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CONTENTS
Message From GAR
Departments 6
8
5
Market Report Stea d y Ma rket May Br in g 20 P erc e nt Im proven t O ver 2009 Feature Gl ob a l Ma rke ts S ee k Gu a m Guam’s Position in the current Global crisis
14
From the Experts Ta ke A dva nt a g e o f Th e B oo m Invest in Guam Real Estate Now!
16
Profile From C re di tor to RE ALTO R® Shawntel Techaira Emerges From Behind The Scenes To
November 2010 • Vol. 3 • No. 11 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
|Display Advertising| Darrell Pereda
Join The Real Estate Industry.
|Traffic/Circulation Manager|
How To D.I.Y. A p p l y i n g E la s to m er i c R o o f C o a t in g
|Production Manager|
Josie Redmond
21
It isn’t as hard as you may think
Mark S. Burke
|Production Assistant| Lynda Young
|Graphics & Layout|
22
Curb Appeal Fi ve Ways to Im prove Cu rb A p p e a l
25
Who Ya Gonna Call?
26
Classifieds
28
Closing Gu a m A ss o c ia ti on of R e a lto rs ® Post Contract Pitfalls
Mark S. Burke • Jon Barnhart
|Editorial Contributors| Faye Varias Creative Services Mark S. Burke Christopher Felix Ryan De Guzman W. Nicholas Captain Peggy Araullo Llagas
(Cover Photo: Mark S. Burke) CasaGuam is Published by:
Message from the President By Christopher Felix CPM,CIPS,CCIM
M
an is this is year flying by. I have only one more article/letter to write ( I think…) to all of you and then I turn the leadership of the Guam Association of REALTORS® over to my good friend Anthony Godwin, the incoming President for 2011. I guess the biggest news in the past month has been the signing of the ROD (The Record of Decision for the Environmental Impact Statement) for the Military Buildup. To me this means that the buildup is no longer an “if ” but now a thing that will happen and that we all need to prepare for. I know there are remaining concerns from certain groups and some of our senators and frankly, I share some of them myself. But I have had the fortune of meeting a lot of the JGPO and DOD people involved in the relocation and planning for the buildup and I honestly believe they do want to make this happen and work out to our best interest. They seem concerned for the environment as well as our culture and quality of living. They have recently stated that they will slow this buildup period down from a 3-4 year period to a 6-10 year one and monitor the buildup speed as compared to our quality of living and needs. Like everyone else I get caught in the traffic jams and slowdowns caused by all the roadwork, but I see the light at the end of the tunnel and look forward to a better road systems with a smoother drive time, reduced snarls and slowdowns when the main work gets done. I remember very well the old traffic jams on Marine Drive, particularly in Yigo and Dededo when they widened the road in the early 1980’s. I think the old timers and locals will remember the 120-20 minute jams and slowdowns – pretty much like the tri-intersection slowdowns we have now. Things are better than before and I believe they will continue to get better and better in the years to come.
Guam Association of Realtors® The Voice for Real Estate on Guam
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 Looki ng for s ome t h ing i n pa r t ic ul ar ? 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. H ap py H om e Hunt i ng !
Business Opportunity
I n a ra j a n
FC - Front Cover
IBC - Inside Back Cover
IFC - Inside Front Cover
BC - Back Cover
Residential For Sale
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
Advance Management, Inc. . . . . . . . . . . . . . . . . .44
Tamu ning
M a n g il a o
Yona
Ag a n a H e i g h t s
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Realty Management . . . . . . . . . .IIFC
Land For Lease
Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .55
Commerical For Lease
Century 21 Commonwealth Realty . . . . . . . . .14 Century 21 Commonwealth Realty . . . . . . . . .15
Ag a t
A s an
Century 21 Commonwealth Realty . . . . . . . . .114
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IIBC
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Tamu ning
B a r ri g a d a
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IIBC
A s an
Mong m on g- Toto- Mai te
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IIBC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
D e d ed o
O rd ot - Ch ala n Pag o
E.C. Development . . . . . . . . . . . . . . . . . . . . . . . . . .77
Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Century 21 Commonwealth Realty . . . . . . . . .114
H ag åt ña
Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .5
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Century 21 Commonwealth Realty . . . . . . . . .15
D e d ed o
Land For Sale Ag a t Century 21 Commonwealth Realty . . . . . . . . .115
E.C. Development . . . . . . . . . . . . . . . . . . . . . . . . . .7
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
H ar mo n
Pi ti
Century 21 Commonwealth Realty . . . . . . . . .14
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Century 21 Commonwealth Realty . . . . . . . . .115
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
A s an
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Century 21 Commonwealth Realty . . . . . . . . .115
H ar mo n
B a r ri g a d a
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Commonwealth Realty . . . . . . . . .115
Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
S ant a R i t a Tamu ning Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .55
Advance Management, Inc. . . . . . . . . . . . . . . . . .44
Tumon
S in a j a n a
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .44
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
Advance Management, Inc. . . . . . . . . . . . . . . . . .4
Tal ofofo
Century 21 Commonwealth Realty . . . . . . . . .15
Advance Management, Inc. . . . . . . . . . . . . . . . . .44
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Commercial For Sale
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Mong m on g- Toto- Mai te
M a n g il a o
D e d ed o
Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .55
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Commonwealth Realty . . . . . . . . .14
Century 21 Commonwealth Realty . . . . . . . . .15 RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
M e r iz o
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Commonwealth Realty . . . . . . . . .115
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Mong m on g- Toto- Mai te
Tamu ning
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
Century 21 Realty Management . . . . . . . . . .IIFC
S ant a R i t a
O rd ot - Ch ala n Pag o
Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .5
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BBC
Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Ag a t Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
S in a j a n a
Pi ti
Century 21 Commonwealth Realty . . . . . . . . .15
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Commonwealth Realty . . . . . . . . .115
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tal ofofo
Tamu ning Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BBC
Multi-Family For Sale
D e d ed o Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BBC
Tumon
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
Coral Sea Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Tamu ning
B a r ri g a d a
Advance Management, Inc. . . . . . . . . . . . . . . . . .4
Century 21 Realty Management . . . . . . . . . .IIFC
Advance Management, Inc. . . . . . . . . . . . . . . . . .44
Century 21 Commonwealth Realty . . . . . . . . .15
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Century 21 Commonwealth Realty . . . . . . . . .15
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Century 21 Commonwealth Realty . . . . . . . . .14
Residential For Rent
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Y ig o Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC MZ Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
D e d ed o Latte Stone Properties, LLC . . . . . . . . . . . . . . . . .5 Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tumon Century 21 Realty Management . . . . . . . . . .IIFC
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Tal ofofo Century 21 Commonwealth Realty . . . . . . . . .115
Tamu ning BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
Century 21 Commonwealth Realty . . . . . . . . .15
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Tumon
Century 21 Commonwealth Realty . . . . . . . . .14
Century 21 Commonwealth Realty . . . . . . . . .115
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Century 21 Commonwealth Realty . . . . . . . . .15
S ant a R i t a Century 21 Commonwealth Realty . . . . . . . . .115
Century 21 Commonwealth Realty . . . . . . . . .15
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Today’s Realty . . . . . . . . . . . . . . . . . . . . . . . . . . .BC
Yona
H ag åt ña
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Y ig o
Y ig o
Century 21 Commonwealth Realty . . . . . . . . .115
MZ Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Advance Management, Inc. . . . . . . . . . . . . . . . . .44
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Yona
Alliance Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
BHI Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Century 21 Commonwealth Realty . . . . . . . . .14
Century 21 Realty Management . . . . . . . . . .IIFC
Century 21 Commonwealth Realty . . . . . . . . .15
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
RE/MAX Diamond Realty . . . . . . . . . . . . . . . . .IBC
Century 21 Commonwealth Realty . . . . . . . . .15
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Louisa Wessling Associate Broker
Christina Au
727-8400
888-8626
687-8340
lmwessling@teleguam.net
christinat@guam.net
triniguam@yahoo.com
MLS#10-1584 & 10-2159
Associate Broker
MLS#10-1342
MLS#10-1415
TALOFOFO - $265K or RENT $2,450/mo 3br/2.5ba
MAITE - $189K or RENT $1,700/mo Agana Oceanview Condo 3br/2ba
TAMUNING - ALUPANG COVE CONDO $295K or Rent $2,450/mo 2BR/1.5BA This HIGHLY upgraded & remodeled unit.
