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Honolulu, HI Real Estate News

By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
 This year’s festival will take place on April 27th from 10 am to 2 pm. This will be the 9th annual festival and will officially start after an opening ceremony by students of Ka Papa Lo‘i ‘o Kānewai. The day will follow with exciting guest speakers, ukulele performance, bird tours, spotting scopes, painting with Patrick Ching and much more.  Also making its first debut is a life size Manu o Kū, Ranger Rick, and Hina, the Monk Seal.  Grab a passport and participate in the exciting learning activitiesprovided by participating groups and agencies, all focused on native species, with the Manu o Kū as their ambassador for the day.The Manu O Kū Festival is an annual event usually held in May to coincide with theUS Migratory Bird Treaty Act.  The Festival takes place on the stately Coronation...
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By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
  Local Market Update  Makiki & Moili'ili Honolulu, March 2024   Single Family Homes March Year to Date 2024 / 2023 Change% 2024 / 2023 Change% Closed Sales 9 / 14  -36%   20 / 23  -13%    Median Sales Price $1.35M / $1.5M  -10% $1.5444M / $1.5M  3% Percent of Original List Price Received 93.5% / 98.0%  -5% 97.2% / 95.7%  2% Median Days on Market Until Sale 43 / 14   207% 23 / 15   53% New Listings 19 / 11  73% 38 / 36  6% Pending Sales 7 / 10  -30% 24 / 31  -23% Active Inventory 43 / 24  79% ---    Condos March Year to Date 2024 / 2023 Change% 2024 / 2023 Change% Closed Sales 36 / 41  95% 102 / 86  19%  Median Sales Price $385,000 / $430,000  -10%   $405,000 / $404,500  0%  Percent of Original List Price Received 98.1% / 97.9%  0% 97.4% / 97.8%  0% Median Days on Market Until Sale 26 /...
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By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
  Local Market Update  Ala Moana & Kaka'ako Honolulu, March 2024   Single Family Homes March Year to Date 2024 / 2023 Change% 2024 / 2023 Change% Closed Sales 1 / 0  0%  2 / 0  0%  Median Sales Price $1.1M/ $0   0%  $1M / $0   0% Percent of Original List Price Received 96.5% / 0.0%  0% 94.7% / 0.0%  0% Median Days on Market Until Sale 38 / 0  0% 38 / 0  0% New Listings 1 / 0  0% 2 / 1  100% Pending Sales 0 / 1  -100% 2 / 1  100% Active Inventory 4 / 0   0% ---    Condos March Year to Date 2024 / 2023 Change% 2024 / 2023 Change% Closed Sales 38 / 55  -31%  96 / 124  -23%  Median Sales Price $747,000 / $830,000  -10% $624,250 / $645,000  -3% Percent of Original List Price Received 95.5% / 95.9%  0% 96.2% / 96.6%  0%    Median Days on Market Until Sale 92 / 39  136% 45 / 41  10% New Listin...
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November 10th, 2008 categories: Honolulu Real Estate 101 Here is the good news, properties are selling and they will sell relatively close to the correct list price.  Here is the bad news, if you are off on the proper price be even a little bit you will sit on the market and not sell!  There is an old saying and I’m not sure who said it, but it goes like this “Off by an inch, off by a mile”. This is true of our Honolulu real estate market.  Let me give you an example. CLICK HERE TO READ THE POST.
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By House Selling Tips
(DIR-USA.com)
Can I really Sell My House In the Next 7 Days or Less in Honolulu County in Hawaii!? If You Want To Have the Best Chance to Sell Your House Fast in Honolulu County in Hawaii, You've come the Right Website!You may be asking, "How can I sell my house in 7 days?" Yes, you can sell your house quickly in Honolulu County in Hawaii by selling your house to us! We have people waiting now to buy your home! You see, we're not like typical Realtors® who only want to list your house for a commission and hope it sells one day. Instead, we're a group of nationwide Professional Homebuyers who buy and sell houses in any condition or price range all over the United States including Hawaii! We build buyers lists of people that are waiting lin line to find a home in your area just like yours! If you'd li...
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By Lawrence Van Hoey
(HI Pro Realty LLC)
Greetings Active Rain, This is my first post I have ever written and needless to say I'm a little apprehensive to start. I've been told by those in the know that I need to find my voice and write about what sparks the passion in me. Well, I didn't realize that I had lost my voice to begin with but blogging laryngitis is something I will try hard to overcome. I do know that I am very passionate about investment Real Estate and I hope to share some of my knowledge and experiences with all of you. I'm also very excited to read all the wonderful posts I hear such good things about here on Active Rain. As a newbie I'm sure I'll make mistakes here and there but I will try my best to provide informative, current, and comprehensive information about Investment, Hawaii and International Real Est...
