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CONTENTS
Let ter from the Editor Letter from the Editor
Departments 4
Market Report Renovate!
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10
Feature Out with the Old, In with the New!
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Real Estate Spotlight
May 2016 • Vol. 9 • No. 05
Understanding Trusts
P.O. Box 24881 Barrigada, GU 96921 Tel: (671) 472-3495 | Fax: (671) 472-3498 email: office@yellowpagesink.com
and Title Insurance
14
Profile Saran Sachdev Enjoys Meeting New People
[ Publisher ] [ Business Sales Manager ] Jay-R S. Dominguez
[ Editor ] Arlene Taitague Taitingfong
[ Display Advertising ] 16
From the Experts The Importance of a Certificate of Title
John Mendiola Doris Pangelinan Emily Untalan
[ Traffic/Circulation ] Carol Aperocho
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How to D.I.Y. Making New Soap From Scraps
22
Curb Appeal Should Your First Home Be a Fixer-Upper
25
Who Ya Gonna Call?
27
Classifieds
28
Closing
[ Production Manager ] Mark S. Burke
[ Graphics & Layout ] Mark S. Burke Edwin E. Valencia
[ Website Development ] Edwin E. Valencia
[ Editorial Contributors ] John Arroyo Anthony Godwin Jen A. Miller Arlene Taitague Taitingfong Kim Anderson Young
Arlene Taitague Taitingfong
Bueñas everyone! If you have been pondering the thought of doing some work on your home, you will want to read our May issue. This month, we focus on renovations, upgrades and fixer-uppers. Our FEATURE article explains the renovation process. This is a good read if you don’t know where to begin. Anthony Godwin and I share a few guidelines on how to go about this adventure. Saran Sachdev is our PROFILE this month. He is a REALTOR® with RE/MAX Diamond Realty. Find out how he went from wanting to be a financial analyst to jumping into the real estate industry. We get a little history lesson from John Arroyo in his article, “The Importance of a Certificate of Title” in FROM THE EXPERTS. Read how the registration system evolved since the 1800’s into what we use today. Anthony Godwin gives us this month’s MARKET REPORT and shares his thoughts about renovations. Then in Kim Anderson’s “Understanding Trusts and Title Insurance” in REAL ESTATE SPOTLIGHT, she guides us through the process of estate planning. If you have property you want to someday give your children, you will want to read this! GAR President, Deanna Palmer is getting ready for the summer rental season and Peggy Illagas, CEO and Government Affairs Director of GAR, explains the handling process in dealing with ethics complaints and arbitration requests. We would love to hear feedback from you. If you want to share your thoughts or story, please send a message to editor@yellowpagesink.com Until next month, stay safe Guam.
Cover Photo: Mark S. Burke CasaGuam is Published by:
Arlene Taitague Taitingfong
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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Market Repor t
Renovate! lot can happen in twenty years! New inventory comes to market; buyer and tenant expectations change; styles change; features and amenities change.
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How do you meet buyer or tenant expectations with all this change? One option is to renovate/update your property. WHERE DO YOU START? Define your goals by asking yourself “Why am I renovating?” For illustration purposes, we will use a rental property as an example. Do you want to renovate to: 1) increase or maintain occupancy? 2) reposition property to a different market segment? You will need to consider the renovation process as well. This will mean possible renovations to: 1) update systems (such as plumbing, electrical, air conditioning, fire protection, etc), 2) update kitchens, baths, flooring, paint, amenities, and 3) upgrade appliances WHY AM I RENOVATING? A. Increase or maintain occupancy. Why renovate for this reason? Competition is typically the driving force. When a new (or renovated) property enters the marketplace, renters will compare their digs to the new place. The new stuff looks better, includes more modern features, and has the “new place” smell. If the rents are similar and the tenant has no further obligation to their current landlord, then there’s a chance a vacancy might take place. Renovate to maintain or increase occupancy. B. Reposition your property to a different market. Let’s say you own a property in a progressive area. Over time, your older (dated) property has maintained fairly steady occupancy but your rents are below the rents of nearby newer properties. Bringing your property up to the standards of nearby newer properties may enable you to realize a higher rent yield. 4 CasaGuam May 2016
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Market Repor t
Market Snapshot January 1, 2016 through April 21, 2016 By Anthony Godwin
Condominium/TownhomesFor Sale Number Sold: 45 Average Sold Price: $223,583 Average Days on Market: 132 Currently For Sale: 89
Condominium/Apartment/Townhome Rentals Number Rented: 276 Average Monthly Rental: $1,589 Average Days on Market: 56 Currently For Rent: 221 Â
Single Family Home Sales Number Sold: Average Sold Price: Average Days on Market: Currently For Sale:
Single Family Rentals Number Rented: Average Monthly Rental: Average Days on Market: Currently For Rent:
76 $323,926 173 202
193 $2,288 56 153
Disclaimer: All information provided is from the Guam Multiple Listing Service (MLS) for the period January 1, 2016 through August 21, 2016.
