| |
June, 2010 - Newsletter for the Maui Market
Aloha! Here is your eNewsletter for the Maui Market from Jim Foster and visit our web site when you have time www.JamesBFoster.com for searching properties on the Maui MLS or researching sales under the tab Condo Sales for all the major complexes individually or for 2010 to date, 2009, 2008 and all of the MLS statistics.
To view information about the newest resort in the West Maui area view this web site for general information, what is for sale and past sale: www.HonuaKaiOnMaui.com and it is very easy to navigate. This is a four star master-planned resort and the only beachfront condominium built in the Kaanapali Resort area in over 25 years. Honua Kai currently has two condominium towers with 628 units consisting of Studio, one bedroom, two bedroom and three bedroom units. Situated on nearly forty acres of the world's most beautiful beachfront, this resort is the first to integrate all the services and amenities of a luxury resort hotel with spacious homes that seamlessly blend indoor and outdoor living and is designed to deliver a one-of-a-kind experience. It is the perfect home base to enjoy everything the island has to offer.
Honua Kai Resort & Spa is Maui’s newest and finest Resort, Luxury Condominium, hosting; Studio Apartments, One bedroom, Two bedroom, and Three bedroom Residences, located on Kaanapali North Beach’s pristine shoreline. The Honua Kai Resort & Spa’ s valuable and scarce Resort Zoning allows for both Residential and Vacation Rental use. As an owner of the Honua Kai Resort and Spa, you may choose to enjoy your residence as a Primary Residence, or Secondary Vacation Residence. The Honua Kai’s Resort Zoning also enables you to vacation rent your residence at those times you are not there to enjoy it. Should you decide to off-set your expenses you may do so by vacation renting your residence. There are several ways to accomplish this, you may Self Manage, In-House Resort Manage, or Third Party manage. The choice is yours.
Hot Buys for May, 2010 - If you are looking for some excellent buys in the Kaanapali area that are REOs, Short Sales or aggressively price listed properties for sale for condominiums, single family residential and vacant land (lots), call Jim @1-888-661-7994
We have a list of Short Sales and REOs for residential and condominium properties in West Maui and Short Sales and REOs for unimproved residential properties or lots. If you would like the details please send email. For a complete list of REOs and Short Sales in West Maui or the entire island send email request to Jim@JamesBFoster.com or would like to be notified daily of new listings or price changes that are REOs or Short Sales call me on my toll free number 1-888-661-7994 or email me at Jim@JamesBFoster.com
If you specifically are interested in a Short Sale or REO properties, you can now search on my web site www.JamesBFoster.com the Short Sales & REOs on Maui in the MLS. Email me and I will email you back the instructions on how do to do the search. There are a substantial number of Short Sales and REO properties for sale in the Maui Realtors Association Multiple Listing Service (MLS) and the number is increasing and if you would like to have a list or are interested in these types of properties send an email to Jim@JamesBFoster.com
New IDX Search Features - on www.JamesBFoster.com Search properties and you can search for Short Sales, REOs, by location and other categories. If you would like directions on how to use email me at Jim@JamesBFoster.com and I will email instructions.
Make sure you check out the Useful Internet Sites and Real Estate Tips at the end of this newsletter.
Don't forget! We provide a free Automatic E-mail Notification Service that goes out to recipients whenever a new listing becomes available for a particular condominium complex. Each of these notifications includes a link to view the details of the brand new listing in the MLS. We DO NOT SHARE YOUR EMAIL ADDRESS or your contact information with anyone. To subscribe to our Automatic E-mail Notification Service, please send Won an email at Won@JamesBFoster.com with your first and last name, your email address, and the condominium property you wish to be notified of.
Maui Real Estate - To view the year end 2007, 2008, 2009 & year to date 2010 Sales Statistics go to http://www.jamesbfoster.com/condosales.php and click on Maui MLS Statistics 2009 and 2010.