DEDEDO - NCS $205K Renovated 5br/3ba. Fully fenced
YONA - $220K Windward Hills Estates 4br/2.5ba. Fixer Upper!
YONA - WINDWARD HILLS Golf Course $2,500/mo 4br/3ba w/wonderful features & scenic view of the golf course.
DEDEDO Ypaopao Estates $2,200/mo 4br/3.5ba.
MLS#10-3245
MLS#10-1736 TOTO - LAND $75K 1051sm lot. Power and water nearby.
YIGO $259K 3br/2.5Ba on 1/2 acre lot. Family room, Living room & kitchen
MLS#10-2203
MLS#10-2324
DEDEDO - $205K 4br/1.5ba on 1/4 acre lot.
MLS#10-297 YIGO - $360K or RENT $2,450/mo. 3br/2.5ba Executive home.
MLS#10-3008 & 10-3007 SINAJANA - $2,000/mo 3BR/3BA. Delightful home with open floor plan.
Trini Sarmiento Associate Broker
MLS#10-1969 TAMUNING - $230K 3br/2ba on 600sm R2 zone lot.
MLS#10-2158 YIGO - $350K 2br/1ba, 2 homes on one lot.
MLS#10-1421 TUMON HTS - $240K 3br/2ba on 910sm R2 zone lot.
MLS#10-1954 TAMUNING - LAND $550K 1/2 acre w/ 4br concrete house.
MLS#10-961
MLS#10-2634
TAMUNING - ALUPANG COVE TOWNHOME $695K 2BR/2BA Beautiful, upgraded, Oceanfront townhouse.
HARMON INDUSTRIAL PARK $3,000/mo Commercial/Office space.
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Market Repor t
Significant Future Gains Projected Steady Market May Bring 20 Percent Improvement Over 2009
G
uam's real estate market held steady during the second quarter of 2010, which is on pace toward an estimated 20 percent improvement over sales activity in 2009. During the 2nd quarter of 2010, total islandwide real estate sales reflected $66.1 million, up slightly from the prior quarter, but up sharply from the first quarter 2009 low of $36.1 million. "The market has been extremely steady with monthly sales volume of around $20 million. That's the pre-bubble rate of sales activity, so we are expecting sharp gains after the massive military and infrastructure construction projects commence." noted Nick Captain, President of Captain Real Estate Group. "By mainland standards, a steady market is a healthy market. Although the past few years has witnessed an evaporation of Asian-based foreign investment, it will return", stated Captain. Private sector foreign investment is already returning, it's just not the big money from Asia, yet. Investment has been flowing into Guam from Hawaii, Alaska, the mainland and other locations. In the residential sector, single family median pricing has stabilized over the past year in the $210,000 range. Captain Real Estate's projected 20 percent increase in total single family residences sold this past quarter was reasonably accurate with 160 units closed. In the condominium sector, sales activity showed 20 percent growth but the median price dropped below $120,000. Commercial and industrial sales activity through 6 CasaGuam November 2010
By Nick Captain mid-2010 remains weak, although occupancy and rents are increasing.
Debt Rules The new game in Guam real estate is debt. Cash is not king, because debt rules and lenders reign. As the key to leverage opportunity (and risk), debt is now the critical component of most deals. As liquidity dried up and speculative property prices declined since 2007, properties acquired during the boom suddenly experienced equity squeezes. Now, foreclosure and debt sales activity dominate the major deal landscape. At the 2009 Micronesia Real Estate Investment Conference (MREIC) at Leopalace Resort on Guam, we said that the future market would be characterized by a "take a banker to lunch" mentality. So as 2010 evolves into the Year of Debt, towering statistics are rolling in. Annualized 2010 Guam real estate lending is down by $192 million, or 36 percent from 2009 (see chart). Among other financial industry fallout, Wells Fargo will exit Guam. Notable 2003 MREIC Investor of the Year Mr. Hee Cho stormed back to life this past quarter by acquiring the first mortgages under Talo Verde Estates and Hemlani's Marine Drive land from Nara Bank. The Hemlani land sold at $6.2 million at the peak, went through foreclosure and recently sold via auction credit bid at $3.3 million in July, a decline of nearly 50 percent. The Talo Verde note was paid in full at the recent closing, but the $25 million second mortgage holder Kumho, took a beating.
In Tumon, the buyer of the first mortgage (sold by FHB at a reasonable discount) secured by the Marriott Guam is working hard to salvage that hotel's future. And debt owners may prevail at Guam's latest abandoned (temporarily on hold, shall we say?) project, the four massive towers next to GMH. Debt holders including mostly Korean lenders are further controlling numerous peak 2007 deals including raw land and other abandoned projects. At the same time, off-island lenders are showing optimism in Guam; most notably via a Resona Bank secured nine figure megadeal with the Leopalace Resort owner (no, it's not for sale), closing the largest real estate mortgage in Guam's history.
Notable Deals In an unbeatable combination of debt, equity and connections, Talo Verde Estates luxury residential
project has finally fallen into new hands, sold to a group led by Harry Chang. Talo Verde's projected cost of $35 million compares unfavorably with its $19Âą million sale price. First Hawaiian Bank proved its leadership in lending again with an $11 million note on the deal. Other major deals this past quarter include 13 additional closings at The Laguna, the high-end lot subdivision at Pago Bay, at prices up to $476,000. In the condominium sector, nearly sold out Harvest Residences has been highly successful with a perfect combination of product and price. Michael Jury and partner acquired nine Pacific Gardens condominium units from the Guzman family at an indicated price of just $38,400 per leasehold unit. During the past quarter, only five condominiums sold at prices above $300,000 and just eight houses sold at prices above $400,000.
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Feature
Global Markets Seek Guam As A Destination Boom
10 CasaGuam August 2010
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Feature Source: Global Property Guide
In 2009, Guam’s property market declined sharply, amid the global crisis. Demand om foreign investors fell especially sharply.
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Feature The median price of single-family homes declined 7 percent in 2009 from a year earlier, according to the Captain Real Estate Group. When adjusted for inflation, the median price dropped by about 9 percent. Similarly, the median price of condominium units fell by around 11 percent (-12 percent in real terms) over the same period. Guam’s housing market is expected to recover as the military buildup starts. The planned military expansion in the island is the result of an agreement between the U.S. and Japan to relocate around 8,000 U.S. Marines and their dependents from Okinawa to Guam. In 2010, total real estate sales are expected to reach $300 million, up from $251 million in 2009. “The island’s real estate market saw overall sales dive last year, but by the second half of this year, the industry will see things start to rebound”, says Nick Captain of Captain Real Estate Group. In 2009, the median price of single family homes was about $200,000, down from $215,000 in 2008. The median price of condominiums dropped to $140,000, from $125,000. There are some restrictions on foreign property ownership. Guam is a territory of the U.S. and its people have U.S.citizenship. Non-U.S. citizens who have not declared their intent to become permanent residents (green card applicants) can only buy one house or condominium in their personal names, which must be owner-occupied. For investment purposes, however, a foreigner can form a Guam corporation with at least one local shareholder/director. The corporation can then buy as much property as it wants.
