Tag Archives: ewa beach

Homeowners Assistance Program (HAP) July 25, 2022

The Army Corps of Engineers had the Homeowners Assitance Program during the recession of 2007 to 2011 that assisted Service Members who were upside down on their mortgages. There were certain criteria that had to be met such as that you must have purchased the property between certain dates as your primary residence and that you must have received that sent you away from the home you purchased. If you met the criteria then the HAP program in Hawaii contributed the difference between what you sold the house for and what your mortgage balance was. The Service Member who sold the house did not make any profit but the HAP program saved the Service Member from doing a short sale or from going into foreclosure.

David Kucic and Hawaii Military Realty, Inc. assisted several Service Members with HAP sales during the recession.

As I look at the current housing market in Ewa Beach, Hawaii, I see a grim picture for Service Members who purchased homes duriing the pandemic and will soon be on orders to leave Hawaii. Many homes are stagnant on the market because of the large amount of homes for sale and the hesitation of Buyers to purchase a home due to the uncertainty of the future, home prices, inflation and interest rates to name a few.

If you are a Service Member in a difficult situation, please dont hesitate to contact Hawaii Military Realty, Inc for honest and truthful information. You will deal with our team of career, retired Service Members, spouses and active Service Members who are all professionally trained and licensed to take care of our fellow Members.

I Predict Short Sales Are Coming Soon July 20, 2022

Unfortunately, I am predicting that there will be short sales on the market within the next 1 to 2 years. I worked approximately 100 short sales for Buyers and Sellers during the recession for both military families and civilians using both VA loans in Hawaii and conventional loans in Hawaii.

What is a short sale? It is when the balance of your mortgage is greater than what you can sell your house for.

Over the past 2 years we have seen a dramatic increase in home prices including Ewa Beach and Kapolei. All of the neighborhoods of Ka Makana at Hoakalei, Kuapapa at Hoakalei, Kipuka at Hoakalei, Lei Pauku at Hoakalei and all of the Ewa by Gentry saw these great price increases.

My concern is mostly for military families in Hawaii who purchased their homes within the past 2 years and will need to leave Hawaii on PCS orders within the next 1 to 2 years. If these military families cannot sell their homes because either the market is flooded with listings or the prices have decreased to an amount below their mortgage balance, they may be forced into a short sale.

They still have the option of renting the house but lets look at some numbers which is what made me write this post in the first place. Lets say a military member purchased a home for $1,000,000 in 2021 using a 100% financed VA loan at 4% interest rate. The mortgage payment including principal, interest, taxes, insurance and HOA fee is approximately $5,000 to $5,200 per month. The average median price for a single family home in 2021 was around $1,000,000 so we can then assume that the home that the military member purchased was a 3 to 4 bedroom single family home with 1,700 SF of livng space, a 2 car garage and a lot size of around 5,000 SF. Hawaii Military Realty, Inc. manages rental properties in Ewa Beach and Kapolei so we know that a home such as this one will rent for somewhere between $3,600 and $4,000 per month depending on whether the house has solar electric panels, nicely upgraded, pet friendly or not and the rent covers items such as cable TV, internet, swimming pool and fitness center. The normal property management fee is 10% of the collected rent so if we aim for the high end and say the house can rent for $4,000 per month then the amount the owner will collect each month would be $3,600 or $1,400 less than what their mortgage payment is. This doesnt even include items such as the Owner having to pay Hawaii General Excise Tax (GET) of 4.712% or any repairs done to the property during the Tenants occupancy. Many military families cannot afford to come up with that deficit of $1,400 per month and this is why I believe short sales will be prevelant in the next 1 to 2 years.

For any military family that is in this predicament, feel free to reach out to Hawaii Military Realty, Inc. as we consider ourselves to be short sale experts and will help you to navigate through the process. With your help and dedication to getting the short sale completed, we can get your home sold and allow you to move on with your life.

I certainly hope that my prediction is not correct and that we may not see short sales but all signs are pointing toward them.

May 2022: Hoakalei Country Club golf course home. David Kucic is proud to announce his new listing priced at $2,200,000.00. Model #6010. Coming soon! The home is solar equipped with 28 OWNED PV panels on the original NEM program with HECO and 2 solar hot water panels. Located on the 13th tee box of the renowned Hoakalei Country Club golf course home of the LPGA Lotte Championship. This home is move-in ready and is in great condition. The views are of the 13th tee box and fairway and 10th green and fairway. Featuring 4 bedrooms plus a den/office on the first floor, 3.5 bathrooms, two car garage with driveway parking. There is one bedroom and full bathroom on the 1st floor. The remaining 3 bedrooms are on the 2nd floor. This is the 60.10 model which does not come on the market very often. Amenities of the neighborhood are a swimming pool, hot tub and BBQ grills. The association fee includes Spectrum provided high speed internet, cable TV, and phone and membership to the Wai Kai Hale Beach Club, a private beach on the Hoakalei Lagoon.

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Hawaii Military Realty recent home sales in 2021. Another record year for success for our clients who are Military, Veterans, Government Employees, Contractors and Civilians.