The West Maui Real Estate Market
The market is slowing starting to turn, indicated by the increase in unit sales however the foreclosures, short sales and buyers who have to sell are continuing to have an impact on market prices. While the Homebuyer Tax Credit program has ended, the resulting sales (closings) through May and June will show in the next two months’ statistics.
Anecdotal evidence from agents, lenders and escrow personnel indicate that a good portion of the transactions in process (not yet closed) are outside of the tax credit program, and that there is strong buyer-showing activity that should result in future sales.
Condo median prices are showing some small upticks. The inventory includes many short sales and REO (bank owned) properties that will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will start to rise. Interest rates have started to rise from historic record lows, which may also motivate would-be buyers to go ahead and buy.
Maui saw an increase in sales volume in the first quarter of 2010 over the first quarter of 2009 in all property types. Condominium sales volume showed an increase of 12% while residential improved by 42%, and vacant land grew by 35%. Median sales prices for condominiums declined by 39%, and residential properties by 10%; however, vacant land showed a positive increase of 25% in median sales price.
West Maui experienced improvement in unit sales volume in the first quarter of 2010 over 2009, with condominium sales increasing 130%, residential 30%, and vacant land a 200%. Median sales prices for condos and residential property in West Maui fell while vacant land median sales prices increased.
We have not yet reached the bottom of the market and REO and Short Sales continue to impact value but property that is aggressively priced in relation to comparable sales in the last six months are receiving offers.
Buyers in the market currently, for the most part, are looking for deals or the lowest prices. We are seeing improvement in the number of showings and increased bookings for vacation rental. The current inventory of West Maui condominiums for sale is now at 629 (at 6/2/10) and on the same month in 2009 it was 697. Properties are requiring approximately five to six months to sell and in many instances, longer. Buyers have a much larger inventory of properties for sale to choose from than at the height of the market. If you’re curious about current trends in Maui real estate and where the market is headed, the answer is - it depends on Location - it depends on if it is condominium or single-family residential - it depends on whether you look at volume, average or median prices. In the current Maui real estate market, the for sale inventory continues to increase and prices are typically flat or have decreased.
Terry Tolman, the Chief Staff Executive of the Realtors Association of Maui (RAM) provided the following information below pertaining to the Maui Market:
IN A NUT SHELL...... the good, the bad….. AND THE ROAD AHEAD ……The market is stirring, with mixed indicators showing increased activity and now sales. Inventory was decreasing, yet bumped up for Homes the last three months. Median Prices are showing some small upticks. The inventory includes many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will eventually start to rise. Interest Rates have started to rise from at historic record lows, and the qualifications are stiffer. The Home Buyer Tax Credits have had a positive effect, however end soon.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or Upgrade - While selling now will net less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease with- option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor.
BEST Deals are selling, everything else is getting old. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.
Condominiums for Sale
2007 - In the West Maui real estate market, at the beginning of January, 2007 there were 410 condominiums listed for sale with the total value of $372,238,031.00; February, 2007 - 431 condos with the total value of $393,681,669.00; March, 2007 - 458 condos with the total value of $420,941,268.00; April, 2007 - 479 condos with the total value of $429,708,159.00; May, 2007 - 472 condos with the total value of $424,095,260.00; June, 2007 - 455 condos with the total value of $415,187,129.00; July, 2007 - 475 condos with the total value of $432,797,008.00; August, 2007 - 469 condos with the total value of $420,479,301.00; September, 2007 - 474 condos with the total value of $430,914,408.00; October, 2007 - 471 condos with the total value of $423,631,002.00; November, 2007 - 466 condos with the total value of $416,008,907.00; and December, 2007 - 485 condos with the total value of $421,080,117.00. The average number of condominiums for sale on West Maui for 2007 was 462 and the average total value was $416,730,118.25.