Volatile housing market Guam’s housing market is sensitive to external shocks. This is not surprising given the dependence of Guam’s economy on tourism and U.S. military spending. In the late 1990s to early 2000s house prices stagnated. Then from 2004 to 2007 there was a four-year housing boom, spurred by speculative investments from foreigners and U.S. military spending, according to the Guam Comprehensive Housing Study (2009). In addition, declining mortgage interest rates fueled demand. House prices rose faster than local household incomes, which actually fell - the average household income dropped in 2008 by 2.7 percent to $45,786, from $47,062 in 2005, according to Guam’s Bureau of Labor Statistics. On the other hand, the median price of single family dwellings rose 54 percent from 2004 to 2007, while the median price of condominium units rose 58 percent.
Plunging sales Property sales fell by 32 percent to $251 million in 2009, the lowest level since 2004, according to the Captain Real Estate Group, having already fallen 46 percent in 2008, following a peak sales figure of $480 million in 2007. Sales for single family dwellings in 2009 fell 21 percent to about $130 million. Condominium sales plunged by about 50 percent to $25 million, while land sales dropped 55 percent to $50 million. Despite falling sales, the 2009 Guam Comprehensive Housing Study estimated pent-up demand at about 3,665 households, mainly low and middle-income households. About 2,068 of these are would-be buyers, while the remaining 1,597 households are would-be renters. Around 25,000 households are currently renting their home, 45 percent of them occupying single-family dwellings, 15 percent duplexes, 26 percent apartments, and 7 percent condominium units. Guam’s population at end-2008 was 176,401, and its median income was $49,900, according to the U.S. Department of Housing and Urban Development (HUD). 12 CasaGuam November 2010
Housing supply The construction of residential dwellings in Guam peaked in 2003, when about 1,031 permits were issued. Since then, residential construction permits have been steady, with an average of 470 units from 2004 to 2008. In 2008, 524 residential construction permits were issued, up 10.3 percent, according to Guam Department of Public Works. Figures for residential construction permits for 2009 are not yet available, but it is believed that there was a decline, due to lower foreign investments. Despite the increase in the number of permits issued, the value of residential construction permits in 2008 dropped 24 percent to $69.7 million, reflecting a move toward building low-cost houses. The homeownership rate in the island in 2009 was 50 percent, one of the lowest in the U.S., based on the 2009 Housing Demand Survey.
Military housing market The military build-up is a result of an agreement between the U.S. and Japan to relocate around 8,000 U.S. Marines and their dependents from Okinawa to Guam. The relocation is projected to cost over $10 billion. The move should create significant construction and infrastructure opportunities. Guam’s population is projected to increase by 20 percent, or by approximately 40,000 people, creating demand for additional housing. Two years ago, foreign real estate investment rose sharply in anticipation of the military buildup. Military households make up about 13 percent of total households in Guam, but the military housing market is independent of the local housing market. Nevertheless, the military presence does impact the local housing market, in the following ways: · Some military personnel choose to live off-base · Military dependents may have to live off-base, or choose to do so · Housing for construction workers · Housing for civilian workers · The military buildup results in improved economic prospects for the islan
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Feature Large rental market Guam has a large rental market. About half the total housing stock is renteroccupied. Unlike other tourist destinations, Guam’s rental market does not exhibit seasonal characteristics, and the number of advertised rental dwellings is evenly distributed across all months. Most residential leases are for one to three years. Most rental units are in north Guam. In 2009, about 57 percent of all advertised rental units were in the northern region, primarily in Dededo and Tamuning; 42 percent in the central region; and the remaining 2 percent of advertised rental units were in the southern region. From 2003 to 2006, advertised rentals rose by about 20 percent, peaking in July 2006. Since then, rents have fallen. According to the Guam Comprehensive Housing Study, monthly rents in 2009 were as follows: · The median rent for studio apartments was $486 · One-bedroom apartments had a median rent of $540 per month ·
Two-bedroom apartments had a median rent of $689 per month
·
The median rent for three-bedroom homes was $1,566
·
The median advertised rent for two-bedroom townhomes was $1,307
per month ·
Three-bedroom townhouses had an average monthly rent of $1,574
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Machananao,Ded $165K 3BR/1.5BA #10-3768
Goring Villa-Yigo $129K 3bd/2ba #10-1723
Agat $180K 4bd/2ba #10-3351
Villa Pacita Yigo $595K 3bd/3ba #10-3321
Dededo $165K 6bd/3.5ba #10-2961
Villa Rosario Condo-Ded. $142K 3bd/2ba #10-712
Perezville-Tamuning $1.9M 5bd/5ba #10-1816
Machanao-Dededo $200K 3bd/2ba #10-2054
Agana Heights $189K 3bd/2.75ba #10-1773
Goring Villa-Yigo $129K 3bd/2ba #10-1724
Dededo $289K 3bd/2ba #10-1505
Oceanview Tumon Condos $385K 3bd/2ba #10-1490
San Vitores Garden Condo-Tum. $186K 3bd/2ba #10-898
Mangilao $263K 3bd/2.5ba #10-358
Dolores,Dededo $232K 3bd/2ba #10-2499
Anao Pt.,Yigo (New) $285K 4bd/3ba #10-2822
E.Gayinero,Yigo $329K 3bd/2ba #10-2899
Villa de Oro, Mang. $140K 3bd/2ba #10-1737
Kaiser,Dededo $218K 5bd/4ba #10-35
Machuate,Barrigada $225K 3bd/2ba #10-33
Alupang Beach Tower, Tam. $395K 3bd/2ba #08-281
Tecio Condo,Tumon $600K 3bd/3ba #08-1207
Perezville,Tamuning $625K 5bd/4ba #09-1332
Bumuchachu,Dededo $360K 4bd/3ba #10-1652
Asentadu Villa-Tam $229K 3bd/2ba #10-1623
Perez Acres,Yigo $210K 3bd/1.5ba #10-428
Spring Hill Sub-Yigo $300K 3bd/2ba #10-2204
Adacao, Mangilao $350K 3bd/3ba ea. duplex #10-2731
Barrigada $432K 4bd/2.5ba #10-3391
Villa Pacita Yigo $435K 3bd/3ba #10-3320
Land (House Lot & Investment)
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Homes & Condos
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RENTALS Rte.4, Chn. Pago - Newly renovated spacious 2BR/1BA unit. furnished $1,250/mo. & Unfurnished $1,200/mo. (10-3222) Scharf, Piti - Affordable and spacious 2BR/2BA unit. $650/mo. (10-2298) Villa Pacita, Yigo - 3BR/3BA Gated Exec. home. $4,800 (10-3322) Estralita,Tumon Hts.-4BR/3BA-$1,450 Price Reduced (10-3297) Perez Acres, Yigo - 3BR/2BA Gated Exec. home. $2,300 (10-3379)
Land (House Lot & Investment)
Ypaopao Est.,Dededo - 3BR/2.5BA -$2450. (10-3046) Papaya Lane, Barrigada - 4BR/3BA Ocean view home. $3,800 (10-3696)
Santa Rita $89K 5,536sm #07-672
Tamuning $260K 702.24sm #10-843
Agat $648K 49,000sm #10-1802
Laguina Estates Yona $68K 1,211sm #10-2656
Alupang Cove condo, Tamuning - 1BR/1BA Ocean view home. $1,900 (10-3460) Perez Acres, Yigo - 3BR/2BA Well kept home. $1,700 (10-3559) Horizon Townhouse, Tumon - 3BR/2.5BA Nice unit in gated community. $1,200 (10-3633) Villa de Oro, Mangilao - 3BR/2.5BA Spacious third floor unit. $950 (10-3646) Pia Resort, Tumon - 2BR/2BA Nice ocean and city view. $1,600 (10-3648)
