Market Report Home Sweet Home Ready, Set, Set... Building on a Legacy Fair Housing: Say It Fairly in Your Ads
July 09 CONTENTS
Message From GAR
REALTOR® Designations
12
Departments 8 12
Market Report Staying Optimistic Feature Home Sweet Home Follow these nine easy steps to owning your own home.
18 22
From the Experts Ready, Set, Set, Set... Profile Glenn C. Biscoe
24
Curb Appeal The Most Popular Do-It-Yourself Home Project
26
How To D.I.Y. Replacing Outlets
28
Who Ya Gonna Call?
30
Classifieds
32
Closing Guam Association of Realtors®
Building On A Legacy
26
Fair Housing: Say It Fairly in Your Ads |Publisher| Julian T. Cooper-Nurse
|Business Sales Manager| Jay-R S. Dominguez
|Traffic/Circulation Manager|
July 2009 • Vol. 2 • No. 6
Josie Redmond
|Production Manager| Mark S. Burke CasaGuam is Published by:
|Production Assistant| Lynda Young
|Graphics & Layout|
P.O. Box 24881 Barrigada, GU 96921 Tel: (671) 472-3495 | Fax: (671) 472-3498 email: office@yellowpagesink.com
Mark S. Burke • Jon Barnhart
Many people involved in real estate, from first-time homebuyers to renters and commercial investors have become increasingly familiar with the trademark REALTOR®. This trademarked term, does not designate a job, but is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors and subscribes to its strict code of ethics. In Guam, there are nearly 400 REALTORS® who are able to serve the public with their realty needs on island. They undergo not only the mandatory testing set forth by the government of Guam, but are also required to have additional code of ethics training and education. Additionally, consumers will occasionally see other designations after a REALTOR®’s name, such as “CBR,” “ABR,” “E-Pro,” “CIPS” and a host of others. While clear to most REALTORS,® these designations are often confusing to members of the public, but provide an excellent resource to finding the professional who may best be able to serve your needs. Official REALTOR® designations are earned upon completion of a specific set of educational and training programs and classes in a particular area of expertise or concentration. Often times some real life experience can substitute for portions of the qualifications, but the overall requirements in order to earn a designation is often quite involved and, for the REALTOR,® enlightening and educational. Many REALTORS® enter into the designation programs to further their own professional knowledge, however those who achieve these official designations may be able to provide that additional expertise and background that makes your transaction just right. There are already a number of REALTORS® in Guam who have earned designations in various areas of real estate and we expect to see this number grow. Previously only available through classes off-island, the Guam Association of REALTORS® began programs offering accredited designation classes right here in Guam and a large number of Guam REALTORS® have begun the process of achieving their designations. On island, you can already find REALTORS® with designations such as “CRS” (Council of Residential Specialists), “CRB” (Certified Real Estate Brokerage Manager ) “EPRO” (Certification for Internet Professionalism), “NAR GREEN” (Green Designation), “CCIM” (Certified Commercial Investment Member), “CPM” (Certified Property Manager®), indicating the extra level of education they have received in these areas in which they may serve their clients. Guam REALTORS® continue to provide our community with the knowledge and expertise necessary to your real estate transaction. Call your favorite REALTOR® today for any questions on buying, selling, or renting real estate!
|Editorial Contributors| Faye Varias • W. Nicholas Captain • Peggy Araullo Llagas Deanna Palmer • Ken Limtiaco
CasaGuam Advertising Disclaimer All Advertisers agree to hold the publisher harmless and indemnify it against any and all claims, losses, liabilities, damages, costs and expenses (including attorney’s fees) made against or incurred by the publisher, officers or employees with respect to, or arising out of, the content, text, graphics or representations of any ad published herein, including but not limited to the sole negligence and/or fault of the publisher. The publisher is not liable for any claims, losses or damages of any kind, arising from the wording, text, graphics or representations of any ad published herein, or the condition of the articles sold through the publication, or performance of services advertised in this publication. All advertising and/or performance of services advertising and/or submissions become wholly the property of CasaGuam Magazine. CasaGuam Magazine is a registered trademark of PTI Pacifica Inc. Copyright © 2008. All rights reserved. Reproduction in whole or in part in any form without the express written consent of the publisher is prohibited. We reserve the right to edit or refuse any ad and to reprint any photo for promotional use.
Steffen Niu 2009 President Guam Association of REALTORS®
CasaGuam.com 1
Real Estate Listing By Village Looking for something in particular? See the listings index below to point you in the direction of a listing in this real estate guide that’s right for you. Simply look up the village, type of home or apartment and see the ad on the corresponding page number. Happy Home Hunting!
