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September, 2008 - Newsletter for the Maui Market
Aloha! Here is your eNewsletter for the Maui Market from Jim Foster
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Make sure you check out the Useful Internet Sites and Real Estate Tips at the end of this newsletter which includes some valuable information.
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.
Another service we provide is the Condominium Real Estate Market eUpdates which is sent out periodically to inform potential buyers and owners of specific condominium properties about the real estate market activities at those properties. This service is provided exclusively for those who own a condominium property or who are interested in a particular condominium complex on West Maui. If you would like to subscribe to the Condominium Real Estate Market eUpdates for a particular complex or to get a list of all condominium properties that are included in the eUpdates, email Won at Won@JamesBFoster.com.
Maui Real Estate - Let’s remember that Maui has been voted Maui the best island in the world for 13 years by Conde Nast Traveler Magazine. Maui hosts over 2.5 million visitors per year and Corporate America sees the future in Maui by opening brand name stores, thus bringing mainland amenities to this tropical paradise. The real estate and tourism market is experiencing some slowing but we still have better weather for more months than any other destination, and the baby boomers are just beginning to retire and that will continue to fuel the growth.
The newest driving force to hit Maui is the value of the U.S. dollar against foreign currency making Maui look like a real bargain for a tropical island paradise free of pollution, but offering all the Constitutional protections America offers land owners. Canadians are the biggest players as it relates to value stemming from the increased benefits of the currency exchange rates. The up and coming driving force just beginning to find its way to Maui are the Chinese and Korean wealth. Wealth creation, as well as the ability to travel and buy foreign land, has just begun to open the doors to invest for these cultures. Thus safe, clean tropical Maui offers value and proximity yet a stable political environment.
As the tourist market tries to recover from airline bankruptcies and other problems some of the traditional markets have dropped and China and South Korea are growing markets. The 2008 Hawai'i Tourism Conference heard two experts say South Korea and China are hot prospects now that travel restrictions for both have been eased. They said Hawaii could double the number of Chinese and South Koreans visiting the islands within two years. Status-conscious South Koreans are interested in exclusivity and upscale luxury, which describes many of our Maui resorts. The Chinese spend about $1,000 per person over and above lodgings and transportation and could prove to be a big market for activities - riding in long limos, dinner cruises, snorkeling, helicopter rides and the like. Maui has all that and more, particularly during whale season. With its own Chinese heritage and mix of urban comfort and natural beauty, Maui is well positioned to court the Chinese with a passion.
Demand for Maui real estate is driven by baby boomer buyers in their 40s and 50s, have children, and have made enormous amounts of money. These folks have made their money, are diversifying their financial portfolios to include vacation homes that not only offer personal enjoyment for family, friends and business relationship, but it also offers a safe vehicle for investment and asset appreciation as well as many tax saving advantages.
To view the 2007 & 2008 Year End Statistics go to www.JamesBFoster.com and click on the tab Condo Sales then scroll down to Maui MLS Statistics 2007 & 2008 and click to open the ADOBE pdf.
The West Maui real estate market continues to favor Buyers with Sellers willing to negotiate their prices. The current inventory of West Maui condominiums for sale is now at 703 and the same date in 2006 it was 393. Properties are requiring more time to sell such as five to six months and Buyers have a much larger inventory of properties for sale to choose from. 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.
Condominiums for Sale - In the West Maui real estate market, at the beginning of January, 2007 - 410 condominiums with the total value of $372,238,031.00; February, 2007 - 431 condominiums with the total value of $393,681,669.00; March, 2007 - 458 condominiums with the total value of $420,941,268.00; April, 2007 - 479 condominiums with the total value of $429,708,159.00; May, 2007 - 472 condominiums with the total value of $424,095,260.00; June, 2007 - 455 condominiums with the total value of $415,187,129.00; July, 2007 - 475 condominiums with the total value of $432,797,008.00; August, 2007 - 469 condominiums with the total value of $420,479,301.00; September, 2007 - 474 condominiums with the total value of $430,914,408.00; October, 2007 there were 471 condominiums with the total value of $423,631,002.00; November, 2007 there were 466 condominiums with the total value of $416,008,907.00; December, 2007 there were 485 condominiums with the total value of $421,080,117.00; January, 2008 there were 511 condominiums with the total value of $445,656,447.00; February, 2008 there were 559 condominiums with the total value of $500,946,603.00; March, 2008 there were 595 condominiums with the total value of $529,779,322.00; April, 2008 there were 647 condominiums with the total value of $606,635,687.00; May, 2008 there were 634 condominiums with the total value of $583,391,821.00; June, 2008 there were 644 condominiums with the total value of $590,736,279.00; July, 2008 there were 680 condominiums with the total value of $662,919,268.00; August, 2008 there were 703 condominiums with the total value of $693,069,348.00; and at the beginning of September, 2008 there are 693 condominiums for sale in the West Maui area with the total value of $654,411,079.00. The condominium for sale inventory since July, 2005 has been as low as 165 and is up to 639 for September 1, 2008. The “for sale” inventory on West Maui continues to increase.
