Real Estate Journal - October 15, 2018

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OCTOBER 15, 2018 ISSUE | REJGUAM.COM 

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Properties to love

Southern sanctuary The right stuff Lighten up

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Home grown A cut above the rest

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Need to know Inside out

t INDEX PROPERTIES TO LOVE....................................................5 THE RIGHT STUFF...........................................................6 HOME GROWN.................................................................8 THE DOCTOR IS IN.........................................................12 MARKET WATCH............................................................14 NEED TO KNOW.............................................................16

This full family home down south is the perfect combination of modern living and a quiet retreat.

Photo by Steven Graff

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PROPERTIES TO LOVE

THE REAL ESTATE JOURNAL

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THE SKINNY 309 UMANG AGAT $935,000 Inside • 4 bedrooms, plus office/ den • 3 full bathrooms • Chef’s kitchen with high-end, stainless steel appliances • 3,350 square feet of living space Outside • Recent construction, built in 2010 • Large, covered deck off the kitchen • Back-up generator, plus 1,000 gallon-tank of treated backup water What’s cool • Sweeping views of the ocean and mountains • Energy-efficient house with roof-top solar panels ($15-$20 monthly power bill) • Liquid petroleum gas stove, water heater and generator • Two-car garage How to make this your own (quickly) Contact: Deanna Palmer, Associate Broker RE/MAX Diamond Realty Office Call: 688-2855 Email: dpalmer@remaxguam.com

A large, covered deck off the kitchen boasts sweeping views of the ocean and mountains.

The chef’s kitchen comes equipped with high-end, stainless steel appliances for cooking and entertaining.

3,350 square feet of living space makes room for large families or plentiful guests to enjoy time at this home.

Photos by Steven Graff

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THE RIGHT STUFF | LIGHTING

THE REAL ESTATE JOURNAL

Lighten up Next time you’re thinking about freshening up the place, don’t look around to see what changes you can make. Look up.

Replacing old lighting is a simple transformation to your home’s interior that can make a big impact at a low cost. A sleek pendant or rustic chandelier can leave living rooms, bathrooms and kitchens feeling updated and brighter than before.

Today’s customers gravitate toward modern styles, said Art Pangelman, an electrical sales associate at Benson. One popular trend these days is industrial lights.

Industrial fixtures have a black iron or silver metal finish and come in different geometric shapes and sizes. Some are single, while others have three or more pendants hanging on a wire from a ceiling mount. They give a space that industrial, worn-in and loft feel.

The lantern-style pendant is another popular choice that’s often paired with a wooden table to create a farmhouse effect. They make sconces in this style, too.

Those looking for something with a little more presence and luxe can opt for a “statement” chandelier. Home Depot and Benson sell everything from midcentury modern to crystals and even a more traditional type with the fixtures that face upward.

These are styles that can last for

Industrial fixtures give any space a modern, worn-in loft feeling.

continued on page 7

Black iron or metal finish are popular in a variety of geometric shapes and sizes.

Photos by Steven Graff

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THE RIGHT STUFF | LIGHTING

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continued from page 6 years and still not lose their appeal.

Nor have the flush-mount ceiling lamps. They’re practical but stylish and won’t cost you as much.

“It’s not only cheaper, but the size is suitable to light the living room or the dining room,” Pangelman said. They also come in various shapes and designs, ranging from very basic to extremely ornate.

Budget-conscious buyers will appreciate the pricing: lights cost as little as $15 to as much as $200 or potentially more.

While lighting goes in and out of style, one thing that’s here to stay is energy efficiency. Many customers are after cost savings, so they buy LED light bulbs.

“They’re power savers,” said Bong Gallega, a sales associate from Guam Home Center.

It’s all about the math. For example, if you’re using four 60watt LED bulbs in a ceiling light for five hours a day, you can save $75 a year, according to Phillips website.

Daylight or “white” LED bulbs have been a big seller for homeowners and renters because it gives off more natural-looking light, Gallega said.

To find a style that suits your taste, browse the lighting aisles at home improvement stores. You may just get a bright idea. p

Statement chandeliers, large or small, can add luxe to a room using crystals or other fun accessories.

Flush mount ceiling lamps are practical and stylish.

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HOME GROWN | EXTERIOR PL ANTS

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Crotons are “sun worshipper” plants that also sprout a splash of color.

Photos by Steven Graff

A cut above the rest One of the easiest ways to elevate a balcony’s look is to add plants and flowers. You just need to choose wisely.