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Feature
Out with the Old... In with the New!
By Anthony Godwin & Arlene Taitague Taitingfong
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Feeling like your home needs a facelift? Renovating your home can be manageable if done the right way. A full renovation or even an upgrade to fixtures can increase the value of your property. Be sure to do your research as well as understand what you will be getting into. Renovations can cost a pretty penny, especially if you go with a total renovation. WHERE TO START Enyong Jin, president of JP International Materials, Inc. is very experienced on this topic. Jin has been renovating existing homes, and worked on a wide range of “renovation” projects from a simple upgrade of windows to a complete transformation project on a “fixer upper” home. He is quite talented and has a good eye for design, both for inside and outside the property. He explained that renovating a home takes time and money. Before Jin starts a project, he looks at a few things about the home, and advises others who are interested in renovation to do the same. For those who are looking at purchasing a “fixer upper” home, with the intent of taking the renovation project on themselves, Jin says, “Not everybody can do a fixer upper. It can be a huge headache to take on, plus, you need to have a sense of style to pull it off successfully. It is not suggested that an unexperienced person attempt to do a ‘fixer upper’ project on their own.” One of the first things you will need to look at is the structural integrity of the house. Is it able to handle the upgrades you plan? This is something to consider, especially if you have a home that is very old. You may want to break down a wall to enlarge a room, but if the structure of the home is in such a state that it will not be able to withstand the process, you will have problems.
Before Renovation- Front 8 CasaGuam May 2016
Before Renovation Back
Jin also looks at the electrical and plumbing conditions of the home. Many older homes will likely need upgrades in order to accommodate the newer appliances and additional outlets. Some may need to have the pipes changed out due to wear and tear, or the need for better water delivery or sewage disposal. Jin shares a list of items to change out or upgrade in the order of importance. This is a great list if you plan to work on your home in smaller, more manageable increments. 1. Electrical And Plumbing 2. Windows And Doors 3. Kitchen 4. Bathroom 5. Living Area Tiles 6. Paint (Interior And Exterior) 7. Roof Coating
THE RENOVATION PROCESS A. Property Condition The depth of your renovation will determine the costs. Consider the reason you want to renovate, then take a step back and take a hard close look at your property. Make a list of items to consider for the renovation. Are your baths and kitchens out of date? Is it time to change out flooring? Don’t forget to look at electrical outlets, wall switches and fixtures. These may need to be changed or you may need to add more convenience outlets. People have more things to plug in these days. How about air conditioning systems? Seek energy efficient units. How about fire protection equipment such as smoke detectors? Nearly all renovations will incorporate a fresh coat of paint. Color schemes are important and give a property better curb appeal.
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Feature
Bath After
Bath Before
If the property is a rental, take a look at the competition as you consider your renovation project. Look at newer properties in your target price range. New and renovated places rent faster and usually for higher average rents! B. Items to consider as you PLAN your renovation! After you have put your renovation list together, do some homework! Search online or in design magazines for ideas for your renovation project. Talk to your real estate agent or contact a design professional. PLAN! It would be best if you put together a renovation book. Include photographs and product information (including pricing) of the items that you want to include in your renovation. For example, the “kitchen” section of your
renovation book would include items such as kitchen cabinetry, counter tops, ceiling and under-cabinet light fixtures, backsplash material, outlet and wall switches, floor covering, paint color, and the list can go on. Details are important. Also, don’t forget to include appliances. TIP: Ask the cabinet supplier if they can put together a kitchen plan for you. They will need to visit your property and therefore may charge a fee for this service. Once the drawing is complete, the supplier will be able to provide you with a quote for the cabinet & hardware style that you selected. Next, put together a scope of work, incorporating the items from your renovation book. Obtain proposals from contractors that have VERIFIED experience in the project that you would like to undertake. As you review your proposals, you may need to adjust your scope of work or substitute items to meet your budget. You might need to re-bid
your project a few times as you refine your requirements. TIPS: Make sure you include project deadlines as part of your scope of work. Order out-of-stock items in advance of your project. Be prepared to substitute items that are out of production. If you really want your renovation to “upgrade” the property, look into the latest materials on the market. There are so many choices available and if you are going to change out something, I suggest you go for the quality items. It will last longer and most likely have other features you will enjoy. Lastly, be clear in your construction agreement about items that are owner supplied and contractor supplied. Once you have an agreement in place with your contractor, it’s time to renovate! Make sure you check in on the site from time to time during this period. Take “before” and “after” shots of the house. It may not be smooth sailing during the project, so exercise patience. The outcome of your project will be quite rewarding.
