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Settling in to summer, July stats stay constant

Holy smokes, did summer ever come fast and the heat is here! Meanwhile, in the real estate market, the hot market continues as prices remain high and inventories remain tight! We are starting to see some signs of a lighter strain, but we are far from balanced. Let’s see what the stats actually say and see what the rest of the year has in store!

[Read more…] about July 2022 Real Estate Market Recap & Opinion

Summer is here, but is the “heat” still in the market?

As I write this article, I’m looking out my window at a torrential downpour and wondering, “aren’t we in summer?” And like the weather, the current real estate market has been SUPER interesting/confusing, as we see uncorrelated trends throughout all the stats. Let’s dive deeper into the stats to see exactly what is going on!

[Read more…] about June 2022 Real Estate Market Recap & Opinion

Don’t wait for the hurricane alerts! Follow these precautions now to ensure the safety of your family and home!

While some natural disasters are infrequent (like tornadoes), Hawaii is geographically positioned to be high-risk for Pacific hurricanes. From June 1st to November 30th, our risk becomes even greater as we enter “hurricane season.” And while NOAA is predicting a lower-than-normal hurrican season, it’s still important to make sure you are prepared if a storm should hit. Below are some guidelines and resources you can use to get yourself ready this year!

[Read more…] about 2022 Hurricane season starts on June 1st

It’s spring! These April showers are late!

It’s been weird weather this year right? Seems the rains we’ve been experiencing over the past couple weeks have showed a little late this year, as I’m used to May being the beginning of the hot summer months! All signs seem to be showing a drier year overall for the island, so remember to conserve water this summer and check out the Board of Water Supply’s website for tips on how to do that! We all need to do our part to conserve this year, especially with the Red Hill wells closed.

[Read more…] about April 2022 Real Estate Market Recap & Opinion

Prices starting from $271,000 for studio

Cutting right to the chase, here are is the expected pricing for the units at Ulana Ward Village:

• 123 STUDIOS/1 PKG (289 SF): $271,000 – $355,400
• 164 1 BED/1 BATH/1 PKG (527 – 530 SF): $400,500-$556,000
• 287 2 BED/1 or 2 BATH/2PKG (676 – 755 SF ): $504,000- $650,000
• 123 3 BED/2 BATH/2 PKG (854 – 995 SF): $550,000-$717,000

Who qualifies to buy at unit at Ulana Ward Village?

100% of these units will be sold under the HCDA Reserved Housing Program, meaning all units will be sold under market pricing to those who qualify under their criteria.

Eligibility

• U.S Citizen or permanent resident alien
• Resident of the State of Hawaii
• At least 18 years of age
• Buyer (and spouse) do not have majority interest in a principal residence within the last three years
• Will be an owner occupant during regulated period
• Has never purchased reserved housing (exceptions available)
• All household members must qualify under the area median income (AMI) limits, along with asset verification

What does reserved housing mean?

In an effort to create affordable homes for our locals, the Hawaii Community Development Authority assigns requirements for developers to mix in affordably-priced homes when they are building a project. “Reserved” housing refers to housing that falls under the terms outlined by the HCDA and varies from project to project.

Restrictions

• For Ulana at Ward Village, the HCDA will require qualified buyers to be owner-occupants so no investor purchases allowed.
• Buyers will also be held to a mix of 2, 5 and 10 year buyback terms, meaning if you sell the property before your buyback term expires, the HCDA will have the first-right to buy the property (in the hopes of selling to a new qualified reserved buyer).
• Buyers will also have to share any equity earned with the HCDA, meaning no matter when you sell your property, the HCDA will get a portion of your profit when you sell.

Is buying a reserved unit a good idea?

The offer here is simple: qualified buyers will have the chance to live in Ward Villages, a very prime and sought-after neighborhood, for under-market prices. Of course there are trade-offs for the reduced pricing, like buyback and shared equity, so you have to decide if those tradeoffs are worth it to you.

What should I do if I’m interested in buying a reserved unit at Ulana?

Obviously, I’m going to say “contact me” if you’re interested but I know you’d rather have a concrete first step to get the ball rolling. So, if you’re just interested in testing the waters, I’d highly recommend you get your financial affairs in order first. Make sure you have your past two to three years of W-2s and tax returns ready, and make sure you are qualified under their eligibility requirements above.

If you’d like to take it a step further, email me at (nick@marcushawaii.com) and I can set you up with a Buyer Zoom presentation. I can also represent you and look out for your best interest if you decide to move forward with a purchase, since Ulana is allowing buyer representation. If you have already registered with the Ulana Sales Staff without a buyer’s agent, just let the Sales Team Member know that you are working with me and they will loop me in. I’d highly recommend you get a buyer’s representative, since the Sales Team represents the developer.