Just recieved a call from a client, Hey Lance - whats my Kailua Village unit 610 worth these days. Now you would have to know that I had this in escrow for him at $250,000 3 years ago, (fell out - so he pulled it) so I need to be a little delicate with my answer, and he is up there in the years, so that adds a Little more concern to what i'm about to tell him, I mean there is no one around to help him up off the ground when I give him this news - but hey - it is what it is - As were talking and I am pulling up listings, I figure here is my break, I will get him to sit down at his computer to look at the comps with me - That way I dont have to be concerned about his falling down.
Lets see, ground floor just sold at $74,000 - Nothing - didn't here a thump on the other end, just kind checked real quick - Hey El - you there - slow response back - yaaaa, then I let him know it was all original decor, with no views
Ok, 4th floor just closed at $95,000 - looks like its all still 70s decor, with a little peek-a-boo view, things are looking little better for my client. we all know that as a rule of thumb - a nice ocean view adds $25,000 to a listing - remember, just a rule of thumb.
So if I add $25k to the 74k sale, and figure the peek-a-boo was worth about 15-20K - I am fair to put a number of $99,000 on it. Waiting for the reaction? It didn't come, maybe a little, but not much - 10 minutes later I have this great listing at $99,000 - and its currently rented for $950.00 a month.
Get this too - Owner will finance if buyer has a significant down payment !
Let me know if you have any investors interested.