In an action this afternoon by the City Counsel of Honolulu, the moratorium on Bed and Breakfasts for Oahu has been lifted. It was decided in what was called a "Work In Progress" that those Bed & Breakfast operations on Oahu that were in operation on or prior to February 2008 would be eligible to apply for a Bed & Breakfast License to operate legally.
This is great news for those operators that need the income their home businesses produce. Another great feature of todays action is that it specifaclly says that "Neighborhood Vetos" will NOT be allowed. It is thought that because of the budget shortfalls of the City and County of Honolulu, that this is a first step in allowing these wonderful businesses on Oahu and that as the bill evolves, Bed & Breakfasts licenses will be allowed for anyone that would like to apply for one.
There are some neighborhoods on Oahu that have been Bed & Breakfast favorites, like Kailua with its white sandy beach and on the North Shore of Oahu. Investors that would like the income of a Bed & Breakfast business on Oahu should act quickly before investor purchases drive up Hawaii Real Estate prices.
To do a search for homes that might be a perfect fit for you and a Bed and Breakfast operation, simply click on the photo of Mike & Gayle and we wish you Happy House Hunting. If you would like more information about today's action by the Honolulu City Counsel or on Hawaii Real Estate, please call us anytime.
Warm Regards-
Mike & Gayle
Gayle Fujita Ramsey, RA 808*388*1485 Hawaii Realty Group
Mike Ramsey Fujita, RA 808*630*1828 Hawaii Realty Group
Mike and I hope you had a fantastic Labor Day weekend. There are 100,000 first time Home-Buyers looking for their Dream Homes right now and time is "Ticking Away" for them to take advantage of the gonvernment's $8,000 First Time Home-Buyer's Tax Credit!
We also wanted to let you know that if you haven't owned a home within the last three years you may qualify for the $8000 tax credit that is being offered for first time home buyers. This is a true credit which means if you owe $1500 in taxes next year when you file your 2009 Tax Returns and you qualify for the full amount of the tax credit you would actually receive $6500 back as a tax refund.
If you are thinking about getting a new home under this wonderful program and have not had the time to speak to a lender, we understand how busy we can get; however, if you don't want to miss this opportunity of the tax credit we implore you to make the time as soon as possible. We would hate for you to miss out on this credit being offered if you qualify.
The deadline to qualify is December 1, 2009. We must have recorded and title of the property must be in your name by this date, so plan on needing to be IN escrow by October 15, 2009 as it takes an average of 45 days to close, which would put you right up to the December 1st deadline. If you have any questions or need further assistance regarding this matter please feel free to give either Mike or myself a ring. We look forward to hearing from you soon.
Leasehold (LH) v. Fee Simple(FS) v. Fee Available (FA)
In the state of Hawaii we have land that is conveyed in a two types of tenures. There is Fee Simple which is what property in the mainland is conveyed in. This means that when you buy the home you also own the land or interest in the land if you are buying a condominium or town home.
Leasehold property means that you only own the improvement on the land, not the land. For example, if there is a single family dwelling on the land then you only own the home and the land is owned by someone else. This often means you have to pay an additional fee every month called the Lease Rent. Basically, you are renting the land from the land owner.
This lease rent can range from a very low amount to a very high amount. For instance there are lease rents below a hundred dollars a month, to a property in Kahala that is over a thousand dollars a month.
Leasehold was created at a time in Hawaii when property was too expensive for individuals to purchase and instead of selling off the land the land owners decided to rent out the land and sell the homes on them. This allowed the land owners to increase their land value. However, this system was created 40+ years ago and many of the leases are now terming out.
This means that there is often less than 30 years remaining on the lease and some are even expiring. The problem for buyers and sellers when the lease amount is less than 30 years is that mortgages are difficult to obtain and will only be giving for a certain term with a cushion. For example, say there is 20 years on the lease remaining. The mortgage company will give you a mortgage for 15 years. Different mortgage companies vary in the cushion they need so this number may vary. However, what it comes down to is that you can't obtain a 30 year mortgage on a property that is sold in leasehold with less than 30+2-5 years remaining.
The other hurdle to overcome is when the lease rent is going to be bumped up. Throughout the life of the lease rent there are step ups in the lease hold portion. This means that your lease rent maybe $200 a month but in three years it will possibly change. No one can tell you how much it will increase and banks will look at when the next step up is scheduled for when considering your mortgage. Generally the lease rent is set for a period of ten years.
What this all means is that if you are considering a leasehold property you will possibly have a shorter term mortgage, which means your monthly mortgage amount will be more than if it were amortized over 30 years. Also, that when calculating if you can afford to purchase the property, the lease rent amount will be calculated in and this will often mean less buying power.
