There are now 20 brand new homes for sale in HPP.

[Punatang]

All offers must be in by July 9th, 4pm....

or else...

...they will have another open house!

https://www.realtor.com/realestateandhom...-list-card


Anyone want to predict what this one finally sells for?  When it came on the market, I think I insinuated, in the HPP attempted murder thread, that this house was was 175k overpriced when it was at $649k without the 10k kickback.  Ill stick with that.  So my prediction, with the 10k kickback, it sells for $484k.

EDIT, found it:

Crime and Real Estate.

ROFL!  Speaking of which, just two blocks away is that record highest price per square foot house on 4th just off of Makuu.  For the conspiracist home shopper, it does have the protective blue roof and blue exterior though which, while it may not stop a stray bullet, in the event of Direct Energy Weapon attack may just make it worth the extra $175,000 over it's competition.

[Punatang]

Maybe they read Punaweb!  They just chipped another 20K off the price.  So far they have dropped 140K total.  Didn't bother to erase the ultimatum that came and went though LOL.  Hard to figure.

https://www.realtor.com/realestateandhom...-list-card

No predictions?  I'll sweeten the pot with a full day of free beer and dumplings (spiced to your taste) at TPWB&G for the most accurate Punawebber Price Opinion (PPO).

I'm sticking with $484K.  

[Punatang]

UPDATE:  The ultimatum, "All offers must be in by July 9th, 4pm...."  has been removed.  Description now reads:

The thoughtfully developed one-acre property caters to a diverse range of buyers. Offering a ready-to-move-in 3-bedroom, 3-bath. Island Homes A&D, LLC has meticulously curated the interior, incorporating upgraded fixtures, elegant tile work in the bathrooms, and tasteful lighting, ensuring a heightened sense of luxury. The property is equipped with a solar water heater and solar roof vents, promoting energy efficiency and cost savings. Enhancing both security and visual appeal, the front of the property features a secure fence and an electric gate. The front yard provides a versatile carport with ample space for entertaining. The meticulously landscaped backyard boasts a generous lawn, alongside an orchard yielding an array of fruits including lemon, lime, banana, breadfruit, avocado, and papaya. The water tank is elegantly enclosed by a bamboo fence, and a back patio provides the perfect setting for enjoyable BBQs. Conveniently located 5 minute drive from the stunning coastline. This property is a true gem nestled within the Hawaiian Paradise Park (HPP) neighborhood. With a freshly paved street. Solar water heater Solar roof vents Secure fence and an electric gate Fruits: lemon, lime, banana, breadfruit, avocado, and papaya. Staking has been done. ~THIS PROPERTY IS VIRTUALLY STAGED.~ 


TL;DR translation:  HPM kit house featuring a 40 year old floor-plan. Has an elegant carport. No dishwasher. Please help.

https://www.hpmhawaii.com/homes/pua-melia

[keaau mary]

I was walkng yesterday and noticed the new house on 12th/Kaloli/deadend is in escrow already. That was fast! They just finished it. Actually a nice looking 3bed/3bath. The other new house diagonal from me on 12th just posted a Notice of Completion. Wonder how long this one will take to sell. Strange paint job on this one. Dark blue with bright white accent boards. Not a fan but my bushes block it from view.

[Punatang]

new house on 12th/Kaloli/deadend is in escrow 

Was it this one Mary?  
https://www.redfin.com/HI/Keaau/15-1512-.../148292610

You are right, that one was only on the market for 1 month.  Much less than most.

They tried to get $525,000.  Once they dropped the price to $510,000 it only took a week to go into escrow.  

That builder really impresses me.  They have built a ton of those exact 1334 SQ FT houses and people gobble them up.  The builder really adds some style and makes each one "unique" as a cookie cutter house can be.  They have already dropped a new one on the market!  https://www.realtor.com/realestateandhom...-list-card

They were getting $530,000 for those 1334s.  
https://www.redfin.com/HI/Keaau/15-1490-.../188143142
https://www.redfin.com/HI/Keaau/15-1631-.../188143112


Now they are only getting $500,000 and having to upgrade with concrete driveway, etc.
https://www.redfin.com/HI/Keaau/15-1481-.../190528222

Thanks for pointing out one of the clearest examples of what many of us on PW have noticed.  Prices in HPP are dropping.  It never feels like a crash.  It usually takes 5-7 years for a real estate market to go from it's peak to its bottom.  Just like the 2008 "crash" bottomed in about 2013.  So, it's really less like a crash and more like a frog in boiling water.  Either way, in the end you kinda feel burned.

