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CONTENTS
Message From GAR
Departments 4
8
5
Market Report M e d i a n Ho u s e P r i c e S o a r s t o N ew H i g h Feature Re l o ca ti ng to G ua m Mike Carey and Martin Howard are two retired Marines that help military folks find homes in Guam.
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Profile A Love fo r R ea l Es ta te Liz Duenas
May 2011 • Vol. 4 • No. 5 P.O. Box 24881 Barrigada, GU 96921 Tel: (671) 472-3495 | Fax: (671) 472-3498 email: office@yellowpagesink.com
|Publisher| |Business Sales Manager| Jay-R S. Dominguez
|Display Advertising| 19
Finance F H A Lo a n s
Darrell T. Pereda
|Traffic/Circulation Manager| Josie Redmond
20
How to D.I.Y Na t u ra l Sto ne :
|Production Manager|
Classifications and
|Graphics & Layout|
How to Care it
Mark S. Burke
Mark S. Burke • Jon Barnhart
|Editorial Contributors| 22
Contractor’s Corner H i g h l i gh t o n : 5 M C o n s t r u c t i o n C o r p.
25
Who Ya Gonna Call?
26
Classifieds
28
Closing G u a m A s s o ci a t i o n of R e a ltor s ® Charity is often its Own Reward
Faye Varias Creative Services Anthony Godwin W. Nicholas Captain Peggy Araullo Llagas Calvin Hernandez Peter Sams
Message from the President By Anthony R. Godwin e-pro®, CRS®, ABR®, ASP®, AHWD®, REALTOR®
I
s it a seller’s market or a buyer’s market? We REALTORS® are asked this question all the time. There is one more large market that we work with on Guam on a daily basis. That would be the rental market. This is a significant part of the real estate activity on Guam. During the first quarter of 2011, there were 359 homes, condos, townhomes and apartments rented on Guam and reported by REALTORS® to the Guam Multiple Listing Service (MLS). There were just 72 homes and condos sold during the same period. That’s nearly FIVE (5) times as many rentals as sales. We are truly a rental market! Where do all these renters come from? The Guam rental market is generally comprised of three segments… first the general market where most of the rentals occur. This is the marketplace where a portion of an individual’s income is used to pay the entire rental fee. The second market is the market that is subsidized through assistance programs such as the GHURA section 8 program. Under this program, a portion or in some cases, most of the rent is paid for with the government funds. The third market is the military housing market. The military provides a housing allotment for its members to cover 100% of the costs for off-base rental housing based on rank. The rental market is alive and well on Guam. Renters have many places to choose from too. As of April 23, 2011, there were 556 places available for rent listed in the Guam MLS (see them all at www.guamrealtors.com). Houses, condominiums, apartments and townhomes with all kinds of amenities, locations and other features to meet nearly every lifestyle are available throughout the island. Rentals make up more than a 3rd of all listings in the Guam MLS so it is fair to say that we truly are a rental market. See you next month… Celebrate Family. Seize the day!
Cover Photo: Mark S. Burke Anthony R. Godwin President - Guam Association of REALTORS® CasaGuam is Published by:
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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Louisa Wessling
Christina Au
727-8400
888-8626
Associate Broker
lmwessling@teleguam.net
MLS#11-186 TALOFOFO - $249K 3br/2.5ba w/Custom features
MLS#11-1567
MAITE - $189K or RENT $1,700/mo Agana Oceanview Condo 3br/2ba
YIGO $252K 3br/2.5Ba on 1/2 acre lot. Family room, Living room & kitchen
MLS#10-3245
MLS#10-1736 PITI - LAND $500K 8000sm. Excellent road frontage property with high visibility for any business
DEDEDO - NCS $200K Renovated 5br/3ba. Fully fenced
MLS#11-1480 DEDEDO $350K
Associate Broker
687-8340
christinat@guam.net
MLS#11-1296
MLS#10-3958 YONA - Windward Hills Golf Course $475K 4br/3ba wonderful features & scenic view
Trini Sarmiento
Associate Broker
TAMUNING - TRIPLEX $439K Investment opportunity! A studio unit, a 3BR,1BA unit & a 4BR,2BA unit.
triniguam@yahoo.com
MLS#11-1223 TAM-JONESTOWN $2,200/mo Upgraded 3br/2ba home. Fully fenced and gated with a big patio. Available April 6th
MLS#10-1969 TAMUNING - $230K 3br/2ba on 600sm R2 zone lot.
MLS#11-1515 DEDEDO - $220K 3br/2ba Newly painted! Corner lot w/fenced yard appointed w/concrete decorative wood looking table, benches & covered BBQ pit.
MLS#11-490 DEDEDO - KAISER $185K 4br/2ba Great home in a great location. Large back yard great for kids & pets. Added family room/party room give you this space you want!
MLS#11-3909 CHALAN PAGO - $1,700/mo Flora Pago Condo 3br/2.5ba 1st flr unit. A sanctuary for your evenings - with pool.
MLS#10-3008 SINAJANA - $1,700/mo 3BR/3BA. Delightful home with open floor plan.
MLS#11-397 MTM - BONITA VILLA CONDO $145K Improved 2br/2.5ba unit. Centrally located.
MLS#10-1954 TAMUNING - LAND $550K 1/2 acre w/ 4br concrete house.
MLS#10-3237 YIGO LAND - $75K Enjoy the privacy! 2007sm lot. It's a perfect property for building a future dream house. Utilities onsite.
