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GUAM REAL ESTATE MARKET UPDATE
Siska S. Hutapea, MAI, AI-GRS, MRICS, MRE
President
Agenda
• CVG Team
• Lending Activity
• Real Estate Market Update
• Understanding Appraisals – Magnificent 7
• Conclusion
Siska S. Hutapea, MAI, MRE President
Carlos U. Diaz General Certified Appraiser
Gabriel F. Lombard General Certified Appraiser
Kimberly KonoResearch Analyst
Noah AustinResearch Assistant
LENDING ACTIVITY
Lending Activity 2012 – 2017 YTD 1Cornerstone Valuation Guam, Inc. Database, All rights reserved.
2017 YTD (through 3rd Qtr) 2016 2015 2014 2013 2012
Lenders
Amount No. of Trans
Amount No. of Trans
Amount No. of Trans
Amount No. of Trans
Amount No. of Trans
Amount No. of Trans($ mil) ($ mil) ($ mil) ($ mil) ($ mil) ($ mil)
Bank of Hawaii $95.3 144 $88.0 221 $97.6 166 $47.2 206 $60.4 225 $56.4 182
Bank of Guam $69.1 132 $104.0 190 $88.0 191 $126.0 201 $76.1 237 $74.1 226
First Hawaiian Bank $195.4 127 $71.1 176 $54.7 123 $94.2 130 $144.9 213 $124.6 218
Coast360 Federal Credit Union $29.6 132 $34.5 152 $33.4 146 $41.6 181 $31.9 154 $29.2 137
Community First Guam FCU $29.8 129 $26.0 128 $27.3 119 $27.0 137 $34.4 167 $37.0 202
Bank Pacific, LTD $22.5 98 $23.7 94 $25.1 95 $47.1 185 $39.5 164 $55.6 175
ANZ Guam Inc. $9.1 37 $23.6 72 $24.4 86 $22.7 64 $26.4 104 $34.3 162
Pentagon Federal Credit Unit [2] $42.8 163 $48.0 177 $5.3 26
Other $20.21 106 $25.2 131 $31.1 176 $50.6 101 $36.0 140 $83.4 235
Totals Lenders: $513.7 1,068 $444.2 1,341 $386.8 1,128 $456.4 1,205 $449.5 1,404 $494.7 1,537
% Change from previous year 15% 19% -15% -6% 2% -14% -9% -9% - -
[1] Based on 2017 YTD data through September (9 months)
[2] Recorded mortgage activity began 2015.
Lending Activity 2016 & 2017 YTDCornerstone Valuation Guam, Inc. Database, All rights reserved.
Bank of Hawaii20%
Bank of Guam23%
First Hawaiian Bank16%
Coast360 FCU8%
Community First Guam FCU
6%
BankPacific, Ltd.5%
ANZ Guam, Inc.5%
Pentagon FCU [1]11%
Other6%
2016
*Excludes four off-island lenders totaling $167.6 million.
ANZ Guam, Inc. 2%
Bank of Guam14%
Bank of Hawaii19%
BankPacific, Ltd. 4%
Coast360 FCU6%
Community First Guam FCU
6%First Hawaiian
Bank38%
Penatgon FCU8%
Other3%
2017 YTD (through 3rd Quarter)
* Excludes three off-island lenders totaling $7.1 million.
REAL ESTATE MARKET ACTIVITY
Guam Real Estate SalesSales Volume by Quarter
Cornerstone Valuation Guam, Inc. Database; All rights reserved.
2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3
Sales Vol. ($ M) $98.9 $246.7 $123.7 $89.9 $95.9 $206.5 $118.3
% Change 27% 149% -50% -27% 7% 115% -43%
-100%
-50%
0%
50%
100%
150%
200%
$0
$50
$100
$150
$200
$250
$300
% C
han
ge
Sale
s V
olu
me
($ M
illio
ns)
Guam Real Estate Sales No. of Sales By Quarter
Cornerstone Valuation Guam, Inc. Database; All rights reserved.
2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3
No. of Trans. 301 369 341 335 367 413 387
% Change 1% 23% -8% -2% 10% 13% -6%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
300
350
400
450
Perc
ent
Ch
ange
No
. of
Sale
s
Guam Residential SalesTotal Sales Volume By Quarter
Cornerstone Valuation Guam, Inc. Database; All rights reserved.
2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3
Sales Vol. ($ M) $58.1 $68.7 $66.9 $58.2 $66.4 $73.7 $75.6
% Change 12% 18% -3% -13% 14% 11% 2%
-15%
-10%
-5%
0%
5%
10%
15%
20%
$
$10
$20
$30
$40
$50
$60
$70
$80
% C
han
ge
Sale
s V
olu
me
($ M
illio
ns)
Guam Residential SalesNo. of Sales by Quarter
Cornerstone Valuation Guam, Inc. Database; All rights reserved.
2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3
No. of Sales 205 264 250 236 268 297 293
% Change -2% 29% -5% -6% 14% 11% -1%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
0
50
100
150
200
250
300
350
% C
han
ge
No
. of
Tran
s
GUAM RESIDENTIAL MEDIAN PRICES BY QUARTERCornerstone Valuation Guam, Inc. Database; All rights reserved.
2016Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3
Sale Price ($) $220,000 $226,000 $230,000 $220,000 $218,250 $217,500 $230,000
Change (%) 2.1% 2.7% 1.8% -4.3% -0.8% -0.3% 5.7%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
$210,000
$212,000
$214,000
$216,000
$218,000
$220,000
$222,000
$224,000
$226,000
$228,000
$230,000
$232,000
Ch
ange
%
Sale
Pri
ce (
$)
COMMERCIAL/INDUSTRIAL PROPERTIESCornerstone Valuation Guam, Inc. Database; All rights reserved.
Two, one-story metal Warehouse – August 2017
$1.7 Million ($81 per sf of 21,000sf)
Royal Cargo Warehouse – January 2017
$1.8 Million ($86 per sf of 20,832sf)
COMMERCIAL/INDUSTRIAL PROPERTIESCornerstone Valuation Guam, Inc. Database; All rights reserved.
La Casa de Colina – May 2017
$5.2 Million ($245 per sf of 21,207sf)
A&V Building – April 2017
$2.9 Million ($246 per sf of 12,432sf)
MULTI-FAMILY PROPERTIESCornerstone Valuation Guam, Inc. Database; All rights reserved.
Premier Apartments – October 2017
$5.5 Million ($58,511 per unit of 94 units)
Three-story Multi-Family Apartment – July 2017
$1.9 Million ($90,476 per unit of 21 units)
UNDERSTANDING APPRAISALSMAGNIFICENT 7
MAGNIFICENT 7
1. The Client
2. The Intended Users
3. The Intended Use of the Appraisal
4. The Purpose of the assignment, which includes the type and definition of value (with source)
We Value
MAGNIFICENT 7 (Cont’d)
5. The effective date of the opinion of value
6. The relevant characteristics of the property
7. Any assignment conditions such as extraordinary assumptions or hypothetical conditions
THANK YOU!
SI YU’US MA’ASE
TERIMA KASIH
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