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Friday, November 10, 2023 • B3
THE GARDEN ISLAND
BYPASSING MORTGAGE RATES Share of U.S. homes bought with cash hits highest level in nearly a decade Alex Veiga AP BUSINESS WRITER LOS ANGELES — Homebuyers who can afford to bypass the highest mortgage rates in two decades are increasingly forgoing financing and paying all cash. Homes purchased entirely with cash, which means there was no reference to a mortgage on the deed, accounted for 34.1 percent of all sales in September. That’s up from 29.5 percent a year earlier and the highest share in nearly a decade, according to a Redfin analysis of home sales in 40 of the nation’s most populous metropolitan areas. Still, sharply higher home loan borrowing costs, a dearth of homes for sale and rising home prices have dampened home sales overall, which has helped give a boost to all-cash transactions’ portion of all home sales. Even as their share of all sales increased, the number of all-cash transactions in September fell 11 percent from a year earlier, Redfin found. In contrast, home sales over-
JULIO CORTEZ / ASSOCIATED PRESS FILE
A sign is seen near a home being remodeled in Towson, Md., on Wednesday, Oct. 12, 2022. all fell 23 percent in the same period. “Were it not for these cash buyers, I think the housing market would be in even worse position than is now,” said Daryl Fairweather, Redfin’s chief economist. Even homebuyers who use financing are electing
Average long-term U.S. mortgage rate falls to 7.5 percent ASSOCIATED PRESS LOS ANGELES — The average rate on the benchmark 30-year home loan fell for the second week in a row, positive news for prospective homebuyers after rates touched a 22-year high just last month. The latest decline brought the average rate on a 30-year mortgage down to 7.5 percent from 7.76 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.08 percent. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far lower rates two years ago, when they were around 3 percent, from selling. The combination of rising mortgage rates and home prices have weighed on sales of previously occupied U.S. homes, which fell in September for the fourth month in a row, grinding to their slowest pace in more than a decade. This average rate on a 30-year mortgage is now at the lowest level it’s been since the first week of October, when it was 7.49 percent. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also declined, with the average rate falling to 6.81 percent from 7.03 percent last week. A year ago, it averaged 6.38 percent, Freddie Mac said.
to make bigger down payments in order to reduce the size of their mortgage. The typical U.S. homebuyer put down 16.1 percent of the purchase price in September, the highest percentage in nearly a year and a half, Redfin said. The last time all-cash
transactions made up a bigger portion of all home sales was February 2014, when the share was 34.3 percent. Back then, the housing market was still on the mend following the late-2000s housing crash that led to millions of foreclosures. Corporate homebuyers and other real
estate investors saw an opportunity to snap up discounted homes and they favored paying in cash. Today, the forces driving up the share of allcash home purchases are very different. The housing market is once again in a protracted sales slump,
but there isn’t a glut of homes — much less discounted or foreclosed properties —- available to entice a crush of bargain-hunting, cash-paying real estate investors. The inventory of previously occupied homes for sale nationally is near historic lows, which has kept prices ticking higher despite the market downturn. That means buyers who can pay all cash have a competitive edge over those who are relying on financing. And then there’s mortgage rates. The average rate on a 30-year home loan has been above 7 percent since August, hovering at times just below 8 percent, according to mortgage buyer Freddie Mac. That’s roughly double what it was in February 2014, and a stark increase from just two years ago, when rates on the 30-year mortgage averaged around 3 percent. Cash is also king when it comes to the luxury home market, which Redfin defines as properties with a market value within the top 5 percent of a given metropolitan area. Allcash transactions accounted for 43 percent of all homes in that category that were purchased in the third quarter, up from 35 percent a year earlier, Redfin said.
Page 4 Friday, November 10, 2023
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FIFTH CIRCUIT COURT NOTICE OF PROBATE AND NOTICE TO CREDITORS
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FILED, Petition of Probate of Will and Appointment of Personal Representative, showing property within the jurisdiction of this Court and asking that ALICIA RIDDICK, whose address is c/o Michael D. Scarbo, 4442 Hardy St., Ste. 201, Lihue, HI 96766 be appointed Personal Representative of said estate.