2008 - At the beginning of January, 2008 there were 511 condominiums listed for sale with the total value of $445,656,447.00; February, 2008 there were 559 condos with the total value of $500,946,603.00; March, 2008 - 595 condos with the total value of $529,779,322.00; April, 2008 - 647 condos with the total value of $606,635,687.00; May, 2008 - 634 condos with the total value of $583,391,821.00; June, 2008 - 644 condos with the total value of $590,736,279.00; July, 2008 - 680 condos with the total value of $662,919,268.00; August, 2008 - 703 condos with the total value of $693,069,348.00; September, 2008 - 693 condos with the total value of $654,411,079.00; October, 2008 - 673 condos with the total value of $620,032,454.00; November, 2008 - 715 condos with the total value of $652,379,032.00; and December, 2008 - 729 condos with the total value of $660,335,998.00. The average number of condominiums for sale on West Maui for 2008 was 648 and the average total value was $604,191,111.50.
2009 - At the beginning of January, 2009 there were 742 condominiums listed for sale with the total value of $693,143,047.00; February, 2009 there were 757 Condos with the total value of $709,234,346; March, 2009 there were 787 Condos with the total value of $681,864,289; April, 2009 there were 805 Condos with the total value of $693,368,793; May, 2009 there were 717 Condos with the total value of $629,812,465; June, 2009 there were 691 Condos with the total value of $591,075,527; July, 2009 there were 692 Condos with the total value of $588,385,017; August, 2009 there were 682 Condos with the total value of $575,359,815; September, 2009 there were 662 Condos with the total value of $540,291,317; in October, 2009 there were 662 Condos with the total value of $527,367,912; in November, 2009 there were 636 Condos with the total value of $486,410,609; and in December, 2009 there were 629 Condos with the total value of $495,645,642. The average number of condominiums for sale on West Maui for 2009 is 705 and the average total value is $600,996,564.92.
2010 - At the beginning of January, 2010 there were 608 condominiums listed for sale with the total value of $511,345,892; February, 2010 there are 643 Condos with the total value of $519,749,801.00; March 2010 there were 681 Condos with the total value of $549,060,756.00; April 2010 there are 649 Condos with the total value of $516,570,310; May 2010 there are 647 Condos with the total value of $497,221,612; and June 2010 there are 625 Condos with the total value of $480,371,404. The average number of condominiums for sale on West Maui from 1/1/2010 to 6/1/2010 is 642 and the average total value is $512,386,629.17.
The condominium for sale inventory since July, 2005 has been as low as 165 and was up to 805 in April, 2009 with the current inventory of 629 on June 2, 2010.
Condominium Sales
2006 - The total condominium sales on West Maui during the month of January, 2006 there were 42 sales and the total value was $28,574,643.00; February, 2006, there were 48 sales with total value of $32,995,078.00; March, 2006 - 40 sales with total value of $32,199,584.00; April, 2006 - 43 sales with total value of $41,898,525.00; May, 2006 - 51 sales with total value of $39,644,886.00; June, 2006 - 40 sales with total value of $32,533,500.00; July, 2006 - 30 sales with total value of $26,212,000.00; August, 2006 - 28 sales with total value of $31,885,500.00; September, 2006 - 30 sales with total value of $24,770,000.00; October, 2006 - 29 sales with total value of $23,359,299.00; November, 2006 - 22 sales with total value of $13,414,600.00; and December, 2006 there were 30 sales with total value of $23,169,999.00. For 2006, the monthly average sales were 36 sales per month with the average sales value of $29,221,467.83 per month.