Finished Renovation – Back Corner
EDITOR’S NOTE: All photos were provided courtesy of Mr. Enyong Jin, who performed the renovations. Materials used were from JP Marketing International, Inc.
Finished Renovation – Street View CasaGuam.com 9
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On The Cover
Dededo Delight rand new and affordable 3BD/2BA home in Sagan Linayan, Dededo with a total area of 1,464 square feet. Solid concrete construction. The home includes hardwood cabinets, granite countertops in the kitchen and bathrooms, carport and porch, a walk-in closet in the master bedroom, and ceramic tiles all with a quality finish!
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Real Estate Spotlight
Understanding Trusts and Title Insurance
By Kim Anderson Young
So you have finally taken the big step and formed a trust in order to avoid your heirs having to probate your estate and pay excess inheritance taxes when you move on to greener pastures! Good for you!
Remember, though, a trust is not a stagnant entity; the care and feeding of it is your responsibility! It needs to be continuously updated and properly managed to ensure it is the tool it is designed to be.
The next important step is to transfer all of your assets into your trust. This is calling “funding” the trust and without taking this step, all your hard work and good intentions may be wasted. Your trust attorney and/or tax accountant may recommend that you conduct a title search of any property that you own; if you own multiple properties, a title company can perform an asset search to make sure no property is left out! The title report will reveal the current exact ownership and legal descriptions of your property, and will provide accuracy for the transfer from the current ownership into the ownership of your trust. If you own property in your name (or as community property), transferring title to your trust is an easy step involving just a simple quitclaim deed or deed of gift. Your trust attorney and accountant will walk you through this step, providing the necessary documentation. To ensure that your title insurance remains in full force and effect, a title company can assist in the process. They will take care of recording the deeds and will provide an inexpensive endorsement to your title insurance policy that will extend the coverage from your individual names to your trust. Remember these four steps: 1. Counsel will draw your Trust 2. A title company will provide current title reports for property legal descriptions and vesting. 3. Counsel will deed properties into your trust, called “funding the trust.” 4. The title company will record the funding deeds and provide endorsements to your title insurance coverage. Trusts are becoming a very common estate-planning tool, and not just for the very wealthy. Not only do they minimize inheritance taxes and avoid probate, they can be used to care for the health, education and welfare of minor children, or incapacitated family members when you are no longer there to care for them. 12 CasaGuam May 2016
About the Author Kim Anderson Young, president of Security Title, has over 30 years of experience in the real estate industry. Contact her at kim®securitytitle.net or 647-8100.
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Profile
Sachdev Enjoys Meeting New People
By Arlene Taitague Taitingfong
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Saran Sachdev REALTOR® RE/MAX DIAMOND REALTY
because you are competing against other real estate agents who are trying to sell themselves, just in the same way you are. It is a tough industry to get into and having a foundation makes it easier.” Sachdev likes CasaGuam magazine because it features articles from experienced real estate professionals on topics from loan programs to DIY projects. He added, “It is the only real estate-focused magazine on Guam.” When he is not working, Sachdev likes to dabble in his hobby. “I like to actually collect shoes. It’s a hobby of mine that I just started up again” He is also a huge sports fan and enjoys watching football, basketball and soccer. He does squeeze in some reading time and likes non-fiction books.
[CasaGuam] is the only real estatefocused magazine on Guam.