Christina’s Deals of the Month!
Large 4br/3ba home on 3,000+sm lot. Fully renovated with masterbed suite, jacuzzi and more!
TAMUNING - $1.6M Golden Motel 26 Rooms, Fee simple land improvements, equipment and generator.
TAMUNING - $9,000/mo 2 Storey Comm. Bldg.
YIGO - $360K
Over 30,000 sq ft, fee simple, negotiable Motivated seller.
BRAND NEW 3br/2.5ba fully fenced and gated, double garage, laundry room, custom made kitchen cabinet and corian counter top. Master bath has jacuzzi tub and standing shower. Close to AAFB, 1071 sq M.
Call Christina!
MLS#10-4002
CHALAN PAGO - $235K or Rent $1,300/mo Central location. Cozy 3 bedroom, 2bath home.
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888-8626
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Market Repor t
By Nick Captain
Median House Price Soars to New High Increasingly Strict Lending Guidelines Contribute To Decline in House Sales
A
ctivity Update –
Mixed signals dominate the housing sector as the median price of a Guam single family home soared 18 percent from a year earlier to $260,000, pushing the affordability index into increasingly unaffordable levels. The Guam median home price is now 53 percent higher than the national average of $170,000. The median price has doubled during the past decade, “…partially due to market recovery and partially due to a change in product mix”, according to Captain Real Estate Group President Nick Captain. The median price increase occurred as transaction activity has slowed significantly with only 118 units closing during the first quarter of 2011, reflecting the slowest pace in 8 years (except for 113 units sold during peak of financial crisis in Q1 2009). Stricter lending guidelines are one factor contributing to what could be Guam’s first major housing crisis in 20 years as federal regulators have
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proposed rules that will likely boost interest rates and fees on many low-down payment loans. Families looking to enter Guam’s homeownership market have also been recently hit by massive utility connection fees and increasing utility costs, further eroding the ability to pay mortgage costs. As housing costs soar, the inventory of vacant housing becomes an increasingly critical component of projecting future demand. However, while GHURA’s recently completed $350,000 Comprehensive Housing Study estimates vacant housing units at 9,125 (2009), the federal government’s recent free estimate reflects 2,800 units, a difference of over 300 percent. As the number of housing units sold declines, the inventory of unsold units is increasing to unhealthy levels. Based on Q1 2011 sales volume and a Multiple Listing Service capture rate of approximately 40 percent, the inventory of unsold homes on Guam reflects nearly 15 months, compared to just 6 months on Oahu.
Condominium sales volume during the first quarter of 2011 surged to nearly $13 million. This past quarter included 9 units sold at prices above $500,000, as the high-end market continues its recovery from the recent lows in 2009. The condominium sector has been reflecting less volatility due to increasing investor confidence in Guam’s economic future. During the first quarter of 2011, overall quarterly real estate sales volume on Guam exceeded $100 million for only the second time since mid 2008, and quarterly islandwide sales volume reflected 60 percent growth from a year earlier. The sales volume was boosted by the closing of the former Hotel Okura property in Tumon, which sold at a price over $20 million. Future aggregate sales volume figures are likely to be impacted by foreign investment trends, which have been rebounding primarily due to progress on the military build-up. However, the impact of the triple disasters in Japan on Guam’s real estate market remain unclear.
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Feature
Relocating to Guam Mike Carey and Martin Howard are two retired Marines that help military folks find homes in Guam. Here’s an excerpt from their site that we can all learn from. www.guampcs.com
Whether you're military or not, if you're in the market to rent or buy a home, sooner or later you'll have to deal with a real estate agent. Perhaps you've contacted an agent as a result of seeing an advertisement for an interesting home in the newspaper or on the internet. 8 CasaGuam May 2011
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In the real estate industry, we commonly refer to these as these "sellers agents" or "listing agents.” This means, first and foremost, they are legally obligated to the owner, with whom they have a contract to sell or lease property for commission. While the law allows agents to represent both owners and buyers (or landlords and tenants) with the proper disclosure, some states do not allow agents to represent both sides of a transaction. You should also be aware the amount of commission is directly proportional to the amount they secure a contract for. With all the things that can go wrong in a transaction, legal and financial ramifications, having professional, independent representation, looking out for YOUR best interests and yours alone, is the only prudent choice.
Multiple Listing Service (MLS) You've no doubt browsed the websites of various real estate companies when you found out you’re on your way to Guam. It's worthy of note, that all real estate companies use the same listing service, called the “Multiple Listing Service” or “MLS” to advertise their properties. This is an efficient and inexpensive way for agents to let Guam's other 200-300 active agents know that there is property for sale or rent. Any Realtor can access all the properties on the MLS at anytime, and it's a frequently used tool. Real Estate companies commonly pipe the MLS into to their own website, so while it may look different, the available properties are the same from site to site. It's also worth considering
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that some properties may not be on the MLS at all. Many times, this is because the listing agent and anticipates (and would prefer) renting or selling the property to one of their own customers, to avoid splitting commissions with agents representing buyers.
