Lanikai Real Estate Located in Kailua on Oahu
0Lanikai Beach has consistently been ranked among the Top 10 Beaches in the world according to National Geographic magazine. This is just one reason among many others to purchase real estate in Lanikai.
Located within the town of Kailua on the windward side of the island of Oahu, the exclusive area of Lanikai can be discovered. Here there are multi-million dollar estates, amazing ocean views, and a refined Hawaiian lifestyle.
It is an hour and half commute for all residents to travel to Honolulu. Those who travel here for work in the morning will have an excellent view of the sunrise over Lanikai Beach.
Residents in Lanikai can easily get their shopping done. Nearby Kailua has several shopping centers including: Kailua Town Center, Kailua Shopping Center, and Kailua Foodland Marketplace. Kailua also has excellent restaurant choices.
Lanikai is home to few private schools for children, but for those that are not enrolled in these schools there are public schools to choose from also. These include Lanikai Elementary, Kailua Elementary, Kailua Middle School, and Kailua High School.
Golfers should feel right at home in Lanikai. There is plenty to be excited about – the Olomana Golf Links and Pali Golf Course are just a couple. Pros can try and tackle the Ko’olau Golf Course, which is supposed to be one of the most difficult courses in the country according to the USGA.
Lanikai is well known for its half-mile sandy-white beach. Residents love to lie in the sun, and the reef provides a great area for kids to swim. There are two small islands off in the distance from the beach. They offer a home for seabirds, and Lanikai waters are home to green sea turtles.
There are a variety of house styles in Lanikai. Someone seeking a home here should have a range of house from beach cottages to multi-million dollar estates to choose from. The ages of the homes can also vary with some of them dating back into the 1920s and 30s.
Homes in Lanikai usually sell for over $800,000. Someone looking to purchase a beach home should expect to pay somewhere in the millions, and possibly up to $10 million if not more. These homes may be pricey, but whenever one does become available they are usually off the market within a month or two.
The Big Island Real Estate Market
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The Big Island of Hawaii, often referred to as Hawaii Island, has been seeing generally improving but sluggish economic signals in the last few months. The Big Island real estate market saw mixed home sales data in the month of November, with condominium sales moving in one direction and home sales moving in the other. According to an early December report by Pacific Business News, the number of single-family homes sold on Hawaii Island declined by eight percent compared to year-ago levels, while the number of condominiums sold on the Big Island inched upwards by eight percent relative to November 2009. The median price for a single-family home in the Big Island real estate market was $255,500, a decrease of approximately ten percent from $285,000 in November 2009. For condominiums, the average selling price was $295,000 in November 2010 an increase of eleven percent from $265,000 in November 2009.
Hawaii Island homes for sale and condos for sale should get a boost from the positive trend of the overall economy of the Big Island and state. According to the state Department of Business, Economic Development and Tourism (DBEDT), the statewide economy will likely continue to post modest gains for the next several months and possibly years. DBEDT’s fourth quarter report projects that visitor arrivals will increase into 2013, which is great news for a state that counts tourism as its largest economic sector. This will likely be accompanied by a continuing overall recovery, as seen in the projected gross domestic product. DBEDT forecasts that in 2010, real gross domestic product will grow by 1.4 percent, up from the 1.2 percent forecast in August. The projected number of visitors has been forecast at a 7.7 percent increase relative to year-ago levels, an increase from the 3.1 percentage points predicted in August. DBEDT also projects visitor expenditures to increase by about fifteen percent, also a substantial increase over the numbers suggested in August. Although the number of jobs in Hawaii is forecast to decline, the decline is less steep than previously feared.
The Big Island will soon be seeing a considerable infusion of capital with the investment of a Texas firm called Hunt Cos. After faltering under the pressure of the recession, a luxury housing project on the Big Island will be bought out by the Texas company. The Honolulu Star Advertiser reported that the Texas real estate development was likely to buy out a number of unsold segments of a luxury home subdivision. This subdivision, found on the Big Island of Hawaii, was the brainchild of former HBO Chief Executive Michael Fuchs. Before Hunt Cos. Stepped into the picture, the property was set to be foreclosed on by the three lenders that financed the Mauna Lani Resort, called Ke Kailani. The foreclosure auction on the property was originally set for the end of November, but it was formally delayed until early January. Most likely, however, the deal will be settled by the Hunt Cos. buyout well before then. It is also possible for investors to wait until the foreclosure auction occurs and then bid on the property as an ordinary buyer would. As of the publication of the Star Advertiser article, it was not clear which strategy Hunt Cos. intended to pursue. Ke Kalani includes 25 single-family home lots, as well as land planned for eight condominium units and two completed condo units. Although the majority of the project is slated for foreclosure, fourteen single-family home lots and two condos which had been previously sold are not a part of the auction. One of the reasons for the foreclosure is that only the fourteen properties, out of the originally planned fifty-one were sold by Fuch’s compay.
