Koko Head Terrace, Hawaii Kai - Announcing a price reduction on 228 Nomilo Place, a 1,407 sq. ft., 2 bath, 3 bdrm single story. Now 
MLS® $565,000 - Great Investment Chance.
Property information
There were 11 sales in February of single family homes in Hawaii Kai. Prices ranged from $545,000, for a 3/2 home in Kalama Valley, to $2,500,000 for a gated view 4/3.5 home in Koko Kai on Hanapepe Place. Communities represented in the sales were Kalama Valley (3), West Marina (2), Kamiloiki, Koko Head Terrace, Mariners Cove, Anchorage, Luna Kai, and Koko Kai. The last 3 sales were over $1,000,000.
Sales of condos in Hawaii Kai decreased to six units in February. Two sales were $440,000, one a leasehold unit in Mawaena Kai and the other a fee simple home in Kaimala Marina. The other 4 sales were in Colony at the Peninsula, Kuapa Isle, Mt Terrace, and Peninsula at Hawaii Kai II. The low sales were $440,000 and the high sale was $710,000 in the Peninsula.
Visit my Hawaii Kai Market News page on the web site for details and 6-month figures. I can provide detailed real estate sales statistics for any community or condo complex in Hawaii Kai. Just ask.
Barbara Abe
808-226-2537
www.movetohawaiikai.com
www.barbarashawaii.com
http://activerain.com/blogs/abeb
A federal report suggests O'ahu home prices may be in a rebound, joining other indicators that a housing market turnaround is strengthening.
The Federal Housing Finance Agency yesterday reported that O'ahu single-family home values in the fourth quarter of last year declined 5.8% compared with the fourth quarter of 2008, smaller than the 3rd quarter decline of 6.5%. The Federal Housing Finance report is considered to be a good broad measure of the housing market because of how it calculates values, using sale and refinancing values of homes in one quarter compared with sale or refinancing value for the same properties a year earlier.
However, the federal report has a major downside in that it represents relatively few transactions because it focuses on repeat sales of the same homes, and is limited to homes bought with conforming mortgages purchased or backed by Fannie Mae or Freddie Mac, which excludes a significant part of the market financed by subprime and jumbo loans.
The suggestion from the report that prices may have started to stabilize is reflected elsewhere in the Oahu real estate market. The Honolulu Board of Realtors reported that the median price of previously owned single-family homes sold in January rose 10.8% to $597,500 from $539,500 a year earlier.
Among 299 metropolitan areas nationally, Honolulu, or O'ahu, ranked 199th, meaning 100 other areas had greater home value declines. Only 38 markets had home value gains.
For an in-depth review of any Oahu neighborhood real estate sales, contact me or request my reports for Hawaii Kai communities.
Barbara Abe
808-226-2537
barbara@barbarashawaii.com
The news this week brought the sad tale of an 82-year-old Aiea man who gave his power of attorney to an acquaintance, who then used it to strip his bank account, get credit cards in his name, and a reverse mortgage that put him in debt over $750,000.
While the theft is under investigation by the state Dept. of Human Services Adult Protective Services, it points out the glaring abuse someone can make of a power of attorney, transforming the document into a license to steal. More often it is relatives or caregivers who take advantage of the elderly. "It's a huge problem," said Bruce Bottorff, associate state director of AARP. "We continue to do education and outreach because it is so prevalent and, frankly, underreported. People need to be vigilant as the population grows older."
A quarter of the 630 cases investigated by Adult Protective Services in fiscal year 2009 involved some form of financial exploitation of adults who, because of mental or physical impairment, are dependent on others for their health, safety or welfare.
The UH Elder Law Program offers basic legal assistance, advice and information to needy people 60 and older, and caregivers. James Pietsch, director of the program, recommends a living revocable trust in place of a durable power of attorney.
The Legislature is considering a measure that would establish additional protections for individuals giving away control over their personal and financial decisions. House Bill 2979 requires that a power of attorney be witnessed by two people who are not related to the "attorney of fact" — the "agent" who is receiving the power of attorney — and acknowledged by a notary public.
If you care for a senior, or know someone who might be taken advantage of, be sure and check with the Elder Law Program, contact your representatives for House Bill 2979, and the Human Services Division. Oahu has many resources to use if you want information, from the Alzheimer's Association to the government. Protect yourself and your loved ones!
Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537
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Koko Head Terrace, Hawaii Kai - We invite everyone to visit our open house at 228 Nomilo Place on February 21 from 2:00 PM to 3:00 PM.
