Kona Kohala Blog

Believe it or not, there are 7 Single Family Residences (SFR's) in North Kona for sale under $300,000.  This is amazing considering that 3 years ago it was hard to find a SFR under $500,000; prices are correcting.

As an example let's take a house that go into escrow on at $290,000.  You put 20% down and finance the rest with a 30 year fixed rate loan as either your primary residence or a second home.  This is a property you could rent long term (over 90 days) and use yourself once in a while.  According to the First Internet Bank of Indiana your interest rate would be 5.25% with an APR of 5.364%, closing costs of $4,045.00 and a monthly payment of $1,281.11 for principal & interest.

This almost makes housing reasonable here in Hawaii, especially for a first time home buyer (a person who hasn't owned in 3 years qualifies as a first time buyer).  The feds are offering an $8,000 tax credit for you which will more than cover any closing costs and help with the remodel.

If you're looking at the other end of the market, there are some very good deals waiting for you.  We've seen some large price reductions in the million dollar plus homes meaning you can buy million dollar homes for under that magic mark.  We're seeing foreclosures in all price ranges so whatever you may be looking for, it's probably available.  Call us today for information in a specific price range or area.

Almost time for the next edition of Aloha Friday, our weekly newsletter.  If you'd like to be on the mailing list, no cost or obligatione, email here at Robert@FerrariPacificRealty.com and you'll go on the list.  aloha