Table of Contents Message From GAR This year we commemorate the 40th Anniversary of the historic 1968 Fair Housing Act. Arnold Jose • President
Executive Homes! (Inside Front Cover)
July 2008 • Vol. 1 • No.2
Departments Publisher Yellow Pages Ink
Market Report Your comprehensive look at the trends of the real estate market.
Business Sales Manager Jay-R S. Dominguez Traffic/Circulation Manager Josie Redmond
Feature Residential Essentials Tips on making smart choices
Production Manager Mark Burke Production Assistant Lynda Young Graphics & Layout Mark Burke
From the Experts So You Want to be in Real Estate… Profile Chris Murphy Classifieds
Editor Janiece A. Sablan Editoral Contributors W. Nicolas Captain Elmore “Moe” Cotton Peggy Araullo Llagas Special Thanks To
Closing Guam Association of Realtors Why Own?
Ricardo Delgado Jr. - President PTI
On April 11, 1968 President Lyndon Johnson urged congress to approve the Fair Housing Act just one week following the assassination of Dr. Martin Luther King, Jr. as a tribute to Dr. King's legacy and commitment to civil rights. One of the Act's central objectives was to prevent discrimination based on race in the sales or rental of housing. This historic Act has since empowered people from all races and ethnicities to pursue the dream of equal access to housing. In 2002 President George W. Bush enhanced our nation's commitment to equal housing opportunities for all by designating the month of June as National Homeownership Month. Today, REALTORS® work hard to provide fair access to affordable housing and homeownership year-round. This June, Guam Association of REALTORS® joins the NATIONAL ASSOCIATION OF REALTORS® and State and Local REALTOR® Associations across the nation in celebrating National Homeownership Month and focus on REALTORS® who contribute to their communities and help build better neighborhoods. Proof of this can be seen in the community improvement projects REALTORS® run and several other community-run programs in which they contribute. REALTORS® and their Associations are getting out and helping others because it’s just good business to be a good citizen. “I have been in this business for more than twenty years, and there is no better feeling than being part of the dream fulfilled for a first-time home buyer. REALTORS® shall continue to build strong families and vibrant communities. When more people own homes, we all benefit.”
Larry Knecht - EVP CasaGuam is Published by:
ARNOLD C. JOSE 2008 President Guam Association of REALTORS®
CasaGuam Advertising Disclaimer All Advertisers agree to hold the publisher harmless and indemnify it against any and all claims, losses, liabilities, damages, costs and expenses (including attorney’s fees) made against or incurred by the publisher, officers or employees with respect to, or arising out of, the content, text, graphics or representations of any ad published herein, including but not limited to the sole negligence and/or fault of the publisher. The publisher is not liable for any claims, losses or damages of any kind, arising from the wording, text, graphics or representations of any ad published herein, or the condition of the articles sold through the publication, or performance of services advertised in this publication. All advertising and/or performance of services advertising and/or submissions become wholly the property of CasaGuam Magazine. CasaGuam Magazine is a registered trademark of PTI Pacifica Inc. Copyright © 2008. All rights reserved. Reproduction in whole or in part in any form without the express written consent of the publisher is prohibited. We reserve the right to edit or refuse any ad and to reprint any photo for promotional use.
July 2008 ◆ CasaGuam 1
Real Estate Listing By Village
2 CasaGuam â—† July 2008
Bobby Sachdej Principal Broker
July 2008 â—† CasaGuam 3
10 CasaGuam ◆ July 2008
No. of Trans.
Median Sale Price
90 $110,000 80
No. of Transactions
Median Sale Price
Summary of Condominium Sales Activity
No. of Transactions
Median Sale Price
$50,000 3rd 07
25 1st 06
No. of Trans.
