The Hammond Real Estate Report

Like many American markets, the Santa Cruz real estate market has suffered its bouts of ups and downs throughout the past couple of years amid the larger financial crisis afflicting the U.S. The government’s stimulus program offering up to $8,000 in tax rebates to select home buyers helped the market regain some of its ground in the latter half of 2009.

Unfortunately some of the ground that was recovered at the end of the year seems to have slipped back in 2010. In January, the average price for a single-family residence sold in the Santa Cruz market was $569,544, down from over $603,000 in December 2009. Similarly, the median price in January was $480,000, down from $555,000 in December.

There were 94 homes sold in January, the first month sales figures fell below 100 since February 2009. The month saw a total inventory of 691 Santa Cruz homes for sale on the market, 208 of which were new. The condo market saw 22 total sales, the lowest figure since March 2009. In January, there were 212 condos on the market, 54 of which were new. Home inventory now sits at just 4.7 months worth, down from 11.9 months a year ago, according to the Santa Cruz Sentinel.

Condos and townhomes in the Santa Cruz market saw a drop in prices in January as well. The average price for a sold condo was about $359,000, down from over $378,500 in December 2009. The median price fell from $350,000 in December to just $313,500 in January.

In Kahala, Honolulu you will find one of the most luxurious and extravagant pieces of real estate in all of Hawaii.  The place is situated along the neighbourhood of Kaimuki and Waialae, and is filled with a wide range of beachfront real estate.  Excellent weather conditions, as well as suitable weather await you here at Kahala.  As with every place here in Hawaii, the Kahala district is also a perfect place to enjoy the blue pristine waters of Hawaii and bask in tropical sun.  Unlike other beach destinations, seeing the place crowded is a very rare occasion, and is also excellent for outdoor activities such as beach volleyball, as well as snorkelling, deep sea fishing, and of course, swimming!  Lying by the sand listening to the serene sound the waves make is a relaxing activity by itself too.   If you love sight-seeing trips, then it’s a good idea to go hiking – here you can get the most astounding and panoramic views Hawaii has to offer, be it land or sea.  Try horseback riding trips and explore the beautiful landscapes of the countryside which surrounds the Kahala community.  Oh and don’t forget one of the best tourist attractions here – The Diamond Head Crater.

In Kahala real estate you will find one of the best Hawaii has to offer when it comes to beaches.  One such place is the Kahala Resort and Hotel, which used to be known as Kahala Mandarin Oriental, and is very well-known among the locals, as well as celebrities and notable personalities all over the world.  In here you will find top-notch facilities and luxurious amenities, combined with excellent customer service that will surely make your stay at Hawaii a truly unforgettable one.  You will also find the finest and world-renowned restaurants here at Kahala Resort and Hotel, featuring The Veranda and Hoku’s Seaside Grill.

If golf is your cup of tea, you would surely enjoy your vacation at the Waialae Country Club – it’s simply one of the best golf courses you can find in this island paradise.  This exclusive and critically acclaimed golf course promises its members the most challenging and enjoyable golfing experience they can ever have.  The barrier located along the Kealaolu Avenue is the longest one in the area and is the structure which protects the golf course from the outside world.  Shopaholics will also have a great time here at Kahala, as there are plenty of shopping malls here that offer authentic Hawaiian souvenirs, as well as other gift items.

If you are looking for a true Hawaiian getaway that you will never forget, come visit Kahala – it will definitely be one of the best experiences you will ever have in your life.

Although Waikiki is more and more becoming a land of international brand resorts and globally recognized hotel chains, the hallmark of Waikiki, the Royal Hawaiian Hotel, known to many as the Pink Palace of the Pacific, still graces the sandy beaches of Oahu’s southern shores.  Despite the rise in popularity of Waikiki condos, the Royal Hawaiian Hotel has been able to maintain a significant portion of the market share.  As one of the first hotels established in the area, the Royal Hawaiian Hotel is considered one of the flagships of tourism in Hawaii.  Although it first opened its doors in 1927, the hotel has been continuously updated to keep customers happy while maintaining its old Hawaiian charm.  Although the hotel was able to operate as an independent property for so many years, it opened in 2009 after major renovations as a member of The Luxury Collection division of Starwood Hotels.  The arrangement allows the Royal Hawaiian Hotel to continue to operate under its own name and entity.

