• Makena real estate market

    June 8, 2010 // 2 Comments »

    Makena Landing Beach
    Image by Rosa Say via Flickr

    The Makena real estate market, one of the more resort-heavy and tourist-friendly sectors of the larger Maui real estate market, seemed to be still showing signs of strength despite an extremely high rate of foreclosure. According to a May 20, 2010 article from the Lahaina News, “The market is starting to turn, indicated by the increase in unit sales…Anecdotal evidence from agents, lenders and escrow personnel indicate that a good portion of the transactions in process (not yet closed) are outside the tax credit program, and that there is strong buyer-showing activity that should result in future sales.” The piece went on to note that “Condo median prices are showing some small upticks. The inventory includes many short sales and REO (bank owned) properties that will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will start to rise. Interest rates have started to rise from historic record lows, which may also motivate would-be buyers to go ahead and buy.”

    One of the largest examples of Makena real estate, the massive Makena Beach & Golf Resort, was recently purchased at a government-mandated auction. According to a May 29, 2010 article from the Honolulu Star Bulletin, “The lender in the Makena Beach & Golf Resort foreclosure case ended up being the highest bidder for the property, but that might not last long. A court-mandated public auction for the Maui property was held at the Maui County courthouse yesterday morning.” The piece, written by Gene Park, continued to say that “Wells Fargo Bank had the highest bid at $55 million. The financial institution is owed more than $192.5 million in principal, plus interest and other costs on its mortgage loan. The only other bidder, who wished not to be disclosed, put in a bid for $50 million.”

    This same news, which might help to stabilize the fortunes of Makena homes for sale, was mentioned in a May 28, 2010 piece from KITV News. This report said that “The bid was submitted on behalf of Wells Fargo Bank as trustee for the mortgage lending trust that foreclosed on the former Maui Prince Hotel last year…The 310-room hotel sits on 1,800 acres of East Maui.”

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    Posted in Hawaii

    Colorado real estate market

    May 25, 2010 // 2 Comments »

    City and County of Denver
    Image via Wikipedia

    The Colorado real estate market seems to be rallying strongly, especially when considering the metropolitan areas of Denver and Colorado Springs. Although foreclosures continue to increase slightly, the inventory of foreclosures is being cleared more rapidly than in previous months. This is according to a May 13, 2010 article in the Denver Business Journal, which found that “Foreclosure sales in Colorado shot up 53.6 percent in the first quarter of 2010 from the same period a year earlier, and new foreclosure filings rose 6 percent, the Colorado Department of Local Affairs’ Division of Housing reported Thursday.” The piece by Mark Harden continued to say that “But officials said the year-ago foreclosure-sales total was pushed down by a national moratorium on processing foreclosures. They said that between first-quarter 2008 and first-quarter 2010, a comparison that straddles the moratorium, foreclosure sales rose a more modest 13.3 percent, or an average of 6.7 percent per year.”

    Colorado homes for sale in Denver sold for slightly more compared to last year, according to a May 11, 2010 article in the Denver Business Journal. This article found that “Single-family home prices in metro Denver slipped in March from the previous months but rose 4.1 percent from 12 months earlier, according to a report Tuesday from Integrated Asset Services LLC.” The piece, written by Mark Harden, continued to say that “The monthly ‘IAS360 House Price Index’ report from IAS, a Denver-based default-mortgage services company, said the median single-family home price in the Denver-Aurora metro area declined 0.7 percent in March, following a 0.2 percent rise in February. But year over year, the index showed a 4.1 percent increase in the area’s median price between March 2009 and March 2010.”

    Colorado real estate in the Colorado Springs area also rallied strongly in recent months, according to a May 5, 2010 article in the Colorado Springs Gazette. The piece, written by Rich Laden, continued to say that “Colorado Springs-area home prices and sales rose again last month, the latest in a string of improved showings the local resale market. Home sales totaled 792 in April, an 11.9 percent increase over the same month last year, according to a Pikes Peak Association of Realtors report.”

