Makakilo is a beautiful city located in the state of Hawaii. It is a residential area and is census designated, belonging to the Ewa district on the island of Oahu, located above Kapolei. According to the 2000 census, the population was 13,156. Because of its close proximity to a number of cities and popular tourist locations such as Kailua, Honolulu, Waipahu and Kapolei, it is a prime location for booming real estate markets. It is the perfect residential location as it is devoid of the hassles of being a popular tourist spot, but is in close enough proximity to the towns and cities that are. Located at an elevation of 400 feet, with 3.14 square miles of area and a population density of 4301 people per square mile, Makakilo is a city with guaranteed returns on real estate investment.
The home sales in the first quarter of 2011 were about 120 homes. Compared to the first quarter of 2010, this is a decrease of about 50 homes. In the second quarter of this year, the home sales further decreased to about 60 homes. This, in comparison to the second quarter of the previous year is a decrease of more than 130 homes. This decreasing trend of home sales does not provide any consolation to the real estate market. However, one must keep in mind that Makakilo is a primarily residential area and most of its residents have been living in Makakilo for a long time.
During the third quarter of 2010, the median home sales prices dropped to about $425,000, compared to $475,000 of the previous quarter in the same year. In the first quarter of 2011, the prices increased up to $450,000. In the second quarter of 2011, however, there has been a small decrease in the median sales price as it fell to $440,000. It must be kept in mind that these are the average listings. There are still popular areas in Makakilo where houses are sold for more than a million dollars. If you’re looking for short term investments in real estate, Makakilo shouldn’t be your first choice. However, for long term real estate investments, Makakilo is a prime locality.
There are a number of mortgage brokers in Makakilo who offer different interest rates depending on the principal amount, and type of mortgage. For a 15 year fixed loan type, the annual percentage rate (APR) is 3.31%. The APR is 3.84% for 30 year fixed type loan. For 40 year fixed type loan, the APR is 4.58%. It must be kept in mind that the brokers mainly aim at making maximum profits and hence immediate settlement at the quoted amount is foolish. A loan must be taken only after doing a complete survey of different brokers, the interest rates and types of loans they offer, and the current market trends.
Realtors and brokers
For information regarding properties for sale and their prices, realtors can be contacted. In most cases, avoiding a realtor while purchasing a property is near impossible.
Makakilo’s residents come from different backgrounds. The community is a well-knit mixture of Asians, Americans, natives and Hispanics. 24.16% are White, 2.53% are Black or African American, 0.20% are Native American, 32.08% are Asian, 10.20% are Pacific Islander, and 10.09% are Hispanic or Latino of any race. 4.23% of the population is affected by property crime and 0.28% by violent crime. The median household income is $66,515.