David's Blog

Honolulu's Gold Coast has a lot to Offer!

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 14 Sep 2009 03:57:46 -0500

Just beyond Waikiki at the base of Diamond Head is Honolulu's "Gold Coast". The Gold Coast is the last strip of buildings at the end of Kalakaua Ave. across from Kapiolani Park. Unlike the "hustle & bustle" of Waikiki, the Gold Coast is a little more quiet. The buildings consist of:

A few hotels such as The New Otani, The Diamond Head Beach Hotel (individually owned as condos) and The Lotus at Diamond Head (formerly a "W" hotel)
Private Clubs such as the Elk's Club and the Outrigger Canoe Club
The best oceanfront condos and co-ops on Oahu, the majority of which are now Fee Simple outside of San Souci, The Diamond Head Beach Hotel and a few units in 3003 Kalakaua Ave which are Leasehold.

Right out the front doors of these building offer great swimming, diving and surfing breaks such as Tongg's, Rice Bowls, Old Man's and several others. You've also got Kapiolani Park on the Mauka (mountain side) as I mentioned which is a great spot for outdoor activities and the finish line for the Honolulu Marathon, the Tinman Triathlon, etc. What's also great is the Gold Coast is within walking distance of the Honolulu Zoo, Waikiki Aquarium, and the Waikiki Shell which offers great concerts and entertainment.

If you think the Honolulu's Gold Coast is something that interests you, listings in MLS fall under the Diamond Head neighborhood and start around $100,000 for a leasehold condo at the Diamond Head Beach Hotel and go up to $4.9 million for a unit (entire 6th floor) at 3019 Kalakaua Ave. My grandmother's old penthouse unit at the Diamond Head Apartments sold for $4.5 million a few years ago, which is the highest sale to date. There have however been some other large sales this summer I previously posted about.

We've currently got a listing at the Diamond Head Ambassador priced at $595,000 Fee Simple, which is a 2 bed, 1 bath and priced $265,000 less than the previous owner paid in 2005, which is a great buy! If this or anything else on the Gold Coast interests you, give me a call to live your Hawaii Life on the slopes of Diamond Head.

If You Think Kakaako is a Happening Place Now, There’s More to Come

David Buck (Hawaii Life Real Estate Services, LLC) — Wed, 09 Sep 2009 02:43:00 -0500

It was less than a week ago that I posted about a development on the west side not going through. Well, the state just approved Kamehameha Schools 29 acre development proposal in Kakaako. Unlike the displacement of farmlands in the Ewa Beach scenario, this is a "re-development" of an area that has traditionally been "industrial" in the corridor between Waikiki and Downtown Honolulu. Kakaako is already the home to several luxury condos such as Hokua, Nauru & Hawaiki Towers, Koolani, Keola Lai and other newer projects like Moana Pacific, 909 Kapiolani, The Vanguard Lofts and Moana Vista (being built). It also boasts the two largest shopping complexes in the state of Hawaii with Ala Moana Shopping Center and Victoria Ward Centers, both owned by General Growth. There's also great outdoor activites available at Ala Moana Beach Park & boating activities at Kewalo Basin. In addition to Kamehameha School's approval to add up to 2,750 more residences in high rises, townhomes & lofts, they plan to add a 25,000 sq. foot plaza on Auahi St. and a 400,000 sq. foot Asia Pacific Research Center for biotech companies. General Growth also got approval earlier this year for a master plan that proposed up to 4,000 more residences.

What does this all mean? More traffic? More congestion? I think, ultimately it will be great place as it is already. Kakaako is vibrant and has a lot to offer. The skyline and traffic will be changing. Maybe not overnight, due to the economy. When you're looking to buy in the area, be sure to work with a good Realtor that's up to date on things. There are several buildings such as 909 Kapiolani & Imperial Plaza that come to mind where this could effect their views for resale values... Other than that, Kakaako ultimately won't simply be a transition from Downtown to Waikiki. It will seamlessly blend in.