The idea of Ke Kailani was originally a plan by the former HBO CEO to fund a massive 65-acre parcel for his own estate. The plan, which was created during the strong real estate times of the early 2000s, proposed using other developments to offset the cost of Fuchs’ mansion. Although Fuchs sold 14 lots and two condos for a combined $38 million, the onset of the recession prevented any further sales and doomed the remainder of the $100 million project. Fuchs’ lenders, Bank of Hawaii, Central Pacific Bank and Finance Factors Ltd. filed a foreclosure lawsuit last year, claiming that owed them millions of dollars in both principal and interest. The failure of Ke Kalani is a large example of a trend that often occurred in microcosm across the United States – an individual would purchase an expensive property in hopes of turning a profit and taking advantage of favorable conditions, only to see the market fail and their investment collapse.
Soquel Real Estate
0A small census-designated place in Santa Cruz County, the town of Soquel, California, is home to just over 5,000 residents in the northern part of the state, in the San Francisco Bay region. The community is just minutes from the Pacific shores and just east of Santa Cruz. It is a small, close-knit community and Soquel real estate tends to be more affordable than properties in many of the surrounding communities.
Even though the market is not as high-priced as many in this region, it has nonetheless felt the aftershocks of the crashing of the national real estate market in the U.S. Prices today are still off by about $10,000 from where they were a year ago, in contrast to the usual trend of home prices going up year by year. At the end of 2009, in December, the community saw four new listings of Soquel homes for sale, bringing the month’s total inventory to 31, down from the level of 45 one year ago and down from 50 three months ago in September.
There were eight homes sold in Soquel in December, double the figure of September and up from just three at the same time one year ago. Homes spent an average of 96 days in the market before selling, an average the has risen since September, when it was just 19, and from a year ago, when it was just 52, according to statistics compiled by the Santa Cruz Association of Realtors.
Prices are still continuing to struggle to reach pre-crisis levels. In December, the average price of homes sold was $523,300 and the median price was $537,450. These figures have both fallen since September, when they were $556,500 and $553,000, respectively, but they are up from figures from December 2008, when they were $502,333 and $525,000, respectively.
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La Jolla Real Estate Market
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An affluent community along the Pacific Ocean’s shores, La Jolla, California, lies in San Diego, along the coastline and about 12 miles north of downtown San Diego. The area is a large and popular community in the San Diego region and has a population of more than 40,000. Because the community is full of wealthy residents and because it located along the coast, affording residents beautiful and highly desirable beachfront properties, La Jolla real estate is expensive. In 2009, its home had the second-highest price per square foot of any area in San Diego. Due to its high prices, however, the La Jolla market has seen substantial drops in prices since the economy began to suffer in the U.S. because some argue the market was too overheated.
According to the San Diego Union Tribune annual zip code chart, there were 258 single-family homes and 304 condos sold in La Jolla during 2009. The price per square foot for homes was $593 in 2009, down nearly 14% from 2008, when it was $686. Condos saw a median price per square foot of $387, down 10% from a year earlier, when it was $430.
In December, the median price for a home sold in La Jolla was $1.32 million, a 1.7% increase year-over-yaer. The average price, however, fell 11.2% to $1.72 million. There were 28 sales, and La Jolla homes for sale spent an average of 121 days on the market before selling. The condo market in December in La Jolla saw an average price of just over $555,000, down 17% annually and a median price of $525,000, up 7.6% year-over-year. There were 31 condos sold during the month and they spent an average of 82 days on the market before selling.
According to the San Diego Union Tribune monthly zip code chart, thus far 2010 has been kinder on the home market, as the price per square foot had risen in March an annual 6? to $656 from $619. There were 29 homes sold during the month. The condo market, however, continues to struggle, as the median price per square foot was down more than 15% to $384 from $454 year-over-year. There were 34 condos sold during the month.
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Scotts Valley Real Estate
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About 30 miles south of San Jose in the Silicon Valley area of northern California, Scotts Valley is a smaller city, home to fewer than 15,000. It is north of Monterey Bay and lies in the upland slope of the Santa Cruz Mountains, offering a bit of all kinds of geography. Residents here have incomes higher than average, with median annual household income of around $75,000, and the Scotts Valley real estate is priced accordingly: more expensive than average but quite affordable in terms of the San Jose area.
The real estate market in Scotts Valley has suffered from the contagion of the widespread recession and its effects throughout the country. Foreclosures have risen, as has inventory while prices have fallen. However, falling prices has allowed some to buy homes in this market who couldn’t have previously afforded it. During December, at the end of 2009, there were nine new listings of Scotts Valley homes for sale, bringing the total monthly inventory to 61, down slightly from one year ago, when it was 66, but down from 97 three months ago in September.
