Today's GuamHome December 2018 by Todays Realty

ISSUE 11 | NOVEMBER 2018

CONTENTS

Our team of over 20 agents and associate-brokers are all members of the Guam Association of REALTORS®, the National Association of REALTORS® and the Guam Multiple Listing Service (Guam MLS).

MARKET REPORT Residential Market Snapshot from January 1, 2018 to December 1, 2018

MEET OUR AGENTS

elcome to the December 2018 issue of Today’s Guamhome newsletter.

It is our honor to present this collection of beautiful homes for your review.

Our team at Today’s Realty has ranked #1 for many years running in top sales reported to the Guam MLS. Buyers, Sellers and Renters know when it’s time for real estate... It’s time for Today’s! We are never too busy for your referrals!

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SOLD BY TODAY’S REALTY

A collection of recent homes sold by Today’s Realty

Anthony Godwin Principal Broker / REALTOR®

Jun “John” Lin Vice President / REALTOR®

ON THE COVER

370 Kanton Tasi, Merizo, Guam VA LOAN BENEFITS ABUSE OF POWERS OF ATTORNEY

JUST LISTED

Recently listed properties in the market.

Today’s Realty agents and staff during our 2017 Christmas Party

FOR THOUSANDS OF LISTINGS VISIT

WWW.GUAMHOME.COM

RESIDENTIAL MARKET SNAPSHOT JANUARY 1, 2018 - DECEMBER 1, 2018

HOMES SOLD

355 Single family homes sold from January 1, 2018 thru December 1, 2018 vs. the 330 homes sold in 2017.

HOMES RENTED

Year to date saw an increase in the number of single family homes rented at 740 in 2018 and 686 in 2017.

UNITS SOLD

201 Condominium units have been sold from January 1, 2018 thru December 1, 2018 vs. the 190 units sold in 2017.

UNITS RENTED

Year to date saw a increase in the number of condominiums, townhomes, apartments rented from 1,027 in 2017 to current year at 1,112.

The strength of the Guam real estate market continues to be residential rentals

AVERAGE SALE & RENTAL PRICE HOME SALES

The average year-to-date home price of $337,453 was significantly higher than the $299,201 reported during the same period in 2017.

HOME RENTALS

Average single family monthly rentals so far this year decreased from $2,393 last year to current year at $2,380.

UNIT SALES

The average condominium sale price of $244,551 in 2018 was higher than the $229,756 reported during the same period in 2017.

UNIT RENTALS

The monthly rental rate for condominiums, townhomes, apartments increased from $1,642 in 2017 to $1,712 for the same period in 2018.

AVERAGE DAYS IN THE MARKET HOME SALES

On average, single family home sales in Guam take about 4 months to sell from date listed to date closed vs. the closings for the same period in 2017 at 5 months.

HOME RENTALS

In 2018, home rentals took about 8 weeks from date listed to date closed vs. the closings for the same period in 2017 at 8 weeks.

Interest rates are still very attractive with fixed rates hovering above four percent (4%). The inventory of homes on the market provides buyers with a good selection of properties to choose from. Coupled with low interest rates, it’s a great time to buy. ~ Anthony Godwin, Principal Broker

UNIT SALES

Unit sales in Guam took about 3 months to complete transactions in 2018. Compare this to the closings for the same period in 2017 at about 4 months.

UNIT RENTALS

In 2018, unit rentals took about 8 weeks from date listed to date closed. Compare this to the 8 weeks for closings during the same period in 2017.

*Statistics from Guam Multiple Listing Service from January 1, 2018 through December 1, 2018. **Statistics from Guam Multiple Listing (MLS) from January 1, 2017 through December 1, 2017. Transactions not reported to the Guam Multiple Listing Service (MLS) are not included in this presentation. Information deemed reliable but not guaranteed. Entire contents, including but not limited to, content, design and concept Copyright ©2018 by LG&G Corporation. All rights reserved.

