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May, 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.
We have recently gone live with a new web site, www.HonuaKaiOnMaui.com and it is very easy to navigate. This is 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. Sales Prices begin with Studios from $615,000, One Bedrooms from $619,000, Two Bedrooms from $995.000 and Three Bedrooms from $2,229,000
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
For Maui and West Maui, we are beginning to see a rebound In Home Sales. The Realtors Association of Maui (RAM) continued to report good news on the home sales front last month. In March, single-family home sales were up 25% over last year's numbers and condominium sales were up 82 %. And, interestingly enough, the average price for a condo was actually up 9 percent over the average sales price last March. Seventy single-family homes were sold in March 2010, compared to 56 in March 2009. There were 122 condominiums sold this March, 67 last year. For the first quarter of the year, single-family home sales were up 42 percent - 172 versus 121. There were 291 condominiums sold the first quarter of 2010, 259 units sold the first quarter of 2009. University of Hawaii economist Carl Bonham stated the recovery is under way and told members of the Maui Chamber of Commerce that economic indicators are all positive and said that visitor arrivals are up markedly on Maui and that he sees a further increase in visitor numbers and spending this summer.
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 647 (at 5/3/10) and on the same month in 2009 it was 717. 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.
FOR BUYERS: Low interest rates have started to inch up and First time/move-up homebuyer incentives require purchase by April 30, 2010. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). More "short-sales" and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC.
First-Time Home Buyers – Last Call for the Home Buyers Credits. Don’t let it pass you by…. Get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could, and are glad they did. This low point in the market is your rare chance, so check it out carefully.
Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions that the overall view. Maui's market place is much smaller than Oahu's, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.
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; and May 2010 there are 647 Condos with the total value of $497,221,612. The average number of condominiums for sale on West Maui from 1/1/2010 to 5/1/2010 is 646 and the average total value is $518,789,674.20.
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 647 on May 3, 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 Konea – Honua Kai) and the total value was $43,926,209.00; March, 2010 there were 72 sales (38 were in Konea – Honua Kai) and the total value was $85,051,544; April, 2010 there were 74 sales (38 were in Konea – Honua Kai) and the total value was $73,354,100. From January 1, 2010 to May 3, 2010, the average monthly sales were 56 sales per month (or 34 per month if you do not include the Konea sales in Honua Kai) with the average sales value of $55,859,200.75 with the Konea 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 223 condominium units in the West Maui area for a total sales value of $223,436,803.00.
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 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, May 6, 2010, it is about 81 degrees and sunny. Between now and Monday, May 10th, we are expecting a few sprinkles and light trade 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.
Millions of Tax Funds Held Up in tax appeals – Maui County officials expressed frustration that more than $19 million in potential collections are frozen due to a backlog in property tax appeals. Owners appealed the 2010 tax assessments on about 2,300 parcels, many of them time-share properties in which the appeals must be reviewed and decided unit by unit. Combined with appeals that are still outstanding from as long as four years ago, 3,162 properties are currently appealing their assessments, tying up $19.4 million in potential tax revenue. Around 90 percent of appeals that go to the Real Property Tax Review Board are usually settled in the county's favor. The council cut overall spending by 7 percent and increased some real property tax rates to come up with a $524.2 million budget for 2011.
Fire Closes Honoapiilani Highway – A fire that started late Tuesday continued burning through Wednesday morning and burned roughly 1,100 acres of brush mauka of the sparsely populated areas of Olowalu and Ukumehame to the ridges atop the West Maui Mountains on Monday and Tuesday. The fire also caused many travelers to change their flight departures, frustrating some who said they missed flight connections home. Most outbound flights were quickly booked up after the highway reopened shortly before 10 a.m. Tuesday. The county Public Works Department, Goodfellow Bros. Inc., West Maui Land Co. and Kiewit Pacific Co. provided much of the heavy equipment, Iinuma said. In addition to the Fire Department's Air One helicopter, aircraft from Pacific Helicopters and Windward Aviation were used to fight the blaze. Maui County has been at a federal "red flag" drought warning level since November, he said. The drought's also been around so long that now places that are normally green, such as windward Maui and the mountaintops, are turning brown, Murray said. "This is one of those years we can have multiple incidents like this from now until December, when the rainy season begins," he said.
Big Rebound In Home Sales – The Realtors Association of Maui continued to report good news on the home sales front last month. In March, single-family home sales were up 25% over last year's numbers and condominium sales were up 82 %. And, interestingly enough, the average price for a condo was actually up 9 percent over the average sales price last March. Seventy single-family homes were sold in March 2010, compared to 56 in March 2009. There were 122 condominiums sold this March, 67 last year. For the first quarter of the year, single-family home sales were up 42 percent - 172 versus 121. There were 291 condominiums sold the first quarter of 2010, 259 units sold the first quarter of 2009. University of Hawaii economist Carl Bonham stated the recovery is under way and told members of the Maui Chamber of Commerce that economic indicators are all positive and said that visitor arrivals are up markedly on Maui and that he sees a further increase in visitor numbers and spending this summer.
State of Hawaii Allows Hotel Tax Income to Stay With Counties - Hotel taxes largely paid by tourists will stay with Hawaii's counties, staving off threatened countywide tax increases on residents. State lawmakers in Honolulu failed to vote Friday on a proposal to grab the hotel tax money, letting the measure die before a midnight deadline for legislation to advance for final votes in the House and the Senate. Hawaii's four mayors were at the Capitol, urging legislators not to take the counties' share of the hotel tax money because that would have diverted the expense of county government services from tourists to island residents - through property taxes. Previous legislative proposals had sought about $45 million in county hotel tax money.