Condominium Sales in 2006 - The total condominium sales for West Maui during the month of January, 2006 there were 42 sales and the total value was $28,574,643.00; for February, 2006 there were 48 sales and the total value was $32,995,078.00; for March, 2006 there were 40 sales and the total value was $32,199,584.00; for April, 2006 there were 43 sales and the total value was $41,898,525.00; for May, 2006 there were 51 sales and the total value was $39,644,886.00; for June, 2006 there were 40 sales and the total value was $32,533,500.00; for July, 2006 there were 30 sales and total value was $26,212,000.00; for August, 2006 there were 28 sales and the total value was $31,885,500.00; for September, 2006 there were 30 sales and the total value was $24,770,000.00; for October, 2006 there were 29 sales and the total value was $23,359,299.00; for November, 2006 there were 22 sales and the total value was $13,414,600.00; and for December, 2006 there were 30 sales and the total value was $23,169,999.00. For 2006, the monthly average sales were 36 sales per month with the average sales value of $29,221,468.00 per month.
Condominium Sales in 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; for February, 2007 there were 26 sales and the total value was $16,330,000.00; for March, 2007 there were 32 sales and the total value was $24,121,000.00; for April, 2007 there were 27 sales and the total value was $16,766,000.00; for May, 2007 there were 28 sales and the total value was $30,774,929.00; for June, 2007 there were 28 sales and the total value was $18,917,000.00; for July, 2007 there were 21 sales and the total value was $13,314,200.00; for August, 2007 there were 32 sales and the total value was $33,258,999.00; for September, 2007 there were 23 sales and the total value was $24,701,900.00; for October, 2007 there were 42 sales and the total value was $28,159,900.00, however this included a packaged sale of 19 units at Aina Nalu in Lahaina; for November, 2007 there were 15 sales and the total value was $15,930,000.00; and for December, 2007 there were 13 sales and the total value was $13,335,500.00. For 2007, the Month of December has seen 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.
Condominium Sales in 2008 - The total condominium sales for West Maui during the month of January, 2008 there were 20 sales and the total value was $16,186,800.00; for February, 2008 there were 20 sales and the total value was $14,414,584.00; for March, 2008 there were 26 sales and the total value was $20,079,000.00; for April 2008 there were 26 sales and the total value was $19,435,500.00; for May 2008 there were 21 sales and the total value was $19,790,000; for June 2008 there were 14 sales and the total value was $11,957,000; for July 2008 there were 10 sales and the total value was $6,955,999; and for August 2008 there were 12 sales and the total value was $7,600,000. The average monthly sales were slightly less than 19 sales per month with the average sales value of $14,552,360.38 per month.
The total condominium sales for August, 2005 was 52; September, 2005 - 58; October, 2005 - 38; November, 2005 - 48; December, 2005 - 47; January, 2006 - 42; February, 2006 - 48; March, 2006 - 40; April, 2006 - 43; May, 2006 - 51; June, 2006 - 40; July, 2006 - 30; August, 2006 - 28; September, 2006 - 30; October, 2006 - 29; November, 2006 - 20; December, 2006 - 30; January, 2007 - 37; February, 2007 - 26; March, 2007 - 32; April, 2007 - 27; May, 2007 - 28; June, 2007 - 28; July, 2007 - 21; August, 2007 - 32; September, 2007 - 23; October, 2007 - 42; November, 2007 - 15; December, 2007 - 13; January, 2008 - 20; February, 2008 - 20; March, 2008 - 26; April, 2008 - 26, May, 2008 - 21, June, 2008 - 14, July, 2008 - 10, and August, 2008 was 12.
