The word "No" can be a powerful motivator. A few years ago, my client submitted an offer on a townhome listing. Unfortunately, it was a multiple offer situation and a higher offer was accepted.
Although we were sad our offer was not accepted, my client was able to find another property in Kaka'ako.
Just the other day, I was sending listings to a bunch of first time homebuyer clients. As I made my way through the MLS, I saw a town home listing that looked familiar. When I checked the listing history, I realized the condo was the unit my client offered on two years ago.
This listing has been sitting for months. Although the unit itself appears to be well maintained, recent sold data showed it was overpriced. Despite the bidding war that took place a few years ago, home prices at this condo did not keep up. Due to this, the seller probably had to price his/her home on the higher side so he/she does not take a loss on the sale.
There is a misconception that buying real estate on Oahu will always make you money. That is not true. You will give yourself a better chance of your property appreciating in value if you buy-and-hold for the longterm.
About my client: He bought his high-rise Kaka'ako condo for market price. Prices have appreciated very well for her.
JUST SOLD
I was able to help my client purchase her first home. It was a townhome unit in West Oahu. We had been looking for months and we decided to checkout this unit despite there being no listing pictures. To our surprise, when we got to the property, my client instantly knew this was the perfect place for her.
The listing had a few price reductions and it was the perfect time to submit an offer. After some negotiation, I was able to help my client purchase the unit for below market price.
My client has been able to pay down her mortgage, while her unit has appreciated upwards of $100,000 since she bought. Not bad, right?
RAMBLINGS
Tourism
According to Hawaii Tourism Authority, Hawaii visitors arrivals were down almost 98% in the month of August. What are the longterm economic implications if Hawaii fails to restart tourism safely? Unemployment is still in the double digits, but people are still getting sick and dying from COVID-19. Is a pre-travel test the solution to ensuring people's safety and to improving our state economy?
Bowl-O-Drone
The Department of Hawaiian Home Lands announced they will be developing an affordable rental apartment on the site of the old Bowl-O-Drone in Moiliili. The complex will consist of a high rise building and townhomes totaling 270 units.
Hotel
Despite the uncertainties that COVID-19 has presented, residential and commercial properties are still being sold. According to Pacific Business News, a 30-unit hotel in Aiea was sold for more than $10 million. The owner was a local family and the buyer was the City & County of Honolulu. Mayor Kirk Caldwell said the hotel will be used COVID-19 isolation and quarantine rooms and it will be later converted to low-income rentals.
Stay safe and healthy.
-Roda
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