Could Oahu Use Another 12,000 Homes?

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 31 Aug 2009 01:57:40 -0500

This past Friday, the State Land Use Commission voted against DR Horton's proposal to build 12,000 new homes on the Ewa plain between Waipahu and Kapolei. The project, named Ho'opili would be the largest project since Mililani in central Oahu by Castle and Cooke, which just completed last year after 40 years of development. It's also said to be similar size in scale to Hawaii Kai in east Oahu. There are two arguments to the development:

Pros: It would be great for the island in that it would tie in to the Mayor's proposed rail project and spur the economy with job creation & keep or lower housing costs
Cons: The proposed area would displace one of Oahu's largest farming areas. This is a section that is zoned Agriculture and is vital to Oahu farmers. There has been a lot of buzz lately about "sustainability" building these 12,000 home would kill that idea, create more traffic & cause property values to plunge even more for current owners...

Both are valid arguments. There is obviously a need for more affordable housing, yet what price do we pay? This saga is not over in that DR Horton can petition again once they get their ducks lined up in how they will go about the development in phases. They argued that over the 20 year span of the development, the farmers will "gradually" be displaced. Only time will tell..

David Joins Hawaii Life Real Estate Services

David Buck (Hawaii Life Real Estate Services, LLC) — Sat, 29 Aug 2009 18:10:37 -0500

I am very excited to have joined Hawaii Life Real Estate Services as their 1st agent on Oahu. They are the premier real estate website for Hawaii Real Estate. 86% of homebuyers now start their home search online. Check out www.hawaiilife.com or www.hawaiihomelistings.com to live your Hawaii Life!

Multi-Million Dollar Diamond Head Home Sales Picking Up

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 27 Jul 2009 16:07:35 -0500

Although this spring started off slow, the Diamond Head market is pickup up heat this summer! Not only have listings that were sitting for awhile selling, they are commanding several million dollars from buyers from the East Coast, Japan & Europe. Here's some recent sales:

May 27th, 2009 - 3003 Kalakaua Ave. #9B Sold for $3,000,000
June 26th, 2009 - Coral Strand PH2 Sold for $2,625,000
June 30th, 2009 - 3207 Noela St. Sold for $5,375,000
July 15th, 2009 - 3763 Diamond Head Rd. Sold for $3,850,000
July 23rd, 2009 - 3019 Kalakaua Ave. #5 Sold for $3,400,000
In addition, 3239 Noela St. is in escrow with an asking price of $9,400,000!

If you're looking for something special in Diamond Head, there are still a number of great properties for sale. I live and own in Diamond Head. It's a great place to live your Hawaii Life!

50 Year Old Homes no Longer Need Special Attention from State

David Buck (Hawaii Life Real Estate Services, LLC) — Fri, 01 May 2009 15:30:26 -0500

Last year, a law was passed that required all buildings 50 years or older to undergo a special procedure (ie. document & submit photos to the State Historic Preservation Division) for any work that was to be done to a structure or demolished. This Act 228 caused a major backlog in the state and they did not have the personnel to handle such volume. Getting building permits in Hawaii have never a simple step & this law just added more red tape... Although the law may have had good intent, there are many, many homes in Hawaii that are over 50 years old. I just looked back at my last 10 single family home transactions & 7 of the 10 were over 50 years old! The Hawaii Association of Realtors spoke out as well as many in the building industry against the law. Recently, Governor Lingle repealed it and now homeowners can get back to fulfilling their goals of remodeling their dream homes :)

Maunawili- The Gateway to Kailua

David Buck (Hawaii Life Real Estate Services, LLC) — Sun, 19 Apr 2009 03:25:34 -0500

For those of you that don't know, Maunawili is the first neighborhood you come to after going over the Pali to Kailua. What's great about it, is you're minutes from the pristine white beaches of Kailua, yet also minutes away from Downtown Honolulu. Many doctors, attorneys & business professionals choose to reside here due to its close proximity to town. It's also just about a 20 minute drive to some of the best private schools in town. Or, if you don't want the commute, Le Jardin Academy is right there. Other attractions are gorgeous Mount Olomana and the lush greenery of the Windward side of Oahu.