2007 - The total condominium sales for West Maui during the month of January, 2007 there were 37 sales and the total value was $33,091,000.00; February, 2007 there were 26 sales with total value of $16,330,000.00; March, 2007 - 32 sales with total value of $24,121,000.00; April, 2007 - 27 sales with total value of $16,766,000.00; May, 2007 - 28 sales with total value of $30,774,929.00; June, 2007 - 28 sales with total value of $18,917,000.00; July, 2007 - 21 sales with total value of $13,314,200.00; August, 2007 - 32 sales with total value of $33,258,999.00; September, 2007 - 23 sales with total value of $24,701,900.00; October, 2007 - 42 sales with total value of $28,159,900.00, however this included a packaged sale of 19 units at Aina Nalu in Lahaina; November, 2007 - 15 sales with total value of $15,930,000.00; and December, 2007 there were 13 sales with total value of $13,335,500.00. For 2007, the Month of December saw the lowest number of sales in 2007. The monthly average sales were 27 sales per month with the average sales value of $22,391,702.33 per month.
2008 - The total condominium sales for West Maui during the month of January, 2008 there were 20 sales and the total value was $16,184,800.00; February, 2008 there were 20 sales and the total value was $14,414,584.00; March, 2008 - 26 sales and the total value was $20,079,000.00; April 2008 - 28 sales and the total value was $20,488,500.00; May 2008 - 22 sales and the total value was $20,055,000; June 2008 - 14 sales and the total value was $11,957,000; July 2008 - 10 sales and the total value was $6,955,999; August 2008 - 13 sales and the total value was $8,055,000; September 2008 - 12 sales and the total value was $6,707,122; October 2008 - 12 sales and the total value was $8,042,500; November 2008 - 10 sales and the total value was $8,444,000; and December 2008 there were 6 sales and the total value was $6,265,000. For 2008, the average monthly sales were 16 sales per month with the average sales value of $12,304,042.08 per month.
2009 - The total condominium sales for West Maui during the month of January, 2009 there were 76 sales and the total value was $95,573,286.00; February, 2009 there were 54 sales and the total value was $68,795,841.00; March, 2009 there were 37 sales and the total value was $32,979,595.00; April, 2009 there were 23 sales and the total value was $13,142,872.00; May, 2009 there were 11 sales and the total value was $8,879,500.00; June, 2009 there were 18 sales and the total value was $12,530,000.00; July, 2009 there were 28 sales and the total value was $30,196,900.00; August, 2009 there were 25 sales and the total value was $17,891,397.00; September, 2009 there were 14 sales and the total value was $5,684,550.00; October, 2009 there were 23 sales and the total value was $14,202,856.00; November, 2009 there were 19 sales and the total value was $9,850,550.00; and December, 2009 there were 35 sales and the total value was $39,598,000.00. For 2009, the average monthly sales were 30 sales per month with the average sales value of $29,110,445.58 per month.
Condominium Sales in 2010 - The total condominium sales for West Maui during the month of January, 2010 there were 31 sales and the total value was $21,104,950.00; February, 2010 there were 46 sales (12 were in Honua Kai) and the total value was $43,926,209.00; March, 2010 there were 72 sales (38 were in Honua Kai) and the total value was $85,051,544; April, 2010 there were 74 sales (38 were in Honua Kai) and the total value was $73,354,100; and May, 2010 there were 42 sales (19 were in Honua Kai) and the total value was $43,586,500. From January 1, 2010 to June 2, 2010, the average monthly sales were 53 sales per month (or 32 per month if you do not include the sales in Honua Kai) with the average sales value of $53,404,660 with the Honua Kai sales factored in.
We have gone in to the Maui MLS database and pulled information for 2000 through 2010. In 2000 - 654 condominium units sold in the West Maui area for a total value of $209,064,010; in 2001 - 605 condo units sold for a total value of $271,681,337; in 2002 - 730 condo units sold for a total value of $240,178,915; in 2003 - 737 condo units sold for a total value of $319,748,466; In 2004 - 700 condo units sold for a total value of $375,033,467; in 2005 - 682 condo units for a total value of $408,582,315; in 2006 - 435 condo units for a total value of $351,782,614; in 2007 - 327 condo units for a total value of $271,290,428; in 2008, - 193 condo units sold for a total value of $147,648,505; in 2009, - 363 condo units sold for a total value of $349,325,347.00; and in 2010 from January to May, a total of 268 condominium units in the West Maui area for a total sales value of $267,094,303.00.
