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CONTENTS
Message From GAR
Departments 4
Market Report
10
2011 Year in Review
8
Feature Buildup Delays Shift Investment Focus The office of the governor looks for other ways to boost Guam’s economy.
10
On the Cover Security Title Security Title’s New Home
12
In Our Community Guam Relay For Life 2012
16
Profile Loisa Cabuhat A Passion for Real Estate and Charity
18
GHURA GHURA Celebrates Their 50th Anniversary
June 2012 • Vol. 5 • No. 06 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| Darrell T. Pereda Doris Pangelinan John Mendiola Emily Untalan
|Traffic/Circulation Manager| Josie Redmond
20
How to D.I.Y. Set Your Water Heater Temperatures Correctly
22
Curb Appeal Air Conditioning - Not a Luxury Item Anymore
|Production Manager| Mark S. Burke
|Graphics & Layout| Mark S. Burke Edwin E. Valencia
|Editorial Contributors| 24
Message from the President
Experts Home Ownership: Making It Happen
25
Who Ya Gonna Call?
26
Classifieds
28
Closing Guam Association of Realtors® Mortgage Fraud
Faye Varias Creative Services Elizabeth Duenas W. Nicholas Captain Peggy Araullo Llagas Deniece Menez Arlene Taitague Taitingfong Aurora Kohn
By Elizabeth C. Duenas e-pro®, CRS®, CIAS®, REALTOR® Associate Broker RE/MAX Diamond Realty
H
afa Adai! Our National Association Mid Year Policy Meeting in Washington D.C. was a great exchange of information between all the State Associations. Guam is in Region 13 and sits prominently next to Hawaii and California. Our presence in the nations Capitol is pretty amazing as each State President reports on issues that affect each of their states. They also reported on political challenges and successes which were defeated through the assistance and strength of the Realtor Political Action Committee (RPAC). The key points discussed - lowering fico scores to bring in more borrowers, improve the processing timeframe to 30 days for short sales, protecting our mortgage interest deductions, Visa reforms to promote the sale of real estate, engaging consumers to speak out on the value and protection of homeownership. A moment in history, We stood proud at the Rally at the Washington monument with 13,000 plus Realtors in a unified effort nationwide making a statement in protection of Homeownership - the American Dream! After the Rally, our contingent of 3, Chris Felix, John Duenas, and myself walked the stretch of 2 miles to the Rayburn Building to visit our Congresswoman Madeline Bordallo. The Congresswoman is well known to the National Association of Realtors staff as responsive and supportive in promoting real property rights. Liz
Cover Photo: Mark S. Burke CasaGuam is Published by:
GUAM ASSOCIATION OF REALTORS®
The Voice for Real Estate on Guam Office: (671) 477-4271 • Fax: (671) 477-4275
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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By Nick Captain
Market Repor t
2011 Year in Review Market Activity Update and Trends; Lender Activity in 2011; Prevailing Market Conditions in Historical Context
I
t’s off. It’s on. It’s 50 percent. No, it’s 100 percent. No, now its just 33 percent. It’s now. It’s never. “It” (aka the Guam Military Build Up) is the $10 billion question (or is it only a mere $5 billion?) and “it” is dominating Guam’s real estate market decision making. This past year certainly reflected increasing uncertainty (we’re fairly certain about that). By late 2011, the opaque outlook and elevated risk substantially slowed activity in Guam’s decidedly undecided real estate market. By year end, the outlook for some of the most grandiose build-up related developments, looked grim.
Although local real estate sales activity fizzled by year end, annual 2011 islandwide transaction volume equalized 2010 figures. Sales in 2011 were boosted by $39.5 million combined by the former Okura and Sherwood hotel transactions. According to the latest release from the Captain Real Estate Group; aggregate 2011 islandwide sales volume increased by less than one percent from 2010, to $307.1 million. In the residential sector, the overall sales pace slowed to its slowest rate in nearly a decade, with only 542 single family dwelling (“SFD”) sales in 2011, down 8 percent from 2010 and down 30 percent from the 2007 peak. However, the annual median price of a house on Guam last year increased by over 15 percent to a record high $245,000, or about five times the median household income level. Guam “one percenters” fueled 4 CasaGuam June 2012
a recovery in the high-end residential sector with 35 sales of houses priced above $500,000 in 2011, up over 50 percent from 2010. The condominium sector reflected another slowdown in sales activity, with an anemic 57 units islandwide closing in 2011, at a combined price of $12.9 million. The annual median price of a condominium in 2011 declined slightly to $135,000.
Local real estate market conditions have transitioned toward relatively low, stabilized sales activity, tighter lending guidelines and reduced liquidity due to the on-going reassessment of risk associated with the new look ex-Futenma Guam military build-up. The build-up, now apparently downsized to 4,700 Marines and an unknown number of dependents, was originally proposed at a $10± billion cost with completion, along with 18,000 new residents, by 2014. Market sentiment regarding the build-up downsizing by up to 70 percent varies, but the shock of a massive scale back in expectations remains reverberating among local and foreign investors. As downsizing news spread by late 2011, real estate sales in the 4th quarter tanked to pre-build-up 2004 levels of around $50 million. Many recent investments designed to capitalize on the build-up, especially worker housing and industrial property, have suffered from weak demand. Other failed projects such as the four abandoned hospital cliffline towers and the
abandoned Tumon box now appear even less likely to find badly needed white knights. Additional external market demand shifts during 2011 emanated from: the repatriation of Japanese yen following the tragic March 2011 Fukushima triple disasters, historically low interest rates, European liquidity uncertainty, alternate investment opportunities and other demand side externalities. Although the shock of reduced build-up expectations is likely to dominate near term activity, investor confidence in the long-term remains positive due to the eventual military expansion which, even if the downsized completion is pushed back a few years, would still vastly improve fundamental market conditions. From the beginning to the end of 2011, Guam’s recent real estate market might best be summed up by those Grateful Dead lyrics, “Sometimes the lights all shinin’ on me, other times I can barely see”. Opaque. Uncertainty. Risk. Will President Obama calm Guam real estate investors on February 13? Stay tuned … Market Activity Update and Trends
The $307.1 million in sales volume in 2011 was equivalent to late 2005/early 2006 figures, but more than double the underwhelming 2003 total. Last year’s sales total reflected nearly 25 percent growth compared to 2009 sales. Guam real estate lending activity in 2011 reflected a 12 percent
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Market Repor t drop in transactions, and a 3 percent decline in volume, to $374.4 million. Market stability in 2011 was highlighted by Guam’s residential sector. Single family home sales reflected $141.3 million in 2011, down a smidge from the $141.7 million recorded in 2010. The condominium sector reflected $31.4 million in 2011, off slightly from the $32.2 million reflected in 2010. During 2011, the median price of a single family house hit a record high $245,000, up 15 percent from 2010 and nearly double the 2004 level. The increasing median price in recent years is substantially attributable to the change in product mix, which includes an increasing number of new (more expensive) houses compared with prior years. The flat residential dollar sales in 2011 occured along with shrinkage of 8 percent in the number of houses sold, which reflected 542 units in 2011. Unit sales volume peaked during 2006 to 2008 with over 700 houses sold annually. The 2011 unit sales volume reflected the slowest pace in a decade. High end SFD sales (above $500,000) increased over 50 percent in 2011 with 35 transactions, as wealthy individuals returned to the market. In the condominium sector, the median price decreased slightly to $135,000 in 2011, while the number of transactions declined nearly 10 percent, to 167 units. Condominium sales volume (in dollars) in 2011 was down by 3 percent to $31.4 million. The high end condominium sector stabilized with 20 transactions priced over $350,000, slightly less than 2010 activity.