We have gone in to the Maui MLS database and pulled information for 2000 through 2007. In 2000 - 654 condominium units sold in the West Maui area for a total value of $209,064,010; in 2001 - 605 condominium units sold for a total value of $271,681,337; in 2002 - 730 condominiums sold for a total value of $240,178,915; in 2003 - 737 condominiums sold for a total value of $319,748,466; In 2004 - 700 condominiums sold for a total value of $375,033,467; in 2005 - 682 condominiums for a total value of $408,582,315; in 2006 - 435 condominiums for a total value of $351,782,614; in 2007 - 327 condominiums for a total value of $271,290,428.00. In 2008, from 1/1/08 to 9/1/08 - 152 condominium units sold in the West Maui area for a total value of $117,734,883.00.
For previous condo sale details, go to our web site, http://www.jamesbfoster.com/condosales.php then scroll down to your choice and click to open the ADOBE pdf. For the time period of 1/1/2008 to 7/31/2008 the average price for a home on Maui was $891,609 which is down 7% for the time period of 1/1/07 to 7/31/07 when the average price was $957,627. For the same time period the average price for a Fee Simple condo on Maui was $994,244 which is up 30% for the same time period when the average price was $763,755 according to the RAM (Realtor Assoc. of Maui) statistics. Condo sales in Wailea, Makena, Kapalua and Kaanapali are having an impact on the Fee Simple Condo average price by increasing it.
Mortgage Rates As of August 29, 2008 - From Central Pacific Home Loans - Condotel Rates: Full Docs: 6.25% 30yr fixed 1.0 pt (6.38 APR); 6.50% 30 yr fixed No Pts (6.57 APR); Stated Income: 6.375% 30 yr fixed 1.0 pt (6.50 APR); FHA: 6.375% 30 yr fixed No Pts (6.40 APR); VA Purchase: 6.50% 30 yr fixed No Pts (6.51 APR); Jumbo-Conf: 6.625% 30 yr fixed No Pts (6.70 APR).
Mortgage Rates for week of August 26, 2008 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 5.875% 30yr fixed 2.0 pts (6.154 APR) 6.125% 30yr fixed 1 pt (6.310 APR) 6.375% 30yr fixed No Points (6.466 APR) Stated Income: 7.125% 30yr fixed 1.0 pt (7.322 APR) 6.50% 15yr fixed 1.0 pt (6.812 APR) Interest Only: 6.625% 30yr fixed 1.0 pt (6.8 APR) 7.15% 30yr fixed No points (7.22 APR) To $1M: 7.15% 30yr fixed No Points (7.22 APR) Condotels: 6.875% 30 yr fixed 1.5 pt (7.12% APR) (Points include origination fee)
Mortgage Rates for week of August 1, 2008 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 6% 30yr fixed 2.0 pts (6.282 APR) 6.25% 30yr fixed 1 pt (6.437 APR) 6.5% 30yr fixed No Points (6.591 APR) Stated Income: 7.125% 30yr fixed 1.0 pt (7.323 APR) 6.625% 15yr fixed 1.0 pt (6.938 APR) Interest Only: 6.625% 30yr fixed 1.0 pt (6.8 APR) 7% 30yr fixed No points (7.094 APR) To $1M: 7.25% 30yr fixed No Points (7.338 APR) $$ for condotels.(Points include origination fee)
Mortgage Rates for week of July 7, 2008 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 6% 30yr fixed 2.0 pts (6.282 APR) 6.25% 30yr fixed .625 pt (6.401 APR) 6.375% 30yr fixed No Points (6.467 APR) Stated Income: 7.125% 30yr fixed 1.0 pt (7.323 APR) 6.5% 15yr fixed 1.0 pt (6.814 APR) Interest Only: 6.625% 30yr fixed 1.0 pt (6.8 APR) 6.875% 30yr fixed No points (6.961 APR) $$ for condotels. (Points include origination fee)
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.
Some recent and past news about what is going on in Maui & Hawaii
Weather - As I am writing this newsletter today, August 28, 2008, it is about 86 degrees and beautiful, sunny weather. The next ten days we are expecting stronger winds and predictions for some rain the week of September 1st but the weather is great and the balance of the year is expected to be on the dry side.
Maui Visitor Bureau Focuses on Romance Travelers and International Market - As the tourism industry continues to slide, the MVB is looking at strengthening ties with Japan and reaching new markets in China and South Korea and view Hawaii as more attractive now that the U.S. dollar is weak, as well as specialty markets like "romance" travelers spending on weddings, honeymoons and anniversaries. While almost all domestic markets are down this summer, visitors from Canada were up 18 percent in June, she said. European arrivals are also up. MVB has printed brochures and marketing materials in Japanese, Chinese and Korean as part of its outreach to more Asian markets.