Maunawili has also been a hot real estate market as of late. Although there's only been 4 sales in the past 6 months (1 of which was $2 million), there are currently 4 under contract with an average of only 25 days on market! There's an additional 4 active listing averaging only 23 days on market, ranging from $1,079,000 to $1,330,000. These are all decent sized lots ranging from 10,000 - 17,000 square feet. One of these listings is my own. You can click here for more information. We had 2 great offers in the first two weeks! We have an accepted offer, however the buyer must sell first. Most of us will be open this Sunday from 2-5 PM, so please stop by :)

Oahu Market Gaining Some Steam

David Buck (Hawaii Life Real Estate Services, LLC) — Fri, 10 Apr 2009 16:49:46 -0500

Almost every indicator for March showed the market much stronger than January & February. Part of this could be seasonal, however on a % basis things were pretty good. The number of single family home sales were up 45% and condo sales were up 55%! Median home prices month over month were up 8% and condos up 2.6%. Days on market for homes were down 30% and 32% for condos. This is twofold: things are selling quicker and things that aren't selling, sellers are pulling off the market to rent. This is also reflected in the inventory with 27 less homes on the market than the previous month. However, condo inventory is up 75 units in the same period.

Could this be a sign of a recovery? Although early to say, there was a recent article in Forbes indicating that the economy could possibly have bottomed out. Given all the bad financial news this past fall, that trickled over to closings & statistics in January & February. March's stats paint a better picture of what's been happening since the beginning of 2009, with most properties that went under contract in mid- January & shortly thereafter equate to closings in March.

I've also noticed buyer activity picking up dramatically. I thought I had a busy open house last Sunday with 30 parties coming through. Another agent in my office had 50 parties (yes Five Zero) come through his! Not too long ago most agents I talked to would be happy with 10 parties...

New 1 Bed Kaneohe Condo Listing in Puu Iki

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 16 Mar 2009 03:08:35 -0500

Hello everyone! Here's a new listing I got in Kaneohe. These 1 bedroom units seldom become available. I sold one last year for $290,000. This one is $270,000!

Rarely available 1 bed unit Puu Iki! This ground floor unit is turnkey & ready to move right in. Newer refrigerator, range hood & tiled floor throughout, washer/dryer in unit. Low maint. fee & property taxes! On the makai side of Kamehameha Hwy & surrounded lush grounds of Puu Alii, it's peaceful, yet walking distance to shops, restaurants, etc. Won't last long...

Complete Remodel Eco-friendly/Modern Home in Palolo

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 09 Mar 2009 23:00:08 -0500

I've got a great listing w/ awesome views of Diamond Head ready to move in to. Completely turn-key, this eco-friendly home is situated at the end of a culdesac. There are top of the line kitchen features, such as: stainless steel appliances, quartz countertops, custom cabinets, gas stove & wine refer. New electrical work, each room wired for DSL, Cable. Hypoallergenic & eco friendly materials used in finish work. 2 bd, 1 ba up, 1 bd, 1 ba down w/ seperate entrances for rental option? In addition, the sellers have done their own blog to document the work. For more info. on this home & others in Palolo click here !

Waialae-Kahala Market a Bright Spot among low Oahu Volume

David Buck (Hawaii Life Real Estate Services, LLC) — Sun, 08 Mar 2009 21:25:14 -0500

February of 2009 continued right where January left off. We had 129 single family homes and 160 homes close last month. Our year to date volume is down 53% from last year. In order to find similar numbers, we have to go back to around 1995-1996 which many can argue was the bottom of the previous down market. Our median sales price was $555,000 for single family homes and $297,000 for condos. The last time we had these prices were early 2005 for homes and mid 2006 for condos. Our days on market for homes are 69 and 70 for condos, which isn't that bad still compared to most of the mainland US. I'm surprised as to how many buyer inquiries I've had over the past several weeks where the home they're inquiring on is under contract. Even though the numbers of sales are down significantly, well priced homes are selling.