House Hunting on Guam Finding a home on Guam is no different than finding one in the mainland. But keep in mind, Guam is not California, Virginia, or Florida. Guam is Guam, and houses on Guam are different from houses in the U.S. Mainland. Military members who expect to find San Diego or Norfolk style neighborhoods on Guam are startled to discover three-bedroom houses measuring under 1,200 square feet, with rooms too small to accommodate their California king-sized furniture, without garages, in neighborhoods without sidewalks. Guam houses require engineering and construction to withstand typhoon strength winds. Most homes are built with concrete block or reinforced concrete. Rooms tend to be smaller. Open carports are common. Garages are rare as under-engineered garage doors become large missiles in typhoon winds. The good news is, as of 2006, many new construction projects have been initiated on the island to accommodate the military buildup. While home prices and rent have dramatically climbed in the last two years, OHA is still sufficient to cover the more desirable properties. Whatever your choice is, we want you to know that we're here to help.
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Our Environment
Saving our Reefs Gresco and Coral Savers Palau Team Up To Plant New Coral on Damaged Reefs oral reefs are the oldest biological communities on the planet. Thousands of people travel every year to see the beautiful underwater treasures we have in Micronesia. However, experts say that if we aren’t careful, many of the world’s coral reefs will be nonexistent by the year 2030. To save this community, we must awaken others and remind them that we are all connected — to the reefs and to each other. Gresco, a locally-owned and established environmental consulting firm, is working with Coral Savers Palau in creating the Coral Savers Guam group. According to Angela Rosario of Gresco, Mr. Shinji Chibana, founder of Coral Savers Palau, found a way to rehabilitate the ocean’s dead reefs. In the last 20 years, Coral Savers Palau has planted more than 180,000 corals, with about 36,000 in 2007 alone, says Chibana. Gresco hopes to mimic the same success in Guam. Our economy benefits from an abundance of fish and other marine creatures as a food source as well as providing recreational scuba diving and snorkeling tourism. Coral is also useful as a protection against hurricanes and other extreme weather. Gresco employs experienced and knowledgeable environmental professionals, scientists, engineers, and technicians, which enables the company to provide information on issues ranging from logistical constraints to regulatory practices in our region. By working with our island neighbors we can create solutions that benefit reefs as well as our people who depend on them.
C
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Mangilao Only $3,800/mo
MLS# 11-1581
Gina Campos 687-8885 Assoicate Broker
gcampos@remaxguam.com
Umatac $2,400/mo
Brand new executive 4bd/4bath home tucked away in the valley by Marine Lab, UOG. Walking distance to the beach in a up and coming quiet executive neighborhood. Spacious floor plan, large open kitchen and a two car garage.
MLS# 11-1353
MLS# 11-1381
Relax and enjoy breath-taking sunsets from your penthouse balcony. Centrally located and steps away from the beach. One of the only a handful of buildings with 100% back up generator and back up water supply.
MLS# 11-1259
488-5069
Centrally located 3 bed 2 bath house for rent! House has 1500 sf of living space and great size yard for kids to run around. Section 8 ok with security deposit and good references.
Peaceful 3bd/3bath home with a private back yard. Lots of trees and flowers plus a covered patio. Huge family room, formal living are with a private dining room.
REALTOR®
jmunoz@remaxguam.com
MLS# 11-1637
MLS# 11-675
Agat $175K Santa Rita $2,200/mo
Joylyn MunozAnderson
Barrigada $1,500/mo
Asan - Only $395K
This 3 bedroom 2 bath house down south in Agat near the marina could be your home sweet home. The house was fully renovated in the year 2010.
Talk about gorgeous view! Have the Bay at your back yard. Enjoy this 4 bedroom 2 Bath renovated home in southern Guam. House has approximately 1700 sf of living space. This is opportunity will not last.
MLS# 10-3513
Asan $329K Enjoy the comfort of living in ASAN with this two storey house. The house has wonderful outdoor living areas to enjoy your afternoon tea or evening cocktails surrounded by tons of beautiful plants which are there to stay!
Yogita “Payal” Hemlani 482-5263 REALTOR®
Coleen Blas
727-6902 REALTOR®
Ordot-Chalan Pago $340K
Agana Heights $825/mo
3br/3ba This BRAND NEW two story house is conveniently located centrally and features granite kitchen counter tops, high ceilings, large floor tiles, and an extra large master bedroom.
Nice neighborhood, Nice large tile floors, all ready for a Nice tenant! 2br, 1ba with mirrored closet doors. Washer dryer hook up in back patio. Extra parking in lot next door Very close to Naval Hospital and DoDEA High School.
cblas@remaxguam.com
MLS# 11-334
Asan $2,200/mo Cozy one bedroom with a beautiful ocean view. All utilities included (power, water, cable, internet, and telephone)
phemlani@remaxguam.com
Barrigada $570K
MLS# 10-4329
Alupang Cove Condo $2,200/mo
Jackie Perez
777-4289 REALTOR®
jperez@remaxguam.com
Renovated oceanfront condo with awesome views of Alupang Bay shoreline. Includes stove, refrigerator, central a/c, blinds, assigned parking, shutters, security guard, mail delivery, partial generator. Power, water, basic cable for $400 flat fee
MLS# 11-302
Dededo $175K This 3 bedroom 1 bath house is situated on a corner lot with concrete fence and gated.
MLS# 10-3020
MLS# 11-729
MLS# 11-1645
Yona $375K Beautifully maintained family home w/ recent upgrades throughout. Enclosed carport now a den. Kitchen has corian counter top w/updated appliances. All three baths have full body showerheads.Manicured Japanese zoysia grass. Bedroom closets have decorative wood trim.