Maui Council Panel Is Taking Small Steps On Vacation Rental Laws - The committee approved a proposal by Planning Director Jeff Hunt to establish "house rules" for B&Bs intended to smooth out relationships with neighbors.
The committee also began discussions on setting a cap of 400 for the total number of B&Bs that can be located in certain districts. In July, members agreed to a significant compromise with TVR operators that broadens the definition of B&Bs to allow a property owner with two homes on a single lot to live in one house and rent out the other as a vacation rental. The committee also approved B&Bs in rural districts, but dismissed a proposal to allow them in agricultural districts. Maui Realtors Association spokesman Dave DeLeon said that the policy of shutting down unpermitted TVRs is devastating a $300 million annual industry that produces 3,000 jobs for the island. This is happening at a time when the downtrodden tourism industry needs all the help it can get, he said.
Honua Kai Development has 22 illegal workers arrested - Federal agents arrested 22 illegal immigrants at the development on August 20th. The arrests occurred at the Honua Kai job site as part of an investigation that targeted employer Global Stone Inc. Those arrested were employed by the company and working at the job site. The general contractor on the project, Ledcor Construction, issued a statement Thursday saying none of the detained workers were employed by Ledcor but said it knows individuals were arrested. While work at the construction site resumed Thursday the job was very quiet.
Forecasts sunny for Hawaii’s economy - A new state economic forecast downplays the long-term impact of recent layoffs and bankruptcies. The report reduces economic expectations for the fiscal year that began July 1 from 2 percent growth to 1 percent but sees better years ahead. More than 5,200 people have been laid off from jobs in the state this year as gas prices soar and push other costs up throughout the island economy. Tourism also has dropped by more than 14 percent compared to a year ago - the biggest drop in more than six years. And inflation was at nearly 5 percent in the first half of the year. The state is forecasting a 6.7 percent drop in visitor arrivals this year, compared with the 3 percent they had been predicting. But for 2009, visitor arrivals are expected to decline only 0.8 percent, with expenditures rising 2.9 percent. Federal and military spending is expected to hold steady and overall growth is expected in construction. The Chief Economist for Bank of Hawaii said he is struck by the Hawaii economy's resilience, with military housing construction offsetting declines in new civilian housing. He noted that local housing prices remain stronger than those in Mainland markets. ''There are things that are way worse than anyone thought,'' he said. ''Despite all of that, things are kind of holding together. It's actually not as bad as some people think.''
Superferry Counts 125,000th Traveler - The company reached a significant milestone for their service. Research found that 80 percent of Superferry passengers have been residents. The survey found 98 percent would recommend Superferry to friends and family and 92 percent rated the experience very favorable, Fargo said. The ferry has now completed close to 500 voyages and has not missed a trip since April 6, 2008. Summer should be the best time, as seas are calmer. Commercial traffic accounts for about one-fifth of the business, and Superferry has several large commercial accounts, like Love's Bakery and several freight expediters. The Alakai has transported more than 34,000 vehicles, of which 2,800 were commercial.
Dry Forecast and Little Rain for rest of 2008 - Forecasts are indicating a 45 percent chance of below normal rain fall through October and December. The long-term outlook is that windward areas will move out of drought conditions to abnormally dry.
The south-central section of Maui - Kihei-Maalaea - is rated in extreme drought, while other areas of Central Maui and Kula are rated in severe drought. Lanai was moved from abnormally dry into the moderate drought category. While trade showers should ease the drought conditions on windward areas, the weather service said, "The outlook also keeps the below-normal rainfall forecast through December, which is deep into the normal wet season."
Compromise Reached on Honolua - Maui Land & Pineapple Co., Maui County and community groups introduced a complex proposal to preserve thousands of acres in and around Lipoa Point and Honolua Bay in exchange for new zoning allowances - including 630 short-term rentals - in ML&P's Kapalua Mauka project district. The community groups organized last year in response to ML&P's controversial plan to build an 18-hole golf course and 40 luxury home sites on lands at Lipoa Point along with a cultural and surf park at Honolua Bay. The Lipoa Point development proposal drew widespread condemnation, and ML&P withdrew the designs. Save Honolua Coalition President Kahu David Kapaku said he's heard mostly positive responses from group members about what ML&P is willing to give up and asked for more citizen input.