Rt. 15 Yigo $180K 7,407sm #06-2108
Agat $12M 140,150sm #07-1156
Dededo $60K 2,075sm #10-635
Yigo $65K 1,853sm #10-1037
Flora Pago Condo, Ordot-Chn. Pago - 3BR/2.5BA upgraded unit. $1,900 (10-3829) Pomika Apts, Tamuning - 1BR/1BA Nice unit. $700 (10-3818) Scharf Apts, Piti - 2BR/2BA Affordable and spaciousunit. $650 (10-2298) Hagatna - Nice & spacious studio in Hagatna. This is located on the 2nd flr. Due to limited parking space, only 1 car is allowed for tenant. $550 #10-3509 Piti - 2 bedroom 2 bathroom. Close to many locations on island, these units are centrally located. $650 #10-1221
Piti $125K 1,246sm #08-3496
Yigo $65K 1,853sm #10-1036
Piti $3,280,000 545,687sm #06-605
Barrigada $545K 4,171sm #10-987
Ana Lee Apartment Mangilao - Conveniently located near Guam Community College. Section 8 acceptable but subject to verification of previous landlord. $750 #10-127 Tamuning - 2 Bd., 1 Ba., unit behind GPO in heart of Tamuning. Unit is in the 1st flr w/large Master Bedroom. It has a covered outside kitchen area in the rear & 1 covered side carport. Very nice & neat. SECTION 8 LEASE OK!!!! $900 #10-3480
Merizo $250K 43,837sm #10-622
Yigo $55K 1,417sm #09-3041
Macheche-Dededo $100K 1,730sm #09-2902
Yigo $55K 1,432sm #09-1144
Pacific Towers Condo Tamuning - Section 8 Accepted for this unit, located on the 7th floor w/partial oceanview. Starter unit for family w/kids & centrally located in Tamuning. Unit comes w/water, pool & coin operated laundry facility on the ground floor. 24 Hours security service. $1,254 #10-1209 Tamuning - A large 4 bedroom, 3 Bath, 3rd floor apartment off of Ypao Road near Royal Gardens. It has a walk around balcony. Basic appliances & air conditioners are included. It comes w/2 assigned parking spaces. $1,500. #10-3297
Piti $498K 15,088sm #09-264
Tumon $8,386,470 9,423sm #08-3021
Dededo $486K 4,460sm #10-2670
Tamuning $700K 1,908sm #08-332
Horizon Townhouse Tumon - A nice kitchen nook countertop made of granite stone, which you will no longer need a dining table. Rent it before buying. $1,700 #10-923 Perez Acre Townhomes-Yigo - 3 br 2 bath,central A/C, 1 split in master br, marble floor, pool, gated security, close to school & shoppings. $1,700/mo #10-2944 Blue Pacific Lattice Cond Tumon - Fantastic view of Tumon Bay! Cozy 1 bedroom unit on the 7th floor. New ceramic tile floor. Semi furnished & owner is flexible for additional furniture. Rent includes water. $1,900 #10-2846
Feature Property
Ipan-Talofofo $575K 27,774.22sm #07-3850
Yigo $3,776,240 58,096sm #07-328
Dededo $1,202,920 14,152sm #10-2590
Asan $650K 7,984sm #09-1983
Acanta Mall Various retail spaces-from 654 sq.ft to 1970 sq.ft. MLS#10-3719 Call for Details.
PIA Marine Condo-Upper Tumon - Ocean view unit on the 5th floor. Fully furnished. Also includes TV, microwave oven, pots, pans, dishes, utensils. Conveniently located right off the elevator. Amenities: pool, tennis courts, convenient store, exercise room, mail delivery, Back up generator. $1,900 #10-2578 Trophy Condo Yigo - Great condo minutes to Andersen AFB & grocery stores. Safe well lit condo that is modern. Unit can come furnished or unfurnished & the tenant gets to pick out the furniture if they want to. Also comes w/a membership to the Nikko Hotel for the use of their facilities, to include the pool & many other amenities. $1,900. #10-2821 Perez Acre Townhomes-Yigo - 3-bedroom unit in established & well maintained Perez Acres complex w/the amenities to enjoy: swimming pools, fitness park, basketball court, play ground, mail delivery, a 24hour security, on-site management, pro landscape maintenance & more. Conveniently located to business establishments & schools in the area. $1,900 #10-1921 Perez Acre Townhomes-Yigo - Located in Guam’s best maintained residential complex, “Perez Acres”, this 2 story 3+1 bedroom Condo. offers you a comfortable home. The enclosed patio provides you w/extra living space & storage. The complex is gated, has two swimming pools, playgrounds & recreation areas. Mins away from the Air Force Base. $2,300 #10-3379
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From the Experts
Take Advantage of the
Boom!
A
bout four or five years ago there was great anticipation that Guam would experience another significant economic boom, one like no other before, boasting billions of dollars spent locally by the Federal Government and Japan over the course of many years which would transfer United States Marines and Military Members stationed in Okinawa to the island and creating enough infrastructure to sustain an estimated 10-20% population increase across the board. Wow, now it’s finally here. After much coordination, cooperation and collaboration between the powers that be, the FEIS (Final Environmental Impact Statement) was approved in July. The ROD (Record of Decision) was handed down by DOD (The Department of Defense) last month with more details and the remaining issues to be ironed out by the CMCC (Civilian-Military Coordination Council). It is official, the buildup has begun. Local and international investors are scrambling once again and strategizing moves to maximize on potential gains, if they have not already done so. Multi-million dollar contracts are being awarded as I write this article and those that see it coming can capitalize as we welcome in a brand new era of unprecedented economic growth. So now what? In the words spoken by our NAR (National Association of Realtors) incoming president Ron Phipps at the 2010 Leadership Summit, “Seize the day!” Invest in your very first home, purchase land, build on the land you own, buy a second home, fix it up, resell it or rent it out, build a commercial building or multi-family dwelling unit, start a small business, expand your big business, you fill in the
16 CasaGuam November 2010
blank, you write the check, heaven has no limit to what you can imagine. Why wait? Signs say the cost of living will soar, so much that even the average working class individual may not be able to keep up with rising housing rates and expenses as a result. Don’t delay. Make your move. If you have property that’s been sitting you have been dying and trying to sell this may be your chance. Accept my invitation, put the property back on the market, price it right and it should move. Here’s another crazy idea. Sell Guam and invest in the Mainland. You can catch cool foreclosure deals in California or other states across the continental U.S. Get in touch with your local GAR (Guam Association of Realtors) real estate professional for creative counseling and free consultation. See exactly what your options are and what it will take for you to make your dreams a reality. It is true, lending requirements have toughened up tremendously, which could hinder your chance of moving forward, but overall interest rates for mortgage loans are still incredibly low, the lowest ever. Prices should continue to increase, like we’ve seen, from here on out for years to come. Good credit is essential in order to qualify for most affordable financial programs, but not always the case thanks to Guam Housing Corp. and GHURA. It is always a good time to budget wisely and live within your means right? Why not take this time to clean up your credit, pay off your existing loans, consolidate loans if you have the cash, maybe even refinance your home so you can reduce your monthly obligation, shorten your loan term, reduce your interest payments, pull out equity for your next investment move, whatever it takes so that you can get going before you get left behind.
