Sakamoto Properties

West Maui Waterfront Property Deals
March 6th, 2012

Betty Sakamoto: Aloha and welcome to Betty's real estate corner brought to you by Sakamoto Properties where "prestige is our business, reputation our foundation". This show is brought to you solely by Sakamoto Properties, and I approve of its content. I am Betty Sakamoto; with me here with a little chuckle today is Mitch Mitchell.

Mitch Mitchell: Aloha Betty, it's always great to be back in the corner.

B: Mitch has been with us for basically 30 years. We've been selling real estate up and down the coast of Hawaii and having a lot of fun doing it. Meeting some amazing people and we're here today to try and fill you in a little bit what is going on with the real estate market, what's happening with the things that are somewhat important to us and just kind of touching base with everyone today. Got time for a quick hello there Mitch?

M: Aloha everybody and thanks for listening. Betty you have some statistics for us?

B: Well a little bit, I try to not overdo statistics but because you know we have people that are really gun-ho right now buying, which is fabulous we're finding that more and more people are realizing that it's a great safe place to be putting your money in particular we've had a couple of clients that are purposely moving money out of stock markets and banks cause they feel real estate is safe, they love Maui, and there are even people who are just doing it to hold it, you know, they're not necessarily looking for rental which I think is a pretty exciting moment. We still have the people who are feeling like, 'oh it's going to drop further, we better wait, the sky is falling' and I think those people are really missing the boat. Going back to the statement that we've been making ever since the recession started which was "a recession is a terrible thing to waste", so let's all think about that if you're thinking you want to buy real estate the time is now. Sure it will probably go down a tiny bit more in the area you decide to buy but so what? You know, I think it's more likely is you're going to miss the market and buy when it's on the way up which is really crazy. But statistics wise I think last year on Maui there were close to 2,300 sales. Now this is a small island, that's a lot of real estate. That does include some time share sales that includes the lowest price, the top price, and every category, lands, condominiums, residential homes, etcetera, and that's an exciting figure. And if you take a look right now year-to-date there have been about 360 sales already and that's really statistics for 2 months so again I think we're probably going to end up on a major high compared to last year as we go on now.

M: I definitely think that we are on the move for a new high as far as sales and you know a lot of those Betty I realize now are not short sales or foreclosures or anything they're just people really wanting to get into the market and have a piece of Hawaii.

B: You know it's true there are people who are out there and there have been for a long time scammering to get a short sale many of them don't have what it takes to hang in there for a short sale because there's no given. You make an offer, it gets submitted electronically. Sometimes there's already two offers in ahead of you, you're making the offer, they're submitting them one at a time and by the time anything is being figured out you're heading back to the mainland, you've missed your opportunity to purchase and nobody knows what happened to the short sale. So I think it really is a difficult purchase to make and not really the best.

M: You know what I've kind of noticed in a lot of these short sales is that when they end up selling they're selling at listing price and value. So if you think you're getting in for a real great buy by just only looking for foreclosures and bank owned properties no necessarily because it's going to sell at very close to the market. A lot of people think that it's such a great steal. So a lot of these properties that are just listed not as a short sale but listed for sale that the owners are ready to move I think are probably an easier way to go and find something you really want

B: And a lot of those people that bought it at a low whereas the bank right now are often stuck in there at a high trying to do their best to recapture a price that maybe they're never going to get but they're running them up because people bid against one another thinking that 's the to go. But again Mitch it is right, not necessarily the way to go. You know one that I worked on recently Mitch, I had some people trying to buy one that is a bank owned property they got totally into it, it was totally what they wanted to do but as we came down to it and the bank coming back to us with something all of a sudden they realized well compared to what else is on the market this one is totally unfurnished it really needs everything, it needs paint, wallpaper, it needs electrical work done, it really needs a little bit of everything so they may as well go buy one that's fixed up and pay a 150,000 dollars more and get what they really want.

M: Exactly, you know there's no disclosure if it's a bank owned you know you can still do all your inspections but, you know, there's nobody to stand behind it.

B: You know it's really nice if you're dealing in the state of Hawaii with your typical seller, it's required that there's a disclosure. Any of the real estate people working on these will let you know that the disclosure is very serious here. And if we're talking to a seller I always tell everyone you want to disclose everything that you possibly know or that you believe you know. If the roof leaked once you want to tell everyone that it did leak and that you did this and this and this and to try to solve the problem because it's only going to be an issue for the seller if he doesn't disclose it right now. So I think in the case of the bank Mitch is totally right there is no disclosure they don't know anything and if they do they don't have to disclose it.