[Punatang]

   

Home builder inventory spikes to highest level since 2009

https://x.com/nickgerli1/status/1816194709544738917

[Punatang]

Would you believe they pulled the Blue Roof HPM kit house off the market today?  No Chunkster, the sky is not falling (yet).  But it ain't a great sign either.  

https://www.realtor.com/realestateandhom...-list-card

Now we may never know the final price.  

Will it be reinvented as a VRBO or Airbnb?  Long term rental?  Directed Energy Weapon shelter?

Maybe they will install a dishwasher and put it back on the market for $649,000 again.  Only time will tell.

08/01/2024
Listing Removed
HawaiiInformation
07/19/2024
Price Changed
$509,000
$409
HawaiiInformation
06/27/2024
Price Changed
$529,000
$425
HawaiiInformation
06/14/2024
Price Changed
$547,000
$439
HawaiiInformation
05/15/2024
Price Changed
$574,000
$461
HawaiiInformation
04/24/2024
Price Changed
$624,000
$501
HawaiiInformation
04/12/2024
Listed
$649,000
$521
HawaiiInformation

[Punatang]

Here Chunkster.  No need to thank me.  Aloha.  Schonen Tag noch.

[Punatang]

Chunkster bump.

[Punatang]

expect the crash to bottom out

You reminded me.  Those same people also let us know when the bottom has arrived because all of those irresponsible and predatory mechanisms enabling the most vulnerable and least sophisticated to acquire assets, will evaporate.  As if on cue, our "leaders" will proclaim, as they always do, that this most recent crash has occurred due to these predatory practices and "something must be done!".   

Action including knee jerk overreaction is taken against the practices (never the predators).  The end result is that, astonishingly, at the very moment that assets are most affordable, credit dries up.

Coincidentally, now only the unpunished predators, who still have access to or do not need credit, are left to cherry pick the nicest fleeces. 

At this point (the bottom) we begin the process again.

Commercial real estate is the first domino to fall and as predicted, credit will be tightened.  Right on que.  Never fails.

https://www.wsj.com/real-estate/fannie-m...s-116907c2


Exclusive | Fannie, Freddie Are Poised to Tighten Real-Estate Lending Rules

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Additionally, lenders could face tougher requirements for confirming whether a property borrower has adequate cash and verifying their source of funds. 
The new rules might also require lenders to complete due diligence on the appraised value of a property, by evaluating its financial performance, for example, these people said. 
Under the current system, lenders are able to take a more hands-off approach when it comes to borrower and property financials. They face incentives to trust the figures they are sent, rather than pursuing expensive audits or risking losing clients to too much red tape. 
Fannie and Freddie declined to comment. The Federal Housing Finance Agency, which regulates the two entities, also declined to comment.
Fannie and Freddie, which are backed by the government, purchase and securitize a huge portion of loans in the U.S. residential and commercial mortgage market. The two entities together owned or guaranteed roughly 40% of the $2.2 trillion in multifamily mortgage debt as of September 2023, according to estimates from their latest annual filings. 
The new multifamily rules, which could be rolled out as early as this summer, are in early stages and could still change, these people said. If they are enacted, they would represent some of the biggest recent changes in the way Fannie and Freddie monitor these loans. 
Apartment-building and other commercial-property prices surged to new highs in the years before the Federal Reserve started to raise interest rates, leading to a flurry of loans based on doctored financials and valuations, federal investigators and real-estate brokers say.
More of these fraudulent mortgage schemes have been exposed since 2022, when sharply higher interest rates led to significant declines in commercial-property prices.
Now, federal prosecutors are increasing their efforts to root out fraud, often working together with investigators at the FHFA’s Office of Inspector General, according to court records and people familiar with the matter. 
The crackdown is already rippling through the multifamily industry. Freddie has started to require borrowers to submit rent receipts, while Fannie has begun to go through loans to look for doctored financials, The Wall Street Journal previously reported.
Tighter lending rules could slow deal activity. To be effective, according to industry participants and investigators, rules would have to cover a number of different avenues of the market where fraud can occur. The real-estate schemes that recently came to light involved everything from fudged income statements to faked property sales at inflated prices.
Fannie and Freddie effectively blacklisted Meridian Capital Group, along with other brokerage firms, after allegations that its brokers falsified client financials to get bigger loans. 
Meridian has since sought to build and implement a risk and control framework, largely from scratch, that could require periodic backtests and board approval for deals of a certain size. 
One major commercial-property lender, Berkadia, recently pulled back on new deals with brokers, people familiar with the matter said. 
In a statement, Berkadia said it would “continue to focus on direct business” and use “reputable brokers for loans on a case-by-case basis.”
Write to Gina Heeb at gina.heeb@wsj.com