Balconies on Guam can take a real beating from above, so if yours gets a lot of direct light buy “sun worshipper plants” like the areca palm or bromeliads and crotons, if you want a splash of color. They’re tough plants that require little to no attention after they’ve been potted

and adapted to their new homes, said Karlyn Geisendorser, a sales associate at the Guam Plant Nursery in Barrigada.

Just water every other day for the first few days and ensure they’re in a place where rain hits. They also do well at the foot of a tree.

The elegant but easy dendrobium orchid is another good option. “They like to be neglected,” Geisendorser said. “They are low

maintenance.” You’ll often see these white and purple beauties mounted to the sides of trees, she added.

They love the humidity and direct morning sunlight.

If your space doesn’t bake in the sun all day, go for a lady palm, the cornstalk plant or a tropical hibiscus to decorate. Succulents and the snake plant create a warm oasis, too. They all soak up bright — but not direct — light.

Make sure to water these plants once a week, even though they’re outside, said Kim KJ, owner of Joy Flowers in Upper Tumon. Because you never know which way the wind and rain will be blowing that week.

And if you want to spruce up an exterior wall or landscaping of a home, consider the resilient creeping fig. “As long as you don’t mind it taking over,” Geisendorser said. p

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Resilient options such as the creeping fig are perfect for covering walls and fences.

HOMEGROWN | EXTERIOR PL ANTS

Mexican Petunias offer both dark greenery and blue or purple flowers that each last about one day.

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Even if accessible to rain, be sure to water balcony plants at least once a week to ensure they get enough hydration.

Photos by Steven Graff

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THE DOCTOR IS IN | ROOF COATING

THE REAL ESTATE JOURNAL

A roof over your head With Typhoon Mangkhut over, now’s a good time to check out the condition of your roof. See any cracks, peels or damage? It may need a fresh coat of paint. Perhaps it’s just been too long and the material is eroding or it’s a newly built house in need of its first coating.

Whatever it may be, here’s a doit-yourself guide on how to protect your roof against potential future water leaks and the elements.

Roofs crack because of thermal cycling — when it’s hot the roof expands and when it’s cool it contracts — as well as seismic activity and house settling, which can lead to leaks if not properly sealed.

“There are two functions of roof coating: to protect and to cool, especially here on Guam,” said Ken Limtiaco, director of sales and marketing at Pacific Rainbow Inc., a Sherwin-Williams distributor.

“Because roofs are primarily

concrete, you want to protect from water intrusion into the slab because of the rebar that’s in there. Once that moisture gets in, the rebar starts to rust. [That] will start to expand and crack the roof, where you have bits of concrete falling apart.”

Elastomeric roof coatings are applied like paint but contain more solids, which give them more flexibility and durability. There are two main types: acrylic and silicone.

Acrylics are highly flexible and made up of water-based ingredients.

They’re also cheaper than silicone, costing between $85 and $165 for a five-gallon bucket. Silicone, on the other hand, is solvent-based and made of more solids — making it highly resistant to ponding water — and pricier at an average of $240 for five gallons. However, you’ll need less silicone to do the job because it’s thicker.

It’s best to ask a representative at the store what type of coating works for your roof, but aim to use the same coating as before. And consider what the roof will be used

for. Will there be a deck? Or is it off limits? Know that silicone gets very slippery when wet.

“Surface prep is always the most important for any coating,” Limtiaco said. “Make sure it’s clean and dry.”

Very dry, in fact. You don’t want moisture because it will lead to blisters or bubbles, and compromise the coating’s integrity. So pick a sunny day.

If it’s a new home, make sure the concrete is cured before you move forward, said Jun Quintanilla, department supervisor for lumber and building materials at Home Depot.

Next, measure the square footage of the roof to determine how much material you will need. It all depends on what type you are using and how thick you want the coating to be.

Thicker is always better, especially for acrylic. Less than one bucket of silicone, for example, covers about 500 square feet on a flat roof.

If you’re using an acrylic coating, experts recommend a primer to protect the roof from water. Silicone

doesn’t necessarily need it because it’s both a coolant and waterproof.

Also, remember since coatings reflect the sun, the whiter the coating, the cooler the house will be.

Silicone is glossier than acrylic.

To apply, use a thick paint roller or a spreader, which is a rectangular bucket attached to a large roller that you push to apply the coating.

That tool cuts the project time down considerably.

Acrylic takes about 10 to 12 hours to dry. Silicone takes two. But you shouldn’t get a coating wet for at least 48 hours, Quintanilla said.

