Mortgage Activity Not Taking A Holiday

The streets of Waikiki are full of people over holiday periods, but those streets are not the only place activity is hectic. Apparently mortgage offices are equally busy.

According to a statement from the Mortgage Bankers Association, the quantity of new mortgage appilcations is up 14.4% over the prior week.  That brings new homebuyers' activity to the highest rate we've seen since the homebuyer tax credit was in full swing. Looks like many people are opting for the ultimate family present this Christmas, a new home.

While it is true historically low interest rates are partially responsible for luring buyers back into the market, that is not the only reason for the spike in purchase activity.  Consumer confidence is slowly returning to the marketplace, pushed by a pent-up demand and a realization that securing a loan is not a difficult a process as it was even six months ago. Money is available and being loaned for purchase, although qualification is definitely more strict than in the days the market was overheated.

And, Hawaii tourism numbers and Wakiki hotel occupancy numbers are up significantly. This fact, coupled with new airline seats being added to Hawaii routes seemingly every week bodes well for mainland folks who want to invest in Hawaii real estate. An individual can purchase a Waikiki condo for thier own use at selected times of the year and use it as a rental the remainder of the time to create cash flow that helps make the purchase. In fact, I just got a mortgage interest rate update that showed an investor can secure a conforming 30-year fixed-rate mortgage for a simple interest rate as low as 4.5%.

So, let the games begin. Come find your piece of paradise.

It's A Dog's Life

In my first post I mentioned walking my 14-year old beagle on the streets of Waikiki. Well, Sammy Beagle Becker got very ill and passed rather quickly. He is missed terribly, but he lived in Waikiki long enough to demonstrate one of the neighborhood’s really special traits.

Dogs feel very welcome in Waikiki.  In many cases there appear to be more canine residents than humans in many of the tall condos that line our streets. At any given time, hundreds of family dogs join their owners for a quick elevator ride down to the street, perhaps to take a leisurely “sniff n’ snort” walk along the Ala Wai canal or even to our storied beaches. Sammy used to prefer the sometimes bustling sidewalks.  People used to stop their vacation long enough to smile as he walked past, nose to the ground, or even to ask his name and permission to pet him.

Sometimes whole families would surround him with curiosity and love, and he always enjoyed the attention. From tiny toy dogs carried in their owner’s arms to the humongous Great Dane my neighbors have in their apartment (yes, he has his own bedroom) the parade of dogs is unending all hours of the day and night helps give Waikiki a distinctive character.

So, if you are contemplating a move to Waikiki, don’t forget to bring man’s best friend. If you do your homework and avoid the rabies quarantine period you can pick up your pet upon arrival at the airport. Then, you can treat your friend to a nice walk in Waikiki, where life appears to have gone to the dogs.

Around the world in a block

For a while I wondered what it was going to be like to live in Waikiki. I had stayed in hotels there before, but never got to experience daily life in such an urban environment. It was walking my 14+ year old beagle around my block that introduced me to one of my favorite things that come with living here.

No matter what time I walk, my slow stroll (you walk slowly with an older dog who has to sniff everything in sight) is like a visit to the world’s countries. In a matter of minutes I hear conversations in Italian, French, Spanish, Philippino, Chinese, Japanese and other languages I can’t even identify. I mean I knew urban settings were cosmopolitan from visits to great cities like New York, San Francisco, Chicago, Tokyo, London and Mexico City, but I was surprised to find such an international crowd enjoying the great beaches and climate I take for granted.

If Hawaii is known for its cultural mix, then Waikiki is the mix-master.  People spend thousands of dollars to come spend some time amidst our palm trees swaying in the tradewinds, to bask in the ever-present sun and to enjoy the many restaurants, attractions and stores that make Waikiki such a special international destination.

So now, whenever I am out and about, I make a conscious effort to spread some aloha.  I take photos for people, sometimes use sign language and my limited language skills to answer questions and provide directions and generally try to be a roving ambassador for Waikiki. My trusty beagle companion Sammy allows strangers to pet him and stands patiently while I do my best to help our global tourists. I guess cute dogs speak a universal language.

Tourists from all over the world are not only the economic engine of Waikiki, they are an essential part of the fabric of life here, and what a colorful and rich cloth that is.