Hawaii's real estate statistics for September 2007 were published last week and foreclosures have doubled compared to a year earlier.  Shocking?  It sounds bad but Hawaii still ranks as the state with the 10th lowest rate of foreclosures in the U.S.

In September there were 135 foreclosure filings in Hawaii, or one filing per 3,638 homes.  Nevada had the highest foreclosure rate with one filing per 185 households for a total of 5,504.  Total foreclosures in the nation for September were 223,538.

Okay, let's get back to Hawaii.  Prices are high here and they always have been, compared to the majority of mainland cities.  What can we do to find a good deal on a home?  Are foreclosures the way to go? 

Beware of foreclosure advertisements placed by real…

Hurricane Flossie updates in plain English

Flossie is gone!  Life gets back to normal.

11:00 A.M. August 15, 2007

Hurricane Flossie is downgraded to category 1.  Flossie brought rains to the south and eastern sides of the Big Island.  Currently south of Oahu, we have cloudy skies and windy weather.  It looks like everything will be okay.

11:00 A.M. August 14, 2007.

Flossie has been downgraded to Category 2.  Passing approxmately 200 miles south of the Big Island today, it will bring high waves and rain.  The Big Island is under a hurricane watch and a tropical storm warning.  Flash flood warnings are issued through Wednesday.

On its current course, Flossie is not expected to hit the other islands.  It may bring rain,…

The Honolulu Board of Realtors just posted its sales statistics for June, 2007.  The results show that our housing market remains strong. 

After a tradtional lull at the beginning of the year from the holidays, homebuyers began making purchases again and Oahu's prices are on the rise.

Let's put it on paper (or computer screen).   

Oahu home prices 2007 through June   Homes prices # of sales Condo prices # of sales June 2007  685,000  338  334,000  547 2007 YTD  645,000  1,902  325,000  2,978 …

It's all over the news in Hawaii.  The Big Island is shifting, expanding in one area and contracting somewhere else, just like a person's body when they breathe.  Scientists think we're due for an eruption.

Kilauea's current cycle started in 1983.  We've been able to periodically checkout real hot lava for decades now.  Sometimes it goes underground for awhile, now it looks like there's going to be some fireworks for the fourth of July!

What does this mean for homeowners and prospective buyers in Hawaii?  First, know that the other major islands (Kauai, Oahu, Maui, Molokai and Lanai) are usually not affected by the eruptions, except that the smoke sometimes travels in our direction.

If there is any significant damage from volcanic eruptions it will…

Recently a customer asked me some specific questions about Hawaii's real property tax rates.  Among other things, she was concerned that, upon buying a house here, the assessed value would increase significantly, leading to higher taxes.

This customer currently lives in California and she explained how it works there.  When a house is sold, the assessed value automatically adjusts to the sale price.  Real property taxes are assessed at one percent.  For the $500,000 house, annual real property taxes would be $5,000 per year.  Perhaps the original owner bought the house fifteen years ago for $150,000 and has been paying $1,500 per year in taxes.  That's some increase!

I did some checking on certain properties that this customer was interested in.  I…

The Honolulu Advertiser had an interesting article about Hawaii's population yesterday.  The State's population increased six percent from the year 2000 to 2006.  Hawaii's population consistently grows and Oahu's population has increased by nearly 34,000 people since 2000.

That's all?  Keep in mind, we have less than 1.3 million people in the state.  What I'm thinking about is, how people afford their homes here.

Buyers are challenged with purchasing properties that are far from downtown Honolulu or smaller than what they hoped for.  Or just too expensive. 

Some people are sitting on the sidelines, waiting for things to cool down.  We had a big cooldown all through the 1990's, primarily because the Japanese bubble burst.  Oldtimers are waiting for…