April Real Estate Report: A $259K Ocean-View Condo
Today's Supporting Sponsor: Kapolei Lofts | Studio-living in the heart of Kapolei
Every month the Honolulu Board of Realtors publishes a home sales report for every neighborhood on the island. 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 April Real Estate Report Breakdown
Single family homes are selling faster, up 9% over last year this time. Inventory is 37% higher too. These statistics usually track together — when inventory is higher, homes sell faster.
Single family sold prices are down 2% from original list price, which is good to understand when selling.
Condo inventory is climbing by 28%, while new listings are down by -11%.
Condos are taking longer to sell with 22 days on market, but sold prices are stable, just -1% from list prices.
Sale of the Month: All-Day Ocean Views For Less Than $300K
Where else on Oʻahu can you live with ocean views, in your own condominium, for only $259,000?
The Palehua Villas condo complex in upper Makakilo sits on the hill side, with awesome ocean views from almost every unit.
This month’s featured property has 2 bedrooms, 1 bath, washer and dryer in the unit, and 1 parking stall. It sold for just $259,000, and the monthly maintenance fee is just $366. This type of affordability can offer first-time home buyers the opportunity to put their money toward a home they own, rather than renting.
The city of Kapolei continues to grow with new construction of shopping, restaurants, UH-West Oʻahu, and an expanding job market. Go west to Kapolei!
I have been spending more time recently with first-time home buyers, and want to share some of the lessons I’ve learned.
Housing in Hawaiʻi is not cheap, so it’s difficult for people to buy their first property. Credit card bills and student loans can make it hard to save enough for a down payment. The good news is, there’s a path to homeownership that includes education, assistance, and lender opportunities.
The Hawaiʻi Home Ownership Center is a terrific place to start learning.
They offer a class called “Home Financing 101”, which explains:
- Credit scores
- How to pay off debt to boost your credit score
- How banks and loans work
- How to join their down payment assistance program
The cost is a one-time fee of only $60. I have guided several clients to this organization, as a great education tool.
Assistance can also come from real estate industry professionals like Realtors, bankers and lenders, folks at title and escrow companies, and even insurance agents.
You can seek out at least one person in each profession and sit and speak with them asking for suggestions on how to proceed. Compare notes with all of them, and ask for help. When you ask for help, you will find out that there are some very nice people in these industries, that want to help you get the keys to your first home.
Lender and loan options do exist, including VA, FHA, USDA, and a government backed mortgage credit certificate (MCC).
I offer my assistance to all first-time home buyers, as it gives me great pleasure to help other build personal wealth through the ownership of real estate. If you have questions, just give me a call (808-265-1450).
Special Report for Current Homeowners
If you already own a home, I can provide a free competitive market analysis report that shows the current prices for homes like yours.
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)