Median Sale Price
Summary of Total Sales Volume
$180 70% $150 40% $120
Total $ Sales (millions) 10%
Total $ Sales
-80% 1st 00
$0 1st 01
The initial wave of military-expansion related investment has subsided and in Captain's opinion, the slowdown in market activity is positive news. "On a long-term basis, a temporary slowdown is healthy. Recent buyers need time to digest acquisitions, the widening gap between seller and buyer expectations needs to close, income levels need to increase and the economy needs to grow in order to support recent price increases", noted Captain. "Our real estate market is substantially driven by foreign investment and capital flows. We expect that the next wave of military expansion related foreign investment will hit in late 2009 or early 2010, just before major construction activity commences", said Captain. A slowdown means that there is a narrow window of opportunity to enter Guam's real estate market, which Captain expects to heat up significantly between 2010 and 2014.
The sales volume slowdown did not reverse the upward trend in median pricing for Guam housing. The median price of a single family dwelling during the first quarter of 2008 reflected $206,000, an increase of 5 percent compared with the 2007 median price. However, sales activity in this sector slowed to 156 units, the lowest number of quarterly sales in two years. The increase in median pricing resulted primarily from a continuing shift toward newly constructed houses.
The sales volume declines impacted all sectors of the market, according to Captain's database. Single-family residential sales volume of $37 million reflected a decline of 22 percent compared with average 2007 sales volume. The condominium sector reflected sales volume of $13 million, or a decline of 38 percent from average activity in 2007. First quarter sales however, included the $1.2 million sale of a Tumon beachfront condominium. Land sales were down by over 20 percent during the first quarter of 2008, even with the $10 million sale of former
uamâ€™s real estate market cooled significantly during the first quarter of 2008 compared with the recent peak activity in 2007, while the median price of a Guam single family dwelling increased to a new high. Captain Real Estate Group's database of all transaction activity reflected sales volume of $98 million during the first quarter of 2008, a drop of 43 percent from the average quarterly activity in 2007, and a decline of over 50 percent from the peak second quarter of 2007, which reflected $202 million in islandwide real estate sales volume. Nick Captain, President of the Captain Real Estate Group of companies, said the slowdown was expected, "The figures for the 4th quarter of 2007 were surprisingly high at $135 million in sales. We didn't see that coming. But for a while now, we've been telling our clients that the transaction volume and price growth rates experienced between 2004 and 2007 were unsustainable. A period of stabilization or slower growth is healthy and will allow for economic growth to catch up with the recent run-up in real estate prices", said Captain. The most recent quarterly real estate sales activity was the lowest in two years.
Summary of SFD Sales Activity
But median housing price hits new high.
federal excess land in Tiyan. The commercial, industrial and apartment sectors were all down considerably, but these sectors tend to reflect increased volatility due to the relatively limited number of transactions and widely fluctuating prices. "To some extent, the slowdown reflects actions by the government as massive fee increases, infrastructure hook-up costs and other expenses leave developers with lower potential profits and less incentive to purchase land and develop", noted Captain.
REAL ESTATE MARKET SLOWS,
July 2008 â—† CasaGuam 11
Feature wning a home has always been the American Dream. On Guam, “Where America’s Day Begins” the dream of homeownership is more vibrant than ever. Over the last decade’s economic woes, Guam lost many families to greener pastures in the mainland. The tides have definitely been turning with the announcement of the impending military build-up a couple of years ago, the real estate market lull has been driven away by economic optimism. Despite some plateaus in the current marketplace, people are still flocking to either purchase their first home or make investments into rentable properties as prices and values are still expected to increase. Rising property values, increased options in homes available on the market, as well as a large amount of existing inventory are positive characteristics of today’s residential market. Buyers can now choose from an abundance of private homes on the market, cozy condominiums, well-appointed townhomes, master planned and gated communities. Whether you are purchasing your first home or making an investment, knowing the current residential real estate landscape will help you make informed decisions. Here are some tips for making smart choices in today’s residential real estate market.
