Summary
If you are a buyer looking for apartments with lots of interior space or three bedrooms, Imperial Plaza is worth a look.  Four of the eight apartments for sale as I write feature three bedrooms.  Four of the eight apartments have over 1900 sq. ft. of living space and three others exceed 1230 sq. ft. of space.  Two apartments for sale are in the lower townhouse side and there are several choices for buyers who want to live on the tower side above the 30th floor.

 The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  In the last six months, Imperial Plaza averaged two sales every three months and at that pace, it will take 12 months to sell the eight apartments listed for sale.   

The Imperial Plaza Condominium
725 Kapiolani Blvd., Honolulu, HI 96813
Built: 1991  

Apartments currently available

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley 

Availability
Apartments in the building:  205
Apartments available for sale:  8
Average days on market to date:  121
Apartments listed for sale in the last 30 days:  2
Months of inventory available:  12

Sales
Apartments under contract in escrow:  0
Apartments sold in the last 90 days:  3
Average days on market:  182
Average price per square foot:  $495.09
Sales Price / List Price:  98%
Last three sold:
1902 sold on 1/30/12 for $440,000
1101 sold on 1/12/12 for $599,990
1502 sold on 12/6/11 for $475,000  

Do you have questions about The Imperial Plaza?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to conduct your own Honolulu condo search.  

]]> http://michael-zimmerman.com/2012/02/13/february-2012-honolulu-condominium-market-report-imperial-plaza/feed/ 0 http://michael-zimmerman.com/2012/02/09/honolulu-real-estate-statistics-january-2012/ http://michael-zimmerman.com/2012/02/09/honolulu-real-estate-statistics-january-2012/#comments Thu, 09 Feb 2012 10:09:43 +0000 Michael Zimmerman http://michael-zimmerman.com/?p=5681 Continue reading Honolulu Real Estate Statistics: January 2012]]>

The Honolulu Board of REALTORS® released the January 2012 residential resales statistics.  According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

*Median price means half the prices were above and half below the given price.

Read last month’s report

The Honolulu Board of REALTORS® released the second quarter resale figures below based on data collected from its computerized Multiple Listing Service (MLS) system.  The number of homes and condos sold are for the year-to-date for 2011 and 2010.  The median prices cited below are year-to-date for 2011 and 2010 as well.

*Median price means half the prices were above and half below the given price.

Read last quarter’s report

“A country (USA) spending twice as much per capita on education as it did in 1970 with zero effect on test scores is not underinvesting in education.  It’s mis-investing.”

- Charles Krauthammer

Summary
Despite a large 2011 maintenance fee increase/special assessment, One Waterfront Towers sales were strong throughout the past year.  There is just one 1-bedroom apartment available as I write, but there are several low floor and high floor 2-bedroom apartments on the market.  Many offer great views of Diamond Head.  Nine of the 11 apartments offered for sale have been on the market over 100 days (some more than 200) and that indicates they may be priced well above market price.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale trended slightly lower throughout 2011.  In the last six months, One Waterfront Towers averaged two sales each month.  At that pace, it will take more than five months to sell the 11 apartments listed for sale.

One Waterfront Towers Condominium
415-425 South Street, Honolulu, HI 96813
Built: 1989

Apartments currently available:

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Features
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and it’s just steps away from Kakaako Waterfront Park. 

Availability
Apartments in the building:  302
Apartments available for sale:  11
Average days on market to date:  139
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  5.5

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  3
Average days on market:  90
Average price per square foot:  $534.08
Sales Price / List Price:  93%
Last three sold:
A3102 sold on 11/30/11 for $520,000
A4002 sold on 11/18/11 for $750,000
A501 sold on 11/8/11 for $579,000

What else would you like to know about One Waterfront Towers?  Please visit my web site to request free reports for buyers or sellers or conduct your own Honolulu condo search.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.

]]> http://michael-zimmerman.com/2012/01/28/january-2012-honolulu-condominium-market-report-one-waterfront-towers/feed/ 0 http://michael-zimmerman.com/2012/01/25/should-the-u-s-government-be-involved-in-the-mortgage-market/ http://michael-zimmerman.com/2012/01/25/should-the-u-s-government-be-involved-in-the-mortgage-market/#comments Wed, 25 Jan 2012 10:25:01 +0000 Michael Zimmerman http://michael-zimmerman.com/?p=5560 Continue reading Should the U.S. Government Be Involved in the Mortgage Market?]]>

I recently read an article titled “Fannie and Freddie must go – here’s how”.  The authors are Richard Kovacevich, retired Chairman & CEO of Wells Fargo and William Isaac, Global Head of Financial Institutions at FTI Consulting and former Chairman of the FDIC.  Below are the main points of the article.  Read them and you decide if this will benefit the Honolulu real estate market.

Background
The recession of 2008, precipitated by the collapse of the subprime mortgage bubble, may be over, but America’s economic growth is weak.  The housing market must be strengthened.  Yet in the past three years, there has been no progress on the housing front and Washington policymakers seem clueless as to how to turn things around.

