Honolulu Real Estate and Community News Courtesy of Michael Zimmerman (RA) » Real Estate

Just Sold: Ocean Vista Two Bedroom Condo

Michael Zimmerman — Sat, 12 May 2012 10:12:26 +0000

Michael Zimmerman just sold apartment 802 in the Ocean Vista condominium.

Sold for $305,000 Fee Simple

Ocean Vista
3033 Ala Ilima Street #802
Honolulu, HI 96818

MLS #1200265

Rarely available Ocean Vista apartment. Centrally located, small family unit aggressively priced. Remodeled with updated features including new refrigerator, washer/dryer, floor, ceiling fans and window treatments. Building is very secure, private and quiet. One of only two units per floor and enough space for a small family.

Two bedrooms, two baths
One assigned parking space
Living area approximately 1012 sq. ft.
Owner occupancy 76% (Sep 2011)

Contact Michael Zimmerman or visit my web site to perform your own specific Honolulu condo search.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Sold in Just 17 Days: Ocean Side Koolani Two Bedroom Condo

Michael Zimmerman — Thu, 03 May 2012 10:03:55 +0000

Michael Zimmerman just sold apartment 2907 in the Koolani Condominium.

Sold for $790,000 Fee Simple

SIMPLY SENSATIONAL

Koolani Condominium
1177 Queen Street #2907
Honolulu, HI 96814
MLS #1202962

View all 36 large photos

Interactive Floor Plan

View the Home Flyer

Perched high above the city, this home offers breathtaking views of rainbows, ocean, harbor and city. The apartment features a gourmet kitchen with stainless steel Viking appliances and granite counters and is ready for immediate move in. Just steps away from theaters, malls and restaurants; it’s a wonderful place to live & enjoy life. Exactly what you’ve been looking for.

Located in Kakaako, the Ala Moana Shopping Center, Ward Centers, Downtown, Chinatown, Restaurant Row, Aloha Tower and Waikiki are all just minutes away. The lobby is beautifully furnished, has soaring ceilings and amazing artwork. The recreation deck includes a swimming pool, hot-tub, two tennis courts, six barbecue grills, picnic tables and a putting green.

Stunning sapphire and turquoise blue ocean views
Large windows and natural light brighten each room
Master suite large enough for king-sized bed
Both bedrooms have abundant closet space
Ample in-home storage
Living area approximately 1151 sq. ft.
Two covered, assigned parking stalls

Are you looking for your very own high floor condo with a spectacular view? Contact Michael Zimmerman or visit my web site to perform your own specific Honolulu condo search.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Honolulu Real Estate: Ocean Side Koolani Condo for Sale

Michael Zimmerman — Fri, 16 Mar 2012 10:16:26 +0000

Michael Zimmerman just listed apartment 2907 in the Koolani Condominium for sale.

SIMPLY SENSATIONAL

Koolani Condominium
1177 Queen Street #2907
Honolulu, HI 96814
MLS #1202962

View all 36 large photos

Interactive Floor Plan

View the Home Flyer

Don’t miss your unique opportunity to own this finely crafted two bedroom condominium.

Stunning sapphire and turquoise blue ocean views
Large windows and natural light brighten each room
Master suite large enough for king-sized bed
Both bedrooms have abundant closet space
Ample in-home storage
Living area approximately 1151 sq. ft.
Two covered, assigned parking stalls

Please contact Michael Zimmerman if you have a specific question or want to learn more about this fine home.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

Honolulu Real Estate: Anga-Roa One Bedroom Condo For Sale

Michael Zimmerman — Mon, 16 Jan 2012 10:16:36 +0000

Michael Zimmerman just listed apartment 403 at the Anga-Roa condominium for sale.

Anga-Roa
1545 Nehoa Street #403
Honolulu, HI 96822

MLS #1200525

Perfect for investors and first time home buyers. Excellent Mauka views! Convenient to the freeway, schools and shopping. Apartment is on the cool side of the building. Pet friendly and electricity is included in the maintenance fee. There are only four apartments per floor, so it’s calm and private.

Don’t miss this opportunity.

One bedroom, one bath
One assigned parking space
Living area approximately 730 sq. ft.
Owner occupancy 47.5% (Dec 2011)

Please contact Michael Zimmerman if you have specific questions about this home.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

Honolulu Real Estate: Ocean Vista Two Bedroom Condo For Sale

Michael Zimmerman — Thu, 12 Jan 2012 10:12:28 +0000

Michael Zimmerman just listed apartment 802 at Ocean Vista for sale.

Ocean Vista
3033 Ala Ilima Street #802
Honolulu, HI 96818

MLS #1200265

Don’t miss this opportunity.

Two bedrooms, two baths
One assigned parking space
Living area approximately 1012 sq. ft.
Owner occupancy 76% (Sep 2011)

Please contact Michael Zimmerman if you have specific questions about this home.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

New Honolulu Condo Planned: Waihonua at Kewalo

Michael Zimmerman — Sat, 03 Dec 2011 10:03:08 +0000

NOTE: The Waihonua developer demanded I remove all links to the Waihonua web site. Apparently they believe the general public is not able to distinguish between the developer’s web site and my blog. While I don’t share this belief, I have complied with their demand.

