Archive for the 'For Sellers' Category
Buyers Of Hawaii Oceanfront Properties Beware!
August 16th, 2010 categories: For Buyers, For Sellers
If you are thinking about buying an oceanfront home or parcel be sure to do your homework. There has always been a large set back from the waterfront property line and determining the location of this mark has required a Special Management Area (SMA) survey. The Honolulu StarAdvertiser is reporting a clarification and change in the SMA Rules.
“The proposed change would establish the setback line about 40 feet from the certified shoreline, plus 70 times the average annual coastal erosion rate. The city and University of Hawaii is working on establishing that rate, said Samuel Lemmo, administrator for the state Office of Conservation and Coastal Lands, which oversees about 2 million acres of private and public lands in the state Land Use Conservation District.” CLICK HERE TO READ THE ENTIRE ARTICLE
Given the importance of determining the certified shoreline, BEFORE CLOSING AN OCEANFRONT SALE, a buyer should get a valid and approved SMA survey on any ocean front property. If you don’t get it or decide to make improvements on your lot, you may are exposing yourself to serious penalties and problems. Ironically, a few days after the article above was posted, The Maui News posted an article about the largest fine ever paid for violating SMA rules.
“The largest fine for shoreline setback encroachments ever imposed by Maui County was approved as part of a settlement agreement by the Maui Planning Commission on Tuesday. Larry and Sara Dodge, of Rancho Santa Fe, Calif., and Makena, will pay $65,000 to settle four county violations, remove a wall and seek after-the-fact permits for repairs done to their deck.” CLICK HERE TO READ THE ENTIRE ARTICLE
If you are a seller of an oceanfront property, it is a good idea to get your SMA survey in advance. This way you can show the buyer exactly where the line is and where they can place the home they want to build. Furthermore, because getting the survey can take a few years, getting it up front will save time and head ache.
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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Get It Right! Call It A Purchase Contract!
June 23rd, 2010 categories: For Buyers, For Sellers
I’ve been in the real estate business since 1983 and for most of that time the contract in Hawaii was called a DROA, however, the name has changed and it is import for you to be sure that your contract uses the new name.
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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2010 Better Year To Sell Than 2011?
June 7th, 2010 categories: For Sellers, The Market
If you are considering selling a Honolulu home or condominium that you have owned for a longtime, then 2010 may be a better year for you to sell than 2011. Economist Arthur Laffer wrote an opinion piece in today’s Wall Journal Street Journal online that talks about the impact of not renewing the Bush tax cuts by the end of the year.
“On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush’s tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.”
CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL ARTICLE
If Congress and the President don’t renew these cuts, you are looking at a minimum of a 33% increase in the capital gains tax! If the State of Hawaii increases the Hawaii capital gains tax, you could experience a huge tax hit on highly appreciated real estate. Here’s my point, given the relative strength of the Honolulu real estate market and the potential increase in capital gains taxes, it may take several years of additional market appreciation to net the same amount of money you could get by selling in 2010. 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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Why Some Honolulu Homes Don’t Sell
May 21st, 2010 categories: For Sellers, Video For Sellers
Almost everyday, I see Honolulu homes and condos that were listed for sale come off the market because time has run out on the listing contract. In real estate jargon this is called an expired listing. One of the main reasons listings expire is because the listing was priced too high. In today’s video blog I focus on two other important reasons that contribute to homes not selling.
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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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.
http://www.vimeo.com/11831517If 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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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.
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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| Discussion: 1 Comment »
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.
http://www.vimeo.com/11747113If 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 Home Median Price of $1,000,000
Honolulu real estate makes a lot of sense over 10 years
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Sellers Beware Of Company Addenda
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Are Realtors Paid Too Much?
| Discussion: No Comments »
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.
More Video Blogs
Honolulu Real Estate Is A Good Investment
Honolulu Home Median Price of $1,000,000
Honolulu real estate makes a lot of sense over 10 years
Buying more might make your retirement better
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| Discussion: 1 Comment »
Get Ready For The Best Time Of The Year To Sell!
May 6th, 2010 categories: For Sellers, The Market
Like most areas, the Honolulu real estate market is cyclical and it is going into the best cycle of the year to sell. If you are thinking about selling your Honolulu house or condo, now (did I write NOW?) is the time to start signing the listing paperwork and taking care of the details to have your home showing its best. The Honolulu summer market begins in mid-May and runs through early August, so if you can have your home on the market in May, you will to take advantage of the best time of the year to sell. Here are a seven low cost things you can do to improve the looks of your living unit. Read the rest of this entry »
| Discussion: 1 Comment »
Hawaii Bankruptcies Up
May 4th, 2010 categories: For Buyers, For Sellers, The Market
The Honolulu Advertiser is reporting that Hawaii’s bankruptcies have risen.
“Bankruptcies have risen for three consecutive months as people continue to experience economic problems brought on by unemployment, fewer work hours and problem mortgages. The April number was 56 percent more than a year earlier.” CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE
I do some work with a few of the local bankruptcy trustees and they have been sending me more properties to evaluate. Even though the increase in filings looks negative, I believe it is part of the recovery process. People that are over extended can hang on for only so long and once they come to the conclusion that they can’t make it through to the good times, they either let their home go into foreclosure or file bankruptcy. Don’t despair, because toward the end of the article the author leaves us with some good news.
“Hawai’i’s bankruptcy filings per capita traditionally have been one of the lowest in the country but have been rising. Federal court numbers show Hawai’i’s rate last year was fifth lowest, at 2.41 cases per 1,000 population.”
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.
More Video Blogs
Honolulu Real Estate Is A Good Investment
Honolulu Home Median Price of $1,000,000
Honolulu real estate makes a lot of sense over 10 years
Buying more might make your retirement better
Under New Rules-Lenders Even More Important
Sellers Beware Of Company Addenda
Sellers Get Your Surveys In Advance
| Discussion: 3 Comments »
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