David's Blog

Diamond Head High End Round 2

David Buck (RE/MAX 808 Realty) — Tue, 09 Sep 2008 04:26:51 -0500

Just 1 day after my previous post on Diamond Head Luxury homes, 3239 Noela St., which was asking $12.6 Million went into escrow! It was also over an acre & sold for $9 million back in 2000. It would also have to be one of the trophy properties in Diamond Head at the end of a culdesac & also the highest priced listing in Diamond Head- as of now....

3239 Noela St.

No Slowing Down for High End Real Estate in Diamond Head

David Buck (RE/MAX 808 Realty) — Tue, 02 Sep 2008 03:28:58 -0500

There's no question the market is "slower" than it has been. However one segment that has recently picked up steam over the past week is high end real estate in Diamond Head. On Thursday, August 28th, 3063 Diamond Head Road sold for $9.5 Million Cash! Just two days prior, 3944 Noela Place, which is asking $8.2 million went into escrow. On top of that 3692 Diamond Head Circle closed for $9.7 Million on July 28th... Keep in mind, these are all "Trophy" properties, however only the Diamond Head Road sale had a sliver of the property that went down to the water. As a whole, these are all non-oceanfront... Amazing! In my opinion, some better ones are still on market! I've been in all 3 of the homes mentioned. If you're looking for your own "Trophy" property, you know who to call :)

3063 Diamond Head Road

3944 Noela Place

3692 Diamond Head Circle

Honolulu Property Taxes a Sweet Deal!

David Buck (RE/MAX 808 Realty) — Sun, 13 Jul 2008 20:28:26 -0500

Just when I thought our residential property taxes here in Honolulu were a bargain, they just got better! Not only has the city been readjusting their valuations lower because of 7,000 + complaints received, they even lowered the rate at which we're taxed! From July 1^st of this year through June 30^th of 2009, the rate at which we're taxed at is now $3.29 per $1,000 of assessed value. What that means is if the city says your house is worth $1 Million, your annual property taxes would be $3,290! To put this in perspective, if you live in California your assessed value is $1 Milion, your annual property taxes would be between $10,000-$12,000! If you lived in Austin, Texas and had a home assessed at $1 Million, your annual property taxes would be $30,000. This is one of the best kept secrets of Honolulu, HI real estate!

Rarely Available 1 Bedroom Unit at Puu Iki

David Buck (RE/MAX 808 Realty) — Thu, 10 Jul 2008 21:56:14 -0500

I just got a new listing at Puu Iki in Kaneohe. It's a cute little complex adjacent to Puu Alii and Lilipuna. Unlike the Lilipuna, there is ample guest parking. What I'm excited about this listing is that it is a 1 bedroom, which seldom becomes available. The parking stall is right in front of the unit, #1 which is not only great but hard to forget :) The seller recently installed laminate flooring, tile and completely painted the place. It's also within walking distance to shops, restaurants & Windward Mall. The last Kaneohe 1 bedroom at Haiku Point just closed at $317,000 and we're priced at $290,000. Hurry! Won't last long...

No More Homes Being Built in Mililani by Castle & Cooke

David Buck (RE/MAX 808 Realty) — Tue, 24 Jun 2008 15:17:47 -0500

Last week, there was a big press release by Castle & Cooke announcing that they have sold their last home in Mililani.

This was a milestone because after 40 years of development, they are no longer developing residential property. Now that resales won't be competing with the homebuilder/developer, it will be interesting to see where prices go... Mililani was Hawaii's first master planned community and has always been considered relatively "new". Now that development is complete, this "established" community potentially could be even more sought after?

Honolulu Condos set a Record for Median Sales Price!