Money Matters Can you hear that model home in the new development down the road calling your name? Should you call a realtor immediately? Actually, your first stop should be a lending institution says Jacqueline Ann Hocog, Credit Manager of the Mortgage Banking Group at the Bank of Guam. A potential home buyer should first “determine their buying power by pre-qualifying at a bank.” Hocog explains that by pre-qualifying buyers will not only find out how much they qualify to borrow, they will also be educated about the bank’s products that are available and guided to the options that would best suit their financial situation. For the first-time home buyer with a low to moderate household income, several other options are available. The Guam Housing Corporation (GHC) of 14 CasaGuam ◆ July 2008
Chris Murphy Principal Broker The Real Estate Professionals
On Guam, “W of homeown
Tips for making smart choices By Janiece A. Sablan the Government of Guam offers loan programs to help offset home purchase costs for new home owners. “Several other government guaranteed loans such as the Rural Development Loan and the VA Loan are available” explains Hocog. Soon, Bank of Guam will also offer a FHA Loan which is a government insured loan that provides buyers with another secure option. Like other lending institutions, Bank of Guam offers standard 80% and 90% adjustable rate loans that are often the choice for seasoned real estate investors because the fees are more negotiable as the bank has
more control over variables. The bottom line, do your homework first and arm yourself with numbers that will help you to make the right financial decisions.
The Pricing Game You know your buying power, you’ve found a great Realtor, now it’s time to start shopping around! When browsing through the MLS listings, price usually tops the list of concerns of a potential home buyer. According to research by Captain Real Estate Group of www.CasaGuam.com
Feature Location, location, location! One of the rules of thumb when buying property is finding the right location. For some, “right” means a free piece of property from Mom and Dad. For other’s it’s about the right neighborhood. For investors, it’s simply the right value, for the greatest return. According to Diane Licanto Lee, Broker and Realtor with The Real Estate Professionals, areas like Tamuning, Barrigada and even Yigo are selling particularly well. Fortunately, several planned communities have strategically been placed in the northern and central villages of Guam to address the demand and offer the latest in amenities. Homes with higher values per square foot are often within villages with higher population densities. Should one of your criteria be privacy and wide open space, the very northern tip of Yigo and the southern villages will still look pretty good from a rural purchasing perspective. Again, your Realtor can guide you to location options that are right for you.
Abodes for Lifestyle Modes
Where America’s Day Begins” the dream ership is more vibrant than ever.
Companies, the median price for a home on Guam has nearly doubled in the last five years, skyrocketing from $109,000 in the 1st quarter of 2003 to an astounding $206,000 in the 1st quarter of 2008. Things have; however, slowed down in recent months. “The market has had time to settle-in and property is not moving as quickly,” says Sandy Gould Yow, Associate-Broker and Realtor for Today's Realty. Since timing is everything in real estate, it makes sense to buy now before the market starts to heat up again, which experts predict will happen by the end of next year. www.CasaGuam.com
Christopher Felix Principal Broker C-21 Realty Management
“Yes, now is a good time to buy if you can find a property that fits your needs at a price that is reasonable. If you are purchasing for ownership to live in the property, I suggest you buy now as interest rates are fairly low. I think the prices will decline only a little over the next year with the prices starting to increase in the latter part of 2009. If purchasing property for investment and rental property, I would consider waiting as prices are still high and the rental market rate of return is very low,” explains Scott Campbell, Principal Broker at Coral Sea Realty.
