Tag Archives: hawaii

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
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Covid 19 Short Sales in Hawaii Including VA Loans

Due to Covid 19, the real estate market in Hawaii might be seeing short sales appear more frequently due to the value of the home being less than what the payoff for the mortgage is. If you believe you might be in a short sale situation, please contact us for some counseling. Our team have personally done 100 short sales representing both Sellers and Buyers during the recession years. Unlike many other companies that offer short sale assistance, we handle everything personally ourselves. We don’t pass you off to a team of assembly line workers. For more information on Short Sales in Hawaii and VA Loan Short Sales in Hawaii, give us a call or send us an email for more information.

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

Golf Course Frontage Homes For Sale Hoakalei Country Club Ewa Beach, Hawaii

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

Hoakalei Country Club Ewa Beach, Hawaii Construction Progress on New Clubhouse 12.11.17

Members of Hoakalei Country Club in Ewa Beach, Hawaii have been waiting over 9 years for the clubhouse to be built.  Finally there is light at the end of the tunnel.  The new Owners of Hoakalei CC, Hirakawa Shoji from Japan and operating as Sankara Hawaii are making amazing improvements to the golf course and this very nice new clubhouse.  For more information feel free to contact Hawaii Military Realty, Inc., Founding Members, Hoakalei Country Club.