If you would like to view the most current sales statistics for Maui or West Maui Condominiums, you can go to my web site www.JamesBFoster.com and click on Condo Sales in the upper left corner of the home page or go to www.JamesBFoster.com/condosales.php
Mortgage Rates as of June 3, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.625% 30yr fixed 2.00pts (4.745 APR) 4.875% 30yr fixed .500pts (5.042 APR) 5.000% 30yr fixed -0- pts (5.123 APR) Stated Income - No longer available: Interest Only To $625,500: 5.500% 30 yr fixed (10/20).375pts (5.621 APR) Interest Only to $1M: 5.500% 30 yr fixed(10/20) .625 pt (5.642 APR) Condotels 5.75% 30 yr fixed 1.25pts (6.056 APR) (Points include origination fee)
Mortgage Rates as of May 3, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.75% 30yr fixed 2.00pts (4.871 APR) 4.875% 30yr fixed 1.00pts (4.997 APR) 5.125% 30yr fixed -0- pts (5.249 APR) Stated Income - No longer available: Interest Only To $625,500: 5.625% 30 yr fixed (10/20)1.000pts (5.753 APR) Interest Only to $1M: 5.625% 30 yr fixed(10/20) 1.000 pt (5.753 APR) Condotels 5.75% 30 yr fixed 1.25pts (6.056 APR) (Points include origination fee)
Mortgage Rates as of April 2, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.875% 30yr fixed 2.00pts (4.997 APR) 5.125% 30yr fixed 1.00pts (5.249 APR) 5.25% 30yr fixed -0- pts (5.375 APR) Stated Income - No longer available: Interest Only To $625,500: 5.875% 30 yr fixed (10/20)1.000pts (6.076 APR) Interest Only to $1M: 6.00% 30 yr fixed(10/20) .000 pt (6.117 APR) Condotels 5.75% 30 yr fixed 1.25pts (6.056 APR) (Points include origination fee)
Mortgage Rates as of March 1, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.625% 30yr fixed 2.00pts (4.745 APR) 4.750% 30yr fixed 1.00pts (4.871 APR) 5.00% 30yr fixed -0- pts (5.123 APR) Stated Income - No longer available: Interest Only To $625,500: 5.75% 30 yr fixed (10/20)1.000pts (6.036 APR) Interest Only to $1M: 5.875% 30 yr fixed(10/20) .750 pt (5.945 APR) Condotels 6.125% 30 yr fixed 1.25pts (6.312 APR) (Points include origination fee)
Mortgage Rates as of February 3, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.875% 30yr fixed 1.500pts (5.090 APR) 5.000% 30yr fixed .750pts (5.148 APR) 5.125% 30yr fixed -0- pts (5.207 APR) Stated Income - No longer available: Interest Only To $625,500: 5.875% 30 yr fixed (10/20)1.000pts (6.036 APR) Interest Only to $1M: 5.875% 30 yr fixed(10/20) .750 pt (5.945 APR) Condotels 6.125% 30 yr fixed 1.25pts (6.312 APR) (Points include origination fee)
Mortgage Rates as of January 1, 2010 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 5.125% 30yr fixed 1.625pts (5.354 APR) 5.250% 30yr fixed .500pts (5.378 APR) 5..375% 30yr fixed -0- pts (5.458 APR) Stated Income - No longer available: Interest Only To $625,500: 6.125% 30 yr fixed (10/20)1.500pts (6.035 APR) Interest Only to $1M: 6.000% 30 yr fixed(10/20) 1.000pt (6.079 APR) Condotels 6.500% 30 yr fixed 1.00pts (6.687APR) (Points include origination fee)
Some recent and past news about what is going on in Maui & Hawaii
Weather - As I am writing this newsletter today, June 5, 2010, it is about 86 degrees and sunny. Between now and June 14th, we are expecting a few sprinkles and windy conditions winds but typical Maui weather, as near to perfection as you can get.