Maui’s Construction Industry Experiencing Slowdown - At the heavy-machinery rental companies in Kahului, and you'll notice their lots full of available bulldozers, graders, front-end loaders and excavators. As a result of Maui's economic downturn, construction is seeing a marked decline, according to industry leaders. The county issued 2,521 building permits in the fiscal year ending June 30, down 9 percent from 2007, and a 20 percent drop from a high of 3,141 permits issued in 2006. The combined value of building permits was $786.2 million, down 25 percent from a high of $1.04 billion two years ago. The slow down means it is a good time to build because the equipment, talent and resources are here. People will work to break even.
Vacant parking Spaces Not a Good Sign - Lahaina business owners view it as a sign of the flagging economy. Right up there with thinner crowds and fewer shopping bags in their hands. July-August is supposed to be one of the peaks for tourist traffic, right before the kids return to school. But Front Street's sidewalks are not choked as usual with enough seniors and baby strollers to force the impatient people into the roadway.
Compared to a year ago, for most, West Maui hotel occupancy rates are down in the double digits and so are retail and restaurant sales, Lahaina business people said. The majority of employers have avoided layoffs, but they said they fear what will happen during the tourist doldrums of September through November. Cheeseburger in Paradise said their revenues are down about 30 percent from this time last year. The Lahaina Town Action Committee canceled its annual Taste of Lahaina and Best of Island Music event normally held in September because of the economic slowdown. Many blame much of the slowdown on sky-rocketing increases in airline ticket prices after Aloha and ATA shut down in April. Many hotel’s occupancy rates are down up to 20 percent from years past. At this point the fall is not looking very good.
Medical Facilities on Maui - The Association for Improved Healthcare on Maui (AIHM) http://www.aihm-maui.org whose mission is to serve as an advocate for the creation of a system that will provide improved healthcare services to all of the citizens and visitors of Maui County has been making some excellent progress. For more information on making a contribution to this great cause, please visit the web site for AIHM at www.aihm-maui.org/ourfriends.htm. To stay informed of what is transpiring with future approvals of either the Kihei or West Maui hospital, you can send me an email and request a subscription to the “Coconut Wireless” to either my email at Jim@JameBFoster.com or Jan@SunshineRainbows.com
Jan Shields - Running for Office - http://www.JanShields4Senate.com Go to this web site to read more
Real Estate & Financial Planning Tips:
The real estate market is cyclical. Over the last decade, property values appreciated at an unprecedented rate. Due to the recent sub-prime mortgage meltdown, foreclosures are at an all time high and property values have plummeted nationally. For individuals that own substantially appreciated investment property, the tax deferred exchange, as defined in Section 1031 of the Internal Revenue Code of 1986, as amended, offers investors one of the last great opportunities to build wealth and save taxes. In such a volatile market, however, the Exchanger may be unable or unwilling to re-invest into other real estate yet still want to receive tax relief.
What is a §1031 Fall-Back Option? Structured Sales: The §1031 Fall-Back Option
For several reasons, the Exchanger has failed to identify suitable replacement property or could not close on the transaction within the specified period. At some point prior to this failure, the Exchanger agrees to receive a note from Qualified Intermediary for any proceeds not used in the exchange. The Exchanger, upon counsel with their specific tax advisor, decides on a specific plan to structure the note from the Qualified Intermediary. Upon failure, the Qualified Intermediary will assign these obligations (Note) and submits the proceeds to Assignment Company which purchases an Annuity to Guarantee Payment.
Opportunities to Use a §1031 Fall-Back:
1. In a Deferred Exchange when the Exchanger: A. Fails to find and identify Replacement Property within the 45 Day Identification timeline. B. Fails to purchase Replacement Property within 180 Day timeline. C. Fails to use all of the Exchange Funds to purchase Replacement Property (Boot).
2. In a Failed Reverse Exchange (when the Relinquished Property is not sold until after safe harbor period).
3. If the Exchanger simply wants to leave the Real Estate Asset Class and not purchase another property.
What is a Traditional Structured Sale? A Structured Sale is an Installment Sale but has the additional benefits of;
1. Substituting a Fortune 50 Insurance Company as the Payor of the Note (Eliminating credit risk and avoids unwanted acceleration)
2. Receiving the proceeds of sales as a tailor-made payment stream (i.e. an Annuity). (Payments can be received monthly, annually, in periodic lump sums, or any combination thereof)
3. Obtaining Installment Sale Tax Treatment on the “Structured” Payment Stream to Defer Taxable Income.
Non-Exchange Opportunities to Use a Traditional Structured Sale:
1. For the Sale of Assets ineligible for §1031 - Primary Residence over §121 exclusion limits; Personal use second or vacation properties that are ineligible under §1031; non-real estate business affairs
2. If the Exchanger simply wants to leave the Real Estate Asset Class and not purchase another property.
3. In a Failed Reverse Exchange (when the Relinquished Property is not sold until after safe harbor
period).
