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Hope your July is going well! Everyone is talking about the "cooling off" of the market. Interest rates have soared to 5.5% but we have to remember this is still a historically medium-low number. Properties aren't flying off the shelves like they used to but prices aren't coming down. Every situation is unique so reach out to me with specific questions and I'll help answer them with data. (Click to play) |
Housing sales volume on Oahu declined in June, with single-family home sales down 20.8% and condos dropping 14.2% year-over-year. However, sales volume is still up compared to pre-pandemic 2019 levels, with single-family home sales up marginally at 9.2% and condos well ahead at 32.3%. The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June. Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500. Properties continue to move into escrow in under two weeks, though single-family homes spent 10 days on the market in June compared to just eight days last year, and condos remained steady at 11 days on the market. Despite this quick pace, the volume of contract signings has subsided, with pending sales falling for three consecutive months, declining 27.7% for single-family homes and 24.8% for condos year-over-year. The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home. New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also adjusting their strategies in response to market conditions. Over the past several months, we’re seeing more sellers decrease the asking price for their properties for single-family homes and condos. |
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Very cool listing I just put up, the ENTIRE top floor penthouse of a condominium with a huge open lanai, 3-bedrooms, 2-baths, and 3-parking stalls! 2638 Nakookoo St #501 in Moiliili just price reduced to $860,000. Contact me if you want to see this one! (Click to play) |
On the next episode of Million Dollar Listing Hawaii we tour 230 Paiko Drive, a 4 bed 3.5 bath beachfront home built in 1968 and recently remodeled last year, with 7,626 sqft of oceanfront land right in front of Paiko Beach! It’s listed at $5.425M so reach out if you want your own private tour 🏝🏡 (Click to play) |
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What are the first steps in buying a home? 1) Figure out financing 2) Property searches and showings 3) Submit offers 4) Go into escrow 5) Record and get your keys! 🔑 (Click to play) |
SEASON 02, EPISODE 01 IS HERE!! THE FIRST IN OUR EXPERT SERIES FEATURING @benfieman . Ben talks about the “State of Real Estate” in Hawai’i and some amazing life hacks that helped him climb the Real Estate ladder in record time. (Click to play) |
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Why You Should Not Use Tax Assessed Values to Value a Property… (Click to play) |
The feds increased rates by another 0.75% to curb inflation which is at 8.6%, the highest since 1981. What does this mean for home buying power? Rates were at 3%, now it has doubled to over 6%. Your mortgage for the same property now costs 30% more. This will slow down competition but inventory still remains historically low. For sellers, your window of opportunity to cash out at the height of the market may be running out. For buyers, I do have one lender still offering 4% at 0 points. Ask me! |
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1) Coral Strand #803: This one was a tough one! We ended up taking over the listing from another agent. We made some changes to the MLS and were present for all showings since we live close by. This made a huge difference so we could open up the home to the beautiful ocean view and play nice relaxing music. We spent a good amount of money on digital marketing and sent out postcards to the surrounding neighborhood. After months on the market we still couldn’t find a buyer so we took down the listing and put it back up. All of a sudden we found 2 buyers who came out of nowhere and really wanted the home and ended up creating a bidding war and selling it for $60,000 over asking! Happy for our seller who purchased in 2018 for $925,000 and now able to retire on a neighbor island after working for so long. Real estate is a great way to build wealth for the future 📈
2) 923 Kapoho Pl: Just helped our buyer pick up this Mariners Ridge home and even got them a $96,000 credit to use on repairs and renovations! With the market softening we are able to help our buyers consistently get the best deal possible. Give us a try, we won’t disappoint #TeamFieman 💪 |
2638 Nakookoo Street, Unit 501 3 Bed | 2 Bath | $860,000 |
400 Hobron Lane, Unit 1110 1 Bed | 1 Bath | $420,000 |
94-1069 Anania Circle, Unit 17 4 Bed | 3 Bath | $798,000 |
2101 Nuuanu Avenue, Unit I2503 1 Bed | 1 Bath | $515,000 |
555 Hahaione Street, Unit 1B 2 Bed | 2 Bath | $698,000 |
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22,000 sqft of vacant land in Portlock with ocean view offered at $3.5M. Large, newly built, Napili Haweo home in Hawaii Kai offered at mid $3M range. 2 North Shore oceanfront homes offered at $4M and $6M. Pacific Palisades Pearl City 3 bed 2 bath home for about $900k. Ae'o 2 bed 2 bath 2 parking Diamond Head Apts (2069 Kalakaua Ave) 2 bedroom 2 bath 1 parking oceanfront units for about $2M.
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New Project Spotlight: Kalae Ward Village |
Ward Village recently submitted a planned development permit application to the Hawaii Community Development Authority for Kalae, a proposed 330-unit residential, mixed-use condominium. The construction cost is not yet available, but according to the developer, Kalae is projected to contribute $606 million in economic impact, $198 million in workers’ earnings and $37 million in state tax revenue. The project also is expected to generate $127 million in real property tax over 30 years. Click here to get on the preferred list for this project and select a unit before it goes out to the public: https://www.fieman.com/buyers/ |
Thankful for my clients who continuously put their trust in me to help get them the best deal possible and congratulations to the other @hawaiibusinessmagazine 2022 Top Performers in Real Estate 🏡 🙏🏻. (Click to view the full list of award winners) |
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The Real Estate Refresh Has Arrived! The most recently published housing data (May 2021) showed the real estate refresh has arrived, as active listings posted sizable gains for the first time in three years. Active listings rose 5% last month, the biggest increase since March 2019. Meanwhile, new listings were up 6% annually. Read More on Mansion Global |
Should You Renovate Your Home Before Putting It on the Market? There's a big difference between renovating a home and updating it. The former involves a more dramatic execution -knocking down walls or retiling an entire bathroom. Updating is making cosmetic changes such as painting a kitchen or replacing a light fixture. Renovating is, obviously, much more expensive and time-consuming than updating, and that's why many sellers resist it when they're listing their home. Courtesy of Martha Stewart Magazine |
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Amazing Landscaping Ideas to Create an Enchanting Outdoor Space. Thoughtful landscape design is the key to creating an outdoor oasis, whether you have a tiny courtyard in an urban area or a sprawling estate in the country. Read on for inspiration that will pave the way to better landscape design for every size and style. Courtesy of House Beautiful |
Thinking of buying a new home or investment property? Ask me how I can help you save time and money in getting you the best deal possible! |
Thinking of selling your home? With interest rates rising now might be the best time. Do you know anyone looking to sell in 2022? Ask me for a FREE valuation! |
Are you in the research phase and want to be kept up to date on the latest real estate market information that pertains to you? Or do you have a referral for me that I will take great care of? Fill out the contact form below! |
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