Archive for April, 2008
Honolulu’s Gold Coast
April 30th, 2008 categories: Honolulu Condominiums, Rants & Riffs
There is a wonderful community at the foot of Diamond Head sandwiched between Kaimana Beach and the end of Kalakaua Avenue. This area has a few classic homes, but is better known for ocean front condos and cooperatives. Many locals call it the “Gold Coast”. The name may be a result of the high prices or it could be that the area experiences terrific classic Hawaiian weather and golden sunset views. It is naturally a warm dry area, by Hawaiian standards, but it is consistently cooled by the trade winds. Its weather pattern is one of the last to turn bad. Rain can be pouring in many other places on the island and it will be clear at the end of Kapiolani Park. Maybe this is why Hawaii’s monarchy maintained beach homes in this “Golden” area.
Below are the active, pending and sold listings for individual buildings over the last year. Some buildings have had no activity over the last year, so I have included the most recent sales activity.
Sans Souci
Diamond Head Apartments
Diamond Head Ambassdor
Diamond Head Beach Hotel
Coral Strand
Tahitienne
Oceanside Manor
3003 Kalakaua
3019 Kalakaua
3056 Kalakaua
The Kainalu
The Sea Breeze
Tropic Seas
Colony Surf
2987 Kalakaua
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Honolulu Foreclosures…Good News!
April 29th, 2008 categories: Buying Honolulu Real Estate, Reasons To Sell
Read this article which shows Honolulu having the second lowest foreclosure rate in the U.S.
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Honolulu’s Hidden Jewel (Kapiolani Med. Center for Women & Children)
April 28th, 2008 categories: Fun & Living, Rants & Riffs
At the beginning of April, I joined the board of the Kapiolani Health Foundation. This is the fundraising arm of the Kapiolani Medical Center. The purpose of this blog is to inform, as well as ask you to make a donation to help sustain this valuable community asset (click here to make an online gift). Many of us take it for granted that Honolulu has a women’s and children’s hospital. However, to put this in perspective, every other women’s and children’s hospital in the United States serves a population of between 3,000,000 to 4,000,000 people. Hawaii has a population of approximately 1,100,000. Why is this important?
Without Kapiolani’s expertise many patients would be facing trips off island to receive high quality care. In emergencies, it takes a minimum of 24 hours to arrange an air ambulance (with an accompanying Dr. and/or nurse too) and, realistically, a patient can wait 36 to 48 hours before being transported to the mainland. These many hours can mean the difference between life and death. If the wait for the flight doesn’t kill the patient, then the cost may cause financial trauma to the family, as this type of flight can cost more than $60,000. On top of this, a child would be facing treatment in the mainland, far, far away from family comforts.
Due to Kapiolani’s specialization in women and children, it is the hospital of last resort for babies born at Honolulu’s other hospitals. In other words, when there are childbirth issues that other local hospitals cannot handle, they are transported to Kapiolani. When a mother or child needs extraordinary care anywhere in the pacific islands (Guam, Samoa, Christmas Island, Micronesia, etc.) Kapiolani is the hospital everyone attempts to get to for that care.
Here are Kapiolani’s annual numbers
- 6,000+ babies are born at Kapiolani.
- Of this 6,000+, 15% are treated in the Neonatal Intensive Care Unit (NICU) and Intermediate Nursery for critical care.
- Over 300 children are treated at the Pediatric Intensive Care Unit (PICU).
- Over 27,000 adults and children are seen in Emergency Room.
- 62,000 inpatient and outpatient children plus an additional 79,000+ adult patients.
- 653 children are treated in the Pediatric Ambulatory Unit (PAU) for Blood and Cancer treatment.
- 464 life saving air transport is provided for seriously ill newborns and children to/from neighbor islands and the mainland.
- Kapiolani spends $2.2 million each year on uncompensated care.
- 29% of all Medicaid/Quest patients in Hawaii are seen at Kapiolani.
- 5% of all patients arrive with no insurance at all.
The numbers are important, but, to me, when a child or baby can be saved, when they otherwise may have been lost, no money or number can compensate for this outcome. If you want to help or get involved, call me on my cellular phone at 808-398-3220. Or just click here to be taken to a page where you can make a donation on line. Thank you in advance for caring and your generosity.
Note-the Firefox web browser does not work at the Kapiolani donation web site. So if your using a Macintosh computer be sure to go to the site using your Safari web browser.
