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CONTENTS
Message From GAR
10
Departments 8
12
Market Report Market Stabilizes Feature Ready, Set, Go! ABCs for Investing in Guam
18
From the Experts Why Your Home Isn’t Selling
March 2010 • Vol. 3 • No. 3 P.O. Box 24881 Barrigada, GU 96921 Tel: (671) 472-3495 | Fax: (671) 472-3498 email: office@yellowpagesink.com
|Publisher| Julian T. Cooper-Nurse
|Business Sales Manager| Jay-R S. Dominguez
|Traffic/Circulation Manager| Josie Redmond
20
Profile Bree McDowell
|Production Manager|
Stepping Up
|Production Assistant|
Mark S. Burke
Lynda Young
24
Curb Appeal Flat Glass Film
26
How To D.I.Y. Refinishing Doors
28
Who Ya Gonna Call?
30
Classifieds
32
Closing Guam Association of Realtors® Carreers in Real Estate
|Graphics & Layout| Mark S. Burke • Jon Barnhart
|Editorial Contributors| Faye Varias Creative Services Christopher Felix Anthony Godwin W. Nicholas Captain Peggy Araullo Llagas Ken Limtiaco CasaGuam is Published by:
Message from the President By Christopher Felix
W
ell, one month down and 11 to go. Most of us are focusing this month on our taxes with the happy ones getting refunds and the rest of us hoping we don’t have to pay too much more! The focus of this month in the CASA Guam is commercial and so I thought I should write a bit about our commercial sector here in Guam. As you can see there are a number of vacancies and empty spaces in our retail and office buildings. Also the further from Agana, Tamuning and Dededo you go the more vacancies you find. This has been the case here in Guam for the past seven to ten years. About ten years ago many Government of Guam agencies moved out of the private commercial buildings and into buildings in Tiyan when that land was turned over from the Federal Government ([what] used to be Naval Air Station which closed). This caused a huge glut in our office buildings which we still haven’t fully recovered from. Many government agencies have since moved back into the private buildings (like DRT and GEDCA), but some vacancies remain. The retail spaces and warehouse spaces also suffered in the early 1990’s due to the slowdown in our economy and many people moving out of Guam to the States looking for better jobs. In the past few years we have seen more retail and warehouses occupied and rent seems to be going up a bit in some areas. Because of the expected Military buildup I do foresee a continued increase in occupancy and rental rates for the next 3-4 years starting the end of this year. I do not see the rental rates getting to what they were at the peak of our market (in the late 1980’s and early 1990’s) but I do see the rental rates increasing substantially and vacancy factors decreasing. I also see the more centrally located office buildings, retail spaces and warehouses filling in faster and getting higher rents. I wish you all well and hope you have a great month!
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.
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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!
FC - Front Cover
IBC - Inside Back Cover
IFC - Inside Front Cover
BC - Back Cover
Century 21 Commonwealth Realty . . . . . . . . .16 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Dededo
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The Real Estate Professionals . . . . . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . . . . . .16 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5 RE/MAX Diamond Realty . . . . . . . . . . . . .10, IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Property Mangement Group . . . . . . . . . . . . . . . .3
Harmon
Harmon
Hagatña
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Century 21 Commonwealth Realty . . . . . . . . .17 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Mangilao
Mangilao
The Real Estate Professionals . . . . . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . . . . . .16 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
The Real Estate Professionals . . . . . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . . . . . .17
Dededo
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
The Real Estate Professionals . . . . . . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .16 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Merizo
Mongmong-Toto-Maite
The Real Estate Professionals . . . . . . . . . . . . . . .6
Hagåtña Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
GPR The Real Estate Consultants . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . . . . . .16 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Commerical For Rent Barrigada Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .17
Harmon
Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .17 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Hagåtña
Asan Century 21 Commonwealth Realty . . . . . . . . .16
Barrigada
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . . . . . .16 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Property Mangement Group . . . . . . . . . . . . . . . .3 Marianas Steamship Agencies, Inc . . . . . . . . .10 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .17
Latte Heights
Tamuning
Mongmong-Toto-Maite
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Century 21 Commonwealth Realty . . . . . . . . .17
Harvest Residence . . . . . . . . . . . . . . . . . . . . . . . . .2 Titan Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Ordot-Chalan Pago
Ordot-Chalan Pago
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .17 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The Real Estate Professionals . . . . . . . . . . . . . . .9 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Piti Nimitz Towers . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Century 21 Commonwealth Realty16Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Sinajana
Santa Rita
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .17
Merizo
GPR The Real Estate Consultants . . . . . . . . . . .7 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tumon Century 21 Commonwealth Realty . . . . . . . . .17 Property Mangement Group . . . . . . . . . . . . . . . .3
Commercial For Sale Agat Century 21 Commonwealth Realty . . . . . . . . .17
Dededo Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . .11
Mangilao Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tamuning BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . .11 Century 21 Commonwealth Realty . . . . . . . . .17
Multi-Family For Sale
Piti
Sinajana
Talofofo
Ordot-Chalan Pago
Century 21 Commonwealth Realty . . . . . . . . .16 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . . . . . .16 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Tamuning
Century 21 Commonwealth Realty . . . . . . . . .17 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Tumon
Yigo
Yigo
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The Real Estate Professionals . . . . . . . . . . . . . . .6 Century 21 Commonwealth Realty . . . . . . . . .17
MZ Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . . . . . .16 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Agana Heights Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Agat
Nimitz Hill
Tamuning
Tumon
Residential For Rent
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Century 21 Commonwealth Realty . . . . . . . . .17
Century 21 Commonwealth Realty . . . . . . . . .17 Century 21 Commonwealth Realty . . . . . . . . .17
Mangilao
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Ordot-Chalan Pago
Century 21 Commonwealth Realty . . . . . . . . .17
Inarajan
Talofofo
GPR The Real Estate Consultants . . . . . . . . . . .7 The Real Estate Professionals . . . . . . . . . . . . . . .6 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Century 21 Commonwealth Realty . . . . . . . . .17 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Hagåtña
Harmon
Residential For Sale
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Tamuning Century 21 Commonwealth Realty . . . . .16,17 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 RE/MAX Diamond Realty . . . . . . . . . . . . .10, BC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . .10, BC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Piti Century 21 Commonwealth Realty . . . . . . . . .16
Sinajana Century 21 Commonwealth Realty . . . . . . . . .16
Talofofo Century 21 Commonwealth Realty . . . . . . . . .16
Tamuning Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .16 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tumon
Anigua
Agana Heights
Yona
Century 21 Commonwealth Realty . . . . . . . . .16
Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Yigo
Asan
Agat
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
The Real Estate Professionals . . . . . . . . . . . . . . .9 Century 21 Commonwealth Realty . . . . . . . . .17
Barrigada
Land For Rent
The Real Estate Professionals . . . . . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . . . . . .17
Asan
Hagåtña
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC
Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Dededo
Barrigada
RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The Real Estate Professionals . . . . . . . . . . . . .6,7 Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . .11
The Real Estate Professionals . . . . . . . . . . . . . . .7 Century 21 Commonwealth Realty . . . . .16,17 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Agana Heights
Dededo
Agat
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Land For Sale
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .6 The Real Estate Professionals . . . . . . . . . . . . . . .7 Empire Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Century 21 Commonwealth Realty . . . . . . . . .16 RE/MAX Diamond Realty . . . . . . . . . . . . . . . .IBC Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Yona Century 21 Commonwealth Realty . . . . . . . . .16
Century 21 Commonwealth Realty . . . . . . . . .16 Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .5
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Market Repor t
Market Stabilizes By Nick Captain
A
fter peaking in 2007, Guam's real estate market suffered from sharp declines in sales activity during 2008 and 2009. In 2008, the decline in overall sales activity reflected over 46 percent, and contraction in 2009 reflected an additional 32 percent. Compared to the $687 million in sales activity during 2007, the 2009 annual figure of $251 million reflects a decline of 63 percent. The 2009 figure was the lowest annual total since 2004, a bit shocking considering the vast difference in market fundamentals between 2004 and 2009. The most significant contributing factors affecting the shrinkage in sales activity since 2007 involve foreign investment, which plummeted along with the global financial crisis, and the widening gap between buyer and seller expectations. Captain Real Estate Group expects foreign investment to increase significantly as Asia continues to recover and massive military build-up related contracts are awarded in 2010. During the past year, all sectors reflected sales volume contraction. The land sales sector reflected the sharpest sales volume decline of 57 percent down to $45.6 million. Islandwide land sales volume is down almost 80 percent from the 2007 peak. In the housing sector, condominium sales activity reflected a decline of nearly 53 percent to $21.7 million and single family house sales reflected a decline of over 16 percent to $136.4 million. The commercial, industrial and multi-family residential market sectors reflected declines of 10 to 17 percent in 2009.
