March Real Estate Report: A FLEX Home Sells At Mehana

Every month the Honolulu Board of Realtors publishes a home sales report for every neighborhood on the island. As you can see, it’s a lot of charts and numbers. Happily, Kapolei Realtor Sam Paltikian, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781), is here to explain what it all means for west side homeowners.

Sam’s March Real Estate Report Breakdown

Here are the most important things to know about March’s real estate report. Keep in mind that the data compared March 2018, to March 2019, with a long 12 months in between:

  1. Inventory climbed as sales slowed. Homes spent more days on the market, with days-on-market for single family homes up 71% and for condos up 23%.
  2. Single family home prices still climbed 3%, so that’s keeping the market stable.
  3. Overall the housing market remains strong for both buyers and sellers. Since interest rates are still low, the market continues with strong activity.

Here are some of the stats so you can see for yourself.
march 2019 oʻahu real estate data
oʻahu real estate snapshot Q1 2019

2019 q1 oʻahu sales price vs original price

Sale of the Month

Did you know that Kapolei offers FLEX homes? Do you even know what a FLEX home is?

mehana townhouseBecause of AMX-2 (mixed-use) zoning in Kahiku at Mehana, you can run a small business from the comfort of your home.

Mehana offers two-story townhomes, with two bedrooms upstairs, and one full bedroom and bath on the 1st level, which is ADA-compliant.

Kapolei offers some of the only options available in this style of living, which adapts to the generations of today!

Sam’s Story

Last month I experienced a first in my real estate sales career. My client is the seller, and he completely remodeled his two-bedroom condo, with $48,000 in upgrades.

He wanted to list at $420,000, to get full return on the remodeling costs. But when I ran a comparative market analysis, the high-end price came out at $400,000. The seller was moving off-island and wanted to sell fast, so he asked me: “Sam, what is your professional opinion?”

I told him the simple truth: “We can list at $420,000 and wait to find a seller to maximize sales price, or we can list at market value of $400,000 and sell quicker.”

The seller decided to list at $399,900 to get just below the market value and create strong interest.

We had ten showings in the first two days, and received a full-price offer, without any special conditions. I was pleased to meet the price my client asked for.

But he said he wanted more.

It’s pretty unusual to ask a buyer to offer higher than the full price, so I had to take some time to think about this issue.

I used my creativity, and asked the buyer to include incentives, to my client, the seller. The result was the buyer giving the seller incentives of an additional $5,000. This is not a common case, as the incentives usually go from seller to buyer. But both parties agreed, and the sale went through.

Just goes to prove, when you have a hot home, you can ask for more.

Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)