Known to cater to the social elite and upper class tourists, the Royal Hawaiian has hosted some of the world’s most influential statesmen and celebrities.  Duke Kahanamoku, known as the father of surfing, frequented the hotel as did President Franklin Delano Roosevelt.  The president visited so often that the hotel was called the Western White House.

North Carolina real estate has seen an upswing in real estate activity thanks to the extension of first-time buyer tax credits by the U.S. federal government.  According to David Bracken’s November 6, 2009, article about credit and the housing market, “About 1.42 million U.S. taxpayers have qualified for the credit through August, including nearly 45,000 in North Carolina, according to the Internal Revenue Service.”  The income tax credit is valid for purchase agreements signed by April 30, and closings final by June 30 and can be applied to individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Another victory for real estate in North Carolina on October 26, 2009, when the RealEstateRama newspaper reported that “foreclosure prevention efforts that have helped more than 1,100 North Carolinians save their homes got a boost earlier this month when the North Carolina Housing Finance Agency was awarded an additional $895,350 of federal funds from the National Foreclosure Mitigation Counseling Program.”  The worthy program has ensured that hundreds of families are kept in their homes and given the resources to refinance their homes.  The news article claims that “funds from the earlier grants are expected to provide counseling for more than 14,000 homeowners by year’s end. Of those who have completed counseling, 1,158 are known to have avoided foreclosure and only 40 are known to have been foreclosed on. The third grant is expected to assist 2,800 homeowners by June 2010.”

North Carolina homes for sale dropped in median price in places like Raleigh and Cary but also rose in price and gained value in several places.  David Ranii of the News Observer reported on November 10, 2009, that “the average sale price of existing homes in Durham rose 3.6 percent in the third quarter compared to a year ago, defying the national trend of declining home prices, according to a survey released today by the National Association of Realtors.”

Bainbridge homes for sale have seen a slight rise in popularity as federal government tax credits help to spur demand and increase interest, especially for first-time home buyers.  According to Rachel Pritchett of the Kitsap Sun on November 5, 2009, “the 380 pending home sales in October in Kitsap County were a substantive 59 percent jump over October 2008.  Experts say renewed interest is from buyers rushing to make the Nov. 30 deadline of a tax-credit program where they can save $8,000.”  Interestingly, while many properties in Western and Central Washington saw declines in value of up to seventeen percent, the article claims that Kitsap County, and especially real estate in Bainbridge, have been able to keep steady pricing despite the tough economic environment.

Another positive sign for the Bainbridge area was that “there were 1,795 homes for sale in Bainbridge Island in October, 27 percent fewer than a year ago. Sellers have pointed to a shrinking inventory as another sign of a market that is stabilizing.”  In what could be one of the slowest turnarounds in real estate history, both buyers and sellers are beginning to realize that they can only demand so much and must let uncontrollable factors do the rest.  On November 11, 2009, Pritchett followed up with another article about how well Kitsap County was doing compared to the rest of Washington state and the rest of the nation.  In terms of hard statistics, “eleven percent of all homes sold in Kitsap in September sold at a loss; nationally, it was 27 percent.  About 29 percent of homes saw increasing value over the past 12 months; nationally, it was 22 percent.”  These numbers are actually quite unusual for such a remote place like Kitsap County and Bainbridge Island.

Bainbridge Island real estate is definitely showing great improvement as the economy begins to move again and the recession begins to dry out.  Yahoo! Real Estate showed a 6 percent increase in the median home price between October and November to almost $160,000 while foreclosed homes jumped even higher, 6.9 percent, to over $80,000.