David Buck (RE/MAX 808 Realty) — Sun, 22 Jun 2008 21:38:20 -0500

No that is not a typo! Believe it or not, the median sales price for a condo on Oahu last month was $337,300- a record high! What is wrong with this picture? Everything else in the news talks about housing sales down, subprime meltdown, housing bottom no where in sight, etc. Yet, we just set a record... Why is that? A number of reasons- people getting priced out of single family homes (still), more people looking to move here vs. leaving, demographic trend of babyboomers looking to retire here, increasing foreign investment due to weakening dollar... the list goes on, however when it boils down- it's simple: there is more demand than supply. How long will this go on? Who knows... I'm still hearing the same story today from buyers that I've heard over the past 7 years: I'm waiting for prices to drop.... good luck in the wait :) There are however pockets where prices have dropped & feel free to contact me if you'd like to learn more :)

Hawaii Rail: The political mess & what makes sense?

David Buck (RE/MAX 808 Realty) — Mon, 26 May 2008 15:53:51 -0500

As most people are aware, one of the most heated political debates locally is Honolulu's potential rail system. There are many issues at hand:

1. Should we have it?

In my opinion, something needs to be done to alleviate our traffic problem, however I'm not sure it this is the way... Our tax payer dollars will be paying for it, however how many people will actually use it? In addtion, one of the largest factors is cost. As everyone knows in Hawaii, construction projects almost NEVER come in at budget. Also, what will the costs be to maintain it? Charles Djou on our city council seems to be one of the more intelligent politicians asking some of these tougher questions...

2. What type of system should it be?

There are several types of systems the city is now voting on: steel on steel, magnetic, rubber, etc. Apparently Mayor Hanneman is making a big push for steel on steel, however most cities that have this have residents complaining of the noise. Another factor to consider is we are in Hawaii, surrounded by salt air. Back when Aloha Stadium was built, the contractors were saying the steel won't be a problem. Now, look at it rusting away.... Are we going to spend Billions on a rail system that not everyone will use and will be rusting away in the next 20-30 years?

3. Should it connect to Honolulu Airport?

This third issue was highlighted over the weekend in the Starbulletin and spurred me to post this article. Although, I'm not all in on the rail I think if it is to be done, the airport route is a must. Why spend billions on a transportation system if it is not even going to connect to the airport? The good news is that they are now considering this... bad news is the price tag is now $4 Billion! Now my question, is where is this money going to come from?

Priced out of the single home market? Here's a great townhome option in Mililani!

David Buck (RE/MAX 808 Realty) — Thu, 22 May 2008 16:27:31 -0500

Are you or anyone you know priced out of the single family home market on Oahu? If so, here's a completely remodeled turnkey townhome I have listed in Mililani at Mililani Garden Homes 2. At $425,000 Fee Simple this two level townhome boasts 3 bedrooms, 2.5 baths and is in walking distance to shops & restaurants!

With 1484 square feet, this place feels like a home & also has it's own enclosed yard!

National Association of Realtors at 100 Years Too!

David Buck (RE/MAX 808 Realty) — Thu, 22 May 2008 15:52:54 -0500

With all the excitement this month on Outrigger Canoe Club's 100 year anniversary, I thought it very interesting that another organization very close to me celebrated it's 100 year anniversary as well- our very own National Association of Realtors! It was a pleasant article to read in this month's edition of REALTOR Magazine. The chronology/time line that was covered and the background of our organization is a must read. It's the vision and founding fathers of this organization that layed down the groundwork for getting Realtors licensed, abiding by ethics and in essence really protecting the consumer/homeowner. It's an organization I'm proud to be a part of. What I really got a kick out of was an old ad they had in there for a brand new home for $5,990.... the good 'ole days...

Outrigger Canoe Club Celebrates 100 Years!

David Buck (RE/MAX 808 Realty) — Sun, 18 May 2008 21:30:47 -0500

This month, May, 2008 commemorates the 100 year birthday of the Outrigger Canoe Club a private club at the base of Diamond Head. The club was founded in 1908 by Alexander Hume Ford and the original location of the club was in Waikiki where the main Outrigger Hotel currently is. The new or existing club location was completed in the early 1960's and designed by the late Vladimir Ossipoff.