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November 7th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs Now that the smoke has settled from our recent Presidential election, it is time to start considering its impact Honolulu real estate sales.  Our new President has a strong party majority in both houses of Congress and, therefore, it is reasonable to believe that he will initially have the ability to pass legislation that is favorable to his past beliefs. In March of this year, President Elect Obama was quoted in the New York Post saying the following. “I haven’t given a firm number,” Obama told CNBC’s Maria Bartiromo, speaking of how much the levy would rise over the current rate of 15 percent. He “guessed” it would be “significantly lower than” the 28 percent it was under President Bill Clinton.” CLICK HERE TO READ...
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By Keahi Pelayo
(KU Realty)
November 6th, 2008 categories: Honolulu Real Estate 101 The Honolulu Board of Realtors released the October Monthly Statistical Report (CLICK HERE FOR A COMPLETE COPY) earlier this week.  In general, I would like to see more positive numbers, but in no way should anyone be overly negative. There are three sets of numbers that can be encouraging depending on the market segment you are viewing.   CLICK HERE TO READ THE ENTIRE POST.
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By Robin McCann
(Robin McCann Realty)
The University of Hawai'i (UH) - Manoa campus has much to be thankful for. UH has received a $2.195 million dollar gift for its Rainbow Warriors football team. James Bolte made the donation  to UH because of his love for the islands and the Rainbow Warriors. Mr. Bolte is quoted as saying, "I have been a life-long fan of the Rainbow/Warrior football team. The Good Lord has been kind to me and I wanted to thank Him and the people of Hawai'i for their goodness. I hope to return to Hawai'i soon and cheer on our Warriors in person. My thanks to my attorney Thomas Mui for his assistance." The generous gift was presented to the University during the Homecoming (Rainbow Warriors vs Louisiana Tech) game's halftime on October 11. The welcomed funds will be used  to renovate existing facilities or...
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By Keahi Pelayo
(KU Realty)
November 3rd, 2008 categories: Rants & Riffs This post is probably going to be more interesting for my mainland readers.  I noticed last night that temperatures at my house had plunged to the low 70’s! CLICK HERE TO READ THE POST.
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By Hawaii homes
(Century 21 iProperties Hawaii)
If you haven't been up Diamond Head Trail, it's a great hike!  You'll have to try it sometime - just don't try it until after November 20, 2008.  On October 20th, the State of Hawaii closed the trail for repairs. The trail was built during World War II for defense purposes.  The steep terrain makes it easy for the trail to erode.  There's also a long tunnel towards the top of the trail that leads to the top of Diamond Head. The park inside Diamond Head crater remains open.  In my opinion, there's not much to see in there.  On the other hand, if you're visiting Hawaii and have never been to Diamond Head, might as well go inside the crater and take a look around. The views from Diamond Head on a clear day are spectacular.  Would you like to see a picture?  Well shucks, the last time I wen...
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By Keahi Pelayo
(KU Realty)
October 30th, 2008 categories: Honolulu Real Estate 101 This past September I was hired to sell a home located on Honolulu’s Waialae Nui Ridge  (CLICK HERE FOR A CMA).  It was a 3 bedroom 3 bathroom split level home that sat on 7,700 square feet of land and showed impeccably.  The list price was $1,145,000 and it sold in 5 days for $1,200,000.  Note that we had multiple offers and this was an important factor in getting the price to move above full list price. There are many questions that arise from this sale and here are a few of them. CLICK HERE TO READ THE ENTIRE POST.
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By Robin McCann
(Robin McCann Realty)
Halloween Fun on Oahu is very much like Halloween in all the other states. In the islands, we become very much like mainlanders when celebrating Halloween. Mainlanders brought the Halloween tradition to the islands of Hawaii but who brought it to the mainland? Halloween is one of the world's oldest celebrations, dating back about 2,000 years and originated in Ireland . When Rome ruled the world, the tradition spread.  There will be Halloween events in and around Honolulu as well as the rest of the island. There are many haunts to be visited on our island. You may see a ghost at the Hawaii's Haunted Plantation, a spirit reflected in the water when you ride a canoe at the Polynesian Cultural Center's Haunted Lagoon, and you could be  in for a big shock at the Shockhouse, Haunted Mansion.I...