Chase N Rainbows Real Estate - Vacation Rental Management and Bookings for Travel Information - Need a sun break? If you're tired of the rain and cold you can get away now! Call us (877.647.9575) to check availability and book today. We can place any condo on a courtesy hold while you firm up your flights. Remember to check for low fares and use the fare finders at Kayak.com & Vacapedia.com. Sign up for e-mail reminders with Travelocity and Priceline too! www.ChaseNRainbows.com Sign up for Monthly Newsletter.
Foreclosures in Hawaii – Hawaii real estate foreclosures hit a high for 2010 last month, indicating homeowners continue to struggle with mortgage payments even as the economy and real estate market are showing signs of a slow recovery. Research firm RealtyTrac reported that 1,474 Hawaii properties were in some stage of foreclosure in April. The figure was a little more than double the year-earlier figure of 684 properties, and was the highest this year next to the 1,302 properties in January. Only one other month had a higher count, and that was December at 1,534. April figures show that foreclosure activity nationally has begun to plateau at a very high level that is not expected to drop off in the near future. Hawaii was one of six states with foreclosure counts that at least doubled in April from a year before. Among Hawaii counties, Honolulu had the most filings at 581, but the lowest rate, at one filing for every 580 households. Maui had a rate that was one filing per 187 households, based on 353 total filings.
Affordable Housing Project Hale Mua - The developer of Hale Mua affordable housing project, Sterling Kim, is now dealing with a $12 million foreclosure action by a Colorado lender against the real estate and his hard-won government approvals. He is optimistic but does not for certain what the eventual outcome will be. The current lender’s loan was due in July 2009, but an extension was requested. In December, the lender said, it made an offer of forbearance, but that expired at the end of January.
Aqua Hotels & Resorts on Molokai, Lanai & Maui – Aqua will assist Hotel Lanai with marketing and the only hotel management company on all three islands. Hotel Lanai will continue to be managed by the owners, Mike and Mary Charles and Tom Kiely, who have just completed a complete refurbishment of the 10-room hotel with the basic rate of $99 ($179 for the cottage nearby, which was built in the 1970s). They are getting more customers from Honolulu and Maui and attribute this to price consciousness as they can come over on the ferry for $50 and stay here for $99.
Maui Visitor Arrivals Increasing - Maui island drew the highest percentage increases in visitor arrivals and in tourist spending in March compared with March, 2009. Arrivals increased 14.2%. Approximately 608,000 people visited Hawaii in March, a 9.3% increase over March, 2009. A contributing factor to Maui’s gains was the addition of several new flights to Maui from Canada and four areas in California - Orange County, Los Angeles, San Jose and Sacramento. For the first three months of the year, total spending statewide grew by 5%, or $130 million, over the same period last year to $2.7 billion. The number of tourists from Asian markets outside Japan rose sharply in the quarter, with the number of Koreans nearly doubling and Chinese surging 23%.
Asians also continue to outspend other travelers by a wide margin, but they stay in Hawaii a few days less on average. Tourists from Japan spent $244 per person, per day in March, with Koreans at $238. That's about $100 more per day than travelers from the West Coast $139 or Canadians $132.
Star Noodle A New Restaurant For West Maui - Serves fresh noodles daily for West Side noodle aficionados and is located in the Lahaina Business Park located across from the Lahaina Cannery Mall and up Keawe Street. To view the web site the many wonderful choices view their web site www.starnoodle.com Star Noodle has just about every type, shape and taste of noodles and I can recommend it after having sample their dishes, excellent! Star Noodle is the newest venue to Old Lahaina Luau and Aloha Mixed Plate. Open for lunch from 10:30 a.m. to 3:00 p.m. and for dinner from 5:30 p.m. to 10 p.m. For reservations, call 667-5400.