When broken down per region, Waialae-Kahala led the market w/ numbers of sales up 18% from last year and prices up 8% for single family homes year to date* For the biggest buying opportunities, Pearl City-Aiea home prices are down 33% from last year. On the condo front, Kalihi condos were up 33%. Perhaps the best buying opportunity could be Kapahulu-Kuliouou which was down 62% (part of reason was some leasehold sales drug down the prices). Outside of that, Ala Moana to Kakaako was down 43% and could create some opportunity there as well.

On a bright note, amid all the doom & gloom in the news, real estate has held its price well as an asset class. Recently, the S & P 500 index is now worth the same as it was in 1996. If you invested $100,000 then, it would be worth $100,000 today, 13 years later. If you invested $100,000 in Oahu real estate then, you would be far better off! With no financing or leverage involved, you would be up 50% on average. When you add in leverage/financing, tax incentives, etc. you would could have increased your returns exponentially!

*It was also Waialae-Kahala's appreciation that led us out of the last down market.

Looking for Country Living in Town?

David Buck (Hawaii Life Real Estate Services, LLC) — Fri, 13 Feb 2009 16:50:51 -0600

Tired of driving from your nice big parcel on the North Shore to town? Getting to crammed with your neighbors in town? This is your answer:

Panoramic Ocean and Mountain views abound this pristine 3.98 acre parcel on very desirable La'i Road in the very/very back of Palolo Valley. This gated community estate site has unlimited opportunity to build the home of your dreams in area rarely available. This vacant lot is located 10 minutes from downtown, 5 minutes from Kahala, beaches and schools. Zoned P-1 with an allowable 7500 square foot home.

Priced at only $4/sq. ft.- $699,000 - $226,000 off original asking price!

January Stats out for Oahu- Some Strengths among the Weakness...

David Buck (Hawaii Life Real Estate Services, LLC) — Wed, 04 Feb 2009 21:28:41 -0600

The Honolulu Board of Realtors has released the latest stats for January of 2008. The median sales price of a single family home on Oahu is down 10% from the previous year- from $600,000 to $539,500 which puts us back to Feb./March of 2005 levels. The North Shore led the way- down 51.8% from the previous year. East Oahu held strong w/ a median sales price up 2.2% from 2008! Remember- ALL MARKETS ARE LOCAL What may be happening in one neighborhood might not be happening in another... Our median sales price for a condo is also down 5% from $324,000 to $305,000. To show how slow the North Shore is, there was not one condo sale there in January. We are also now at 71 days on market for Single Family homes & 59 days for condos, which isn't too bad compared to the rest of the mainland U.S. Our inventory is actually down slightly from Dec. of 2008 w/ 70 less homes on the market and 140 less condos & these numbers are real close to where we were this time last year. What has really slowed down dramatically is the number of sales on Oahu. There were 122 homes and 159 condos that sold in January, down 46% and 51% from previous year and down 37% and 35% from December of 2008. These were the lowest numbers of sales since the mid-1990's. In hindsight, this was the best time to buy real estate here. Nobody has a "crystal ball", but now could be a good time as well...