Acrylic lasts about five years before you need to recoat, whereas silicone can last twice that or more.

Even then, a silicone recoat is mostly to regain the whiteness rather than maintain the waterproofness.

“Hose down regularly to keep it clean and scrub it down for maintenance,” Quintanilla said. “It will extend the life.” p

The materials needed for roof coating depends on what type of coating you are using and how thick you want the coating to be.

This Super Spreader can cover more than 400 square feet with roof coating in one minute.

Elastomeric roof coatings are applied like paint and come in acrylic or silicone.

Photos by Steven Graff

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MARKET WATC H

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Ensuring your home’s insurance

BY DAVID E. SILVA What’s happening in the insurance market? Recently a customer called to ask why the premium on his home insurance went up — when he “hadn’t made any claims.”

“We’re starting to see insurance pricing rise for certain categories of risk,” I told him. “The wholesale cost of insurance is going up and is starting to reach consumers.”

This question isn’t uncommon, but the response is usually followed by “but why?” Perhaps we should start with what drives home insurance premiums. Natural catastrophe exposures, specifically typhoon and earthquake rates, make up most of your property insurance premiums — up to 70%

in some cases.

Prior to Typhoons Dolphin and Soudelor in 2015, the region hadn’t experienced much threatening storm activity since Supertyphoon Pongsona in 2002. And while Dolphin affected Northern Guam and Rota and Soudelor Saipan more, respectively, there didn’t appear to be any real hard push on insurance rates in the terms that followed.

In 2017 however, the Atlantic Hurricane Season brought damages that neared $300 billion, with devastating storms named Harvey, Irma, Nate and Maria, to name a few.

How do storms in the Atlantic affect Pacific pricing? Wholesale insurance or reinsurance is how insurance companies spread risks amongst themselves; it is likely that your local insurance carrier spreads its risks by buying reinsurance from one or more of these global companies. If

Storm activity (2017) West Pacific Super Typhoon Noru Typhoon Nesat

Month

Typhoon Doksuri

Typhoon Hato Typhoon Lan

done right, these reinsurers insure a wide diversity of risks from around the world, with the assumption that that there wouldn’t be many storms or quakes around the world at the same time.

But there have been. Normally these global insurance companies can absorb large losses, but the hurricanes of 2017 caused so much destruction they impacted reinsurance costs in other parts of the world, even those which had not experienced such storms.

Global weather patterns (El Nino/ La Nina) have brought an increased frequency and severity of storms in both the Pacific and Atlantic. In recent months, the Marianas has also experienced several damaging storms; Supertyphoon Mangkhut battered the Philippines, China and Hong Kong. Typhoon KongRey followed a couple weeks later.

July July

Recorded wind speed 155mph 100mph

Estimated damage $100 million $283 million

September

110mph

$819 million

August

October

115mph

155mph

Storm activity (2017) Atlantic Hurricane Harvey

Month August

Recorded wind speed 130mph

Hurricane Jose

August

155mph

Hurricane Irma

August

Hurricane Maria

September

$6.9 billion $2 billion

Estimated damage $125 billion

185mph

$64.7 billion

175mph

$91.5 billion

$2.8 billion

Hurricanes Florence and Michael are recent names of Atlantic storms.

So, what to watch for in the insurance market? Expect to see a push on property insurance premiums, especially those that include typhoon and earthquake coverage. Alternatively, insurance carriers may restrict typhoon cover from certain construction types such as metal buildings or mixed construction types (i.e. concrete walls and a metal roof ); or they may require metal shutters or engineered glass. Also anticipate that deductibles may increase, depending on the potential loss exposure at the specific building.

If purchasing a building that is not fully concrete, reach out to an insurance professional to discuss the building’s insurability and at what terms, as part of your buying process. p

Affected region Japan Philippines, Japan, Taiwan, China, Thailand Hong Kong, Philippines China, Taiwan, Vietnam Philippines, China, Vietnam, Thailand FSM, Philippines, Japan, South Korea

Source: Aon Reinsurance Catastrophe Modeling (Stats 2018)

Affected region Eastern United States, Nicaragua Honduras, Mexico Virgin Islands, Bahamas, Turk and Caicos, Eastern United States U.S. East Coast, Bahamas, Nova Scotia U.S. Virgin Islands, Puerto Rico, Dominican Republic, Haiti, Bahamas, Southeast and MidAtlantic United States, Ireland, UK, France and Spain

Source: Aon Reinsurance Catastrophe Modeling (Stats 2018)

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NEED TO KNOW | OUTDOOR LIVING

THE REAL ESTATE JOURNAL

A sturdy awning both shades from the hot sun and provides shelter during Guam’s frequent rains.