December accounted for nine closed sales in Scotts Valley. Those homes sold after spending an average of 107 days on the market first. Three months prior, in September, there were 14 sales, and a year ago just six. In December 2008, homes were spending 52 days on the market before selling, while that figure was 70 in September.
Prices have continued to suffer, and were quite lower at the end of 2009 than they were at the end of 2008: Homes sold in Scotts Valley in December commanded an average price of $750,888 and a median price of $700,000. In September, these figures were $930,428 and $787,500, respectively. One year ago, however, they were much higher, at $914,916 and $940,000.
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Irvine Real Estate Market
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A planned city developed in the 1960s and incorporated in 1971, Irvine, California, is one of the larger cities in Orange County, with a population of more than 200,000. The city is located just minutes from the Pacific Ocean’s many beautiful beaches and there are several colleges and universities located within Irvine as well as a number of technology companies. The city is quite affluent, especially for a city of its size. In 2007, Irvine’s annual median household income was measured to be nearly $99,000, making it the seventh-most wealthy city in the U.S. with a population over 65,000. Likewise, the Irvine real estate market tends to be in the upper range of the county, with most prices currently in the $500,000 to $700,000 range.
Irvine has eight zip codes, and housing statistics can vary among the various neighborhoods within the city. According to the Orange County Register‘s annual zip code chart for 2009, each of the eight zip codes ended 2009 with median prices lower than what they were at the end of 2008, with declines ranging from as little as 1.7% to as high as 12.1%. Prices ranged from as high as $725,000 (where the median was down 12.1%) to as low as $450,000 (with a 1.7% decline). Meanwhile, sales volume was up in four zip codes but down in four others. Two zip codes saw double-digit increases in sales activity, up 37% and 38% to 254 sales and 231 sales, respectively. The zip code with the largest drop in sales activity saw volume down 6.4% with 161 Irvine homes for sale sold.
More recently, as 2010 has begun, the Irvine market has been off to a fresh start and as recently as March, the city’s real estate market was showing much more positive signs. According to the Orange County Register’s monthly zip code chart, the median price for homes sold in Irvine was up year-over-year in all but one zip code, and even in that area, it was down only a mere 1.8%. Median prices in March ranged from $430,000 to $847,500. Meanwhile, March showed significant progress in the city’s sales volume with every single one of the Irvine’s eight zip codes seeing an increase in sales. The number of sales ranged from 15 to 59. Increases ranged from 25% to 483%, showing that the market is seeing robust activity as homebuyers rush to get into the market before prices are too high again.
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Livermore real estate market
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The Livermore real estate market, a subset of the larger Alameda County real estate market, seems to be rallying, although that prediction may be premature. According to a March 11, 2010 article in the Contra Costa Times, “The number of East Bay homeowners who received a default notice, the first step in the foreclosure process, was lower in February than a year ago, but that doesn’t necessarily mean the foreclosure problem is going away.” The piece, composed by Eve Mitchell, continued to state that “Observers point out the improved numbers shown in the monthly report due to be released today by www.realtytrac.com continue to be linked to federal government programs and state legislation designed to help homeowners avoid foreclosure. The upshot is that a true market snapshot is not emerging of local and national foreclosure activity, which includes default notices, scheduled auction sales and bank repossessions.”
In general, sales of Livermore homes for sale slipped slightly in February, according to a March 19, 2010 article by DQNews and the NuWire Investor. The article found that “Bay Area home sales were subpar again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about job security, some couldn’t get financing and others found a thin inventory of homes for sale. the median price paid rose year-over-year for the fifth consecutive month, mainly because fewer low-cost foreclosures have sold and more higher-end homes have turned over this year compared with last, a real estate information service reported.” The piece continued to find that “A total of 4,987 new and resale houses and condos closed escrow in the nine-county Bay Area last month.”
Sale prices for Livermore real estate for sale, however, rallied slightly, according to a March 19, 2010 article in the Contra Costa Times. According to the piece by Eve Mitchell, “Bay Area home sale prices rose for the fifth-straight month while the number of homes sold fell for the second-consecutive month on a year-to-year basis as some buyers are finding it harder to get into a home due to worries about job security, a lack of inventory and difficulty getting financing.”
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Salt Lake City real estate market
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The Salt Lake City real estate market was especially hard hit by the economic recession, and continues to face some problems in the first half of 2010. According to a March 26, 2010 article in DS News, the situation has become so dire that a full-fledged Real Estate Foreclosure Center has opened in the state of Utah. The piece noted that “In an effort to help distressed homeowners stay in their homes, the center offers free education and training on a multitude of topics such as loan modification services. And it provides approved legal counsel to further assist these at-risk homeowners is their specific situations.” The article, written by Brittany Dunn, continued to say that “The center’s foreclosure team also provides short sale options and knowledge of the foreclosure process. According to RCI, its foreclosure specialists have short sales and foreclosure resource designations, which less than 5 percent of agents have.”