Waialae Golf Course Homes- Home of the Sony Open

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 20 Jan 2009 15:19:17 -0600

With the recent completion of the Sony Open Honolulu was featured as the backdrop on national television this past week. As there were record breaking lows on the mainland, we've enjoyed beautiful sunny weather. In case you were wondering what a home on Waialae Golf Course goes for, here's what's currently on the market:

Single Family

ML#: 2816190	stat Active		Lst: $2,495,000*	FS - Fee Simple
1-3-5-043-021-0000	BR: 4	Baths: 3 / 0
959 Waiholo St	Liv: 3,162	Lanai: 805	Other: 1,265
WAIALAE G/C	Stories: One	Land: 16,250	YrBt: 1959
Views: Golf Course	Pool: In Ground	Assd Imprv: $388,200
Prop Cond: Average	Assd Land: $1,673,400
Frnt: Golf Course	Assd Total: $2,061,600	2008
Prk: 3Car+ , Driveway , Garage	Zoning: 03 - R10 - Residential District	Tax: $565
Topo: Level	Flood: AE	Tot Mon Fee: $0	LD: 10/7/2008
Terms: Cash , Conventional	DOM: 106	S: $	SD:
LO:

Rare opportunity to live in EXTRA LARGE WAIALAE Golf Course frontage property! Fantastic View of 11th fairway with pretty fountains, this private sanctuary sits on large 16,250 sq.ft. of land. Kitchen completely remodeled in 2002 but original bedrooms, newer paint, roof & pool. Separate studio cottage too! Must see! Don't miss out to own one of only sixty some Waialae Country Club frontage homes!

Single Family

ML#: 2802831	stat Active		Lst: $2,575,000*	FS - Fee Simple
1-3-5-042-004-0000	BR: 5	Baths: 3 / 0
1161 Waiholo St	Liv: 2,492	Lanai:	Other: 612
WAIALAE G/C	Stories: One	Land: 12,777	YrBt: 1962
Views: Coastline , Diamond Head	Pool: In Ground , Plaster	Assd Imprv: $188,500
Prop Cond: Needs Major Repair	Assd Land: $2,064,200
Frnt: Golf Course , Other	Assd Total: $2,252,700	2007
Prk: 3Car+ , Boat , Carport , Driveway , Street	Zoning: 03 - R10 - Residential District	Tax: $618
Topo: Level	Flood: AE	Tot Mon Fee: $0	LD: 2/14/2008
Terms: Cash , Conventional	DOM: 342	S: $	SD:
LO:

Waialae Golf Course prime direct ocean view/fairway property. Over 139 feet of frontage. Restore to excellence or build new. Classic open floor plan to pool, fairway and ocean beyond. Watch the waves break or enjoy the lush fairways. AS IS ready for a renaissance.

Single Family

ML#: 2813862	stat Active		Lst: $3,795,000*	FS - Fee Simple
1-3-5-044-030-0000	BR: 4	Baths: 3 / 1
1142 Waikui Pl	Liv: 4,043	Lanai:	Other:
WAIALAE G/C	Stories: One	Land: 17,566	YrBt: 1960
Views: Golf Course	Pool: Heated , In Ground	Assd Imprv: $854,300
Prop Cond: Excellent	Assd Land: $1,788,300
Frnt: Golf Course	Assd Total: $2,642,600	2008
Prk: 2Car	Zoning: 03 - R10 - Residential District	Tax: $806
Topo: Level	Flood: X	Tot Mon Fee: $0	LD: 8/21/2008
Terms: Cash , Conventional	DOM: 153	S: $	SD:
LO:

Beautiful renovated single level home on world famous Waialae Country Club golf course. Located at the 13th hole and 14th tee. Perfect for poolside entertaining, and featuring a custom designed separate cabana with barbecue, beer on tap and more. Designer furnishings available separately.