Commercial Sales Agat Century 21 Commonwealth Realty . . . . .6 Chuuk BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Dededo Chen Properties . . . . . . . . . . . . . . . . . . . . . .7 Hagåtña
Mangilao Century 21 Realty Management . . . . . . . . . .IFC
RE/MAX Diamond Realty . . . . . . . . . . . . . .2
Merizo Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC
Mongmong-Toto-Maite BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . .6
Ordot-Chalan Pago
Century 21 Realty Management . . . . . . . . . .IFC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Mangilao BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Mongmong-Toto-Maite
Piti Nimitz Towers . . . . . . . . . . . . . . . . . . . . . . .15
Century 21 Realty Management . . . . . . . . . .IFC
Santa Rita
Piti
RE/MAX Diamond Realty . . . . . . . . . . . . . .2
Century 21 Commonwealth Realty . . . . .6
Sinajana
Tamuning Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
RE/MAX Diamond Realty . . . . . . . . . . . . . .3 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Tumon
Century 21 Realty Management . . . . . . . . . . . .9
Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10
Tamuning RE/MAX Diamond Realty . . . . . . . . . . . . . .2
Commercial Rentals
Century 21 Realty Management . . . . . . . . . . . .9
Agana Heights
Tumon
Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
RE/MAX Diamond Realty . . . . . . . . . . . . . .3
Barrigada
Yigo
Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
Century 21 Realty Management . . . . . . . . . .IFC
Dededo
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . .6
Chen Properties . . . . . . . . . . . . . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
Century 21 Realty Management . . . . . . . . . . . .9
Residential Rentals
Residential Sales
Agana Heights Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
Agat Century 21 Realty Management . . . . . . . . . .IFC
Asan RE/MAX Diamond Realty . . . . . . . . . . . . . .3
Barrigada BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Dededo BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . .6 Century 21 Realty Management . . . . . . . . . . . .9
Hagåtña Century 21 Commonwealth Realty . . . . .6 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
4 CasaGuam July 09
Chen Properties . . . . . . . . . . . . . . . . . . . . . .7
Agana Heights Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14 Agat RE/MAX Diamond Realty . . . . . . . . . . . . . .2 Barrigada RE/MAX Diamond Realty . . . . . . . . . . . . . .3 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Dededo RE/MAX Diamond Realty . . . . . . . . . . . .2-3 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . .6 Century 21 Realty Management . . . . . . . . . . . .9
Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Inarajan BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
FC - Front Cover
IBC - Inside Back Cover
IFC - Inside Front Cover
BC - Back Cover
Mangilao BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Merizo The Real Estate Professionals . . . . . . . . . .7 Mongmong-Toto-Maite BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10 Ordot-Chalan Pago RE/MAX Diamond Realty . . . . . . . . . . . . . .3 Century 21 Commonwealth Realty . . . . .6 The Real Estate Professionals . . . . . . . . .10 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Piti RE/MAX Diamond Realty . . . . . . . . . . . . . .3 Santa Rita RE/MAX Diamond Realty . . . . . . . . . . . . . .2 Sinajana Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Talofofo Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Tamuning RE/MAX Diamond Realty . . . . . . . . . . . . . .3 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Realty Management . . . . . . . . . . . .9 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC
Tumon RE/MAX Diamond Realty . . . . . . . . . . . . . .3 Century 21 Commonwealth Realty . . . . .6 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Yigo Century 21 Realty Management . . . . . . . . . .IFC
RE/MAX Diamond Realty . . . . . . . . . . . . . .2 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . .6 Century 21 Realty Management . . . . . . . . . . . .9 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC
Yona Century 21 Realty Management . . . . . . . . . .IFC
RE/MAX Diamond Realty . . . . . . . . . . . . . .2 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Chalan Pago Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 Dededo BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Inarajan Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 Mangilao Century 21 Commonwealth Realty . . . . .6 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Merizo The Real Estate Professionals . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 Mongmong-Toto-Maite Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10 Ordot-Chalan Pago RE/MAX Diamond Realty . . . . . . . . . . . . . .2 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14 RealtyOne . . . . . . . . . . . . . . . . . . . . . . .16-17 Piti Century 21 Commonwealth Realty . . . . .6 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14 Santa Rita Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Sinajana RE/MAX Diamond Realty . . . . . . . . . . . . . .2 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Tamuning Century 21 Realty Management . . . . . . . . . .IFC
RE/MAX Diamond Realty . . . . . . . . . . . . . .2 Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10 Empire Realty . . . . . . . . . . . . . . . . . . . . . . .14
Yigo
Century 21 Realty Management . . . . . . . . . . . .9
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7 The Real Estate Professionals . . . . . . . . . .7
Land For Sale
Century 21 Realty Management . . . . . . . . . . . .9
Agat Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC Barrigada RE/MAX Diamond Realty . . . . . . . . . . . . . .2 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . .7
Chen Properties . . . . . . . . . . . . . . . . . . . . .10 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . .BC
Yona BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Global Realty . . . . . . . . . . . . . . . . . . . . . . . .10
CasaGuam.com 5
6 CasaGuam July 09
CasaGuam.com 7
Market Repor t
Staying Optimistic W. Nicholas Captain
It’s been a tough few months and Guam’s real estate market statistics reflect the fear of investing and liquidity issues that have made an impact on global markets. Captain Real Estate reports total quarterly sales of Guam real estate peaked at just over $200 million during the third quarter of 2007. During the first quarter of 2009, that figure plummeted to $36.3 million — an 82 percent drop. The most recent period reflected the lowest sales activity in six years and approximated quarterly activity during the 2000 to 2003 downturn period. Year to date 2009 sales volume is down by 63 percent, and the number of transactions is down by 40 percent compared with 2008. Single family dwelling sales volume during the 1st quarter of 2009 slid to 115 units, the slowest pace since 2002, while the median price of a home fell by 28 percent to $160,000, the sharpest decline on record. The sharp median price decline is more reflective of the change in product mix than overall price deflation, which has been minimal. Condominium sales activity, reflecting a near evaporation of foreign investment, declined to 25 units during the 1st quarter of 2009, the weakest quarterly activity on record. However, the median price of a condominium unit remained relatively firm at $135,000. The current weakness in the real estate sector, combined with extremely low interest rates, has created a window of opportunity for buyers. We expect that lower priced 8 CasaGuam July 09
transactions closing in 2009 will be the exception, and not reflective of new benchmarks. The opportunity to buy at a discount requires a seller under duress because prevailing market sentiment reflects strong price appreciation potential once the military build-up commences.
