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ISSUE 8 | AUGUST 2019

WHAT’S INSIDE Market Report | Meet Our Agents | Closed by Today’s Realty | On the Cover | Just Listed Assuming Mortgages


CONTENTS 02 03 05 07

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

314 Tumon View Condo Ph. I, Tumon Assuming Mortgages

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W

elcome to the August 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 - AUGUST 1, 2019

HOMES SOLD

217 Single family homes sold from January 1, 2019 thru August 1, 2019 vs. the 239 homes sold in 2018.

HOMES RENTED

Year to date saw a decrease in the number of single family homes rented at 480 in 2019 and 498 in 2018.

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UNITS SOLD

129 Condominium units have been sold from January 1, 2019 thru August 1, 2019 vs. the 141 units sold in 2018.

UNITS RENTED

Year to date saw a decrease in the number of condominiums, townhomes, apartments rented from 680 in 2018 to current year at 658.

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 $354,616 was significantly higher than the $334,471 reported during the same period in 2018.

HOME RENTALS

Average single family monthly rentals so far this year decreased from $2,370 last year to current year at $2,306.

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UNIT SALES

The average condominium sale price of $265,268 in 2019 was higher than the $237,570 reported during the same period in 2018.

UNIT RENTALS

The monthly rental rate for condominiums, townhomes, apartments increased from $1,681 in 2018 to $1,697 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.

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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 August 1, 2019. **Statistics from Guam Multiple Listing (MLS) from January 1, 2018 through August 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!

Contact us at 671-649-4361 or broker@guamhome.com 4


CLOSED BY TODAY’S REALTY

Tumon Condo | $5,000/mo Days on market: 311 | MLS ID: 18-3567

Apusento Gardens | $140,000 Days on market: 98 | MLS ID: 19-1468

Paradise Estates Home | $405,000 Days on market: 66 | MLS ID: 19-1840

Paradise Estates Home | $2,500/mo Days on market: 43 | MLS ID: 19-2360

LeoPalace Golf Villas | $1,600/mo Days on market: 33 | MLS ID: 19-2503

Apusento Gardens | $2,205/mo Days on market: 29 | MLS ID: 19-2510

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker


A collection of recent properties closed by our REALTORS®

Ordot-Chalan Pago Land | $45,000 Days on market: 38 | MLS ID: 19-1541

Santa Rita Home | $109,000 Days on market: 81 | MLS ID: 19-1540

Dededo Home | $2,100/mo Days on market: 20 | MLS ID: 19-2286

Tumon Commercial Building | $3,000/mo Days on market: 21 | MLS ID: 19-2356

Tamuning Home | $2,450/mo Days on market: 9 | MLS ID: 19-2607

Yigo Duplex | $2,205/mo Days on market: 16 | MLS ID: 19-2691

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

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ON THE COVER 314 TUMON VIEW CONDO PH. I, TUMON For Rent $2,205/mo Be the first to occupy this completely renovated unit, with an ocean view from the large, private, and covered balcony! This corner, 2 bedroom, 1 bath unit is a bargain, with stainless steel appliances in a brand new kitchen, beautifully tiled floors, new windows, new blinds, new everything! Plus, 24 hour surveillance system. Just walking distance to the Tumon beaches, bustling night life, and Pleasure Island! MLS ID# 19-2344


