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ISSUE 5 | MAY 2019

WHAT’S INSIDE Market Report | Meet Our Agents | Closed by Today’s Realty | On the Cover | Just Listed VA Loan Benefits | What’s Up with Property Taxes


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

137 SGT David Camacho Street, Tamuning VA LOAN BENEFITS WHAT’S UP WITH PROPERTY TAXES?

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W

elcome to the May 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 - MAY 1, 2019

HOMES SOLD

119 Single family homes sold from January 1, 2019 thru May 1, 2019 vs. the 128 homes sold in 2018.

HOMES RENTED

Year to date saw a decrease in the number of single family homes rented at 267 in 2019 and 268 in 2018.

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UNITS SOLD

75 Condominium units have been sold from January 1, 2019 thru May 1, 2019 vs. the 83 units sold in 2018.

UNITS RENTED

Year to date saw a decrease in the number of condominiums, townhomes, apartments rented from 373 in 2018 to current year at 357.

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 $346,159 was significantly higher than the $332,445 reported during the same period in 2018.

HOME RENTALS

Average single family monthly rentals so far this year decreased from $2,348 last year to current year at $2,283.

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UNIT SALES

The average condominium sale price of $254,168 in 2019 was higher than the $238,930 reported during the same period in 2018.

UNIT RENTALS

The monthly rental rate for condominiums, townhomes, apartments increased from $1,662 in 2018 to $1,755 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 May 1, 2019. **Statistics from Guam Multiple Listing (MLS) from January 1, 2018 through May 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

Yigo Home | $2,500/mo Days on market: 132 | MLS ID: 18-4811

Alupang Cove Condo | $2,205/mo Days on market: 98 | MLS ID: 19-69

Mangilao Home | $2,550/mo Days on market: 80 | MLS ID: 19-582

Mangilao Home | $320,000 Days on market: 79 | MLS ID: 19-520

San He Villa Condo | $1,300/mo Days on market: 71 | MLS ID: 19-566

Holiday Tower Condo | $2,205/mo Days on market: 39 | MLS ID: 19-1114

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®

Flora Pago Unit | $233,500 Days on market: 87 | MLS ID: 19-145

Barrigada Commercial Building | $1,000/mo Days on market: 86 | MLS ID: 19-285

Barrigada Home | $325,000 Days on market: 94 | MLS ID: 19-180

Mangilao Unit | $1,300/mo Days on market: 91 | MLS ID: 19-307

Talo Verde Estates Home | $4,400/mo Days on market: 31 | MLS ID: 19-886

Flora Pago Unit | $2,200/mo Days on market: 34 | MLS ID: 19-1101

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 137 SGT DAVID CAMACHO STREET, TAMUNING For Sale $750,000 Gorgeous two story home in the heart of Tamuning. This 4 bedroom, 4 bath home features 3,000+/square feet of space and rooftop access directly from the master bedroom. Enjoy scenic mornings and beautiful Guam sunsets. Ideal for entertaining both indoor and outdoor with alternate rooftop access from kitchen extension. Home is also fenced and gated. Located within walking distance to shopping centers, super markets, restaurants, theaters and entertainment. MLS ID# 19-1583


VA LOAN BENEFITS Buenas yan hafa adai Today’s Realty subscribers, I am often asked what are the benefits of using a Veterans Administration loan, and who can utilize such programs? On Guam, with such a large contingent of people who have serve their country, and many retirees who have served in our military services are able to utilize the Veterans Administration loan programs. The following perks and benefits can be utilized if your VA benefits allow. Noted in VAloans.com, which is a good resource for VA buyers.

“VA Loan Benefits” • •

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Eligible homebuyers are not required to have a down payment in most cases - typically cited as the greatest VA loan benefit. Conventional loans generally require a 5 percent or more down payment. No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more. Limitation on buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions. Often lower average interest rates than other loan types. No prepayment penalties. VA buyers can pay off a loan early without any financial penalties. Two refinance options. The VA loan program allows homeowners with existing VA loans the option to lower their monthly payment with a new interest rate. Eligible homeowners who financed their property with a loan other than a VA loan can refinance into the VA loan program. Second tier entitlement. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement. An assumable mortgage, typically subject to VA and/or lender approval. You may be able to have someone take over your mortgage payment, which can be a big benefit in an environment of rising interest rates. Foreclosure avoidance advocacy from the VA loan program. The VA has staff members who advocate on behalf of homeowners to find alternatives to foreclosure.”

If you wish to find out more, just give me a call at 689-7777, and we can discuss your individual needs.