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My first contact with Saran Sachdev was when he featured a property for the front cover of our April 2016 issue. He was able to sell the home very quickly. I found him to be articulate and confident, so it was strange when he shared that there was a period of time when he had his doubts about getting into the real estate industry. Now, he enjoys meeting new people and the flexibility of his schedule. Sachdev wanted to be a Financial Analyst when he graduated from the University of San Diego with a bachelor’s degree in Finance. He was looking for a full time job in his field, but landed a position with a financial services/real estate investment company. His main duty was to find properties that were inexpensive and profitable. He did this for a few months, only to put it on the “back burner” when he found a full time position “almost” in his line of work via an accounting position. He still helped a few clients in finding homes, but it wasn't his main focus at the time. Fast forward to 2012 when Sachdev returned to Guam. “My parents wanted to me to start in real estate and try to make a business out of it. I did the classes and got my license. I didn’t even do real estate full-time after that. It took me another 16 months to realize this was going to be my career. I had helped a few clients, but I felt I couldn’t be successful at this,” he said. There were many questions about survival and succeeding running through his head. Meanwhile, he decided to work for Quality Distributors. “It was fun, but the grind of a 9-5 job. . . I wasn’t feeling it.” In February 2014, he planned to get his Master’s degree off island, but something changed. “I took the leap of faith and jumped on board full time [into the real estate industry]. It was difficult for the first 6-8 months; barely surviving or making transactions happen.” Eventually, things progressed as he gained experience. “I felt like real estate was fun! Each day is different and can lead to something exciting! This is what real estate is about,” said Sachdev, who has been in the business for four years now. Aside from having the opportunity to meet people from different walks of like, he reported, “No two days are the same. I can be doing a home inspection, or giving the keys to a client because they just closed on their dream home. Another thing I like about this career is that I have my own schedule. There are days where I can be working 8-10 hours and other times where it’s just a few hours. I do enjoy the flexibility of my schedule.” If you are interested in getting into this line of work, Sachdev advises, “Learn as much as you can from your real estate broker and [you need] to have patience. Patience is key to being in real estate
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From the Experts
The Importance of a Certificate of Title
By John Arroyo
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Why is a Certificate of Title so important? To answer that question, we need to first talk about a system used to register merchant vessels in the United Kingdom, and a gentleman by the name of Robert Torrens. Back in the days when communities were tightly knit, those who owned property were widely known. When land was sold, buyers could rely heavily on the word of the seller that title would pass free and clear. As land transactions increased, and as commerce found other ways to use land, ownership and claims against title became increasingly difficult to determine. In many instances, official records were not kept or updated or centrally located which also added to the problem. It was common for buyers to hire attorneys to research land title before a purchase was made. This was time consuming, expensive and not always reliable, because to the dismay of many, attorneys can make mistakes. In the 1800’s, the English Merchants’ Shipping Law required ships to be officially documented in a registry that was kept at the Custom House in London. Each ship’s registration was recorded on a separate page. The page listed the name of the ship, its description, and the name of the owner. Liens and encumbrances would also be recorded on the page, and updated when they were released or new ones added. As proof of ownership, a copy of the page, in the form of a certificate, was given to the owner. Only one certificate could be outstanding at any time. When the ship was sold, the certificate was assigned and taken to the registry office. At this point, the old certificate was canceled, the old registry page was closed, and a new one opened and a new certificate was issued to the new owner. This registration system made it easier to reliably examine the condition of a ship since the registry was centrally located, and the ship’s record was maintained by the government. It facilitated buying and selling and did not require the services of an attorney. Robert Torrens was a Land Commissioner in Australia in 1858. He created what is known today as the Torrens Land Registration which is a land registration system based on the English ship registration law. Torrens’ system of land registration became law in South Australia in 1858 and is used today in many jurisdictions throughout the United States. Our land laws were adopted in 1933 under Captain Edmund S. Root, the US Naval governor of Guam at the time, and were based entirely on California law. California used the Torrens Land Registration system and so it also became the system used on Guam. 16 CasaGuam May 2016
Registering land on Guam begins with filing a petition with the Superior Court. It ends with the land being recorded in a “book” called the Register of Title which is kept at the Department of Land Management, along with the issuance of an original Certificate of Title for government records, and at least one duplicate for the property owner(s). Only one Certificate of Title can be outstanding at a time. As registered land is bought and sold, a new Certificate of Title is issued to the new owner and the previous one cancelled. So why is a Certificate of Title so important? For at least three very important theoretical reasons. First, Guam law says that the Certificate of Title is conclusive evidence that the named holder of the certificate is the rightful owner and has good and valid title to the land. Second, the law also says that all liens and encumbrances are binding upon the registered owner of the property when they are memorialized on the Certificate of Title. Third, examining property title could be accomplished simply by examining the Certificate of Title. Note the intentional use of the word “theoretical” in the preceding paragraph - the system is not fail proof. It works great if all its rules and regulations are followed, but becomes unreliable if that breaks down. We have problems with certificates of titles on Guam, so until things change, the best way to protect your property title is to get title insurance.