By Ryan De Guzman REALTOR®, Century 21 Commonwealth Realty
Real Estate is not rocket Science. Simple Math says 2+2= 4. Calculating the next equation should also be a cinch: Guam + Build-up = Economic Opportunity. What more can I say. What have you got to lose when there is so much more to gain? Why rent your home when you can own your home? Why wait when the time is right now? It makes absolute sense to the one who will visualize, realize and comprehend the trend, go with the flow and demonstrate due diligence. To those that do not it’s insane and what a shame. Here is my invitation to you, invest in Guam Real Estate right now! The only thing standing in between you and your dream is YOU so get yourself ready Guam and take advantage of the boom!
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Profile
From Creditor to Realtor
Shawntel Techaira Emerges From Behind The Scenes To Join The Real Estate Industry. By Faye Varias
W
“
Sh a w ntel L eil a ni Tec h ai ra REALTOR® Today's Realty
Family: Motto:
Kaeli Star Perez, daughter
Hobbies:
Reading and volunteering at the USO
“Be nice and make friends, it’s a small community.” - Tony Hsieh
“
hen Shawntel Techaira was deep in her work as a credit manager for one of America’s largest corporations, little did she know that it would open the doors for a career in real estate. She says that it was with this company that she learned behind the scenes what goes into obtaining and maintaining homeownership. In 2007, Techaira met her would-be broker, Anthony Godwin at a dinner event. She says, “His down to earth personality and professional reputation impressed me,” and she shared with him her desire to join his team. Her encounter with Godwin began a journey into real estate full time that has been rewarding both personally and professionally, she says. She says, “Being from Guam, our culture is very generous and hospitable. Working with so many people who are new to the island, I carry the Hafa Adai spirit and want to foster a Guam-is-Good vibe.” She works to pay forward the kindness she has been blessed with in life to her clients and in turn, receiving a referral is the biggest compliment and the kindest gesture her clients give her. But Techaira says in an industry that favors tenure and experience, she was challenged by the demands to earn income right away, while developing a clientele base during the infancy of her career. She says John Lin, part owner of Today’s Realty, gave her valuable insight into the business coupled with stern advice, saying “I’m not going to hold your hand, I’m not going to tell you how to do it, if you want it (success), you will get it.” This no hand holding approach taught Shawntel that real estate is not a get rich quick scheme and that determined and consistent effort will sow the seeds of a career that is sustained for the long term. This is just one story of overcoming challenges she shares, but she testifies that she couldn’t have made it this far without the support of her teammates, family, close friends and the daily inspiration from her daughter. In the next few years, Techaira aspires to lead a content life while being a positive role model to her daughter and family. Outside of work, she admits she is an information junkie, spending many hours reading online and offline about business, human dynamics, and marketing. She is also a volunteer with the Guam USO as a tribute to many close friends, family, and her brother Paul B. Techaira Jr. serving our country.
to le p o e p r fo e rc u o s l u rf e d n o Casa Guam is a w rs e w o p m e d n a y tr s u d in te ta s understand the real e . e g d le w o n k te ta s e l a re le b a lu a them with v
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H o w To D . I . Y.
How to Apply Elastomeric Cool Roof Coatings in 3 Easy Steps
By Mark S. Burke
O
kay, admit it. When it comes to our roofs, most of us think we need to call in an expert! I used to hear the words elastomeric coating and suddenly have visions of people in hazmat suits with special applicators and EPA Licenses! Well take heart Do It Yourselfers! It ain’t that big a deal! Any Do It Yourselfer willing to spend a little time in the sun, (and that’s good for you, right? Think of all that vitamin “D” you’ll be getting up there!), and a little dedicated effort can apply your own roof coating. We’ve all heard how great this stuff is, it cuts your energy costs and helps your air conditioning work more efficiently...Well, for once it’s true! By applying an elastomeric coating to your roof you can actually reduce your energy costs by as much as 30 percent! Of course, this is a bit bigger job than most simple home repairs, but don’t let it intimidate you; “How do you eat an elephant? Cut it into bite sized pieces!” Applying elastomeric coating to your roof can be cut into three bite sized pieces: • Clean the Surface • Repair and Reinforce • Apply the Roof Coating Let’s take them one at a time.
with Guam Home Center
STEP 2: REPAIR & REINFORCE Patch and repair cracks, blisters and other problem areas using Black Jack Roof-Patch or STAKOOL White Acrylic Roof Sealant, following label directions. Reinforce with Universal Patching fabric.
You can apply Elastomeric Coatings to: • • • •
Metal Urethane/polystyrene foam Concrete roofs Aged roll roofing, existing aluminum & white coatings • Flat and barrel cement tile
Here are some recommended Applicators: Patching material: brush or trowel as indicated on container instructions. Elastomeric coating: Roof brush, ¾”nap roller, or airless spray in 10”- 12”pattern, 2000 psi, .021 to .025 spray tip Coverage: How much do I use?
STEP 3: APPLY COOL ROOF COATING On a clear, warm, sunny day (65°F and rising), apply Black Jack,Gardner or STA-KOOL Elastomeric Roof Coating to a dry roof surface. Cut in along edges, then move from one end of the roof to the other keeping a continuous wet edge. Follow all label directions.
STEP 1: CLEAN THE SURFACE Clear roof surface of loose debris including dirt, gravel, sticks, etc. using a push broom or blower. Wash away surface dirt with a pressure washer.
Sure, it’s a bit of a challenge, but just think how proud you’ll be when your power bills go down and you can tell your neighbors “I did it myself and saved money there too!” It’s always fun to stretch and challenge your DIY skills!
20 CasaGuam November 2010
Here is some additional information to help with your project:
Two coats are recommeded to ensure complete coverage For Metal surfaces: 80-100 Sqft. per gallon For porous surfaces: including foam, concrete, tile, roll roofing, and previously coated surfaces use 50-75 Sqft per gallon If you need addition help or have questions you can alway visit Guam Home Center and get everything you need there, from good advise, to tools and materials. Have fun and save money, what more could you ask for? Good luck!
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Curb Appeal
5 Ways to Improve Curb Appeal and Sell Your Home
By Ellen Bell
ith so many homes on the market these days, you've got to make yours really stand out from the crowd if you want to sell it quickly. Never underestimate the power of curb appeal at drawing in prospective buyers and generating interest in your home. After all, no one wants to tour a home that looks shabby and poorly maintained from the outside, much less buy it. Sprucing up your home's curb appeal doesn't have to extremely costly. To that end, we've compiled a short list of five things you can do to quickly and easily boost your curb appeal.