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P. No. 5CLP-23-0000119 Estate of GARY GRATON BENNETT, Deceased
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All creditors of the above-named estate are hereby notified to present their claims with proper vouchers or duly authenticated copies thereof, even if the claim is secured by a mortgage upon real estate, to said nominee at the address shown above within four months from the date of the first publication of this notice or they will be forever barred. Dated: Lihue, Hawaii, October 24, 2023. Doreena Olivas Brun Clerk of the Above-Entitled Court
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That Tuesday, November 28, 2023 at 1:00 p.m. *Restrictions before the presiding Judge in Probate who shallCall be for details. mayat apply. sitting in probate in his/her courtroom at 3970 Business Ka‘ana Street, Lihu‘e, Hawai‘i, Hours 96766 Call be the Center appointed date, time and place for hearing said Monday–Friday; 7:30 a.m.–5:30 p.m. petition and all interested persons.
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ADVERTISEMENT NOTICE OF FORECLOSURE SALE GREG KAMM, Trustee of the Greg Kamm 401(k) Profit Sharing Plan, effective January 1, 2013, Plaintiff vs. JHMP LLC, a Domestic Limited Liability Company; Douglas Kroll; Joni Kroll; JOHN DOES 2-50; JANE DOES 2-50; DOE PARTNERSHIPS 1-50; DOE CORPORATIONS 1-50; DOE ENTITIES 1-50; and DOE GOVERNMENTAL UNITS 1-50, Defendants. Civil N0. 5CCV-22-0000078 (JKW) (Foreclosure)
Tires changing machine tire balancer w/assorted weights, tubeless tire repair kit, jack and jacks stand, portable air tank, grinders, drills, steam cleaner for cars, battery cables, furniture, tires and SUBARU rims, battery tester, full size truck storage box loaded w/tools and strap, 2019 Subaru Crosstrek heavy duty strap lots of Hybrid. 46,000 mi, other stuff. 808-245-9148 Shih Tzu Pups - 4 Males excellent condition, 480 mi per tank of gas. Asking Holiday Special $3,000 ea. or cell 702-672-3234 Serious Inquiries Only. $23,000/OBO. Car is currently in the Lihue area. Tri-Colors. Avail Nov. 1st. 808-645-0229 Please call 808-635-6050
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TOYOTA
$573,000 Lot size: 0.51 acres Mark Tanaka-RB 808-639-8213 Ashley Carvalho-RS 808-482-4077 MLS 705122
$1,550,000 7,500 sqft Mark Tanaka -RB 808-639-0367 Clifton Kukino -RB 808-639-1490 MLS 703878
WANTED Original Rice Bags FOR SALE great condition, all sizes Tax Map Key No. (4) 4-1-006-053, that certain 97 Toyota Corolla 4 door, & brands welcome. parcel of land in Wailua, District of Puna, Island 4 cylinder, AC, all power, 808-335-5797 automatic trans. Car is and County of Kauai, State of Hawaii. being a clean, runs good, little Consolidation of Lots 16-B-8, 16-B-9 and Parcel 2 rust, tags are current. Deadlines: noon on Friday for Sunday and Monday. (We are closed advertisers, The Garden Island does reserve the right to edit, of the “WAILUA HOUSE LOTS, 4TH SERIES; and $3,200 OBO. Regular, single-column classifieds in The Garden IslandCall can808-245-9148 Saturdays and Sundays). refuse, reject, or cancel any ad at any time. All ads are subject or cell 702-672-3234 Tax be Map Key until No. (4) 4-1-006-013, anTuesday, undividedWednesday, placed 4:45pm on Monday, to approval prior to publication. We are not liable for losses one seventh (1/7) interest in and to that certain Thursday following noon on Fridaya for Sunday The Garden Island Real Estate Deadlines: To place, correct or expenses resulting from publication errors or omission of realand property to for be the used by Lotday, 16-B-5, being and Monday. call your or 246-0325 for or cancel a Friday real estate/rental single-column ad, please an ad at any time. All ads are subject to approval prior to 15-foot roadwayPlease within Lot sales 16-B executive (collectively, deadlines for larger, multi-column ads.sold “as is” call by noon on Thursday. publication. We are not liable for losses or expenses resulting “Properties”). The properties will be without warranty of title or any other warranty. from publication errors or omissions of an ad. Advertising rate Recycled Appliances Cancellation/Correction Deadlines: To cancel or change Check your ad for errors the first day it runs in the paper. cards are available from any sales executive. Ads are subject OPEN HOUSES: The property is available for Washers,Dryers, Stoves an ad inattheopen Garden Island, atcallthe us by 4:45pmonon Monday, We are unable to issue credit for errors reported after the to the rate card in effect at the time they are placed. inspection houses, property & Refrigerators Tuesday,10,Wednesday, Thursday for and the following day, first day of publication. While we try to accommodate our November 2023 fromand 2:00 to 4 pm on 6mos. warranty November 17, 2023, from 2:00 to 4:00pm.