Congress wants to raise mortgage fees charged by Fannie Mae/Freddie Mac to pay for the payroll tax extension. Some lawmakers assert this will eventually lead to getting the government out of the mortgage business.  It’s unclear how increasing fees charged by Fannie/Freddie encourage the government to wind down these agencies.  Raising mortgage fees during the worst housing slump since the Great Depression will not stimulate housing or job creation.

Subprime mortgages have existed for decades, but they were well under 10% of the mortgage market until Fannie/Freddie reduced credit standards to meet low-income and minority home ownership targets mandated by Congress.  By 2007, nearly 50% of U.S. mortgages were subprime and Fannie/Freddie guaranteed about 70% of them.

Bank regulators warned Congress for decades about Fannie/Freddie’s risky portfolios, but those warnings were ignored.  Without government guarantees, the subprime bubble and the resulting financial crisis probably would not have happened.  Since Congress failed to act, nearly the entire developed world is suffering from the mortgage-induced recession and U.S. taxpayers are on the hook for hundreds of billions of dollars of losses at Fannie/Freddie.

Steps to Mortgage Reform
The solution is straightforward:  The public/private hybrid of Fannie/Freddie should be abolished, their existing business sold or liquidated and the mortgage market privatized.  This can be done in an orderly way in a few easy steps.

• Fannie/Freddie’s existing portfolio of mortgages should be sold at a rate of about $75 billion a year until it reaches zero.
• The current $625,500 limit on new mortgages guaranteed by Fannie/Freddie should be reduced by $100,000 per year, to ensure both agencies are out of the guarantee business within six years.
• The liability for any outstanding guarantees should be managed by the current government conservatorship of Fannie/Freddie until they run off or are sold.
• If the government still wants to provide mortgages for low-income families or minorities, it should be on budget and be transparent.  The Federal Housing Authority already exists to do this.

Some say this puts the American home ownership dream at risk.  Consider this; the United States is the only major country in the world where the government is heavily involved in the mortgage market.  Yet, the home ownership percentage in the U.S. is less than two percent higher than most developed countries and countries like Canada have higher percentages than the U.S.

Some speculate that mortgage rates would skyrocket and the 30-year, fixed-rate mortgage would cease to exist without Fannie/Freddie.  However, non-conventional or “jumbo” 30-year mortgages not guaranteed by Fannie/Freddie have existed for decades.

In the decade preceding the financial crisis, the interest rate on these jumbo non-conventional mortgages averaged just 0.25% higher than similar guaranteed mortgages.  That’s just over $40 a month on a $200,000 mortgage.  Shouldn’t Americans, like homeowners throughout the world, pay an extra tax-deductible $40 per month so taxpayers aren’t on the hook for hundreds of billions to bail out Fannie/Freddie?

It’s time for Congress to do what it should have done decades ago; get the government out of the mortgage business so taxpayers are never at risk again.

Summary
Nauru Tower sales were inconsistent in 2011, nevertheless, 13 owners sold their apartment last year.  Several different floor plans at varying floor heights are available for sale, so buyers have choices.  2-bedroom apartment 3501 is out of the ordinary in that it has nearly 1900 sq. ft. of space and there is a 1-bedroom available on the 34th floor.   

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Nauru Tower averaged one sale per month and if that pace continues, it will take six months to sell the six apartments on the market. 

Nauru Tower Condominium
1330 Ala Moana Blvd., Honolulu, HI 96814
Built: 1991

Apartments currently available:

Schools
Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Features
Conveniently located across the street from the Ala Moana Beach Park and just one block from the Ala Moana Shopping Center and Ward Centers.

Availability
Apartments in the building:  302
Apartments available for sale:  6
Average days on market to date:  114
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  6.0

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  2
Average days on market:  67
Average price per square foot:  $870.19
Sales Price / List Price:  94%
Last three sold:
3605 sold on 11/18/11 for $1,100,000
2306 sold on 11/18/11 for $1,025,000
1503 sold on 10/12/11 for $925,000

Would you like to learn more?  Please visit my web site to conduct your own Honolulu condo search.  Contact Michael Zimmerman for a no obligation consultation if you’re considering selling or buying a home or investment property.

]]> http://michael-zimmerman.com/2012/01/20/january-2012-honolulu-condominium-market-report-nauru-tower/feed/ 0 http://michael-zimmerman.com/2012/01/16/honolulu-real-estate-anga-roa-one-bedroom-condo-for-sale/ http://michael-zimmerman.com/2012/01/16/honolulu-real-estate-anga-roa-one-bedroom-condo-for-sale/#comments Mon, 16 Jan 2012 10:16:36 +0000 Michael Zimmerman http://michael-zimmerman.com/2012/01/16/honolulu-real-estate-anga-roa-one-bedroom-condo-for-sale/ Continue reading Honolulu Real Estate: Anga-Roa One Bedroom Condo For Sale]]>

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

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

MLS #1200525   

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.

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.