Caveat: Structured Sales are not as beneficial as a completed exchange. Since the only part of the transaction that gets the Installment Sale Treatment is the CASH that is available to purchase the Annuity, it will not shelter against Mortgage Boot. On highly leveraged relinquished properties, it is unlikely the structure will actually provide the client any relief or benefit. Therefore, further involvement by the client’s tax advisor is needed prior to completing any structure needed. Completing a §1031 is still
more tax advantaged.
Structured Sales are not Private Annuity Trust, Charitable Remainder Trust, Deferred Sales Trust or Self Directed Installment Sales.
Legal Services on Maui - If you need to establish a trust for your Maui property, set up a Limited Liability Company, or need legal assistance for preparing legal documents and require a Maui or Lahaina attorney, Gary Robert has had a legal practice here for many years and is a good source for those requiring legal related services. He can be reached by phone at 808-667-7741, address is 808 Wainee St., Suite 201, Lahaina, HI, 96761 Fax is 808-667-7550 and Email grlaw@hawaiiantel.net
We receive calls on a regular basis and provide letters of Market Value at the time of death to assist in the Probate process for owners of Hawaii real estate. It is always unfortunate when estate planning has not been done and the tax liability has to be dealt with in a short period of time.
Take the time to review with your current financial plans and also estate plans with your advisors. If you do not have trusted advisors ask friends and business associates for recommendations because in the long run it may be the best investment you will make.
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. Many property owners who currently own underperforming assets can sell those assets, taking advantage of tax deferred exchanges, and turn an underperforming asset such as land into an income producing asset. Call me or send me an email if you would like additional information at 808-661-7994 or email Jim@JamesBFoster.com
If you are contemplating selling highly appreciated real estate during 2008 and would like for us to provide an analysis of how to best structure your transaction, please call us at 1-888-661-7994 or send us and email at Jim@JamesBFoster.com
Useful Internet Sites:
www.ehow.com How to do just about anything. Ever scratch your head and say, "I wonder how to do that"? Every month over 4 million folks visit this site to learn how to do something from the clear and concise, step by step instructions provided. Whether you want to learn how to build a deck, train your dog to heel, lose weight, negotiate a raise, or fix a clothes dryer you'll find it all. There are thousands of "how to" helpers here along with a handy Google site search function. Some of the main categories are: Automotive, Computers, Finance & Business, Food & Entertaining, Home & Garden, Personal Care & Style, Sports and Travel.
www.salary.com What should you be paid? Do you know what you are worth? Here's the place to check and see what folks with your talents are being paid today. Just enter your specialty and location and you are provided with a graph showing the base median salary for that specialty. Ever wonder what a short order cook in Juneau, Alaska earns? $34,147.00. How about a Senior Janitor in Great Falls Montana? $24,319.00.
www.giveanything.com Can't Miss Gift Store! Panicking for a last minute gift? If not today the day will come - guaranteed. When it does you'll be glad you saved this one.
Here's the place to get online universal gift certificates You can send the good looking certificate right to you printer so you can present your gift in person or in a greeting card. For instant delivery you can e-mail the certificate. Your recipient can use your gift card directly at hundreds of online stores including Sharper Image, Linens-N-Things, Sports Authority and Restaurant.com to name just a few. Great place when you are under the gun for a birthday, a new baby, thank you, holiday or corporate gift.
www.gizmodo.com Gadget Heaven! Anyone you know a gadget freak? If so let them know about this site that is dedicated to everything related to gadgets, gizmos, and cutting-edge consumer electronics. In addition you'll find the latest news, reviews and recommendations for products including laptops, cell phones, PDAs, digital cameras, home entertainment and lots more. How about a sink faucet that has LEDs that light up in response to the water temperature. Blue is for cold, red is for hot. Or maybe a tiny 3 ounce cell phone with all the 3G trimmings: 1.3-megapixel camera, video recording, data transfer, and video-conferencing. Something new always happening here. Fun place to stay up with lightning speed change!
http://www.Komando.com/ This is a great site for staying current on new technology, new software and internet issues.
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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