pected by early 2010. Weak local real estate market conditions are due to a combination of fear, uncertainty and a dearth of foreign investment. Hawaii and mainland markets have fallen sharply due to the poor economy and a lack of available capital. Guam’s market will
Guam real estate investors, for the most part, have shifted into a “hold” mode and those forced to sell remain quite rare. Although the 1st quarter of 2009 statistics approximate those during the 2000 to 2003 downturn, the fundamentals of Guam’s market today are vastly different than during the downturn, and a return to more normalized activity is ex-
recover much faster than Hawaii or the mainland precisely because of the fundamental causes of the downturn. Although our economy has stumbled, the military build-up activity is expected to create jobs and fuel immigration and foreign investment by next year. Further, Guam banks include some of the nation’s strongest and the mortgage crisis has
been mostly tame. The fear and uncertainty impacting Guam’s real estate market is already waning, and excitement and opportunity will likely fill the void. Foreign investment, stung by economic fallout and the strong U.S. dollar, will steadily rise along with badly needed on and off-base construction projects. We expect the current downturn to reflect the shortest recovery on record. In the near term, the key for investors is staying power. That means cash flow, not just cash, is king. Another reason that we expect Guam’s real estate market to recover quickly is supply. There are very few sectors of the market that are currently characterized by high vacancy and an over supply of new construction. Once military build-up related demand takes off, the upward pressure on rents and prices could be significant. The blind optimism associated with the military build-up since 2005 may find that 20/20 vision is not too far away. The Department of Defense budget is expected to include several hundred million dollars for Guam construction and Japan will likely join the investment party soon. North Korea’s rocket launch further justifies the sharpening of Guam’s military spear. The U.S. General Accounting Office has given Secretary Gates justification to personally act to insure implementation of current Guam build-up plans. Guam’s Industry Forum III will bring badly needed foreign investors back to the island in late April. Assuming that no additional Moratoriums on development are forthcoming, we expect real estate sales volume to increase significantly during late 2009 and early 2010.
CasaGuam.com 9
10 CasaGuam July 09
CasaGuam.com 11
Feature
By Faye Varias
12 CasaGuam July 09
Feature
T
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home. The U.S. Department of Housing and Urban Development suggests nine steps toward buying one.
Step 1: Figure out how much you can afford. What you can afford depends on a variety of factors, not just how much money you make. There are several online calculators that can help, but it is best to visit a lender to find out for sure. Lenders will review your income, debt, and savings information to determine how much money they are willing to lend you towards your home purchase. Based on your lifestyle and needs, consider how much you are willing to spend on the purchase of a home. Different loan programs have their own rules regarding the percentage of income that can be applied toward monthly house payments. A lender carefully considers your debt obligations when assessing your ability to repay a loan. Housingrelated expenses are another category lenders consider. These expenses often depend on the location and type of home you are buying and will affect the size of the loan for which you qualify.
Step 2: Know your rights. The Fair Housing Act protects individuals against discrimination based on race, color, national origin, religion, sex, familial status or handicap. It is also illegal for anyone to threaten, coerce, intimidate or interfere with anyone exercising a fair housing right or assisting others who exercise that right. If you think your rights have been violated, the Department of Housing and Urban Development is ready to help with any problem of housing discrimination. The Housing Discrimination Complaint Form is available for you to download, complete and return, or complete online and submit, or you may write HUD a letter, or call Guam Housing and Urban Renewal Authority. Though expanding access to capital for previously under served borrowers has occurred over the past few years, many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market. Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success. Do your research and read all the fine print.
Step 3: Shop for a loan. You can save money by doing your homework. Talk to several lenders, compare costs and interest rates and negotiate to get a better deal. Consider getting pre-approved for a loan. Home loans are available from several types of lenders — thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price.
Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term and type of loan so that you can compare the information. Once you are satisfied with the terms you have negotiated, you may want to obtain a written agreement from the lender or broker. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. This can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. If that happens, try to negotiate a compromise with the lender or broker. Remember: shop, compare, negotiate.
Step 4: Learn about home buying programs. In Guam, the First Time Homebuyer’s Down Payment and Closing Cost Assistance Program has been made available by the Guam Housing and Urban Renewal Authority to provide assistance to eligible residents of the territory of Guam who are considered first time home buyers, to purchase or construct a primary owner-occupied dwelling. This is an interest free loan and the maximum loan amount shall be the lesser of $18,000or 18 percent of the purchase price. Assistance will be provided utilizing funds made available through the HOME Investment Partnership Act as created by the National Affordable Housing Act of 1990. The total household income must not exceed 80 percent of the median income limits as established by HUD and the market value of all HOME assisted property must not exceed 95 percent of the median purchase price for the territory of Guam. Eligible applicants must also successfully complete GHURA’s First Step Homeownership Education Program. For more information, you may contact GHURA, Community Development Division at 475-1302/18/19/21.
Step 5: Shop for a home. There’s a common saying in the real estate industry regarding the vast number of agents in the business: “If you don’t have any friends who are agents, then you probably don’t have any friends at all.” With so many agents out there, how can you make an intelligent decision? Do you choose a friend, neighbor or coworker? Should you work with an agent at a large firm, a small firm, a franchise or an independent? While there’s an exception to every rule and every marketplace has its own nuances, there are some solid rules to apply when you want the best representation to protect your interests. You should demand experience and look for commitment. If an agent isn’t working at least thirty hours a week, fifty weeks a year, look for someone else. In the majority of states, the requirements for real estate licensing are substantially less than those CasaGuam.com 13
Feature for cutting hair. In Michigan, for example, all that is required is a forty-hour class and a multiple choice test. You cannot rely on licensing to indicate competence. While there are numerous advanced real estate education courses available, the only technical and competence based program available nationwide is the Graduate, REALTORS® Institute (GRI) series, which is administered under the direction of the National Association of REALTORS®. A REALTOR® who completes the 15 eight-hour modules and passes examinations, may then use the designation of GRI. To learn more about your potential agent, you should interview them in person. Get recommendations from friends, family and neighbors. Then look on the Web, in homes magazines, such as Casa Guam and the local newspaper to see what kind of marketing the various companies are doing. If you follow the suggestions above, you will find that there are excellent agents working for firms both large and small; both franchised and independent. Thus, the real decision must be made based on the competency of the individual agent you will be working with on a day-to-day basis. But before you go out shopping for that dream home, why not create a wish list encompassing all the criteria that you’ll require to meet your needs? While it’s only the beginning, it can nevertheless save you a great deal of time and effort in tracking down the perfect home for you and your family. It’s always a good idea to make a wish list before you shop for a new home. Even though it may take awhile before you can actually purchase a home, you can still keep track of the items that are most important to you. As your children grow or your perspectives change, your list may change, too. That’s quite alright; the important thing is to keep the dream alive.
to pay and the total home financing amount that your lender has preapproved you for. Be specific, and put everything in writing. Negotiating is a standard practice in real estate, and something that your real estate agent will do on your behalf; learn more about it so it works for you. Before you negotiate a sales price, it’s important to determine if you or the seller has the stronger position. Knowing this will help you plan your negotiation. Also, understand what should be included in your offer. This is the time to think carefully about what you want and what you can afford. Make sure you don’t include anything in the offer that you’re not totally comfortable with doing.