The great thing about leasehold properties is that their sales prices are often much lower than fee simple properties and there are still a few situations that are great opportunities for a buyer. Word of caution though; make sure you really understand what you are getting into and the circumstances of the lease portion of the property.
Land is not conveyed in Fee Available (FA) but if you should see this under tenure on an MLS sheet provided to you by your Realtor, what this means is that the fee is available for purchase. If at all possible, we highly recommend purchasing this at the same time you purchase the property; by doing so you will be buying in Fee Simple which is the best tenure to buy in. You would want to add the Fee Purchase Price to the List Price of the property to be sure you are not thinking of Over Paying for that property. Compare the added amount to other properties that have sold over the last several months. If your price is high, lower the offer on the Condo or Home. The price of the Fee Portion of the purchase is most often not negotiable.
Should you have any questions regarding tenures in Hawaii please feel free to contact Mike at 808-630-1828 or Gayle at 808-388-1485. We have successfully negotiated the simultaneous closings of homes and the fee portion for the property. We will be happy to work for you.
It is funny how situations come up that remind you of the proper way to do things. Gayle and I are Realtors in Hawaii, Oahu to be more specific. Being Realtors, we as all Realtors do, pride ourselves on our "Customer Service". The big question is what is "Customer Service"?
The flat out answer is that Customer Service is different to all people. Every client has their own, often-unique perception of what they think it is. In turn, every real estate professional has his or her own idea of what customer service is too. So how does one provide excellent "Customer Service" if it is different to all people?
Well, one has to start with a "Base Line" of customer service founded in professionalism. This means returning calls promptly, as well as emails, continually educating oneself about the market and technology, informing and educating your clients throughout the buying or selling process, listening to your client regarding what is important to them, and always putting your client's needs ahead of your own. That is the base line for good customer service.
Then we get into how we do our jobs and the position we take in providing excellent service. This afternoon, as we were leaving a signing downtown, an old friend who is a local attorney passed us in the lobby of the building and stopped to say, "Hi". As we were chatting, he could not hold in his frustration any longer. He needed to vent. He explained that he had been looking for a new home for some time and his best friend was his Realtor. They had finally found a home and wanted it so badly that he actually offered $10,000 over the list price. His agent wrote up his offer, suggesting the deposit amounts and so forth.
The offer went in and the seller accepted another offer for less money. It seems that the other interested party had offered to put more money into escrow as the initial deposit and a hefty additional deposit to boot which made the other buyer look more qualified. Our friend's agent never explained how larger deposits will impact the seller's decision when comparing offers. A great agent will educate his/her client all the way through the process so that client can make better, more informed decisions. This is a HUGE part of excellent customer service.
In today's market, you need...strike that...have to have a great agent. There are not many "Cookie Cutter" contracts or deals any more. We shake trees and WORK HARD for our clients and never assume they know the "Hows & Whys" of any part of the buying and selling process. We always work to maintain open communications with our clients. Successful transactions depends on educating and informing our clients regarding the real estate process and then allowing them to make the decision on what best fits their situation. Educate.
Mike Ramsey Fujita and Gayle Fujita Ramsey are Buyers and Sellers Real Estate Agents in Honolulu Hawaii. With 20 years of experiance between them, they have seen every nook and kranny of the Island as well as markets rise and fall. With the combination of high real property inventory levels and low interest rates, this is an excellent to purchase a home on Oahu. They would love to work for you, please call them at (808) 630-1828 today.
I know that there is a property on Oahu that is not on the market now (if it were, I would have found it already) with a property owner that thinks he or she might be willing to sell it. I have a client that needs a property with 5 acres or more where they can live, keep their horses, grow some veggies and raise their kids.
There are some properties that are vacant land without any kind of structure built on it, but in order for this transaction to work their has to be a structure on it and has to have been there for at least one year.
Water catchment systems are fine and we can run from a generator or run electrical into the structure...but there has to be a structure.
If you own such a property or a larger piece of land and would be willing to "Break a piece off" to sell, please call me ASAP. My number is (808) 630-1828. My email is Mike@GreatHawaiianHomes.com. If you want to know how we are, check us out at http://GreatHawaiianHomes.com.
Thank you for your time, I understand this is an unusual way to find a property for my clients, but then these are unusual times we live in...