Professional & Business Referral Recommendations:
Attorney in Lahaina - Gary Robert resides in West Maui and has been providing legal services here for over 30 years in Lahaina. His office is located at 808 Wainee Street, Suite 201, Lahaina, Maui, Hawaii 96761. To contact Gary - Tel: 808-667-7741
Fax: 808-667-7550 Email grlaw@hawaiiantel.net Web site www.garyrobertlaw.com
Business Law - Corporations, Partnerships, LLCs & Contracts.
Real Estate Law - Conveyances, Mortgages, Foreclosures, Landlord - Tenant, Partitions, Associations, Wills, Trusts, Probate, Family Law and Divorce.
Accountant - CPA Tom Marino, CPA, Tax Manager with Levin & Hu. Tom has a Bachelor of Science degree in Accounting. Tom is a licensed CPA in both California and Hawaii since 1987. Levin & Hu provide professional services for individuals relative to Tax Planning/High Net Worth, Sole Proprietorship/Small Biz, Home Sale/Purchase, Rental Property, and Property Taxes. They also provide services for International clients in the areas of Expatriate Tax, Offshore Corporations, Foreign Corporations in the U.S. and Non-Resident Aliens and other areas of taxation and financial matters.
Remodeling or Upgrading condominium or house - It is critical to have a licensed contractor and subcontractors with excellent references and experience working with Maui properties if you will be Remodeling or Upgrading a condominium or house Should you need assistance or referrals for a property you own or need an estimate for property you are contemplating purchasing, all Jim Foster on his toll free number 1-888-661-7994 or send him an email to Jim@JamesBFoster.comand we can provide names and contact information as we have contact information for several reputable contractors for both remodeling and new construction.
Installation of Home Entertainment Systems - If you are looking for an experienced company for Home Theater Systems, Whole House Sound Systems, Telephone & Computer Network Wiring, HD TV Specialist/Blu Ray, Complete Color Calibration System and Universal Remote Control Systems and much more - contact Jason Vizthum with Integral Technologies in Lahaina. Phone is 1-866-420-3013 and Cell is 808-214-4212. Licensed, excellent referrals and a West Maui resident. www.integraltechmaui.com Email for Jason integraltech@hawaii.rr.com
Real Estate & Financial Planning Tips:
If you are contemplating purchased a Bank Foreclosed Property (REO) on Maui you need to be aware of the possibility of an AOAO lien for delinquent association monthly dues (maintenance fees). Many condominium association are struggling if there are several condominium owners who have stopped paying the monthly dues as it can sometimes be six to eighteen months before the association can begin collecting the regular monthly dues. Once the bank has foreclosed and the new title is recorded and the property is listed for sale, the new buyer may purchase and have to pay up to a maximum of $3,600 for past due association dues that were not paid. The legislation that was passed is HRS 514B-146.
Hawaii Real Estate Transfer Tax – The tax is paid when property is sold and is paid out of escrow by the seller of the property. It is 15 cents per $100.00 of actual value up to $600,000. For a $500,000 condominium the tax was $750. It is 25 cents per $100.00 for value of $600,000 to $1,000,000. For a $500,000 condominium the tax was $750 and for a $700,000 condominium the tax is $1750. It is 35 cents per $100.00 for value of $1,000,000 or more. For a $1,100,000 condominium the tax would be $3,850.
On actual and full consideration paid for the transfer of realty, including leases and subleases, a tax of 10¢ per $100 is imposed for conveyances under $600,000; 20¢ per $100 for conveyances between $600,000 and $1 million; and 30¢ per $100 for conveyances in excess of $1 million. Also imposes a conveyance tax for condominiums or single family residences that do not qualify for a homeowners= exemption: 15¢ per $100 for properties valued up to $600,000; 25¢ per $100 for properties valued between $600,000 and $1 million; and 35¢ per $100 for properties valued at over $1 million. Minimum tax on each transaction is $1.00. Certain exemptions are allowed.
