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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 & OpinionAs 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
Are you prepared?
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 1stIt’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
This week, Hawaii became the first state to require sellers to disclose if their property is within the sea-level rise zone. From the north shore to Kakaako, the State of Hawaii published a map showing where to expect the damage, with an estimated $19 billion in property losses to 20,000 residents. All within the next 30-40 years. This pairs with the recently published report by the National Oceanographic and Atmospheric Administration’s 2022 report, estimating a foot of sea-level rise in the next 30 years. With climate change facing us more and more, buyers will need to think harder about where to invest their money as rising sea levels will mean more homes affected.
Read the attached article by Civil Beat for more information: Civil Beat: Hawaii Homeowners Must Tell Prospective Buyers If Sea Level Rise Threatens Their Property
Cutting right to the chase, here are is the expected pricing for the units 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.
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.
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.
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.
Just a quick update on the inventory still available at Koa Ridge. Thanks goes out to our good friend, Ken Ching, for the update!
As for upcoming releases, there is expected to be market-priced townhomes coming later this year, with smaller single-family condominium homes expected in early 2022.
For more information on Koa Ridge, give me a call or text me. Koa Ridge is allowing Buyers to have representation, so I can help facilitate your purchase of these brand-new units!
-Nick