About the Author: John Arroyo is the General Manager of Title Guaranty of Guam. He is a member of the Guam Land Use Commission and has been a financial institution executive and lender for over 25 years.
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H o w To D . I . Y.
Making New Soap From Scraps What kind of body soap do you use? My family uses soap bars - except me. I fancy the liquid soap. My husband and his two teenage boys go through a lot of soap! It recently dawned on me that I throw away a lot of slivers of soap, many of which are still of usable size. A few days ago, I pondered how to get the most out of the dwindled bars (as I am not a fan of waste). I wanted to know how I could still use the scraps, instead of throwing them out. I went on PINTEREST and found this DIY on how to reuse soap scraps. Attribution: blog.welikemakingourownstuff.com; April 3, 2013
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RECYCLED SOAP CRAP BARS RECIPE
By Arlene Taitague Taitingfong
3. Place the chopped soap scraps in a sauce pan and pour in the liquid. Allow the scraps to soak in the liquid overnight. 4. The next day, heat the scraps over very low heat until they melt, gently stirring on occasion. Once your soap melts, it may range in consistency from mashed potatoes to custard. It's better that your soap is very thick rather than too thin and watery. Watery soap will end up full of air bubbles and be misshapen. Don't worry if you can't get every last piece of soap to melt. The specks of different colors in the soap give it a nice look.
1. Grate or finely chop soap scraps. Measure the amount you end up with (in cups).
5. While the soap is melting on the stove, gather your molds. You can use molds made for soap, or you can get creative and use what you have around the house - milk cartons, small sour cream containers, or PVC pipes are just some examples of things that can be upcycled into soap molds. Any small plastic or sturdy paper container will do.
2. For every cup of soap scraps, you will need 6 tablespoons of liquid. You can use plain water as your liquid or, as shown, you can make an herbal infusion to use as your liquid.
If you'd like, sprinkle a layer of herbs in the bottom of your mold for a nice addition to your soap. Pour the melted soap scraps into your molds, about one to two inches high.
Ingredients: • Soap scraps • Water • Herbs (optional)
6. Allow the soap to cool and harden in the molds for a day or two. Then, remove the soap from the molds to continue drying. If you have any difficulty removing the soap from its mold, place it in the freezer for several hours. Once frozen, the soap should pop out. 7. Allow the soap to dry in a well-ventilated area for several days, turning occasionally. To make an herbal infusion, simply add 1 cup (8 ounces) of boiling water to 1 tablespoon of the herb/s of your choice. Cover and allow to steep for 15 minutes, then strain herbs out. Good herb choices include lavender, calendula, peppermint, rose petals, and chamomile. 18 CasaGuam May 2016
Start collecting the scraps! Reusing your soap will stretch your dollar and eliminate the waste in discarding the leftover bars. Plus, it will make for great conversation, and who knows, maybe become a new hobby or yours.
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Curb Appeal
Should Your First Home Be a Fixer-Upper?
By Jen A. Miller; www.bobvila.com
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Houses needing a little TLC might seem like a bargain, especially for your first home, but are you the person to give that house an overhaul? Find out whether or not you should strap on the tool belt. Mark Brock is a fan of fixer-uppers. He bought his first in the mid-seventies, a circa-1935 house in Columbia, SC, that was rich in history but short on modern conveniences. “Very little had been done to it, but it was in good shape and structurally sound,” he says. It turned out to be a good investment of time, money, and sweat equity. It takes a certain mind-set — and budget — to see the project through, and a slow market is also making more of those handyman’s specials available and attractively priced. How can you tell if a house is a diamond in the rough worth excavating? It has to do with the actual house —and with you. Here are some considerations to make when you’re thinking of buying a fixer-upper.
