The down turn in South Kauai Home Sales could work in some seller’s favors. As the availability of better homes continue, and the recent stimulus by the federal government to cut interest rates make mortgages relatively inexpensive by comparison for well qualified buyers. Trading up now gives buyers the opportunity to change important factors about their home, that remodeling cannot do. Moving closing to the school you would like your child to attend. Or perhaps, owning the ocean view home you have always dreamed of. Moving away from that busy road, these are considerations well worth thinking about.If you are considering whether or not to sell your home, but don’t have specific information about local resale values give Vanessa a call.
Omao I was recently told means in the Hawaiian language “Green” on account, I presume, of the areas’ lush green landscape. This sought after neighborhood, is minutes from Koloa Town and is home to predominantly single family homes often tucked down trails in the valley or hugging the hilltop with stunning panoramic views. Omao is also home to a hog farm which accents its rural setting and Messenger recording studios. The studio has worked with talented musicians like; Graham Nash of Crosby, Stills and Nash fame, Michael Ruff, and recorded the sound track to the movie six days seven nights. Messenger studios also offer recording vacations; Paradise Kauai is the perfect place for creative inspiration and combined with a relaxing holiday, what could be better. This is a delightful area and is well worth putting on your list when considering buying your next home. I currently have a large family home for sale with stunning views in Omao, for more information about this offering visit my website www.KauaiParadiseLiving.com MLS 207621. or watch for more updates on South Kauai Homes Sales.
I’ve recently noticed some places for sale listed as a “short sale” in the South Kauai Home Sales area. My understanding is that they are trying to get an offer to present to the lender in hopes they will accept the offer instead of the seller defaulting on the loan and forcing the lender to foreclose. My question is this. If a lender accepts a very low offer because it is more than they would get in a foreclosure sale, does that sale price negatively impact the property value of the surrounding homes? Or is there something that distinguishes a short sale price from a regular sale price when looking at comps? Thanks
Answer: The simple answer to your question is yes – the sale price does negatively impact the value of surrounding homes, and no – there is nothing to distinguish a short sale from any other sale. Now for the details….
You are correct in your understanding of the mechanics of a short sale. Typically, the homeowner lists the property with a Realtor. On the multiple listing service, the agent is required to show that this is a short sale and that the sale is contingent on being accepted by the lender.
However, it is not always the case that a short sale will yield a higher price than a foreclosure. The lender will weigh the costs involved in a foreclosure: months that the borrower lives in the home without paying the mortgage; attorneys fees; repairs and upkeep; etc. In comparison, short sales can be less of a drain on the lender. The borrower remains in the property until it sells, which usually means the home stays in good condition. Because the borrower initiates the short sale, they are much more likely to cooperate with the lender, and this can greatly reduce any legal fees. Therefore, in many instances, the lender will agree to a short sale price that is significantly lower than what the home would sell for had it gone into foreclosure. So this addresses the first part of your question – short sales absolutely will negatively impact the value of surrounding homes, often more so than foreclosures.
Now to your second question. When a home sells, it is recorded into the public records. There is nothing in these records that differentiates a “regular” sale from a short sale or a foreclosure. If an appraiser is looking for comparables, they may be able to find this information on the multiple listing service, or by talking to the local Realtor.
If the appraiser learns that the sale of record is a short sale, they will try not to include it as a comparable. Why? The definition of “fair market value” is the price a willing buyer will pay and a willing seller will accept. This definition assumes that there are no mitigating forces pushing either party. Such forces include divorce, death, and job layoff. Certainly, the inability to pay the mortgage fits this category. So, from an appraiser’s point of view, a short sale price does not reflect fair market value. However, if you live in an area where the majority of sales are from foreclosures or short sales, the appraiser may not have an option. In that case, these sales will be used. If you are looking to purchase a short sale thinking that you can get yourself a deal, warning… it is not always the case, often the lender with take 45 days just to reply to your offer. In some situations you will also have to pay your Realtor’s commission as lenders seldom pay 3% co-operating brokers fees.
RottenNeighbor.com This site appears to be growing in popularity; however I notice that most of the bloggers for one reason or another prefers to be anonymous. Whilst sites like these will always remain subjective they run the risk of unnecessarily stigmatizing a property or neighborhood, who will update these entries once the “Rotten Neighbor” has moved on or the “issue” has been resolved?
What is Rotten Neighbor?Rotten Neighbor is the first real estate search engine of its kind allowing you to rate and review good and bad neighbors before and after you move so you can make a smart real estate decision. How? By user contributed information on millions of neighbors and in San Francisco, CA and nationwide as well as helping you understand San Francisco, CA neighborhood trends. Start your real estate search in San Francisco, CA by searching city, zip code or street address. No matter if you are looking at townhouses, condominiums, single-family homes, or Rotten Neighbor will help you find your dream neighborhood. See local neighborhood trends in San Francisco, CA, and compare your neighbors to other neighbors in San Francisco, CA and to similar homes for sale in San Francisco, CA. Join the Rotten Neighbor community in San Francisco, CA to get in touch with other San Francisco, CA neighbors to discover the best neighborhood for you
I would be intereted in your thoughts here at South Kauai Home Sales?
Global warming is not exactly new news here at South Kauai Home Sales, we are hearing on a regular basis something about global warming and how our uses of fossil fuels has caused greenhouse gases which appears to be contributing to the potentially damaging climate change, we are not immune from what is going on around us in the world here on Kauai. So, I respectively suggest we sit up and pay attention.