Guam’s real estate market reflected explosive growth and significant price appreciation between 2004 and early 2008. Improved mid-2000s market conditions resulted from an end to recessionary economic conditions, followed by the foreign investment and speculation associated with what was previously widely reported as a $15± billion military expansion. By mid-2011, a series of negative political events and the triple disasters in Japan resulted in widespread concern that the build-up could be indefinitely delayed or altered considerably. Lending Activity in 2011 Bank of Hawaii and Citibank earned our “Comeback Lenders of the Year” award in 2011, increasing real estate lending by 70 and 86 percent, respectively, according to Captain Real Estate Group statistics. Real estate loans by these banks were still down by 30 percent compared with 2008. Bank of Hawaii, Citibank and Bank of Guam were the only lenders reflecting real estate loan growth in 2011. Bank of Hawaii’s lending growth returned the bank to a more normalized #3 market share position. In 2011, First Hawaiian Bank retained its status as Guam’s dominant real estate lender with 20 percent market share, at $76.4 million, down 8 percent from 2010. Bank of Guam continued to close the gap on First Hawaiian Bank in 2011 with real estate loans totaling $73.6 million, only four percent less than First Hawaiian Bank. The sharpest drop in lending occurred at Coast 360, down by almost 30 percent from $50 million in 2010 to just $35 million in 2011. Newly appointed CEO Dick Northey and his team are well positioned to capitalize on opportunities and increase market share for Coast 360 in the near future. Prevailing Market Conditions in Historical Context
Notable Transactions - Notable sales in 2011 included the former Okura and Sherwood hotel transactions, which reflected a combined $39.5 million sale price. Other 2011 notable sales include the largest land deal of the year, a $17.6 million Tumon beachfront site acquired by a Taiwan-based investor. Industrial sales last year were highlighted by the $2.0+ million sales of the Tamuning Industrial Park and Proline warehouse complexes. Luxury residential sales included the bulk, 8-unit sale of unsold Tasi 17 condominium units at a price of $4.1 million. Other notable sales during 2011 included Route 3 land sold at $3.0± million and Young’s Plaza commercial complex at $3.0± million.
Issues negatively impacting build-up projects included the Futenma base relocation opposition in Okinawa, massive federal expenditure cut-backs, increased construction cost estimates and other factors. The Guam military build-up process, roughly $600 million of which is already underway, is expected to dominate local economic and real estate market conditions during this next decade. Recent cyclical real estate market conditions peaked in 2007 and 2008. Along with global financial market fallout starting in late 2008, Guam real estate transaction activity (aggregate dollar sales) contracted sharply. Since mid-2009, transaction activity has fluctuated at prior cyclical low (pre-2004) levels, although price declines in most market sectors have been relatively limited. Price movement has varied by sector with some highly leveraged and build-up related speculation purchases reflecting the greatest declines. By early 2012, the combined negative impacts associated with the March 2011 triple disasters in Japan, as well as the subsequent, massive downsizing of military build-up plans, resulted in further contraction in real estate sales volume, liquidity and demand. Most recently, investor caution is widespread due to the growing frustration associated with the military build-up, global economic risks and an increase in alternate investment options. It is widely expected that real estate demand will continue to remain relatively weak in the near term, with substantial mid to long term growth possible if downsized and 4protracted military build-up activity significantly impacts economic and population growth by 2016-2018. CasaGuam.com 5
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Feature
Governor Calvo returned from a hugely successful trade mission to Taiwan, Republic of China in April. As a result of this mission and months of campaigning for investments, several businesses will be on the ground soon to invest millions in different industries. 8 CasaGuam June 2012
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Feature
Buildup Delays Shift Investment Focus The office of the governor looks for other ways to boost Guam’s economy. By Faye Varias
Governor Calvo and his delegation held a seminar on investment opportunities and government procurement. Over 90 people attended the seminar with interests in construction, tourism, real estate, green energy and the EB 5 Immigrant Investor Visa program. Governor Calvo and his delegation also met with businesses one on one in an effort to invite them to Guam and further establish an economic relationship. Several businesses are committed to begin operations in the near future on Guam in the following areas: • Solar energy production • Green house agriculture technology • Restaurants • Real estate development • Retail services • Airlines • Construction Huge emphasis is being placed on large-scale development and affordable housing for future opportunities for foreign investors. Governor Calvo’s team will continue to work with these companies to assist them along the way in opening their doors locally. This will allow for employment opportunities and diversification within Guam’s business profile. Governor Calvo’s Trade Mission was also highlighted with visits he paid to Taiwan’s President Ma Ying-jeou, Taipei City Mayor Dr. Lung-Bin Hau and the President of the Legislative Yuan, Speaker Jin-pyng Wang. A common message among Taiwan’s leaders was the desire to continue to, economically and socially, align themselves closer to the United States. Mayor Hau has committed to providing Guam with insights on how Taipei addresses its solid waste management, and agriculture/aquaculture technology advancements. Governor Calvo and his delegation also met with dignitaries of the American Institute in Taiwan. Additionally, Director General Paul Wang from the Taiwan Economic and Cultural Office on Guam played a major role in developing Governor Calvo’s busy agenda in Taiwan. Director General Wang worked hand in hand with the Guam Economic Development Authority in the coordination of logistics and security for the trade mission. Taiwan’s Ministry of Foreign Affairs, Ministry of Economic Affairs and the Taiwan External Trade Development Council (GEDA’s equivalent) also played critical roles in making Governor Calvo’s trade mission to Taiwan such a success. The Governor told contractors last month that the slowdown in construction they saw over the last year is sobering, but hundreds of millions in upcoming local projects should spur profits and job growth in the near future.