Barrigada $305K
Spacious open flr plan Open flr plan concept newly concept, top quality materibuilt, spacious 1,757sf on flag als, drop ceilings, 4br/4.5ba lot in Barrigada Village, full bath in ea. br w/jacuzzi 3bd/2ba, master bdrm walktubs, 2story w/open roof top in-closet, high pitch roof, MLS# 11-1465 view, insulated roof, 2nd flr foyer entry, cherry solid wood patio, manicured lawn, full cabinets, granite ctr tops, infence w/gate, generator wire MongMong-Toto- side laundry room, porcelain Maite $160K hook-up ready, 200gl water floor tiles, 2 car carport, lots of tank, wooden staircase, lots Unfinished concrete home storage space. Price includes in Toto Village off Taluba 4 split a/c units & accordion of storage spaces. St. build as self-construct, typhoon shutters. septic tank plus additional extension. Motivated Seller need to sell...
MLS# 11-569
Jean Sablan 898-2112 REALTOR®
jeans@remaxguam.com
MLS# 11-462
Tamuning $495K A rare find... One of four tiered half acre lots on a Private Ridge. Mountain, Valley and Ocean views. Lot has a retaining wall over 100 ft long. New executive homes / Power & Water nearby.
Dededo-Multifamily $350K 6 Bedroom 3 Bath MLS# 11-765
Evelyn San Gil Burke
MongMong-TotoMaite $30K
488-2703 REALTOR®
eburke@remaxguam.com
MLS# 11-584
Looking for a centrally located lot? You found it! Subject Property is a Flag lot behind the vacant house.
MLS# 10-3800
Sha
Ronald Pangilinan
88
R
687-8871
Kaiser-Dededo $220K
REALTOR®
Upgraded three bedroom one bath. Please present all reasonable offers.
rpangilinan@remaxguam.com
MLS# 11-601
sblas@
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Tamuning $385K
Mangilao Commerical Building $2.2M
Location, Condition, and Neighborhood are All Excellent for only $385,000
12,000 Square Feet Great Location fronting Rt 15. 2 Story Commercial Bldg With Lots Of Potential.
MLS# 11-1630
MLS# 11-904
Deanna Palmer
Ki Myong Song
688-2855 REALTOR®
Talofofo $515K Price reduced and still negotiable! See it, Buy it, Love it!
Tamuning Pia Marine Condo $2,200/mo
dpalmer@remaxguam.com
MLS# 11-755
Commanding mountain views, cool breezes and just 3 minutes to Hagatna! High ceilings, large kitchen, huge master bedroom.
MLS# 11-1276
MANGILAO $1,300/mo
MLS# 11-1016
MLS# 11-1412
TUMON $2,200/mo
Incredibly spacious 3 bed/2 bath condo, in excellent condition Walking distance to UOG.
180-degree ocean views, sunsets, city lights and very nicely upgraded 2 bed/2 bath condo. Tennis court, pool, gym and more!
Patricia Feore 688-6989 REALTOR®
Tamuning $695K
Tamuning $670K
Yigo $449K
4BR/3BA: Executive Neighborhood, your family will love this spacious home!
3BR/3BA: Executive Home you have been looking for with all the right touches, perfect location!
4BR/2.5BA: Brand new home sitting on 2,549 square meters of land!
pfeore@remaxguam.com
MLS# 11-433
Barrigada Heights $350K 4Bd/2Ba great neighborhood, fenced and gated! Conveniently has 2 accesses. Recently reduced to $350K, Seller’s are very motivated to sell.
Santa Rita $1,500/mo Asan $900/mo MLS# 11-857
Tamuning $519K Talk about location! Check out this fantastic 3BR 2.5BA home off Ypao Road with designer kitchen, corian countertops, jacuzzi tub in the master bedroom, plus a full back up generator.
Jodee Duenas 727-5633 REALTOR®
Watch the sunsets from your living room! This cozy one bedroom is perfect for the single person or a couple. Minutes from Big Navy and Navy Hospital.
jodeeduenas@remaxguam.com
Reduced Prices!
MLS# 11-200
MLS# 11-900
Yona $79K Build your dream house today and enjoy the breeze while living amidst executive houses on the Windward Hills golf course. Seller is anxious to move this property. Make an offer today!
MLS# 11-1478
Country living with ocean view! Live at the end of the road within 10 minutes to Naval Station. Can be furnished or unfurnished. Owner will consider Sec 8 with good references and full security deposit.
MLS# 10-3413
Agana Beach Condo This beautiful unit is now available again for lease. Live on the beach in this exclusive beachfront condo. Fully furnished unit in excellent condition.
MLS# 11-4057
sblas@remaxguam.com
Lot is located in quiet area. Homes nearby. Owners negotiable
MLS# 10-3413
Irene Cruz REALTOR®
Yona $1,900/mo 4 bedroom 2 bath. ceramic tiles throughout, big balcony with outside access, tiled patio, laundry room and storage closet off the carport, lawn maintenance included.
icruz@remaxguam.com
MLS# 11-4243
686-2627 REALTOR®
Ordot-Chalan Pago $40K
797-2109
REALTOR®
Libby Pier
lpier@remaxguam.com
Tamuning $2,800/mo
888-3221
687-0911
MLS# 11-1139
MLS# 10-3295
Investor's & First time Homebuyer's, here's your chance to invest in a piece of Guam. Affordable starter home walking distance to shopping and restaurants. Available for viewing anytime.
