When Coming In 3rd Place Is Good!
December 18th, 2008 categories: Rants & Riffs
Pacific Business News is reporting that Honolulu is in esteemed company. We are the third most expensive city in the U.S. Since we can wear the same clothing all year, we may be less expensive than people think.
“New York City topped the list of the highest costs of living, according to new data from the U.S. Census Bureau, with an index of 212.8. San Francisco followed with an index of 168.5. Honolulu, ranked third, had an index of 163.1.”
CLICK HERE TO READ THE PBN ARTICLE
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Honolulu Real Property Tax Values Decline
December 17th, 2008 categories: Honolulu Real Estate 101
No one should be shocked but the Honolulu new real property tax assessments are out and they are down. Great news is with them being down, theoretically, we will pay less in taxes. Bad new may be that the City has to find another source for revenue. The Honolulu Star Bulletin had a terrific report on the decline.
“On average, Honolulu residential property owners will see a 3.3 percent valuation decline, but North Shore properties’ valuations plunged 9.3 percent, the biggest drop.”
CLICK HERE TO READ THE ENTIRE ARTICLE
In the unlikely event that you want to dispute the County’s value, be sure to file it by January 15, 2009.
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Is A Bounty Really A Commission?
December 15th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
During slower real estate markets I see all sorts of creative incentives to help bring buyers to the table. A seller on Oahu recently made the news because they are offering a “bounty” to “anyone who can locate a buyer”.
“In a grim real estate market where homebuilders and sellers across the nation are offering incentives from Harley-Davidson motorcycles to wide-screen TVs, a Hawaii couple is upping the ante by offering a $100,000 bounty to anyone who can locate a buyer or two.”
CLICK HERE TO READ THE HONOLULU STAR BULLETIN ARTICLE
I have a few concerns.
1. It is common for a seller to pay various fees for a buyer. However, as a broker, the only entity I can pay any sort of fee to is a licensed real estate agent or broker’s company. If I were to pay a “bounty” or a finder’s fee to an unlicensed party, then I could lose my license or have to pay a fine. My take on this gambit is that the seller is skirting Hawaii law and, if they have a broker, their broker could be exposing themselves to problems with the State’s Department of Commerce and Consumer Affairs. Note-I am told some states allow an unlicensed party to be paid finders fees, but this is not the case in Hawaii.
2. The State may not be able to keep a seller from paying a “bounty”, but I wonder if the State might not come after someone without a license for selling real estate without a license. If you are in line to receive the bounty, be sure to get legal advice before you accept it.
3. If a property is not selling (providing a seller has be receiving proper market exposure), then the property is priced too high! A seller would be better off taking the $100,000 bounty and reducing the price by this amount. Get a home priced right in Honolulu and it will sell!
If you would like to discuss getting your property sold in this market, feel free to call me at 808-737-2093 or toll free at 877-737-2093.
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Is The Honolulu Real Estate Market Bottoming?
December 12th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Newsmax.com is reporting that Wells Fargo Chief Executive John Stumpf is optimistic that we may be nearing a bottom in the housing market.
“We’re not at the end,” Stumpf said. “My suspicion is there is some more to go. But we’re starting to see some early signs that maybe we’ve reached the bottom in housing or close to it.”
CLICK HERE TO READ THE ENTIRE NEWSMAX ARTICLE
What’s the old saying, “It is darkest before the dawn”. Low mortgage interest rates and buyers that have postponed buying over the last few months, tells me that we will see a pick up in the market in January and February.
For those of you that would like to purchase a home in Honolulu, but have been hesitant to move due to the recent national financial upheaval, here is another old saying “You can’t time a top or a bottom in a market”. What this means to me is that NOW is a good time to invest in a home that you have for the long run.
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Thanksgiving on Maui
December 12th, 2008 categories: Reasons To Sell
This picture was taken of “yours truly” at Ka’anapali Beach with a Sanyo Xacti VPC camera. This is the camera I use for almost all of my pictures in this blog. It is water proof and shoots video too. Great camera!
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Honolulu Headlines Tell Different Stories
December 11th, 2008 categories: Distressed Properties
RealtyTrac just released the Hawaii foreclosure number for November. I found the headlines in our local newspapers at odds with each other. Even though the stories were based on the same information, each headline made me feel differently about the condition of the Honolulu real estate market.
The Honolulu Advertiser led with the headline “Hawaii foreclosures tripled in November”. My initial reaction was that things are really bad and that I should be fearful.
The Star Bulletin’s headline read, “Hawaii falls to No. 28 in national foreclosures”. After seeing this, I had the impression that things are improving because we must have fell from a worst position to a better place.
Pacific Business News played it straight with a headline that read “Hawaii foreclosures 28th in U.S. in November“. This statement made me read the article to determine whether or not this is good or bad.
In this case, I feel the Honolulu Advertiser’s headline is trying to play on our emotions (in a bad way) and I wish they would have just given us the facts and let us decide from there.
CLICK HERE TO READ THE HONOLULU ADVERTISER ARTICLE
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Today’s Honolulu Vintage House
December 11th, 2008 categories: Views of Honolulu
This is a classic example of a Kama’aina Honolulu porch. Again, this home is located in Kaimuki.
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Today’s Vintage Home!
December 10th, 2008 categories: Honolulu Vintage Homes
Here is another Honolulu vintage home. It is located in Kaimuki.
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Is The Honolulu Real Estate Market Picking Up?
December 10th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
I am starting to see signs that the Honolulu real estate market may be picking up. Its resilience could be seen in relatively strong interest before the financial woes of August, September, October and November. In fact, it is reasonable to believe that we have not seen the last of the bad news from the economy. In spite of all this historic bad news, our market has had continued sales!
So what leads me to think we are having a “bump”? Here are a few reasons.
1. Increases in interest. My listings that have been quiet for the last few months are experiencing more showings. I am hearing from other agents that they too are having more interest in their listings.
2. Increases in initial offering price. Even though offering prices have been coming in lower than list price, they seem to be closer to our asking price. Initial offering prices were coming in at “low ball” values and not in the realm of reality. We now see offers that are close enough to the list price that it appears an agreement can be reached.
3. Traditionally a slower time. In past posts, I have proffered the idea that the holidays see a drop off in activity. It is unusual to feel a surge in December, so this may be portending a shift in the market.
These three points may point to a stronger January and February. Stay optimistic!
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Yet Another Honolulu Vintage Home!
December 9th, 2008 categories: Honolulu Vintage Homes
If you like vintage homes, then Kaimuki is a good place to snoop around. This home is located on 15th Avenue. Pay special attention to the rooflines, siding and the mitered corner finishes. It has the original windows (thank goodness they didn’t change to jalousies in the 70’s) and stone work leading up to the enclosed porch. You should expect to find wood floors and lots of nice detail inside too.
Call me at 808-737-2093 or toll free at 877-737-2093 to discuss your questions regarding vintage houses in Honolulu.
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