Governor Eddie Baza Calvo spoke to the members of the Guam Contractors Association Board during the installation of the Board of Directors ceremony. Governor Calvo was asked to talk about the economic outlook of the constructio industry, one that’s been hit hard by the months of uncertainty about the military buildup. “We just recently got the news confirming about 5,000 Marine’s coming, so that’s helped,” Governor Calvo said. “But we’re pushing DOD to give us more information so you in the private sector can plan your futures better. It’s really unfortunate that all the uncertainty on the buildup caused the slowdown, but that just tells us that we have to move forward on local projects. We need to be the masters of our own future.” The silver lining? The Governor tallied upcoming construction spending that will spur the industry with nearly half a billion dollars in activity. This is added to the $500-$600 million in ongoing construction, according to GCA president James Martinez: • HOT Bonds – $55M • DPW – $100M ongoing and $20M upcoming • Private Activity Bonds – $20M – Lada Estates Senior Housing • DOE ARRA – $60M • Air Force projects – $20M • Port Authority of Guam – $50M • Utilities – $200M authorization “In the short term, these projects will let the construction companies get a lot of work done and employ people,” Governor Calvo said. “The recovery will take some time, but it’s on the horizon and it’s something you and the community can look forward to. In the meantime, we’re working on long-term plans to keep money spent on construction on the island. Right now, much of the payroll employment for construction is spent on foreign workers, because we don’t have enough skilled workers to fill these jobs. And these are high-paying jobs that can provide good income for our local workers.” The Governor said the long-term solution is to align the education outcomes of public schools with true workforce needs. A major and obvious need for years is for more workers skilled in the several trades of construction. “We need to work with the talent we have here and build up our local workforce…we need to train more of our graduates to take jobs, and keep that money circulating in our economy.” Source: Natalie Quinata, Office of the Governor, Press Release
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On The Cover
Security Title’s New Home home is more than a living space. It’s an idea. An identity. It’s an expression of who we are and what we value. Home roots us to the island and ties us to our neighbors. Home gives us a base of stability, upon which we can grow and innovate. Home, at its best, is a celebration—of talent, of culture, of ingenuity, drawn from the island around us. In the past twelve years, Security Title has helped many of Guam’s families and businesses in the purchase of their homes, through our title and escrow services. This June, we’re pleased to announce that our company will move into a permanent home of our own, on Marine Corps Drive in Tamuning, just south of Ypao Road. As a company, we are firmly committed to the island and the region. We believe that Guam deserves the best, and that our customers deserve the best. We wanted to develop a new home for Security Title that reflects those values and celebrates the strength and beauty of our island home. After intensive planning and a considerable investment of resources, we now have that permanent home. At just over 8,000 square feet, the new Security Title building will serve as an integrated space for our employees, who previously occupied three separate units at our former location. Our new home, the former Guam Sanko Bus repair facility, has been revitalized and updated into an elegant loft-style office with LEED certification. The building is, all in all, an investment in Guam. It was designed and constructed with local talent and ingenuity, it was built with the intention of conserving local resources, and it will serve local families and businesses who seek to own homes and property on Guam and the CNMI for years to come.
A
Buying Local Investing in Guam means, in part, strengthening our community by investing in our local businesses and craftsmen. Once we found a property to refurbish as Security Title’s future home, there was no question about using local expertise to get the job done. You can find the Buy Local movement in the very structure of our building. Its architecture, electrical, structural, and mechanical engineering, and its wiring, plumbing, and painting were sourced from our island’s construction community. Local material suppliers provided us with the raw material for the remodel, while a local lender, surveyor, appraiser, attorney, and realtors helped us to secure the property. The buildings mezzanine was assembled on Guam, and the inventive woodwork throughout the building—the floors, window trimmings, doors, and furniture—have all been handcrafted on Guam by local tradesmen. Much of the beauty of a culture can be found in its art, and many pieces by local artists will be on proud display throughout Security Title’s new home. Our collection of local art has grown over the past decade, and we’ll be adding to it with pieces commissioned specifically for the building. We envision a relief sculpture of Chief Quipuha, as well as a tropical reef inspired painting covering one large wall. We’re excited about working with local artists on the creation of these pieces.
Sustainability: Leadership in Energy and Environmental Design To respect the island is to respect its resources. We wanted to create an environment that demonstrated that respect, and that made the most efficient use of the resources around us. We pursued and were awarded LEED certification, owing to our investments in environmental cleanup and energyefficient and sustainable design. Our first task was the site cleanup of the Guam Sanko Bus facility. Once a fueling, painting, and cleaning station for buses, the structure still retained fuel tanks, oil-water separators, and other hazardous materials. We worked with the 10 CasaGuam June 2012
Guam Environmental Protection Agency on environmental remediation, ensuring that licensed professionals properly removed all hazardous waste material from the site. It was a major challenge to clean up the area, but it was worth the effort. In a further move toward sustainability, we decided to retain the existing structure of the facility and refurbish the building to meet our needs. Sunlight, one of the most abundant natural resources we have in the tropical Pacific, fills our new building. This natural light is a key element in the creation of our energy-efficient environment. The windows were positioned to maximize the use of natural light, and the windows themselves are made of high efficiency glass, which absorbs light while reflecting heat away from the building. Because of this design, we will not need to use interior lights during the day, even in times of heavy cloud cover. The glass is half an inch thick, strong enough to withstand typhoon conditions, and not tinted, giving the building an atmosphere of openness. Our interior and exterior lighting systems use energy-efficient LED bulbs, and are programmed to a timer, allowing us to further minimize energy use. We have installed the most energy-efficient air conditioning system available, and paired it with new insulation in the building’s walls, roof, and ceiling, reducing our energy use for climate control. These features and others led to the LEEDcertified building that we have today.
Ingenuity With its unique challenges, this site presented many opportunities for ingenuity in its remodeling. We’re very pleased with the outcomes, from the building’s use of innovative technology to its inventive design. In converting the warehouse, we’ve retained and incorporated the crossbeams from the original structure into the new design. Much of our handcrafted décor was made with an eye toward the building’s origins, to retain the historical feel of the building. From its custom-made glass stairwell to its handcrafted fixtures, every design element in the building was thoroughly considered. The spirit of ingenuity, of creating something new that honors the old, was something we wanted to celebrate in adapting and customizing our new home to the materials, resources, and history around us. Security Title’s new home is an investment in Guam, and an investment in our families and our future. We invite you to visit us in Tamuning and learn more about how we can help as you invest in a home of your own.