The days of the cookie-cutter box homes are gone! With many of the newly constructed homes, aesthetics are more of a focal point. You can now choose from beautiful Spanish-style to contemporary and everything in between. Where the options were once quite limited, home builders and developers are now bringing a whole new level of choices to the Guam market and stirring up some real excitement for potential buyers. The latest trend in housing developments are master planned communities or gated communities. Of course price ranges vary significantly, but several options are available to meet your budgetary requirements. Paradise Estates, a development being marketed by The Real Estate Professionals, has seen a huge level of success with all three of the four phases sold out. “The fourth phase is slated for completion in 2010, and has only 27 of the 94 houses remaining for sale,” says – Continued on page 20 July 2008 ◆ CasaGuam 15
16 CasaGuam ◆ July 2008
July 2008 ◆ CasaGuam 19
Feature – Continued from page 15
Chris Murphy, the Principal Broker of Real Estate Professionals. Paradise’s mainland style architecture and enclosed garage make it easy to see why sales have been through the roof! “A gated community is the new trend for executive level subdivisions on Guam,” says Chris Felix, Principal Broker for Century 21 Realty Management
Diane Licanto Lee, Broker and REALTOR® The Real Estate Professionals,
20 CasaGuam ◆ July 2008
which markets two high-end developments. Talo Verde Estates and Starts Golf Villas and Estates, both fill a niche’ market for buyers looking for serious curb appeal, large square footage, underground utilities, park areas, and a variety of other luxurious amenities. “I believe that over the next five to ten years there will be more mid level and upper mid level subdivisions-- especially in the Northern area. I do not foresee any more upper end subdivisions for the next five to seven years,” explains Felix. This will be good news to the average home buyer on Guam whose average household income is more inclined to suit mid level prices. “Planned communities are good for Guam and homes that are within these communities tend to do well, valuewise,” explains Lee. “I think new residents of Guam will prefer to live in a planned community especially if they are coming from an area where this type of neighborhood is the norm. Investors will prefer planned communities as well, since they have a greater chance of renting those properties to the
Scott Campbell Principal Broker Coral Sea Realty military,” adds Lee. Many are seeking to buy in the residential market as an investment with plans to rent—especially to the military market when the influx begins. It is important to note; however, that there may be a bit of a gap between the time of purchase and any marked increase in the military population. According to Yow, “About a year, or so, ago, when
Feature Guam got word of the military build-up, many people bought condos or built or bought houses. This was the result of word that the military may be increasing its presence on Guam though the relocation of thousands of military personnel. This spurt of real estate activity has caused a glut of properties on the market for rent today.” Of course, playing a waiting game and purchasing investment properties later may simply mean that you will have a large initial capital outlay; hence, yielding a smaller return. All in all, the future of Guam’s residential marketplace is bright. If you’ve been putting off purchasing a home or if you just didn’t think you were capable of finding something to suit your budget, take a look again. With a visit to the bank, a good Realtor on your side, and general knowledge about the market conditions, you can make smart decisions when investing or buying on Guam and share in the American dream.
STEPS FOR PURCHASING A HOME • Find out how much you qualify for from a lending institution • Find a Realtor you trust, are comfortable with, and who you know will work hard to find you the home you're looking for. • Decide what qualities you want in a home, i.e. what locations are you willing to consider, number of bedrooms, a carport, high ceilings, a walk-in closet, an outside kitchen. • Also, think about the things you are willing to do yourself. If a house doesn't have an outside kitchen, are you willing to put one in? •Look for a home, and spend the amount of time you need to do so. This can take you one week, but it might take you three months. Once you find a home, there are many other steps to go though that your Realtors can help you with. Sandy Gould Yow, Associate Broker & REALTOR® with Today’s Realty
July 2008 ◆ CasaGuam 21
From the Experts
So You Want to be in Real Estate… - By Elmore "Moe" Cotton Principal Broker Century 21 Commonwealth Realty
have been in the real estate brokerage business for over 40 years. I am now 72 years old and I can honestly say, I love it. I am happy to write this column but I had a hard time deciding what to write about so I decided to start at the beginning of what this business is all about and how you can get into it. First of all let’s get the business term correct. It is not the real estate business, it is the Real Estate ”Brokerage” Business. You can be in the real estate business without a real estate license if, say, you are buying and selling your own properties or building and selling your own houses. Real Estate “Brokerage”, on the other hand, means acting as an Agent or Broker for the Buyer or the Seller or both, usually being compensated by one or the other. Therefore you are not in the selling business (the owner of the house is selling the property not you) but you are in the “Service Business”, assisting Buyers and Sellers with their real estate needs.