Step 6: Make an offer.
Lenders require that you have homeowners insurance. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around. You can also save money with the following tips: Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium. Ask your insurance agent about discounts. You may be able to get a
Making an offer on a home is an exciting step — you’ve found the house you want and you’re working towards making it your home. Be sure you’re serious about buying before you make an offer. If the seller accepts your offer, it becomes a legal contract after a few days. Details and planning are important. Know what you would like to pay but also think about the most you’re willing 14 CasaGuam July 09
Step 7: Get a home inspection. Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will: Evaluate the physical condition: the structure, construction and mechanical systems. Identify items that should be repaired or replaced. Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
Step 8: Shop for homeowners insurance.
Feature lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material. Persons over 55 years of age or longterm customers may also be offered discounts. Insure your house and not the land under it. After a disaster, the land is still there. If you don’t subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should. Don’t wait till you have a loss to find out if you have the right type and amount of insurance. Make certain you purchase enough coverage to replace what is insured. “Replacement” coverage gives you the money to rebuild your home and replace its contents. An “Actual Cash Value” policy is cheaper but pays only what your property is worth at the time of loss-your cost minus depreciation for age and wear. Ask about special coverage you might need. You may have to pay extra for computers, cameras, jewelry, art, antiques, musical instruments, collections, etc.
Step 9: Sign papers. You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign. As a home buyer, you can prepare for the real estate settlement process by understanding what you need to do before the actual day of settlement. This will make the entire home buying process smoother and less stressful. Use the following checklist. Loan Approval - This is first and foremost, because you can’t proceed toward settlement / closing until you
get approved for the loan. Once you’re approved for the loan, the settlement process is in motion. Truth-in-Lending Statement Shortly after applying for the loan (usually within three business days), the lender will give you a truth-inlending statement. This statement shows the total estimated cost of the loan, including fees, interest rates and payment terms. Set the Date - The time and place of real estate settlement will usually be agreed upon between the lender, the settlement company, and the buyer and seller. Transfer Utilities - Call to transfer all applicable utilities (gas, electric, etc.) to your name, effective on the settlement date. Hazard Insurance - Most lenders will require hazard and liability insurance, at least up to the loan amount. You need this to satisfy their requirements, but you should also choose a home insurance policy that protects your investment and give you peace of mind. Final Walk-Through - A day or two before your real estate settlement, you will conduct a final walk-through of the house. This is your last chance to view the property before taking ownership of it. Make sure everything is as you remember it (no new damages, all conveyed items present, etc.). Also, if you made the contract contingent upon certain repairs (based on the home inspection), make sure those repairs have been completed. Settlement Statement - At least one business day before settlement, you should receive a settlement statement (also referred to as a HUD-1 statement). This document will list all the costs you’re required to pay at settlement. Review it carefully. If you find errors or items you don’t understand, bring it up with your real estate agent, attorney or settlement agent. Don’t let your questions go unanswered. Certified Check - In most cases, you will need to bring a certified check with you to settlement to cover all the closing costs. The amount of this check will be based on the settlement statement. Be sure to bring a photo ID with you as well. Understanding the real estate settlement process will help ensure a smoother home buying process. Be proactive about the items on this list. Don‘t just wait for them to happen — make them happen. CasaGuam.com 15
From the Experts
Ready, Set, Set, Set... By Deanna Palmer
Deanna Palmer REALTOR®, RE/MAX Diamond Realty
Everyone wants to know when the market will start moving again. Let me assure you, it not only will, but has started already. Since the Industry Forum III, which took place in three Guam hotels in April 2009, the number of arrivals for contractors started growing. The numbers of jobs created are growing. The contractors that were awarded larger contracts and are due to be funded by October 2009 are gearing up. The sub-contractors are also gearing up. Much of it is in the planning and budgeting phase. We will see more in the next few months. The First Hawaiian Bank 2009 Guam-CNMI Economic Forecast states: Despite the U.S. economic slowdown, Guam’s economy stands out as one hopeful spot. A bottoming out seems unlikely in a market that has seen an increase in the median price of a single family house of 87 percent since 2003 – 13 percent in 2006, 19 percent in 2007, and 9 percent in 2008. If the Guam real estate market slow down in 2009, there will still be more activity than there was during the 2002–2004 downturn. “The pro-
18 CasaGuam July 09
jected surge in economic activity and population places Guam real estate on a long-term growth trend, and the military buildup significantly reduces risk.” This according to Dr. Leroy O. Laney, economic advisor to First Hawaiian Bank and professor of economics and finance at Hawaii Pacific University. See more at www.fhb.com. Guam REALTORS® received word that the Navy has a delay in their transfers, however other U.S. Armed Forces are at the start of its normal summer transfer cycle. The hangar at Andersen AFB is complete and personnel are expected to be arriving July and August. The Navy transfers will happen around October this year, unless there is a change and they are allowed to move this summer. So get your units ready, clean, with utilities on. Be sure to keep your eyes on the mortgage interest rates. They just increased a full percentage point in early June. This jump is what I expected because of the summer months and the positive signs in the U.S. mainland in the stabilizing of unemployment numbers. I do not believe this higher rate will hold very long. People are hurting in the U.S. mainland like we were in 20022003. So I expect a drop in mortgage interest rates by the end of summer. But, I don’t think it will go all the way back to the previous low of just under 5 percent. Also remember, 6.25 percent fixed rate mortgage is still a dream of an interest rate. Lock yourself into at least this rate soon. And give yourself 60 days for processing your loan. There are lots of people refinancing which is overloading your favorite the financial institutions.
