Wire fraud in real estate is one of the fastest growing cybercrimes in the country. The FBI reportedly received 301,580 complaints in 2017 and losses exceeded $1.4 billion, and in the real estate/rental sector alone, more than 9,600 victims lost over $56 million in the same year. LUVA Real Estate takes the security of our clients very seriously. We make it a point to provide fraud protection information throughout the transaction.
The entire team at LUVA understands the threat of wire fraud and works with our clients to inform them of the threat and the steps we and our trusted escrow companies take to keep our clients protected. The type of fraud with the highest reported loss last year was Business Email Compromise (BEC)/Email Account Compromise
As you may have read, there is a softening trend in housing across the country as the white hot market that has been occurring for the past two years is slowing. As Steve Harney, CEO of Keeping Current Matters said recently, “In 2008, the plane crashed, but this time we are coming in for a very soft landing.” Despite slowing on the mainland, people are still finding that warm sandy beaches in Hawaii beat the brutal winter weather on the mainland!
LUVA Real Estate agents are very busy showing homes right now and our market remains desirable. How does West Hawaii stack up to the softerning in the national market?
Island-wide sales volume from January 2018 to January 2019 shows a 28% decline according to statistics from the Hawaii Information Service.
Last year, land sales were starting to outpace home sales, as prices increased for existing homes and buyers turned to the possibility of building their own homes. LUVA Real Estate was responsible for many of these land deals and helped connect buyers to local construction companies. During this time, Kona was also experiencing construction on many new projects around town and at school campuses.
However, from single family home developers, to the anxious business owners of the new Magic Sands Grill to frustrated non-profit organizations racing to use grant money for a new community kitchen at Kona Pacific Public Charter School, the delay in the projects was the construction permits. Getting a building permit has been a challenge as the permit process