Is the Problem Cosmetic or Structural? Cosmetic fixes are those that would make a house prettier, like replacing unattractive awnings or painting or landscaping — “things that won’t cost a lot of money and won’t require a lot of contractors,” says Ilona Bray, author of Nolo’s Essential Guide to Buying Your First Home. You’re more likely to find these kinds of homes now, too. But if the problem is structural, you might want to pass, especially if you’re new to home repair. Fixing it will it be expensive and possibly time consuming but the issue at hand could be a sign that the house is not in good shape. Structural problems would involve anything that requires a contractor or knocking down walls, like trouble with the foundation, termites, or plumbing. These are things that should be found on a home inspection, which generally happens after you’ve made your bid and before closing on the house. If any structural issues are found on that inspection, think seriously about whether or not the home is going to be worth the extra cost. Do You Have the Time? If you’re the kind of person who wants to go to the gym after 22 CasaGuam May 2016
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Curb Appeal work and wants your weekends free to go to the movies, then you’re not a candidate for a fixer-upper. Fixer-uppers are time drains, and they disrupt your life. But if you have an alternate place to stay while the work is being done or can continue to rent and pay the mortgage on a new place, the disruption won’t be a big issue. Of course, if you’re a DIY diehard and love the process of turning one thing into another, then the disruption might not bother you as much as someone who likes things neat and clean and finished. If you’re hiring a contractor, you also need time to do some research before asking for bids. That way, you’ll have a better idea of what things should cost when calling a contractor and which contractor in your area is the best person to use. Realtors often get involved in fixing houses they’re trying to sell, so real estate agent might be a good source for candidates. Get at least three estimates for any work you’ll need done, ask for references, and if possible go and see examples of their work. You can also ask your neighbors who they used and what they thought of the work.
If you’re single and still want to fix up an older home, make sure you have a network of helpers and never do the work by yourself. “The other person’s perspective is invaluable in figuring the best way to attack and complete a project, and by using a checksand-balances system you ensure you’re not skipping steps and you’re using the right material — and you’re just getting some help getting the job done,” says Jennifer Musselman, author of Own It! The Ups and Downs of Homebuying for Women Who Go It Alone. “If you’re fortunate to have handy family members or friends, definitely enlist their help. Just make sure to enlist the help of people you trust and know their level of experience and expertise in what you’re asking them to do. Nothing could start a family feud faster than getting free help and someone accidentally breaks something or does something wrong.” The one thing you want to make sure you don’t do, whether you’re single or not, is to watch the myriad of renovations shows on television and think that those dramatic and quick transformations will be your experience. Remember, that’s not really reality TV, and you might end up a disaster episode. But if you plan ahead with your time, money, and resources, your handyman’s special could be more than worth it.
Do You Have the Money? If you pooled every last penny for that down payment, you’re not going to have much left over for home renovations, so you might be better off buying a house that’s liveable as is. But if you have money set aside for repairs or you plan on taking out a loan, make sure you get an accurate estimate and then add another 20 percent on top of that. If you’re doing everything with borrowed money with no margin for error, think again. There will be extra expenses no matter how carefully you plan. And don’t forget to factor in those extras that pop up when you’re living in a disrupted space: child care, dog care, takeout, and days missed from work because you have to be at home when the contractor is there. Expect some things to go awry and when you’re budgeting for you fixer-upper, face the fact that at some point you’ll probably need to call in an expert How Solid Is Your Relationship? Buying a house is a stressful experience. Throwing a renovation on top of that, especially for a lot of first-time buyers, isn’t always ideal. “A lot of people move into houses soon after they’ve entered a long-term relationship,” says Bray. “That can be tough on a relationship if you’re trying to figure out these difficult things that have big implications for your finances and how you want to spend your life.” CasaGuam.com 23
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W h o Ya G o n n a C a l l ?
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Classifieds Commercial Rentals
Piti
Chalan Pago
Land for Sale
Hagåtña
2BR, Ocean view! Across the beach! Close to Port, Naval Station, Polaris, & Stores. Max two tenants. $650 (Price does not include utilities) Call 649-8265 or 727-8265.
Pago Bay, Newly Built Home for Sale by Developer. Starting from $525,000. New subdivision, 2 story home, high ceilings, 3BD/3BA, 2 living rooms, dining room. Ocean & mountain views.
Agana Heights Lovely 1,640 +/- sm parcel fronting Chalan Macajna. R-2 zoned. Includes 2 lots. Close to the Firary. Rare opportunity. $169,500. Call Anthony at 688-8198.