The club is a great place for families, social events, dining, entertaining and most importantly beach and water sports. There is a dedication plaque from 1964 that says: "Let this be a place where man may commune with sun and sand and sea, where good fellowship and aloha prevail, and where the sports of old Hawai'i shall always have a home." It is a place where I like to call home too (I guess like a 2nd home). I spent a lot of time growing up down there. Just about everyone in my family was a member. My father served on several boards and is a past president. I am now giving back as well and have coached several paddling crews over the years, served on committees and now on the board of directors as well. It is a special place that I am sure will be around for another 100 years!

Is it possible to find a 2 bed condo with 2 parking in Honolulu under $300,000?

David Buck (RE/MAX 808 Realty) — Sun, 18 May 2008 20:47:28 -0500

The answer is yes! I've got a listing that fits this criteria right now. It's a 2 bed, 1 bath condo in a walk up building called the Crown Kinau. It has a tandem parking stall that can fit 2 cars and one of the lowest maintenance fees anywhere at just $219/month! We originally came on market at $282,000 and are now priced at a steal of $255,000! The last sale in the building was $269,000 and this unit is turnkey where the tenants vacate at the end of the month. This is another listing of mine, where it could be close to breaking even with a positive cashflow of 20% down. The current tenants were paying $1200/month! The seller is ready to get this thing sold, so feel free to contact me with any questions.

April 2008 was Actually Pretty Great!

David Buck (RE/MAX 808 Realty) — Mon, 12 May 2008 16:39:46 -0500

It is pretty typical in any residential real estate market across the country to see sales volume and activity pick up. A lot of buyers are out there looking in the Spring & Summer and this year was no different. I had 4 transactions close in April and almost 6 (2 closed March 31st). As far as the Honolulu, HI real estate market as a whole the month wasn't so bad either. The median sales price for a single family home was $639,000 and $327,000 for condos. In addition, days on market were back down to 43 days for homes & 33 for condos, which is actually pretty good from a Seller's standpoint. The catch however, is make sure the properties are PRICED RIGHT to SELL. There are still many homes on the market that have been sitting for up to a year or more. Considering that, these numbers are actually pretty good. In the mid 1990's the time on market was around 90 days and I'll take a wild guess that markets on the mainland are experiencing some of this pain today. Also, last month there were 1955 homes on the market compared to over 4500 in the early 1990's. We are very fortunate for this and shouldn't take this for granted...

Lowest priced home in Aiea w/ Great Investment Potential

David Buck (RE/MAX 808 Realty) — Thu, 08 May 2008 02:58:39 -0500

Invesment in residential real estate in Hawaii hasn't always been known for its cashflow. Typically most people that "invest" are banking on appreciation. In any event, getting properties to cashflow has been more difficult in the last year or two. For those of you out there looking for an investment, I have a listing that is the lowest priced home in Aiea at $510,000. It is currently tenant occupied and the tenants are paying $2500/month. That alone could carry a good $400,000 ish in debt service. If someone where to be able to put 20% down, this would pay for itself! It's right up the hill from Pearl Harbor and minutes from Pearl Ridge shopping center!

In addition, this place was completely remodeled in 2007! A 4 bed, 2 bath home @ $510,000! It's a bargain!

March, 2008 Condos Prices Up & Homes Down

David Buck (RE/MAX 808 Realty) — Sat, 05 Apr 2008 04:03:47 -0500

The latest stats are out from the Honolulu Board of Realtors for March, summarized as follows:

There were 282 Single Family Homes sales in March of 2008 vs. 330 in 2007 for a 14.5% decline in number of sales. The median sales price last month for a Home was $628,000 vs. $643,500 in 2007 for a 2.4% decline.

There were 392 Condo sales in March of 2008 vs. 541 in 2007 for a 27.5% declilne in number of sales. The median sales price for a condo was $329,000 vs. $321,000 in 2007, which was a 2.6% increase.