The second city of Oahu is part of a long-range plan by The Estate of James Campbell for lands located on the western coast of the island of Oahu. It is a master-planned urban center in which people can live, work and play. The Kapolei region encompasses the state’s largest industrial park and second-busiest commercial harbor, a new business park and vacation resort area, residential developments, and telecommunications infrastructure. Kapolei’s new residential communities offer townhomes, and single-family start-up and move-up homes, to executive ocean-view and golf course homes with amenities such as marinas, golf courses, parks and community recreation centers. Private companies have developed the neighborhoods of Kapolei Knolls and Ocean Pointe and the community of Ewa by Gentry. The area also offers community large modern shopping centers, the Wet-n-Wild Adventure Park, public and Private schools, a private pre-school, marina, hospital and a megaplex. Kapolei is also the home of Oahu's first Target Store, a new Costco and the largest mall in the state of Hawaii. The University of Hawaii system is building it's West Oahu Campus in Kapolei as well.
The homes in Kaploei are larger than the traditional Island Style Homes. They have double wall construction and lovely amenities. The lots for these homes are on the smaller side, but due to their "Planned" nature, they live very nicely.
Gayle and I would love to assist you in the search for your home. Please call upon us anytime and we will give you our 200% effort...because there are two of us...:-) :-)
Originally a plantation town, the quaint buildings of the original town center are being preserved for future generations. Newer neighborhoods have been built at the entrance to the Ewa area. The Ewa-Gentry subdivision began development in 1988 with the Soda Creek single-family home project and will eventually have a total of 8,000 units of single and multi-family projects. Palm Villa and Palm Court subdivisions are townhouses, some with grassy courtyards, and others with decks. All have detached parking stalls for each unit. The Arbors subdivision has larger townhouses that include attached garages and an attractive recreational center with a swimming pool for each large group of townhouses. Sunrise is a 3-story condominium subdivision. Sun Terra project offers single-family homes with glass block windows and bay windows. Westloch is a master planned neighborhood with the emphasis on cul-de-sac streets to enhance neighborhood identity. Most houses are grouped in clusters around common courtyards and tot lots. The single-family homes were incorporated in 1988. Some of the homes were sponsored by the City to allow some families to purchase below the market price. Some of the houses border the West Loch golf course. Two of the projects in this neighborhood are West Loch Fairways and West Loch Estates.
Today there is a new marina going in to Ewa Beach. There is also one of the best kept secrets in Oahu's real estate market. It's not new, far from it, it's the original beach homes that line to coast line of Ewa Beach. Some are on rocky fronts and some are on beautiful white sand beaches with unbelievable views of Diamond Head off in the distance. There is also a lovely "Small Town Beachiness" to the community as well.
The biggest reason this area is almost forgotten about and prices are so good is due to the traffic that has become synonymous with the name Ewa Beach. There are lots of people traveling up and down Ft. Weaver Road and rush hour is pretty tough to take. There is finally a project underway to widen this major thoroughfare and also to connect the Kapolei Parkway which will also ease traffic to the H1. Add to this the Rail System that will be coming right through the area and we believe property values will be going in only one direction in the years to come...STRAIGHT UP!
Gayle and I would love to assist you in the search for your home. Please call upon us anytime and we will give you our 200% effort...because there are two of us...:-) :-)
They say if you like the beach you go to Kailua and if you like boats you go to Kaneohe. With Kaneohe and Kailua in such close proximity to each other; you can have both!! With the addition of the H-3 to the Pali Highway and Like Like Highways, access to downtown Honolulu, Pearl Harbor Naval Station, Hickam AFB and the airport area is much improved from the late 60s when these bedroom communities expanded to the suburbs they are today. From Marine Corps Base Hawai'i, Kaneohe, or Kailua to Pearl Harbor or the airport travel time is approximately 20 minutes.
Kaneohe is made up of several smaller subdivisions. From multi-million dollar homes to small condominiums, Kaneohe has a great deal to offer first time home buyers and seasoned veterans as well. Some of these areas are Haiku Plantations which is made up of 1 acre gentleman lots and homes from about $1,000,000 and up, although the occasional bargain can be found, Haiku Village, Mikiola, Mahinui, Bat View Estates, Halekauwila, Kapuna Hala, Kaneohe Town, Castle Hills, Pikoiloa, Lilipuna and Haiku Knolls just to name a few.
There are some newer homes in these areas but by in large, they are older Island Style Homes in well established neighborhoods. You will occasionally a home that is up to date, but again, most of these homes will allow you to really make them your own.
Water sports are the rage in Kaneohe. Sailing and boating on Kaneohe Bay, Fishing from wonderful old piers, day trips out to the sand bar with a small group of friends...on big holiday weekends your small group of friends will number in the THOUSANDS!