MEET OUR AGENTS

Angie Camacho 671.687.0483 angie@guamhome.com

Beverly Brady 671.688.8550 beverly@guamhome.com

Carmen Mesa 671.777.6372 carmen@guamhome.com

Chad Knapp 671.777.6520 chad@guamhome.com

Francine Bamba 671.727.8008 sissy@guamhome.com

Hui Gallagher 671.689.4881 hui@guamhome.com

Janet Calvo 671.687.1841 janet@guamhome.com

Jason Young 671.685.2059 jason@guamhome.com

Sandy Yow 671.687.6006 sandy@guamhome.com

Sharmila Sahni 671.483.7125 sharmilasahni@yahoo.com

Shawntel Techaira 671.483.7368 shawntel@guamhome.com

Suzanne Naputi 671.482.6426 suzanne@guamhome.com

Anthony Godwin 671.688.8198 anthony@guamhome.com Principal Broker | REALTORÂŽ

John Lin 671.688.8518 john@guamhome.com Vice President | REALTORÂŽ

Work with the Proven Market Leader

Christine San Nicolas 671.682.2412 christine@guamhome.com

Dennis Couzijn 671.727.3815 dennis@guamhome.com

Duane Pahl 671.689.7777 duane@guamhome.com

Fiona Hocking 671.988.9982 fiona@guamhome.com

Julie Paxton 671.687.6900 realestate@guam.net

Kimberly Ada 671.489.5232 kima@guamhome.com

Michael Kumar 671.988.6900 michael@guamhome.com

Ray Rupley 671.685.5070 ray@guamhome.com

Vicki Anderson Estes 671.687.3558 vicki@guamhome.com

Yumiko Blaisus 671.688.7791 yumiko@guamhome.com

Thinking about a career in real estate? We can help!

CLOSED BY TODAY’S REALTY

Holiday Tower • $259,000 Days on market: 176 | MLS ID: 18-2173

Piti Home • $4,400/mo Days on market: 137 | MLS ID: 18-2830

Tamuning Home • $3,500/mo Days on market: 40 | MLS ID: 18-3954

San Vitores Terrace • $2,200/mo Days on market: 51 | MLS ID: 18-3995

San Vitores Terrace • $240,000 Days on market: 37 | MLS ID: 18-4146

Tamuning Home • $2,450/mo Days on market: 30 | MLS ID: 18-4267

A collection of recent properties closed by our REALTORS®

Blue Pacific Lattice • $239,000 Days on market: 65 | MLS ID: 18-3542

Yigo Home • $239,500 Days on market: 61 | MLS ID: 18-3708

Mangilao Home • $4,400/mo Days on market: 25 | MLS ID: 18-4072

Tamuning Commercial Space • $1,200/mo Days on market: 73 | MLS ID: 18-3324

Yigo Home • $2,450/mo Days on market: 33 | MLS ID: 18-4249

Tasi 17 Condo • $4,400/mo Days on market: 77 | MLS ID: 18-3623

ON THE COVER 370 KANTON TASI, MERIZO For Rent $4,400/mo This home is a water/boat lovers dream! Newly renovated house offers new tile, paint, appliances and much more! Enjoy Sunsets over Cocos Island views with dolphins in your backyard! Home offers 3+Bedrooms & 2-1/2 baths. Jet ski ramp and seawall gazebo coming soon! Must see to appreciate the peaceful southern charm of Merizo. See it before itâ&#x20AC;&#x2122;s gone! MLS ID# 18-4537

VA LOAN BENEFITS Buenas yan hafa adai Today’s Realty subscribers,

• Limitation on buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions.

• Foreclosure avoidance advocacy from the VA loan program. The VA has staff members who advocate on behalf of homeowners to find alternatives to foreclosure.”

I am often asked what are the benefits of using a Veterans Administration loan, and who can utilize such programs? On Guam, with such a • Often lower average interest rates than other large contingent of people who have serve their loan types. If you wish to find out more, just give me a call at country, and many retirees who have served in our • 689-7777, and we can discuss your individual military services are able to utilize the Veterans No prepayment penalties. VA buyers can pay needs. Administration loan programs. off a loan early without any financial penalties. See you next month Guamies! The following perks and benefits can be utilized • Two refinance options. The VA loan program if your VA benefits allow. Noted in VAloans.com, allows homeowners with existing VA loans which is a good resource for VA buyers. the option to lower their monthly payment with a new interest rate. Eligible homeowners who financed their property with a loan other VA Loan Benefits Who ya’ gonna than a VA loan can refinance into the VA loan call? program. • Eligible homebuyers are not required to have a down payment in most cases - typically cited • Second tier entitlement. Even though many as the greatest VA loan benefit. Conventional veterans have already used their loan benefits, loans generally require a 5 percent or more BY DUANE C. PAHL, R E A LT O R ® it may be possible for them to buy homes down payment. again with VA financing using remaining or 671.689.7777 | DUANE@GUAMHOME.COM restored loan entitlement. • No monthly mortgage insurance premiums DUANEPAHL.COM or PMI to pay. FHA loans come with both an • An assumable mortgage, typically subject to upfront and an annual mortgage insurance VA and/or lender approval. You may be able charge. Conventional buyers typically need to have someone take over your mortgage to pay for private mortgage insurance unless payment, which can be a big benefit in an they’re making a down payment of 20 percent environment of rising interest rates. or more.