Bad news= number of sales down drastically (not good for Realtors)

Good news= prices have held well relative to rest of the United States (good for homeowners)

Technorati

David Buck (RE/MAX 808 Realty) — Sun, 30 Mar 2008 20:23:10 -0500

Technorati Profile

Which of the Hawaiian Islands Should I Choose to Retire? Oahu Because.....

David Buck (RE/MAX 808 Realty) — Thu, 27 Mar 2008 04:18:48 -0500

This is a question I am often asked from those looking to retire here from the mainland. All of the islands have their own unique beauty and pros and cons about them. However, one factor that is driving their decision and has come up more and more lately is access to health care and hospitals. Having just spent this past weekend in Queen's Hospital for the birth of my daughter, I take for granted the time that I do not have to spend in hospitals. However, when you need access to a good hospital and physician, most everybody wants somewhere convenient and someone good.

One reason why so many people have chosen and will continue to choose Oahu as a place to retire is the access to the hospitals. Tripler is also the premier Military hospital in the state and one of the reason our military choose to retire here. I also got familiar with the various hospitals and their specialties during my tenure as a Honolulu firefighter. I had to know where they were and how to get in there in the event of driving an ambulance. I also spent 8 years of my life growing up on Maui with just one hospital and that is a BIG problem over there.... So here are the hospitals and clinics throughout the state and notice how many are here on Oahu:

Oahu

Castle Medical Center

Diabetes and Hormone Center of the Pacific

Hamakua Health Center

Hospice Hawaii

Kahi Mohala Behavioral Health

Kaiser Permanente Hawaii
17 clinics statewide. On Oahu: Ala Moana Clinic, Hawaii Kai Clinic, Honolulu Clinic, Kahuku Clinic, Kailua Clinic, Kapolei Clinic, Koolau Clinic, Mililani Clinic, Moanalua Medical Center, Nanaikeola Clinic, Punawai Clinic.

Kalihi-Palama Health Center

Kapiolani Health

Kapiolani Medical Center at Pali Momi

Kapiolani Medical Center for Women and Children

Kapiolani Women's Center

Kuakini Health System

Kokua Kalihi Valley or Kokua Kalihi Valley

Leahi Hospital

Maluhia

Queen Emma Clinics or Queen Emma Clinics

The Queen's Medical Center

Rehabilitation Hospital of the Pacific (REHAB)

St. Francis Healthcare System of Hawaii

St. Francis Medical Center- Liliha

St. Francis Medical Center- West

Shriners Hospital Honolulu

Straub Clinic and Hospital

Straub Beretania Family Health Center

Straub Doctors on Call (Waikiki)

Straub Hawaii Kai Family Health Center

Straub Kailua Family Health Center

Straub Kaneohe Family Health Center

Straub King Street Main Clinic Hospital

Straub Miliani Family Health Center

Straub Pearlridge Clinic

Tripler Army Medical Center

Spark M. Matsunaga VA Medical Center

Wahiawa General Hospital

Waianae Coast Comprehensive Health Center

Waikiki Health Center or Waikiki Health Center

Waimanalo Health Center or Waimanalo Health Center

Big Island/Hawaii

Bay/Pahoa Family Health Center

Hale Ho'ola Hamakua

Hamakua Health Center or Hamakua Health Center

Hilo Medical Center

Kaiser Permanente Hawaii
17 clinics statewide. On Hawaii: Hilo Clinic, Kona Clinic, Waimea Clinic.

Kohala Hospital

Kona Community Hospital

Kau Hospital

North Hawaii Community Hospital

Kauai

Kauai Veterans Memorial Hospital

Samuel Mahelona Memorial Hospital

Wilcox Health

Kauai Medical Clinic

Wilcox Memorial Hospital

Lanai

Lanai Community Hospital

Maui

Community Clinic of Maui

Kaiser Permanente Hawaii
17 clinics statewide. On Maui: Kihei Clinic, Lahaina Clinic, Wailuku Clinic.