The time to buy is now. Our market has seen some drop in prices on older homes. Condos have also dropped a small amount. New homes have retained their value. By the third quarter of the year I expect the Guam real estate market to be making up for the first half of 2009. We will finish the year at least even, maybe better than 2008. Even if the interest rates stay at 6.25-6.65 percent, most people will still be able to qualify for the
property they are interested in purchasing. Remember that loan fees have gone up, so save some extra for closing costs. Well, I could go on and on. For current information on all the Guam listings, check my Web site at www.DeannaPalmer.com. And tune in to K57 Radio AM dial on Saturdays at noon for Open House, the talk show about Guam’s real estate.
CasaGuam.com 19
20 CasaGuam July 09
CasaGuam.com 21
Profile
Building on a Legacy
Glenn C. Biscoe By Faye Varias
REALTOR® LandMark Realty Group & Services Education: Bachelor’s in Business Administration from Chaminade University, Hawaii Hobbies: Paddle boarding and surfing
Business motto: “It’s up to you to be successful; no one else can do it for you.”
When Glenn C. Biscoe became licensed to sell real estate, it wasn’t his intention to become a full-time agent. But it must have been in his blood. “As far as I can remember, my father has been involved with real estate on and off island,” he says. Biscoe obtained a bachelor’s degree in business administration from Chaminade University in Hawaii and, in 1997, he was tasked with managing his father’s properties on Guam. From that experience, he had the opportunity to learn about residential and commercial investment aspects of the real estate business. “Due to my eagerness to learn and assist people with their real estate
22 CasaGuam July 09
needs, I found myself in the thick of things with being a full-time agent,” he says. Today, Biscoe is deeply involved at LandMark Realty. He says one of the biggest challenges he encounters in the field is
assisting customers with very specific needs. He says, “Overcoming this problem takes a lot of research, time, due diligence and networking. Once an agent has gained experience with these challenges, the process becomes somewhat less difficult and manageable.” Biscoe says his most memorable real estate moment was his very first closing sale. “It was a three-bedroom, one-bath home in Baza Gardens,” he recalls. “It was the buyers’ first residential purchase and they were ecstatic to move from an apartment into a house. Assisting the buyers fulfill their dream of owning a home was very rewarding.” Outside of work, this bachelor enjoys paddle boarding and surfing and a host of other activities. He lives by the motto: “It’s up to you to be successful; no one else can do it for you.” Biscoe’s biggest piece of advice for people looking into real estate is,
“Be sure to exercise due diligence and study the property carefully. If you are looking to build, meet with professionals, such as contractors, architects, environmental companies, engineers, surveyors and government agencies to ensure that the property is suitable for the intended use. Real estate agents have the ability to assist with this process.” Overall, he’d like to tell his customers to take advantage of today’s low interest rates. “The inevitable demand of residential housing on Guam [will soon bring these up].” In the coming years, he hopes to continue assisting investors with positioning themselves for the anticipation of the real estate boom, which he expects within the next couple of years.
“Casa Guam has the highest standard of real estate advertising available on Guam. The layouts are very creative and the content and articles give its readers a broad spectrum of the real estate market on Guam. … I’m very proud to hand out Casa Guam to my customers.” -Glenn C. Biscoe, Realtor
CasaGuam.com 23
Curb Appeal
The Most Popular Do-It-Yourself Home Project By Ken Limtiaco
A series of articles about “curb appeal” would not be complete without writing about the most popular method of improving your property’s value and appeal: exterior painting. Although not as quick or easy, it is similar to you dressing up for a night on the town. It makes you feel good, gives you confidence and, if done properly, draws welcome attention. A fresh coat of paint will do wonders for your property and you can choose to do it yourself (as so many homeowners do) or hire someone to do the job professionally. The first step is to choose your colors. Typically, a property will have a base color, covering most of the vertical walls, with a different complimentary color for the “trim” (this would include the fascia, door jambs, ballustrade railings, etc.). When choosing your colors, pick a scheme that will fit into your surroundings. You want the colors of your property to be noticed and differentiated from the rest but you do not want the colors to “stand out like a sore thumb.” In other words, if your neighbors have earth tones on their buildings then perhaps purple is not the color to choose for yours. One of the trends I have noticed is the use of darker colors for the base and lighter colors for the trim and accent. This is a complete 180 turn from the previous years where most buildings had a light base with a dark trim. Additionally, I have noticed several larger, new homes using another complementary color as an accent on a whole wall. Once you have selected the colors it will be time to select the gloss of your paint. The gloss is simply the
24 CasaGuam July 09
amount of sheen/shine/reflectivity the dry paint will have. You can choose: • high gloss • semi-gloss • eggshell (or satin) • flat Bear in mind that the higher the gloss of the paint, typically, the easier it will be to clean, although technologies provided for greater dirt and mildew resistance within even
the flat paints. In the past year I have seen the eggshell and flat finishes far outsell the gloss. One other issue you will need to consider is if your existing paint is a high or semigloss (and you want to change to eggshell or flat) it may mean you will need to either put on a coat of primer or an additional coat of the new paint in order for the new paint to properly adhere and hide the existing coat. The same may apply when painting a lighter color over a darker one.
When done properly, a new coat of paint will do wonders for your property’s curb appeal. With all of the choices available on the island, it would be wise to shop around. Make sure the paint you choose has a good reputation and has been proven for Guam’s weather. All too often we are told of new products that will last but when used in the project, we wish we went with the tried and true. Happy painting.
CasaGuam.com 25
H o w To D . I . Y.
REPLACING OUTLETS -By James Young, DIY Electrical Expert Replacing outlets with safer ground fault circuit interrupter (GFCI) outlets is a simple project for beginner do-it-yourselfers to bring their kitchen and bathroom outlets up to code. One GFCI outlet at the beginning of a circuit protects all the remaining outlets on that circuit.