Sinajana
Dededo
Agat
3BD/2BA home. Fully fenced. Price reduced. $305K. Call Ellen’s Realty at 647-0888 for more details!
14,221 SqMtrs. Fairly level. $711,050. Call 649-2121 for more details.
Commercial space for rent. 1,792 square feet. $3,500/month. Call Ellen’s Realty at 647-0888 for more details!
Tamuning 5 contiguous spaces available right on Guam’s busiest intersection! Highly visible, ample parking, backup generator.
Holiday Tower Condo - 2BD/2BA. Corner unit. Ocean & island views. Upscale & upgraded kitchen w/ extra counter space & stainless appliances. $2,205/mo. Call Sandy @ 687-6006.
$1,312.50/mo each. Call Sandy at 687-6006.
Yigo Northpoint Commercial Complex Space for Rent. $1.80 per square foot, $0.60 per square foot for common fee.
Merizo Santa Rita
Tamuning 4BD/2BA centrally located home for rent, along Carlos Heights. Tumon is closeby. Call Lolita @ 688-6743 or 479-8891 for more details.
4BD/3BA upgraded home. Fully fenced. Minutes away from Naval Station. $310K. Call Lolita at 479-8891 or 688-6743.
Talofofo
Call Rowena at 483-4317.
Tumon
Residential Rentals Barrigada 4BD/2BAHome . Central living close to the airport, schools and shopping areas.
Tecio Tumon Villa - Awesome 3BD/2BA unit in the heart of Pleasure Island. Walking distance to beaches, dining, shopping & more! $2,600/mo. Call Janet @ 687-1841.
$2,700/mo. Call Lolita at 479-8891 or 688-6743.
Tumon Horizon Condo - 2BD/1BA. Fully renovated & furnished. Water included. Call Weiwei @ 777-0688.
Dededo
Large 3BD/3BA home. Includes 25K generator, 650 gal water tank. $360K. Call Dennis at 727-3815.
Tamuning Oka Tower Condo. 2BD/2BA 1st floor unit. Superb amenities. $298K. Call Sandy at 687-6006.
3BD/2BA home for rent. $1,980/mo.
4BD/2BA Home. Peaceful and safe environment. Breezy and airy location. $1,500/mo. Call Lolita at 479-8891 or 688-6743.
Fully renovated. Fenced & gated. Call Loisa @ 727-6880.
Ordot-Chalan Pago Peaceful and serene 4BD/2BA home. 1,922+/-sf of living space. Upgrade master suite. 3-car covered car port. Call Suzanne @ 482-6426.
880+/- square meter land in a great central location and immediately available to build. Quiet neighborhood but close to central shopping and business areas. $65K. Call Flora @ 727-2955.
Piti 24,173+/- square meter lot with partial ocean view for agriculture or developers. Close to Harbor, Port Authority & Naval Base. $846,055. Negotiable. Call Flora @ 727-2955.
Talofofo
Yona
for more details!
Ordot-Chalan Pago
Tumon
5BD/5.5BA home. $4,800/mo. Call Ellen’s Realty @ 647-0888
Almost one acre lot ready for farming or dream home in quiet but lush area. $44K. Call Flora @ 727-2955.
Tumon Condo. 3BD/2BA. Great location close to restaurants, shopping areas, and minutes away from beaches. Grea investment. $150K. Call Karen @ 988-1883.
Residential Sales
Yigo
Barrigada
3BD/2BA Home, gated, storm shutters, split A/C, backup generator. $195,000. Call 688-8276 or 653-5679.
4BD/5BA modern home with spacious living area. Includes executive master bath with jacuzzi. Lot +/- 969 square meters. Price dropped to $508K! Call Karen at 988-1883..
Wonderful 2BD/2.5BA home. 1,714 +/- sf living space. Fully fenced. $321K. Call Suzanne at 482-6426.
929+/- square meter land for sale. Quarter acre lot, rectangular in shape. $57,400. Call Lolita @ 688-6743 or 479-8891 for more details.
Yigo 2,787+/- square meter land in the midst of quiet ambiance. Almost 3/4 acre lot just outside the back gate of AAFB. $105K. Negotiable. Call Flora @ 727-2955.
Yona One of seven lots and could become a developer’s dream. Located in the heart of Pulantat, Yona. 1,858+/- square meters. $50K. Call Flora @ 727-2955.