Kula Hospital

Maui Clinic Medical Center

Maui Memorial Medical Center

Pacific Cancer Institute

Molokai

Molokai General Hospital
280 Puali St.
Kaunakakai, HI 96748

One "Buck" Richer!

David Buck (RE/MAX 808 Realty) — Thu, 27 Mar 2008 03:57:53 -0500

Our family just got one "Buck" richer with the birth of our daughter, Margaret Leslie Grace Buck this past weekend. She came in weighing 6 pounds 10 ounces and 19 inches long. Our family is very thankful and we thank God for our wonderful gift. It was nice taking some time off from the Real Estate biz over the weekend.... it is also nice to be home from the hospital too...

What's New in Kailua Town?

David Buck (RE/MAX 808 Realty) — Mon, 17 Mar 2008 21:27:58 -0500

Last week Thursday, I had the opportunity to get a tour with the Urban Land Institute's Young Leader group with Mitch D'Olier, the President and CEO of Kaneohe Ranch. We started at the Farmer's Market, which is relatively new to Kailua and takes place every Thursday from 5-7:30 PM. It is hosted by the Hawaii Farm Bureau Federation. It's in the parking lot behind Long's Drugs in the heart of Kailua Town. What's great about this & other farmer's markets (such as the one at Kapiolani Community College on Saturdays) is that they do not even have to advertise. The products are so good that the "word of mouth" buzz creates more than enough traffic. We met at the new fountain fronting Kailua Road. Mitch gave us a brief history on Kaneohe Ranch and the Castle Family. The perpetuation of the family land and philanthropy throughout the years has been remarkable. From the fountain, we walked to where the new Whole Foods site is going- on the corner of Kailua Road, where the existing First Hawaiian Bank is located. It will be interesting to see how this effects real estate prices here. I've always heard that wherever Whole Foods goes, so does real estate investment. This might already be evidenced in that the parcels that Kaneohe Ranch sold to DR Horton to develop condos has far exceeded demand expectations. The project calle the Ironwoods at Kailua is apparently going to have 300 units max and the waiting list already exceeds 1000! We capped off a great tour with dinner at Formaggio which I would highly recommend!

Useful Tips on Getting Great Exchange Rates for Your Canadian Buyers

David Buck (RE/MAX 808 Realty) — Mon, 17 Mar 2008 19:56:50 -0500

As a follow up to my previous blog posts, this Canadian buyer movement keeps on rolling... I was quoted again in the Star Bulletin last week. Believe it or not, some are saying the "new Japanese" J I don't think their purchasing power will be anywhere like the Japanese of the late 1980's or early 1990's, However, this trend of them coming here more often and spending more money is definitely on the upswing. The article I was in also caught the eye of an up and coming company called HiFX. They are a company that specializes in offering great exchange rates to foreign buyers looking to purchase large properties in the U.S. They are able to lock in exchange rates to give buyers the peace of mind when they are dealing with such large cash transactions. They are also really competitive when it comes to exchange rates & charges (ie. Compared with local Canadian bank offering to do the transaction). Here's a little more of what they do:

Great rates - A recent independent survey of foreign exchange brokers and high street banks published in The Sunday Times in the UK highlighted consumers would have saved up to 4% if they had used HiFX rather than their high street bank to transfer money overseas. You can view additional press articles at http://www.hifx.com/business/media_coverage/overview.aspx
Service excellence - We work with over 2,000 corporate clients from over 100 different industry sectors including major airlines and software giants. Our reputation for service excellence is illustrated perfectly through the longevity of our corporate and affiliate relationships. We have an unrivalled experience and knowledge of the market place from partners worldwide including relocation companies, HR groups, financial advisors, property agents, developers, lawyers, mortgage brokers and visa specialists.
Market Expertise - HiFX are the ONLY currency specialists to be ranked within the top 20 most accurate foreign exchange forecasters on a consistent basis.
Zero charges - With HiFX there are no transfer charges and no commission fees.
Fast, secure transfers - HiFX has direct access to SWIFT, the world's largest payment settlement network for domestic and international trades. This enables faster payments, enhanced security, increased visibility and automated processing.

