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Not Everyone is Safe From Foreclosure in Hawaii

Foreclosure is a reality that affects millions across our great nation.

This Turtle Bay REO (MLS# 1100703) is listed for $1,075,000 and last sold for $1,750,000

According to a recent article by Bankrate.com, even the “rich and famous” get into foreclosure trouble. The most notable of which is Nicholas Cage that got foreclosed on 2 properties in New Orleans. Nobody is safe when it comes to not paying the bank.

Foreclosure is never an easy predicament for a borrower. Most borrowers never intend to have it come to this. There’s a stigma that most foreclosures take place on low-end, run-down homes, which is not always the case. It just so happens the majority of them on Oahu are in the lower price range, however, there are some luxury homes that have been foreclosed on recently, and several that could be if short sales are not approved.

Foreclosure can also bring to life a lot of weight and stress in a borrower’s life, and may not always have to be the end result. There have been more and more short sales that have been approved lately. If you’re worried about the potential of being foreclosed, I would consult an attorney to see what your options are.

I would also contact one of our great agents to see if a short sale is an option for you. For buyers, now is a great time to invest in some value deals. Here’s some galleries of homes and condos that have been foreclosed and now re-listed as an REO.

If you’re interested in some luxury short sales, or REOs, contact me for more information.

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Jeremy Stice, R(S)

February 21, 2011

David,
It is no surprise to me that the upper echelon properties are starting to be affected by this trend. Recently on Maui we had a closing of a $2.65 million luxury condo at Wailea Beach Villas and a huge $2 million home in Ka’anapali Golf Estates that were both bank owned properties. I hope to be buying a nice REO in the $600-700k range in the next couple of years to start a raising a family here. I think we will continue to see a strong price correction in the $1.5m range as a whole as the inventory is really stacking up. Great time to be a bargain hunter in the luxury real estate market of Hawaii.

Jeremy Stice, R(S)

February 21, 2011

David,
It is no surprise to me that the upper echelon properties are starting to be affected by this trend. Recently on Maui we had a closing of a $2.65 million luxury condo at Wailea Beach Villas and a huge $2 million home in Ka’anapali Golf Estates that were both bank owned properties. I hope to be buying a nice REO in the $600-700k range in the next couple of years to start a raising a family here. I think we will continue to see a strong price correction in the $1.5m range as a whole as the inventory is really stacking up. Great time to be a bargain hunter in the luxury real estate market of Hawaii.

annie

February 23, 2011

Thanks, David. Yes a few noteable people had their properties auctioned of foreclosed here on the Big Island. It’s too bad. And as you said, it’s best for the owner to look at their options, even though it is a hassle and stressful. I know many of our agents have clients that appreciated the solutions we offered when they were in this predicament. Thanks…

annie

February 23, 2011

Thanks, David. Yes a few noteable people had their properties auctioned of foreclosed here on the Big Island. It’s too bad. And as you said, it’s best for the owner to look at their options, even though it is a hassle and stressful. I know many of our agents have clients that appreciated the solutions we offered when they were in this predicament. Thanks…

David Buck

February 23, 2011

@Jeremy- Sounds like great luxury foreclosure deals on Maui. Not too many luxury REO’s on Oahu at this point, however a handful of short sales that could soon become REO’s..

@Annie- I recall Cher’s place being auctioned. Was that by lender or just her way of deciding to sell?

David Buck

February 23, 2011

@Jeremy- Sounds like great luxury foreclosure deals on Maui. Not too many luxury REO’s on Oahu at this point, however a handful of short sales that could soon become REO’s..

@Annie- I recall Cher’s place being auctioned. Was that by lender or just her way of deciding to sell?

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