M: Absolutely so there's a lot of reasons you should just look at something that is listed on the market. And I'm sure we'll be happy, or if you already have a realtor, they'll be happy to help you find your piece of the dream.

B: Absolutely so there's a lot of reasons you should just look at something that is listed on the market. And I'm sure we'll be happy, or if you already have a realtor, they'll be happy to help you find your piece of the dream.

M: Well I'm sure happy you're back because now I don't have to run around so much and I can kind of spend a little more time on some of the other things.

B: Well we had a great flurry when we were gone Mitch and you were stuck in the middle of the whole thing but we have a couple of offers that are happening, we are in the middle of trying to close a deal and they always take a little massaging when you come to the end of the deal, even if it's just things like the cleaning, and the buyer in this case had to leave town in the middle of it so we needed someone to be there, Mitch, doing the final walkthrough being sure all the cleaning was done. Helping with the other broker trying to schmooze the way through those final details and keeping in touch with the seller who was travelling so there's so many little details that come up just as you're getting ready to close that it's really an intensive moment. Of course we have Joel Navarro title guarantee as always pulling it together for us it was a fast 14 day closing and in the end everybody is happy.

M: And you know that again was a property that the buyer had looked at everything and this was one of the first things she's looked at and after running around trying to put some offers in on other things she went back to her first choice and lo and behold you were able to get it for her.

B: You know you're right Mitch that is interesting. It was one of the early properties that she looked at and did the same thing she kept thinking she wanted a short sale; she wanted a deal, she wanted because everybody today wants everything and that's kind of interesting by itself. We all want everything. So she went through it all made a lot of offers on property and then in the end went back to this one made an offer and she kind of stood her ground on it and the seller decided it was great. It was all cash, it was fast closing. And then we did the real estate shuffle and what not to actually pull off the closing fast. But again it was someone that their first goal would have been short sale, bank owned and she made a couple of bank owned offers but the same thing even if you think you get it under contract or you think you do it's not necessarily under contract you know so the lenders still have this final say and can change almost anything that's on it at the last minute. And you can still back out but then again it just goes to the next person but happily she got exactly the unit she wants, exactly the location, exactly the view and now she's going to put in motion a remodel and it'll make it one of the most spectacular properties ever.

M: You know Betty talking about great buys that Golf Villa that you and I have listed the 26 p3&4, you know it's a ground floor unit right on the world famous Kapalua Bay golf course, it's got great ocean views, great sunset views, it's really a steal and it's listed at $600,000 which is real close to where some of the 2-bedroom short sales are going for.

B: That's right and it's a better view, better location, totally furnished and iN great shape. They did a lot of remodeling to it over the years. We've had a couple of offers and we've been little close but the owner s are a little tough on it because it's a property that they're attached to but they should be they've done a lot to keep it up to date over the years. But I think it's perfect it'll be in great rentable shape if that's what somebody's goal is to get it into a rental program quickly. So we're feeling that should be one of the next to sell and it's available to see all the time. So give us a call if you're looking for the Golf Villas. We've got a couple of 1-bedrooms, we've got some 2-bedrooms, and we can really see to it that you get into something fairly quickly and we can do a 14 day deal. So, let's pull another one off Mitch.

M: Yes. You know this is one that this time a year most of the villas and condominiums are for sale are in rental programs and it's impossible to get in if it's rented for your clients to see. Whereas this Golf Villa is unoccupied the owners are the original owners they've never rented it so we can get in there almost no notice. Keep that in mind and give us a call (808) 669-0070 or my number (808) 870-5548.

B: Or always remember go to SakamotoProperties.com and you can get through our whole website, take a look at it, learn exactly what we're up to and what we're doing and I think you'll find some interesting properties. As you surf through there you'll find the places you can get into the whole multiple listing service. So you can see all of our listings, everything that we've got, you can see the few rental properties that we have which are short term rentals and we can help you get a place to stay here. Right now the good news is that we are totally booked as are the majority of the Kapalua condominium right now. It's been an amazing "season" and I think it's going to be interesting to realize that things are happening. Do you know Mitch, that I just learned yesterday that last month at Kapalua the Golf course has made more money than they've ever anticipated. You know, so I think that so much has changed right now since TROON Management has taken over it's been phenomenal. So you know that people are playing golf again, they're here on vacation, they're having a good time. And they're out there on the golf courses which from the stand point of television coverage this year was really exciting because every pro, every one, every news caster was saying that the courses have never been in better shape and I think that 's totally, totally true.