More Canadian Interest in Hawaii Real Estate

David Buck (RE/MAX 808 Realty) — Mon, 03 Mar 2008 20:42:27 -0600

As a follow up to my last posting, there is still evidence of more Canadians interested in Hawaii. In the Star Bulletin the other day it said that Canadian visitors continued to boost our tourism growing by 27.7% from a year ago! That also helped boost visitor spending to its largest increase in 19 months!

Well, they are also interested in our real estate too! I spent last week working with another buyer out of Brittish Columbia. It seems so many of the "snowbirds" are looking to purchase somewhere nice & warm for a stay during the winter... I was also the featured guest on a radio program in Montreal last week with Florence Bernard the top RE/MAX realtor in the area. It was a great experience, learning about their weather, home prices and mortgages which are different than ours. If anyone is looking for real estate in or around Montreal, Florence is the best!

This has been an interesting winter with the "snowbirds" from Canada- let's see now if the momentum carries into our Spring & Summer...

Where are our Housing Prices Headed?

David Buck (RE/MAX 808 Realty) — Sat, 23 Feb 2008 17:53:45 -0600

I just had a conversation the other day with a friend of mine asking "what do you think is going to happen to prices here on Oahu?" He said that a from all sources he's been hearing from "if Hawaii hasn't been effected yet, it will be" and that prices are "going to go down". Now, we all wish we had a crystal ball & could predict where prices are headed. If that were the case, we would all be very wealthy....

My response was, I wouldn't mind if prices went up or down. Realtors make money helping their clients when prices go up and when prices go down. If prices stay flat and nobody is buying or selling, it would be hard to stay in business. We are also fortunately enough to have bought 5 years ago. Even if there is a correction, we've still got a lot of equity in our home & intend to be here for awhile. For those looking to buy in the next month or two and sell or "flip" for a profit in the next year, now is not the time. If you are however looking to buy, you are in a much better situation than 2 years ago and interest rates are still great. We were just able to refinance our home at 4.875% for a 30 year fixed loan! There are still great buys out there.

What's keeping Hawaii's prices stable is that there are still more people wanting to move to Hawaii than are leaving. This is because more & more Baby Boomers that are looking to retire are choosing Hawaii as their destination. We have also seen a slew of international (in particular, Canadian) buyers over this winter due to the following reasons:

1. Strength of Canadian Dollar vs. U.S. Dollar

2. Honolulu's economy has been one of the strongest in the U.S., averaging some of the lowest unemployment rates over the last several years

3. Honolulu is a "stepping stone" to Asia with an influx of Chinese and South Korean buyers predicted over the next decade

4. They aren't producing any more land (outside of the Volcano on Big Island which is uninhabitable for the foreseeable future) Also, demand outpaces supply- that is why we are one of the few U.S. markets including San Francisco and New York City that has held prices stable amid all the bad news in the U.S. housing market

5. It's a beautiful place to be!

6. Canada gets a bit cold this time of year J

There were over 100 transactions from Canadian buyers over the past several months. In addition to that, an Australian scooped up several lofty properties on Kahala Ave. & a Japanese buyer paid $22 million cash for an oceanfront parcel in Kailua....

CNBC also featured Hawaii real estate in last week's episode of High Net Worth and talked about how Hawaii has one of the lowest foreclosure rates in the nation and why it might be a time to invest here since we have been somewhat insulated from all the subprime mess in the media.

There is no doubt we have seen a great run in appreciation over the past 5 years. We are also very fortunate not have crashed like many mainland cities in recent times. If prices do go down, that's fine by me. I now have significantly more buyer than seller clients (as I have most of my career thus far). What I have noticed is the one that are "waiting for a good deal" can sometimes wait for years because they don't realize a good deal when they see it.... I've bought some of my best buys on properties I presented to clients that they decided to pass on because they were "waiting for something better to come along".....