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Tashi 808-652-0551
AUCTION DATE: December 4, 2023 at 12:00 noon, Fifth Circuit Court Building, 3970 Kaana Street, Lihue, Hawaii 96766
Skilled Labor- Garage & Trade Lanai Sales TERMS OF SALE: There is an Upset price of
$350,000.00. Property sold “as is” condition at Princeville Utilities Co., Inc. Garage Sale Water and Wastewater public auction with 10% of highest bid payable in 4730 Ho’omana St., Lihue Utilities Company Friday, November 10 cash, certified or cashiers check at close of Princeville, Kauai. 7:30 a.m. - 11 a.m. auction. Sale may alternatively be by private sale in Immediate Opening for: amount no less than $350,000. Buyer shall pay all F/T Wastewater Treatment Household goods, furniture, gardening items & costs of closing including escrow, conveyance and Plant Operator. GREAT Sale. recordation fee, conveyance taxes and is Entry Level with benefits. responsible for securing possession of the property Participates in the operaMULTI FAMILY SALE tion and maintenance upon recordation. SALE SUBJECT TO COURT 5714 & 5715 Tapa St. activities in Water and Koloa CONFIRMATION. Wastewater Utilities. No Early Birds Please email resume to: 8am-12pm. Saturday, Nov 11 HR@princeville.com COUNTY OF KAUAI PLANNING COMMISSION – 4444 Rice Street, Suite A473, Lihue, For further information please contact: Clothes, Kitchenware, Tools, Misc. Items, Etc. Kauai, Hawaii, 96766, tel: (808) 241-4050, email: planningdepartment@kauai.gov . Robert Grinpas, Commissioner NOTICE IS HEREBY GIVEN of an agency hearing with a public hearing and Telephone: (808) 822-4599 (808) 651-1206 Two Yard Sales in Pualoke an opportunity for public testimony from all interested persons to be held by e-mail: bob@bobstropicals.com Sat. Nov. 11th the Kaua‘i Planning Commission pursuant to the provisions of Special Management (TGI1434564 10/27, 11/3, 11/10/23) 8 am - 1 pm 2877 & 2854 Iliahi St. Area Rules, Kauai County Code, Chapter 8, as amended, Hawaii Revised Statutes Household items, potted (HRS) Chapter 92 and 91, and the Rules of Practice and Procedure of the County plants, crafts & more of Kauai Planning Commission. The hearing will be held regarding the following:
Michael D. Scarbo 4442 Hardy St., Ste.201 Lihue, HI 96766 Attorney for Personal Representative (TGI1435073 10/27, 11/3, 11/10/23)
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$1,275000 4Bed/2Ba Lauren Yama -RS 808-346-4204 Eric Yama-RB 808-639-3414 MLS 703147
POIPU-$1,785,000 3 BED/3 BATH 1,478 sqft Interior Ann Zaslow -RS 808-639-3675 MLS 702067
$675,000 5 BED/2 BATH 1,580 sqft Interior Carol Cummings -RS 808-651-4766 MLS 703372
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* Interested parties should look to the Planning Commission Agenda for December 12, 2023 for final determination of location. Date: Time:
December 12, 2023 9:00 a.m. or shortly thereafter
Oral testimony will be taken on specific agenda items, in-person at the public meeting location indicated on the meeting agenda. Written testimony indicating your 1) name or pseudonym, and if applicable, your position/title and organization you are representing, and 2) the agenda item that you are providing comment on, may be submitted on any agenda item in writing to planningdepartment@kauai.gov or mailed to the County of Kaua‘i Planning Department, 4444 Rice Street, Suite 473, Lihue, Hawai‘i 96766. Written testimony received by the Planning Department at least 24 hours prior to the meeting will be posted as testimony to the Planning Commission’s website prior to the meeting (h t t p s : / / w w w . k a u a i . g o v / G o v e r n m e n t / B o a r d s - a n d Commissions/Planning-Commission). Any testimony received after this time will be retained