8 CasaGuam Februar y 2010
A closer look at quarterly real estate sales activity highlights the global financial boom and bust cycle's impact on Guam's market. While the world was awash in capital, Guam's Q4 2006 to Q3 2007 sales volume reflected between approximately $150 to $200 million. That figure plummeted to $36 million during the first quarter of 2009, as risk and fear concerns wiped out foreign investment and high priced deals. However, the next three quarters of 2009 reflected sales growth of 55, 25, and 26 percent growth, respectively, with fourth quarter 2009 sales activity reflecting a robust $88.6 million. Captain Real Estate Group is currently projecting 2010 sales volume at $300 million or 20 percent growth. Growth in 2010 is projected due to the unusually weak first quarter of 2009, prevailing market forces and anticipated military build-up related economic growth. In addition to sales volume figures, another indicator of real estate market conditions involves transactions closed. In 2009, 1,187 real estate transactions closed on Guam, a drop of 20 percent from 2008. The 2009 total is the lowest
since 2002, near the bottom of the recent cycle, and approximately one-third less than the peak year of 2007. The industrial and apartment markets reflected only 6 transactions closed in 2009, down from 35 sales in 2007. The single family residential market reflected 616 transactions closed in 2009, down 20 percent from 2007 and approximately the same figure reflected in 2004 and 2005. The 150 condominium transactions closed in 2009 reflects a drop of 38 percent from 2008 and 61 percent contraction from the 2007 peak. Housing median prices appear to have stabilized, with modest contraction in 2009. Single family houses reflected the second highest median price on record at $200,000. This figure is down 7 percent from 2008, but still 60 percent higher than five years ago. The median price of a condominium unit on Guam in 2009 was $122,500, down over 12 percent from 2008, but still up by 36 percent compared to 2004. Prices in other sectors moved in different directions, with industrial land reflecting the strongest performance.
The real estate market in 2009 was supported by strong loan activity. Our database reflects total real estate loans for 2009 at $534.7 million, down just 11 percent from 2008. Loan activity was dominated by First Hawaiian Bank ($132.9 million) with nearly 25 percent of market share, followed closely by Bank of Guam ($121.6 million) at 23 percent. The next most active real estate lending activity occurred at ANZ/Citizens ($77 million), Coast 360 ($64.3 million) and BankPacific ($33.8 million). Recently ranked by Forbes Magazine as the No. 1 bank in the USA, Bank of Hawaii's Guam real estate lending activity dropped to only $32.4 million, or just 6 percent of market share, down from over $83 million in real estate lending in 2007 and nearly 20 percent market share in 2006. At the big US banks, Wells Fargo's Guam lending dropped from $27.1 million in 2006, to only $4.6 million in 2009 while Citibank lending dropped from $51.9 million in 2007 to just $13.1 million in 2009.
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Feature
Source: Guam Economic Development Authority
Housing The Guam Economic Development Authority, the investor reource for information on Guam, its economy, business environment, government and private resources, predicts that though the real estate market is slow, now is the time to invest. According to recent reports, the rental market on Guam remains soft, so it gives the renter a good selection of apartments, condominiums, and houses. Most residential leases are for one to three years. A security deposit of one month’s rent is standard, but there is no “key” money required. Most rentals are unfurnished but include appliances such as range, refrigerator, garbage disposal, water heater, and air conditioners. Generally, larger apartments and condominiums include water and cable TV in the rent. Larger complees include amenities such as a swimming pool and tennis court. The following is a summary of average monthly rent rates from GEDA: Mid-Level Rentals Two-bedroom apartment or condominium Three-bedroom apartment or condominium Three-bedroom houses
$650-$900 $900-$1200 $1200-$1700
Executive Rentals Two-bedroom apartment or condominium Three-bedroom apartment or condominium Three-bedroom houses
$1300-$1600 $1600-$2750 $1800-$3000
These rates are averages and are in U.S. dollars per month.
Average utility bills run at $200 to $300 per month for two-bedroom units, and between $250-$350 per month for three-bedroom units. Cable TV which includes over 60 channels, has a basic service rate of $46 per month. Condominiums and houses are available for sale in Fee Simple. There are certain restrictions to foreign individuals purchasing properties, but corporations registered on Guam can purchase properties freely. Purchases are usually handled at title and escrow companies with title insurance available to protect buyers.
Land Opportunities Excess federal lands nestled in the middle of Guam is a military base the U.S. Navy used during the first half of the 20th century. As part of the Base Realignment and Closure decision of the U.S. Congress in 1993, the U.S. Navy terminated its operation in the Naval Air Station in Agana. To counterbalance the significant economic impact on Guam caused by the closing of the former Naval Air Station, now known as “Tiyan,” GEDA has developed a re-use plan aimed to provide opportunities to stimulate Guam’s economy, creating longterm employment and maximizing financial returns to the investor as well as to the original Tiyan landowners. In September 2000, the U.S. Navy conveyed a total of 1,800+ acres of excess federal lands via quitclaim deeds to the Government of Guam, the single largest land transfer since 1950. Plans for the property deeded to GEDA for economic development purposes include a free trade zone (89 acres), commercial plaza (49 acres), government center (66 acres), and industrial park (31 acres). (continued on next page) CasaGuam.com 13
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Feature Located atop the Tiyan Bluff in central Guam, the Tiyan Economic Development Zone is situated within the most heavily populated areas and within a two mile radius of the majority of the island’s business and tourist destinations. It is close to the international airport, Guam’s main post office, and the main thoroughfares that traverse the island. Commercial, industrial and warehouse facilities and land in the area are adequately serviced by water, sewer, and supportive infrastructure. Projected growth will occur as a result of increased local demand, development of the islands in Micronesia and expansion of the Asia-Pacific markets. GEDA will be recruiting qualified investors through the issuance of requests for proposals for the development and economic use of these facilities. The local government is fully committed to promoting the viability of businesses and welcomes foreign investment. A public-private partnership to develop the Tiyan Economic Development Zone will foster profitability while allowing the Government of Guam to achieve its developmental, employment and modernization goals.
