage market in Hawaii. Add to that the simple fact that VA, FHA and Conventional mortgages are not immune to foreclosure and that translates to a continuing large portion of the marketplace being made up of distressed sales which traditionally places downward pressure on prices. For a great nationwide analysis of the Real Estate market follow this link to The PMI research site and you can view one of the best collections available of the downside market and risk. As to Oahu, my favorite subject, April had continuing declines in the Median Price range and in the number of closed sales in both the single family and condominium categories as compared to April 08: Single Family Median Price -8% Units sold -32%Condo/Townhouses Median Price -7.3% Units sold -42%As always, these numbers reflect the closed transactions. What I am hearing and seeing in my travels of showings, conversations with agents and experiencing on my own listings is that Buyers have reappeared and there is much more activity than there was a few months ago. Multiple offers on well priced listings, lower "Days on Market" and higher numbers of "Active Continue to Show's" on the MLS listings seem to confirm that demand is coming back into the market and is more robust than it has been for a while. My favorite stat that the Board of Realtors provides is the "months of inventory remaining". Simply put, how many properties are listed divided by how many sold equals how many months it would take to deplete the existing inventory. While it is a number that is not of much valuable as a stand alone number, it is a great number to compare different months or years to. Since December '08, here are the numbers: Month Months of Inventory Months of Inventory &[...]
The best of times or the worst of times? Thu, 30 Apr 2009 21:24:00 GMT As April comes to a close, I thought I'd pause and reflect on what a month it's been.On the 16h of April the Honolulu Star reported that Hawaii's foreclosure activity increased by 503% in March compared to a year ago. I read a developer was offering an interest rate of a 3.75% fixed rate 30 year mortgage on their homes in their development, the lowest rate they'd had since 1971. ( I was a junior in High School) There are all the possibilities for a flu pandemic. Chrysler seems certain to be filing for Bankruptcy. The belief that the country is heading in the right direction is the highest it's been in years. Those are a few of the headlines for the month and there are so many more that are dramatic and consequential. So many personal stories being written in each of those words that I find it to be overwhelming. To quote Dickens, "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us..." I like that quote because I think it is so very appropriate. Whether you decide for yourself that these next few months are going to be good for you or bad for you, you are probably right. Given the choices, I've decided that they are going to be good for me! There are tremendous opportunities in every corner of the world right now and I hope I am able to encourage all of you to believe in them and to allow yourselves the strength and good fortune to find them. I do think it's a good time for some positive daily affirmations and to identify what it is exactly that you want in life and to tell yourself everyday that you have it. I will return to more traditional topics next month, but for now I leave you with this, "A man is literally what he thinks." James Allen
Ko Olina Center and Ko Olina Station at Ko Olina Mon, 06 Apr 2009 00:33:00 GMT I've been asked a few times about the shopping center that is currently being built in Ko Olina in front of Coconut Plantations. While I had the leasing information, I had never really explored what was going to be there and who the tenants were going to be. The best part of this "cyberworld" that we live in is the ability to have information shared and passed from one to the other. Such is the way I learned enough to post some details on Ko Olina Center and Ko Olina Station.My thanks to Doc who sent me the following links: Honolulu Advertiser article Ko Olina Station leasing information Ko Olina Center Information As the article from the Advertiser details, there will be a 56,000 sq foot center in 2 buildings and will save us from having to leave Ko Olina for an impromptu meal or to do a little shopping. Tenants will include: Nick's Fish Market, a gourmet supermarket (my Favorite) Kimo Bean Coffee Co. Home furnishing store Blue Lobster Cottage Z Pizza Ko Olina Barbeque Walking in Paradise These should be great for both the people who live here and the guests who are staying at the local resorts and hotels since the options within the resort were a little limited before the addition of these stores. Originally planned for 80,000 sq feet, the Center has been sized down and will no longer include a gas station and is scheduled to open in September of 2009. We look forward to welcoming our newest neighbors.