is located at: B-1 Tsai Building 119 South Marine Corps Drive Tamuning Guam 96931 Telephone (671) 649-2121 Facsimile (671) 646-5389 Cel Phone (671) 888-2121 email: email@example.com Website: www.guam.com (click on the Real Estate Tab) Art Website: www.guam.com (click on Guam Artists)
22 CasaGuam ◆ July 2008
To get into the Real Estate Brokerage business, you are required by Guam Law to take a 30-hour course which is offered by several schools or by UOG. The cost of the course varies but is around $425. You then must pass a test that is given by the University of Guam. This test is offered every month, usually on the second Friday of the month. You can take the Agent’s or a Broker’s Exam. The Exam cost is $50.00 and if you fail (and the test is very tough) you can take it as many times as you want. I think the record for taking the test is 10 times. I would hire that person in a minute as that person has shown persistence and determination: two things you will really need in this business Once you have taken the 30 hour course you have two options. You can become a Broker or an Agent. The Brokers Exam is taken the same time as the Agents Exam but is more comprehensive and the passing grade is higher. If you want to start your own real estate company you would have to take and pass the Broker’s Exam and then prove to Revenue and Tax that you have some background in real estate or have a College degree. The Guam Board of Realtors (GAR) does not recommend those who have not been real estate agents to become brokers right away. Some states, like Hawaii, require at least two years experience before anyone can become a Broker. GAR would like the Guam Legislature to pass a law following Hawaii’s example. You should not have any problem getting a Principal Broker to allow you to become a part of their company, since you only get paid when you bring in commissions based on your activity. Some Brokers only hire full time Agents and some will take part-timers, but in
Elmore “Moe” Cotton Principal Broker Century 21Commonwealth Realty
the final analysis most Principal Brokers are looking for things like personality, enthusiasm, desire and how the Agent presents him or herself. You would want to talk to the Principal Broker (PB) to see what that company has to offer. This means while the Principal Broker is interviewing you you are doing the same with that PB. You would want to know what the commission policy is, what is the training program, who pays for advertising, etc. Once the agreement is made between the new agent and the Principal Broker it is the PB’s job to help make you successful. In my case, when you join my company, I consider myself working for you. You are the Boss. While you are hanging your license with me, you are still an independent contractor. You are in business for yourself. You are the asset. In my next article I will go into subjects like how do you prospect for clients, how are commissions paid, how do you qualify buyers, and other related subjects. I will also tell you that most people who get their real estate license will not be in the business one year later. Why people fail and how you can avoid being one of them? See you next article. [November]
July 2008 ◆ CasaGuam 23
24 CasaGuam ◆ July 2008
From Banker To “Big Dog” “You Care About People First. The Money Will Come”
Chris Murphy Principal Broker The Real Estate Professionals
hen Chris Murphy came to Guam as a banker from Hawaii, he could not have imagined that 26 years later, he’d be one of the “Big Dogs” in the real estate industry. He is. But you’d never guess it if you were just having a casual conversation with him. There is nothing presumptuous about this successful businessman. As he speaks of his career and the path it has taken him, Murphy sounds as excited about it as he would have two decades ago. “Always different people—different properties—different scenarios. You’re never bored!” exclaims Murphy. His experience in banking, real estate development, along with having worked as a licensed broker for so many years makes Murphy a well-rounded individual in an industry that has been flooded by agents. The last few years have admittedly been some of his busiest with the upswing in the industry. Murphy laments over the loss of friends because
he simply can’t find the time to squeeze in an impromptu game of golf! For now, golf is on the backburner as he continues to work hard with projects like Paradise Estates which he helped develop and continues to successfully market. What fuels this man who has brokered more than $40,000,000 in real estate transactions on Guam? What would make him continue to work late hours seven days a week? You’d find your answer between the lines as you listen to him speak of how honored he is to help people find exactly the home or the property they’ve dreamed of. Chris Murphy is simply one of those people who loves helping people. When asked about one of his most memorable moments in real estate, Murphy immediately recalled a recent experience with a young soldier who’d just come back from Iraq. While still abroad, the soldier transacted the purchase of a home at Paradise Estates which was in Phase III and slated for completion a year after his return home. In a fortunate twist, another buyer in Phase II pulled out of the deal and Murphy was able to take the young man up to the home and offer it to him. The excitement this soldier showed was an absolutely priceless moment in Murphy’s view. “This kid’s sheer joy just gave me goosebumps,” he explains. He admits that there is definitely money to be made in this business if you work hard. But his philosophy is that, “You care about people first. The money will come.” Murphy’s success in Guam’s real estate industry is a testimony of his respectable philosophy. What’s next on his agenda? More work, more developments—and at some point, more golf with friends!