Private Lands for Development There are privately owned lands that are available for sale, lease or development under a joint venture. More information regarding these properties can be obtained by contacting the Guam Board of Realtors at www.guamrealtors.com. GEDA’s website at www.investGuam.com also contains a Land Information System (LIS) describing government and privately-owned properties for development.
Tax Rebates and Exemptions The government of Guam, through GEDA, is authorized by law to allow a variety of tax incentives to encourage new investment by qualified investors to Guam. GEDA grants Qualifying Certificates to investors on the basis of investment commitment, potential for creating employment and expanding the base of the island’s economy. These incentives are intended primarily for manufacturers, insurance underwriters, commercial fishing operations, corporate headquarters, agricultural operations and the tourism industry. Tax incentives for qualified firms may include up to 75 percent in income rebates up to 20 years, 100 percent abatement on real property tax up to 10 years, a maximum of 75 percent rebate on corporate dividend tax up to five years, and abatement on gross receipts tax on petroleum and alcoholic beverages made in Guam up to 10 years.
Special Qualifying Certificates for Select Nascent Industries Efforts are being undertaken to duplicate the success of the QC program in other select industries. These industries are: captive insurance, trusts, and recycling. Guam’s vision, with the development of the above sectors, is to spur a territorial economic growth that is both sustainable and guided by the principles of competitiveness and conscience. To attain this vision, we aim to forge a strong partnership between the private sector and the government through the QC program. We recognize the important role of private investment in the island’s development and we are committed in encouraging and expanding it.
Special Qualifying Certificates for Financial Services Industries Spurred by increasing inquiries from insurance underwriters throughout the world, Public Law 23-109 was enacted to provide for 100 percent abatement of gross receipts taxes of an insurance underwriting entity domiciled on Guam. Beneficiaries can enjoy rebates for a period of 20 years, which may be extended for an additional 20 years if in good standing under the laws of Guam and GEDA rules and regulations. 14 CasaGuam Februar y 2010
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Feature Guam-based Trusts Laws also authorize similar tax incentives for guam-based trusts through the Qualifying Certificate Program. Benefits for choosing Guam as a domicile for Guam-based trusts include 100% rebate of income tax paid to the government of Guam by a Guam-based trust on all its earning from either inside or outside of Guam provided administration of the trust is in Guam, and 100% rebate of income tax withheld from the non-resident beneficiaries of a Guam-based trust on the payments of distributions made to such beneficiaries from such a Guambased trust.
Telecommunications Additional tax benefits are available for e-commerce and Internet systems to include rebate of a percentage of income tax and shareholders dividends tax and an abatement of real property tax.
Additional Financial Services Incentive Foreign Sales Corporations The Deficit Reduction Act of 1984 provided to U.S. manufacturers, architects and engineers, selling in foreign markets an opportunity to minimize the U.S. income tax on the profits of such sales. The law designated Guam, amongst certain other locations, a site for the establishment of Foreign Sales Corporations (FSCs) to facilitate the tax savings. The Government of Guam has provided local legislation in support of the Federal Act. GovGuam annual fees of $400 for a regular FSC (sales under $5 million per annum) and $1,000 for large FSC (sales above $5 million per annum) are amongst the very lowest in the world. Professional legal and accounting support is available a reasonable rates. Over 300 U.S. manufacturers have already established their FSC on Guam. Cost savings await other U.S. companies who see fit to establish their FSC within the Territory of Guam.
Offshore Banking The absence of federal income taxes, and the fact that interest earned by banks through the operation of an offshore lending facility in Guam is not treated as a Guam-source income for tax purposes are also powerful incentives for investment.
Manufacturing and Trade Incentive General Headnote 3(a) The General Headnote 3(a) program of the Tariff Schedules of the United States allows duty-free entry into the United States on most exports for those items manufactured and assembled in Guam. Certain requirements enable Guam materials or component parts, to which at least 50 percent of the value of the finished product must be added on Guam. These items must undergo a “substantial transformation� in order to benefit from the duty-free provision of this program.
Generalized System of Preferences Another trade incentive program allows product manufactured in Guam to be imported by participating nations at a reduced tariff rate. Guam is the beneficiary of the following countries: Japan, Australia, and the European Common Market nations. Requirements of each participant vary and interested exporters should contact the appropriate trade office of the particular country of destination. For more information, contact GEDA at: Guam Economic Development Authority Suite 511, ITC Building 590 S. Marine Drive Tamuning, Guam 96913 Tel: (671) 647-4332 Fax: (671) 649-4146 Email: investguam@GEDA.guam.net CasaGuam.com 15
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Homes & Condos
Tumon View Condo $115K 2bd/1ba #10-830
Dededo $1700/mo 4bd/1ba #10-676
Dededo $1800/mo 5bd/3ba #10-646
East Nandex Ave. NIL Dededo $142K 3bd/2ba #10-712
Vitores Garden Condo Tam. $219K 3bd/2ba #10-691
Perez Acres Yigo $220K 3bd/1.5ba #10-428
Vince Crisostomo Barr. $380K 3bd/3ba #10-41
Yona Home $136K 2bd/1ba #10-418
Yigo Home $157K 2bd/1ba #10-440
Mangilao Home $215K 4bd/2ba #09-441
Dededo Home $335K 3bd/2ba #10-835
Bello Rd, Barrigada $799K 4bd/3ba #09-3687
Yigo $209,900 4bd/2.5ba #09-3799
Yigo $285K 4bd/3ba #10-373
Bobby Lane, Yigo $270K 4bd/3ba #09-3874
Takano Sub. Yigo $240K 4bd/2.5ba #09-3984
Machuate St. Barrigada $265K 3bd/2ba #10-33
Consolacion St, Ded. $239,500 5bd/4ba #10-35
Yigo Home - $227K 3bd/2ba #10-235
Pacific Towers $89,900 2bd/1ba #10-803
Mangilao $263K 3bd/2.5ba #10-358
Perez Acres Yigo $246,500 4bd/2ba #10-338
Santa Ana Sub. Yigo $136K 3bd/1ba #10-357
Dededo $1000/mo 3bd/3ba #08-1384
Dededo $1500/mo 3bd/3ba #09-3138
Dededo $1700/mo 4bd/2ba #10-838
Tamuning R2 - $1,124,200 4,015sqm #00-1089
Piti - $3,280,000 545,687sqm #06-605
Agat off Rt. 2 - $45K 2,371sqm #06-863
Inarajan off Rt. 4 - $45K 2,280sqm #06-865
Yigo Rt. 15 - $180K 7,407sqm #06-2108
Tumon - $12,614,700 25,229sqm #06-3019
Tumon - $2,008,265 4,016.53sqm #06-3020
Chalan Bada Dededo $45K 2,023sqm #10-824
Naki St. Ordot-Chn Pago $100K 3,774sqm #07-3157
Ipan-Talofofo $575K 27,774.22sqm #07-3850
Agana Heights $29K 686sqm #08-2077