as part of the record, but we cannot assure the Commission will receive it with sufficient time for review prior to the meeting. IF YOU NEED AN AUXILIARY AID/SERVICE, OTHER ACCOMMODATION DUE TO A DISABILITY, OR AN INTERPRETER FOR NON-ENGLISH SPEAKING PERSONS, PLEASE CONTACT THE OFFICE OF BOARDS & COMMISSIONS AT (808) 241-4917 OR ADAVIS@KAUAI.GOV AS SOON AS POSSIBLE. REQUESTS MADE AS EARLY AS POSSIBLE WILL ALLOW ADEQUATE TIME TO FULFILL YOUR REQUEST. UPON REQUEST, THIS NOTICE IS AVAILABLE IN ALTERNATE FORMATS SUCH AS LARGE PRINT, BRAILLE, OR ELECTRONIC COPY. (TGI1436362 11/10/23)
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CLASS IV ZONING PERMIT (Z-IV-2024-2), USE PERMIT (U-2024-2), and SPECIAL PERMIT (SP-2024-1) to allow operation of a charter school facility on a parcel located on the makai side of Kuhio Highway in Kilauea Town, immediately east of the ’Ahuimanu Shopping Center, situated approximately 800 feet north of the Kilauea Road/Ala Namahana Parkway intersection, further identified as 8563 Elepaio Road, Tax Map Key: (4) 5-2-005:053, and containing a total area of 11.327 acres.
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Kalaheo Commercial Space For Rent
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KEKAHA $399,999 10,584 sqft Kevin Horita -RB 808-639-8213 Jesse Fukushima -RS 808-482-4077 MLS 703768
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Carpentry Carpenter looking for maintenance jobs. Free estimates. 3D Construction Call Albert 652-8861. alapaki82@outlook.com
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$1,200,000 3 BED/2 BATH 1,492 sqft Interior Clifton Kukino -RB 808-639-1490 Glen Kojima -RS 808-651-5850 MLS 703412
FULL TIME LOAN OFFICER One year minimum lending experience with a financial institution. Credit Union lending knowledge preferred. Must have excellent public relation skills. Mail or Email Resume to:
Kauai Teachers FCU
Attn: Conrad Rualizo 2969 Umi Street, Lihue, HI 96766 crualizo@kauaiteachersfcu.org Kauai Teachers FCU is an Equal Opportunity Employer
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Priced below County of Kauai assessment.
(808) 246-8828
KEKAHA GARDENS SUBDIVISION $975,000 5 Bedrooms/4 Bathrooms Interior Area: 2,715 sqft MLS 702959 Exceptional 5-Bedroom Home with Premium Amenities and Modern Upgrades. Come home to this extraordinary 5-bedroom, 4 full bathroom home situated in Kekaha Gardens Subdivision. This home stands out with its remarkable features, providing comfort, style, and the latest in modern conveniences. This home represents a rare opportunity to acquire a well-designed 5-bedroom residence with the latest upgrades and comforts. Easy access to schools, parks, beaches, and more. Schedule a viewing today to experience the charm and elegance of this Kekaha gem.
Kauai-Realty.com 2403 Ulu Maika St., Lihue, HI 96766
Leah Ragsac R(S)-80621 leah@leahragsac.com (808) 212-4086 Glen Kojima R(S)-80593 glen@kauairealty.net (808) 651-5850
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PLACE YOUR AD today 246-0325 the gardenisland.com/classifieds
Land Area: 7,269 sf Zoning: R-10 Price: $639,000 MLS# 703942
Across From Kauai Community College 4490 Puhi Road, Lihue
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PRIME OPPORTUNITY
* Custom Color Matching * Armstrong-Clark Stains * * Purdy Brushes * Graco Sprayers * Home Owner * * Maintenance * Commercial * Industrial *
Central Lihue Offices avail for lease 392/ 548/736 sf, cam included/ new bldg. Subscribe today back of Rice Shop Ctr. Lyle Otsuka245-0433 Childs Realty 808-635-3777 call/
AROL C. CUMMINGS RB-14915 (RB) CRB, CRS, GRI, SFR
808-651-4766
kauairealty@gmail.com www.carolcummingskauai.com
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