MARKET MUSINGS
Did you know that interest rates are even lower than last time we told you they were really, really low? This week we saw 3.29 percent for a 30-year fixed rate and VA loans offering less than 3 percent. Our clients looking to be a bit less invested in the stock market have bought everything from walk-up studios to commercial buildings this year to help round out their portfolios. If you've been waiting to buy to save more or in hopes prices will drop, we highly recommend you cut that out. These low rates will help you get more house for your money.
February market statistics are out, but the picture wasn't very helpful this time, so here's us at a Make-A-Wish fundraiser instead. The market kept charging ahead, with an 18 percent increase in the number of single family homes sold over the same month last year. The median price of a single family home on Oahu was $765,000 in February and the average price was $974,283. In condos, the number of sales were down 1 percent, and the median price was up 3 percent to $430,000.
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Our team at Waffles for Wishes for Make-A-Wish
Working with us helps us support our community.
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Just because we find ourselves on one of the world’s most-recognized landmarks lately, here are some Diamond Head fun facts:
- In the deal of the century, the military bought Diamond Head for $3,300 in 1905.
- The Commander of the 14th Coast Guard District gets to live in the lighthouse quarters. Turns out we can’t sell you absolutely everything in the neighborhood.
- While Hawaiians saw the dorsal fin of the ahi and named the crater Leahi, British sailors saw sparkly diamonds and the name stuck. They’re calcite crystals, silly sailors.
- Diamond Head is approximately 400,000 years old. That’s 10,000 times older than your realtors.
- In the 60's and 70's, bands like The Grateful Dead, Rolling Stones, Santana, Styx, Journey, War, and more had concerts in the crater. We’re not naming names, but we know a franchise owner that climbed in because he couldn’t afford a ticket.
- In case you missed it the first time, the fabulous mid-century Doheny Estate on Royal Place is back on the market, for the same price it sold for 18 months ago. Seems the Japanese pop star that bought it had a change of heart.
- Diamond Head by Cecily Wong is your reading-realtors book of the month. A charming story of three generations of women provides a look into Chinese culture and the influence of Hawaii's deep divide between poverty and wealth.
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Had enough of the landlord, the stock market, and the high rents of Honolulu? Our housing prices hurt, but renting hurts more. Here's a little-known statistic: 80% of first time buyers don’t put 20% down. At our monthly first-time home buyers workshop, we will lead you through the process, then introduce you to a loan expert to help determine your budget right then and there.
Join us March 28th, 11:30 am – 1:30 pm
Berkshire Hathaway HomeServices Kailua
46 Hoolai St.
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Ilima at 3093 Pualei Circle: Remodeled end-unit completely updated with high-end finishes including split AC in every room. Move-in ready with spacious and open kitchen, subway tiles, new appliances, electrical, and plumbing. Views of Waikiki, mountains and treetops for the large lanai. Located on the slopes of iconic Diamond Head. Listed for $799,000. Open Sunday, 2-5 pm.
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Coming this week! Harbor View Plaza #1108. Steps from Ala Moana Beach Park, Ala Wai Harbor & world-class south shore surf, this two-bedroom condo looks out over the coast and town, with ocean, mauka, and sunset views. Updated throughout with open living spaces and beautiful wood floors. Listed for $524,000 First open house Sunday, 2-5 pm.
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3220 Diamond Head Road: This modern Diamond Head estate features a cliff-side pool that overlooks Leahi Park and has 180 degree ocean views. Stunning views from every room, private jacuzzi, and master suite on a floor all its own. Modern design is like nothing else available in the Diamond Head area. Listed for $6,250,000. Shown by appointment.
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Click on a property photo for more information
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Rachel Bradley
Realtor, RB-22807
808-358-7056
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Amanda McCann
Realtor Associate, RS-81135
808-780-4771
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