Page 4 Friday, November 6, 2020
THE GARDEN ISLAND
www.thegardenisland.com
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Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured Homes
Wailua Poirson Estates #2 Beautiful, spacious home, includes 3 bedrooms and 3.5 bathrooms of multi-level living. This Home has high ceilings along with tall windows that bring in more natural light. Air conditioning, new house fan, detached garage, covered patio, an entry lanai with mountain views, and another lanai poolside. Part of a 2 unit CPR. $774,000 MLS 639345 Lot size: 12649 sq. ft Living Area: 1668 sq.ft Donavan Flores (808) 346-6484 Kauai Dreams Realty www.kauaidreams.com email: kalakaneboi@gmail.com
Long-term mortgage rates flat to lower; 30-year at 2.78% WASHINGTON — U.S. long-term mortgage rates were flat to lower this week, as the key 30-year rate fell to a new all-time low for the 12th time this year. The background of economic anxiety in the recession set off by the pandemic, which has depressed home loan rates through the year, was amplified in the past week by uncertainty over the presidential election. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30year benchmark loan declined to 2.78% from 2.81% last week. By contrast, the rate averaged 3.69% a year ago. The average rate on the 15-year fixed-rate mortgage stayed at 2.32%. The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers.
Down payments rise as prices climb Alex Veiga ASSOCIATED PRESS LOS ANGELES — Even with mortgage rates hovering near alltime lows, rising home prices are putting more pressure on buyers to come up with a bigger down payment. In the April-June quarter, the median down payment on a single-family U.S. home was $13,955, a 15.3% increase from a year earlier, according to industry tracker Attom Data Solutions. In the first three months of 2020, it vaulted 29% from the same period in 2019. The trend follows a steady climb in U.S. home prices this year. As of August, they were up 5.2% from a year earlier. The rise in home prices is stretching the limits of affordability for many Americans already struggling to save for a down payment. “Home values are increasing approximately twice as fast as typical incomes,” said Chris Glynn, senior economist at Zillow. That divergence shows no signs of easing, given the combination of extremely low inventory of homes on the market and fierce competition as more millennials look to transition from renting to owning. Demand for homes has been strong this year, despite a brief slowdown in the early days of the pandemic. Sales of previously occupied U.S. homes surged 9.4% in September to a seasonally adjusted annual rate of 6.54 million, according to the National Association of Realtors. That sales pace was the highest since February 2006, the peak of the last housing bubble, and left
just 2.7 months of available homes on the market, a record low. The thin inventory of homes helped drive up the median selling price to $311,800, up 15% from a year earlier, according to NAR. A closely watched measure of home values, the S&P CoreLogic Case-Shiller 20-city home price index, has also been clocking rising home prices. In August, its most-recent snapshot available, prices climbed 5.2%, accelerating from a 4.1% gain in July. Ultra-low mortgage rates have been a key driver for the housing market. The average rate on a 30year fixed-rate mortgage was at 2.81% last week, little changed from the all-time low of 2.80% the previous week. The rate averaged 3.78% a year ago. While low mortgage rates have
made monthly home loan payments more affordable, they don’t alter the fact that most down payments are indexed to some percentage of the sale price of a home. So, higher prices lead to bigger down payments. “The second side of that coin is that getting into the position where you have a down payment for a home to begin with has continued to get more difficult,” Glynn said. How much a buyer opts to put down on a home can vary widely, depending on their mortgage. Some government-backed home loans require as little as 3% down, while homebuyers who want to avoid paying private mortgage insurance premiums will put down at least 20%. The average U.S. median down
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
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awaiiana currently serves nearly 60 residential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Director of Kauai 2SHUDWLRQV IURP LWV RIŅFH DW WKH .XNXL *URYH Executive Center in Lihue.