Gayle and I would love to assist you in the search for your home. Please call upon us anytime and we will give you our 200% effort...because there are two of us...:-) :-)
Kailua is located in Windward Oahu in the judicial district and the ahupua'a named Ko'olaupoko. [ Ahupua'a are the land divisions of old Hawai'i from the mountain top to the sea. Just think of a Spoked Bicycle Wheel and you will have the right picture in mind.] It is located 12 miles northeast of Honolulu - over the Nu'uanu Pali, tallest mountain peak in the Ko'olau mountain range. The town is a typical suburb spawned by post-war development and improved highways bringing thousands home from their workplaces in Honolulu. Many small businesses and community organizations support this unique town with its beautiful, protected beaches, Kaiwanui Marsh, and Enchanted Lake. With the addition of the H-3 to the Pali Highwayand the Like Like, access to downtown Honolulu and the airport area is much improved.
Historians and researchers believe that it is possible that Kailua was home to Hawaiian families at least 1,500 years ago. The earliest settlers are thought to have lived fished and played on the slopes surrounding Kawainui Marsh. In the 16th century, Kailua attracted the ali'i giving birth to many rich Hawaiian legends. Many legends were born here including the menehune who were known for working at night in Kaiwainui Marsh and mo'o who took the shape of a large lizard that attracted fish. Kailua was densely populated before the arrival of Captain Cook and was the ancient capital of O'ahu's kings. The biggest event in Kailua and the entire Windward side was in 1795 when King Kamehameha I conquered O'ahu in his quest to unite the Hawaiian Islands. The King granted Kaiwainui Marsh and old Kailua, which included large freshwater fish ponds and saltwater ponds at Mokapu, to the warriors and chiefs that had helped him. The land was used in various forms for agriculture from sugarcane to rice to taro and eventually was used primarily for cattle raising.
Kailua was a sleepy town of barely 3,000 in the 1940s. However, the events of World War II changed the appearance of Kailua. Kaneohe Ranch sold portions of land to the government for expansion of the Navy base (now Marine Corps Base Hawaii) and the Army's Fort Hase. Finally in 1942, Kaneohe Ranch closed down its cattle raising operations entirely, freeing thousands of acres for post-war development. A new four-lane highway, tunneling through the Ko'olau Mountains, was completed in the late 1950s. In 1946, a small Liberty House (now Macy's) shop opened with three employees and upgraded to a full-line department store in 1953 with nearly 50 employees. The first bowling alley, a branch office of the telephone company, and the very first supermarket in Hawaii opened in Kailua in 1947.
By the end of the 1950s, Hawaii had become a state and Kailua became the official postal designation (previously known as Lanikai). Castle Hospital (now) opened in 1963. By 1960 the population was up to 24,400. The town has grown more than 100 percent since 1960 when its population was 24,402. It has a compact, easy-to-shop business district surrounded by mostly single-family homes. By 1992 50,000 residents encompassed a central urban core with surrounding residential areas. Kailua consists mainly of various neighborhoods of single family homes, although there are several condominiums in Kailua town and one upscale townhome complex in nearby Enchanted Lakes.
Natural Features abound and Kailua is a place of much natural beauty. The most significant features of Kailua are the bay, the mountains, and the wetlands. Kailua Bay is a magnificent place symbolizing the regional quality of the community. Kailua Beach and nearby Lanikai have been on the " Worlds Best Beach" lists by several publishers for many years. Ka Wai Nui (the big water) Marsh, a natural wetland, provides habitat for many species of wildlife. The marsh was a center of life for early Kailuans. A huge saltwater wetland, it's peacefulness can be enjoyed on the hiking/biking pathway that wraps around its edge. Mount Olomana towers over every neighborhood in Kailua. It's three peaks are it's significant feature and a challenge for the hardiest hikers.
Gayle and I would love to assist you in the search for your home. Please call upon us anytime and we will give you our 200% effort...because there are two of us...:-) :-)
Ala Moana is at the edge of the Waikiki district and therefore attracts a large number of visitors. Luxury and high-end apartments are found here, many with spectacular ocean, park, and city views. Residents can enjoy the walking convenience to Ala Moana Center Oahu’s largest regional shopping center; Ala Moana Beach Park, a boat harbor, restaurants and megaplexes. Surrounding communities are Kapiolani, Ward/Kinau. There are a few pockets of older single-family homes here and some of these are simply breath taking. However, there are far more condos in this area down on the lower-flat part of the map. These residences are primarily low rise and high-rise condominiums. Kakaako, close to Downtown Honolulu, was mostly industrial, however in recent years the re-development of Kakaako with planned parks, the new medical school and bio-medical center, condominiums and multi-use living projects well underway.