Finally, where are prices headed? Only time will tell... I do however still see a lot of opportunity out there!

There are Still Great Buys Out There in a Slowing Market

David Buck (RE/MAX 808 Realty) — Tue, 29 Jan 2008 01:42:42 -0600

I was fortunate enough to be featured yesterday in 2 articles in the business section of the Star Bulletin titled:

"Distressed isle properties offer value" and "High home prices help offset rising foreclosure rate"

Both articles featured success stories where I was able to find my clients great homes in this market place. One example was where client purchased a home in Palolo for $440,000 and the other was another couple I just got into an REO in Ewa Beach at a great price with equity in the place from day 1 after closing. I also was able to purchase for investment a 2 bedroom condo in Diamond Head for $540,000 where the Seller paid $860,000 in 2005! These are real life examples of some great opportunities out there. And guess what? They were all in MLS! These were not in some "secret foreclosure" website you sign up for and pay a lot of money for. Nobody had to go to an auction block, stand in line, etc. These are real life examples of how it pays to work with a REALTOR.

With so much in the media on the national level cutting down the housing market, some of it bothers me & some of it gets me excited because it creates buying opportunites. There is a quote that someone once told me & I think it stands true today: "You make your money when you buy" as opposed to when you sell. Keep in mind here however, all of these examples were situations where we are looking to buy and hold. Don't get me wrong, most of these examples could be sold at a profit today. However, these current market conditions are not one to be "flipping" properties. I am a big reader of Robert Kiyosaki and he has been preaching this lately- that the "flippers are losers" If you analyze the investment from this standard, chances are you will come out ahead :)

Capitol Place: Quality New Construction in Downtown Honolulu

David Buck (RE/MAX 808 Realty) — Mon, 21 Jan 2008 02:25:36 -0600

I had the opportunity to get a tour of Capitol Place yesterday. I see their motto of "Upscale, Uptown, Unequaled" coming to fruition very soon. They are anticipating completion in April. When complete, it will be 39 stories with 12 units on each floor, consisting of a nice mix of 1,2 and 3 bedroom units. I have some clients that are purchasing a 3 bedroom unit. The contruction is top of the line. The floor to ceiling windows are double-glazed and insulated. Sitting on the corners of Bishop & Beretania, you could not even hear the cars outside.

Here's an idea of Kitchen: Soon to be pool area: Furnished Living Room:

There is porcelain tile in entry, kitchen, and bathroom floors. The kitchens come with granite countertops with river wash finish, Viking refrigerator, oven, cooktop, range hood and dishwasher. There is generous closets and storage space. Believe it or not, there is actually more cabinet space in the 1 bedroom units here than the 3 bedroom units at Moana Pacific! Each unit comes with split AC, thus saving on electricity vs. your central AC such as that at Hokua. What's also exciting is each unit is pre-wired for state-of-the-art communications, including high-speed internet and cable television.

Ewa View from 34th Floor: Diamond Head View: View of The Capitol:

Capitol Place will also have the following amenities: 24 hour Front Desk Residential Specialist, 24 hour Security, Bell Service, Car Service (Battery charge cables, flat tire assistance), Club Room, Massage Room, Movie Theater, Personal Delivery for Newspapers, Packages and Dry Cleaning, Taxi & Limo Arrangements, Terrace Cabana Use, Will Call Service and an Incredible Gym. There is also plenty of guest parking.

Punchbowl View: Future Gym:

As of yesterday, there are 25 2 & 3 bedroom units left of the 322 total, ranging from $718,375 to $981,700. Call me at 808-371-3509 for more information.

