Today's GuamHome December 2019 by Todays Realty

ISSUE 12 | DECEMBER 2019

WHAT’S INSIDE Market Report | Meet Our Agents | Closed by Today’s Realty | On the Cover | Just Listed Use and Abuse of Powers of Attorney

CONTENTS 02 03 05 07

MARKET REPORT Residential Market Snapshot from January 1, 2019 to December 1, 2019

MEET OUR AGENTS

SOLD BY TODAY’S REALTY

A collection of recent homes sold by Today’s Realty

It is our honor to present this collection of beautiful homes for your review. Our team of over 20 agents and associatebrokers are all members of the Guam Association of REALTORS®, the National Association of REALTORS® and the Guam Multiple Listing Service (Guam MLS). 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!

ON THE COVER

226 Paseo De Oro, Tamuning

Use and Abuse of Powers of Attorney

elcome to the December 2019 issue of Today’s Guamhome newsletter.

Anthony Godwin Principal Broker / REALTOR®

Jun “John” Lin Vice President / REALTOR®

JUST LISTED

Recently listed properties in the market.

FOR THOUSANDS OF LISTINGS VISIT

WWW.GUAMHOME.COM

RESIDENTIAL MARKET SNAPSHOT JANUARY 1, 2019 - DECEMBER 1, 2019

HOMES SOLD

362 Single family homes sold from January 1, 2019 thru December 1, 2019 vs. the 357 homes sold in 2018.

HOMES RENTED

Year to date saw a decrease in the number of single family homes rented at 761 in 2019 and 750 in 2018.

UNITS SOLD

212 Condominium units have been sold from January 1, 2019 thru December 1, 2019 vs. the 202 units sold in 2018.

UNITS RENTED

Year to date saw a decrease in the number of condominiums, townhomes, apartments rented from 1,124 in 2018 to current year at 1,095.

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 $369,108 was significantly higher than the $338,647 reported during the same period in 2018.

HOME RENTALS

Average single family monthly rentals so far this year decreased from $2,384 last year to current year at $2,353.

UNIT SALES

The average condominium sale price of $252,595 in 2019 was higher than the $243,756 reported during the same period in 2018.

UNIT RENTALS

The monthly rental rate for condominiums, townhomes, apartments increased from $1,716 in 2018 to $1,731 for the same period in 2019.

AVERAGE DAYS IN THE MARKET HOME SALES

On average, single family home sales in Guam take about 5 months to sell from date listed to date closed vs. the closings for the same period in 2018 at 4 months.

HOME RENTALS

In 2019, home rentals took about 8 weeks from date listed to date closed vs. the closings for the same period in 2018 at 9 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 2019. Compare this to the closings for the same period in 2018 at about 3 months.

UNIT RENTALS

In 2019, 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 2018.

*Statistics from Guam Multiple Listing Service from January 1, 2019 through December 1, 2019. **Statistics from Guam Multiple Listing (MLS) from January 1, 2018 through December 1, 2018. 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 ©2019 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

Fiona Hocking 671.988.9982 fiona@guamhome.com

Fumiyuki Takahara 671.488.5502 fred@guamhome.com

Hui Gallagher 671.689.4881 hui@guamhome.com

Jackie Calvo 671.687.5050 jackie@guamhome.com

Michael Kumar 671.988.6900 michael@guamhome.com

Ray Rupley 671.685.5070 ray@guamhome.com

Sandy Yow 671.687.6006 sandy@guamhome.com

Sharmila Sahni 671.483.7125 sharmilasahni@yahoo.com

Anthony Godwin 671.688.8198 anthony@guamhome.com Principal Broker | REALTOR®

John Lin 671.688.8518 john@guamhome.com Vice President | REALTOR®

Work with the Proven Market Leader

Christine Campos 671.682.2412 christine@guamhome.com

Clariza Samaniego 671.747.7440 clariza@guamhome.com

Dennis Couzijn 671.727.3815 dennis@guamhome.com

Duane Pahl 671.689.7777 duane@guamhome.com

Janet Calvo 671.687.1841 janet@guamhome.com

Jason Young 671.685.2059 jason@guamhome.com

Julie Paxton 671.687.6900 realestate@guam.net

Kimberly Ada 671.489.5232 kima@guamhome.com

Shawntel Techaira 671.483.7368 shawntel@guamhome.com

Suzanne Naputi 671.482.6426 suzanne@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