Tumon $8,386,470 9,423sqm #08-3021
Dededo $45K 2,023sqm #10-825
Dededo - $49,999 728.00sqm #10-822
Pago Bay - $290K 1,245sqm #09-3556
Rt. 15 Yigo - $55K 1,432sqm #09-1144
Murrey Dr. Asan - $650K 7,984sqm #09-1983
Dededo $65K 1,245sqm #10-633
Dededo - $103,750 2,07sqm #10-635
Lot 456 Meriz - $250K 43,837sqm #10-622
Mangilao - $1,049,000 10,000sqm #09-206
Tamuning - $260K 702.24sqm #10-843
Piti - $130K 3,304.92sqm #09-3867
Sinajana - $48K 1,957sqm #09-4076
Tamuning - $1.2M 3,818sqm #10-301
Tamuning - $7K/mo 3,818sqm #10-302
Las Palmas Phas III Ded Sabana Plaza Condo Tam $295K 3bd/2.5ba #09-4004 $165K 3bd/2ba #09-4068
Land (House Lot & Investment)
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Multi-Family
RENTALS Mangilao - Spacious & well maintained house in Latte Heights situated less than 15 mins to AAFB or Tumon Bay. Great flr plan maximizes sq footage, ceramic tiles throughout, 9'/vaulted ceilings, ample storage space in & out, & fenced back yard. New energy efficient central A/C & heating system. Typhoon shutters. $1,700/mo #09-1247 Dededo - Ask your Realtor to show you this spacious home right on VSA Benavente Street, Harmon. Walking distance to Compadres Mall and banks. A few minutes drive to the Micronesia Mall, Airport and Mcdonald's. Rent with covered carport. NEGOTIABLE! 1,500/mo #09-3138
Tan Pelicita Dungca Tam. $2.8M 20 Units #07-416
Guevara Properties Ordot-Chn Pago $650K 6 Units #09-507
Bradley Place Hagåtña $1.6M 18 Units #09-2306
Kim’s Apartment Tamuning $1.2M 9 Units #10-82
Dededo - Military Housing approved, brand new & ready to go! Beautiful improvements to the landscaping & interior have been added, including White Faux Wood Blinds on all windows, shower curtains & rods for bathroom tubs & ceiling fans. $2,800 #09-1755 Dededo - Fully fence property with back-up water supply (330 gallon water tank w/ booster pump). Typhoon shutters on all windows, extra yard space at the back for the children to play. Call your favorite agent to show you this unit. $1,000/mo #08-1384 Ordot-Chalan Pago - Unit open for Section 8 tenants and any other interested renters. Call your Real Estate Agent to show you this unit. House is next to Barrett Plumbing. $900/mo #10-129 Helena Condo Tamuning - Centrally located, furnished unit w/walk in closet, back up generator, water filtration system, & water back up. Large living room & separate dinning room. Owner is very negotiable. $1,700/mo #09-3518 Mangilao - Another great unit! WATER and ELECTRICITY INCLUDED! Beautiful yard maintained by Landlord. Close to Adacao Elementary School, shopping centers, and banks. Plenty of storage and closet space. Section 8 is welcome $1,000/mo #10-638 Acho Tasi Condo Yigo - Brand new condos extremely close to base & the owner is even willing to allot up to $2,000 for furnishings. Condo is mins from stores, church & Andersen AFB. Unit can come furnished or unfurnished. $1,700/mo #09-3872 Dededo - Make your home in Ypaopao Estates, just mins from AAFB. This fully fenced home includes a huge living area, ceramic tiles, & new kitchen countertops. Plus, a large walk in closet in the master! $1,800/mo #09-3921 Takano Subdivision Yigo - Enjoy the beautiful sunsets from your nicely landscaped yard as you look out across northern Guam after a hard day's work. An ideal location--just minutes from Andersen's back gate & complete with quality major appliances. $2,000/mo #09-3985 Dededo - Walking distance to Micronesia Mall, gas station and a few minutes drive to Dededo Public Health. It has 2 car garage and the unit is fully fence for children to play around, a dog cage for pet lovers and if you'd like to clear a dirty kitchen located at the back of the unit, which was used temporarily as a storage space by the owner. Call your Real Estate Agent to show you this property. $1,700/mo #10-838 MongMong-Toto-Maite - Centrally located 2bd/1.5ba, Fully fenced with automatic gate entry controller. $900/mo #10-26 Sinajana - This comfortable, modern, & clean 2bd/1ba apartment include power & water is ready for you. Centrally located, 5 min. to Navy Hospital, walking distance to supermarket. $1,700/mo #10-38 Dededo- Huge 4 bed house w/enclosed 2 car garage. Very spacious kitchen w/mahogany cabinets, bay windows, ceiling fans, ceramic tile, split A/C's & typhoon shutters. Huge master bedroom features walk-in closet & master bath w/double sink & jacuzzi. $3,400/mo #10-52
Commercial
Ordot-Chalan Pago - Cute house with ceramic tile, formal dining room carport, in nicely maintained neighboorhood. home was renovated in 2003. $1,700/mo #10-125 Ana Lee Apartment Mangilao - Conveniently located near Guam Community College. Section 8 acceptable but subject to verification of previous landlord. $750/mo #10-127 Lagoon Condo Tamuning - SSpectacular ocean views in practically every room, jet tubs in both bathrooms (with ocean view in one), spacious kitchen also with an ocean view & other carefully thought out amenities. $3,400/mo #10-137
Harmon Warehouse $3K/mo #04-434
Rt. 16 Barrigada $1,500/mo #08-3294
Agat House & Mart $599K #09-241
New Tamuning Rest. $50K #09-2700
Perlas Courte Condo, Tamuning - 3bd/2ba 2nd flr corner unit currently under full renovation w/typhoon shutters, entirely tiled flooring, upgraded bathrooms & kitchen cabinets, new light fixtures & more. Includes water & basic Cable, pool, tipping fee and more. $ 2,000/mo #10-196 Villa Gi Papa Ladera, Tumon - Nicely 3BR/2BA renovated unit behind Duty Free in Tumon. Walking distance to stores, restaurants and the beach. Power, water and basic cable included!!! A must see! $1,700/mo #10-770 Dededo - Here's a 4BR/1BA newly painted house located in Machanao, Dededo. Has ceramic tiles, new A/C, spacious living room and a large front patio. As a bonus, Power and Water Included!!! Act fast, and contact your favorite REALTOR now! Section 8 ok. $1,700 10-676
Star Bldg. Upper Tumon $1,800/mo #09-2898
Office Space, Hagatna $900/mo #10-411
Office Building, Hagåtña $6,270/mo #10-799
Fatima St. Dededo $2,500/mo #10-754
Tamuning - $4.5M #08-3898
Fatima St. Dededo $4,500/mo #10-753
Tamuning - $700K #08-332
Vitores Garden C, Dededo - Nice 3 bedroom 2 bath condo on the second floor with some ocean view. Some furnitures provided $1,700 #10-603 Dededo – Fantastic living space! 2 Car Workshop in large back yard, plenty of storage space for tools. Electronic front gate with controller! Walking distance to the newly constructed Liguan Terrace Elementary School & close to Micro Mall. Section 8 and Military welcome. &1,800/mo 10-646 Las Palmas Phase III, Dededo - well maintained 3-BR and 2.5 BA townhouse in the established and centrally located complex, minutes from the airport, schools, malls, business and food establishments. Three-story unit with a covered carport and an additional hook ups for washer & dryer. Amenities: pool, playground, grounds maintenance, basic Cable TV, trash removal and more. $2,200 #10-544
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From the Experts
Why Your Home Isn’t Selling By Deanna Palmer
I
f you have had your home on the market for several months and haven’t seen much activity or any offers, chances are that one or more of the reasons below are to blame.