W
1. Clean up your front yard and landscaping. No one likes a yard that is poorly maintained, and a good mowing, trimming, and edging of the lawn can go a long way toward cleaning up your home's outer appearance. If your landscaping is looking shabby, go through and weed thoroughly, trim the bushes, and apply a new layer of mulch. 2. Add some architectural details. A little something on the front of your home can go a long way toward setting it apart from the competition. One good option might be to add shutters, either functional or decorative. If you opt for functional shutters (a more expensive option, but one that will also improve your home's value), be sure to choose good quality shutter hinges and hardware that won't rust. 3. Paint your front door. A freshly painted front door can make a big difference, and it's not nearly as expensive or time consuming as painting the entire house. Consider a bright color that will coordinate with the color of your siding and trim. Red is always a nice choice, because it draws the eye in and creates a focal point. 4. Add new door hardware. Once you've got your door painted, complete the look by adding a new door handle. Remember that the front door is the first thing that prospective buyers see when they are entering your home, so you want it to look its best, and a new handle in a nice finish is a great touch. Don't forget the storm door, too. If you have a storm or screen door, be sure to clean it thoroughly, including the glass or screen, and consider buying some new storm door hardware in a color that will coordinate with the hardware on your prime door. 5. Update your address plaque and/or mailbox. If your home has a house number plaque or a mailbox on the front of it, you want to be sure these look good and are in good repair. If they are not, it's worth a little bit of money to buy new ones in colors or finishes that coordinate with the rest of your home's exterior. A lighted address plaque can also be a particularly nice touch, and a minor selling point for the home, because it improves home safety. If you'll be buying a new mailbox for the front of your home, consider a locking box. This is another small selling point that buyers will appreciate because it adds to home security. As you can see, it doesn't take much to improve your home's curb appeal. One day on a weekend will be plenty of time to do a few updates, and the small improvements that you do make will go a long way toward helping your home sell faster and bring more money. About the Author: Ellen Bell works for Home Products n' More, a company dedicated to providing quality products for the home, garden, and auto. Visit us at http://www.homeproductsnmore.com Under Creative Commons License: Attribution 22 CasaGuam November 2010
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MARKETPLACE
24 CasaGuam August 2010
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Who Ya Gonna Call
E DWIN “E D” G. K IPPENHAN
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Classifieds Commercial Rentals CH A L A N PAG O Commercial space for rent. Approx 2155 sq ft. Ideal for laundromat, bakeshop, video store or retail business. Asking $2,500/mo. Please call ANGIE @ 727-2228 Commercial space for rent. Approx 850 sq ft., video store or retail business. Asking $850/mo. Please call ANGIE @ 727-2228
H ag a t n a 3rd Floor Residential and 2nd floor commercial space available. Walking distance to restaurant, courthouse and banks! Call DEE @ 727-3777
Ta mu n in g Business opportunity. Event planning business for sale in a great location. Asking $40,000. Call KAMAKA for more info @ 689-2553
Up per Tu mon BUSINESS FOR SALE : Located in a very popular business and food establishment, you'll love the ambience and the look of this business for sale. Equipped with everything to run a restaurant, this business opportunity awaits you. Asking $75,000. Please call SHAWNTEL @ 483-8776.
Residential Rentals Ag a t
D e de do Dededo Office Great Office space for Professional Businesses 450 sq ft. with storage area. Of 144sq ft. Space includes water and power, small ''kitchen'' area and restroom, 2 split a/c units, blinds and trash all included. A great rate for your small business. Asking $ 890/month. Call DEANNA @ 688-2855 106 East Sta. Barbara, Dededo 4bed/1 ba corner house, fenced, and gated. Centrally located close to church, school and malls. Asking $1,200/month. Call MYRNA @ 488-0144
Ta mu n in g Tamuning – Oka Plaza Commercial Offices -Unit 201 is a choice location on the 2nd floor. Rental space can be larger by joining adjacent offices w/ pass thru door. Basic rent for #201 is $810 plus caf of $121.50( .15 cent per sf). Full back up generator. After 1 week, tenant to share cost of operating generator$810/mo. . Please call 637-7165 / 688-0887 / 6893333 / 477-7042 Tamuning Commercial Spaces 500 sq ft ~ 2400 sq ft. Asking $1.15/sqft + common area. Please call 637-7165 / 688-0887 / 689-3333 / 477-7042
Tu mon Upper Tumon: Young's Plaza: Maximum exposure! For less than a $1/sq ft you can have your office along prime Marine Corps Drive frontage! Corner of Route 1 and Hamburger road. 2nd floor unit. Asking $800/month. Call EVELYN @488-2703
Commercial Sales D e de do Business opportunity: Restaurant for sale on one of the island's busiest thoroughfares. Asking $50k. Call GREG @ 777-6441 26 CasaGuam November 2010
1br / 1ba house, close to schools, stores, beach and church. Asking $600.00. Call 649-8265 or 888-7447 3 bedroom / 2 ba house, close to schools, stores, beach and church. Asking $1250.00. Call 649-8265 or 888-7447
Asan Asan Beach House Newly Renovated, Fresh paint and ceramic tiles. Asking: $2,200.00/mo. Call FRANK @ 479-4663 Asan 3bd./2ba. Ocean Views Newly Renovated - All ceramic tiles. New a/c's. Asking: $1,900.00/mo. Call FRANK @ 479-4663
Great spacious house located near Paradise Estates. 5bd/3bth. Section 8 okay with full security deposit. Call 646-9870/1 Villa Rosario - Large 3bd / 2 ba First floor, pool, tennis court, excellent condition. Asking $ 1,500. Call 637-7165 / 688-0887/ 689-3333 / 477-7042
C H A L A N PAG O Flora Pago Gardens Condo. Security, Pool, BBQ area, Minutes to hospital, , Agana Shopping mall. Asking $1700/mo. call PAT @ 727-4728 Flora Pago Condo - Awesome 2bd/1.5ba unit w/a redone kitchen, ceramic tiles on the first floor & Berber carpet from the stairs to the 2nd floor. Swimming pool on the grounds. Basic cable, telephone and internet also included. Asking $1700/month. Please call JEFF @ 777-2227
Ypao Apartments 2bd./1ba Directly across Ypao Beach Asking: $1,250.00/mo. call FRANK @ 479-4663
M on gm on g- To to -Ma i te
Jonestown 2nd Floor Duplex: Private Entrance, Full front Covered Balcony, All Ceramic Tile, Wood blinds, stainless Refrigerator, Stove/oven, Renovated Bathroom, Split a/c's, inside laundry room and I must say ''Very Nice''. You will feel right at home in this unit near Guam Memorial Hospital. Asking $1,900/month. Call DEANNA @ 688-2855 MLS 10-1372
Maite – 2b/1b, 2nd floor, near Shop – 4Less. $850/mo. – Sec. 8 ok .Please call 637-7165/688-0887/689-3333/477-7042
M a n g i l ao Nice house on a cul-de-sac street in Latte Hts. 4 bedrooms, 2 baths with all ceramic tiles and split a/c units per room. Newer kitchen counters and appliances. Fenced back yard. Has always been leased to military personnel for their tour on Guam. Asking $2,100 / month. Call DEANNA @ 688-2855
P i ti 2br/1ba apt close to Port Authority of Guam , NavSta, Polaris, store, church, park and beach! Ocean Breeze Apartments $600. Call 649-8265 or 888-7447
Ta l ofofo A 2 bedroom 2 bath in Ipan Talofofo. The whole home has just been painted, Clean and ready for you to move in. Large uncovered parking on the side, inside laundry off the kitchen. Step up into the bedrooms. Master bedroom is big enough for a king set and second room is enough for a full size bed or use it as an office. Asking $2,100/month. Call DEANNA @ 688-2855 Ipan Talofofo 3 bd House for Lease: Live on this quiet street and enjoy the views, and the breezes. This 3 bedroom 1.5 bath has all ceramic tile, split a/c units large windows, typhoon shutters and security System Installed. Water included and the furniture can stay or be removed by request of the Tenant. Asking $1950/mo. Call DEANNA @ 688-2855. MLS 10-1400