I read a recent article in the Pacific Business News. Here are the highlights:

Eight years ago, Alexander & Baldwin (A&B) was the first developer in Hawaii to get started on a high-rise condominium project just in time to take advantage of an upswing in the residential real estate market. Hokua at 1288 Ala Moana Blvd. quickly sold out and was the first of nearly a dozen condo towers to sprout up around Honolulu during the last economic boom.

A&B announced plans to develop another condo tower in Kakaako, just as the local economy is starting to recover from a recession and prolonged downturn. Waihonua at Kewalo is a 43-story tower planned for a 1.73-acre lot located between Hawaiki Tower and Koolani. The building will have 345 one-, two- and three-bedroom apartments that will be priced starting at $400,000, $565,000 and $720,000. There will be seven penthouse units as well. The architects are Design Partners Inc. of Honolulu and Pappageorge Haymes of Chicago, with interior design by Honolulu-based Philpotts & Associates.

The building is referred to as an “upscale” project because of the finishes in the apartments, but not as upscale as Hokua, whose apartments are more spacious and have better, unobstructed views of the Pacific Ocean. A&B believes the project will appeal to a broad market, from first-time buyers to people looking to downsize from single-family homes. The project also includes a 73-unit affordable rental for seniors that will be located about a block away and is being developed by the Pacific Housing Assistance Corp.

The sales office will open to start pre-sales in a few weeks and construction is projected to start by the end of 2012.

If you’re interested in a Waihonua at Kewalo purchase, please contact Michael Zimmerman.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Appraisals May Derail Your Home Sale

Michael Zimmerman — Sun, 20 Nov 2011 10:20:35 +0000

I read an article about how home appraisals are causing more and more home sales to fail. Here are the high points:

In the past, appraisals rarely disrupted a home sale, but housing experts say new requirements and a difficult housing market are doing just that. In 2011, 33% of realtors reported appraisals resulted in buyers and sellers delaying or canceling contracts or renegotiating a lower sales price. That’s up from just 10% in years prior to 2009.

Lenders are requiring more rigorous home appraisals. Appraisers determine home values by reviewing comparable sale prices in recent months. During the housing boom a few years ago, appraisers cited as few as three recently sold homes in their report. Today, lenders often require at least six comparable sales. To meet that number, appraisers may use homes that are less similar and may be short sales or foreclosures, though they try to account for what these properties would have sold for if they weren’t distressed sales.

An appraisal helps ensure the buyer isn’t overpaying. If the appraised value comes in below the agreed contract price, the lender will usually offer a smaller mortgage. Typical solutions include having the buyer pay the difference out of pocket, lowering the sale price to meet the appraised value or adjusting the price somewhere in the middle.

Below are ways to avoid appraisal complications.

Sellers
Before putting the home on the market, research what similar homes nearby are selling for by looking at online listings, visiting open houses and speaking with real estate agents. Sellers can also pay for their own home appraisal to get a sense of their home’s value. The cost of an appraisal varies, but typically ranges from $400 to $600.

Buyers
When buyers make an offer, they may include a contingency clause in their contract that guarantees they’ll receive their initial down payment back if the appraised value is below the agreed purchase contract price. If the appraisal comes in below the agreed price, buyers have several options. If they’re no longer interested in the home, they can walk away (if they have an appropriate contingency clause). If they still intend to buy the house and they can prove the report excluded similar, nearby properties or had some other issue, they can appeal or ask their lender for a second appraisal. If those strategies don’t work, the buyer and the seller can work out an agreement on their own.

If you have questions, please contact Michael Zimmerman.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Home Staging is No Substitute for Intelligent Pricing

Michael Zimmerman — Mon, 03 Oct 2011 10:03:50 +0000

I read what would be an amusing, if it wasn’t so true, article written by Arizona Realtor Paul Pastore. Times are tough for many home sellers, but the thoughts expressed about pricing and staging, while tongue in cheek, are spot on. The entire article is below.

“Home staging is not a substitute for proper pricing. It is only one leg of the ‘home selling stool’.

Pricing, staging, and marketing all must be correct for a property to sell.

This week I viewed a property owned by a seller who thought he could fool ‘all of the people all of the time’ with home staging. He hired a local expert and a stager from California to ‘cutify’ his property. The seller felt he could overprice the house by 50k after spending a few grand on staging cosmetics.

The seller purchased the property about a year ago for 390k & rolled his costs into a VA loan. His balance is around 400k. The current market value is 375k. After costs he is about 50k under water. He could short sale the house, bring cash to closing, or ‘doll it up’ and ask 425k in an effort to break even. He foolishly chose the latter strategy.

A sage once said that you can put lipstick on a pig, but you still have a pig. An agent can stage an overpriced home, hold open houses every day, give out free hotdogs on the weekends, dress up in a clown suit and spin a sign on the nearest corner, have the Boy Scouts hand out flyers, have the 13 dogs that set the Guinness book of records jumping rope for the neighbors, have the Blue Angels do a fly-over, use the property for a charity Christmas boutique, offer a free petting zoo in the back yard, free car washes in the front yard by scantily clad cheerleaders, and have the home featured at half-time on Monday night football.