(Area 2) Makiki / Manoa District
Makiki is another popular choice for those wanting a short commute to downtown Honolulu, Waikiki, and the University of Hawaii. The low land area of Makiki is predominately condominium with a few single family homes mixed in. Choices of condominium styles (walk-up, low rise, high rise) abound and so does the price range. The hillside neighborhoods of Makiki Heights and Tantalus have single-family homes in the higher price range. Quite a few public and private schools, two hospitals and churches are found in the area. Part of Manoa’s appeal is its tree-lined streets with traditional and New England style architecture. Manoa extends deep into the lush valley from which emerges another desirable neighborhood, Woodlawn. As its name implies, this section is woodsy and the homes are often set amidst green lawns. This area is home to several restaurants, grocers and neighborhood shopping centers. The University of Hawaii is in the lower section of Manoa, but it too gets frequent Manoa shower mists that come, even under sunny skies.
Area 2 Waikiki District
This world famous beach resort is only 2 miles long but it is the center of the state’s billion-dollar tourist industry. There is a high concentration of movie theaters, nightlife, restaurants and hotels. It is a densely populated condominium area but many of the residential type buildings are as pleasant and quiet as you’ll find elsewhere. There are also a smattering of single family homes in this area as well. The busier condominiums are those in which hotel operations or short-term rentals are permitted. This is the one district where rentals can be obtained fully furnished, down to the plates and linen. A quieter end of Waikiki is near Kapiolani Park and the slopes of Diamond Head crater, a tree-lined area often referred to as the Gold Coast. Oceanfront or ocean view apartments are at a premium here. A number of the buildings are cooperatives rather than condominiums.
Area 3 Kaimuki District
Kaimuki, located mainly on the slopes of Diamond Head, is an older established area particularly appealing to residents whose families have lived there for generations. Its residential and business community is over 100 years old. The majority of single-family properties are at least 5,000 sq. ft with some properties subdivided into areas as small as 2,400 sq. ft. Chaminade University (private), neighborhood shopping centers, restaurants, private and public schools, parks and grocers service the needs of the population. There are also some condominiums in this area. Although the elevation is high in these hillsides they are generally sunny and dry. Nearby in the arid neighborhoods of St. Louis Heights, Wilhelmina Rise and Maunalani Heights you’ll find a mixed style of older and newer homes, many with city and ocean views.
Area 3 Waialae / Kahala District
Kahala takes on the look of a nicely defined suburb with regional shopping center Kahala Mall and the Kahala Mandarin Hotel (formerly the Kahala Hilton). The lots in Waialae average 7,000 to 8,000 sq. ft. Many of the 10,000 sq. ft. and larger lot homes in the area have swimming pools, wider streets, deeper front lawns and have consistently been on the higher end of Oahu’s price scale. The beachfront properties of Kahala, Diamond Head, and Black Point are some of the most expensive in the nation. For those desiring more view, there is the hillside neighborhood of executive homes called Waialae Iki. Other options are the golf course homes in the Kai Nani area and the homes on a peninsula called Wailupe. Other residential alternatives for the area are two high-rise condominiums and four nearby townhouse projects.
Hawaii Kai itself is a master planned community begun in the 1960s by the renowned American industrialist, Henry J. Kaiser. Once regarded as a “country area” for farmers, Hawaii Kai has become one of the premier suburbs of Oahu. The variety of housing styles and price ranges appeals to a diverse group of residents. It’s about 12 miles from downtown Honolulu with easy access to the H-1 Freeway. It is close to Kahala and Kaimuki neighborhoods on one end and to Waimanalo and Kailua on the other end. The Hawaii Kai community enjoys a good variety of beaches, golf courses, tennis courts, movie theaters and restaurants. In fact, other popular community-based businesses and services such as supermarkets, fitness centers, playgrounds, medical facilities and dry cleaners are located in Hawaii Kai so residents do not have to go far for their day-to-day needs. For recreation, the many wide streets encourage biking and jogging. Nearby is Sandy Beach for experienced body surfers; Hanauma Bay, a nature preserve; and Maunaloa Bay for water skiing, boating, or canoe paddling. The single-family homes are in a variety of price ranges but generally begin above the affordable range for Oahu. The Hawaii Kai high-rise condominiums have commanded higher prices than condominiums in other Oahu regions. The Portlock district offers premium luxury beachfront homes.
Gayle and I would love to assist you in the search for your home. Please call upon us anytime and we will give you our 200% effort...because there are two of us...:-) :-)
Oahu Homes For Sale and Oahu Condos For Sale may all be seen here as well as Oahu Real Estate Consultation. Oahu Realtors Mike Ramsey Fujita & Gayle Fujita Ramsey RA's share insights to Oahu's Real estate Market. http://www.GreatHawaiianHomes.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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