Step 1: Turn Off the Power
You will need... GFCI outlet needlenose pliers circuit tester flat-head screwdriver
Step 7: Prepare Wire Ends
Turn off the power at the circuit-breaker box. If the circuit breakers aren't labeled, you can locate the proper switch by plugging a radio into the outlet you plan to change. Turn off the switches until the radio goes off. Then place a piece of tape over the switch to make sure no one accidentally turns it back on while you're working on the outlet.
Turn the power back off and test the wires with the circuit tester to make sure the power is off. Using needlenose pliers bend the end of the wires into a hook shape, if they are not that shape already. If the ends of the wire are nicked or damaged, trim off the damaged area, strip about one half an inch of insulation off the end of the wire and use needle nose pliers to bend the end.
Step 8: Connect the Wires Connect the power-supply wires to the terminals marked "line" and the load wires to the terminals marked "load." Connect the white wires to the silver screws and the black wires to the brass or gold screws. Make sure the wire wraps clockwise around the terminal screw so the wire is pulled tighter as the screw is tightened. The outlet may also indicate appropriate color connections.
Step 2: Remove the Cover Plate and Test the Power Remove the outlet cover plate and the screws holding the outlet in place. Test the outlet with the circuit tester to be sure the power is o.
Step 9: Ground the Outlet
Step 3: Disconnect the Wires
Twist the two bare copper ground wires together with a short length of bare copper wire (approximately 10"). Cap the twisted together wires with a wire nut. Connect the short length of bare ground wire to the green screw on the GFCI outlet. If the receptacle box is metal and the old outlet was grounded to the box with a single short length of copper wire or wire with green insulation, simply reattach this grounding wire to the GFCI outlet.
Unscrew the screws holding the wires onto the terminals and gently pull the wires loose from the outlet.
Step 4: Separate the Wires If there are two pairs of wires entering the receptacle's box, separate the wires from the box into two pairs of one white wire and one black wire. Make sure each pair of wires enters the outlet's box in the same spot. One set of wires will be the "line," or power supply. The other set will be the "load," which carries power to additional outlets on the same circuit. A GFCI outlet, properly installed, will protect all the outlets on the "load" side. If there are only two insulated wires entering the box this receptacle is at the end of the circuit. Skip to step 8 if that is the case.
Step 5: Turn the Power Back On Make sure the wires are completely separate from one another, then turn the power back on at the circuit-breaker box.
Step 6: Test for Power Use the circuit tester to determine which set of wires carries the power. Note the pair of wires that has power as the "line," or power supply.
Step 10: Install and Test the Outlet Gently tuck the wires into the outlet box and push the GFCI outlet into the box, screw it into place, and attach the cover plate. Turn the power back on at the circuit-breaker box. Plug the radio into the outlet and turn it on to test for power. Press the black button or "test" button on the outlet. If the radio turns off, the outlet is working. Press the red button on the outlet to reset it. The radio should come back on.
www.bensonguam.com email: sales@bensonguam.com 26 CasaGuam July 09
DIFFICULTY ...............................EASY ESTIMATED TIME.................30mins Price Range.......................... $1-$50
CasaGuam.com 27
Who Ya Gonna Call
28 CasaGuam July 09
Who Ya Gonna Call
CasaGuam.com 29
Classifieds Commercial Sales
Dededo (cont.)
Tamuning
Dededo (cont.)
LAS PALMAS I –Townhouse 3bd/2.5ba excellent cond, pool, security, tennis $200,000 Call 637-7165 / 688-0887 /689-7700
Asusentado Condo: Large 3bd/2ba, pool excellent condition $240,000 Call 637-7165 / 688-0887 /689-7700
Macheche: 5bd/2ba, stv/ref., covered carport, spacious. Close to schools, grocery stores and many more. Section 8 OK Asking $ 1500.00 Call Scott Campbell 649-6088.
Agat AGAT MLS 09-241 Oppurtunity is knocking!!! Own your own business & 3 bedroom home by purchasing this great corner lot property. So much potential to the right owners to grow this well established business and adjacent home. Call for details. Call Clare 483-2120
Tumon
Villa Rosario Condo 3bd/2ba, pool, security, clean newly, renovated $155,000 or $1300/month-rent Call 637-7165 / 688-0887 /689-7700
Villa De Coco: Condo Large 2bd/1ba excellent condition fee simple $220,000 Call 637-7165 / 688-0887 /689-7700
Latte Heights 4 bd/2 ba Home for Sale $235,000 Call Angie 727-2228
Upper Tumon: Condo 3bd/2ba Renovated fee simple Only $150,000 Call 637-7165 / 688-0887 /689-7700
Latte Heights 3 bd/2ba Home for Sale $220,000 Call Angie 727-2228
Yigo
Harmon Harmon Industrial M-1 Zone ? Acre Fenced Lot $280000 or Best offer. MUST SELL! Ideal forWarehse/Office PLUS PreConstructed / Unfinished Slab Call/Lv Msg 632-1200
Ordot ORDOT/CHALAN PAGO $650,000 MLS 09-507 This nice complex is situated in the village of Ordot is centrally located very near to schools, shopping, restaurants and minutes to downtown Hagatna. Fully occupied, renovated with neatly kept grounds, this is a great income producing property. Call Clare 483-2120
Commercial Rentals Tamuning Commerical Building - Across Oka Payless, 1800 square feet 2nd floor unit. Great location! $3,000/mo Call Daniel @ 687-5115
Residential Sales
Villa Rosario Condo 3 bd/2ba for Sale $140,000 Call Angie 727-2228 DEDEDO $136,000 MLS 08-3189 Villa Rosario Newly renovated 3rd floor unit. Nice spacious condo with new tiles. Great as either a personal residence or investment property. Call Clare 483-2120 for a showing, you won't be disappointed.
