Barbara Abe

34 Condos sold in Hawaii Kai the last 2 months, ranging in price from $385,000 to $785,000. For single family homes, 24 sales closed, from $604,800 to $1,475,000.

Here are the highlights:

Lowest condo sale - Naniwa Gardens, 7th floor

This home is 862 sq ft with a 75 sf lanai, 1 assigned parking stall.
Monthly maintenance fee is $482.
List price was $390,000, sale price $385,000.
Days on market 84.
Naniwa Gardens on Hawaii Kai Drive was built in 1974, and amenities
include exercise room, pool, resident manager, security guard, extra storage, meeting room, and BBQ.

Highest condo sale - Peninsula at Hawaii Kai I

This home is 1,465 sq ft with a 1-car garage.
Marina frontage, split A/C, double wall construction.
Monthly maintenance fee is $524.
List price was $790,000, sale price $785,000.
Days on market 284.
Peninsula at Hawaii Kai I was built in 2007, and amenities include
exercise room, pool, recreation area, private yard, resident manager and BBQ.

Lowest single family home sale - Kalama Valley

This home is 1140 sq ft with a 2-car garage.
Attached home, double wall construction built 1983.
List price was $604,000, sale price $604,800.
Days on market 35.
Features included pool, enclosed lanai, remodeled kitchen,
2 decks, and tasteful upgrades.
Kalama Valley is a residential area just over the hill from the
main part of Hawaii Kai. Prices are more moderate than
those with ocean views or frontage.

Highest single family home sale - Triangle

This home is 3330 sq ft with a 2-car garage and 156 sf lanai.
The views are of Diamond Head and the ocean from all rooms.
It is a split-level home on a cul-de-sac.
Double wall construction in an open floor plan.
List price was $1,659,000, sale price $1,475,000.
Days on market 72.
Features include security system, A/C, and built-ins.
The Triangle neighborhood in Hawaii Kai has some of the
most sweeping views and beautifully remodeled homes in
all of the community.

You can see the variety and beauty of the architecture in Hawaii Kai. Contact me for details on homes available now, and market information for Hawaii Kai real estate. Visit the neighborhood page on my web site to learn about the Hawaii Kai communities.

Barbara Abe, REALTOR
www.movetohawaiikai.com
barbara@barbarashawaii.com
808-226-2537

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 authorization ends July 1, 2009.  Buyers can take the credit on their 2009 tax return if they puchase next year.

Amounts of the Credit

The credit is up to $7,500 and is worth 10% of the home purchase amount.  Buyers can get 10% of the new home price credited against their tax liability, up to a maximum $7,500.

Income Limits

Income limits are $75,000 for individuals and $150,000 for households. Individuals whose income exceeds the $75,000 limit but isn't more than $95,000 can still take the credit on a reduced basis, as can buyers in households earning up to $170,000.

Property

Any house is eligible as long as it's a primary residence and is in the United States.

Pay Back

The tax credit must be paid back in small, 6.67% increments over 15 years. 

Visit the IRS Web site for tax-credit guidance and more answers.

Contact me for any information about the Hawaii Kai real estate market, and buyer programs in Hawaii.

Barbara Abe, REALTOR
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
808-226-2537

The grim economic news is even being reported here in Paradise, but things in Hawaii aren't so bad.  Of course, lots of people are upset about the stock market, but there are not so many foreclosures. 

The real estate market island-wide presents a thoroughly mixed set of numbers, because the areas vary so widely in price, inventory, and style.  Hawaii Kai is more stable than most, and - being such a prestigious address in East Oahu - holds its value.  These numbers are exerpted from our wonderful Honolulu Board of Realtors monthly statistics.  Contact me for a free copy.

Hawaii Kai Single Family Sales

7 homes sold in Sept. this year, compared to 16 in 2007, for a median price of $665,000 vs. $847,500.
Year-to-date, 121 homes have sold, compared to 178 last year, with a median price of $830,000 vs. $867,000 in 2007.

Hawaii Kai Condo Sales

15 units sold in Sept. this year, compared to 25 in 2007, for a median price of $511,000 vs. $517,000.
Year-to-date, 152 condos have sold, compared to 204 last year, with a median price of $541,500 vs. $531,000 in 2007.