----- Information herein deemed reliable but not guaranteed. -----
Copyright: 2009 by HiCentral MLS, Ltd. Tue, Jan 20, 2009 11:23 AM

Single Family

ML#: 2803681	stat Active		Lst: $4,700,000*	FS - Fee Simple
1-3-5-058-012-0000	BR: 6	Baths: 6 / 1
1014 Kaimoku Pl	Liv: 7,067	Lanai:	Other: 1,276
KAI NANI	Stories: Two	Land: 13,311	YrBt: 1969
Views: Golf Course , Ocean	Pool: In Ground	Assd Imprv: $1,689,700
Prop Cond: Excellent	Assd Land: $2,259,900
Frnt: Golf Course	Assd Total: $3,949,600	2008
Prk: 3Car+ , Garage	Zoning: 04 - R-7.5 Residential District	Tax: $1083
Topo: Level	Flood: X	Tot Mon Fee: $0	LD: 3/1/2008
Terms: Cash	DOM: 326	S: $	SD:
LO:

Golf course frontage 7th Fairway famous Waialae Country Club, Honolulu, home of SONY OPEN plus ocean views on cul-de-sac street. Ronovated 2 story home-spacious rooms w/amazing views. Steps to ocean & Kahala Hotel & Resort. Location is everything. Shown to Pre-Registered & Pre-Qualified Clients only.

----- Information herein deemed reliable but not guaranteed. -----
Copyright: 2009 by HiCentral MLS, Ltd. Tue, Jan 20, 2009 11:23 AM

If these homes aren't in the budget, you can get a home on one of the nearby ridges with an ocean & golf course view for around $1 million and up.

Looking to Buy? Looking to Refi? Now is the Time!

David Buck (Hawaii Life Real Estate Services, LLC) — Mon, 05 Jan 2009 14:12:14 -0600

I recall in the spring of 2008, we were able to refianance our current residence at $4.875 on a 30 year fixed. We got totally lucky. We were able to lock during a day of high market volatility. Since then, nobody would believe me on the rate I got. They'd ask "for a 15 year mortgage"? I'd smile and reply, "actually a 30 year". Rates then started to go up to above 6%. Several of my buyer clients proceeded to purchase last year in the high 5 to low 6% rates. I almost felt guilty because my interest rate was so low...

Guess what? Rates are even lower today! I've had a lender friend of mine tell me she's refinancing her current residence for 4.5% for 30 years! Another lender friend of mine is doing so many deals they don't know what to do... Another agent in my office is locking in at 4.375% I can't believe it! I've never seen rates so low! If you're on the sidelines & capable of qualifying for a new loan or refi, now is the time!

Home Raffled for $50 in Maryland. New way to sell property in Hawaii?

David Buck (Hawaii Life Real Estate Services, LLC) — Wed, 31 Dec 2008 02:05:20 -0600

I was watching CNBC tody and heard of a story where a desperate seller in Maryland decided a new approach on selling his home: Sell 31,500 raffle tickets for $50... Would this work in Hawaii? Initially my thought would be yeah, people would be all over this since so many people flock to Las Vegas to gamble. Then I realized that's why they go there: gambling (essentially what this is) is illegal in Hawaii. In this circumstance, they are selling these tickets with the "opportunity" to win a $1 million + home. That is also why we don't have a lottery here... Oh well, someone in Maryland will be a happy camper in the new year if they can actually buy a $1 mil. home for $50 bucks :)

RE/MAX agent is HBR's Realtor of the Year for 2nd Year in a Row

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 23 Dec 2008 16:12:41 -0600

I'd like to congradulate Shelly Campbell of RE/MAX Honolulu who was named the 2008 REALTOR of the Year by the Honolulu Board of REALTORS. This is the 2nd year in a row a RE/MAX agent has won the prestigious award! Our own PB Judy Kalbrener was last year's recipient!

I'd also like to thank my clients for nominating me for the Aloha Aina Award this year. It looks like there were 375 nominees out of the 6241 members of the Honolulu Board of Realtors. Since only 6% of Realtors that are members of the board were nominated, I feel very honored :)

3 Reasons Why Foreclosures Low in Hawaii

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 23 Dec 2008 15:29:28 -0600

Here are 3 reasons in my opinion why foreclosure rates are low in Hawaii:

1. It is Hawaii. Especially this time of year, you see all the news about bad weather, snow storms, floods, etc. on the mainland. I think people work harder to keep a home here in paradise with good weather.

