Oahu's housing market is still on fire. Many homes are selling for top dollar and there is still a lack of inventory. I know I must sound like a broken record.
Buyers who decided to wait on the sideline have only hurt themselves. According to the Honolulu Board of Realtors, the median price for a single-family home and condo in May 2021 were $978,000 and $457,750 respectively. The same time last year, the median price were $797,000 (22.7% gain) and $399,000 (14.7% gain). Who would have thought COVID-19 would have created this market frenzy?
This past quarter has been an interesting one. I was able to help both buyers and sellers. Interestingly, I had three sellers who accepted off market offers. Usually, in a hot market, it is best to list your home. In the past year, I have been on numerous transactions where it was a bidding war.
In all three transactions, the sellers were empathetic of the buyer's situation. This was a breath of fresh air since it shows that not all sellers are out for the money. In one of the transactions, I got a call from a buyer. He was looking to purchase a condo in a specific neighborhood. Going through my rolodex, I realized I had a client who owned a unit that met all my buyer's criteria. I was able to stitch together this deal and both parties were satisfied.
I do want to note that buying off market homes are not a common thing. Although our housing market is competitive, there are opportunities. For example, I just closed a on a 2-bed low-rise condo in Honolulu. The unit was recently remodeled and the maintenance fee was low. More so, my client was able to purchase the unit below list price!
I have another client looking to diversity her real estate portfolio. This client recently purchased a home on the outer island. Unlike prices on Oahu, homes on the outer island can be a bit cheaper. This client scored since she bought a vacation rental. Despite COVID, the property had a strong rental history. Score!
Home Maintenance
I recently cleaned my bathroom grout. Surprisingly, it was not as difficult as I thought. After watching a quick YouTube video, I went down to City Mill to buy vinegar, baking soda, and a grout scrubber.
First, I poured vinegar on the grout. After letting it sit for a few minutes, I mixed a container of water, baking soda, and a dash of dishwashing detergent. I poured that solution over the grout and I started to scrub.
As you can see in the picture, the grout started to turn white (on the right side of the picture). Since we live in a condo, our bathroom is not large. Cleaning the grout barely took 20 minutes to complete.
Just Listed
3768 Campbell Avenue Honolulu, HI 96815 • MLS: 202115458 • $1,550,000 (Fee Simple) • Listed by Forward Realty RB-19423.
Rare opportunity to own a single-family home at the base of Diamond Head. This property is located at the end of Campbell Avenue -- just a block away from all the restaurants on Monsarrat Avenue. Conveniently located near Kapiolani Park and Waikiki. The home features a pool and BBQ pit, covered lanai, multiple decks, PV panels, split AC, washroom, and more. This split-level home has a functional floor plan. The upstairs features 2-bedrooms and 1.5 bathrooms and the downstairs features 1-bedroom, a bonus room with a wet bar, and 1 full bathroom. Also, there is an attached studio with a separate entrance. The studio has a wet bar and full bathroom. Add your personal touches and make this your home today!
Ramblings
Due Diligence
Do you own a property that belongs to a homeowners association? Since we have been living in a pandemic, you may have forgot to attend your (Zoom) association meetings. Now might be a good time to see what your condo board is doing; this is to you benefit too.
For years, there has been talks about requiring condos to have fire sprinklers. Here is the latest article written by the Star Advertiser. Regardless if your condo has fire sprinklers, it is important that you have a fire escape plan and that your smoke detectors are working properly. Doing a little planning can save your life. Here is a FEMA fire safety checklist.
Also, do not forget to review your homeowner's insurance policy. Keep in mind there is a condo master policy and your own H06 policy. If you recently remodeled your unit, it might be good to contact your insurance agent to see if you need to update your H06 policy.
If you are looking for an insurance agent or shopping for a better rate, many of my clients have worked with Marc Dixon of All State or Ricky Muraoka of All State.
Most importantly, if you made to the end of the blog, text, message, or email me, "Read your blog." I will enter you in raffle for a free prize.
Stay safe and healthy.
-Roda