Hawaii real estate news

Assessed Value and Appraised Value

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Assessed value and appraised value Today I was corresponding with a customer about a condo he's planning to purchase.  We've looked at a few condos in this particular building and the unit in question has an assessed value that's lower than the others.  His thinking is that the property is worth less than the others because of the assessed value. That's a common belief and sometimes it's true.  Other times it's definitely not true.  Assessed valu...

Maui Gas price hits $4 per gallon

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Maui Gas prices are the highest   Hawaii generally has the highest gas prices in the United States.  Maui, Kauai and the Big Island gas prices are normally higher than prices on Oahu.  In past weeks Maui's price went up to $3.95 per gallon for regular and $4+ for the premium fuels.    People on the outer islands (the islands other than Oahu) sometimes feel that they're getting ripped off.  The truth is, nearly everything shipped to Hawaii arrives on ...

MLS Violation

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Be careful about MLS violations Last week I received an e-mail from the local Board of Realtors, informing me that I had committed an MLS violation.  That caught me completely by surprise. The infraction: Posting a link in Tempo to my video of a listing.  That in itself wasn't an infraction, but including my contact information in the video made it a violation. Wow!  Were you aware of this? I remember our Board having informed members about putting contact inform...

Tax info for Hawaii homeowners

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Tax information for Hawaii homeowners Selling your principal residence A single homeowner can claim up to $250,000 from the sale of a principal residence as a tax-free profit. A qualified married couple filing jointly in the year of a home sale can claim up to $500,000 tax-free profits. To qualify, Internal Revenue Code 121 requires owning and occupying your principal residence at least two of the last five years before its sale. However, if you acquired your home in an In...

Oahu low flush $100 toilet rebate expires June 30, 2008

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Oahu low flush $100 toilet rebate will expire this year Have you replaced your toilet lately?  If you've been thinking about it, now is a good time to get it done. Ten years ago, the City and County of Honolulu decided to offer a rebate to people replacing their toilets with a low-flush toilet.  The rebate is $100 for toilets installed no later than June 30, 2008.  The application form must be filed with the City and County no later than July 1, 2008. The new gene...

Oahu tax appeal deadline is 1/15/08

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Deadline for filing Oahu tax appeals is 1/15/08 If you're a homeowner on Oahu and want to appeal your assessed property value, the deadline is next Tuesday!  Your letter must be postmarked by that date or you'll have to wait until next year and try again.  The tax assessment office does not accept appeals sent by fax.  The form for filing appeals is BFS-RP-P-51.  You can download it at our website: http://www.oahumls.net/realestatefaq.php. Please note that t...

Heavenly Hana is happening!

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Why do I say that?  Because Hana is a favored area for people that want to be away from the crowds.  The most famous example is probably Oprah Winfrey.  Olivia Harrison (George Harrison's wife - George passed away in 2001) also has property in Hana. I've been looking at properties with customers in Hana lately and it's interesting to see people that like this life of seclusion.  Okay, Kahului is a 2-hour (or less) drive and only about 20 minutes by airplane.  Being a Honolulu resident, I ...

Makaha recovers from fire

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Makaha Valley recovers from a recent fire A month ago Oahu was lacking rain and the leeward areas of the island were drying up.  At times like this brush fires are common events. One month ago today a fire spread in Makaha Valley.  Residents of Makaha Valley Towers got a spectacular view of the fire.  I spoke with some residents yesterday and they said it caused some dust and odor but otherwise was not a scary situation. Since the fire we've had some rain and oh,...

Hawaii foreclosure update - 9/07

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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 nat...

Hurricane Flossie updates

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Hurricane Flossie updates in plain English 9:00 P.M August 15, 2007 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 ap...