September 2010 Elite Oahu Upscale Real Estate Report

Elite’s latest Oahu Upscale Real Estate Report is now available. The data show that locally we didn’t feel the same dramatic drop in property sales as on the mainland. Sales were down slightly, as was expected, but nothing that would indicate major changes or cause genuine concern. In fact, months on hand inventory for single family homes (a key indicator of market conditions) is stable-to-tight, meaning we’re in a slight seller’s market. That should keep prices stable or even rising a little.

http://www.elitepacific.com/upscalereport.html

If you have questions about this report or are thinking of buying or selling, just give me a call and we’ll go over your options. I’m also continuing to increase the number of rental properties I’m managing, so if you own a rental property and want someone to handle the management while you collect the income, please give me a call.

In other news, I’ve now added professional photography to my list of services. I’ve been pursuing photography as an artistic venture for more than 20 years, and am now turning that passion into a business. I’m specifically targeting real estate and architectural photography, as well as portraiture and modeling. My goal is to provide high level results at very competitive prices. If you need photography services, give me a call.

Beautiful 3/2.5 Townhouse For Rent In Spinnaker Place: $2,100/mo

I have a new rental property at Spinnaker Place in Ewa Beach. This beautiful corner-unit townhouse has been so well maintained, you’ll feel like you were walking into a new home.

The downstairs features a spotless kitchen, living/dining room, half-bath, spacious garage, and cute front porch and yard bound by a white picket fence.

Up the vaulted stairs you’ll find a master bed and bath with a walk-in closet, two smaller bedrooms, another full bath, and hall cabinetry for storage. It makes great use of every square foot.

It’s only a short stroll to the community pool/spa/BBQ/clubhouse where you can lounge and relax. It’s also within easy walking distance to a pre-school and an elementary school.

There are hookups in the garage for a washer/dryer. No pets, please.

For more pictures and information, see:

http://www.postlets.com/rts/4325990

You can also see a slideshow of the property at:

http://www.flickr.com/photos/8019745@N02/sets/72157624683681945/show/

July 2010 Elite Oahu Upscale Real Estate Report

The newest Upscale Report shows a generally stable local market.  Even though June was a terrible month for property sales for the nation as a whole, the Oahu market hasn’t suffered as much, nor have there been new negative trends in pricing locally.  Although new escrows did drop after the end of the tax credit, as expected, average price per square foot is holding ground.

If you’ve been thinking about buying, note that mortgage rates are at historic lows.  Any non-cash buyers out there really ought to consider making a move sooner than later to take advantage of rates.  Assuming prices stay the same or rise, the same property will cost you appreciably less now than if you wait and interest rates go back to more normal levels.  You’ll pay less every month, which will help you in the near term and save you lots of money in the long term.

If it’s time to buy or sell, give me a call.  I’ll help you determine your options and will always work hard for you.

http://www.scottandmikivillard.com/SMV/Upscale_Market_Report_2010_07.pdf

2-Bed Condo Unit in Waikiki: $168,000 (leasehold)

Royal Aloha Unit 1108

Fresh, clean, stylish, and move-in ready! Brand new renovation with new paint, carpet, drapes, refrigerator, microwave, pots & pans, dishes, sofa, coffee table, dressers, lights…the list goes on. The Royal Aloha features amenities and a convenient Waikiki location. Leasehold with a long lease. You’ll love it!

Also for rent at $1,650/mo.

June 2010 Elite Oahu Upscale Real Estate Report

The latest Upscale Report shows sales continuing to rise. We still haven’t recovered to 2007 and before numbers, but are still improving on 2008 and 2009.

In the under $1 million category, new escrows were down in May from April, reflecting the expiration of the homebuyer tax credit. Prices are holding and even increasing slightly, and inventory is still fairly tight.

Upscale properties (over $1 million) showed some new life, however, with an increase in sales, new escrows, and average price per square foot.

It’s quite likely sales volumes would be even better if there were more inventory of attractive properties at attractive prices. If you’ve been on the sidelines wondering whether to list your property, contact me and we can take a detailed look. I always give an honest assessment and candid advice.

Call me if you have any questions at (808) 349-8665.

http://www.scottandmikivillard.com/SMV/Upscale_Market_Report_2010_06.pdf

May 2010 Elite Oahu Upscale Real Estate Report

Elite’s latest Oahu Upscale Real Estate Report shows sales up from last April (up 58%) as well as over last month (up 15%). Condo sales were especially strong during those periods, up 47% from last April and and up 11% from March. New escrows are also looking strong, especially for condos. Some of this can be attributed to the tax credit that required escrows to open by April 30th.