Oka Tower Condo | $2,205/mo Days on market: 37 | MLS ID: 19-4354

Upper Tumon Unit | $1,200/mo Days on market: 238 | MLS ID: 19-1305

Mangilao Home | $550,000 Days on market: 100 | MLS ID: 19-3358

Mangilao Home | $1,500/mo Days on market: 87 | MLS ID: 19-3597

Alupang Cove Condo | $2,205/mo Days on market: 50 | MLS ID: 19-4039

Yona Home | $1,500/mo Days on market: 29 | MLS ID: 19-4388

A collection of recent properties closed by our REALTORS®

Santa Rita Unit | $2,205/mo Days on market: 246 | MLS ID: 19-1328

Tamuning Unit | $900/mo Days on market: 166 | MLS ID: 19-2355

Tamuning Unit | $1,000/mo Days on market: 81 | MLS ID: 19-3639

Merizo Home | $400,000 Days on market: 55 | MLS ID: 19-3998

Cliff Condo | $1,100/mo Days on market: 21 | MLS ID: 19-4337

Villa Gi Papa Ladera Condo | $2,205/mo Days on market: 25 | MLS ID: 19-4440

ON THE COVER 226 PASEO DE ORO, TAMUNING For Rent $6,600/mo You will come for the amazing panoramic ocean views from this spacious 4 bedroom 3 bath home atop the Paseo De Oro cliff-line. You will stay for all the conveniences this prized location has to offer --- minutes to Tumon bay beaches, hotels, entertainment, shopping, medical facilities, schools, international airport, night life and a whole lot more. Home includes a double car carport, pet fenced area, water softener, cooktop, double ovens, dishwasher, side-byside refrigerator/freezer, LG Washer and Dryer, 5 individually controlled air conditioners, remote controlled gate... and the most fantastic view of Tumon ever! For our military tenants, this home has been validated by the Navy Housing office -so move-in is a breeze! Call your REALTOR now to arrange a showing and sign a lease.

MLS ID# 19-4767

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. 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 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!

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

331 LAS PALMAS PH. III, DEDEDO

B306 APUSENTO GARDENS, OCP

For Sale $345,000 | MLS ID: 19-3936

For Rent $2,205/mo | MLS ID: 19-4778

These Las Palmas Phase III don't appear on the market often so here is unit 331, a three storey, 3 bed, 2.5 bath Las Palmas III unit for sale. Las Palmas III has amenities galore such as pool and BBQ area.

Tastefully renovated 2bd/2ba unit with all the comforts you want in a condo including a new central A/C unit to keep you cool. Amenities include a swimming pool, basketball court, laundromat, playground, mailbox and minimart plus a security guard.

A21 TUMON CHICHIRICA CONDOS

LOT 5088-R1-8, TAMUNING

For Sale $430,000 | MLS ID: 19-4832

For Sale $100,000 | MLS ID: 19-4863

FEE SIMPLE condominium right in the heart of downtown Tumon where all the action is! Close to shopping, restaurants, night entertainments and Tumon beaches. Rare find Guam living at its finest. You'll love this beautiful unit that has been renovated.

This R-1 zoned 976+/- square meter lot is centrally located with access from Route 16. Very close to Tumon Golf Driving Range.

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

611 HOLIDAY TOWER, SINAJANA

428 CHAPEL ROAD, BARRIGADA

Totally upgraded 2bd/2ba condo with brand new kitchen and bathrooms. Enjoy the ocean, tropical landscape views and sunsets from this 6th floor balcony. Centrally located, less than 5 minutes from the Naval Hospital and a short drive to Navy Base Guam.

You wish for a spacious 3bd/2ba home perched on a hillside overlooking a verdant green valley with a touch of ocean off in the distance. Your dream grows! Enjoy oversized, screened covered deck for BBQs and entertaining.

LOT 3202-1-6NEW-R5, SINAJANA

H112 APUSENTO GARDENS, OCP

For Rent $2,450/mo | MLS ID: 19-4779

For Sale $370,000 | MLS ID: 19-4806

For Sale $255,000 | MLS ID: 19-4862

For Sale $199,999 | MLS ID: 19-4891

Build your dream home on this very rare beautiful Sinajana cliffside property! For you Developers, this is a great property for your next project overlooking the city of Hagatna and Agana bay! Lot is R-2 zoned and 2,499+/- square meters.

Rare opportunity to purchase a fully upgraded 3 bedroom, 2 bath "end" unit at Apusento Gardens, Ordot-Chalan Pago. Amenities include pool, security, playground, BBQ area, mail delivery & more!