Oahu Sales

Island-wide, single family sales have decreased 25.8% this year over last, median sales price declined 3.5%, but average sales price climbed 1.6%.

Condo sales have decreased 27.0%, the median price has held steady, and the average price has risen 1.5%.

How should you interpret these figures?  It really depends on your community.  Contact me for a complete sales analysis of your neighborhood, and visit Hawaii Kai Market News on my web site for more details.

Barbara Abe, REALTOR
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
808-226-2537

My last 2 blogs on choosing a Hawaii Kai neighborhood tried to give you some idea of the variety available in our community, and the tropical - maritime ambience of Hawaii Kai. Location is the primary factor affecting property value, and Hawaii Kai is one of the most prestigious addresses on Oahu.

As you narrow down your choices for a neighborhood to live in, realize there are more than 30 neighborhoods in the community of Hawaii Kai, plus many condo complexes: high-rise, waterfront, and non-waterfront. After you have considered crime, and schools, and commute and taxes, made your list of wants and needs, you need to analyze housing costs and history. I think we all know the real estate market has slowed nationwide, so comparing sales figures for the past year with those of 4-5 years ago will not necessarily be meaningful by themselves. But if you check the numbers for the past 10 or 20 years, you will see trends in certain neighborhoods, and overall appreciation in Hawaii Kai. You'll want to study each neighborhood as a whole, as an entity - for instance, what is the sales history in Anchorage or Kamehame Ridge or Mariner's Valley. These are very distinct areas and unique within their own "boundaries." Of course, I can help you adjust the statistics so they will reflect that special neighborhood you want.

Hawaii Kai is unusual on the island because of new home construction the past few years - not many places on Oahu, except the master-planned growth area of Ewa-Kapolei, have the land to build new homes. But in Hawaii Kai you can compare new homes, and the size of lots, square footage, and price appreciation, with more mature developments - waterfront, golf course frontage, view homesites - we have it all. So think about whether you want new, or nearly new, versus a home with established landscaping and a possibility of remodeling to your own taste. Again, certain neighborhoods have the new homes, others the older houses.

One more concern you should consider is neighborhood amenities. While Hawaii Kai is built around a water "theme" and no house is more than a few minutes away from water sports or view, some neighborhoods do have water access. Some are within walking distance of Costco/Safeway or the Hawaii Kai Towne Center, but Laulima and Kalama Valley are a little farther away.

Sign up on my web site to receive reports of all the individual neighborhoods, condo complexes, and a complete relocation package. I've lived here myself for many years, and helped buyers and sellers of real estate in our Hawaii Kai market. Contact me with any questions or concerns.

Barbara Abe, REALTOR
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
808-226-226-2537

In Part I of this series, I suggested you make a checklist of what's important to you about the neighborhood where you live, so you can rank pluses and minuses when you look at homes in different locations. Hawaii Kai offers you such diversity of prices, amenities, and styles, that you will be like a "kid in a candy store" if you haven't narrowed down your wants & needs before starting to look.

Here are some ideas from my years of showing prospective buyers around Hawaii Kai:

1. Schools: Hawaii Kai has public high school and elementary school, and middle school is not far away on the highway toward Honolulu. If you prefer private school, you should check the distance and commute.

2. Crime rate: Hawaii Kai prides itself on being neighborly and having great community spirit. But check for yourself. Visit www.bestplaces.net which rates locations on violent and property crimes.

3. Commute: Hawaii Kai is at the east end of the island of Oahu, but traffic can get heavy on the one highway (Kalanianaole) during commute hours. If this is a concern, drive it one day at the time you'd be going to work.

4. Property taxes and Association Fees: I can tell you which neighborhoods have HOA fees and how much. Property tax assessments have risen the last few years to make up for the rapid real estate price appreciation on the island. Honolulu County offers a homeowner's exemption which increases with age, so you can save some money on your property taxes as an owner-occupant.

In the next instalment, I'll get specific about amenities and developments. Contact me for my Relocation Package or request any of my Neighborhood Reports.

Barbara Abe, REALTOR
barbara@barbarashawaii.com
www.movetohawaiikai.com
808-226-2537