USE AND ABUSE OF POWERS OF ATTORNEY A Power of Attorney can be a useful tool in real estate transactions. When one party to the transaction cannot be available to sign documents necessary to the transaction, they (the principal or grantor of the power) gives written authorization to another person (the agent or attorney in fact) to sign documents on their behalf. From a title insurance perspective, we prefer the owner of the property sign documents themselves, but there are times when that is just not possible. One example is a seller who is in the military and is deployed to a location where they cannot be reached. The service member might choose to grant their spouse or trusted friend the power to act on their behalf. Unfortunately, it is not uncommon for an agent to abuse the powers granted them for their own personal gain. Too many times we have seen an attorney in fact using the power of attorney to deed the property to himself or herself and then selling it…. taking the sale proceeds for themselves. Years ago, First American Title experienced a claim that, when unraveled, disclosed a serious abuse of a power of

attorney. The owners were Korean citizens, a mother and daughter living in Japan. The home they owned in McLean, Virginia was occupied by their son/brother, Alex. Mom and sister gave a durable power of attorney to Alex and left the USA. The power of attorney stated that Alex had the authority to refinance the house within a period of one year. Rather than do one simple refinance, Alex got creative and did three refinances all at the same time, with three different banks and three different title companies, each being unaware of each other. When the multiple mortgages were discovered and the transactions unraveled, Alex had placed debt on the property well in excess of its value. Additionally, he used the power of attorney after it had expired, and to add insult to injury it appeared he had forged the signatures of his mother and sister.

and new loan amount in the event of a refinance. We also call the owner and confirm their intent to sell or refinance the property and ensure the sale proceeds are delivered to them. • When a power of attorney is used in a transaction, the title company will consider it “USED” and therefore of no further effect. This allows the owner to approve or deny future transactions. While a handy tool in some cases, a power of attorney can be abused resulting in grave losses. As a title company, we will do our best to mitigate loss or fraud by questioning the use of a power of attorney in each closing we handle. If a power of attorney is to be used in your transaction, it is important to let your escrow officer know up front so they can ensure a smooth experience at the closing table!

First American Title suffered quite a loss due to Alex’s creativity, but because they had lenders title insurance policies, the banks did not. In order to protect property owners, the title and escrow company is tasked with ensuring a power of attorney is being used properly. How do we do that? • We require a specific power of attorney that conforms with the transaction being anticipated, naming the sale price in the event of a sale and naming the bank

BY KIM ANDERSON YOUNG PRESIDENT, SECURITY TITLE, INC.

KIM@SECURITYTITLE.NET | 671.647.8100 FINDING SIMPLE SOLUTIONS TO COMPLEX REAL ESTATE TRANSACTIONS.

LISTED BY TODAY’S REALTY

503 TECIO TUMON VILLA, TUMON

SINAJANA LAND

For Sale $360,000 | MLS ID: 18-4673

For Sale $255,000 | MLS ID: 18-4655

Rarely available, FEE SIMPLE, ocean view 2bd/2ba condo. Located in the heart of Tumon, within walking distance to the sandy beaches, restaurants and nightlife. You’ll wake up to the beautiful ocean view and come home to the gorgeous tropical sunsets of Guam every day!

Build your dream home on this beautiful lot! Rare Sinajana cliffside property has incredible ocean and city views. This 2,499+/-sm lot offers tons of privacy as it’s the last one along a cul de sac. Make an offer today!

477 CHALAN KANTON TASI, AGAT

273 CHALAN JOSEN TAN ANA, YIGO

Living with this beach at your door step, the gorgeous yard, the private pavilions, the overall privacy, and the beauty of the island setting, is unprecedented for a rental. And, this is so close to Naval Station. 4 bedrooms, 3 baths, plus a large room for gatherings!

Be the first to live in this AMAZINGLY upgraded and sparkling clean 3 bedroom 2.5 bath home, completely fenced, and gated, and close to Anderson Air Force base. This house a great family flow inside, high ceilings, a large kitchen, and large master with walk-in closet.

For Rent $3,500/mo | MLS ID: 18-4604

For Rent $2,205/mo | MLS ID: 18-4603

A collection of properties featured for Rent or Sale by our REALTORS®

270 REDONDO DE FRANCISCO, TAMUNING

H311 APUSENTO GARDENS, O.C.P.

For Sale $600,000 | MLS ID: 18-4625

For Sale $110,000 | MLS ID: 18-4606

Your opportunity has arrived to own a beautiful home in the ever popular community of Villa Carmen. This two level residence includes four bedrooms, including one bedroom at ground level, and three full baths. Gated & fenced community.

This unit can be your starter home or investment. One bedroom, one bathroom open concept. Amenities include pool, secured entry, security, mail delivery, playground & more. Fee simple. Located in Ordot-Chalan Pago.

385B CANADA TOTO ROAD, BARRIGADA

G202 PERLAS COURTE CONDO, TAMUNING

For Sale $315,000 | MLS ID: 18-4592

For Rent $2,205/mo | MLS ID: 18-3946

Private oasis nesting high up for the privacy, this 4 bedroom 3 bath home is your family home. Move in ready and perhaps put your own stamp on it in the next few years.

This unit is not only business license ready but we are military validated also! Take a look at this beauty! This spacious 3 bedroom 2 bathroom unit is move in ready. Located near all the conveniences Tamuning has to offer. Show today before it is gone!