The Future of Leasehold Properties in Hawaii: A Potential Time Bomb for Lesees

David Buck (RE/MAX 808 Realty) — Sun, 20 Jan 2008 07:45:20 -0600

This past Friday, the 18th marked a historic landmark for leasehold ownership in Hawaii. The landowner (lessor), Kaneohe Ranch prevailed in a suit between themselves and the individual owners (lessees) of the Kailuan in Kailua. Over a dozen owners will be forced to surrender their homes by Febuary 15, 2008. As of December 31st of 2007, the lease expiration date, the owners/lesee's equity in the property is all gone. They were given eviction notices prior to the end of the lease, however decided to take Kaneohe Ranch to court with the hopes of being able to salvage their home or investment. This is the first time a landowner was successful in taking their property back.

Every leasehold transaction involves a leasehold disclosure, where every potential owner/buyer must sign a disclosure saying that when the lease term, is up the property reverts back to the landowner. I have always recommended to my clients the potential of not owning the property when the lease is set to expire and be sure the read the leasehold disclosure docs very carefully. This now sets a precedent for many other buildings and thousands of other leasehold owners in the state that have leases set to expire in the next ten years. This could have a time bomb effect in that the longer you hold on to your leasehold property, the less and less it will be worth...

Click here to see additional buildings where the lease is set to expire in the next 10 years.

These next several years will be really interesting... Some other buildings that are in some great locations that the lessors or landowners have made it pretty clear will not renegoiate are the Kahala Beach which expires in 2027 and the Diamond Head Beach Hotel set to expire in 2032. Like I said, this is like a time bomb and I wouldn't want to be one of the lesees holding on at the end....

Modern Architecture in Hawaii

David Buck (RE/MAX 808 Realty) — Sun, 13 Jan 2008 22:06:20 -0600

I finally had the chance yesterday to get down and see the Ossipoff exhibition at the Honolulu Academy of Arts. For those of you that don't know, Vladimir Ossipoff was the most renowned architect in Hawaii in the 20^th Century. He was born in Russia, raised in Japan and schooled at UC, Berkley. He passed away in 1998 after a career spanning six decades! The reason for the display was this year marked what would have been his 100^th birthday. I've heard so much about him over the years. His work included both residential and commercial designs. There are just too many too name. Some of his noted works were the Honolulu International Airport, the IBM Building, the McInerny Building in Waikiki, the Chapel at Hawaii Preparatory Academy on the Big Island, and the Chapel at Punahou School where I attended.

Apparently, I grew up around his architecture my entire life without realizing it. He designed both of the homes my two grandmothers lived in when I was a child- one in Puupanini and the other was Diamond Head Apartments Penthouse #1201, which fetched $4.5 Million last year! Too bad our family sold it years back L He also designed the Outrigger Canoe Club and the Pacific Club, both of which I have spent a lot of time at over the years. As my real estate career has progressed, I have also heard his name more & more. This past year, I sold a unit at the Diamond Head Apartments and a home he designed on Maunalani Heights built in 1937 to some clients of mine. His single family residences are harder and harder to find since so many have either been remodeled or torn down over the years. I also have heard that some homes can demand an additional 15% premium if they were an Ossipoff home. If you're interested in house hunting for one, I know of a few if you Call me at 808-371-3509.

One of the most interesting quotes I walked away with yesterday was "Air Conditioning is the Root of All Evil" I can see why he said that. Don't get me wrong- I'm a big fan of AC, however I think he saw it almost as cheating. Everything he designed had a way to take in natural light, he used natural stones and wood for a cooling effect, and took our trade winds into consideration to function as a natural AC. He also was famous in the 60's for his "War on Ugliness". He was really opposed to high rise buildings and the use of glass and how they obstructed the ocean views. It's a battle he unfortunately lost as you see the Honolulu skyline today. My guess is he may not have been a big fan of the modern high rises such as Nauru Tower, Hawaiki Tower, Hokua, Koolani, and Moana Pacific. However, if he did win and high rise development was curbed even more strictly over the years, just imagine where our real estate prices would be today...