These wooden chairs capture an outdoor atmosphere while providing a unique place to sit.

This Franklin Hihll Smoker is a unique way to spice up your outdoor eating.

Photo by Steven Graff

Inside out Flip through interior design magazines or surf social media sites like Pinterest and you’ll spot a trend: it’s all about bringing the inside out. Today, more people are setting up their outdoor spaces to resemble living and dining areas and topping them off with outdoor rugs, side tables and plants to create that homey feel.

There are plenty of places to tap into on Guam to build an outdoor haven of your own — with stylish yet durable pieces and accessories. After all, this is Guam, so protection from the elements is equally important.

Kmart and home improvement stores stock a variety of weatherproof furniture, from resin wicker, stone and wood furniture to multi-colored plastic Adirondack chairs and tables. Resin is tougher than traditional wicker and lower maintenance.

Metal furniture is another sturdy option. Twisted Metal Customs in Tamuning will make custom pieces, including couches, chairs, picnic

tables and even outdoor kitchens.

The list goes on.

“We do anything with metal,” said Franklin Hill, owner of Twisted Metal. “If you can think of it; we can do it. There’s no limit on imagination.”

All are primed and painted to withstand the outdoors, he said.

If you have plastic furniture or any canvas cushions, consider applying a liquid coating like NeverWet to protect it from the rain.

“For wood, use a varnish,” said Conrad Ty, an outdoor and gardening sales associate at Benson. “Because if you’re going to put it outside you need to protect it from the water.”

Furniture aside, it’s tough to enjoy the outside in the blazing sun or a downpour. So, for those without an awning or covered patio, try the portable, fabric canopies, which keep the sun off an outdoor space just as well and come in different colors and sizes, though 10-feet by 10-feet is the most common.

“They’re easy to set up and easy

to store,” Ty said. Smaller, gazebotype canopies are also available at Benson — which could be used to cover a small table or a grill. And Kmart carries a solar-powered canopy that lights up at night.

If you’re looking for more permanent shade and protection, Twisted Metal also constructs metals awnings for patios.

Home Depot stocks canopies, umbrellas and rugs, but it’s off season for furniture sets and individual pieces, so expect a larger selection of outdoor items soon.

Outdoor lights, pots, candles and other knickknacks can be found at the home improvement stores on island, or for an even bigger selection shop online at Target.com and Amazon.com.

Don’t forget about the grill.

If you’re eating out on the patio, you’re likely cooking out there, too.

Most of the home improvement and hardware stores on island sell grills. It just depends on what you’re looking for.

There are the more popular charcoal and gas grills. And then there are the specialty grills, which have taken off in recent years, including the Mongolian and teppanyaki grills and the smokers, for the more ambitious chef. Twisted Metal will also build custom-made barbeque pits and smokers for your outdoor space.

Remember to put a cover on your grill when you’re not using so it doesn’t rust. Also worth noting, charcoal grills aren’t allowed at some complexes on the balconies because it poses a potential fire hazard.

If you need tips on setting up your own space, contact an interior designer or check out Pinterest, which recently rated outdoor living as one of 2018’s hottest trends, with more than 14 billion photos to steal ideas from.

Having an outdoor space is like having a whole other room for your house. So why not decorate it like one. p

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NEED TO KNOW | OUTDOOR LIVING

PUBLISHER Maureen N. Maratita BUSINESS EDITOR Meghan Hickey LIFESTYLE EDITOR Jesse C. Babauta CONTENT COORDINATOR Steven Graff CREATIVE DEPARTMENT SUPERVISOR Vikki Fong DESIGN & PRODUCTION Conrad Calma Keisha Marie Gozum Luisa Joy Castro GENERAL SALES MANAGER Ken Duenas PRODUCT REPRESENTATIVE Arvie Cipriano ADMINISTRATION Janice Castro Carmelita McClellan Jenalyn Aguon MANAGING DIRECTOR Marcos W. Fong

The Real Estate Journal — October 15, 2018. Entire contents copyrighted 2018 by Glimpses of Guam Inc. The Real Estate Journal is published monthly by Glimpses of Guam Inc. 161 US Army Juan C. Fejeran St., Barrigada Heights, Guam 96913. (671) 649-0883; Fax (671) 6498883. POSTMASTER: Send address changes to Marianas Business Journal, P.O. Box 3191, Hagåtña, Guam 96932.

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