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Guam’s Relay For Life - May 25, 2012 George Washington High School In Our Community
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Profile By Deniece Menez
A Passion for Real Estate and Charity
L
“
Loisa Cabuhat REALTOR® CORAL SEA REALTY
Husband: Children: Motto:
Frank F. Cabuhat Kenneth (22), Czeska (20), Frances Lianne (18) “Inspiration does not come from the quote itself, but rather the person behind it.”
Working directly with real estate agents, bank loan officers and meeting different clients everyday inspired me to become a REALTOR®.
16 CasaGuam June 2012
“
Loisa Cabuhat entered the real estate industry with ample experience under her belt. “Prior to entering into the real estate business, I worked with Title Guaranty of Guam for eight years where I became familiar with different aspects of the profession. Working directly with real estate agents, bank loan officers and meeting different clients everyday inspired me to become a realtor,” she said. Being a REALTOR® has taught Cabuhat that it is “a lot of hard work and takes a lot of dedication and discipline, but is very rewarding when you have done a good job.” When asked about the challenges she’s faced in the industry so far, she shared that “every transaction in real estate is different. So far I am quite fortunate to have not encountered too many obstacles in my real estate transaction. In the past I’ve experience a couple of transactions that fell through at the last minute, but it did not stop me to strive and continue to do my best in this profession.” Despite small setbacks, Cabuhat moves forward and is inspired by her successful transactions. “All my transactions are exciting and memorable especially when I see my clients smile with satisfaction due to my service. But the most memorable one is when I closed a 2.1 Million Dollar transaction back in October 2011. It was a big accomplishment for me since being in the business for only four years,” she recalled. Cabuhat believes that “there are so many things to love about the business.” Knowing that she can help turn her clients’ dreams of homeownership into reality, she takes her job very seriously and invests much time into it. “My top priority is always my clients’ satisfaction, to make sure that every transaction I am entrusted with is handled with the utmost care and professionalism. As a REALTOR®, I always treat my customer and fellow REALTOR® professionals the way that I would like to be treated. I have always prided myself on doing what is best for my customers and that is why I have such a great success; my clients always come back, and most of my business comes from referrals.” To prospective home buyers and customers, she emphasizes that “it is important to choose a home that is within your financial ability. Limit your monthly mortgage payment; keep in mind other expenses that will affect your future plan. I always advise [customers] to have at least three to six months savings equal to their monthly mortgage in the event of a job loss or illness.” She adds that customers should seek the expertise of real estate agents and help of financial institutions that provide closing cost and down payment assistance for qualified buyers. In the future, Cabuhat sees herself continuing in the real estate industry, volunteering with local charities, and traveling. She also hopes to become a principal broker and to own a real estate company of her own. During her free time, she loves to spend time with her family and to give back to the community by getting involved with various projects and civic organizations. Cabuhat served as the Secretary/Treasurer of the Guam Association of Realtors in 2010 and was awarded the PDN People’s Choice Award 11th and 12th Annual GINEFLI’E I TANO Realtor Award. Her volunteer associations include the Filipino Ladies Association of Guam and Guam Harmony Lions Club.
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GHURA Celebrates Their 50th Anniversary GHURA
he Guam Housing and Urban Renewal Authority, (GHURA), was created in December 1962 in the aftermath of the devastation wrought by Typhoon Karen. Much of Guam’s housing stock was destroyed by Typhoon Karen. GHURA’s mission at the time it was established is the same as it is today, to ensure that island residents have access to a decent home and a suitable living environment. The challenges we face today to ensure a decent home and a suitable living environment arise from economic stagnation rather than natural disaster. Many of our residents struggle to access safe, decent and affordable housing and our government struggles to create and maintain a suitable living environment for all residents. The twin engines that power our economy, military spending and tourism, are mired in a fog of uncertainty. In the last 4 years various functional plans were developed around the premise of natural population growth augmented by an unprecedented economic expansion related to the military build-up. These plans for future economic and population growth have been unraveled by the results of the 2010 census and the delay in the military build-up. The census produced a population total for 2010 that was a lower than projected between the years 2001 to 2010. As we approach our 50th anniversary GHURA’s employees, management and Board of Commissioners remain dedicated to its mission. In pursuit of our mission, GHURA has developed a comprehensive 5-year strategic plan to guide its actions. This strategic plan includes the daring goal of building over 3,000 affordable homes by 2017. Bold initiatives are needed if we are to successfully pursue our mission in the current climate of uncertainty. As part of the strategic plan for affordable housing GHURA, in partnership with the Office of the Governor, Guam Housing Corporation, the Department of Land Management, the Chamorro Land Trust Commission, along with our federal partners, the Federal Reserve Bank of San Francisco, the U. S. Department of Housing and Urban Development and the U. S. Department of Agriculture are sponsoring the 4th annual Affordable Housing Symposium on June 19th and June 20th. Join us as we assess the status of our goal to build 3,000 affordable homes by 2017.
T
Mr. Ray Topasna Executive Director, Guam Housing and Urban Renewal Authority (GHURA) 18 CasaGuam June 2012
4th Annual Guam Affordable Housing Symposium June 19th and 20th at the Hyatt Regency Guam from 7:00am - 5:00pm.
SPONSORS: Guam Housing and Urban Renewal Authority (GHURA) Guam Housing Corporation (GHC) US Federal Reserve Bank of San Francisco US Department of Housing and Urban Development (HUD) US Department of Agriculture-Rural Development (USDA)
WE INVITE ALL: Developers & Realtors, Architects & Engineers, Contractors, Financial Institutions, Land Owners and Home Owners
GET THE LATEST INFORMATION ON: Affordable Housing Strategic Plan, Infrastructure, Revised Military Buildup, Financing, Incentives for Development, Alternative Building Options and "Building Green"
$25.00 per person includes breakfast and lunch for both days To register, visit www.ghura.org or contact GHURA at 477-9851 ext 318 or GHC at 647-4143 for more information.
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Calendar of Events May 31, 2012 Proclamation Signing . . . . . . . . . .Governor’s Office - Large Conference Room 3:30pm -4:30pm Group Wave . . . . . . . . . . . . . . . . . . . . . . . . . . . GCIC Intersection GHURA Staff 4:30pm-6:00pm
June 19th & 20th Affordable Housing Symposium . . . . . . . . . . . . . . . . . . . .Hyatt Regency Guam 7:00am-5:00pm
June 23rd Housing Expo
. . . . . . . . . . . . . . . . . . . . . . . . .Father Duenas Phoenix Center 8:00am-4:00pm
reserve your congratulatory ad today!! • Call Your Marketing Consultant 472-3495 Special Supplement will be featured in next month's (July) issue. • Deadline for signed contract and payment is June 15, 2012.
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H o w To D . I . Y.