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Closing
Message from the President Deanna Palmer 2016 President Guam Association of REALTORS®
Are you ready for Summer Real Estate Business? Inventories are low and demand will be seasonably high. It is May 2016 ALREADY and the summer rental season is here. This time of year, there will be people moving on and off island, either through the Military or other employment contracts that are ending. Also, people move after the school year ends and this year it will be ending in May for the public schools on Guam. Owners of rental properties will need to get their properties ready for the next tenant. At the same time, they will be listing the properties with a REALTOR® of the Guam Realtors® Association, and the properties will be in the Multiple Listing Service (MLS) on many websites. The REALTORS® will work with the Owner to recommend improvements and also discuss the market value of the property for rental income. Owners will be listing the property for sale, as well. Again, summer is a busy real estate selling time. Just as with rentals, people want to purchase and get moved into their new home before the school year starts again. The median purchase prices for both Single Family Homes and Condominiums have increased already for the first quarter of 2016 (See data on page 4 of the Market Report. Interest rates are great. And there is a new proposed Bill in the Guam Legislature to give the Escheated Funds from the dormant savings accounts to Guam Housing Corporation to fund the first time buyer grant program. BEWARE. Some listings on www.Craiglist.com are not egitimate! Call a REALTOR® to provide you with correct information and guide you through the Real Estate process.
GUAM ASSOCIATION OF REALTORS®
The Voice for Real Estate on Guam Suite 236A Julale Center 424 West O'Brien Drive, Hagatna, Guam 96910
Office: (671) 477-4271 • Fax: (671) 477-4275 28 CasaGuam May 2016
Message from the Chief Executive Officer and Government Affairs Director Peggy Araullo Llagas Guam Association of REALTORS®
Ethics Complaints, Arbitration Requests and Related Information REALTORS® are different from non-member licensees in that they voluntarily subscribe to a strict Code of Ethics. If you believe that a REALTOR® has violated one or more Articles of the Code of Ethics, you can file an ethics complaint alleging a violation(s) through the local association of REALTORS® where the REALTOR® holds membership. In addition, REALTORS® agree as a condition of membership to arbitrate contractual disputes and specific noncontractual disputes as provided for in Article 17 of the NAR Code of Ethics. Many difficulties between real estate professionals (whether REALTORS® or not) result from misunderstanding, miscommunication, or lack of adequate communication. If you have a problem with a real estate professional, you may want to speak with them or with a principal broker in the firm. If, after discussing matters, you are still not satisfied, you may call the Guam Association of REALTORS®. In addition to processing formal ethics or arbitration complaints against a REALTOR®, the association offers informal dispute resolving processes (e.g. ombudsmen, mediation, etc.). Often, parties are more satisfied with informal dispute resolution processes, as they are quicker, less costly, and often help repair damaged relationships. If, after considering the above steps, you still feel you have a grievance, you may consider filing an official complaint with the Guam Association of REALTORS®. You will want to keep in mind that... • Only REALTORS® and REALTOR-ASSOCIATE®s are subject to the Code of Ethics of the National Association of REALTORS®. • The Guam Associations of REALTORS® determines whether the Code of Ethics has been violated, not whether the law or real estate regulations have been broken. Those decisions can only be made by the licensing authorities or the courts. • Boards of REALTORS® can discipline REALTORS® for violating the Code of Ethics. Typical forms of discipline include attendance at courses and seminars designed to increase REALTORS®' understanding of the ethical duties or other responsibilities of real estate professionals. Additional examples of authorized discipline are a letter of reprimand and appropriate fines. For serious or repeated violations, a REALTOR®’s membership can be suspended or terminated. • Grievance complaints must be filed with the Guam Association of REALTORS® within one hundred eighty (180) days from the time a complainant knew (or reasonably should have known) that potentially unethical conduct took place (unless the Board’s informal dispute resolution processes are invoked in which case the filing deadline will momentarily be suspended). • Your complaint should include a narrative description of the circumstances that lead you to believe that one of the 17 Articles of the Code of Ethics may have been violated and your complaint must cite one or more of the Articles of the Code of Ethics. • Technical assistance in preparing a complaint in proper form and with proper content may be provided. Ask if your agent is a REALTOR®. A member of the Guam Association of REALTORS® who shall remain your leading advocate for promoting and protecting homeownership on Guam. Visit our website at www.guamrealtors.com.
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