M: That's what I'm hearing from some of my clients, but as you remember I gave up the game of golf about 8 years ago when my handicap kept going in the wrong direction, it went up instead of down so I decided I needed to spend more time on something else. But yeah, hearing nothing but great stories of TROON Golf and the golf course it's kind of exciting as you remember we were at Kapalua in the very beginning and it's nice to see the rebirth and the new growth. And it's really kind of exciting again.

B: The golf courses are, they really are bringing it home, it's fabulous. The restaurants at Kapalua are unbelievable. We go over every so often in the morning and have breakfast at the Ritz-Carlton. It couldn't be a better set up to go there and have breakfast. And anyone that lives here should think about it from time to time. They have a kama'aina discount which is really nice, but they have a buffet and you can order the buffet. But if you want something in addition to it as part of the buffet price they'll bring it to you so you can have the buffet but they would bring you an order of Eggs Benedict or some oatmeal or additional fruit, anything you want that's on the menu they typically will bring to you as part of it so for all of us wanting to enjoy any morning there it's the place to be. You can go there have breakfast, walk around the resort, and really enjoy yourself or go in and enjoy the spa there at the Ritz-Carlton hotel. So there's so many things happening at Kapalua right now that it's a good reason for all of us to get out there enjoy ourselves and enjoy Kapalua.

M: Absolutely.

B: Quick picks!

M: Quick picks? Betty I love that new listing, you and Roy got down on the ocean. The little over 2 acres, little over three acres, oceanfront, it's a long strip there, it has three older homes on it which are really not what the value is, it's the unbelievable once in a lifetime chance of getting the ocean frontage there. It's really pretty spectacular; I think it's going to be really kind of exciting.

B: The property really has more frontage and we need to measure that out. I know that we had it at one time and I don't have it with me but this property has more ocean frontage in linear feet that you can ever, ever imagine. You got to walk in there, you got to walk in on the property and of course you need to call us to do that because the homes there are occupied by residents so that they really would not want people walking on the property if we're not with them. But again, unbelievable property listed at $13.5 million. And this is truly one that when this is gone there is no second choice so if it's a property that you're here on Maui you're thinking that you want a property for a lifetime this is the property. It's unbelievable, and price wise I think you're never going to see anything like this again in Hawaii with the amount of frontage that is there so it's an exciting moment so give us a call (808) 669-0070. And let's get in there have you look at the property, see if there's anything you can use while possibly you're redoing, rebuilding a home, et cetera. Again give us a call and look at the photos on the website we're expecting some additional photos shortly we went out there the first day we tried to take photos it was a little over cast and it turned out that all of our photos have rainbows so that every direction it was a different rainbow you know so that every time you turn. So when you see it it's just one of those great things you realize to remember this whole rainbow thing on Maui. Which is part of why we're all here

M: And you know Betty another quick pick of mine is the listing that you and I have together at the Bay Villas you know 3.34 acre or 2.34 acres may be a little too much for some of us, so how about a 2-bedroom, 3-bath condominium right on the water. Oh my gosh, it's great

B: 30G345?

M: Right, yes that's the one.

B: It's a great property.

M: It's been difficult for me to get people in to see it because it rents so often but we can, the rental agent tries to help us, and I think it's open the 13th and 14th this month.

B: Is it? That's interesting.

M: Yeah

B: It's listed at $1,695,000 which again for the Bay Villas it's a great deal. So again taking a look at that, if you're looking to have an oceanfront property here on Maui some of these are pretty amazing, pretty amazing properties.

M: You know, that's over 1,500 square feet.

B: Absolutely

M: That's just a huge unit, all on one level, no stairs inside the unit. And it's right on the water.

B: And it's 1,500 square foot interior so you'll also have the lanai added on to that for additional living space. It's great. You know another one I was just thinking somebody called after our last show and seemed annoyed that we said that a lot people who buy these buy a second or third or fourth home but that's the truth they do a lot of people that come to Maui buy a property and they do have homes other places but they come here because they love everything about Maui. You know and they meet a lot of the people that live here, the people that work here, the people that are in the grocery stores and the restaurants and they fall in love with that as much as the real estate and that's why they're coming here. But they maybe have a home in Europe or maybe they're from Europe but they have something on the west coast. That's how it is but from the standpoint of local residents we have a great property, 404 Alio street at Waikuli. Oh wait, that's the wrong one. Alio in Lahaina, down in Lahaina, that's about 1,245 square feet of home 7,518 square feet of land and just 2 blocks from the ocean. So again really great property and way worth taking a good look at it. So give us a call and it is a perfect owner-occupant home. We have a great listing on Ainakea at 470,000 which we've had some offers on now and it appears that it's in escrow and that it is going to end up closing. We've had a couple of people talking about a back up offer just to be sure because it is again value wise one of the best values wouldn't you say?