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    Posted in Colorado

    Las Vegas real estate market

    May 22, 2010 // No Comments »

    City of Las Vegas
    Image via Wikipedia

    The Las Vegas real estate market continues to be one of the most distressed areas in the entire nation, with home sales continuing to decline and foreclosure rates remaining at extremely high levels. According to a May 10, 2010 article in the Las Vegas Sun, “The federal tax credit designed to spur home sales appears to have ended on a whimper in Las Vegas and may foretell a downturn in the housing market in the coming months, analysts said. The Greater Las Vegas Association of Realtors reported Monday that sales in April fell 7 percent compared to March and dropped nearly 8 percent compared to April 2009.”

    The piece, composed by Buck Wargo, continued to say that “The drop off in the year-over-year sales is the first since March 2008. The decline was unexpected since April was the last month for buyers to sign contracts for new and existing homes. Dennis Smith, president of Home Builders Research, who monitors the Southern Nevada housing market, said he believes the drop off in sales is a reflection of the declining amount of foreclosure properties in the market.” The only potential bright spot for the Las Vegas real estate market was a slight increase in home prices as reported by Fox 5 News.

    The extremely high rate of foreclosures facing Las Vegas homes for sale was reported in an April 29, 2010 article in the Atlantic. This piece said that “Maybe they should call it Foreclosure City instead of Sin City. Las Vegas was again the source of the highest foreclosures density in the U.S. during the first quarter, according to a new RealtyTrac report documenting foreclosure rates in the 209 largest metropolitan statistical areas. It had an incredible one foreclosure for every 28 properties. That’s even worse than Nevada’s overall 1-in-33 foreclosure rate for the quarter. The city’s foreclosure density was also nearly 5x the national average.” The article, written by Daniel Indiviglio, continued to say that “Las Vegas is a prototypical example of this phenomenon. It has 19% fewer foreclosures than a year earlier, but 13% more than a quarter earlier.”

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    Posted in Nevada

    Columbus real estate

    May 18, 2010 // No Comments »

    The Ohio Statehouse in Columbus
    Image via Wikipedia

    The Columbus real estate is facing mixed signals, with some suggesting that a recovery might be imminent and others pointing towards a continued slide. According to an April 23, 2010 article in the Columbus Dispatch, “Propelled by bargain prices and the imminent end of a federal tax credit, homebuyers snatched up properties throughout central Ohio and the rest of the nation in March. In the Columbus area, 1,704 homes changed hands during the month – 25 percent more than in March 2009. Statewide, sales rose 15.5 percent, and across the nation, they were up 6.8 percent.” The piece, written by Jim Weiker, continued to say that “Central Ohio homes sold for an average of $151,719 in March, 6 percent more than a year ago. The average home sold in 89 days, almost three weeks faster than last March. Real-estate agents and builders are reporting a rush of activity as buyers try to claim up to $8,000 in tax credits.”

    Commercial real estate continues to be one problem for the Ohio and Columbus real estate markets. According to a Mary 11, 2010 article from WKYC News, “As home foreclosures continue to sweep the country, experts say the next shoe to drop will be in the commercial real estate market. Between lenders and unemployment numbers, the perfect storm is about to hit according to real estate analysts. ‘Well, commercial real estate tends to lag behind the residential,’ says George Pofok, Vice President at CRESCO Real Estate.” The piece, composed by Kyle Maureen, continued to say that “The writing is on the wall. Signs are everywhere that the commercial real estate market is in jeopardy. For lease, for sale, and some, foreclosure.”

    Foreclosures were another potential stumbling block for Columbus homes for sale, according to an April 30, 2010 article in Business First of Columbus. The article, written by Kevin Kemper, found that “Home ownership in Central Ohio has continued its dramatic erosion this year as another wave of foreclosures washes over the region. Despite the improving economy and the best efforts of the homeowner-assistance programs, 3,714 foreclosure-lawsuits were filed in the eight-county Columbus region in the first quarter, up 5.4 percent from a year ago.”

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    Posted in Ohio