Property information
Affordable location in Hawaii Kai
• 1,407 sq. ft., 2 bath, 3 bdrm single story - MLS® $599,000 - Great Investment Chance
Koko Head Terrace, Hawaii Kai - Great location on cul-de-sac 2 short blocks from Hawaii Kai Library & Koko Marina shopping center. Excellent opportunity to buy in stable, convenient neighborhood. House in original condition to be conveyed 'as is'. Mature trees in front & back of house - hedges around yard for privacy. Adding a second story would open house to sweeping views - Koko Head, Koko Crater, Koolaus, Mariners Ridge, etc.
Property information
2009 was the year of "wait and see, the market will probably go lower." 2010 is going to be the year of the Tiger, the time to "take advantage of the market."
Here are 3 reasons you should consider calling me soon to discuss listing your Hawaii Kai home:
1. Sell low and buy low: all property values are lower because of the glut of foreclosures and short sales, even in Hawaii Kai which has not been hit as hard as some Oahu areas. While you had great appreciation for a few years, that was a paper gain - so selling now will be a paper loss. Also, the next property you buy will be a bargain, so your appreciation - yes, there will be a market rise - will be greater.
2. Down-payment help is available: Zero down loans have gone away, but lenders are offering assistance for lower-income and 1st time home buyers. Contact me to find lenders with these programs and you can be ready with financing ideas for buyers looking at your home.
3. Uncle Sam wants to share his money: There is the $8,000 1st time buyer tax credit, the $6,500 Return Buyer tax credit, energy tax credits, FHA 203K Repair programs, and more. Buyers are being "pushed" gently into real estate. Open your doors.
Remember, these incentives for buyers don't last all year. You need to act now to entice buyers to make a decision. Call or email me for a market analysis of your Hawaii Kai property and a frank discussion of what you could net on a sale.
Barbara Abe
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
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Punahou, Honolulu - I invite everyone to visit my open house at 404-1425 Punahou on February 14 from 2:00 AM to 5:00 AM.
Property information
The real estate market in Hawaii Kai is showing signs of life and renewal - inventory has risen, and sales numbers have improved.
Hawaii Kai Condos
15 sales closed, the lowest $360,000 for a 1/1 in the Mauna Luan, the highest, $738,000 for a 3/2.5 for a waterfront unit in Peninsula II.
This compares to January, 2009, when 10 homes sold, with a low of $300,000 for a 1/1 in Naniwa Gardens, and a high of $655,000 in Moana Kai, sold prior to listing.
For the last 6 months, 107 condos sold, with a low price of $225,000 for a Fee Available home in Koko Isle, and a high of $875,000 in Peninsula I.
Single Family Homes
10 sales closed, the lowest $704,000 in Mariners Valley, and the highest, $1,225,000 in Triangle.
This compares to January, 2009, when 8 homes sold, with a low of $637,000 in Kamiloiki to a high of $1,000,000 in Triangle.
For the last 6 months, 106 homes sold, with a low price of $515,000 in Kalama Valley and a high of $2,500,000 in Triangle.
It is hard to read much into statistical events with only 15 or 10 units, but I know personally that Realtors are busier and the phone is ringing again. There are currently 80 active single family listings and 41 active condo listings.
Contact me for an analysis of any neighborhood or condo complex, and request my free neighborhood and condo reports for relevant, current sales information.
Barbara Abe
808-226-2537
barbara@barbarashawaii.com
Spacious 3/2 in downtown location
• 1,339 sq. ft., 2 bath, 3 bdrm single story - MLS® $298,000 - Leasehold-Long Lease
Punahou, Honolulu - Rarely available, this unique, spacious 3/2 in great location - close to Kapiolani Hospital, UH, Punahou, H1, Ala Moana sc and on bus line. Unit has washer & dryer on lanai and covered parking space. Living area of 1,339 sf includes 2 lanais. Long lease. This small, friendly building which welcomes pets could be absolutely perfect for you!
Property information
The Hawaii Geographic Information Coordinating Council will award a $1,000 scholarship to a deserving student who shows an appreciation for and understanding of geography and geographic information systems. Applications for the Mark Lierman Memorial Scholarship are available at www.higicc.camp8.org/awards and must be postmarked no later than April 5.
Barbara Abe, Realtor
808-226-2537
A recent article in RisMedia explored home trends for this coming year. They discuss several developments you may see some or all of in Hawaii Kai.
1. Glitsy Glamour is out, Comfort is In: home crafts and homey touches.
2. Black walls. Smaller rooms can look larger with a black wall. Use crisp white trim and accents. Or use the black for the accessories or furniture.
3. Along with the homey touch, you'll see patchwork quilts, needlepoint, hooked rugs, heirlooms, family or historical pieces. This is a blend of comfort and formality.
4. Antiques or modernized reimaged antiques.
5. Made in the USA - and here in Hawaii, even more of a local emphasis. Buying local helps the environment and our economy.