2. You can't just pack up the car & drive to another state. To move back to the mainland, takes time & money, most of which people going into foreclosure don't have. Better off trying to make it work here.

3. We are not a Non-recourse state. There was a great article put out the AP featured in our Sunday's Honolulu Advertiser. It made a lot of sense & shed light on why states that have non-recourse laws have higher foreclosure rates. Those states are Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah and Washington. Homeowners in those states are more likely to "walk away" from their home because apparently the lenders can't sue them & go after other assets. That's why there's more foreclosures there & not here. That's also why you can get a better deal on foreclosures there vs. here.

Honolulu, HI has the Smallest Carbon Footprint Amount U.S. Cities According to Study

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 16 Dec 2008 18:34:27 -0600

I recently read an article titled "What Carbon Studies Tell Us-So Far" in Urban Land Magazine. What caught my eye and was interesting was that Honolulu had the smallest carbon footprint among U.S. Cities, according to "Shrinking the Carbon Footprint of America" study published by the Brookings Institution in Washington, D.C.

According to the study, Honolulu had 1,356 metric tons per Capita. Lexington, Kentucky was the highest with 3,455 per capita. What was also interesting was that Los Angeles was ranked 2nd behind Honolulu for the lowest. This is great news for us if the study is accurate! Are you surprised? Just another reason we are LUCKY to LIVE in PARADISE!

Oahu Sales Down for November, Ironically so was Inventory…

David Buck (Hawaii Life Real Estate Services, LLC) — Thu, 04 Dec 2008 03:26:48 -0600

Remember when the Dow Jones plunged, the "bailout" talks started & the sky was falling? A lot of that was mid September. Those going into contract then equated to November closings! I unfortunately had 3 deals fall apart on me during all this. Guess what? We're all still alive & breathingJ I've since put several deals back under contract. As predicted, November 2008 would be an interesting month with our stats.

Through the month of November, everything seemed to be down across the board. Year to date, our total volume of sales on Oahu is down from $4.65 Billion to $3.447 Billion. This is a 25.9% decrease from 2007. The total number of sales on the island is also down over 30% as well. You would think this would equate to higher prices, right? Wrong- the reason why our volume is down less than sales is there were some monumental sales in Diamond Head and Kailua. As the saying goes "those with money, will always have money"... So what did happen to prices? Our median sales price for a single family home is also down at $594,500 which is the 3^rd time in the past 3 years we've dipped under the $600,000 mark. Condos were also down with a median sales price of $316,000 which actually wasn't as bad as November. There are two areas of interest to note that stuck out at me:

•1. The number of Condo sales on Oahu was 201, down from 316 the previous month and the lowest number of sales since 1999!

•2. The number of days on market for condos was 88, up from 53 the previous month and the longest time on market since 2000!

What does this mean? The condo market is slowing down dramatically! There were months over the past year when we were having more sales in a project than we did the whole island last month! What's also interesting is there were over 500 new condo listing that came on market. Existing inventory is 2,655 units, actually down from 2,663 the previous month. Well if 500+ came on market & only just over 200 sold, how is inventory down? A number of reasons: sellers pulling their place off the market to rent (I have several clients considering this) or the listing could have expired. If only 200 units sold and 2655 are on market, as a seller you have to ask yourself: What will it take to get my place in the less than 10% of listings that are actually selling? PRICE! Places that are priced right will sell!

What does this mean for buyers? It's a great time to buy! Both homes and condos are sitting on the market longer, sellers are motivated, you can get a better buy than you could over the last few years and interest rates are back to the low 5% range!