Salt Lake City homes for sale have declined slightly, according to a March 23, 2010 article in the Salt Lake City Headlines Examiner. The piece found that “Existing home sales down 0.6% in a row, this is the lowest level seen since July of 2009, according [to] a report released Tuesday from the National Association of Realtors. Previously occupied homes dropped 0.6% in February. The median home price was $165,000 down 2% from one year ago.” The article, written by Marcl Stone, continued to say that “And many housing markets around the country showed increases. Some areas of the country had large sales increases in February and other areas were down considerably.”
One March 31, 2010 article from Real Estate News Utah proposed a formula for growth in the Salt Lake City real estate market. According to that article, “What’s the best medicine for a rebound in Utah’s commercial real estate market? More jobs…Naturally, there are other factors besides jobs that will influence the recovery of the commercial real estate market.
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Houston real estate market
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Despite record foreclosure levels, the other indicators in the Houston real estate market remain resilient and generally strong. According to a March 25, 2010 article in the DS News, “Texas claimed the biggest increase in foreclosures during the month of February with a rise of 35.3 percent, according to new data published this week by ForeclosureListings.com…While their overall numbers were lower than the Sin City, in Phoenix, Arizona, foreclosures jumped 34.61 percent last month, and in Houston, Texas, they surged 37.80 percent.” The piece, composed by Carrie Bay, continued to state that “Today one in every 418 homes in the United States has been hit with a foreclosure filing, topping over 300,000 filings for the 12th straight month and brining the nationwide total to almost 1.4 million.”
The prices of Houston homes for sale has been holding steady, according to a March 19, 2010 article in the Houston Business Journal. The piece found that “For the past two years, economists have pointed out that Houston housing prices were immune to the worst of the real estate collapse. A report issued Friday by IHS Global Insight puts an exclamation point on that observation. Across the country, house prices in extremely overvalued U.S. metropolitan areas declined nearly 37 percent on average between 2005, the peak of the real estate bubble, and the end of 2009 when prices stabilized, according to IHS’s fourth quarter 2009 report.” According to James Diffley, director of IHS Global Insight’s Regional Services Group, “The high risk of a home price collapse that we reported in 2005 was borne out, and the subsequent price declines across metropolitan areas is very closely correlated with our valuation metric.”
A local trend for Houston real estate for sale was reflected in the larger Southern real estate market, according to a March 23, 2010 article in the New York Times. That piece, also published by the Associated Press, stated that “Last month, 113,000 homes were sold in the region, but the median sales price dipped 4 percent from a year ago to $139,600, the National Association of Realtors said Tuesday.”
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Scottsdale Real Estate Update
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The high-priced area of Scottsdale, Arizona, found itself suffering a heady blow from the effects after the bursting of the U.S. housing market bubble. Residents have seen the values of their homes fall amid the tumbling of the economy, and many have found themselves in foreclosure after being unable to make high or reset mortgage payments, leaving a larger inventory on the Scottsdale real estate market.
According to local realtor Matt Pellerin, prices are still suffering. In February, the average asking price in North Scottsdale was $690,500, a 7.8% decline from January and a 7.5% decline year-over-year. In South Scottsdale, price declines were even steeper. The asking price in February was $234,000, a decline from the prior month of almost 11% and a year-over-year change of 14%. Sale prices were down too: In South Scottsdale, the average sale price was almost $245,000, a nearly 2% decrease from January and a 3.7% drop from 2009. In North Scottsdale, the the sale price declines were steeper: The average price was around $632,000, down 6.45% from January and down more than 8% from a year prior.
Days on the market was one area where improvement was seen. In South Scottsdale, Scottsdale homes for sale spent an average of 94 days on the market before selling, basically steady with January’s figure of 92 days, and down markedly from last year’s figure of 136 days. In North Scottsdale, those figure were 175 days for February of this year, down from 185 the month prior and 192 a year earlier. There were 269 sales in North Scottsdale in February, up 50% from the previous year. South Scottsdale saw an even higher increase in activity, with 53 sales, up 96% from 2009.
The condo market showed less wild swings. In South Scottsdale, there were 74 sales, up almost 90% from 2009. The average sales price, of around $162,000, was up 3% from the previous year, while the average asking price of more than $171,000 was up 3%. North Scottsdale’s condos showed a similar surge in sales, up 140% to 96, but a further fall in prices. The average price was down almost 26% in February, to around $180,000.
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