THE CONVERSATION
Owning Oahu real estate can be a sound financial strategy for the longterm. Pulling data from the Honolulu Board of Realtors, the median single-family home price in 1985 was $158,600. Currently, it's over a $1 million. Building your wealth involves a little more than that. Over the course of my real estate career, here are a few things that I noticed.
Focus & Determination: People who want to purchase real estate are focused and determined. They will hire a Realtor, get prequalified by a lender, and checkout properties. Owning a home is greatly important to them and they will make this a top priority. I've had clients who took paid time off to check out a house. I've personally show properties late a night because that's when the client got off from work. I even showed a house on New Year's Eve because that was the only day the client was free.
Every client and transaction are unique. Some buyers move fast and some a little slower. Those who took a little longer usually paid more because mortgage rates and home prices went up. This is not necessary a bad thing, but it gives meaning to the saying, "time is money."
Your Partner: One of the most important things you can do is investing in the right partner. Research that shows that married individuals experience per person net worth increases of 77% compared to their single counter parts.
Hold up, let's pump the brakes. Before you even hire a Realtor and get prequalified with a lender, you and partner better be on the same page. It makes no sense to shop for a home if you and your partner are disagreeing on what to purchase. Make sure you and your partner know what you want.
Discipline: Your home purchase is for you and you alone. We live in a world filled with temptation -- the doom scroll on social media. Stick to what you want and don't let outside things influence you.
I've helped countless buyers who received financial help from their parents. Although some parents had their opinions, all of the parents were 100% supportive of allowing their child to purchase their dream home. Just remember there is a fine line between investment and consumption. Listening to your parents is an investment, whereas watching endless hours of social media videos is consumption.
Time: This is probably the most important thing. Generally speaking, time is usually your best friend over the long term and it can be your enemy over the short term. Oahu real estate is so unique because we only have so much buildable land.
Starting small early can result in you having more later. Just remember it is time in the market and not timing the market.
TIDBITS
When there is an association meeting, one part is called executive session. This is a private meeting that happens outside of the public meeting. Only the board of directors and the association property manager can attend this since confidential and sensitive information can be discussed.
During executive session, the directors can vote and discuss on certain matters like
Personnel
Association litigation
Contract negotiation
More so, directors cannot vote on any issue in which they have a conflict of interest with.
HOME MAINTENANCE
I recently did some touchup painting and I followed these steps. Unlike the video, I only had a very small area to patch. Rather than using spackle, I decided to use Bondo since it dries quicker. The only thing is Bondo dries harder and I had use an orbital sander.
Regardless if you use spackle or Bondo, you should always prime the area. This is something I learned from my friend, Bryson Miyasaki of B&B Painting.
SEPTEMBER MARKET STATS
We are 9 months into one of the toughest housing markets since 2008. High mortgage rates -- the highest in decades -- continue to cool down sales on Oahu. Locally and nationally, sales are down.
Homebuyers are waiting on the sideline because they want to see how things shake up. Will the FED continue to increase the rate?
OPPORTUNITIES
Matsumoto's Okazuya & Restaurant - $475,000 - Turn Key Restaurant For Sale
Welcome to Matsumoto Okazuya, a hidden gem in the culinary paradise of Honolulu, Hawaii! This turnkey restaurant business presents a rare and exciting opportunity for entrepreneurs and food enthusiasts to step into a well-established, beloved eatery with a rich history and a loyal customer base. Conveniently situated in the heart of Kalihi, Matsumoto Okazuya benefits from a prime location with high foot traffic and excellent street frontage visibility. Take the reins of Matsumoto Okazuya, continue its tradition of culinary excellence, and embark on a rewarding journey as a respected member of the Honolulu dining scene. Inquire today to secure your place in this thriving food industry! Base rent: $1,500/month, CAM: $1,076/month, GET: $111.97/month. Next rent step up is from January 1, 2024 to December 31, 2024. Lease expires on 12/31/2025. Sale is for Matsumoto's Okazuya-Restaurant LLC, its FF&E, recipes, and assumption of lease only. The real property is not for sale.
1030 Aoloa Pl #11/311B, Kailua, HI 96734 - $895,000 - Fee Simple, Split-Level Condo
Nestled in the heart of Kailua Town, Windward Harbour presents an unparalleled opportunity to experience the island lifestyle, marrying comfort, elegance, and convenience in one harmonious setting. Spanning over 1,600 living SF, this 3-bedroom, 2-bathroom unit exudes a sense of spaciousness and tranquility. An open-concept living area seamlessly connects the kitchen, dining space, and living room, creating an inviting atmosphere that's perfect for both relaxation and entertaining. High ceilings and large windows invite abundant natural light, and the soothing trade winds remind you that the ocean is just a stone's throw away. Amenities include a pool and jacuzzi, tennis court, and a BBQ area along with ample guest parking. Explore the charming boutiques, local eateries, and cultural events that make Kailua a beloved destination for both residents and visitors. This property is not just a home; it's an investment in a lifestyle that promises comfort, luxury, and the timeless allure of Hawaii.
Stay safe and healthy.
-Ryan Oda
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