Chalan Pago
Duplex R2 Lot 3bd/2ba & 2bd/1ba excellent condition, good location $342,000 Call 637-7165 / 688-0887 /689-7700
Mangilao Behind Latte Heights Market House 2bd/2ba half-acre lot, fenced, good location $212,000 FIRM Call 637-7165 / 688-0887 /689-7700 Park Villa Condo – Large 3bd/2ba, 1st floor very nice near Route 10. Asking $155,000 or $1,300/month-rent Call 637-7165 / 688-0887 /689-7700
Piti CHALAN PAGO $270,000 MLS 09-89 Nestled quietly in Chalan Pago, this 3bd/3ba two story home has lots of yard space and is fully fenced on a quarter acre lot. Call Clare 483-2120
Dededo SUMMER PALACE ; Townhouse 3bd/2.5ba, corner unit w/ large yard, pool, tennis, 24hr. sec REDUCED $240,000 Call 637-7165 / 688-0887 /689-7700 30 CasaGuam July 09
Residential Rentals Barrigada Heights
Harmon
Barrigada Heights Barrigada Heights Home for sale $675,000 Call Angie 727-2228
Two homes for a price of one! Semi-concrete home with 4 bedrooms & 2 baths and full concrete home with 2 bedrooms in the back. Home has lots of potential for future expansion. $190,000 Call Lourdes @ 483-1384
Bank foreclosure. 4 bed / 2.5 bath house. Property to be sold in “AS IS” condition, (‘As Is’ form with listing agents). No warranties for said property either expressed or implied. Buyers to take title in the form of a Quit Claim Deed. Buyer is to make an independent inspection of said property within fourteen (14) days of acceptance of an offer by both parties. $198,000. Call Deanna @ 688-2855
4bd/5ba, stv/ref/washer, split ac's, fenced, covered carport oceanview, outside patio Asking $2,000.00 Call Scott Campbell 649-6088 Luxury new house, 4500 sqft, gated, panoramic view $6000/m Call 637-7165 / 688-0887 /689-7700 Barrigada Heights Home for rent $4,000.00/month Call Angie 727-2228
Chalan Pago 4bd/2ba 1850 sqft . renovated quiet & very clean house $1,900 Call 637-7165 / 688-0887 /689-7700
New Corian Kitchen Countertop sparkles at you when you walk in. Large Open Floorplan you will love with marble and ceramic tiles downstairs and carpet upstairs. 2 central a/c units, typhoon shutters, dishwasher, stove, refrigerator and washer/dryer included. Pool and Mail Delivery too. See this soon. $2,000/mo. Call Deanna @ 688-2855 Very nice unit in Phase 2 of Las Palmas. Amenities include: Pool, Tennis Court, Bar-B-Que areas, security and grounds maintenance. Unit has newer Kitchen and ceramic floors downstairs. Upstairs is carpeting. All rooms have split a/c units and all windows have accordion Typhoon shutters. 2 assign parking stalls per unit. Enjoy a nice community while you are on Guam. Easy to show. $1,700/mo. Call Deanna @ 688-2855 New 4 bedroom 3 bath home in Guam’s premier subdivision, Paradise Estates phase II. $2400.00 Call Pat at 727-4PAT (4728) 2 Bd w/ Ref / Oven/ Split Aircon/ Patio & Garden Good location Walking Distance to church, schools, payless,flea market Call / Lv Msg at 632-1200 1 Bd w/ Ref / Oven/ Typhoon Shutters Good location Walking Distance to church, schools Payless & flea market. Sec 8 / Mil OK Call / Lv Msg at 632-1200 Totally renovated, large 5bd/3ba, ample parking,gated $2,500/mo Call 637-7165 / 688-0887 /689-7700
Spacious 3 bd. 2.5 ba. townhouse. Large master bd., ceramic tiles, indoor laundry, remote control garage, & shutters. Only minutes to shopping, restaurants, & other establishments. $1,800/mo. Call Lou @ 483-1384
Summer Palace: 2 Exec Home 4bd/2.5ba, renovated, pool, tennis, 24-hr security $2,200 Call 637-7165 / 688-0887 /689-7700
Dededo
Las Palmas Ph III 3bd/2.5ba + 2 dens excellent condition, sec., pool $1,700 Call 637-7165 / 688-0887 /689-7700
Santa Ana Subd.- 4bd/2ba, stv/ref. spacious, fully fenced and gated, covered carport. Section 8 OK Asking $1,400.00 Call Scott Campbell 649-6088
Large Apartment 2bd/2ba w&d, shutters, nice, near schools sec 8 ok $800 - $830 Call 637-7165 / 688-0887 /689-7700
Classifieds Dededo (cont.)
Tamuning
Tamuning (cont.)