Shawn Blas
Liz Duenas
Assoicate Broker
lduenas@remaxguam.com
Dededo Condo $60K
MLS# 10-4275
ksong@remaxguam.com
2 Bedroom 2 Bath
MLS# 11-401
SINAJANA $2,200/mo
929-5398 REALTOR®
Dededo $1,742,583 4 acres of Prime Commercial land. Near South Finegayan housing. 6 other adjoining 4 acre parcels available. Intention to sell all at same time, same price. Owners negotiable. Buyer to verify all info
MLS# 11-4243
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Profile
A Love for Real Estate Once Liz Duenas found her calling, there was no turning back.
By Faye Varias
CASAGUAM: How did you became involved with real estate? LIZ: I was involved in real estate at a young age when my parents were investing in properties, building and then renting units out to military tenants. We used to help them clean and get units ready for occupancy. In addition to their investment properties, they purchased and subdivided land to eventually deed to all their children. Growing up, I never thought about going into real estate. In 1996, a friend encouraged me to go into real estate, and once I got into it there was no turning back.I loved the work and the people we help. It is difficult to separate work and fun - they seem to mesh together for me. Luckily I have a supportive husband and children. Four of our family members are in the Real Estate Business, John my husband is the Principal Broker, who is also the President of Duenas, Camacho & Associates an Engiineering Firm, and three of our children also joined the field of real estate - 2 are Realtors here on Guam Jodee and Coleen, and the other is Joshua who is in Las Vegas, who has plans to get back into real estate again. CG: What are some of your most memorable experiences? LIZ: I've had so many memorable moments from looking at facial expressions when a family's dream to own their own home is finally realized. Meeting people who remind me that I helped them many years ago and are grateful, to an investor whose investment paid off. CG: What are some of the biggest challenges you've encountered and how have you overcome them? LIZ: The biggest challenge is finding TIME to do all the work needed to help our customers and clients. I overcome these challenges by working long hours and many times into the wee hours of the morning. My clients sometimes joke about whether I get any sleep when they see my emails sent at 2 or 3 a.m.
LIZ: Ask if your real estate agent is a REALTOR® - A REALTOR® is a member of the Guam Association of Realtors and the National Association of Realtors and is governed and bound by a CODE of ETHICS. Find a GOOD REALTOR they want to work with and stick with that REALTOR versus juggling so many agents. That ONE Realtor can access the Guam Association of Realtors Multiple Listing Data Base that has an inventory of all the real estate properties listed with every office on Guam. CG: What are your hobbies outside of work?
Associate Broker/Owner, RE/MAX Diamond Realty Certified Residential Specialist (CRS) Certified Inv/estment Agent Specialist (CIAS)
Positions:
President Elect for Guam Association of Realtors - 2012 Director - Habitat for Humanities Director, Inafamaolek Mediator, Inafamaolek
Family:
Husband: John, Children: Peter, Tami, Bryan, Jodee, Joshua, Coleen
LIZ: I love traveling and snow skiing, which we continue to do - but most importantly sharing the trips with my family and grandkids.
“
I think that Casa Guam is an excellent magazine to promote real estate properties and provides good pointers and tips to the community.
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“
CG: What is one of the most common mistakes people make in relation to real estate that you'd like them to be more aware of ?
E l i z a b e t h " L i z " D u e na s
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Home Finance
FHA Loans By Calvin Hernandez n 1934, U.S. Congress created the Federal Housing Administration (FHA) to help stimulate the housing market and allow low- and moderate- income consumers become homeowners. To clarify, FHA is not a lender and does not give loans. While the bank grants the loan, the loan is insured and guaranteed by the Federal government. To put it simply, the FHA program promises the lender that FHA will pay them back if borrowers stop paying their mortgages. The FHA guarantee, therefore, reduces the risk to lenders, which makes lenders more willing to issue mortgage loans. Below is a quick overview of features and benefits of the program. To qualify for an FHA loan, borrowers must occupy the property and cannot purchase homes for investment purposes. Another requirement is that borrowers must be a U.S. citizen or resident alien; however, specific guidelines exist for non-resident aliens. The program is geared to help low- and moderate-income borrowers by lowering the down payment requirements to as low as 3.5 percent. With conventional loan programs, the typical down payment is 20 percent. FHA can also help borrowers with less than perfect credit history as the FHA credit score requirements can be lower than conventional loan programs. If borrowers had previously filed for bankruptcy, FHA has been able to help individuals two to three years after a bankruptcy discharge, as long as borrowers are able to provide proof that they have been maintaining good credit since the discharge. There are no income limits with FHA; however, the program does limit how much a person can borrow. The FHA max loan limit for Guam, which is considered a high-cost area is $625,500. The FHA program also allows higher debt-to-income (DTI) ratios. Housing expense should not exceed 31 percent of the borrower’s total income and complete monthly expense can be up to 43 percent. Conventional programs typically range from 28-41 percent DTI, respectively. Please be aware that the FHA program is not for everyone, as there is a cost for having a lower down payment. The offset of having a low down payment will be the requirement of Mortgage Insurance Premiums (MIP). The current FHA structure requires an up-front mortgage insurance premium (UFMIP) of 1 percent, which can be added to the loan request and can help minimize the out of pocket expense from the borrower. FHA loans also have an annual (MIP), which is collected with your mortgage installment payments. The monthly MIP required is dependent on Loan to Value (LTV) and the term length of the loan. Beginning 04/18/11, the annual MIP for loans greater than 15 years, would range from 1.10 to 1.15 percent depending on the LTV. For FHA loans with a term less than or equal to 15 years, the MIP would range from .25 to .50 percent depending on the LTV. MIP terminates based on the loan term and LTV, as well. For loans over 15 years MIP can be terminated, once the LTV reaches 78 percent, the MIP payments have been paid for at least 5 years, and have not been over 30 days late. For loans less than 15 years, MIP will be terminated once the LTV is at 78 percent irrespective of the length of time the borrower has paid the MIP. So the basic rule of thumb to follow, if buyers have a limited amount of savings for down payment, FHA may be an option to look at to have the ability to purchase a home sooner. If borrowers can afford 20 percent down, then a conventional loan may be preferred to avoid additional mortgage insurance premiums. If you have further questions about the FHA program you can visit the following website http://www.hud.gov/buying/loans.cfm or visit your FHA authorized lender.