Chris Murphy Principal Broker The Real Estate Professionals Education: BA University of Pacific, Stockton -Prelaw, MBA Pepperdine U. Hobbies: Golf, on the rare occasion that an opportunity to play presents itself Most memorable real estate moment: “Just being a part of the whole Paradise Estates project has been a memorable experience. Taking a bunch of boonie land and creating a whole neighborhood…where just a couple years later fathers are pushing kids in tricycles and kids are playing on the sidewalks. Seeing how people have benefited is very satisfying.” Business Motto: “Do What’s Right.”
July 2008 ◆ CasaGuam 25
26 CasaGuam ◆ July 2008
July 2008 ◆ CasaGuam 27
28 CasaGuam ◆ July 2008
July 2008 ◆ CasaGuam 29
30 CasaGuam ◆ July 2008
Classified Residential Sales Dededo House for Sale/Rent 3bd-2ba, 1,322 Sq.Ft. Living Area Rent $1,000/m. Selling Price $180K Available August Call 688-5864 MFD 3 Bd/2Bd/1 Bd Front Park, Nr Sta Barbara Church; Close to schools, stores and many more. Up to $40K/yr income opportunity. FSBO. Serious inquiries only! Call 632-1200.
Piti Nimitz Hill Home On 1100sqmtr 3bed 2 Bath Located Next To Million Dollar Homes. Build On For Oceanview $300,000. Call Rena Borja 687-7362
Tamuning Beverly Palms - 2bd/1.5ba $165,000 Call Esther 688-6787. www.islandrealtor.net Pacific Towers Condos Starting at $68K Renovated, C-Tiles, Pool, Security Call MACKS Realty at 646-9870 SC PB
Tumon Pia Marine Condo 2 Bd/2 Ba - $180K Panoramic Ocn. View, Renovated, Modern Furn, Pool, C-Tiles, Excel Cond. Call MACKS Realty at 646-9870 SC PB
Land For Sale Agat C-Zone 906 Sqm Central, Close To Kimchee Store, Great Investment Only $95k. Call Nilisa Arnold @ 777-3335 / 727-3335 / 482-5551
Asan 2137 Sqm A-Zone Great Valley View Build Your Dream Home $165k. Call Rena Borja 687-7362
Mangilao 3 Adjacent Lots On Eba Road R-1 Zone 1562 Sqm $80k Each. Close To Schools, Restaurants. Utilities Nearby. Call Cathi Beam 689-3492
Talofofo Talafofo Oceanview land–34,146SqM $1,195,180. Call Esther 688-6787 www.islandrealtor.net
Upper Tumon Across Driving Range, Near Pia Marine R-1 8645sqm, Fenced $1.3m. Call Cathi Beam -689-3492
MongMong Toto Maite Oasis Apartment Studio - $550 A Must See! Full Kitchen & Appl. Prof. Design & Remodeled, Includes WATER Call MACKS Realty at 646-9870 SC PB
Asan 3br/2ba Wshr/Dryer Ceiling Fans Aircon Stove/Fridge Wall To Wall Cabinets Minutes To Town Polaris Pt. Call 689-3492 Cathi
Dededo Good Location! 2Bd /1Ba w/ Ref/Oven/ Patio/Fence/front Park; nr church, walking distance to schools, market & many more! Call 632-1200.
