2010 May | Honolulu Real Estate Views

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

Spoken by Keahi Pelayo | Discussion: No Comments »

Bopped By A Lead Pipe?

May 19th, 2010 categories: For Buyers

If you are buying old Honolulu homes or condos for rehab or remodel, then you want to pay attention to this blog post. Many sources have been reporting new EPA rules regarding working with older paints and products that contain lead. A recent Wall Street Journal article does a really good job of outlining the potential cost issues associated with the changed rules.

“To comply with the new regulation, those working on older sites will need to invest in lead-testing kits, plastic sheeting, respirators, protective clothing and other lead-safety materials.”

“At least one worker involved in such projects will also need to become certified, at a cost of $300 every five years, and pay out-of-pocket for eight hours of training. Those who don’t comply could face fines up to $37,500 a day.”

“But small businesses with limited cash flow, including home-repair providers, property-management firms and even landlords, say that while they support the ruling’s health benefits, they are concerned about its costs.” CLICK HERE TO READ THE ENTIRE ARTICLE

Given the additional cost of abating a lead problem, you will want to budget for determining if there are lead issues in a potential investment. Once they are known, then you can make accurate removal cost estimates, that could be quite substantial, if you have to fully comply with these rules.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

http://www.vimeo.com/11831517

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Open Houses That Do Work-Contradiction?

May 18th, 2010 categories: For Sellers, Video For Sellers

Right when you thought it was safe to get back in the water, I contradict my last blog post regarding the lack of value in open houses. Believe it or not, there are open houses that are important to do when you are selling your Honolulu home or condominium. In Honolulu, the brokers open house is on a Wednesday or Thursday morning and, as the name states, it this is when you open your home to real estate brokers and agents. The reason this technique works so well is because it allows brokers that have a potential buyer for your type of property to determine if it is the right fit for their client. A focused and disciplined agent may be able to see 8 to 10 homes on a given morning, so agents will inspect homes that they believe may work for a given buyer. Thus, the brokers that do see your home are high quality leads and many times I see them at a by appointment showing with a client the week following the brokers open house. So, open houses do work, but not the ones that most people are used to.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

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Open House Very Low Percentage Sales Tool

May 17th, 2010 categories: For Sellers, Video For Sellers

If you are selling your Honolulu condo or home, you may be wondering where public Sunday open houses fit into the marketing effort for your property. Call me controversial, but I don’t think you should pin much of your hopes for a sale on them. Most experienced brokers know that the odds are very, very low that the buyer for your home will come from this marketing technique.

Then why do some brokers continue to do open house after open house? Here’s the truth, open houses are great places to meet buyers, but not for your home though. Statistics show that 99% of the buyer that walk into an open house will not find your home to meet their needs. However, for brokers that do ongoing open houses, your home becomes a great place to find buyers that they can sell other houses. Good for them, bad for you. Here’s my advice, get your home priced right and make it very easy to show for by appointment showings to qualified, pre-screened candidates. Use your Sundays for resting and relaxing.

http://www.vimeo.com/11810367

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

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Need Clean Air? Move To Honolulu!

May 15th, 2010 categories: Rants & Riffs

Hooray! The Honolulu Advertiser is reporting that we have great air!

“Honolulu has been ranked among the cleanest cities in the country in the American Lung Association’s State of the Air 2010 report.” CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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http://www.vimeo.com/11747113

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Two Things That Don’t Matter In Pricing Your Honolulu Property

May 14th, 2010 categories: For Sellers, Video For Sellers

There are many things that impact the price at which you market your Honolulu house or condominium, but in today’s video blog I discuss two things that really don’t matter in your price selecting strategy. Sometimes I meet sellers that say “I paid this much money for my home so therefore let’s price it at this price”, or a seller will say, “I don’t care what has sold in my area, I want a price 25% higher than the other sales”. When this happens, in as kind of a manner as I can, I tell the seller that what you paid for your home or how much you want for it, has no impact on what it can be sold for. To understand my logic behind this assertion, watch my video blog.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

Are Realtors Paid Too Much?

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Overseas Rising Visitor Count Good For Honolulu Real Estate

May 14th, 2010 categories: The Market

Here is another indicator that Hawaii’s economy may be making the turn toward prosperous times.

“Hawaii was the fifth most visited state by overseas travelers, whose trips to the island rose 2 percent in 2009 from 2008, according to a U.S. Department of Commerce estimate.” CLICK HERE TO READ THE ENTIRE STAR BULLETIN ARTICLE

Traditionally, foreign buyers have been players in the Honolulu real estate market. As the numbers of non-citizen visitors climb, one would expect the demand for homes and condos among this group to grow too. Combine this with the already strong local desire for properties and I believe we could see strong pressure for prices to move up. Think about it.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

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Honolulu Property Taxes Going Up 8.8%?

May 13th, 2010 categories: Rants & Riffs, The Market

If you are an out of state owner or have rental properties in Honolulu, hang on to your wallet because the Honolulu City Council is working increasing the property taxes on you. The Honolulu Advertiser is reporting the following.

“The council kept in the budget a proposal to boost property taxes on non-occupant homeowners to $3.72 per $1,000 of home value, up from $3.42. The tax increase, which was part of Mayor Mufi Hannemann’s budget proposal, adds about $18 million to city coffers.” CLICK HERE TO READ THE ENTIRE ARTICLE

If this increase goes through the difference between $3.42 and $3.72 is an 8.8% increase in your property taxes. They seem to know only one thing and that is to keep raising taxes. They are exhibiting more of the classic Progressive political thinking and that is to tax the rich (you own another property other than your home so you must be rich). They don’t see that these increases will probably be passed on to tenants and therefore, in the end, they are hurting the people they want to help. It is unfortunate that our elected officials don’t have the courage to address the real issue, too much spending.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Magic! Debt Becomes Income & YOU PAY TAXES!

May 12th, 2010 categories: For Sellers

If you are thinking about selling your Honolulu home or condo via a short sale, be sure to determine how much money your bank is forgiving. The Wall Street Journal has an interesting article the reports the following.

“Now, she’s bracing for the next blow: an Internal Revenue Service form detailing as much as $150,000 in debt canceled by the bank when it took control of the house. The canceled debt is a form of income, says the IRS—meaning she’ll owe taxes on it. “ CLICK HERE TO READ THE ENTIRE ARTICLE.

There aren’t any magic bullets to help you avoid this, but be sure you understand exactly how much you owe in taxes. In the example quoted above, the taxes on $150,000 of income at a rate of 35% are $52,500! If you find yourself considering a short sale, make a point to consult an accountant and attorney…before you commit to the sale.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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Honolulu real estate makes a lot of sense over 10 years

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Improving Tourism-Good Sign For Honolulu Real Estate

May 11th, 2010 categories: For Buyers, The Market

The Honolulu Advertiser is reporting some very good news about the Hawaii tourism market.

“Average statewide occupancy rose to 70.6 percent in March from 65.2 percent a year earlier. Occupancy has increased in six out of the past seven months. But with deep discounting, hotels hadn’t been able to post an increase in revenue per available room — until March.” CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE

This is just another bit of good news that points to an improving economy. As markets get healthier, the job market should get well and real estate should move in concert. Combine this good news with good prices and low interest rates and it may be the time for Honolulu home buying fence sitters to buy. Here is a caveat, buy within your means and plan on living in the home for at least 3 years or longer.

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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