I
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H o w To D . I . Y.
Natural Stone: ClassiďŹ cations and How to Care for It
By Peter Sams
Natural stone has been used for centuries to create beautiful roofs, floors, and walls. A property of natural stone which is properly installed and maintained is it can last for hundreds of years. What are the types or classifications of natural stones? How do you take care of them so that they can last for years? Listed below are some insights and answers to those questions. Limestone. A sedimentary rock composed largely of mineral calcite. Limestone is an important natural stone for masonry, and architecture, vying with only granite and sandstone to be the most commonly used architectural stone. Limestone was most popular in the late 19th and early 20th centuries. Train stations, banks and other structures from that era are normally made of limestone. Limestone is used as a facade on some skyscrapers, but only in thin plates for covering rather than solid blocks.
Sandstone. These sedimentary rocks originated as loosed grains or rock materials, predominantly quarts but occasionally feldspar or some other minerals. Sandstones are very resistant to weathering yet are easy to work. Thus, this makes sandstone a common building and paving material. Some types of sandstone are excellent materials from which to
make grindstones, for sharpening blades, and other implements. The cement of sandstone may be rich in various materials; Silica, Iron, Calcium Carbonate, all of which contribute to the final color and characteristics of the sandstone. Sandstone beds also posses natural jointing systems.
Granite. A natural stone which is common and widely occurring type of igneous rock. The minerals which make up a granite are generally quartz, feldspars and
various mafic minerals. Granite is nearly always massive, hard and tough, and therefore it has gained widespread use as a construction stone. Granite can be worked to achieve every type of finish from traditional hand tooled, flame textured, shot blasted, acid washed, or honed to highly polished mirror finishes. Natural stones which are properly maintained and cleaned can last a lifetime. There are several tips on how to care them. First, as much as possible dustmop floors frequently and clean surfaces with mild detergent or stone soap. After washing, thoroughly rinse and dry the surface with soft clean cloth. Spills on natural stone surfaces should be wipe out as soon as possible. To protect natural stone floor surfaces, do cover it with non-slip mats while placing trivets or placemats on countertop surfaces. Do not use cleaners that contains acid on marble and limestone surfaces. There are several natural stones and the above listed are the most common. Limestone, sandstone, and granite are the most commonly used natural stone in the stone industry. The brief tips are listed above which provide essential guide on how to take care of natural stone, especially the limestone, sandstone, and granite. Hopefully, this guide could help every home owner in many ways.
Peter Sams is a webmaster that optimizes Realstone.co.uk, which is one of the largest suppliers of Natural Stone, Sandstone, Limestone, and Granite in the UK. Read more:
http://www.articlesbase.com/construction-articles/natural-stone-its-classification-and-how-to-care-them-1491548.html#ixzz1LQmyy6Ps Under Creative Commons License: Attribution (ArticlesBase SC #1491548)
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CONTRACTOR’S CORNER
Highlight on: 5M Construction Corporation 5M is proud to have played an important role in vigorously spearheading the development of Guam’s infrastructure buildup into the next millennium. With the anticipated U.S. military buildup, we are poised to participate in this exciting development in the construction industry here in Guam. We have a well established reputation for suitably meeting our labor force. We have a proud and proven safety record that is a result of a people-oriented approach to the communication and professionally structured program.
WE VALUE OUR CLIENTS Construction Corporation is a family run business and was founded by five brothers. Incorporated in March 1992, we are a General Contractor with corporate offices located at 888 N. Marine Corps Drive, Star Building, Suite 214 (2nd Floor), Tamuning, Guam. Our operations began by building residential homes. We saw a need for a highly skilled workforce to provide reliable and quality construction to facilitate the infrastructure development in Guam. One significant purpose why we were formed was to assist local workers and hire highly skilled workers from the Philippines. Our main objective on every project, regardless of size; is to provide each customer superior work that is accomplished on-time, at a price that is fair and reasonable. We firmly believe that this understanding and commitment will nurture and facilitate our continued growth and development for many years to come.