Beach Villas at Ko Olina Final Sale Event Update Mon, 02 Mar 2009 08:48:00 GMT May 31st Update - Sale postponed to July 25th DetailsMay 3rd UpdateSaturday February 28th marked the last day existing owners were able to complete their reservations and have their priority on the owners list. As such, it was absolutely wild around the sales office! At 4:30 pm on Saturday when I left with my clients I believe there were 10 people in the office who were waiting to meet with the marketing staff. I was both startled by the crowd and glad that we were time stamped with the last of our reservations. With the unofficial tally estimated between owners and new purchasers combined at 70+ including my last three, the marketing staff is well on their way to having over 200 reservations by the Sale Event in June. Those are impressive numbers for a sale event that was started at the end of January and was promoted from the ground up by the marketing staff of the Beach Villas at Ko Olina. With 120 units available and 70 reservations already in place, it is turning into quite a successful promotion considering there is still quite a bit of time until the sale event on June 6th and 7th. If you have been curious about the units or would be interested in seeing some more pictures of the Villas, I have posted some pics on Flickr that were taken on my last tour on Saturday. Special thanks to Bobby for taking the pictures! Here is the link: Pictures on FlickrIf you are from out of town and would like some pictures taken of a particular unit, the surrounding area or if you have any questions about the Sale Event itself or how a particular unit is looking on availability, please don't hesitate to contact me and I'll see if I can't answer your questions. Ask Michael It seems that the heaviest interest in the first 70 reservations has been in the lower priced units with good availability still predicted in the more exclusive units. For instance, of the 5 premium Beach Tower units with unobstructed views of Lagoon #2, it's guestimated that there are 3 buyers for those units currently registered. With the last published price at $2.8MM for these units and the anticipation of Sale event prices below $2 Million, it's a good time to throw your hat in the ring if you are interested in picking up one of only fourteen of these premium and exclusive Villas. There are also 5 penthouse units still available on the Ocean Tower in both 2 and 3 bedroom models that seem to have a predicted availabilty at this time. With the arrangement of this tower's elevator, there are several pairs of units from the 7th floor up that might be available where the elevator would stop at the foyer between the two units, one a 2 bedroom and one a 3 bedroom unit. This would give one a feeling of owning the floor and if privacy and/or security are one of your interests, a combination like this would be as good as you could hope for. These units have views of the mountains and golf course out of the bedroom windows and lanais. These units overlook the pools and ocean from the front lanai, kitchen and main living area. It's an exciting event, a unique product and potentially a once in a lifetime opportunity to purchase these units at roughly half of their initial pricing. All it takes to secure your place for the sale event is a $50,000 refundable deposit. If the unit you hoped for is unavailable or if the pricing isn't as attractive as you had hoped at least you had the opportunity to say no. I can say, that of the people I've worked with who have placed deposits, they wished they had done it sooner versus later as the list continues to grow and the earlier their reservation is time stamped, the greater choice they will have of the units to choose from. If you have the time and the interest, give me a call at (808) 225-3660 and see if these are what you've been looking for. Remember that Hawaii is 5 hours ear[...]
First-Time Home Buyer Tax Credit in the new Stimulus Law Fri, 20 Feb 2009 03:49:00 GMT Now that the shouting is over and the new Stimulus law has been passed, I think many of us are wondering what it all means. As REALTORs I think it's very likely that we will receive many benefits from legislation that is at least partially concerned with improving the housing market. Just being knowledgeable and knowing where to send our friends and clients to look is often the best approach. Real estate 101 tells us that we are not tax experts and we always give the caveat to not rely on us for tax advice, but it's always nice to have a source for them to go to for their own information. Below, you will find a link that I think is a good source of those basic parts of the Stimulus plan. There are a lot of moving parts in this program and I think one for us to be sure to mention is the First Time Home Buyer program. The first-time Home buyer credit for eligible buyers is a tax credit equal to up 10 percent of the purchase price but it can not exceed $8,000. The time frame of the purchase needs to have occurred between January 1st, 2009 and December 1st, 2009. I can already see the closings that have to get closed right after Thanksgiving or the client loses an $8,000 tax credit! This should not be confused with last years which required repayment over 15 years. This one doesn't require repayment and that's a big change. One must give and take though. This one does phase out for individuals with incomes over $75,000 or for married couples with incomes of over $150,000 who file their taxes jointly. There is also a forfeiture of the credit if you sell the house within 3 years. Here's the link to the New York Times article, What's in the Stimulus Bill for you? I hope you get to make some "good news" calls! Did I mention that I am not a tax consultant, I do not play one on TV and you should not rely on any of the above as any form of tax advice and should of course seek the assistance of a tax professional! |
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