Craiglist Honolulu is the Latest Avenue for Nigerian Scams

David Buck (Hawaii Life Real Estate Services, LLC) — Sun, 30 Nov 2008 01:26:32 -0600

I've had several people contact me recently asking about properties they saw on the internet. Initially, I was excited to work with another buyer, however they were not asking about a property to buy/purchase. They called me as a third party source to see if a listing they saw for rent on Craig's List was for real and if the owners are really looking to rent it. The reason that spawned their calls was that the "so called" seller would only communicate through e-mail and ask them to wire $ to them for a depost- FIRST RED FLAG! They also said the owner was in Nigeria- SECOND RED FLAG! As a courtesy I looked these properties up & they were actually in MLS. The owners however were here in Honolulu! What it seems these scammers do is pull photos off active listings, then post the info. on Craig's List as if they were to the owner. What seems to draw them more candidates is they put the rent really low to get a lot of takers. 2 of the calls I got were on a home in Niu Valley that would normally rent for roughly$2500/month. They had posted it at $1100/month. They probably have no idea however since they are potentially half way around the world... To date, I've probably received at least 4 of these types of calls & in all circumstances I suggested they contact Craig's List and the authorities (ie. HPD, FBI, etc.). BE CAREFUL! There's a lot of crazy stuff out there!

I have a lot to thank God for

David Buck (Hawaii Life Real Estate Services, LLC) — Thu, 27 Nov 2008 13:43:56 -0600

2008 has been great & I have a lot to thank God for:

1. Blessing me with my 2nd child this year

2. Letting me help clients buy their first homes and realize the American Dream

3. Being blessed to live in the greatest nation and most beatiful state in our nation

4. Doubling the number of real estate transactions I had compared to 2007!

What's Selling in Oahu? Homes $500-699k; What's not Selling? Homes above $1 Million

David Buck (Hawaii Life Real Estate Services, LLC) — Thu, 27 Nov 2008 00:55:21 -0600

We recently got our market update from the Honolulu Board of Realtors from the 3rd Quarter of 2008. After looking at the stats, what jumped out at me are two things:

1. Single Family Homes from $500,000 to $699,000 are selling! 34.5% of all homes sold fell in that category. This was the largest category/price bracket followed by homes in the $700,000 to $999,000 range at 24.7% of sales. Meanwhile, when you look at the inventory in that same price range it encompassed only 29.8% fell in the $500,000 to $699,000 range.

2. Single Family Homes over $1 Million counted for roughly 14.3% of sales in the 3rd quarter. Meanwhile, 28.3% of the homes on the market are over $1 Million!

What does this mean? Homes in the $500,000 to $699,000 are selling! This is no surprise in that our median sales price has been hovering in the $600,000 range for years... If you want your home sold, there's more likely it will sell in the price point. However, no matter what the price point, homes priced well will sell! Good news is if you're in the $1 million + bracket, there's A LOT to choose from :)

Diamond Head High End Round 2

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 09 Sep 2008 04:26:51 -0500

Just 1 day after my previous post on Diamond Head Luxury homes, 3239 Noela St., which was asking $12.6 Million went into escrow! It was also over an acre & sold for $9 million back in 2000. It would also have to be one of the trophy properties in Diamond Head at the end of a culdesac & also the highest priced listing in Diamond Head- as of now....

3239 Noela St.

No Slowing Down for High End Real Estate in Diamond Head

David Buck (Hawaii Life Real Estate Services, LLC) — Tue, 02 Sep 2008 03:28:58 -0500

There's no question the market is "slower" than it has been. However one segment that has recently picked up steam over the past week is high end real estate in Diamond Head. On Thursday, August 28th, 3063 Diamond Head Road sold for $9.5 Million Cash! Just two days prior, 3944 Noela Place, which is asking $8.2 million went into escrow. On top of that 3692 Diamond Head Circle closed for $9.7 Million on July 28th... Keep in mind, these are all "Trophy" properties, however only the Diamond Head Road sale had a sliver of the property that went down to the water. As a whole, these are all non-oceanfront... Amazing! In my opinion, some better ones are still on market! I've been in all 3 of the homes mentioned. If you're looking for your own "Trophy" property, you know who to call :)

3063 Diamond Head Road

3944 Noela Place

3692 Diamond Head Circle