mikey's Blog: Hawaii real estate news

Last week I spent time looking at properties with a hui of motivated buyers.  We looked at a variety of residential properties to determine what would best fit their intended use as a vacation retreat in Hawaii.

Moana Vista is currently under construction at 1015 Kapiolani Boulevard.  It's convenient location in town and elegant design caught the interest of these buyers.  We stopped by the project and checked it out.

         

Honolulu condo construction is winding down

Honolulu residents witnessed a boom in condo development in the last five years or so.  Times are changing and Moana Vista might be…

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The last month of 2008 was surprisingly steady for homeowners on Oahu.  Sales volume of homes and condos was way down from 2007.  Oahu's median sales prices held steady though. 

It seems like prices throughout the U.S. have plunged, how can Hawaii's prices be holding steady?  Part of the answer is- location, location, location. Affluent people are still buying homes, resulting in price stability and even price increases in certain neighborhoods!  Yes, the number of properties sold has decreased significantly, but owners of the more expensive properties are selling at good prices or hanging onto their homes until better times return.

On the other hand, neighborhoods such as Ewa Beach, Wahiawa and Kapolei are taking big hits.  Why is the market picking on…

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Most Oahu residents saw a decrease in their tax assessed values for 2009.  Some homeowners here and there have higher assessments this year.  A friend called me yesterday to talk about her assessment, which has been climbing year after year.

This Kaneohe homeowner has been living in her home for years.  Despite the overall decrease in assessed values on the windward side of Oahu, her assessment is up again, possibly higher than the actual market value of her home.

We ran a comparative market analysis (CMA) report of homes sold in her neighborhood.  She's going to file an appeal and attach the CMA report to justify her estimated value of the home.

The deadline for filing appeals is approaching quickly.  Tax assessment forms include instructions for…

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Barack Obama is on his way home.  He'll be arriving on Oahu shortly for a holiday stay in Kailua. The Obamas are renting several homes on one property, in the Beachside neighborhood.  As the name implies, this is an area with homes on a sandy beach.

Beachside in Kailua on a sunny day

The property being rented by the Obamas has its backyard overlooking the Oneawa Channel.  A beautiful white sand beach fronts the homes.  The Kaimalino neighborhood is across the channel.

Neighbors are excited about the President-elect's visit to Hawaii.  Grass is getting mowed, trees and plants trimmed and sidewalks swept in anticipation.  Security will be tight.  The road where the home is located has only one entance, access will be limited to residents and their…

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Oahu's tax assessments for 2009 have arrived.  And the news is... an overall increase in property values!  The percentage decreases on the regional map below might appear shocking, however Oahu's overall value put into dollars is an increase from $190.7 billion in the prior year to $191.1 billion this year.  That doesn't sound as bad. 

How does the increase in Oahu's land values tie in with some significant decreases reflected above?  The answer is, a big portion of the most valuable property on the island is in Honolulu and Diamond Head.  This is where we see the downtown office buildings, Waikiki and a significant portion of the island's population.  Other areas, such as the North Shore, Kailua, Kaneohe, Kahuku, Makaha and Waianae are less populated. …

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I picked up a customer at Honolulu Airport on Saturday and took them out to Makaha Valley Plantation.  They had recently purchased a unit at the Plantation and this was their first time seeing it in person.

We arrived at the Plantation and checked out their unit.  They were very happy with the purchase and have a long term plan of living there.  Taking a look around, we noticed something odd in the neighboring building.  The top floor (of the three story building) was missing its walls in some spots - both the exterior and interior walls!  The insides of the top floor appeared to be gutted.  The second and first floors also showed damage.

I walked around, looking for a resident to ask what happened.  It was a lazy afternoon and there was hardly anybody…

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My friends just bought a 10-year old home a few months ago.  Escrow offered them a home warranty and we discussed the pros and cons.  I recalled a case where the buyer moved into a home that was just four years old.  Within a week, the built-in microwave oven died.  The new owners paid about $55 for servicing and American Home Shield repaired the oven.

That was good enough for my friends and they purchased the home warranty.  A basic home warranty covers the major appliances for one year.  This couple paid $266 for their warranty.

I got a call yesterday from the wife.  She told me how happy they are with the warranty!  Since they bought their home in Waikele, they've had three problems with appliances.  Shortly after they moved in, the under-sink…

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We've watched energy bills climb over the last year due to oil prices, which peaked at $147 per barrel back in July.  Since that time, oil has declined to $51 per barrel today.   It's hard to believe - oil prices have gone down to about 1/3 of what they were four months ago.

Hawaiian Electric recently announced that customers can expect their bills to go down as a result of the price reductions.  This month I noticed the cost per kilowatt hour had gone down, which was a relief.  More importantly, I found that the conservation measures we had been taking around the house put a significant dent in our power use!

In our last electric bill post here: http://www.realestatewebmasters.com/blogs/mikey/6248/show/ we discussed conservation basics and some…

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