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By Keahi Pelayo
(KU Realty)
October 29th, 2008 categories: Honolulu Condominiums On Monday of this week, a buyer client of mine closed one of the better deals I have seen in sometime. The unit is 2 bedroom 2 bathroom high floor apartment at the Mauna Luan Condominium in Hawaii Kai.  It listed for $560,000 and closed at $509,000 (a 9.1% reduction in price!). In my opinion, the unit had the best remodel I have ever seen at the Mauna Luan.  The kitchens, bathrooms, bedrooms, ceilings and just about anything you can think of were replaced in 2005.  Though the Mauna Luan was built in 1975, this condo felt like it was brand new.  I do not know how much the seller spent to put it in this condition, but it was easily $150,000 to $200,000 worth of work.  It is difficult to tell, but at the peak of the market it may have so...
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By Keahi Pelayo
(KU Realty)
October 28th, 2008 categories: Rants & Riffs Frontdoor.com is a very interesting Internet site.  It has excellent tips for buyers and sellers of condos and home.  One of its recent posts talks about the “10 Real Estate Market Myths”.  In a world awash in negativity, it is nice to hear some positive clarity. The first myth they debunked is below. CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
October 27th, 2008 categories: Rants & Riffs One of the richest men in the U.S., Warren  Buffett, sees a great deal of opportunity in our stock market.  A Bloomberg.com article says the following. “Warren Buffett said he’s buying U.S. stocks and, if prices stay attractive, his personal investments, as distinct from his stake in Berkshire Hathaway Inc., will soon be wholly in American equities. Writing in the New York Times, he said he’s following the principle: be fearful when others are greedy, and greedy when others are fearful. CLICK HERE TO READ THE ENTIRE POST.
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By Kimo Stowell, REALTOR Associate® RS-76763 - Honolulu Hawai'i
(HI Pro Realty LLC RB-21531 )
Pillow talk: The artful placement of pillows... don't go overboard or over the Head board when piling pillows on the bed Arranging pillows on a sofa or bed is a fairly mundane activity that in itself does not necessarily require instruction. However, if your home is on the market and your looking to give your property it's best face possible, here are some simple pointers to give your pillowed furniture practical pizazz.    Less is more, more or less: regardless of how passionate you are for pillows, the old adage that less is more applies when it comes to staging the bedroom. The best approach to pillow placement is not to cover more than a quarter of the bed with pillows and to layer them no more than four deep and five across. Ideally, you should keep the pillow count under ten for K...
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October 24th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs Since the late 1980’s Japanese investors have been significant players in the Honolulu real estate market.  A recent article at Bloomberg.com shows that the yen is at a 13 year high against the dollar. CLICK HERE TO READ THE ENTIRE POST.
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October 21st, 2008 categories: Distressed Properties, Rants & Riffs You may have heard that housing starts are at a 17 year low (see quote from WSJ below).  This means that those associated with building homes are experiencing difficulty, however, part of the problem in the mainland market is that it is over-built (too many homes not enough buyers). CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
October 20th, 2008 categories: 1031 Exchanges, Honolulu Real Estate 101 Julie Tumbaga, Vice President in Honolulu of OREXCO 1031 Exchange Company (808-524-6737), sent me an email clarifying a rule that could have a significant impact on your IRC Section 1031 Tax Deferred Exchange that closes toward the  end of 2008. CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
October 17th, 2008 categories: Honolulu Real Estate 101 In Honolulu, initially, it is not typical to have an attorney involved in the structuring of a normal contract for the purchase of a property.  This is due to the fact that members of the Honolulu Board of Realtors and Hawaii Association of Realtors use standardized forms (CLICK HERE FOR A COPY OF THE PURCHASE CONTRACT).  This begs the question, when should a buyer or seller bring an attorney into a transaction? CLICK HERE TO READ THE ENTIRE POST.
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By Keahi Pelayo
(KU Realty)
October 16th, 2008 categories: 1031 Exchanges, Buying Honolulu Real Estate The agent that represents the company that owns the building in which RE/MAX 808 Realty resides, recently told me that he did not expect office vacancy rates to rise.  His thesis was that during the recent real estate boom, there were no significant additions to Honolulu commercial office inventory.  Last week’s Pacific Business News reported that supplies of Honolulu industrial space are very low too. Surprise, surprise, surprise it seems there were no significant additions to inventory either. CLICK HERE TO READ THE ENTIRE POST.
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The homeownership tax credit that became law earlier this year is a great incentive for Buyers in an otherwise stressful economic atmosphere.  Combine the tax credit with our ample inventory of active listings, motivated sellers, and declining prices, and buyers of Hawaii Kai homes have plenty of reasons to consider a purchase.How the Tax Credit Works:  Limitations Tax Years and Dates of Purchase The First-time Home Buyer Tax Credit is part of the Housing and Economic Recovery Act (H.R. 3221) passed in July.  It benefits any individual or household that hasn't owned a home for at least three years. Taxpayers can take the credit on their 2008 tax return if they bought their house this year, if they purchased after April 9, 2008. The tax credit can be taken in a single tax year, but autho...
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