My name is Mike Gallagher. I own my own Brokerage and am the leading Real Estate Columnist for Oceanic Cable http://www.aroundhawaii.com
You can visit my webisite for the latest stats: http://www.hawaiirealestatestatistics.com I think you will be glad you did.
Ewa has very little or almost no Short Sales or Foreclosures at this time and combined with low availalbe inventory it "may" look like a good buy. Be careful and visit: http://www.corelogic.com for the latest Short Sale and Foreclosure stats as you will remember Foreclosures have been stalled for some time by Legislation and once again Foreclosures and Short Sales are now on the rise. This is particularly true for Hawaii as well.
Mike Gallagher Real Estate, Inc.
Yes, our prices have been recovering slowly in Ocean Pointe. We still have quite a few foreclosures and numerous Short Sales on the market so it will take a few years to get through all the distressed sales on the market. Lucky you having bought in the first phase as you have great value still despite the market decline.
Investing in an Ocean Pointe or Hoakalei home is still great value even for the newcomer. Ewa Beach rocks as you can get more bang for your buck and the rental market is strong with so many young family's and military loving to live here. Real Estate continues to be a long term investment well worth holding onto as long as the cash flow & tax benefits work for you on your rental property.
The Lagoon will be built in several phases as Haseko has not budgeted for the project since it has changed direction from Marina to Lagoon. They still are working on many aspects of the project which have to go to Planning Commission & Public Hearings before they can start phase 1. Phase 1 will be a small sandy beach on the south-west side with about 200 parking spots, bathrooms, dressing areas, promenade, running/bicycle areas, kayaking, canoes etc..They are under a deadline of 2013 (zoning permits) and are planning to get an anchor hotel with about 345+ keys to help finance most of the project. Per Haseko reps only Hoakalei residents are paying maintenance fees that will help support the maintenance of the Lagoons. The future maintenance cost projections and how these costs will be maintained are still to be seen.
The Coffee Hour sessions having been ongoing for the last 2 months and I attended one since I manage 12 properties in OP and also live here.
Great questions and great answers by the previous 2-agents. Let me start with your last question, it does not look good in regards to Marina being built by Haseko they are probably exploring many options.
Oahu is a seller's market because of the low inventory (less than 6 months) and the reasons for the low inventory are the low interest rates and the low property values. One of the reasons inventory is low is that a large percentage of the home owners today are upside down, meaning their mortgage is more than the properties value and these home owners if not distressed owners are not planning to sell at a loss.
In regards to property values in Ewa as whole CONDO/TOWNHOUSE - 2012, Median Sales Price 2012 $386,500 / 2011 $339, 00 (14%+), FOOT NOTE - Percent of Original List Price Received 94.8% 2012 (great), Median Days on Market Until Sale 66 days FOOT NOTE - OP in the last 6-months its been 42 days until an accepted offer.
I'm stat guy and if you would like a detailed CMA for OP and more specifically for your area of OP, please contact me! Conrad Molina Jr. - Cel# 808-258-4126 & Conrad@NextageAlohaRealty.com
BIG MAHALO FOR YOUR TIME
It is the law of supply and demand. Ewa/Ocean Pointe offers larger sized properties and lower $/square foot than other more central areas. Since the third lane has been added in each direction of Fort Weaver Road, the rush hour commute has been reduced by almost an hour. This has added to its attractiveness. The MLS may show lots of properties in Ewa/Ocean Pointe on the market, but most of them are short sales with multiple offers and that inventory should be slowly dwindling. I don't believe the values will rebound to the 2005/2006 levels, but there should be a noticeable increase. The real estate news sources indicate Haseko is cash-strapped and the Marina project is on hold. There are also many lots which were cleared for building more homes, but there has been no activity for a couple years.
Whether you have a positive/negative cash flow from your rental, or if your market value is less than your mortgage balance, feel free to contact me to weigh your options.
Chris Prendergast, R
Prudential Locations, LLC
Again thank you.
Sue Alden (RA) GRI, SFR, AHWD, e-PRO
Century 21 All Islands