M: Absolutely, but I want to get back to one of the properties that always excites me and that's Napili Point. You know I have, we have, you and I have 7 listings there and hopefully we only have 6 cause I just brought you an offer this morning on one so we're going to work on that one.

B: Absolutely, but I want to get back to one of the properties that always excites me and that's Napili Point. You know I have, we have, you and I have 7 listings there and hopefully we only have 6 cause I just brought you an offer this morning on one so we're going to work on that one.

M: It's a great rental property, Rod and his crew out there do a wonderful job of renting them and keeping them up. You know it's a great rental program because it has a little personality to it and Rod's always there to help the owners and you know -

B: Rod has to be one of the best managers of a condominium development in Hawaii

M: You can't slip anything past Rod.

B: No, he's great. He's amazing. He does take care of the owners; he makes everybody happy, runs a fabulous rental program. So anybody that's buying will typically get together with Rod Kelly, spend some time with him and he really will fill someone in on the good, the bad, the beautiful and the ugly. He will let somebody know exactly what's going on and we surely respect him. Mitch what about Pualu Napili, the new listing? It's about almost 2,600 square feet, close to 12,000 square feet of land in the new Napili Park subdivision; well not new.

M: Oh that's our listing.

B: Yes that's our listing, Mitch

M: 5-bedrooms, it's a great house. It's right near the gully there it backs up next to the park. It's a great little subdivision. Unfortunately the seller is going to be leaving the island, he's been with us for many, many years but it will be a great family home.

B: It's perfect.

M: It's very easy to show and kind of fits in the right category.

B: The lot actually has access like Mitch was saying, it's a ravine area, a large very tropical setting with fruit trees and the Napili park there has a couple of tennis courts, it's got soccer, baseball -

M: Basketball?

B: I think basketball, you're right. It's got some - what are the toys for young kids - it's got the little swings and spinner things. It's really cute; it's a great place for grandkids and kids. There's always people out there playing tennis or doing something and you're just a few steps away from that at this home. It was built as housing for Kapalua quite a few years ago so it's an amazing property the house is great, well built. So it's something that I think, there's somebody out there right now we've already had a couple of good showings so give us a call on that one it's listed at $750,000 and a great, great, great property. And a lot that size, almost 12,000 square feet is what everybody is going to want here. You know we're winding down pretty fast Mitch. We've got 2 minutes left and it seems we just -

M: I've just started

B: I know there we go; well maybe we need to be an hour show

M: No.

B: No, okay we're not going to go there. Okay well from the standpoint of what we're all up to, I think we're coming up to election time and I think we all got to remember that as we have in the past, we need to vote. So no matter who you're thinking, who you want to vote for whatever you're going to do let's all remember to be good citizens and vote. And -

M: Betty I want to stick a little something in here about Hale Makua. You know how much we support Hale Makua.

B: Okay yes, talk fast.

M: I haven't' been on the show for a while so during the golf tournament in January I met David and Sue Klingman who own Hanzawa's Market up on Kapakalua in Haiku, and you know they're a marvelous couple. We were chatting at the golf tournament and told him I was on the board at Hale Makua and he just couldn't stop talking about how great the employees are and how well they took care of his father.

B: That's always great.

M: I definitely stopped by the store and it's a great store up there. Okay I got to go.

B: Yeah, we got to go. We got to come to an end but again Hale Makua is an amazing facility, if you need any information on it call us and we'll direct you to the right people. But meanwhile we're coming to a close, thank you all for listening and aloha. And we've got Danny Couch back again, "I Love Hawaii". We may use a different song next week, I might be ready for something.

M: Aloha.

Mailing Address:
Sakamoto Properties
P.O. Box 10068
Lahaina, HI 96761
Contact:
Phone: (808) 669-0070
Fax: (808) 669-1234
Info@SakamotoProperties.com
Office Address:
Sakamoto Properties
Napili Plaza
5095 Napilihau Street #203
Lahaina, Maui, HI 96761
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