ASSUMING MORTGAGES Even though most mortgages contain what is called a “due on sale” clause which states that a mortgage cannot be assumed by a new buyer, it is not uncommon for parties to take over payments when purchasing real estate. Contracts of Sale, seller financing and wrap around mortgages are all examples of creative financing in which the existing loan is assumed without the knowledge of the lender. While not in compliance with the terms of the loan, assumptions are not rare. In most cases the lender does not have any idea that the loan has been assumed and as long as the payments are made, no red flag is raised. Before it starts to appear that I am advocating assuming another persons mortgage (I don’t!); let me say that there are a number of good reasons that mortgages prohibit assumption, for example: • Lender cannot confirm that the new buyer qualifies to repay the loan. • Lender loses the opportunity to adjust interest rates to current market levels. While assuming a sellers mortgage may seem like a simple and straightforward way to quickly close the sale of a property, the ramifications can be disastrous to both the buyer and the seller. • If the buyer fails to make the mortgage payments in a timely manner or if the loan goes into foreclosure, the sellers credit score is affected since they are still responsible for the loan. • If the seller wishes to purchase another property, the existing loan still shows as a debt for which they are responsible. • If the bank discovers that a loan has been assumed they can immediately call the note due and payable, and the buyer will need to quickly seek alternative financing. Other mortgages allow for the mortgage to be assumed, but only with the lenders consent. In order for the lender to consent, they process the buyer as if they were applying for a new loan (to determine if they qualify to repay). If the lender approves the assumption, an assumption of mortgage document is signed by the new borrower and recorded as required under the mortgage. At this point the debt is removed from the original borrowers credit and our buyers and sellers are in compliance with the terms of the loan.

BY KIM ANDERSON YOUNG PRESIDENT, SECURITY TITLE, INC.

KIM@SECURITYTITLE.NET | 671.647.8100 FINDING SIMPLE SOLUTIONS TO COMPLEX REAL ESTATE TRANSACTIONS.

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LISTED BY TODAY’S REALTY

2C AGANA OCEANVIEW, MTM

455-C INALADO ST., ORDOT-CHALAN PAGO

Rare opportunity to purchase a large 3 bedroom, 2 bath, second floor unit at Agana Ocean View. Partial ocean views, and very high ceilings, and an extra-large master bedroom have made this a favorite place for years!

Magnificent Ocean View! The residential unit beautifully positioned on a tip ot overlooking Pago Bay. Good access to the Naval hospital or Navy base. This unit is fully renovated. You’ll love the gorgeous view from the spacious living room. Great amenities!

108 PIOT STREET, SINAJANA

FLORA PAGO CONDO, ORDOT-CHALAN PAGO

For Sale $214,999 | MLS ID: 19-1209

For Rent $2,650/mo | MLS ID: 19-2870

For Rent $2,450/mo | MLS ID: 19-2903

For Sale $198,000 | MLS ID: 19-3144

Nice central 4 bedroom, 3 bath home with 1,848+/-sf of living space. Large 2nd floor balcony to enjoy the mountain views. All stainless appliances and even a dishwasher. Minutes from downtown Hagatna and Naval Hospital.

The tasteful touches this seller has made to this 2-bedroom unit are elegant, and superb! A brand new modern grey and white kitchen with stainless steel appliances. Look at the top-to-bottom new full bath, newly installed custom blinds, and other wonderful additions.

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker


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

HARMON PIPELINE, DEDEDO LAND

199 SAN VICENTE ST., AGAT

M1 zoned land of 7,641+/- square meters on frontage of Harmon Pipeline Road.

Custom home with many nice features. Porcelain tiles, granite counter tops, solar panels, typhoon resistant windows and doors, high vaulted ceilings, modern stained concrete flooring. Home needs some TLC. You have great potential to make it yours.

125 CH. JUAN DE LETRAN, ORDOT-CHALAN PAGO

NORTH LEONARD TENORIO, TALOFOFO

For Sale $746,100 | MLS ID: 19-2875

For Sale $235,000 | MLS ID: 19-2900

For Rent $4,400/mo | MLS ID: 19-2984

For Sale $55,000 | MLS ID: 19-2960

Executive home of 2,200 square feet, beautifully finished with three bedroom, three full bath, Jr on-suite, fenced and gated property. Water softener, and security system installed.

Build your BRAND NEW family home on this wonderful quarter acre CORNER lot located in the heart of Talofofo village. Quiet street. Corner Lot. Paved access. Accessible utilities.

Entire contents, including but not limited to content, design and concept Copyright ©2019 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker

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Today's GuamHome August 2019  

Check out our August 2019 issue of Today's GuamHome, stay up to date with our residential market snapshot, get advice from Security Title an...

Today's GuamHome August 2019  

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