Set Your Water Heater Temperatures Correctly y goal as a water heater advisor is to save you money. How does you're your water heater relate to your wallet? Save money through proper temperature settings. Have I set my water heater too high? Do I really need the water to be "That Hot"? Well, just think what a few degrees can save you when you pay your energy bill! By the way, many children in this country are burned by water coming out of an ordinary spigot. It is a great deal safer to have your water heater turned down a bit! Ever hear that hot water gets things cleaner? Don't believe everything you hear. Most dishwashers have an element that will heat incoming water to the appropriate temperature as recommended by the dishwasher manufacturer. Most clothes washers will clean your clothes just fine with warm water. Detergents today are designed to work as well in warm water, as they would in hot water. Let's look closer. Most water heaters have calibrations by individual hash marks and / or letters, and not temperature settings. Is this confusing? It can be but let's make it simple. Some thermostat settings range from "Very Hot, decreasing down to "Vacation." Others will go from "Hot" to "Warm" and down to "Vacation." Still others have letter increments, with common settings like:
M
Vacation Hot = 120F A = 130F B = 140F C = 150F Very Hot = 160F In a gas water heater, you turn the dial to the preferred setting. In an electric water heater, you turn the dial with a small straight edge screw driver to the preferred setting. In electric tanks, be sure to first shut off the power supply before changing the temp. Regardless, keep this in mind. Temperature on your water heater varies, as much as 25F. Water heater thermostats maintain a range, not a precise temperature. Residential water heaters are not designed to exceed a temperature greater than 160F. If you start at the maximum setting, knowing it is 160F, each increment, dot, hash mark or letter equals a difference of 10F. Simple‌go from "A" to "B" and you raise the temp 10F. Change from "Warm" to the next setting, and you changed 10F. Look at your temp settings closely to see if you lower the settings to the left (counterclockwise) or to the right (clockwise). Both types do exist. What about safety? I suggest changing the temp half increments at a time, or by 5F increments. Try it,
By Joel and see if the temp is suitable, before changing again. Why in half increments. I said keep it simple, look at it this way. You are perfectly healthy with a body temp of 98.6F. 10F more, or 108F, and you're probably dead. 10F according to skin temp is a lot. Try changing 5F at a time. Likewise, 120F might seem too warm, and 130F too hot, but 125F, or half an increment, just right. Most water heater manufacturers use a chart like this: "Time to produce 2nd degree burns on an adult" 120F - More than 5 minutes 130F - about 30 seconds 140F – less than 5 seconds 150F - about 1 1/5 seconds 160F - about 1/2 second
Attempt to practice safety and economy by keeping your water heater temperature at safe level, as described above. Raising the temp keeps the utility companies happy. The higher you set your temperature, the more cold water you will have to use to lower the faucet or shower to a temp that your body can tolerate. Lowering temps from the start, just like your temp on your furnace will save you money. Industry analysts say that by reducing the temperature on your water heater by one increment, or 10F should result in an average savings of approximately 5% on your annual water heating budget. In dollars and cents, for example, if your annual water heating bill is $500.00, you just saved $25 by lowering the temp one setting. Keep in mind, these figures are averages. There are always variables. For starters, like hot air, temperature rises. The water in your heater will be hotter on the top of the tank than on the bottom. Also, the amount of sediment deposits in your heater will directly affect the recovery and efficiency of your water heater. Imagine trying to heat water through a layer of sand. Why would you, it doesn't make sense. Well, by not properly and regularly flushing the sediment deposits out of your water heater, you're doing just that. Adjusting the water heater thermostat to a suitable temperature means safety, efficiency and economy. Everyone has heard that boiling water kills germs. If you set the water temperature too high, and risk getting scalded with 2nd degree burns, it's too late. You can't go back and lower the temp now, so be cautious from the start. Keep the temperature at a normal setting of around 125 degrees.
About the Author Any other questions about water heater operations or maintenance please contact us at hotwaterfast@gmail.com or visit our website at www.youngstownwaterheaters.com Printed From http://www.articlesbase.com/diy-articles/set-your-water-heater-temperatures-correctly-5846051.html 20 CasaGuam June 2012
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Curb Appeal
Air Conditioning Not a Luxury Item Anymore By Arlene Taitague Taitingfong ne of my earliest memories of Guam was stepping off the plane and inhaling hot, muggy, moist air. It was unbearable and when we arrived at my grandparents’ home, I was happy to place my body forever in front of a fan. Back then, air conditioning was a luxury item and my grandparents didn’t have one. Since then, air conditioning became more common in homes. Today, I find it hard to imagine living without air conditioning. When my air conditioning unit’s compressor when kaput, I found myself living without this “luxury” for about 2 ½ weeks. Each day I welcomed the cold showers and enjoyed sitting on the balcony catching cool breezes outside. Inside, my home was stifling and the two temperatures from inside the condo to the outside on the patio was like, well – hot and cold. In my search for a solution, I spoke with several a/c companies, researched the internet and even spoke to friends who had some knowledge of air conditioning. I found out that there are many choices of a/c to choose from, but they still have the same basic components (compressor, evaporator coil, condenser coil and a metering device). Over the decades, air conditioners have changed to become more efficient and environmentally friendly. There are several types of systems. Central air, portable air, room air and ductless or mini-splits. This article will cover central air conditioning and mini-splits, as these are the most popular types we use on Guam.
Split System: There are three major parts of a split system that need to be properly balanced and matched to provide peak efficiency and economy. 1. Outdoor Unit: The outdoor unit contains a compressor and a condensing coil filled with refrigerant. A fan blows outside air over the coil, transferring thermal energy between the refrigerant and the outside air. The refrigerant is then circulated through pipes, or line set, to the indoor unit. 2. Indoor Unit: The indoor unit is made up of a coil and blower which is located inside of an air handler or furnace. The blower circulates air through the coil before it is sent to the ducts throughout your home. 3. Line Set: The line set contains the refrigerant which simply circulates the liquid between the indoor and the outdoor unit.
Central Air Conditioning
With both types of systems (split or package) ductwork is required to transfer the heated or cooled air throughout the home.
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Package Cooling Systems (aka Central Air Conditioning. In a package system, all equipment is built into an outdoor unit, usually on a concrete slab. The “package” that gives its name provides central air during the summer and heat in the colder months. Types of package units available: • Electricity for resistance heating and cooling • Gas for heating and electricity for cooling • Heat pump models use electricity
Central air conditioning is the most efficient type of air conditioning on the market today. If designed right, these systems will maintain a constant temperature and humidity throughout the conditioned space. If your budget and space permits, always choose central air over any other type. Personal comfort, home temperature and indoor air quality are all extremely important to you and your family, and you will be well rewarded with the money you invested in central air conditioning for your home. There are basically two types of central air systems: Split System and Packaging System. The Split System is used on Guam. It delivers cold air, whereas the Packaging System delivers hot and cold air.
