That Homey Feeling
The 49th annual Parade of Homes is better than ever, but also shorter - because in our hot real estate market, people are anxious to buy all those properties
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Del.icio.usBIA has an award-winning web site (www.paradeofhomeshawaii.com) with links to the entrants. The web site is very popular, according to BIA president Fred Moore, and was nationally recognized with a 2004 Award of Excellence from the National Association of Home Builders.
Cicely Crocker George
Also review the Parade of Homes Guidebook (MidWeek insert, Sept. 28) to plan your tour itinerary. The Guidebook was cited by the National Association of Home Builders as “Best Communications-Special Events Publications Published” last year.
But there’s limited time to check out the entries - including three projects on the Neighbor Islands. The event is just two weekends - not three as in previous years - and there’s a reason for that.
Developers need the inventory to sell to anxious homebuyers. You vociferous real estate buyers are snatching up properties faster than they can build them. Housing supply and demand have gone berserk.
According to the Honolulu Board of Realtors, last year was a very strong year for Oahu real estate. Home sales are expected to rise this year by 5 percent with condo sales up 10 percent.
Paula Kelly
Price gains will be in double digits, 10 to 12 percent more than the 20 percent of last year. This is dependent on what mortgage rates do, but they have been low, which has been great for real estate.
The median prices paid during August were $625,000 for single-family homes and $282,000 for condo units, which are advances over last August’s median prices of $450,000 and $207,800. The year-to-date median prices are $575,000 and $254,000, increases from the same time period last year of 28.4 percent and 27 percent, respectively. Total dollar sales volume for the first eight months of 2005 is $3,909.6 million compared to the $3,012.8 million generated during the same time period in 2004, for an increase of 29.8 percent, or $896.8 million.
Mary Hakoda
So there’s a window of opportunity during the Parade of Homes for buyers to realize the American dream of home ownership.
But how does one find a home in a tight market? Glad you asked. Here’s advice from local experts:
* Visit homes as soon as they come on the market (Parade of Homes).
* Take a second look at the homes you rejected.
* Stay in constant touch with your agent.
* Be ready to make an offer quickly.
* Don’t be intimidated by multiple offers.
As Hakoda put it: “Home ownership is one of the ways you build wealth. It’s a long-term investment. It’s the framework from which you build memories.”
George adds, “The best negotiating tool is knowledge. Parade of Homes is an opportunity to get educated, whether you’re a first-time home buyer or in the market for a second home.”
Consumer preferences are driving the design of homes and home products. Builders and designers are listening to consumers’ requests for improvements in style, function, and specialty spaces in the home. A “democratization of style” is bringing innovation to home building. If a tradeoff must be made for the sake of price, most consumers take a smaller house with quality products and amenities over a larger house without them.
Manufacturers are focusing on functional areas of the home, such as garages, laundry rooms, and closets with an amazing array of individual products and whole systems that work together to make these spaces attractive and functional.
Buyers also want energy efficient and environmentally friendly residences.
They place great value on a house that is “built green,” according to George. Look for Energy Star ratings in the Guidebook.
Parade’s first entry in the Senior Living category debuts this year. The entry is Kahala Nui, a retirement community on Waialae Avenue. Its Ilima unit #216, a spacious three-bedroom floor plan, is entered in the competition.
For high-rise dwellers, Keola Lai developed by A&B Kakaako LLC (A&B Properties) is entered for judging. The sales center model at 600 Queen St. will preview a two-bedroom, two-bath condo in the planned 37-story residential tower.
Tips for scouting any or all of the 12 models:
* Dress comfortably and wear slip-off footwear. You’ll be trampled at the “Remove Shoes” sign if you’re fussing with shoe laces.
* Come equipped with a list and the Guidebook, plus give yourself plenty of time if you see something you like. Allocate time over the two weekends, if necessary.
* Have a snack in the car; sometimes it’s an all-day affair.
Or make it a group outing, car pool and enjoy the journey together.
* Get home smart. That’s this year’s theme and suggests that you use this opportunity to get new home decorating and design ideas. Many non-home buyers enjoy the shopping-for-ideas safari.
Wherever one seeks their new address - Oahu’s thriving West side, Maui’s central core, Big Island’s coastal communities - it’s a fascinating palette of places. The doors are wide-open during show hours, and the welcome mat is out. The crowd’s starting to gather, the music’s about to begin, and there is wild anticipation. Don’t let the Parade pass you by.
Oh, and it’s free.
2005 BIA Parade of Home Entrants
Single Family $299,001-399,000 Montecito/Tuscany Montecito Plan 4 - Verbano Gentry Homes Ltd.
Holomoana at Sea Country Kohola D.R. Horton, Schuler Division
Single Family, $399,001-$499,000 Ocean Pointe Residence 172 Ke Noho Kai Development, LCC
Montecito/Tuscany Tuscany Plan 5 - Oliva Gentry Homes Ltd.
Montecito/Tuscany Tuscany Plan 4 - Cielo Gentry Homes Ltd.
Single Family, $499,001-$599,000 Pualani Estates at Kona Pikake D.R. Horton, Schuler Division
Single Family, $599,001-$799,000 Island Classics at Mililani Mauka Ke Kumu - Plan Five Castle & Cooke Homes Hawaii Inc.
Single Family, $799,001-$999,000
Maunaleo at Kahalani Mauna Leo - Plan 5 Stanford Carr Development
Multi-Family, $299,001-$399,000 Kai Nani at Makakilo Model 1 D.R. Horton, Schuler Division
Multi- Family, $799,001-$999,000 Fairways at Mauna Lani Fairways - Plan B Stanford Carr Development
High-Rise, $599,001-$799,000 Keola La’i Sales Center Model, Plan 2-0 A&B Kakaako LLC (A&B Properties, Inc.)
Senior Living, $599,001-$799,000
Kahala Nui Ilima #216 Kahala Nui
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