“Make the call!” BY DUANE C. PAHL, R E A LT O R ® 671.689.7777 | DUANE@GUAMHOME.COM DUANEPAHL.COM

WHAT’S UP WITH PROPERTY TAXES? In early 2018, in response to concerns about the effect of the US Federal Tax Cuts and Jobs Act of 2017, and in an effort to more adequately fund Guam Memorial Hospital, the 34th Guam Legislature passed a budget bill (Public Law 34-116) that doubled the real property tax rate for buildings valued at $1 million dollars. Shortly after the budget bill passed, Senators recognized the intent was to increase the tax on improvements of $1 million “or more”, as opposed to those properties with an exact value of $1 million dollars. Toward the end of 2018, Senators passed legislation to clarify that the tax would apply to properties valued at $1 million dollars OR MORE, however that bill was vetoed by then Governor Calvo. The 35th Guam Legislature took up the cause and on February 29th, 2019 Bill 4-35 (“OR MORE” bill) was passed. Governor Leon Guerrero signed the bill into law on March 2nd, resulting in a double real property tax on improvements of $1 million or more. The Department of Revenue and Taxation, Real Property Division has been working diligently to implement the additional tax for the 2018 tax year despite hurdles in their way. Some of those hurdles include: • On Guam, real property taxes are paid in arrears, meaning that our property taxes for 2018 are due and payable in either one lump sum due on February 20, 2019 or in two equal installments, the first due February 20, 2019 and the second due April 22, 2019. • If a property owner paid the tax in full on February 20, they might be surprised to receive in the mail a second bill for the full amount of their building tax. HEADS UP… this is not a bill for a tax already paid, this invoice most likely represents the increased tax rate and is due and payable immediately. • Difference between appraised value and assessed value. On Guam, the current assessed value is calculated at 90% of the appraised value of the property. The assessed value is the number your tax should be based upon. Both numbers appear on your real property tax bill. Property owners and lenders are experiencing struggles as well. While it is both a responsibility and an honor to support our schools, our hospital and our public safety with our tax dollars, the implementation of an increased tax retroactively can be a disrupter. For example: • 2018 tax payments are generally reserved throughout the year they are incurred. Since the tax increase was not posted until mid-March of 2019, tax payers are experiencing a tax they did not budget for. • If an investor purchased a building with a value of $1 million or more during 2018, they received a tax proration credit from the seller for that portion of the year the seller owned the property. In all cases these prorations were based upon tax rates in place at the time and did not reflect the doubled tax amount. Check your real property tax bills closely this year, your property could have been one affected by the new law and April 22nd was the due date.

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

165K CH. INDA ROAD, ORDOT-CHALAN PAGO

111-A ATANACIO, MANGILAO

You’ll will love this gorgeous, 2-story home with a spectacular panoramic view of Pago Bay. This 3 bedroom, 3 bath home with a large carport, lots of storage, an outside kitchen, an open family room on the 2nd floor and a generous 2400 plus square footage.

Spacious townhouse style, 4 bedroom, 2.5 bath, with 3,000+/square feet of space and is well maintained. Home is fenced and gated and located in Mangilao., Route 10.

TAMUNING COMMERCIAL SPACE

DEDEDO LAND

For Rent $3,500/mo | MLS ID: 19-839

For Sale $2,600/mo | MLS ID: 19-992

For Rent $6,075/mo | MLS ID: 19-1743

For Sale $95,000 | MLS ID: 19-1757

Looking for prime office space...look no further. This contemporary designed office space boasts Marine Corps Drive frontage. A must see! 2,700+/-sf.

A rare find in the bustling village of Dededo. Great location for a single family home or a multi-unit apartment. Call your favorite Realtor to set up a showing. 581+/-sm.

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®

A2 PARK VILLA, MANGILAO

330 BIRADEN LANGET, DEDEDO

This unit truly is a must see! Units in this complex rarely come up for sale! Park Villa condos offer spacious living and dining areas. The master bedroom is humongous and a must see! Bonus! Outside balcony perfect to enjoy those barbecues on weekends.

This affordable home is just minutes from the air force base. Located in a quiet, family oriented subdivision. You’ll love this fully fenced home. Some amenities includes walk in closet in the master, inside laundry, security system and more!

108 ISLA PARAISO, YONA

45 INALADO STREET, ORDOT-CHALAN PAGO

Original occupants have lovingly cared for their home. Many improvements such as a custom kitchen, spacious laundry room + pantry, formal living room, Tiled BBQ patio deck with view of the Pacific Ocean. All of these improvements and more can be yours!

Looking for a good investment ? THIS IS IT! Beautifully positioned, overlooking Pago Bay & the only R2 zoned property in the area. This multi-family house offers 4 rental units & are occupied by the military tenants. Recently upgraded & in good condition.

For Sale $199,000 | MLS ID: 19-1390

For Sale $528,000 | MLS ID: 19-1782

For Sale $295,000 | MLS ID: 19-1705

For Sale $1,790,000 | MLS ID: 19-1780

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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Profile for Todays Realty

Today's GuamHome May 2019