6. Reconnection with the land - use of local woods, reclaimed woods, and natural fibers, especially recycled ones like burlap and grain sacks as examples.
7. The economic downturn has produced a resurgence of flea markets and thrift stores. Instead of a total room remodel, try a perk up with accents or lamps or a new furniture piece using Hawaii textiles.
These are the national trends. Look for them to be modified island-style.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
A new law effective Jan.1, 2010 mandates that new housing in Hawaii have solar water heaters. With a solar water heater, the typical homeowner will pay 30 percent to 40 percent less on their electric bills, or about $750 a year, depending on the number of people in the household and how much water they use. For a new house, a system would cost roughly $5,000 to $6,000, so it should pay for itself within 10 years.
Enacted in 2008 but mandated to begin the 1st of the year, the law says a building permit cannot be issued for a new single-family structure that does not include a solar water heater system meeting certain standards.
A homebuilder may, however, apply for a variance through the state Department of Commerce and Consumer Affairs' energy resources coordinator, under some circumstances. The law says exemptions can be allowed if a homebuilder can demonstrate a home is being built in a "poor solar resource" area, or that a solar water heater is cost-prohibitive based on a 15-year life cycle cost-benefit analysis.
A related major concern, which is shared by environmental interests, is language in the law that allows homebuilders to receive a variance if they choose to install a tankless gas water heater, in combination with another gas appliance.
Carilyn Shon, the state's energy conservation program manager, points out that petroleum experts are estimating that oil prices will more than double in the coming two years, providing additional incentive for people to go to solar water heating. The law will reduce greenhouse gas emissions statewide by 8,000 tons annually from avoided electricity use, according to the Blue Planet Foundation, which aims to make Hawai'i energy independent.
If you are considering purchasing new construction, check with the builder or ask me to determine what energy savings they offer in their homes. Give me a call or email before you look at any new homes, so we can qualify the builder together.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
New, naturally formed beach land above the high-water mark in Hawaii belongs to the public, not adjoining property owners, the Intermediate Court of Appeals has concluded. The court upheld provisions of a 2003 law that declared that future land formed through accretion belonged to the state. The judges said, however, that oceanfront private property owners could claim land formed before the law took effect on May 19, 2003 (Act 73).
In Hawaii the public beach is defined as the shoreline to the highest wash of the waves. Before Act 73 was passed, oceanfront property owners in Hawaii could register ownership of accreted land above that high-water mark if they proved it had existed for 20 years. The new law changed that, declaring that such land belonged to the state unless it was private property that had previously eroded.
Portlock oceanfront homeowners in Hawaii Kai sued the state in 2005, claiming the law represented an unconstitutional "taking" of their property. The case, Maunalua Bay Beach Ohana 28 et al. v. the State of Hawaii, was brought by three nonprofit corporations formed by the homeowners as a class-action suit on behalf of all oceanfront private property owners.
The homeowners prevailed at Circuit Court, and the state then took the case to the Intermediate Court of Appeals. The appeals court, in its ruling, said that "any claims that plaintiffs may have to future accretions are purely speculative" and do not constitute a vested right. But the judges said the law did take away private landowners' rights to existing accreted land and that the state could owe damages.
The appeals court sent the case back to Circuit Court to determine whether plaintiffs had accreted lands that existed when Act 73 was enacted, and if so, what damages they incurred. Paul Alston, attorney for the landowners, said the plaintiffs had substantial amounts of accreted land, and because it is a class-action suit, the ruling applies to all oceanfront property owners.
In its ruling, the appeals court cited a state Supreme Court decision that held that new land created by volcanic eruption belonged to the people of Hawaii, to be held in public trust by the government. It also noted that the state Constitution provides that "all public natural resources are held in trust by the state for the benefit of the people."
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
Single Family Homes
18 homes sold in Hawaii Kai in December, compared to 13 last year. Median sales price was $784,500, vs. $885,000 in 2008.
For the year, 182 homes sold, compared to 161 last year. Median sales price was $795,000 vs. $850,000 in 2008.
New listing activity decreased to 16 in December vs. 18 last year, and median list price also decreased to $845,000 from $1,095,000 in 2008.
Inventory has decreased to 64 active listings, down from 137 last year.
Condos
20 condos closed in December, compared to 13 last year. Median sales price was $458,250 compared to $480,000 in 2008.
For the year, 186 condos sold vs. 195 last year. Median sales price was $493,500 vs. $539,000 in 2008.
New listing activity for condos has decreased, to 12 this December, down from 19 last year. Median list price has increased, to $644,000 from $599,000 in 2008.
Inventory for condos is down to 32 active listings, compared to 127 last year.
For a thorough analysis of any complex or neighborhood, just give me a call.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com