Sunshine Ruiz Hatto Director Kauai Operations
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Serving nearly 60 associations on Kauai 99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii
US productivity increases 4.9% in third quarter WASHINGTON — U.S. productivity increased between July and September, but at a slower pace than in the previous quarter. Productivity advanced 4.9% in the third quarter, following an even larger 10.6% surge in the second quarter, the Labor Department reported Thursday. Labor costs fell by 8.9% after rising by 8.5% in the second quarter. Productivity measures the amount of output per hour of work and is a key component in rising living standards. Even with the third quarter slowdown, productivity is higher than it has over much of the past decade. Productivity grew by a modest 1.7% for all of last year after an even slower 1.4% gain in 2018. Economists have had parse numbers this year distorted by the pandemic, with the big surge in the second quarter revealing how employment dropped more sharply than output. With fewer workers employed, productivity at many companies was elevated. “The data have been especially volatile quarter-to-quarter reflecting the impact of COVID-19 on the economy,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. ••• Associated Press
payment has ranged between 10.6% and 11.8% going back to 2014, according to data from Realtor.com drawn from 35% of mortgage transactions nationwide. A recent analysis by Zillow underscores how costly it can be to save up for a 20% down payment on a home these days. The real estate listings and data company found that it would take nearly eight months for a U.S. household making the median annual income of $83,675 to save up the $51,981 needed for a 20% down payment on a $259,906 home. That home price is based on the average of the middle-third of the housing market. In terms of home prices, at least, that doesn’t seem likely. Zillow expects the price of a typical U.S. home to rise 7% over the next 12 months.
BOB WILSON SR. MANAGEMENT EXECUTIVE
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
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Hawaiiana’s Kauai Properties: Alihi Lani Alii Kai at Hanalei Alii Kai II Aliomanu Estates Apopo Hale Emmalani Court Halaulani Condominium Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas Hooluana Condo at Kohea Loa +RRNHQD DW 3XKL Kahala at Poipu Kai Kainani Villas Ka‘iulani of Princeville .DNHOD 0DNDL 2FHDQYLHZ Kalaheo Pali Kai Kalihiwai Ridge Kauai Beach Resort Kauai Beach Resort Association Kawaihau Sports Villa . * (QWHUSULVHV &RQGRPLQLXP .RKHD /RD 0DVWHU $VVRFLDWLRQ .RORD *DUGHQ $SDUWPHQWV Kuhio Shores at Poipu .XNXLĢXOD Lae Nani 0DNDQXL 0DQXDORKD Paliuli 3LNDNH Plantation at Princeville Poipu Crater Poipu Kai Association Poipu Kai Racquet Club Poipu Kai Water Reclamation Poipu Kapili Poipu Sands Princeville II Community Association 3ULQFHYLOOH 0DNDL 5DQFK DW +DOHOHĢD Princeville Sealodge I Puamana 3XKL ,QGXVWULDO 3DUN Pu‘u Po‘a Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince :DLNRPR 6WUHDP 9LOODV Wailua Bay View Waipouli Beach Resort Hawaiiana is “here” and open for business during this uncertain time. Deemed an essential business, Hawaiiana is maintaining its regular business hours. While our meeting room is open to the public, we are currently only able to accommodate a maximum of three people. Please feel free to contact us via phone or email. You may also visit our website at hmcmgt.com to contact your property management team, ask questions about your bill or receive COVID-19 updates.
