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Note the title to this blog is not "First Time Homebuyers Tax Credit."  That's because the new credit allows for current homeowners to get in on this deal too.  Current homeowners can get up to a $6,500 tax credit.  Current homeowners must have lived in their current or former home for five out of the last eight years.  The five years must have been consecutive (all in a row, not two years, move somewhere else for a year and then move back for three years).

Basics and Details of the Homebuyer Tax Credit

Principal Residences Only

The credit is available for persons buying what will be their new PRINCIPAL residence.  That is, they will live in the home.  Second homes are not principal residences.

• Important Detail: Owners keeping their current homes…

12th Avenue Grill is located on a side street in the shopping area bordered by Koko Head Avenue, 12th Avenue, Waialae and Harding Avenues.  Some common landmarks leading you to the spot are First Hawaiian Bank at the corner of Waialae and 12th Avenue and Verbano on Koko Head Avenue.  Parking is primarily in the metered lot near the 12th Ave Grill.

This restaurant opened in 2004 and features mostly american food with some Hawaiian style.  Chef and owner Kevin Hanney has created a delicious menu.  Selections are somewhat limited as this is a small restaurant with about 15 tables and a bar area.

I'm not usually big on eating meat, however when we looked at the menu the pork chop just sounded delicious.  And you know something, IT IS DELICIOUS!  This is…

During October 2009, Oahu's median home prices declined to $605,000, down 3.2% from October 2008's median of $632,000.  Median condo and townhome prices fell 9.2%, to $295,000 versus $325,000 in October 2008.

Oahu Home Sales Volume

In October 2009 Oahu had 281 single family home sales, UP 15.6% from October 2008's 243 homes sold. 

For condos and townhomes, there were 381 sales in October 2009 versus 316 a year earlier.  That's a healthy 20.5% increase in condos and townhomes sold. 

Here's how Oahu's home sales and median prices in October 2009 compared with the same period last year by neighborhood. 

Oahu home sales October 2009 vs. 2008      Homes Sold …

Oahu's median home prices declined to $566,000, down 10.9% from August 2008's median of $635,000.  Median condo and townhome prices fell too.  The August 2009 median sale price was $290,000 versus $328,000 in August 2008, an 11.6% decline .

Home Sales Volume on Oahu

August  2009 had 247 single family home sales, down 3.1% from August 2008's 255 homes sold. 

For condos and townhomes, there were 351 sales in  August  2009 versus 345 in August 2008.  That's a 1.7% increase in properties sold. 

Here's how Oahu's home sales and median prices in August 2009 compared with the same period last year by neighborhood. 

Oahu home sales August 2009 vs. 2008      Homes Sold …

We call it "Admissions Day" - on August 21, 1959 Hawaii became the 50th state!  Over the course of this week, local newspapers have included special sections about statehood and there are some TV specials being aired.

Today started like most any other day, except it's a state holiday.  State offices were closed and most state workers got to spend time in the sun or at home relaxing.  I was lucky enough to get a phone call, saying "surf's up" at Ala Moana and we headed to the beach for some waves.  By 8 a.m. the park was crowded, there were still a few parking spaces left and we paddled out to catch some good ones.

An hour later I was back out of the water and heading home, getting ready to meet a customer and look at properties.  Driving around…

Felicia was a tropical storm a week ago and became a category 3 hurricane on Wednesday the 5th of August.  The following day Felicia got stronger and became a category 4 hurricane.  By Saturday August 8th Felicia weakened to category 1.

Today Felicia is downgraded to a tropical depression, which is good news because it's making its way through the Hawaiian islands!  Local TV news shows the weather on the Big Island, with increased waves on the east side, rain and some wind.  Forecasts are for more rain, heavy at times and wind in the 40-50 mph range.  Not hurricane force for sure, still we need to prepare by having water and food handy. 

This afternoon the wind is picking up and we're getting more rain.  Our main concerns now should be:

- Watch out for…

We've been wondering what will happen to that partially finished condo in Honolulu.  On July 3rd the developer made its announcement.  KC Rainbow Development plans to sell the tower to an affiliate of San Diego-based OliverMcMillan, a California Development company.

If everything goes well, construction on the 46-story building should resume by the end of 2009 and the project will be completed in 2011.  KC Rainbow Development stopped work on the building at the end of 2008 as problems with obtaining financing emerged.

Prior to the Moana Vista project, KC Development successfully completed Moana Pacific, the twin towers at the corner of Kapiolani Boulevard and Pensacola / Piikoi Streets.  That was two years ago, when the economy and our real estate market…

We all know someone who wants a fixer upper right?  How about a fixer upper in Honolulu?  I can't even recall the number of people who've told me they want a fixer upper in Honolulu.  Well, here it is!

This is a two story home on the hillside in Kalihi Valley.  Total living area is approximately 1,670 square feet.  The house has three bedrooms, one bath upstairs and two bedrooms, one bath downstairs.  Upstairs there's a full kitchen and the downstairs has a kitchenette.  Three lanais extend from the bedrooms for residents of this home to enjoy.  It's possible to live on one floor and fix up the other, then switch sides and finish the remodel! This could be a great rental property. 

As you can see in the picture, the lot is steep terrain.  There are…