Inventory continues to be tight, so if you are a seller, your property has a better chance of getting attention now than when the market is saturated. Call me and we can look over your options. There’s no harm in free advice, whether that advice is to list your property or wait.

If you are a buyer, call me and we can go over your goals and timeline. It’s true that the internet allows you to do a lot of the research on your own, but there is much more that you’re likely to discover only through an agent. I can add real value and insight to your property search at no cost to you.

In other exciting news, my wife and fellow agent Miki has just accepted an escrow position at Title Guarantee, a locally well-known and respected title and escrow company. Her real estate license will be on inactive status, but I will continue actively working for you on the sales side.

Call me if you have any questions at (808) 349-8665.

http://www.scottandmikivillard.com/SMV/Upscale_Market_Report_2010_05.pdf

April 2010 Elite Oahu Upscale Real Estate Report

This latest edition of Elite Pacific Properties’ Oahu Upscale Real Estate Report shows continued evidence of an improving market. Inventories are low, and escrows and sales are stable and in line with a rising trend.  Price per square foot is down a tiny bit, but within a reasonable range of fluctuation.  The upscale segment of the property market is also stable and improving, with months-on-hand inventory dropping.  For the time being, things look healthy.

The market would probably look even better if overall inventory wasn’t so tight, and if loan requirements weren’t as overly stringent as they are now.  We went from one extreme of no-doc subprime loans to another extreme of tight-fisted lenders with an endless list of things to verify, and we haven’t found a reasonable, consumer-friendly medium yet.

If you’re a seller, think about listing now when there is less competition.  It could be an especially good time if the prognosticators are right that a new wave of foreclosures may be coming down the pike.

If you’re a buyer, get your financing in order so that when you see the property you want, you can be ready to make an offer.

Call Miki or me, and we can guide you through the process.  Whether you’re buying or selling, or just need a professional opinion, we’re here to help.

March 2010 Elite Oahu Upscale Real Estate Report

I present to you the latest edition of Elite Pacific Properties’ Oahu Upscale Real Estate Report.  The news is much the same as last month.  The local real estate market continues to show signs of improvement.  Escrows for single family homes and condos are on the rise, inventory is low, and prices are stable.   The upscale property market is still slow but showing signs of activity; homes in great neighborhoods that are priced right attract the most attention, with some selling almost immediately.  As I’ve said before, overpricing in this market, even a little, means a long wait.

Although lending standards are strict, interest rates are still quite attractive from a historical perspective, at least for a little while longer.  If you are a cash buyer, this isn’t an issue, but if you plan on getting a mortgage, buying now can mean lower monthly payments than if you wait and rates rise (all things being equal).  Tighter loan requirements are making for longer escrows, but deals are still going through.

To summarize, there are good properties to be had at attractive prices, and by sitting it out waiting for another drop, you may miss out.  Give me a call and we can go over your options and goals.

February 2010 Elite Oahu Upscale Real Estate Report

I present to you the latest edition of Elite Pacific Properties’ Oahu Upscale Real Estate Report.  The local real estate market continues to show signs of improvement, and real recovery from January 2009, with inventory at low levels and prices stabilized.  The upscale property market is still slow, but well priced homes in great neighborhoods attract the most attention, and even multiple offers.  Overpricing in this market, even a little, means a long wait.

On the side of caution, foreclosures continue to rise, and many analysts expect a new wave of foreclosures as many owners with pay option ARMs get a bump in their mortgage payments.  With unemployment so high, the timing couldn’t be worse for them.  Also, there is speculation that banks may start to unload some of the inventory of repossessed properties they’ve been keeping on the books, which would lead to increased market inventory and downward pressure on prices.  However, this may apply more to depressed markets on the mainland than on Oahu, where prices haven’t been hit as hard, and where there was less of the “anything goes” lending during the boom.

In short, there are good properties to be had at attractive prices, and by sitting it out waiting for another drop, you may miss out.  For sellers, price right and keep your property in the best showing condition. Lower inventory means less competition for attention, so do everything you can to make the best first impression.

Chinese New Year Party at the Pinnacle

Elite Pacific Properties will be hosting a Chinese New Year party at the Pinnacle penthouse, Kalewalani, on Friday, Feb. 12th from 5pm to 7pm.  If you are interested in attending, please RSVP.  Valet parking will be available.  This will be a great opportunity to experience the world-class style and luxury the Pinnacle has to offer.

Please contact us with any questions.