D e de do Ta mu n in g Dededo – 2br / 2ba Ester Gdn(formerly Ester Villa) Apt is near McDonalds NCS and Finegayan Elementry School. This is a must see complex with nice floor plan, central a/c, accordian typhoon shutters, refrigerator, stove/oven, washer & dryer. Sec 8 OK with one month fully paid security deposit & utilities in tenants name. Shows Very Well.$850/mo. Please call 637-7165 / 688-0887 / 689-3333
Beverly Palms Condo; Newly Renovated 3bd./2ba. 2 Story Townhome Asking: $1,750.00/mo. Call FRANK @479-4663
3Bd/2Bd/1Bd located near schools/church/store and front of park Semi-Furn. Sec.8 & Military OK. Pls. leave message at 632-1200
B ar r i g a d a Barrigada – Tri-plex - 2b/1b, 1st floor w/ yard. $850/mo. – Sec. 8 ok. Please call 637-7165 / 688-0887 / 689-3333
Tamning behind GPO - 3 bedroom 2 bathroom, 2nd floor, stove / refrigerator. Asking $800.00. Call CORAL SEA REALTY 649-6088
Large 3bd/ 2ba 2nd floor. good location. Asking $1,300. Call 637-7165 / 688-0887 / 689-3333 Tamuning home with 5bd/5ba, 4,000± sq ft with swimming pool, Ocean view and back-up generator. Rent this home TODAY at $5,000/month. Call TOMAS @ 687-4663
Tu mon Popular Pia Marine 2 bedroom 2 bath units available for Month to Month Rentals. Utilities/Furnitures included with cleaning services. $2400.Call Nick @ 689-2939. Tumon – Dai-Ichi Condo – 3b/1b, 3rd floor. $1,300/mo. Section 8 OK. Please call 637-7165 / 688-0887 / 689-3333 / 477-7042 Tumon Heights Court - Very Nice 3bd / 2 ba, corner unit, excellent condition, pool. good location. Asking $1700/m. Please call 637-7165 / 688-0887 / 689-3333 / 477-7042 Tecio Tumon Villa: Nice two bedroom two bath condo located in Tumon. Condo is just a walking distance to the beach, stores, restaurants and nightlife. Asking $2,100/month. Call VIC @483-7518 FURNISHED,remodeled ,upgraded end with best view in Building A. Covered balcony overlooks hotels and Tumon Bay. Walking distance to beach, restaurants, bank and shopping. Building A has several guest parking next to security guard sta & mail boxes. Asking $1450/m. Please call 637-7165 / 688-0887 / 6893333 / 477-7042 Tumon Holiday Manor ; 4 bedroom, beatifully furnished with pool and BBQ area, near beaches. Asking $3,800/month. Call VICKI for a showing @ 687-3558 Happy Landing Road, Tumon 3bd, 2ba, Condo : Enjoy your island paradise in this 2nd floor unit within walking distance of Tumon Beaches. Complex has a pool and the unit is all ceramic tile, central a/c and accordion typhoon shutters. Asking $1,900/month. Call DEANNA @ 688-2855 MLS 10-133
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Classifieds Tumon Penthouse for Lease: A Rare Penthouse, Oceanview unit is now available. This large 2 bedroom 2.5 bath Condo was upgraded and is in like new condition. Security, Full Back-up Generator, Pool, 2 parking all go along with your desire for the ''good life'' while on Guam. Water included. You CAN have the dream. Asking $3,800/month. Call DEANNA @ 688-2855 MLS 10-744 Tumon Horizon Condo.Located in Upper Tumon ; 2 bedroom / 1 ba, furnished unit w/ water and basic cable, pool, security. Close to mall and beach. $1100.00. Call CORAL SEA REALTY @ 649-6088 San Vitores Terrace Condo: 3bd/2ba, 3rd floor unit with oceanview, upgraded unit with new carpets, pool, security and basic cable TV. $1800. Call Coral Sea Realty 649-6088
Y ig o Newly renovated home with ceramic tiles and lots of storage space. The kitchen and living room were nicely done and the large lawn gives lots of playing room for children. Asking $1900/m. Call LOU @ 483-1384 4bd./2ba. With outside covered patio and shop area. Asking: $1,300.00/mo. Sec. 8 Welcome Call FRANK @ 479-4663 Perez Acres: 4 bedroom, 2 bath with pool & playground. Corner unit. Asking $1,900/month. Call SANDY @ 687-6006 Upgraded and plenty enough room for the family. Lanai is a plus - bbqs, kiddy rides. All this in Guam's most inviting gated community. Located at the end of the cul-de-sac with a bbq cabana in your front yard and plenty of guest parking. Just a walk away from the pool, playground and basketball court. Just minutes from AAFB.. Asking $2,100.month . Call JOYLYN @ 488-5069 Perez Acres: 3 bedroom / 1.5 ba townhouse with extra room great for family room or office, gated and secured community, pool, mail delivery. Asking $1900.00 . Call CORAL SEA REALTY 649-6088
Residential Sales B ar r i g a d a 4bd /2ba Barrigada home is located in a very nice and quiet neighborhood. Centrally located with a large lot an not to mention home is in excellent condition. Asking $325k Call TONI @ 687-8714 Opportunity Knocking.... Buy the home you deserve! Newly renovated 4BR/2BA home with a snazzy kitchen, fenced and waiting for YOU to move now! Asking $445,000. Call DEANNA @ 688-2855 Studio, 1 bedroom, 2 bedroom. Clean, Renovated, Ceramic Tile, Pool and WATER included. Call 646-9870/1 3 bdrm/1 bath home with a separate studio in the back that has its own outside covered kitchen. Centrally located home nestled in a breezy and quiet cul-de-sac. Minutes away from UOG, GCC & GW High School. Newly renovated bathroom in the main home with new stove/oven & refrigerator. Large carport enough to park 5 or more cars. Call 646-9870/1
Las Palmas Phase I Great 3bd / 2.5 ba Townhouse style condo. Great for first time home buyer or investor. Complex includes Pool, playground, BBQ cabanas and night security. Asking $195,000. Please call DEANNA 688-2855 Dededo Villa Rosario Condo 3bd/2ba 3rd Floor located beside pool Great Investment - Pls call 632-1200 Dededo Multi-Family House / Good Investment located front of Dededo Mayor's Office/Park & Library Fully Occupied w/ Tenants - Great Neighborhood in a Gated and Corner Lot For Qualified & Serious Buyers Only! Pls leave message Ph: 487-1862 A nice 3bed/2ba house completely renovated in 2008 with ceramic tiles, french windows and security grills, waiting to be your home. Located in a quiet neighborhood that's perfect for raising a family. Priced to sell at $169,000. Call MYRNA @ 488-0144 Dededo house with 3bed/2ba, fully fenced, income producing and lots of potential. Asking $185,000. Please call ANGIE @ 727-2228
C h al a n Pag o-O rdo t
In a ra ja n
Ordot - Chalan Pago ;Quiet, Private, and centrally located 4 bedroom 3 bath house on a 1/2 acre lot. this would be great if you enjoy your privacy and appreciate being close to shopping malls, grocery stores, and schools. Asking $315,000. Call JOYLYN @ 488-5069 for a showing. MLS 10-2077
2 bedroom / 2 bath on a living area of 800 sf and 5,526 Âą sm lot. Fixer upper home on a beautiful beach front property, over an acre in size. There is already Power&Water if you would like to rebuild. Asking for $628,054. Call DEANNA @ 688-2855
Apusento Gardens Condo : Great price with seller financing. Just like you pay monthly rental, without bank fees. Downpayment is required. Asking $105k. Call JAMES @482-0498
M a n g i l ao Latte Heights House with 3 bed / 2 ba, ideal location with carport, fully fenced, gated, spacious yard with patio. Asking $200,000. Please call ANGIE @ 727-2228
M on gm on g DEDEDO Newly built Dededo home with 3bed / 2ba house with car covered garage, typhoon shutters, ceramic tiles, nice kitchen, fenced and gated. Asking for $219k. Please call MYRNA @ 488-0144
Exceptional 3bd and 3.5 ba home waiting for that special family to fall in love with. Enjoy the view, separate refrigeration and stove for the person who enjoys cooking, the pool and the great central location. Asking $630k Call JUDY @482-7775
TA LOFOFO Talofofo Homes for Sale: Great starter home on large lot with fruit trees. Outside kitchen and laundry room with metal roof attached to house. Asking $85,000. Call LIBBY @ 686-2627
Ta mu n in g Private and secluded Tamuning 3bed/1ba house with partial ocean and city view. Recently painted and upgraded with ceramic tiles, french windows and accordion typhoon shutters. Fenced and gated, and comes with 4 split A/Cs'. Asking only for $229K. Call MYRNA @ 488-0144
Tu mon Priced to SELL! Rare Tecio 2 bedroom 2 bath unit for only $265,000. Ocean View, 909 sq ft. Fee Simple Call Nick @ 689-2939 for easy showings.