Your price is too high The reasons for setting your price too high to begin with are many. Ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason, if you’ve priced your home too high, you’ve set yourself up for a number of obstacles to selling your home. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the buyer may have problems with financing. Look at other homes for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, what buyers are willing to pay is what will determine final sales prices.
The condition of your home There is a lot of competition out there. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Look at your home with a critical eye – put yourself in the buyers position. A buyer doesn’t want to have to do anything except move in. Prior to starting your listing all the work needs to get done on the home. Much of what needs to be done can be accomplished by you, the home owner, with lots of "elbow grease" and very little money. Declutter and organize both inside and outside of the home. Include all closets and storage areas. Have yard sales and donate items not needed to remove them from the property. "Less is more" when showing your home for sale. Less furniture makes more room. It also allows the Buyers to see the full potential of your home without the distraction of looking over your full house. Once the de-clutter work is done, clean, clean and clean some more. Be as critical as you can be, because the Buyer will be so happy and surprised at your home, they will compare it against those brand new homes on the market. Broken items need to be replaced or repaired because the Buyer will start deducting their offer price for items that will need to be replaced right away.
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Make sure that the paint is in great condition, both inside and out. Repainting doesn’t cost too much, and will usually make the biggest impact on buyers. Use more neutral colors when painting. Rooms look larger with lighter colors. Ask your REALTOR® for advise on color and set up. Make sure the flooring looks good too. You may want to consider putting in new carpet or new area rug. Again, it’s not that expensive but it sure does make an impact on buyers coming to look at your home.
older homes on the market right now. There are so many new homes available it is a tough market for existing and resale homes. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that’s not always an option for many sellers.
Location, location, location It’s the oldest cliché in the world, but it’s true. When it comes to real estate, it’s all about location! When it comes to homes, things like how good the schools are, crime rates, the visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If you’re in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location won’t sell for as much as the same home in a better location.
Your marketing campaign is out of steam The best listing agents all use an aggressive marketing plan to market their listings. If your listing agent isn’t making sure your home can be found easily on the internet, isn’t actively touting his or her listings to other agents in the area, isn’t running ads in the local newspapers and real estate publications, then it might be time to change agents. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn’t coming close to doing all that can be done to effectively market your home.
The market is slow You’ll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. Even though Guam is in a good market, some areas are seeing slower sales and lower prices. These are the
Your home isn’t easily accessible To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have “lock boxes” on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being “lock box, no appointment needed” will get shown more often than homes listed as “agent has key, call for appointment”. If at all possible, you should let your agent put a lock box on your home for easier showing. If not, you should do anything else you can to make it as convenient as possible for agents to show your home.
You have an agent nobody likes Sounds almost silly, but it’s very true. If your listing agent isn’t liked or respected by other agents in your area, it could slow down the sale of your home. When an agent prepares to show properties to prospective buyers, the agent begins by talking to the buyer to find out what kind of home they are looking for. Then the agent searches the local MLS and other sources for homes that fit the buyer. If there are a number of good matches to choose from, and one of them has been listed by an agent that is hard to get along with, or arrogant, or has otherwise made himself unpopular, well… It’s just human nature to tend to skip over someone you don’t like. Selling property is also about relationships and working with people. The listing agent can make or break a sale for you by their relationship skills and tools.
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Profile
Stepping Up Bree McDowell prepares to follow in her father's footsteps as principal broker.
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Bree McDowell Vice President & REALTOR® Advance Management Inc. 2010 Vice President, Guam Association of REALTORS®
Education: Various courses with Guam Community College, University of Guam, National Association of REALTORS® and the Guam Association of REALTORS® Family: Husband, Phillip Cruz; Children, Phillip Jr., Phillisha and Shelby Hobbies: Spending time with her family and friends, reading, volunteering, going to the beach, swimming and traveling Business motto: "There is a season for sowing and a season for reaping. We may not reap the results of today's planting for many months or even years to come."
past few years. Casa Guam is one of the best local real estate publications to come out in the rs. I know that the I appreciate that it’s published monthly and the quality and content grab the reade ad in Casa Guam. distribution is wide because I get many calls from readers saying they saw my
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B
ree McDowell knows that in order to succeed in the real estate industry, you must market yourself at every opportunity. "My advice to those considering a career as a real estate agent is to do your homework," she said. In an ever growing real estate market, competition is fierce. In 1995, the Guam Association of REALTORS® only had approximately 150 agents. Today, there are more than 400. "Some of our former clients are now agents or their family members are agents," McDowell said. "It’s tough to compete with family no matter how much knowledge and experience you can offer." And knowledge and experience, she definitely has. McDowell first entered the real estate industry as a property manager for rentals and homeowners associations. "It was several years later that I began listing and selling property," she said. She added that her inspiration was the opportunity to work closely with buyers and sellers and interact with others on a daily basis. "Helping buyers realize the American Dream of homeownership has to be the most rewarding part of being a REALTOR®. Knowing that you are part of one of the biggest milestones in a person’s life is heartwarming," she said. “I never forget that every house is going to be a home.” She said that for beginning real estate agents, it's important to visit the Department of Revenue and Taxation-Real Estate Licensing Branch to find out what the requirements and fees are to get a license. "It is just as important to visit the Guam Association of REALTORS® office to find out what the fees and dues are for joining the GAR. If you plan to hang your license with a broker that is a member of GAR, the rules are that you must join with-in 30 days of the issuance of your license from Department of Revenue & Taxation. There are fees for new members, annual dues and MLS dues that must be paid when joining. All this information will help them make an educated decision on when they are ready to commit the time and financial resources required to enter this profession." McDowell is very grateful for all her clients, both past and current, for allowing her the opportunity to help with their real estate needs as well as the numerous referrals she has been given. "Nothing says thank you for a job well done like a referral does. To know that my clients were that impressed with the service I provided them that they would refer their friends and family is the greatest compliment," she said. In the next year, McDowell plans to get her broker’s license and take over her father’s position as the company’s principal broker. "In five to 10 years, I see myself continuing to expand my knowledge and expertise in the real estate profession. I will also continue to help grow my company, Advance Management, Inc. a full service building maintenance, management and real estate company."
By Alex Salazar
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Curb Appeal
Save Money With Flat Glass Film
Other Important Information: By Joe Roberto
Each and everyone one of our customers is important to us as we have made the window film industry our livelihood. We (the owners of North Island Tinting and East Island Tinting) are extremely proud to be the only ones on Guam and the Marianas Islands to hold accreditations in “Solar Control,” “Automotive,” and “Safety & Security” films. In order to be accredited, we have studied, been tested and continue to educate ourselves not only with window film but the affects of the suns solar energies and glass types. We have made this firm commitment years ago to make sure before we take anyone’s or any company’s hard earned money, that we help you choose the right film for the right reason.