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 792-0515 or email sunshine@hmcmgt.com. HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
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THE GARDEN ISLAND
Friday, November 06, 2020 Page 5
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KAUAI’S
real estate directory P L A C E Y O U R A D today 2 4 6 - 0 3 2 5
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Kapaa
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PRICE REDUCTION
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INVESTMENT PROPERTY | HANAPEPE HTS
Kapaa-$795,000 2 Bed/2 Ba. Interior Area: 1,102 sq.ft. Lot Size: 3.07 acres Carol C. Cummings RB-14915 808-651-4766 MLS 640834
Kapaa-$1,250,000 3 Bed/2.5 Ba. Interior Area: 2,283 sq.ft. Lot Size:1.81 acres Ann Tremain RS-82535 808-639-3675 MLS 641043
Kapaa- $475,000 3 Bed/2 Ba Interior Area: 1,056 sqft Lot Size: 9.182 sq.ft. Daniel B. Kurisu RS-79218 808-652-7302 Maile Properties of Kauai MLS 633563
Lihue-$649,000 3 Bed/2 Ba. Interior Area: 2096 sq.ft. Lot Size: 8,428 sq.ft. Mark K. Tanaka RB-9222 808-639-0367 MLS 636748
Lihue
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Lihue-$225,000 0 Bed/1 Ba. Interior Area: 307 sq.ft. Kevin M. Horita RB-19351 808-639-8213 MLS 640997
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MAYU TOMIZAWA RS-67283
808-634-8765 mayu@kauairealty.net
Total Land Area: 18,664 sf (2 lots) Living Area: 1,790 sq. ft. Beds/Baths: 3/3 Price: $800,000 MLS 639230
CAROL C. CUMMINGS RB-14915 (RB) CRB, CRS, GRI, SFR
808-651-4766 kauairealty@gmail.net
HAMCO
GLASS & GLAZING LLC 1770 Haleukana Street Suite 102 Lihue, HI 96766 Supplier of glass products and hardware. Repairs & installation.
Lihue-$569,000 2 Bed/1 Ba. Interior Area: 1,076 sq.ft. Lot Size: 21,704 sq.ft. Eric N. Yama RB-10975 808-639-3414 MLS 641244
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Joni Hamada-Patricio, Member Noel Patricio, Member License No. C-30983
Ph. (808) 245-8793 Fax (808) 245-3642
Waimea- $225,000 Lot Size: 9,285 sq.ft. Daniel Kurisu (S) RS-79218 808-652-7302 MLS 635569
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Lihue-$595,000 4 Bed/2.5 Ba. Interior Area: 1,336 sq.ft. Tad T. Miura RB-12398 808-639-3675 MLS 641619
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DEVOE PAINTS
Apartments For Rent KAPAA: The Courtyards at Waipouli 1, 2, & 3bd units, granite counters, custom cabinets, stainless appls, solar hot water, walk to beach & Kintaro. PETS OK Call for availability (808) 822-1300 www.courtyardsatwaipouli.com
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PRATT & LAMBERT PAINTS
Custom Color Matching • Sikkens Wood Finishes • Purdy Brushes • Graco Sprayers Home Owner • Maintenance • Commercial • Industrial
246-8828
Across From Kauai Community College
4490 Puhi Road, Lihue Mon-Fri 7:30am to 4pm Sat 8am to 12 Noon
KAUAI REALTY
Your locally owned paint store. Serving the people of Kauai for over 24 years!
Kekaha $589,000 4Bed/1Ba Interior Area: 1,080 sq.ft. MLS 643773 Mark K. Tanaka, RB-9222 (808) 639-0367 Shelly Kaui Carvalho, RS-64829 (808) 652-3886
THIS PROPERTY IS TRULY A GEM & MOVE IN READY.
287 steps to our beautiful white sandy beach from which the island of Niihau can be seen and a 3 minute drive to Kekaha Beach Park. Property is so close to the ocean that you can hear the soothing sounds of crashing waves at night. Enjoy a relaxing day soaking up the sun, fishing, surfing and/or a nice walk on the sandy beach. Breathtaking sunsets or even Star gaze at night.
Invest in a Local Mortgage We have some of the lowest rates in the state and a variety of mortgage options. Plus, local servicing so your money stays on Kaua‘i and goes back into our community. Anyone can be eligible for membership. www.kgefcu.org aloha@kgefcu.org (808) 245-2463
Federally insured by NCUA
Text the KEYWORD to 71441 for pictures & more information about select listings!