In past newsletters, I have mentioned that the easiest way to minimize the tax impact when selling is to do a tax deferred exchange. If you have questions about tax deferred exchanges give us a call. If you are considering selling your property in Hawaii, a tax deferred exchange will exempt you from the 5% HARPTA withholding and also the Federal Capital Gains Tax. Planning in advance for the disposition or acquisition of assets is always a wise decision. Another invaluable tool for sellers in doing a tax deferred exchange is having the option of using tenant-in-common (TICs) for qualifying for replacement properties.
We have assisted sellers (for sale by owners) who had buyers but needed someone to facilitate the sale and guide them through the process and assure them they were asking a current market value price for their properties.
Many property owners who currently own underperforming assets can sell those assets and take advantage of tax deferred exchanges, turning an underperforming asset such as land into an income producing asset. If you are contemplating selling highly appreciated real estate during 2010 and would like for us to provide an analysis of how to best structure your transaction, please call me or send me an email if you would like additional information at 808-661-7994 or email Jim@JamesBFoster.com
Useful Internet Sites
www.homestyler.com Now you can design, remodel or decorate your home right on line and see the results instantly - in living breathing 3D! This powerful 3D home design site can assist you in laying out rooms, size floor plans, and add in details like doors and windows in just minutes with an easy drag-and-drop interface. Include furnishings and move them where you want giving you an accurate sense of how everything fits with 2D and 3D views. Additionally you can lay out your landscape areas including lawns, pools, pathways and lots more.
http://wakerupper.com Simplify your life with this easy on line telephone reminder service to set up wake up calls for your chosen time. You can also be reminded of any important events coming up this day by just entering the reminders when you set up your call.
www.soungle.com For the right sound to use on your web site or with your email or add to your collection royalty free, here is the web site. This mega online library of sounds is easy to use. First enter the sound you want in the simple search box. Enter "train" and you'll come up with 100 files of various train sound and download the one you like.
www.15secondpitch.com Create a great pitch in about five minutes on this web site. These folks provide you with an on-line tool that helps you discover who you are and what you really want. You can use this tool to give you a great introduction and conversation starter, a way to organize your thinking process for any new venture or a marketing tool to communicate consistently via email, on the telephone, in person, or on your business cards.
http://video.pbs.org If you are a fan of the Public Broadcasting System (PBS) (or want to be) then this is a very worthwhile place to visit. Frontline -- Masterpiece Theater -Nova -- American Masters -- this great place has full length videos at your fingertips - on demand! You can watch your favorite shows and catch any episodes you may have missed -- all on your schedule. You can also send your favorites to friends and post them to social networks. There is no cost but if you are not a member of your local PBS affiliate you should become one as it is the highest quality of entertainment and a bargain price.
DVD - Invictus - The true story of how Nelson Mandela joined forces with the captain of South Africa's rugby team, Francois Pienaar, to help unite their country. Newly elected President Mandela knows his nation remains racially and economically divided in the wake of apartheid. Believing he can bring his people together through the universal language of sport, Mandela rallies South Africa's underdog rugby team as they make an unlikely run to the 1995 World Cup Championship match. Directed by Clint Eastwood with Morgan Freeman and Matt Damon.
Kindest Regards, Jim Foster
Chase 'N Rainbows Real Estate, Inc.
Toll Free 888-661-7994
Direct Line 808-661-7994
Cell 808-870-5858
Fax 808-667-2957
Real Estate for Sale www.JamesBFoster.com
Vacation Rental www.ChaseNRainbows.com
Email Jim@JamesBFoster.com
You are receiving this email because you subscribed to our e-newsletter email list. If you change your mind and wish to unsubscribe, please send an email to Won@JamesBFoster.com and request to be removed with the subject line, “Unsubscribe from Newsletter.” |
|