Ductless Air Conditioning Systems A ductless system also known as a mini split would be a solution if there’s a room or rooms in your home where it’s basically impossible to install ductwork for a central air conditioning system. This is a better alterative than room air conditioner hanging out a window, or even yet you do not have a window in the room to set one. They are typically attractive looking, unobtrusive, quiet and super efficient.
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Curb Appeal Unfortunately, as SEERs go up so does the price of equipment! (Yikes!) But, the higher the SEER the less energy your air conditioner will use which equals lower electric bills! I think we can all appreciate a lower power bill! Your initial cost of equipment for a higher SEER machine might be high, but your electric bills will be less which over time the savings will offset the high price. The following is a chart that I pulled off the internet that will hopefully help you understand the SEER rating and how it can save you money in the long run. This chart will help analyze yearly cost of different sizes and SEER: Based on 9 cents a KW and 2000 cooling hours
The mini split air conditioner consists of the following components: • Indoor air handling unit • Outdoor condensing unit • Remote Controller Installation is as easy as mounting the indoor and outdoor units, connecting the refrigerant lines, running a drain, and making a few electrical connections. Again, you don’t need ductwork or a window. The parts are sleek and require minimal space. Advantages if these systems: • Cooling and heating without wasting a window space or costly ductwork add-on • Extremely quiet operation indoor and outdoor units • Highly reliable technology • Compact, space saving design • Wireless or wired remote controller for comfort control
One last thing to know…SEER Rating SEER is an acronym for Seasonal Energy Efficiency Ratio. You will hear the term SEER rating when purchasing a new air conditioning system, It is extremely critical to understand and appreciate how SEER works because it is the basis for how efficient your air conditioner runs.
Essentially, the higher the SEER rating on your air conditioner, the more efficient it will be. SEERs start at 13 and go as high as 21.
For example: 3 ton 10 SEER system (36,000BTUs x ((.09cents/1000Watts) x 2000hrs))/10SEER= $648 per year cooling cost. Compare this to… 3 ton 20 SEER system (36,000BTUs x ((.09cents/1000Watts) x 2000hrs))/20SEER= $324 per year cooling cost. The difference between these two systems is a savings of $324 per year. Multiplied by 10 years (the average life of an air conditioning system), that equals $3,240. What a big savings on your electric bill when you choose a higher SEER air conditioner! Note: January 23, 2006 began a new era in air conditioning home comfort systems. The SEER minimum standard for newly manufactured air conditioners and heat pumps increased from 10 SEER to 13 SEER by federal law. One of my colleagues shared that they purchased a 21 SEER unit. Although it was an expensive purchase, they are now on Cloud 9 enjoying a power bill of less than $200! AND they leave the unit on ALL day long. As for me, I’m happy that I finally had the A/C changed out and enjoying sweat-free nights and sauna-like days. So next time you are in the market for a new air conditioner, please get as much information as you can. Be wary of companies that give you a quote without looking at your property. And of course, ask your friends, as word of mouth is still the best way to get opinions from those who have had the experience of buying an air conditioner. Until next time, stay cool! CasaGuam.com 23
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From the Experts
Home Ownership: Making It Happen By Aurora Kohn, REALTOR®, Alliance Realty, LLC.
f you don’t own your own home yet, now is the time to seriously consider buying a home. The window for purchasing a home at an affordable price is rapidly closing. If you don’t act now, owning your own home may be a dream that you’ll have to wait a while to turn into a reality. People postpone starting the process of acquiring a home for a variety of reasons. More often than not, people’s belief about the state of their finances is what deters them from taking the first step towards acquiring their own home. “I can’t afford it!” or “I don’t have any money for the down payment!” are common responses. Before you snuff out your family’s dream of a home they can call their own, why not find out if buying a home is truly out of your reach? Take a trip to the bank where you have a savings, checking or a credit card account and prequalify for a residential purchase loan. Be prepared by bringing two recent paycheck stubs and evidence of any other income that you wish to be considered as well as a list of your debts and obligations. Prequalifying for a loan is really the first step towards achieving the dream of having your own home and does not cost a penny. By prequalifying for a loan, your bank can provide you with a lot of useful information, not the least of which are the different programs that are available for financing the purchase of your first home. Prequalifying for a loan also enables you to define what range of homes are realistic goals for you, budget wise. And in the event that it turns out that you cannot afford to buy a home immediately, your bank can guide you towards the steps that you need to take in order to eventually qualify for financing. Whatever the outcome of your prequalification process is, you come out of it closer to realizing the dream of home ownership. After prequalifying for a residential loan, the next step is to find a REALTOR® who will assist you in finding the right home for your family. The GUAM ASSOCIATION of REALTORS® has among its ranks qualified, dedicated and experienced real estate professionals who can guide you as you navigate your way through the various stages of purchasing a home. They can help you find the home that suits your family’s needs and budget, guide you through the process of making an offer for the home you have chosen, and assist you in finding other professionals like loan officers and escrow officers to ensure a successful closing of your home purchase. Find a REALTOR® who is organized and efficient but who also “hears” you and is available when you need them to be there for you. Submitting an offer for a house you have chosen is an emotional time for any buyer but specially so for a first time homebuyer. More often than not a buyer
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is not able to anticipate all the issues and contingencies that need to be covered by the offer. Because of this, it is very important for the buyer to have the assistance of a knowledgeable person. Your REALTOR® /BROKER can make sure that the offer you sign not only provides for all contingencies that can arise after the offer is accepted, but also ensure that the your rights and interests are adequately protected. Having your own REALTOR®, as distinguished from working with the same REALTOR® who is representing the seller, provides you with the advantage of having someone in your corner with your interests as his or her priority. As a buyer, you can have the benefits of a REALTOR® experience and knowledge at no cost. Your home is one of the biggest investments that you will make in your lifetime. And it should be. Your home shelters and protects your family from the elements. Beyond that, it is the haven that your family can look forward to retreating to at the end of a long and trying day. It is the place where they can find solace from their current trial or disappointment. More importantly, it serves as the venue for many happy and memorable experiences shared by the members of your family. Don’t deprive yourself of achieving the dream of home ownership. Take the first step and start your journey to home ownership today!
Aurora Kohn is a Realtor with Alliance Realty, located at ParaOceana Bldg. 674 Harmon Loop Road, Dededo Guam 96929, Tel. Nos. 637- 3333/34 and is a member of the Guam Association of Realtors. She invites you to send your questions/comments to romakohn@yahoo.com
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W h o Ya G o n n a C a l l ?