Apusento Gardens 3/2. Pool & Playground. $895. Call Horizon Properties, Inc. 6467616.
Piti 2br/1ba Apt in Piti. Partial Ocean View. Renovated. Near stores, across from beach, with cool breezes. Ocean Breeze Apts. $600 649-8265 or 888-7447.
Pacific Towers Condo 1 Bd/1 Ba - $750 For Lease Newly Renovated 7,361 Sqft 2-Story Comm Bldg Marine Corps Dr Frontage. For Showing $14722 Call Toni 482-4663 For Lease ! 3050 Sqft 3-Story Near Courthouse. Flexible Terms $6,100/Mo Call Rena Borja 687-7362
Inarajan 3br/2ba Wshr/Dryer Ceiling Fans Aircon Stove/Fridge Quiet/Private Abundant Fruit Trees Call Rena Borja - 687-7362
Renovated, Unique, Modern Open Fl. Plan, New S/S Appliances, Includes WATER Call MACKS Realty at 646-9870 SC PB Royal Gardens 2/2, $1700, 3/2, $1900, & 4/2.5 $2200 bedroom/bath for rent. Pool, Tennis Court, BBQ area. Call Horizon Properties, Inc. 646-7616. Beverly Palms - 2bd/1.5ba $1500 Call Esther 688-6787. www.islandrealtor.net
3br 2ba Condo for rent $1900 w/ ocean3bd/2ba Condo close to both bases, and a walking distance to schools,remodeled kitchen w/ dishwasher & pool to enjoy. The unit is in an excellent condition. Please contact Tara 482-2074 or 483-7056 $1700/m 2 Bedroom One Bath Greenpark Central Air Clean Includes Appliances. $750/Month Call Rena Borja - 687-7362 Brand New Single Family Home 3/2.5, near UOG and GCC. Double Whirlpool tub, 2 car garage and outside bathroom. $2100 obo Call Horizon Properties, Inc. 646-7616.
views. Rarely available. Near beaches, shopping & restaurants. New kitchen and Bathrooms 649-8763 • firstname.lastname@example.org Pia Resort Condo Studio - $875 Spacious, Kitchenette, Fully Furnished Includes POWER, WATER & BASIC CABLE Call MACKS Realty at 646-9870 SC PB Pia Marine Condo 2 Bd/2 Ba - $1250 Exhilarating Ocn. View, Renovated, C-Tiles, Pool, Fitness, Tennis, Bk-up Generator Call MACKS Realty at 646-9870 SC PB
July 2008 ◆ CasaGuam 31
Closing Message from the Executive Officer Why Own!
Peggy Araullo Llagas
There are many great reasons to consider owning a home:
• You'll have a place that is yours! You'll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come. • You may pay less to own a home than you would to rent – and it's yours at the end! Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home. • Your monthly payments won't ever go up if you choose a fixed-rate mortgage! If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (if your taxes go up, your escrow will go up – increasing your monthly payment). • You'll build a good nest egg! Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who've taken this step. - Freddie Mac’s Guide For more information on the opportunities here in Guam and how you can build wealth through homeownership, contact a REALTOR® a member of the Guam Association of REALTORS® or visit www.guamrealtors.com.
Guam Association of Realtors® The Voice for Real Estate on Guam 414 West Soledad Avenue, GCIC Building, Suite 500-U, Hagåtña, GU 96910 Office: (671) 477-4271 • Fax: (671) 477-4275 www.guamrealtors.com • email: email@example.com 32 CasaGuam ◆ July 2008