Q: When can you do it?
Frequently Asked Questions about Tinting
more heat than the other? Simply put, the cost and quality. Its construction at the manufacturer stage is very important. Some films are made using dye only (mostly for auto brands) and then you have the combination of both metal alloys and dyes.
Q: How many types of tint do you have? There are many types of tint to choose from, but we always have the most effective tints in reducing heat on hand. The latest addition is our “clear” types — new technology that allows lots of light in without the heat passing through glass.
Q: What do most people ask for? Film that simply reduces the most heat is most in demand. This is why we always have the silver type as it’s the most effective. Some also ask for privacy. The beauty of the silver type is it accomplishes both, heat reduction and privacy. The one draw back to silver happens at night. The film appearance reverses. To balance that concern, simply turn on lights outside.
Q: How much does tinting cost? Prices start at $5 per square foot. We give free estimates and are able to provide a sample booklet to choose from. We measure the glass area only and not the frame or window opening.
Q: How long will it take? It’s based on quantity and degree of difficulty. Are the windows at arm’s reach or do we need scaffolding, ladders or step stools? Are things in the way? In any event, we always do a site visit to address these issues. 24 CasaGuam Februar y 2010
After a 50 percent deposit is made, we schedule the job accordingly. We normally start most projects within a week, dependent on size and film chosen. At times, however, large jobs, such as the Bank of Guam in Hagatna, take some time to complete, but we’ll make adjustments to accommodate every request.
Q: Is there a difference between auto film and residential/commercial film? Absolutely! They’re also other types that have differences, such as safety and security film and decorative film.
Q: How does one film cut out
•Contractors License Here in Guam, it’s illegal for any shop to tint your home or office without a contractor’s license. As in any work done, always be sure you are working with a reputable company that does not have or hold any issues with any other customer. Find out how long they have been in business. Ask if they are certified, accredited and licensed. • Gone Green! We have been “going green” for years. All our films reduce energy and fuel consumption. The real question is, by how much you want it reduced? Ultimately, it’s how much you’re willing to spend. If you choose correctly, the amount of money you spend now will be paid for by the savings made over time. •Aesthetically Pleasing . We have film that allows for “matching” or “contrasting” beautifully on homes and offices that, at the same time, reduces heat. Plus they are typhoon resistant. Compared to factory-tinted glass, we can save you hundreds if not thousands of dollars. •Glare Reduction You ever walk into your home or office having to squint? We have the answer to that problem. • Glass Strengthening & Safety In your home or office, our films add extra strength that creates a safer environment. •Energy Savings The single most important reason for tinting your home or office ought to be saving energy. Tinting your windows also helps your air-conditioner last longer by not having to work so hard.
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H o w To D . I . Y. Materials
Front Door Facelift -www.diynet.com With the home market being as they are in these tough times; first impressions could be the deciding factor in getting your home sold. In this DIY tutorial we’ll show you how to freshen up your front door and improve your home's curb appeal.
Remove the door
Saw Horses Chemical Paint Stripper Shave Hook Old Paintbrush Electric Sander
Sand the door Let the door dry and then sand the wood thoroughly for a smooth, clean surface. Use an electric sander for flat surfaces and hand sand tight, intricate areas.
Begin by removing the door and placing it on saw horses in a well ventilated area.
Remove hardware
Apply base coat
Remove any hardware from the door and, with an old paintbrush, apply a generous amount of paint stripper to any painted areas using a dabbing motion.
Start stripping
Apply a base coat of stain or varnish, brushing with the grain. Allow the coat to dry.
Apply 2nd & 3rd coat Allow the stripper to set according to the manufacturer's instructions, and remove the bubbled paint with a shave hook. Note: Doors with heavy paint build-up may require more than one application or stripper to get the job done.
After the coat is dry, lightly sand the wood with a fine-grit sandpaper. Wipe away any dust with a moist cloth and apply a second coat. Then repeat the process once more for a third -- and final -- application.
Re-install
Remove excess
Once all the paint has been removed, neutralize any residual stripper with water or white vinegar and a lint-free cloth.
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Lint-free Cloth And Vinegar Stain And Brush Rubber Gloves Safety Glasses
Finally, install new-door hardware, roll out the welcome mat and you'll have the front of your home looking its best!
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Who Ya Gonna Call
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Classifieds Commercial Sales 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
Tamuning Tumon Salon For Sale : Good income. All fixtures, equip., hair products included. Rent $1,300/mo pwr & wtr included. Facial products can be sold at additional price OBO.$39K. Call CHRISTINA 888-8626
Commercial Rentals Hagatna Building has lots of potential, located on Marine Drive. Second floor is a 4 unit apartment apartment. $1500/m. Call DEL 727-7380
Barrigada Barrigada Office Space! Very convenient, large office space with road frontage access located in Barrigada next door to Subway. $1500/month. Call DEE 727-3777
Dededo Ground floor Available! Corner of Route 16 & Harmon Loop Road! Located at the ParaOceana Business Center. Spaces available for your business today! Call DEE 727-3777
Agana Heights
Merizo
Tumon
Agana Heights Condo. Studio and 1 bedroom units, power/water/basic cable/security included. $38K - $72K $zero DOWN. Call DEE - 727-3777
Nice home that needs a little TLC. Owner financing available. Oceanview, 909sqm lot. $99,000. Call PAT - 727-4728
Tumon View Ph2 Back of DFS 2Bd Loc Back of DFS For Sale Lv Msg 9883592
Mongmong-Toto-Maite
TUMON BEL AIR BRAND NEW TOWNHOUSE Gated, Very good location,Across driving range. 3 bed room / 2.5 bath $ 2500 CALL 898-1687
Chalan Pago $78,000-1 Br/ 1Ba Nice for 1st timers may buy w/no $ down! Also good for investors Has excel tenant! Apuseto Gdns Pools Mail Delivery! Call to see or information 646-7616 Horizon Properties, Inc. 777-7792 Pago Bay: Enjoy a comfortable and quality condo with Ocean View in this 3 bedroom 2 bath 4th floor unit. All Ceramic Tile floors, new paint and upgraded kitchen make this place sparkle. New stacked washer/dryer, new stove, new refrigerator Full backup water and generator, security door entry, pool and more. $330k. Call DEANNA - 688-2855
UIU Building 1000sqft, very nice office. $1143 + com/month Call 637-7165 / 688-0887 /689-7700 Golden Motel Tamuning :Well maintained & established motel near shopping mall & businesses, 26 rooms. Includes free simple land/improvement, equipment & generator.$1.68M Call CHRISTINA 888-8626
PITI Nimitz Estates - large yard/ lot 4bd/2ba, good neighborhood, nice yard, asking $380K Call 637-7165/688-0887/689-7700
Sinajana
Dededo Villa Rosario Condo 3bd 2ba w/ Pool/AC/Ref/Ovn/Park For Sale LvMsg 988-3592 Dededo Fixer Upper:Home on more than 1.25 Acre Lot and can be subdivided in to 2 lots. Includes complete floor plan for a huge 5bd/3 ba.$225K Call TRINI 687-8340 LAS PALMAS I –Townhouse 3bd/2.5ba excellent cond, pool, security, tennis $200,000 Call 637-7165 / 688-0887 /689-7700 Villa Rosario Condo 3bd/2ba, pool, security, clean newly, renovated $155,000 or $1300/month-rent Call 637-7165 / 688-0887 /689-7700
Harmon 4Bd/3ba newly renovated house in a quiet location close to the pleasure of Tumon $265K Call DEE 727-3777
Malojloj
Residential Sales
3br/2.5, 1746sqf living space, 1200sqm lot, built 1993. $300K. Call FRANK 864-9531
Agana
Mangilao
Agana Oceanview : Spacious 3bd/2ba unit. High ceilings add to the spacious feeling! Also for rent @ $1700/mo. Land is Leasehold $189K Call LOUISA 727-8400
Latte Plantation 4br. 2 ba on 1,858 sq.M Lot, fenced 3 sides, undergoing full renovation. $245K Titan Realty 479-4663, Franklin 727-2891
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House is very well maintained one of a kind find! Garden boasts a variety of plants & fruit trees, ample yard space. Close to Hagatna, shopping, schools. $298K Call DOROTHY 482-3881.