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Classifieds Commercial Rentals Dededo 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
Ordot-Chalan Pago 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
Tumon 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
Dededo Houses - 3bd/2ba, carport, a/c, appliances, $1300/mo & Paradise Estates home 3bd/2ba, 2 car garage, appliances, central a/c, secured entry, gated comm, 482-6252/777-3728 MLS 12-1255 3Bd/2Bd/1Bd located near schools/church/store and front of park Semi-Furn. Sec.8 & Military OK. Pls. leave message at 727-6456 Great spacious house located near Paradise Estates. 5bd/3bth. Section 8 okay with full security deposit. Call 646-9870/1 Dededo Villa Rosario - Spacious 3BR/2BA W/D, Pool, Security, Mailbox $1,650.00 3Bd/2Bd/1Bd located near schools/church/store and front of park Semi-Furn. Sec.8 & Military OK. Pls. leave message at 632-1200
Mangilao 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
Residential Rentals Tamuning
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
3 bedroom / 2 ba house, close to schools, stores, beach and church. Asking $1250.00. Call 649-8265 or 888-7447
Asan
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 727-6456. 3bd/2ba townhouse, 2 story, central a/c, typhoon shutters, excellent cond. $195K BUY SELL or RENT www.GUAMLISTINGS.com 482-6252/777-3728 MLS 11-4372
Yigo Beautiful fully fenced, 3bd/ 3full ba, high Perez Acres: 4 bedroom, 2 bath with pool & playground. Corner unit. Asking $1,900/month. Call SANDY @ 687-6006
pitched ceiling, 2car gar, ctrl loc, Dededo-
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Uhang St/Bello Rd, Minutes away from airport, business establishments & more, Only 2yrs old, landscaped yard, fruit trees,
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
shutters, 2,421sq mtr lot, 1,440sq ft living space, 12x20sq ft open back porch, lots of extras! Developing neighborhood w/newly built houses. A must see! Lots of potential!! $340,000.00 Pls call 788-3531 & lv msg.
Residential Sales Barrigada
Inarajan
Barrigada Large 4BR/2Ba 1800sqft. House Only 243,000 637-7165 / 688-0887 / 689-7900
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
Agat Condo units - 3bd/1ba, renovated, $1100/mo & 3bd/2ba excellent cond. $1700/mo BUY SELL or RENT www.GUAMLISTINGS.com 482-6252/777-3728 MLS 12-509 & 12-523
DEDEDO Multi-Family House located in front of Dededo Park, Library and Julyor's
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
Mangilao
Dededo 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
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.
Barrigada
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
2b/1b, near Subway with water $830/mo. Please call 637-7165 / 688-0887 / 689-3333
Tumon 2bd / 2 ba + Den. excellent condition. Asking $1200. Please call 637-7165 / 688-0887 / 689-3333 / 477-7042
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Latte Heights House with 3 br / 2 ba, ideal FOR SALE BY OWNER Beautiful fully fenced, 3bd/ 3full ba, high pitched ceiling, 2car gar, central location, minutes away from airport, business establishments & more. Only 2yrs old, landscaped yard, fruit trees, shutters, 2,421sq mtr lot, very large concrete back porch great for an outdoor kitchen, etc. Lots of extras! Developing neighborhood w/newly built homes. A MUST SEE! Lots of potential!! $338,000.00 Pls call 797-1525 TODAY!
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location w/ carport, fully fenced, gated, spacious yard w/ patio. Asking $200K. Please call ANGIE @ 727-2228
Mongmong-Toto-Maite Exceptional 3bd and 3.5 ba home 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
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Ordot-Chalan Pago
Yona
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.
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
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
Tamuning Condo units - 3bd/1ba, renovated, $125K & Agana Beach Condo, 3bd/3ba, beachfront, bank foreclosed, appliances, split a/c units, $500K 482-6252/777-3728 MLS 12-1565 & 12-1621 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 TAMUNING Executive 2 Storey Spacious House for Sale by Owner. Great location beside Cost-U-Less Tamuning and GPO. 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. Please call owner/lv msg at 727-6456.
Tumon 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.
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 Chalan Pago 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
Dededo Dededo Land 18585Âą Very Nice $85,000 637-7165 / 688-0887 / 689-7900. Dededo Land with 830Âą sm with R-1 Zoned and minutes to NCS with paved access. Asking $45,000. Call YUMIKO @ 688-7791
Harmon Property is view lot next to last lot below Airport exit light on Pangelinan Blas St. in Harmon/Tamuning. Access paved w/sidewalks, water & sewer. Power up to adjacent lot below. Asking $490,000. call 637-7165 / 688-0887 / 689-3333 / 477-7042
Piti Turner Rd. - Channel 10 - (Nimitz Hill) Piti. 151,508 sq. meters of unobstructed ocean views Asking: $2,300,000.00 Call FRANK @ 479-4663
Tamuning R-2 Lot Call 646-7137 CasaGuam.com 27
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Closing
Message from the Executive Officer MORTGAGE FRAUD
By Peggy Araullo Llagas
Recognizing the Signs – Part 1
F
Financial crimes are one of the fastest growing areas of criminal activity in the United States and one of the fastest growing areas of financial crimes is mortgage fraud. Fraud involves two parties: one makes a false statement of fact material to the business involved and the other party relies on that statement to their detriment. In mortgage fraud false or inaccurate information in connection with a mortgage application is provided and that information causes a lender or another in the chain of approving and funding that loan to make the loan or to make the loan on terms and conditions different than if the true facts were known. Mortgage fraud includes a whole category of illegal business dealings. The different schemes that may be used include, but are certainly not limited to, property flipping, equity skimming, application fraud, credit or income misrepresentation or asset and down payment misrepresentation. Mortgage industry professionals and law enforcement break these different schemes into two groups. There is “Fraud for Housing” in which a borrower will knowingly provide false or at least inaccurate information regarding his or her qualification for the loan. This might be something as innocent sounding as fudging a little on their income levels or employment in order to qualify for the loan or for better terms on a loan. Although we would like to see everyone be able to obtain the American Dream of homeownership, real estate agents must be careful when counseling purchasers to avoid any suggestion that enhancing certain facts may assist a buyer in qualifying for the necessary mortgage. The desire to be helpful can not override good sense and honesty. The REALTORS Code of Ethics requires members to treat all parties to the transaction honestly, including those providing the financing for the purchase. There is also “Fraud for Profit” which is sometimes referred to as “industry insider fraud” because it typically requires at least the cooperation, if not the participation, of an appraiser, real estate broker,
mortgage broker or other real estate professional. Such cooperation or participation does not always require any action on the part of the real estate professional. It can be implicit through the real estate professional’s failure to disclose or correct a representation made by someone else which the professional knows to be false. The consequences for the housing market differ only as to degree. The latter group causes far more in losses to the mortgage industry and ultimately the public because the people involved are not trying to stay in the property and never intended to make the payments required by the mortgage. Often their schemes will involve multiple properties and parties. They are motivated to commit mortgage fraud solely by the money that can be taken from a property. When they have done that or the threat of being caught increases they will often disappear. Individuals who provide false information to the lender to help secure their own housing lack the same kind of bad motivation and usually intend to make the payments to stay in the housing. But if they default on the loan because they really were not qualified, the community is still left with foreclosed housing and the individuals with damaged credit and credibility. Mortgage fraud is accomplished through the use of false documents, identity theft, straw buyers, and sometimes the witting or unwitting assistance of real estate professionals. To protect themselves and their clients, real estate agents must be able to distinguish between legal and illegal mortgage practices. There are a number of different ways in which the real estate agent may inadvertently become involved in these schemes or involve their seller clients. Agents may be asked to interfere in the appraisal process, alter or not include parts of the purchase agreement that is provided to the lender or title company, intercept verifications of income or employment history or help out by hand carrying verifications provided by the buyers or others working with the buyer. Any of these activities could be a part of a mortgage fraud scheme.