We can all reduce our “carbon footprint” If you are not up to speed on the concept of carbon footprints, it is basically a way of gauging the effect a business or person is having on the environment by measuring the amount of carbon dioxide their lifestyle, or business, produces.
Carbon footprints are notoriously tricky to work out, this doesn’t just mean working out how much electricity you use it also means looking at the environmental impact all aspects of business and home life can have.
To reduce carbon footprints start with the three P’s power, paper and plastic. Where financial regulations allow see if receiving communications electronically over the internet is feasible. Use materials from a recycled or sustainable resource. Or simply look into the possibility of carbon offsetting.
Carbon Offsetting is usually something companies and people do when they cannot reduce their carbon footprints any further. For instance most businesses and homes require more electricity to run than can be practicably be supplied by renewable energy resources. So to offset the carbon dioxide they are creating by the power they need to use, they plant trees, which as we all know extracts carbon dioxide from the atmosphere.
Did you know that manufacturing recycled paper uses 70% less energy and less water? It is also releases fewer pollutants and reduces the amount of waste to be disposed.
But 100% recycled paper can’t be recycled indefinitely – the fibre downgrades and eventually can’t be used for papermaking. So most recycled papers contain a percentage of new fibre
If you are interested why not check out your carbon footprint
Widgets are all the rage!
Here is one of my favorites, well if you are a cat lover! you will enjoy. This widget can be found on the widgetbox site in the fun and entertainment section. Maukie V. 6.
What is a widget I hear you say!
More commonly described as (widget) a placeholder name for an object or, more specifically, a mechanical or other manufactured device, so there you have it! They, in my opinion, are a gentle diversion from the chores of life, a procrastinator’s delight, a reason to raise ones head from the keyboard, and be distracted, just for a short while at… least. Beats staring at cute gay guys or thinking that the best consolation for not being rich or thin is pretty shoes. Where might one find the latest widgets?
Well, one might try perusing the following sites!
In a recent NAR report about home feature preferences 46% of those who surveyed said that their homes efficiency was important to them, along with larger garage space, air conditioning and landscaped yards.
When this group was further segmented by age those over 45 years considered the issue of energy effeciecy very important.
With 50% of all residential electricity consumption being used to heat water on Kauai, (if you don’t have solar heating), it may just be worth your while checking to see if you are being as energy efficient as you might be in your home. Kauai Island Utility Cooperative has a Residential Energy Specialist who by appointment will visit your home and make recommendations as to how you can reduce your electricity consumption or use electricity more efficiently. Call the Kauai Island Utility Cooperative at 808-246-8280 to make an appointment.
Landscaped Lots ‘Very Important’ to Buyers
The housing downturn has many builders, real estate agents, and home sellers paying close attention to landscaping as a way to generate buyer interest and boost sales prices.
Research by the NATIONAL ASSOCIATION OF REALTORS® says landscaping is “very important” to almost 20 percent of buyers, and University of Washington-Seattle researcher Kathleen Wolf says landscaped lots sell for about 7 percent more.
The exact amount depends on location, with Palm Beach, Fla.-based real estate agent Nancy Macaluso noting that palm trees and flowers can boost a home’s price by 10 percent to 15 percent in comparison to the sales prices of properties without such landscaping.
However, most appraisers and tax assessors do not include landscaping in their valuations; and there are no standards governing how arborists and landscape experts calculate a plant’s value.
Still, home owners are shelling out hundreds of dollars for yard appraisals as part of their marketing strategies, and builders are expanding their landscaping budgets.
Experts say sellers would be wise to maintain their yards, as unkempt trees and shrubs can conceal views that have the potential to boost sales prices by tens of thousands of dollars.
Source: Wall Street Journal, June Fletcher (08/17/07)
Service Begins August 28th!
The Super Ferry owners are excited to announce that our first day of service with inter-island voyages between Maui and O‘ahu and Kaua‘i and O‘ahu will be August 28, 2007.They are now accepting reservations for August 28 – January 15, 2008.Discover a part of Hawaii that can only be viewed by sea. Spectacular panoramic views and amazing coastline cliffs will be your backdrop as you relax in comfortable reclining chairs and leather sofas.You’ll also enjoy our onboard services that include a variety of dining, entertainment and shopping options. All this with the freedom to travel with a vehicle loaded with your gear.Booking is simple Book Now and you are on your way to getting Hawaii Superferry’s best fares, which are only available online.You can also book by calling 1-877-HI-FERRY (1-877-443-3779) between 6am and 7pm HST; or by calling your travel agentCourtesy The Super Ferry
Top 10 Benefits of Home Staging Services
1. Staged Houses sell for higher prices-on average 17% says Cheri Dueker -Transitional Designs, LLC
2. Staged Homes sell faster-on average 50% LESS TIME
3. Saves time- Service often includes open house and refresher services to keep homes “show ready”
4. Saves money-cheaper than the first price reduction and each house needs less marketing
5. No more empty houses-only 10% of prospective buyers can visualize the potential of an empty home
6. Happy sellers is a “win-win” for everyone
7. Less Stress-Removes the realtor from the uncomfortable position of giving “staging” advice to their clients
8. Value added service-adds service to the package you offer to sellers
9. Enhances the professional image of the Realtor and the Seller’s home
10. Stagers are a professional support team to assist YOU
Contact me for a comprehensive list of local staging services.