5M
WE DELIVER QUALITY 5M understands the true meaning of Quality, Satisfaction and Price. 5M’s personal commitment to excellence on every project, our professionalism, customer satisfaction of the quality of our work and our demonstrated expertise has made us not only a better company but a highly respectable and reliable construction company recognized throughout all of Micronesia and the Philippines. Our success in the superior performance on all past projects is the direct result of hard work, effective planning, coordination of effort, attention to detail and quality of service.
tial Brian Artero Residen
22 CasaGuam May 2011
5M’s Primary concern is the satisfaction of our customers. Proper coordination between workers and customers is our key to completing our entire project on time. We have a proven track record of effective project management through a seamless efficient coordination of multiple projects, and meeting completion deadlines. The purchase and delivery of materials is a critical aspect to ensure timely completion dates of various project phases, and to meet the overall scheduled completion date. 5M has established an excellent credit rating with all of its vendors, suppliers and financial lending institutions. We believe we owe our clients our best efforts…all the time on every project. To assure that we measure up to our own quality standards, we maintain a rigorous internal review program in which our experienced managers review all of our work before, during and after each project. In addition, our managing partner meets with the key executives of each major company and homeowners to discuss the quality and value of our work and the client’s satisfaction with our performance. We want to meet and exceed our customers’ expectations.
WE VALUE OUR EMPLOYEES 5M is an equal opportunity and affirmative action employer. We employ capable management personnel, project engineers, managers and supervisors. We have a well-established workforce that is competent and extremely capable to accomplish our projects on-time and at all times. We have been blessed by the Lord Almighty and expanded our workforce to over 200 employees.
Bishop Baumgartner
School
er
Tumon Bay Cent
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MARKETPLACE
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Who Ya Gonna Call
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Classifieds Commercial Rentals
Commercial Sales
H ag a t n a
Ta mu n in g
3rd Floor Residential and 2nd floor commercial space available. Walking distance to restaurant, courthouse and banks! Call DEE @ 727-3777
Business opportunity. Event planning business for sale in a great location. Asking $40,000. Call KAMAKA for more info @ 689-2553
D e de do
Residential Rentals Ag a t
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
Ord o t-C ha l an Pa go 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
Ta mu n in g
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
B ar r i g a d a Tamuning Oka Plaza – 810sf - $648 / 907sf - $816.30 / 1st flr. 907sf - $1,360 Call 637-7165 / 688-0887 / 689-7900 Rocky Business Center Well Maintained Building w/ Elevator. 1000sf -$1,200/ 1,172.56sf - $1,407 / 2400sf - $2,800 Call 637-7165 / 688-0887 / 689-7900 Tamuning Commercial Spaces 500 sq ft ~ 2400 sq ft. Asking $1.15/sqft + common area. Please call 637-7165 / 688-0887 / 689-7900
Tu mon Fountain Plaza for Rent: Finally prime commercial space in the much desired Fountain Plaza. Own your very own business amongst the likes of many long time established busibesses already patroning this plaza. Where can you go wrong, San Vitores road frontage with ample space, there are no lossers and YOU are the winner. Asking $2,700/mo. Please call DANIEL @ 687-5422 Cozy Karaoke Bar on the second floor in the heart of Tumon Bay at very reasonable price. Equipped with Karaoke system with 2 TV monitor, ice box, beer cooler, Split A/C, ceiling fan and 100% back-up generator. Asking $2,000/month. Call MIHO @ 687-7198 26 CasaGuam May 2011
2b/1b, near Subway with water $830/mo. Please call 637-7165 / 688-0887 / 689-3333
D e de do 3Bd/2Bd/1Bd located near schools/church/store and front of park Semi-Furn. Sec.8 & Military OK. Pls. leave message at 727-6456 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 / 689-7900 Great spacious house located near Paradise Estates. 5bd/3bth. Section 8 okay with full security deposit. Call 646-9870/1 Villa Rosario - Large 3BR 2BA Pool/Tennis $1,900. Call 637-7165 / 688-0887 / 689-7900 3Bd/2Bd/1Bd located near schools/church/store and front of park Semi-Furn. Sec.8 & Military OK. Pls. leave message at 632-1200
M on gm on g- To to -Ma i te 2BR 1BA $800 Good Location near Shop 4 Less. Please call 637-7165 / 688-0887 / 689-7900
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
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
Ord o t-C ha l an Pa go 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/mo. Please call JEFF @ 777-2227
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
P i ti
Tumon 2bd / 2 ba + Den. excellent condition. Asking $1200. Please call 637-7165 / 688-0887 / 689-3333 / 477-7042
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
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
Ta l ofofo 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/month. Call DEANNA @ 688-2855. MLS 10-1400
Ta mu n in g Daichi Condo 3BR Pool, Security $1,300/mo Call 637-7165/688-0887/477-7042 Large 4BR 3BR Good Location Only $1,350 Call 637-7165/688-0887/477-7042 Tamuning behind GPO - 3 bedroom 2 bathroom, 2nd floor, stove / refrigerator. Asking $800.00. Call CORAL SEA REALTY 649-6088 Beverly Palms Condo; Newly Renovated 3bd./2ba. 2 Story Townhome Asking: $1,750.00/mo. Call FRANK @479-4663 Ypao Apartments 2bd./1ba Directly across Ypao Beach Asking: $1,250.00/mo. call FRANK @ 479-4663
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 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 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
Tu mon
Perez Acres: 4 bedroom, 2 bath with pool & playground. Corner unit. Asking $1,900/month. Call SANDY @ 687-6006
Popular Pia Marine 2 bedroom 2 bath units available for Month to Month Rentals. Utilities/Furnitures included with cleaning services. $2400.00. Call Nick @ 689-2939.