Y ig o Yigo Duplex, income producing 3bd/2ba each unit on half care lot. Only minutes to AAFB Asking $298k. Call ROWENA @ 777-4317 Don't miss out on this very well priced 4 bedrooms with 2.5 ba with 1,687 sq ft at the end of a quiet culdesac in Marianas Terrace in Yigo. Price REDUCED to $169,000. Call RENEE @ 777-7071 Perez Acres Yigo ; Popular neighborhood for both owner-occupant and investor. Great community amenities that are family-friendly - playground, pools (yes, 2), jungle gym, sidewalks, basketball court, on-site property management, gated community. Investors flock to this community - just minutes from both Andersen Air Force Base and NCTAMS - and soon, the Marines' base. Lanai enclosed for more square footage. Asking $208,000. Call JOYLYN @ 488-5069.
Yon a Baza Gardens 3bd./2ba 1,600 s.f.Extended with game room. Asking $175,000.00. Call FRANK @ 479-4663
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Closing
Message from the Executive Officer POST-CONTRACT PITFALLS Home Selling from A to C (Acceptance to Closing)
S
elling a home is like climbing Mount Everest – getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction. Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — the REALTOR®'s role is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized. Many steps between contract ratification and closing involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction
HOME SELLERS
HOME BUYERS
1. Select an escrow agent. One of the parties selects an escrow agent. The escrow agent will collect the necessary documentation from each side and will conduct the closing. 2. Assemble condo or home owners association (HOA) documents. Sellers who live in condos or in a neighborhood subject to an HOA must provide financial statements and recent reports to the buyer for review. 3. Order a preliminary title report. A title search examines all public records to determine any defects in the chain of title; in other words, to confirm that the seller actually owns the property and has the right to transfer ownership. 4. Request a satisfaction letter from present lender. Total amount due on any existing mortgages must be provided in advance of settlement. 5. Coordinate home appraisal and inspections. Arrangements for access to the property must be made for the lender's appraisal and any inspections as specified in the contract. 6. Arrange final utility readings and payments. When bills are prepaid, payments will be prorated at settlement between buyer and seller. 7. Obtain home warranty policy (if applicable). If a seller has offered a home warranty policy, he or she must obtain this policy before closing. 8. Complete repairs. If the sellers have agreed to make repairs as a result of a home inspection, these must be completed. If repairs require a building permit, sellers must apply for one as soon as possible, because this could delay 9. Have an attorney prepare the deed. The deed is the document by which the owner transfers title to the property. 10. Arrange for payment of transfer taxes. Most states require a tax on transfer of property. This expense is most often the responsibility of the seller. Cities and local municipalities may also charge transfer taxes.
1. Deposit earnest money funds. Earnest money funds are deposited according to instructions, which include who will hold the deposit, whether interest is to be accrued, and conditions of release. These funds are applied to the down payment at closing. 2. Make the final loan application. If interest rates are falling and more home owners are refinancing, additional time may be needed to obtain a mortgage commitment. If the property is being financed with a VA, FHA, or other government-backed loan, it will be necessary to obtain copies of correctly filed building permits for all remodeling or additions done since the original construction. Decisions about locking in interest rates can be made at any time after a contract is ratified. 3. Order the home appraisal. Lenders require an appraisal before committing to a loan. Appraisers compare the features and condition of a home to similar properties to arrive at a dollar figure for its value. 4. Arrange the property survey. A survey determines the boundaries of the property, its location, and the size and shape of any buildings on the lot. The survey also identifies any existing easements or encroachments. 5. Order inspections. Inspections may include those for home condition, radon, lead, earthquake, and termite infestations. Inspections should be ordered as soon as the contract is ratified so there is time to remedy any problems or renegotiate terms. REALTORS® have established relationships with inspectors and contractors to help ensure that their transactions get priority in busy times. 6. Verify employment and financial information. Lenders will require buyers to verify employment and financials before committing to the loan to ensure that there have not been significant changes since the process began. 7. Purchase homeowners' and hazard insurance. Homeowners' and hazard insurance is required by lenders; in some areas, flood insurance is also required. 8. Obtain title insurance. Title insurance can help ensure that title defects will not make a property unsaleable in the future because of: • Forged documents • Undisclosed heirs to the property • Mistaken legal interpretations of wills or trusts • Misfiled documents — deeds, liens, mortgage satisfaction documents • Confusion caused by similarities in names • Incorrect marital status • Mental incompetence 9. Secure a loan commitment. Lender notifies escrow agent of commitment and confirms settlement date. 10. Transfer utility accounts. Utilities should be transferred into the buyers' names as of the date of settlement. 11. Complete the final walkthrough. Buyers walk through the property with their REALTOR® shortly before closing to ensure that the property is being delivered in the condition agreed to in the contract.closing.
Time Estimates for Delays When things go wrong, closing can easily fall behind. Here's how much time to expect on particular delays: One-Week Delays • Buyer submits incorrect information to lender. • Source of downpayment changes. • Escrow fails to notify parties about missing documents. • Principals leave town without signing all necessary papers. • Unknown defects are discovered in the property. • Last-minute liens discovered. • Cloud on title. • Move-out date changes. Two-Week Delays • Lender decides at the last minute it doesn't approve of the borrower or the property. • Lender raises interest rates.
• Lender requires last minute reappraisal or repairs. • Appraisal too low. REALTORS® have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved. 28 CasaGuam November 2010
Guam Association of Realtors® The Voice for Real Estate on Guam
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