Dededo
Tamuning Warehouse spaces available for lease! 2,000sqf @ $1500/m, 4800sqf @$3,300/m Call DEE - 727-3777
Great 3bd/2ba home close to Agana and conveniently located. Waiting for the perfect owner. Fully fenced, secured gate. Definitely worth your time! $230K Call DOROTHY 482-3881
Holiday Towers: Come home to a gorgeous ocean and city views from this 3 bedroom 2 bath unit. Imagine being only minutes away from shopping and dining. $ 375k. Call LOU 483-1384
Tamuning Tamuning home; great price in private location. It has everything that you need such as generator, solid wooden door, stainless steel security door, water pump & softener. $289k or $1700/m Call JAMES 482-0498 Great location 3bd/2ba. old vandalized house R2, 929sqm AS IS $297,000 or MAKE OFFER. Call 637-7165 / 688-0887 /689-7700 Daiichi Condo: Unit is in a central location and in excellent condition. The complex has just been painted and is very well maintained. $140,000. Call TONI 687-8714 Tamuning: Comfort seaside living, unwind in the serenity of your living room with a beautiful view, pool & bbq. Security to put you at ease and central to shopping and entertainment. $239K. Call DOROTHY 482-3881 First floor unit is across GPO Theaters and near Cost U Less in Tamuning.Two assigned parking. Property is fully fenced with swimming pool. Well maintained complex. Sale on AS IS BASIS. Tenant needs appointment to show. $205,000 Call 637-7165 / 688-0887 /689-7700
Blue Pacific Lattice. Large 3bd/2ba excellent condition, oceanview. $395K or make offer. Call 637-7165 / 688-0887 / 689-7700
Yigo Save $25,000-$50,000 Perez Acres 3/2 compare! Nice & Clean! Located minutes from AAFB. Secured entry. 2 Pools/Cabanas/BBQ/Mail Deliv./Cover Pkg & more Asking $199,000. Call Horizon Properties, Inc. 646-7616 New 2br/2ba $1,300 to $1,700/month. Call 637-7165 / 688-0887 / 689-7700 2 Yigo Homes: Investment Oppportunity! Two homes on one lot. Rent out both or live in one and rent the other out. $350K Call LOUISA 727-8400 Perez Acres: Great gated community living w/mail delivery, sidewalks, 2 pools, basketball court & cabanas. Patio enclosed & was used as an office. Unit is tiled & has beautiful wooden stairs. $235,000. Call JUDY 482-7775 Trophy Condo Yigo: This new condo unit is on the 1st floor w/new appliances & split a/c's in Open layout w/large bedrooms.$180K or $1,200/mo Call DANIEL 687-5115 Sagan Ipaopao: Motivated Seller! This is family freindly neighbrhood located only 15 mins from AAFB & less than 10 mins from the malls, banks, grocery stores, & restaurants.$179,500 Call AVERY 988-5263
Yona 929+/- sq.M corner lot, $5K down, owner finance, Asking $40K Let's negotiate! Titan Realty 479-4663, Franklin 727-2891 Beautiful brand new 4bed/3ba executive home, minutes away from Talofofo Golf Course. Home has custom kitchen with granite countertops, Jacuzzi Tub, enclosed garage, generator ready and much more. $651k Call VIC 483-7518
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Classifieds Residential Rentals Anigua
Mongmong-Toto-Maite Maite - Large 2bd/1ba very clean near Townhouse $800/m Sec 8 OK Call 637-7165 / 688-0887 /689-7700
Just newly renovated 2bd/1ba, worth a look! Close to Navy, comfort all around, close to conveniences and beaches, come relax and unwind. $1,200/month. Call DOROTHY - 482-3881
For rent, large 1bd/ba power and water included. Sec 8 ok, military welcome. Call 477-1014 or 482- 0802
Barrigada
Mangilao
Besta Market area, large 4BR/3.5ba on fenced half-acre asking $2,200/month. Call 637-7165 / 688-0887 / 689-7700 2 bd/1ba with yard, including water $ 750/m Sec 8 ok Call 637-7165 / 6880887 /689-7700 Large 2bd/1ba tri-plex. First floor yard including water $ 800/m Sec 8 ok Call 637-7165 / 688-0887 /689-7700
Villa De Oro: This 3bed/2ba comes with two parking stalls and is in good condition,just minutes away from the grocery store, schools, gas stations and much more. $1,300/m. Call KAMAKA 689-2553
Piti NIMITZ ESTATES – 3 and 4 bedroom homes. Asking $2,100/month. Call 6377165 / 688-0887 / 689-7700
Dededo NCS - For LEASE: 3 Bedrm. 2 bath Home w 3 carport , typhoon shutters 1/2 acre yard 10 minutes to AAFES 10 min. to NCS Titan Realty Franklin 727-2891.