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 . Call CORAL SEA REALTY 649-6088
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Classifieds Residential Sales Ag a n a H e i g h t s Cliff Condo 2BR 2BA Lease Reduced $47,900 Call 637-7165 / 688-0887 / 689-7900
B ar r i g a d a
In a ra ja n 2 bedroom / 2 bath on a living area of 800 sf and 5,526 ± 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
M a n g i l ao 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 4BR 2BA Near Happy Market 1800SF Only $243,900 637-7165 / 688-0887 / 689-7900
D e de do 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 DEDEDO Multi-Family House located in front of Dededo Park, Library and Mayor's Office. Lots of nearby schools, markets and churches. Income Property with fully occupied and screened Tenants. Property located in a corner lot with fence. This is a wise choice of investment property. For sale by owner. Call now and lv msg at 487-1862. 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 Pacific Garden Large 1BR 1BA Condo Excellent Condo $55K 637-7165 / 688-0887 / 689-7900 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
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
TAMUNING Executive 2 Storey Spacious House for Sale by Owner. Great location beside Cost-U-Less Tamuning and Guam Premium Outlet. Great lifestyle and community environment with 5 bd/3ba corner lot; nice sized bd on 1st and 2nd flr; luxurious master suite w/ jacuzzi spa tub; quality granite staircases; hardwood railings; crown molding all over the house with open spacious kitchen and stainless steel appliances. Dream home and a good investment! Please call owner/lv msg at 487-1862.
Tu mon
M on gm on g- To to -Ma i te 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
Nice 2 and 3 bedroom condo with panoramic ocean view and city view and waliking distance from the shops and hotels. Please call George 483-9111 Century 21 CR.
Y ig o
Ord o t-C ha l an Pa go 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 @ 4885069 for a showing. MLS 10-2077 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
Ta l ofofo 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 $85K. Call LIBBY @ 686-2627
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
Yon a Winward Hill Estates: Lovely 4 bedrooms / 2.5 ba with beautifully upgraded kitchen and bathrooms, nicely appointed living & dining spaces & bedrooms. Large, well maintained yard with lots of gorgeous plants, flowers, trees and a cozy verandah & spacious tool shop in the middle of it all! Come see this beauty in Yona. Asking $289,000. Call MARILOU @ 988-5600
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
Baza Gardens 3bd./2ba 1,600 s.f .Extended with game room. Asking $175,000.00. Call FRANK @ 479-4663 Baza Gardens - $169,000 - Best Deal! 3 BR 2BA corner lot home in great condition - call for details...Asking $169,000. Call LIZ @ 687-0911
Land For Sale C h a la n Pa go Chalan Pago LAND FOR SALE Great Investments with Lots of Potentials Near Front Road Zone C More than an Acre Size Lv Msge 632-1200
D e de do Dededo Land 18585± Very Nice $85,000 637-7165 / 688-0887 / 689-7900 Dededo Land with 830± sm with R-1 Zoned and minutes to NCS with paved access. Asking $45,000. Call YUMIKO @ 688-7791
HA R M O N Presently being used by owner to store vehicles. Property is View lot next to last lot below Airport Exit Traffic Light on Pangelinan Blas Street in Harmon/Tamuning. Axcess is paved road with side-walks, water and sewer. Power is up to adjacent lot below. Asking $490,000. Please call 6377165 / 688-0887 / 689-3333 / 477-7042
P i ti Turner Rd. - Channel 10 - (Nimitz Hill) Piti. 151,508 sq. meters of unobstructed ocean views Asking: $2,300,000.00 Call FRANK @ 479-4663
S an t a R i t a MLS - 10-1088 Santa Rita Land, 2,023 + / -sm, A - Zoned, Mountain View, Paved access. Asking $99,000.00. Call DENNIS @ 727-3815 MLS - 09-2086 Santa Rita Land, 1,003 + / -sm, Paved access. Panoramic Ocean view. Asking $129,000.00. Call TOM @ 688-8196
Ta l ofofo MLS - 10-2308 1,041 + / - sm, level topography, paved access, A - Zoned, Fee simple Asking $49,000 Call JEFF at 777-2227
Y ig o Great Price! LOT 4,417 +/- Sq Meters. What more can you ask for. Fairly level property with utilities near by. Asking $80,000. Call JOYLYN @ 488-5069 for a showing.
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Closing
Message from the Executive Officer By Peggy Araullo Llagas
Charity work is often its own reward. he sense of gratitude you experience after improving someone else’s life makes it crystal clear: Charity work is often its own reward. Most REALTOR® Associations are involved in various charitable activities throughout the year. Aside from the sense of fellowship and service derived from charity work, many Associations can attract valuable media attention as a direct result, especially when the project has a positive impact on the community. Welcoming this media attention is not selfish—it is smart. The community gets to know who we really are and the ideals we stand for. When we do charitable involvement in our community, it puts our presence in the public’s eye and solidifies the REALTOR® image as a positive one and pro-
T
motes our Association. This involvement has changed the perception of our industry and status within the community. Once quoted by Brandy Purcell, Executive officer of Northern Black Hills REALTOR® Association, “We are now perceived with a level of professionalism and recognized as caring businessmen and women who are not afraid to give back”. With the recent tragedy that took place in Japan, our REALTORS® rallied to support this cause; contributions in various organizations were evident. And it does not end there… we have simply just begun to seize the opportunity of giving. As we look forward to more REALTORS® presence in various community initiatives this year.
Japan March 11, 2011
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