September 2010

Found 11 blog entries for September 2010.

For the third year in a row, Hawaii led the nation in number of millionaires per capita, with 6.9 percent of resident millionaires, according to an annual ranking by the Phoenix Affluent Marketing Service released today.

The survey defines a millionaire household as one with $1 million or more in investable or liquid assets. It does not include retirement plans and real estate.

Why do we have so many millionaires?  One simple answer:  It's the nicest place to live in America. Perfect weather all year, white sand beaches, warm water. 

Millionaires can live wherever they want, so many come to Hawaii.

Read More at Star.

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The Hawaiian islands are running out of space to build, or at least that's the perception here.  This morning's article in the Star says it all.

"Over 250 people packed a North Shore Neighborhood Board meeting last night, most of them opposed to a boutique hotel proposed to be built on city-owned preservation land in Haleiwa."

Developer D.G. "Andy" Anderson wants to build an 80-room hotel on land mauka of Kamehameha Highway, but many residents oppose the city's selling of the land for the project.

Opponents say that development of a hotel would only increase congestion on Kamehameha Highway.

A coalition made up of groups that include Hui o Hee Nalu, Sunset Beach Community Association and Surfrider

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There are a lot of angry people on Oahu, but none of them work for Castle & Cooke Homes. The Advertiser reported today that C&C won state approval for the new Koa Ridge community between Mililani and Waipio.  Right now that is all agricultural land. 

The State Land Use Commission approved the project with 3,500 homes, a hotel, medical campus and commercial space by reclassifying 576 acres from agricultural to urban use.  The first homes could be built around the end of 2012. 

There are already people voicing their anger about it in the comments to the article that announced it.  There is a very broad feeling on Oahu that the island is already over crowded, shown especially in the freeway traffic on H1 going West in the afternoons. 

This new

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Have you ever put your address into Zillow's search bar to see what it thinks your home is worth?  If you need a laugh, or you want to be confused, go ahead. 

This morning I saw a blog post about Zillow's home value estimates, so I decided to look up my neighborhood.  Zillow shows the value a house near me at $1,010,000.  Try it - the address is 217 Nenue st, 96821.  The problem is, that house sold in January of this year for $897,000, which is also shown right above the value. 

So Zillow thinks the market here has risen 12.59 percent in the last 8 months? Actually, it doesn't.

Another house in the same neighborhood, just 2 streets away that sold for $810,000 in May is showing a current Zillow estimated value of only $815,500, not even 2

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waikiki hawaiiLast night we watched the premier of Hawaii 5-0, hoping above anything else that it would portray the beauty of living in Hawaii.  Within a few minutes the show featured aeriel shots of Diamond Head, Makaha, Black Point, Waikiki, and the North Shore.

At one point, there was a helicopter fly by right over my house, and we realized that the house mainly used on the show is just across the road from us. 

While we laughed at the fact that "Pipeline" was actually Waimea bay, and also that at one point a car was shown as driving with the ocean on the wrong side of the car (on the right side going North in Waianae), we were glad that the show featured many great shots of the island in all its beauty. 

I'm sure that sometime this winter when the snow is

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A 100-kilowatt wind turbine won't be built anytime soon, though the Hawaii Water Service Co. has been trying for a while.  Hawaii County zoning ordinances require a use permit, which took six months to secure, planning department approval, which is ongoing, and a building permit, which is expected to take another four to six months.

There are four wind farms on Maui and the Big Island, and four more in development. About 9 percent of Maui’s energy comes from wind and about 12 percent of the Big Island’s supply.

From PBN: "First Wind is planning to expand the 30 megawatt Kaheawa Power Project on West Maui by 21 megawatts, and San Diego-based Sempra Generation hopes to begin a 22-megawatt wind farm at Ulupalakua Ranch in upcountry Maui. The Kauai

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Congratulations to my clients Charlie and Lolita on the purchase of this BEAUTIFUL beach house at Velzyland, in Sunset Beach Colony.  This morning they officially recorded as the new owners of this amazing property. I'm sure that they will enjoy this awesome home in their retirement.

Sunset Beach Colony is the North Shore's only gate community, and has less than 30 homes within it.  This is last one on the Kahuku end.

sunset_beach colony house

This house, built just a few years ago, has this massive living space off the custom kitchen, featuring all wood ceilings and tile floors, stone counters, and stainless steele hardware throughout.  4 bedrooms, 3 bathrooms, and a completely separate cottage with a full bathroom and kitchenette.  Check out this awesome hang out,

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A 5 bedroom, 3 bath, 2388sqft house in Kailua for this price is uncommon to say the least.  But after the bank foreclosed on it last year, it sat vacant for quite a while. I'm not sure why banks don't immediately list the properties they own, but when they finally put this one on the market, we jumped on it.  Originally listed at $789,000, we were able to get it for $740,000. 

The house has a nice large yard on a corner lot, and is in a great neighborhood in Kailua, called Olomana.  My lucky clients with their family of 6 have now moved in and begun to transform this old house, beginning with a new kitchen and bathrooms.

 Congratulations to the Edwards family on this great purchase!olomana_ house

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Absolutely no interpretation from me needed.  The Hawaii housing market speaks for itself.  Look at the low inventory of homes for sale, and the high number of pending sales.  

Inventory - Down 13.3% to 3823 total properties for sale. 

Single Family Residences - 1674 down from 1928 last year. 

Condos - 1754, down 16.1% from 2090 condos for sale last year. 

Months of supply down 30.1% to 6.4 months of inventory. 

And even while inventory is way down, look at how the number of sales has risen, and with plenty of pending sales still on the way!

Pending Sales - Up 25.2% to 7362 in escrow compared to 5882 last year.

Percent of Original List price received up 2.5% to 96.4% 

Closed single family home sales on Oahu in August - 224, compared to

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dsc_1701_7743 months may seem like a long time, but when it comes to short sales, that's actually quite fast.  The longest one I have done took well over a year, while the average is closer to 6 months.

 This very nicely upgraded Poinciana Manor 2 bedroom Kailua condo is just a short bike ride to the beach. Listed at $350k, we are now officially in escrow for just a little above that, to close in 45 days.

 How do you get a short sale approved in under 3 months?  Simple:  put together an awesome short sale application packet  complete with a picture of the unexpected new baby and the father in his military uniform.

Even in a  short sale, there are humans involved, and who can resist a baby and a soldier serving his country? 

 Congrats to both sellers

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