The Guam Association of REALTORS® shall remain your leading advocate for promoting and protecting homeownership on Guam. Ask if your agent is a REALTOR®. Visit our websites at www.guamrealtors.com and www.guamhousingprograms.com. 28 CasaGuam June 2012
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We speak Russian, Farsi, Chinese, Korean, Japanese, Filipino, and Chamorro facebook.com/Century21CommonwealthRealty
RENTALS R.K. Plaza Unit #11, Barrigada- 1,000sf - $1,000 - #12-1991 R.K. Plaza #102, Tamuning- 810sf - $890 - #12-1988 R.K. Plaza #101, Tamuning- 1,454sf - $1,600 - #12-1987 Ascena, Barrigada- 4Br/2.5Ba - $2,400 - #12-1984
Barrigada $185K 3Br/2Ba #12-1869
Barrigada $780K 3Br/2Ba #12-1839
Dededo $180K 2Br/3Ba #12-1959
Dededo $199K 3Br/2Ba #12-1945
Mangilao $225K 3Br/2Ba #12-1863
Santa Rita $320K 3Br/3Ba #12-1775
Tamuning $590K 3Br/3Ba #12-1835
Dededo $142K 3Br/2Ba #12-1932
Tamuning $122K 2Br/2Ba #12-474
Tamuning $130K Studio/1Ba #12-817
Sinajana $275K 2Br/2Ba #11-4744
Tamuning $240K 3Br/2Ba #11-4145
Mangilao $250K 3Br/2Ba #12-1568
Dededo $179K 3Br/2Ba #11-3576
Barrigada $430K 4Br/3Ba #12-610
Dededo $235K 3Br/2.5Ba #11-3852
Tamuning $499,999 5Br/4Ba #09-1332
Mangilao $435K 4Br/3Ba #11-3436
Yigo $439K 3Br/3Ba #11-3983
Dededo $220K 3Br/2Ba #11-4763
Dededo $210K 3Br/2Ba #12-300
Dededo $289K 9Br/5Ba #12-443
Inarajan $469K 6Br/3Ba #12-448
Ordot-Chalan Pago $439K 3Br/3Ba #12-532
Tamuning $1,060,000 Multi-Family #12-1955
Hagåtña $1,475,000K Multi-Family #12-413
Liguan, Dededo- 3Br/2Ba - $2,450 - #12-1712 Candelaria Dr., Dededo- 3Br/2Ba - $1,700 - #12-2014
Villa Rosario Condo, Dededo- 3Br/2Ba - $1,000 - #12-1933 Agana Bay Condo, Hagåtña- 3Br/2Ba - $2,500 - #12-1696 Holiday Tower Condo, Sinajana- 2Br/2Ba - $1,950 - #12-1801 Holiday Tower Condo, Sinajana- 3Br/2.5Ba - $2,300 - #12-1825 Tumon Horizon Condo, Tumon - 2Br/1Ba - $1,250 - #12-1764 Tumon Horizon Condo, Tumon - 2Br/1Ba - $1,900 - #12-1973 Ordot-Chalan Pago - 4Br/3Ba - $2,450 - #12-995 San Vitores Terrace, Dededo - 2Br/2Ba - $2,300 - #12-1699 Delmar Condo, Dededo - 2Br/1Ba - $900 - #12-2059 Annas Court, Yigo - 3Br/2Ba - $2,450 - #12-737
Homes & Condos
Kayen Aga Makao, Yigo- 3Br/3Ba - $2,500 - #12-1707
Lada Ave., Dededo - 3Br/2Ba - $1,600 - #12-1193 Pomika Apartments, Tamuning - 2Br/2Ba - $1,000 - #12-1297 Alupang Cove Condo, Tamuning - 2Br/2Ba - $2,450 - #12-1342 Tumon View Condo, Tumon - 2Br/1Ba - $1,000 - #12-1341 Perez Acres, Yigo - 4Br/3Ba - $2,200 - #12-1354 Aspac Industrial Park, Dededo - 5,080sf - $4,000 - #11-94 Ignacio Santos Ct., Dededo - 4Br/2Ba - $1,900 - #12-1389 Windward Hills, Yona - 4Br/3Ba - $1,200 - #12-1414 Pacific Golden Villa, Dededo - 5Br/4Ba - $2,200 - #12-1535 Agana Beach Condo, Tamuning - 3Br/3Ba - $2,850 - #12-1675
LAND Route 16, Barrigada - 4,171sm - $475K - #12-1705 Route 3, Dededo - 10,201sm - $1,020,100 - #11-3662 East Gayinero Road, Yigo - 1,417sm - $45K - #12-304 San Antonio St., Barrigada - 3,296sm - $145K - #11-4707
Commercial & Multi-Family
Kayon Dalalai Lot 14-7, Dededo - 1,568sm - $111,328 - #12-866 Chn Castro Lot 5-4, Dededo - 1,858sm - $278,800 - #12-881 Chn PaiPai St., Yigo- 3,760sm - $110K - #11-4085 Off Chn La Chanch, Yigo - 4,021sm - $99,500K - #11-3713 Farenholt Ave., Tamuning- 1,106sm - $276,500 - #10-1443 Rivera Lane, Tumon - 4,016.53sm - $2,008,265 - #06-3020
Piti $349,950 Multi-Family #12-1754
Tamuning $4.8M Commercial #12-458
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