Latte Heights 4 bd/2 ba Home for Rent $1,900.00/month Call Angie 727-2228
Grand Pacific Condo: 3bd/2ba, 2nd floor - Appliances included, ceramic tiles throughout. Centrally located in the heart of Tamuning. Minutes to GPO, restaurants, theaters and many more. Section 8 OK Asking $1100.00 Call Scott Campbell 649-6088
This Horizon Townhome has been recently refurbished w/Ceramic Tiles, New Kitchen cabinets, new bathrooms, paint & window blinds. 2 large patios to enjoy with enough room for your B-B-Q. Gated community. NEW DISHWASHER INSTALLED! $1,800/mo Call Deanna 688-2855
Villa Rosario Condo 3 bd/2ba for Rent $1,250.00/month Call Angie 727-2228 Villa Rosario – First Floor, Large unit 3bd/ 2ba patio leading to large yard, complete renovation like brand new, walk-in closet, pool, security $1,500/month. Call 637-7165 / 688-0887/689-7700 Villa Rosario 1st Floor Large unit 3bd/2ba Patio leading to a large yard. Completely renovated. $1,500/mo walk-in closet. Call W. Yamamoto Realty 688-0887
Harmon Large 3bd/2ba Condo, fully furnished $1,400 Call 637-7165 / 688-0887 /689-7700
Great Location near the Sheraton Hotel and Oka Towers. Laundry inside, Nice size kitchen with lots of cabinets. Marble in bathrooms, nice high ceilings and central a/c unit. All windows have accordion typhoon shutters, 2 car parking and security door entry. Live close to beaches and across from a new executive subdivision. Unit available after June 4th. $1,700/mo Call Deanna @ 688-2855
Mangilao
3bd 2Ba section 8 OK Call 687-5422 for this & more, Coral Sea
Very comfortable apartment. It has been upgraded with new split a/c’s, new counter in kitchen, new bath cabinet, new living room flooring. Very cute. Tenant pays all utilities. Parking lot is lighted and walk ways are lit at night. Trash removal is included. Easy to see $750/mo. Call Deanna @ 688-2855
Great Location near Oka Towers. Laundry inside, Nice size kitchen w/lots of cabinets. Marble in bathrooms, high ceilings & central a/c unit. All windows have accordion typhoon shutters, 2 car parking & security door entry. $ 1,700/mo Call Deanna 688-2855
Nice condo on the top (10th flr) w/a beautiful ocean view, nice furnitures, gated entry, swimming pool & walking distance from shops and restaurants in Tumon. $1,700/month. Call George 483-9111
Yigo
Tumon
Perez Acres: 3bd/1.5ba townhome, stv/ref, central a/c, secured entry, pool, mail srvc., Close to AAFB, Asking $ 1300.00 Call Scott Campbell 649-6088
San Vitores Terrace/Village/Court - 3 units avails: 3bd/2ba, stv/ref/central a/c, washer/dryer. Walking distance to beach, shopping centers, restuarants/bars and more attractions. Asking $1,200.00 $1800.00 Call Scott Campbell 649-6088
Completely renovated 4 bedroom 3 bath home on a huge 1/2 acre lot. Just off RT. 15 and minutes from AAFB. Fully fenced and ready to move in. $2400 Call Pat at 727-4PAT (4728)
Tumon Height or Ypao Garden 2nd floor 2bd/2ba, pool newly renovated, ample parking $1,200/mo Call 637-7165 / 688-0887 /689-7700
3 Bd w/ Ref / Oven/ Window Grill & Patio Fenced/ Big Yard! Walking Distance to Bus Stop Sec 8/Mil OK! Call/Lv Msg at 632-1200
Land For Sale Pia Resort Condo 2bd/2ba oceanview, pool, security, fully furnished $1,900/mo Call 637-7165 / 688-0887 /689-7700 Nice 2 bedroom 2 bath condo in Tumon behind Duty Free Shoppers. It is on the 10th floor & has a beautiful ocean view. $1,400/month Call George 483-9111
Dededo Rt. 16 Acho Latte St. Near MIDPAC, 1,970 ± sm land $100,000 Call 637-7165 / 688-0887 /689-7700
Mongmong-Toto-Maite This is a nice 3 bedroom plus a Den with 2 full baths. Flooring is all ceramic with an open floorplan. Fully fenced yard with gates and lots of back yard to roam. This is on a cul-de-sac with other nice homes. All windows have accordion shutters and each room has a split a/c unit. Easy to see. Centrally located with signs on the property. $1,800/mo Call Deanna @ 688-2855 This is a nice 3 bedroom plus a Den with 2 full baths. Flooring is all ceramic with an open floorplan. Fully fenced yard with gates and lots of back yard to roam. This is on a cul-de-sac with other nice homes. $1,800/m Call Deanna 688-2855
Santa Rita 2bd 1bath, starting $700 Call 687-5422 for this & more, Coral Sea
Sinajana Rarely available 2 bd. 2 ba. executive unit at Holiday Tower Condo. Ocean/city views, secured ent., pool, covered parking & many more. $2,000/mo. incl. water. Call Lou @ 483-1384. CasaGuam.com 31
Closing
Message from the Executive Officer The Voice for Real Estate on Guam Peggy Araullo Llagas
Fair Housing: Say It Fairly in Your Ads Think your salespeople know all about fair housing laws and how it applies to advertising? There’s never a better time to find out. 1. Ads larger than three inches by three inches that promote residential property for sale must include an equal opportunity logo. FALSE: The Fair Housing Act doesn’t require the use of the equal opportunity logo or slogan in any ad. However, using the logo is good evidence of the company’s commitment to fair housing compliance. Regulations do require the display of the HUD fair housing poster at the brokerage office and at dwellings under construction. 2. The description of a house in the local MLS is also subject to fair housing guidelines. TRUE: All promotional materials, including information and comments in an MLS listing, are subject to the same fair housing requirements. 3. Indicating in an ad that a property has handicapped accessibility is a violation of the Fair Housing Act. FALSE: Information on accessible features, such as ramps and grab bars, is permissible in advertising a dwelling for either sale or rental. 4. Brokers are liable for discrimination in ads placed by sales associates, even if they had no knowledge of the ad before publication. TRUE: Brokers may be named in any discrimination suits brought against a salesperson under their control. To protect themselves, brokers should have a written company fair housing policy, train all associates in fair housing practices, and take
prompt action to identify and correct failures in performance. 5. It is acceptable to use only white models in your advertising, provided that your market area is at least 85 percent white and that you don’t include any discriminatory language in the copy of your ads. FALSE: Advertising that uses only models of one race over an extended period of time is considered discriminatory. Models used in property advertising should include both sexes, all ages, persons with a variety of disabilities, and a diversity of racial and ethnic backgrounds representative of the entire area.
What’s in a word? Choosing ad words carefully not only attracts buyers but also guards against discrimination. In writing your property ads, you should avoid: Using words or phrases that convey the preference of one group over another. When in doubt, use words that describe features on the property rather than the buyers who might want to use the feature. Describing the dwelling, area or building residents with words that relate to race, color, religion, age, familial status, or national origin. Using catchwords such as “exclusive,” “private,” or “integrated” that convey preferences for one group over another or send signals about a community’s makeup. Making references to well-known racial, ethnic, or religious landmarks nearby. Source: National Association of REALTORS® / Office of Legal Affairs
Guam Association of Realtors®
The Voice for Real Estate on Guam 414 West Soledad Avenue, GCIC Building, Suite 500-U, Hagåtña, GU 96910 Office: (671) 477-4271 • Fax: (671) 477-4275 www.guamrealtors.com • email: eo@guamrealtors.com 32 CasaGuam July 09