General Excise Tax (GET) & Transient Accommodations Tax (TAT) Tax Hike – Hawaii State Legislators indicated they will not raise general excise taxes paid on most transactions in the state. The budget also doesn't rely on taking hotel tax money from the counties, but that measure was to be reconsidered. The spending plan assumes that the Legislature will delay and repeal some high-tech tax credits next week, which would generate $106 million for the state. In addition, lawmakers would gain $33 million by limiting itemized deductions by the wealthy. Tax hikes on oil, some estates and cigarettes worth a total of $43 million were already approved by the Legislature last week, sending them to Gov. Linda Lingle for her signature or veto. The budget still needs to get final votes from the House and Senate.
Sugar cane Fields In Central Maui May Produce New Crops - Potentially great news, is what is intended for high-tech, cleaner-burning and renewable biofuels for the Navy, civilian vehicles and Hawaii’s electrical grid. There is the possibility of converting Hawaii's last sugar plantation to biofuel crops could mean the end of cane burning if possible converting to a green harvest method or an alternative crop, burning would no longer be necessary. A research partnership was announced last week between HC&S and state and federal agencies with a five-year timeline. On Maui, a lot of the research will be dedicated toward deciding what the best crop to grow is. There have been sweeping advancements in recent years that have resulted in a much greater variety of fuels that can be produced from more kinds of plants with less waste, and a significant reduction in the amount of greenhouse gases generated by the process.
Lahaina Smoke Stack Renovation – The old smoke stack used by mariners for navigation purposes will be renovated. The County has granted Lahaina Restoration Foundation a building permit for the renovation of the old Pioneer Mill Company Smokestack, and the long-awaited project can now move forward. And construction is expected to begin this month and be complete by the Lahaina Plantation Days event on September 1, 2010. Lahaina Restoration Foundation (LRF) also announced that it has raised the first $100,000 for the smokestack renovation through the sale of commemorative bricks. The engraved bricks will be used to create a walkway around the base of the smokestack. The walkway will include landscaping, a seating wall and plaques that will interpret the history of the plantation era. Sales of commemorative bricks will continue until the walkway is complete, but the price for the $100 brick will increase to $125 as of May 1. The public is urged to buy a brick now before the price increases. Bricks may be purchased online at www.lahainarestoration.org or by calling Noe at the Lahaina Restoration Foundation office at 661-3262.
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.com and 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:
I recently had a person who was interested in our selling property and that she and her sisters had inherited the property from their mother. They wanted to know if they were subject to the Federal Capital Gains Tax and Hawaii Real Property Tax Act (HARPTA). As they received a new "stepped-up basis," which is the market value on the date of the decedent's death (or valuation date used by the deceased's estate), the heirs can sell the inherited property immediately with no capital gains tax to pay. The reason is the heir receives a new "stepped-up basis" of the property market value on the date of death (or alternate valuation used by the deceased's estate). However, if a dying person deeds real estate as a gift, the donee takes over the donor's usually low adjusted cost basis and does not receive the major benefits of a new stepped-up basis on the date of death. There generally is no need to hurry and sell inherited real estate as you will have a new stepped-up basis for the property unless there are inheritance taxes that need to be paid. You will owe capital gains tax only on the increased net sales price above the stepped-up basis.
We have the Real Property Tax Rates currently applicable and can email you an attachment with the new rates and additional information. You can also check your current assessed value and taxes at the Maui County web site for real property taxes at http://www.mauipropertytax.com/
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. For more details send me an email and I can email the information to you.
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
http://customerservicenumbers.com Frustrated at not being reach a human being and being required to punch in a series of numbers and end up with a machine - or even worse an endless loop? Ever tried to find a customer service phone number after wading through layer after layer of web pages? Now you can cut through the clutter and roadblocks with an easy-to-use resource to quickly find those hidden customer service telephone numbers. Additionally you will get tips to help you actually reach a live person once you call without going through 5 or 6 steps of prompt messages.
www.zhornsoftware.co.uk/stickies Tired of seeing all those little yellow sticky notes everywhere. Here's a tool that sits quietly in your Windows taskbar icon tray and it won't clutter up your computer screen. Any time you want to write small reminder or a quick memo, just click the sticky icon, type the info on the sticky and your note will be saved till you need it.
www.complaintsboard.com Do your due diligence before using a company you're not familiar with - or make a purchase? Here you can search by company or product and read what people have to say about the problems they have had -- and sometimes how the problem has been resolved. You can check the latest complaints, news and stories, questions others have raised, check recalls and, of course, submit complaints.
www.noslang.com Want to know the slang terms used on MySpace, Twitter or Facebook communications? Regular users have strange acronyms like lol, idk, rotflmfao, bbiab, and the alternate spellings they make up like kewl, dood, ur, and thanx. This web site has a translator like those at Google or Yahoo with one major difference --they don't translate language they translate slang and acronyms. All you do is copy and paste the mysterious phrase and they'll tell you what the heck they mean. Like zup - what's up -- zig - cigarette -- bbl - be back later - or (most important) mpaw - my parents are watching.
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 - Taking Chance - Based on an article by Marine Lt. Col. Michael Strobl, this HBO original film tells the story of Strobl's emotional experience traveling across America as a volunteer escort officer for the body of fallen 19-year-old marine Chance Phelps. Along the 2004 journey to Phelps' hometown in Wyoming, Strobl (portrayed by Golden Globe winner Kevin Bacon) witnesses -- and is moved by -- acts of respect by everyday Americans.
DVD - The Final Season - The tiny town of Norway, Iowa, loves baseball -- particularly the games played by the local high school team, the Tigers. So when authorities decide the town is too small for its own school, the residents are devastated. Sean Astin stars as the rookie coach who must lead the Tigers to victory for one last season in this touching drama based on a true story. Powers Boothe, Rachael Leigh Cook, Michael Angarano, Larry Miller and Tom Arnold co-star.
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
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