Waikiki $1,650,000.00

Ewa Beach $580,000.00

Ewa Beach $505,000.00

Ewa Beach $843,200.00

Kailua $1,900,000.00

Ewa Beach $810,000.00

Ewa Beach $1,008,000.00

Ewa Beach $1,100,000.00

Makakilo $855,000.00

Ewa Beach $962,000.00

Ewa Beach $950,000.00

Ewa Beach $1,075,000.00

Ewa Beach $1,200,000.00

Ewa Beach $1,325,000.00

Ewa Beach $1,373,775.00

Makakilo $950,000.00

Makakilo $1,185,000.00

Kapolei $530,000.00

Ewa Beach $775,000.00

Ewa Beach $829,000.00

Ewa Beach $960,000.00

Ewa Beach $680,000.00

Waikele $415,000.00

Waipio $430,000.00

Ewa Beach $745,000.00

Waikiki $4,000,000.00

Ewa Beach $1,715,000.00

$765,000 Just Listed Ka Makana at Hoakalei Resort in Ewa Beach, Hawaii Feb 1, 2021

Great house. Great neighborhood. Owned PV panels. Two car garage. Three bedrooms, 2.5 Bathrooms. 1,500 SF interior. Come to our Public Open house on Feb 3rd from 10am to 12 noon or on Feb 6th from 2 to 5 pm.

www.BaylyBuck.com
www.BaylyBuck.com
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www.BaylyBuck.com

January 2021: Rentals in Hot Demand in Ewa Beach, Hawaii

Its a trickle down effect. Buyers cant buy homes because there is too much competition and the Buyers cant wait forever so they are now turning to renting homes in Ewa Beach, Hawaii or moving into government housing. Its really a shame that these Buyers are not able to be competitive enough to buy homes but its all about “who has the most liquid cash to pay above the asking price for a house?” Typically, that is not my brother and sister Veterans that have this type of liquid cash so they are being priced out of the market. This makes renting a home even a difficult task for some Military Families since they are unable to purchase homes and now there is even competition for rental homes. Some of the most desirable areas in Ewa Beach, Hawaii such as the Hoakalei Resort properties of Ka Makana, Kuapapa and Lei Pauku, Ocean Pointe, Ewa By Gentry homes in all neighborhoods including Sonoma, Prescott, Haleakea, Cypress Point, Woodbridge, Carriages, Parkside, Tuscany, Montecito, Las Brisas, Tiburon, Cortebella, Terraza, Tides, Trades, SeaBridge, Coral Ridge, Latitude and Sandalwood to name a few.

Bidding Wars on Ewa Beach, Hawaii Homes Continues Into 2021

The inventory of homes for sale in Ewa Beach, Hawaii is minimal. There are a ton of Buyers looking for homes. Interest rates are low. Combine those 3 things and you have “bidding wars” on homes. In the past 2 weeks, we have had Buyers make offers ABOVE the list price by many, many thousands of dollars only to get beat out by someone that was willing to go higher. Two of the properties had a total of 28 offers and another one had 22 offers. Thats very hard to compete with if Buyers are not willing and/or not able to pay a higher price and have disposable cash to make up the difference between the appraised value and the inflated price they have to pay just to get the house.

Ewa Beach, Hawaii Homes For Sale Continue Popularity With Military Families

Dec 17, 2017 Hawaii Military Realty Lists For Sale Townhouse at Ka Makana at Hoakalei

Just listed for sale Dec 17, 2017 in Ewa Beach, Hawaii located in Ka Makana at Hoakalei.  Our client wants us to sell this wonderful 3 bedroom, 2 bathroom townhouse with owned PV system with original HECO Net Energy Metering, Single Level End Unit, excellent condition, no carpet, private backyard with 2 car attached garage, plantation shutters, fresh coat of neutral interior paint, closet system, Murphy bed perfect for home office. Maintenance and HOA fees cover water, sewer, trash, high speed internet, basic expanded cable tv, home telephone, use of pool, tennis courts and fitness center. The single level end units are the most rarely available in Ka Makana and only a few were built on the ends
of the townhouse clusters.  $600,000.00

Ewa Beach, Hawaii: A Decade of Price Differences 2006/2007-2017

The housing market in Ewa Beach, Hawaii was a roller-coaster ride over the past 10 years.  A few examples of home prices in a few random neighborhoods:

  1.  Towhomes at Fairways Edge in Ocean Pointe.  A typical 3 bedroom, 2.5 bathroom unit sold new from the developer Haseko for in 2007 for $425,000.  During the recession, the same unit sold as a short sale for $325,000 in 2011.  That unit recently sold in the summer of 2017 for $515,000.
  2. Ewa by Gentry Montecito Tuscany.  A typical 3 bedroom, 2.5 bathroom single family CPR house sold new by Gentry Homes for $391,000 in 2006.  During the recession, the same house sold as a short sale for $340,000 in 2010.  That house then sold in 2016 for $535,000.
  3. Ocean Pointe Single Family Home in Ewa Beach.  A typical 3 bedroom, 2.5 bathroom single family house resale to the 2nd owner sold in 2007 sold for $515,000.  It was then sold as a short sale after we were climbing out of the recession in 2012 for $450,000.  That same size home was sold in 2017 for $665,000.

For more information on Ewa Beach homes for sale, New Construction in Ewa Beach, Hoakalei Resort, Ka Makana, Kipuka, Kuapapa, Lei Pauku, Hawaii VA Loans and short sales, contact Hawaii Military Realty, Inc.