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Honolulu’s Newest Condo is Born!
April 25th, 2008 categories: Honolulu Condominiums
Check out this article on Capitol Place. It is a beautiful building, close to downtown and offers a great deal of value.
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Hawaii’s Low Unemployment
April 24th, 2008 categories: Rants & Riffs, Views of Honolulu
In March Hawaii’s jobless rate fell to 3.1% from 3.2% in February (see the Star Bulletin article). Further evidence that our economy may be fairing better than many places in the rest of the United States, only four states have an equal or lower unemployment rate (North Dakota, Oklahoma, Wyoming and South Dakota). This may be an explanation for the demand in Honolulu real estate. Lucky we live Hawaii.
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Honolulu Beauty!
April 23rd, 2008 categories: Rants & Riffs, Views of Honolulu
Views in Honolulu can be big or small. Let this be a reminder not to miss the beauty nature blesses us with each and everyday. This ginger was found in my front yard.
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Honolulu 2nd Home Seller?
April 23rd, 2008 categories: 1031 Exchanges, Reasons To Sell
I received an email update from Cindy Naito, of First American Exchange Company, regarding the tax treatment of a second or vacation home. Goods news. Until now it was generally understood that a seller could not use an IRC Section 1031 Exchange to defer the capital gains tax on the sale. Based on this update, it appears you may be able to qualify for 1031 treatment! Given the number of second and vacation home owners in Honolulu, this is a terrific idea. NOTE, IF YOU HAVE A VACATION HOME AND ARE THINKING ABOUT USING A 1031 TAX DEFERRED EXCHANGE AS A PART OF A SALE, GET ADVICE FROM YOUR OWN TAX EXPERT TO DETERMINE IF YOU QUALIFY.
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Revenue Procedure 2008-16 - Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences
This revenue procedure, which will be effective for exchanges occurring on or after March 10, 2008, establishes a safe harbor regarding when a vacation home can be considered investment property and traded in a §1031 exchange. The ruling states that a vacation home qualifies for a §1031 exchange if the investor owns the home for at least 24 months, rents it for at least 14 days for each 12-month period, and uses it no more than the greater of 14 days per year or 10 percent of the number of days during the year that the home is rented. These requirements apply to both the relinquished and replacement properties.
For purposes of this revenue procedure, a vacation home, also called a “dwelling unit” in the Revenue Procedure, is real property improved with a house, apartment, condominium, or similar improvement that provides basic living accommodations including sleeping space, bathroom and cooking facilities.
Source-Cindy Naito, First American Exchange Company
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Honolulu Grows with General Growth’s Master Plan For Ward!
April 23rd, 2008 categories: Fun & Living
General Growth Management (the owner of Ala Moana Shopping Center and most of the land in the Ward area) offered more clarity on its 20 year master plan for Ward Center area. It includes nine residential high rise condos (4300 units), retail (as much as 7,00,00 square feet) and entertainment businesses. This bodes well for the future of an area that has been a mish mash of low rise retail and ware house space. With the right plan it should compliment improvements which have already been made. I watch with an optimistic bent for a great outcome.
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Are The Koreans Next?
April 22nd, 2008 categories: Rants & Riffs
According to an article in the Honolulu Star Bulletin, “U.S. and South Korean officials took a step closer to a major increase in tourism from Korea.” Apparently, the U.S. and South Korea want to waive visa requirements for South Korean travel to Hawaii. South Korea’s booming economy and close proximity to Hawaii could mean another source of ready buyers for Honolulu real estate. Go State Department!
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Honolulu Foreclosures, Is This A Good Way To Get A Good Buy?
April 21st, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101
That is a definite maybe or maybe not! Let me start by saying that in Honolulu these are two methods of foreclosing on a mortgage. For years Hawaii was a judicial foreclosure State and in the late 1990’s a non-judicial foreclosure process was added by the legislature. If you are considering buying a foreclosure via a non-judicial sale, then I highly recommend that you engage a qualified attorney to advise you as to the process and any potential pit falls. I’ve looked into non-judicial purchases for my own account and I am not comfortable with the risks generated by the process. In summary beware of the non-judicial process.
The judicial process offers a more clear path to a valid sale and I believe that this is a result of it being a method that has been tested over time. It bring methodical statutes that give a step by step process to foreclose. It is expensive because it requires the filing of a lawsuit.
The highlights of a judicial foreclosure are as follows: Read the rest of this entry »
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