If the home is overpriced it still will not sell.

Home staging is to selling as red robes are to Catholic cardinals. They both look great.

Few people buy a book based on its dust jacket. Few home buyers overlook relevant comps because the home looks great and smells like vanilla extract.”

Avoid These Investment Mistakes

Michael Zimmerman — Sat, 17 Sep 2011 10:17:56 +0000

I read a recent article online at the Wall Street Journal. Here are the highlights:

Traditional investments are providing low returns and some real estate prices are at bargain levels. Real estate investments can be quite profitable if all goes well. The Obama administration is looking for ways to convert some Fannie Mae/Freddie Mac foreclosed homes into affordable rentals, so more properties may be coming on the market.

Owning rental properties is time consuming and expensive; it’s very possible to lose money. Avoiding these common mistakes may help you minimize your risk:

1. A cheap deal isn’t always a good deal. You may buy some properties at a low price, but that doesn’t mean you can easily find a tenant. Homes in poor locations aren’t any more appealing to renters than they are to buyers.

2. Don’t overlook key costs. You need to know more than the potential rent. Before you buy a property, consider closing costs, immediate repair costs to make the home livable, annual maintenance costs and your holding costs.

3. Time is money. You lose money when your property is empty, whether you are painting it or between tenants. You may be better off accepting a lower rent now than waiting for a higher paying tenant.

4. Don’t assume you will sit back and watch the rent roll in. Just like some homeowners, tenants lose their jobs and stop paying the rent. Evicting them can take several weeks or months and some steal appliances or other property. You or your property manager should screen prospective tenants carefully.

5. Don’t ignore repair costs. As with all homes, you may be making lots of repairs. You may find wood rot or mold when you remove that cracked bathtub. Carpet in rentals typically must be replaced every five years and you may have to repaint after every tenant. It’s a good idea to set aside six months of expenses so you will have funds when a major repair is required.

6. Don’t confuse owning a rental with owning a home. You might put up with flaws in a home that a tenant won’t tolerate. In addition, many states and communities have strict, complex laws for landlords, even if you own just one property. A property manager can handle most of the headaches, but you should expect to pay him/her for finding and screening tenants and around 10% of the monthly rent for managing the property.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Virtual Tours for Real Estate

Michael Zimmerman — Sat, 30 Jul 2011 10:30:01 +0000

The following article was kindly contributed by Catherine Pitts, Vice President, 360 Island Tours.

There is no question the importance of photos for your property listing, people are visual creatures, much of their stimulation comes from non-verbal communication, and businesses of all types rely on visual communication to engage potential consumers.

A great photo garnished with a soothing beat has become main stream for Realtors to show case their properties. And a good photo can bring a property to the front of the running. Where as a poorly taken photo can completely fool the viewer into thinking the property is not quality they are interested in.

A good Virtual Tour can simulate the environment to make it seem real. Allowing the viewer to become virtually immersed inside of them, as if they were standing right in the middle of the scene! The fast advancement of technology has and continues, to produce some amazing features that can be added to a virtual tour. Flash, Audio, Embedded Video…all of these features can make a Virtual Tour seem real, much like a Video Tour.

The difference between a 360 Spherical Panoramic Virtual Tour and a Panoramic Video Tour is the feature of navigation. A video is static to how it was recorded and produced. But a Panoramic Virtual Tour, uses a series of shots taken from a single vantage point, that have been “stitched together”, with software to give it the immersive appearance, allowing the user to control the movement, direction and speed. Navigating through hotspots, they get to choose where they want to see next, and can easily revisit a room or area. And they have the ability to look at all of the features the property has to offer at a speed they are comfortable with, giving them complete control of their experience.

When I browse Real Estate sites, I am one of three things:
1) Disheartened by the poor photos and lack of photos
2) Enticed by the quality photos, curious about the listing and wishing I could see more without the hassle of contacting the agent and waiting for a reply.
3) Satisfied with a virtual tour and either excited to contact the agent, or excited to look for another property.

From the first moment I ever came across a Virtual Tour I was awed by them.

And I saw the importance they hold for Real Estate (and businesses).

They Hide nothing! The viewer does not have to guess if you are only showing them the “good” photos, Interactive 360 Panoramic Virtual Tours allow the visitor to navigate the property and see each room for what it really is.

They are convenient! Allowing the visitor to view the property 24/7 and also to share the property with those who may be big decision makers in their purchase choice. Open Houses that can be a hassle for the busy potential buyer, or trying to explain details to those who will give important feedback in their choice can be eliminated through the use of a Virtual Tour.

They are interactive! An interactive listing or site holds the visitors attention, making a longer lasting impression.

Vision becomes Envision! A Virtual Tour creates a scene for the viewer, in which they are able to get a sense of the dimensions of a certain listing, making it easier for them to “see themselves” in your property. Navigating around rooms, the viewer has a better opportunity to visualize their furniture, their art, their life in the Virtually Showcased listing.

The information age has provided some very amazing tools for both companies and consumers alike.

Catherine Pitts
Vice President
360 Island Tours