2br/1ba apt. close to port, NavSta, Polaris, store, church, park, and beach! Ocean Breeze Apts $600. Call 649-8265 or 888-7447
Dededo Home: Brand new house. Very Private with nice valley view. $1900/mo Call TRINI 687-8340 DEDEDO: 1bd/ 1ba across Circle Park, Nr Church, Schools & MallsCall/Lv Msg Ph:988-3592; Welcome Sec 8 / Military Las Palmas Ph III 3bd/2.5ba + 2 dens excellent condition, sec., pool $1,700 Call 637-7165 / 688-0887 /689-7700 Large Apartment 2bd/2ba w&d, shutters, nice, near schools sec 8 ok $800 - $830 Call 637-7165 / 688-0887 /689-7700 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
Harmon SABANA PLAZA Large 3bd/2ba Condo,2nd floor, very clean fully furnished $1,300 Call 637-7165/688-0887/689-7700
Tumon PIA Marine Condo.Next to Golf Driving Range. Security guard, pool, tennis court, Restaurant, Shop & Bar in lobby. $1,700/mo Call TRINI- 687-8340 Tumon Height or Ypao Garden 2nd floor 2bd/2ba, pool newly renovated, ample parking $1,200/mo Call 637-7165 / 6880887 /689-7700 Blue Lattice: Enjoy all the amenities this complex offers such as pool, security, mail delivery, back up power and water, to name a few. Walking distance to Beaches will have you wanting to stay on Guam longer. $1,800/m. Call DEANNA 688-2855
IPAN House for rent, 2 storey 5 bed/3bath plus family room. A/C every room, gas stove, refrigerator, h2o heater. Please call BEN / ANNE 482-6592 / 734-8272 / 472-6134
Tecio Condo: Enjoy a comfortable and quality condo with Ocean View in this 3 bedroom 2 bath 4th floor unit. All Ceramic Tile floors, new paint and upgraded kitchen make this place sparkle. New stacked washer/dryer, new stove, new refrigerator Full backup water and generator, security door entry, pool and more. Call for your showing appointment. $2,250/m. Call DEANNA -688-2855
Tamuning
Yigo
Great Location near the Sheraton Hotel and Oka Towers. Laundry inside, Nice size kitchen with lots of cabinets. Marble in bathrooms, nice high ceilings and central a/c unit. All windows have accordion typhoon shutters, 2 car parking and security door entry. Live close to beaches and across from a new executive subdivision.$ 1700/m. Call DEANNA -688-2855
Brand new 4bd/3ba units. Great neighborhood, professional lanscaped. Mins from AAFB. Several to choose from. Great family atmosphere. $2600/month. Call PAT 727-4728.
Beverly Palm, large 3bd/2.5 ba + den. You will enjoy living is this convienently located complex off Ypao Rd in Tamuning. This spacious unit also includes a separate den/family room next to master suite. Extra high ceilings in living/dining area..plus a nice upgraded kitchen. Amenities..huge balcony(length of complex),mail box and pool. BASIC CABLE TV INCLUDED. $1,900/m Call 637-7165 / 688-0887 /689-7700
BARRIGADA - 1,119 sq.M, Rt 16 pan handle Commercial Zone LOT w/ 3br.1ba. Home.$186,000.Titan Realty, 479-4663 Franklin C) 727-2891
Talofofo 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 988-3592
Tumon Height Court - Very nice unit on the first floor of this well maintained condonimum complex off Ypao Road near Royal Gdn and SDA Clinic. Comes with two open assigned parking and use of pool. $1350/month Call 637-7165 / 688-0887 /689-7700
Land For Sale Barrigada
Chalan Pago Chalan Pago Land: Investor/Developer special. Centrally located fronting Rt4 1.75+ acres commerical land. Rental income $3,000/mo. Motivated seller.$1.1M Call CHRISTINA 888-8626
Inarajan Inarajan land for sale: 5278sqm. Beautiful Inarajan land formerly used as a tree farm. $110,000. NEGOTIABLE! Call PAT Ipan-Talofofo 727-4728 Get the last parcel available in this sub-division. It has it's own private driveway & it's location puts it out of view of regular traffic. This property is a 10 min walk to the beach.$65K Call NERI 727-3325
Piti Piti Land: This is an excellent road frontage property w/high visibility for any business, most especially w/the build-up by the military just around the corner.$500K Call NERI 727-3325
Tamuning Over an acre of M1 zoned land in a secluded & safe spot within Harmon Industrial Park. At about 50 cents per square meter, it won't last very long.$3K Call DANIEL 687-5115 Build your dream home on this one of kind subdivision, with many amenities including a park, swimming pool, tennis court, secured entry and much more. $500k. Call ROWENA - 777-4317
Yigo Development property. Developer alert. Perfect for subdivision. Panoramic views. Rt 15 frontage 1 mile south of AAFB back gate. 53,830sqm. $35/sqm Call PAT 727-4728
Yona Over 4 acres of argricultural secluded property in Yona with private access. Priced to sell TODAY at $19.83/sq.m. Hurry, property is moving fast and furious!$325K Call AVERY 988-5263 Most AFFORDABLE & UNIQUE You'll will enjoy a panoramic view of 2 golf courses (CCP & Onward Talofofo Golf Course) & the beatiful Pacific Ocean.$150K Call AVERY 988-5263 Land for sale: 104,688sqm. Slight sloping terrain. View of Mangilao & Pago Bay. Water and power within the vicinity. $14.33/sqm Call FRANK 864-9531 CasaGuam.com 31
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Closing
Message from the Executive Officer By Peggy Araullo Llagas
EIGHT GENERAL QUESTIONS
ON
NEW RESPA RULE
Question: If we are doing a “pre-qualification” and therefore there is no property address, should we wait to provide a GFE until a property is identified? Typically, we provided a preliminary GFE. Answer: The final RESPA rule requires a loan originator to provide a GFE within Three business days of receiving an “application,” which is defined as “the submission of a borrower’s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower’s name, the borrower’s monthly income, the borrower’s social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator.” HUD FAQs state: “May a loan originator issue a GFE if the loan originator has not received one of the six pieces of information included in the definition of an application (borrower’s name, borrower’s monthly income, borrower’s social security number, property address, estimate of the value of the property and mortgage loan amount sought)? An application includes information the loan originator requires the borrower to submit in anticipation of a credit decision. If a loan originator issues a GFE, the loan originator is presumed to have received all six pieces of information.” (emphasis added). Also note that if a loan originator issues a GFE without a property address and the property address is later identified, this subsequent identification of the property address does not constitute a changed circumstance and will not allow the loan originator to reissue the GFE. Thus, to the extent a lender is pre-qualifying a borrower and does not receive all six pieces of information included in the definition of “application,” the lender arguably should avoid issuing the borrower a GFE in connection with the pre-qualification. Otherwise, the issuance of the GFE presumes that the lender has received an “application,” which binds the lender to the GFE unless there are changed circumstances. This would not prohibit a lender from giving the consumer a pre-qualification letter on its letterhead, as long as the pre-qualification letter is not titled as a Good Faith Estimate and does not take the shape of the GFE form. Question: How does the RESPA rule distinguishes between “lender,” mortgage broker,” and “loan originator”? Answer: When the RESPA rule refers to “loan originator,” this is defined to include either a lender or a mortgage broker. If certain obligations under the final RESPA rule apply only to the lender or only to the mortgage broker, HUD uses the terms “lender” or “mortgage broker.” Question:If a mortgage broker is involved, who is responsible for a tolerance violation - the lender or the mortgage broker? Answer: The mortgage lender is ultimately responsible under the final RESPA rule for any excesses in the tolerance restrictions. However, the lender may try to seek reimbursement from the mortgage broker if the lender is required to reimburse any excess over the tolerance restrictions. If a lender decides to do this, the final RESPA rule does not govern this activity. Question: Must a loan originator recommend settlement providers to a borrower even if it does not want to do so? Answer: Essentially, HUD expects the lender to identify at least one settlement service provider on the list of services the borrower is permitted to shop for. Arguably, each provider listed will be the provider the lender relies on to obtain prices to populate the GFE. According to HUD’s FAQs, when a loan originator permits a borrower to shop for third-party settlement services, the loan originator must provide the borrower with a written list of settlement service providers at the time of the GFE on a separate sheet of paper. Thus, this list could include title and settlement providers, survey companies, home inspectors, homeowners insurance companies - any provider of settlement services for which the consumer may shop and select the provider(Continued next Month) 32 CasaGuam Februar y 2010
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