Interest Rates At Historic Lows

Sometimes we get all caught up in the daily or weekly fluctuations in mortgage interest rates and don't step back and look at it in the historical sense.  If there is any doubt as to whether this is a good time to buy a home, take a look at the chart below.  WOW!  How many out there remember trying to get a mortgage when rates were pushing up toward 18%?  Unfortunately I do, shhhhh!

The chart was created from historical data published by Freddie Mac.

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Koloa Makai brand new townhomes the best deal in town!

Stop by Koloa Makai daily open house event going on now through the end of the month. Reacquaint yourself with the best deal in town! Seller will give special consideration to all offers coming in by March 31st so don't let your clients miss out!  Details to be given to those who show up!

Purchase of this brand new custom home qualifies the buyer for a huge discount on the adjacent CPR parcel.  Seller is offering a $100,000 discount on the vacant parcel when purchased together with the home!  That's almost 1/3 off the list price which is already below both the purchase price and below the new tax assessment.  Build a second home, a guest cottage, plant crops, or just enjoy an extra-large yard on a combined total of almost a full acre.  It's location in Kapaa upcountry on Hauiki Road is ideal for those seeking peace and quiet plus gorgeous views of the Makaleha Mountains.

If you have seen this home before, you probably won't recognize it now that the landscaping is in.  It's now gorgeous both inside and out. Come take a second look!  Separate list prices for the home and land parcels are $795,000 and $350,000 but with a combined purchase the land is only $250,000!  Call for an appointment. 

See MLS 194900 & 200021.

2008 Kauai Sales Data by Zone

It seems I'm known for my charts and I was asked if I had one for my earlier posting on Kauai sales data.  I do and here it is.  Our value-priced (thanks Maria Haun for the terminology) West Side is lagging in sales.  I'm fortunate to have one in escrow there so the West Side count will soon double unless there's a last minute hitch.

Disclaimer:  Data herein is deemed accurate but is not guaranteed.

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I received a call from a client the other day who insisted our real estate market was "dead".  Perhaps to him it is because none of his 3 listings have sold yet.  He cited statistics from a troubled area on the mainland suggesting that brokerages there were closing their doors and going home.  I certainly hope that is not the case where you are. 

I feel I must carry the flag and say that is definitely is not the case here on Kauai.  Kauai is a small island of a bit over 60,000 residents plus a large number of tourists.  We're holding our own here  and sales are good.  So far in 2008 we have closed 75 homes and 54 condos.  The South Shore area which includes the popular Poipu had 16 home sales and 14 condos.  Yes that's fewer than the boom years but still reflective of a healthy market.  Kauai Rocks!

Kauai Top Brokerages

I'm a little tardy in posting top brokerage information for 2007 but here it is.  I love being afiliated with the #1 brokerage on Kauai!

Disclaimer:  Data herein is deemed accurate but is not guaranteed.

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Kauai Days On Market

For those interested in what's happening with Hawaii real estate, here is a tidbit from Kauai.

Properties on our little Kauai are still selling although at a slower pace than the boom years and it takes a little longer.  See the chart below for our historical days on market for residential, condo, & land sales.

For those wondering about prices, they are UP year-to-date over the same period last year but 2 months of data is likely not sufficient to establish a trend.  One thing that is very clear is that Kauai prices are healthy compared to many of the struggling markets we hear about.

Disclaimer:  Data herein is deemed accurate but is not guaranteed.  Certain adjustments have been made to raw data to remove data items thought to be irrelevant or in error. 

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Grand Open House a Rewarding Experience

I'd like to share my recent experience with organizing and hosting what I called a "Grand Open House".  This was for a brand new home that had been listed for several months without attracting a buyer.  I wanted to do something to generate fresh interest as well as to communicate to the seller that I was thinking outside the box to attract buyers to his property.

First of all, this is not an advertisement because the event is already complete.  And neither was it the normal run-of-the-mill open house where one puts up a few directional signs with perhaps a small ad and then wait for visitors.  Rather it was an event orgainzed with hopes of attracting up to 50 people that was a month in planning and included the following:

• Full page ad in a popular paper that all Kauai residents receive in the mail each week
• Small classified ad in the local newspaper
• Direct mail to local residents of trifold brochures loaded with color photos and information
• Email announcement sent to all agents on the island
• Email announcement to my personal distribution list
• Large 3 foot X 6 foot banner hung in front of property a week in advance
• An even dozen directional signs as far as 3 1/2 miles away
• Staging with furniture and accessories
• Food and refreshments (non-alcholic)
• Prizes (Kauaiopoloy game & food processor)
• Buyer incentive (high definition television)
• Landscaping of entrance by seller (this was an incentive for him to get it done!)
• "Trinket" gifts (coffee cups & promotional items)
• Bubbles & hot dogs for the kiddies
• Music (CD music as a substitute for the guitarist who was unavailable)
• Special guest register
• Drawing tickets requiring name, address, and phone
• Teaming with another agent from the office plus a mortgage consultant who also was a licensed agent (a mortgage consultant who is also a licensed agent is a great resource)
• Radio announcements were considered but not implemented to control expenses (the advertising director provided invaluable local real estate marketing ideas)

This was in a rural environment 3 1/2 miles from town and some of the techniques might not be acceptable in an urban area which might have restrictions on things like banners.  I haven't tallied up the total cost yet but it was acceptable, especially with 2 others to share in the preparation and expense.  Results were less than hoped but excellent compared to the normal open house which might attract 1 or 2 prospects.  This one attracted a dozen groups who registered plus others who did not.  We continue to work with one serious prospect that were so enamored with the place that they sat and relaxed on the lanai for an hour.  They have provided valuable referrals to family and friends that hopefully will lead to a sale.

Yes, it was hard work and time consuming, more than originally envisioned.  But the results were rewarding and it's another tool in my toolkit that I will use again.  This serves as a planing reminder to me and hopefully will be of value to others.

Oh yes, did I mention that I have a nice addition to my list of buyers with their contact information?

Aloha & Mahalo

Visit www.KauaiRocks.com for Hawaii real estate information