July 2009 Newsletter - Hawaii/Big Island/Real Estate Updates July 2, 2009
Posted by Kelly in : General, Newsletter , add a commentThe July Newsletter is published.
View the July Newsletter here.
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$8,000 Tax Credit Used for Closing Costs & More July 1, 2009
Posted by Kelly in : For Buyers, General, Resources , add a commentFollowing up on my previous post …
On May 29th, NAR announced FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
According to senior HUD officials, the loans can’t be used to cover the minimum 3.5 percent.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year - and improved upon earlier this year - to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at www.REALTOR.org.
As always, we’re available to answer your questions, or assist you in finding your perfect Big Island “first home” … just contact us.
$8000 1st Time Homebuyer’s Tax Credit - Easy Overview July 1, 2009
Posted by Kelly in : For Buyers, General, Resources , 1 comment so far
We’ve had lots of questions regarding the new $8000 first time homebuyer’s tax credit, so I wanted to provide the basic overview:
If you know anyone who qualifies as a first time home buyer, they may be eligible for a large tax credit in 2009. The new stimulus bill, the American Recovery and Reinvestment Act, signed by President Barack Obama on February 17, 2009, updates the previous First Time Home Buyer Credit of 2008.
Some important changes include:
- No repayment for the 2009 credit if you do not sell before 3 years
- Maximum credit increase from $7,500 to 8,000 or 10% of the purchase price of the home (whichever is smaller)
- Qualifying dates include homes bought between January 1, 2009 and before December 1, 2009
- First time home buyer is defined as someone who has not owned a principal residence in 3 years
- Income limits apply, but those earning more than the limits may qualify for a reduced credit
The income restrictions are based on the Adjusted Gross Income (AGI) on your tax return.
Income restrictions include:
- Individuals/Single Head of Household – income no more than $75,000
- Married couples filing Joint return – income no more than $150,000
The 2009 First-Time Homebuyer Tax Credit is claimed on IRS Form 5405 and filed with your 2009 federal tax return. Tax forms can be found at www.irs.gov.
**UPDATE** As of May 29th, first time home buyers can use the credit toward closing costs and more. Read all about it here.
Kawainui Estate - Just Listed! July 1, 2009
Posted by Kelly in : Featured Listings, For Buyers , add a comment
Kawainui Estate is a custom residential oasis perched above Kawainui Stream, centered at the base of Mauna Kea and overlooking the cobalt blue Pacific. Spectacular views all the way to the southern most point of Hilo Bay! Casual yet elegant island oasis with over 13,000 sq. ft. under roof.
The main house, with views of the Pacific, offers rooms for entertaining, a separate wing for guests or children, and a swimming pool that invites you to take a midnight dip (go ahead - there are no neighbors to watch!). Built-in custom Koa furnishings made by an island artist for this home. The master bedroom, guest wing and office have air conditioning. Imagine yourself sitting poolside sipping a mai-tai.
A Tiki Bar sits overlooking Kawainui Stream and the Pacific Ocean, a perfect site to sit with friends and enjoy the tropical ambiance.
The “Tea House”, which doubles as a guesthouse, sits amidst a Japanese garden and koi pond. The barn, with a tissue culture lab and 3 parking stalls, is ideal for the serious farmer or orchid/fruit enthusiast.
Feel the warmth of the sun. Watch the palm trees swaying in the gentle trade winds. Ahhh… island life at its best!
For full details, images and a virtual tour see www.KawainuiEstate.com.
Island Webcams Added to Hilo Brokers Website June 8, 2009
Posted by Kelly in : About Hawaii, Big Island Hawaii, General, Resources , add a commentWebcams have been added to the Hilo Brokers website! To view them, hover over RESOURCES and pick “Big Island Webcams” for the choices.
Some of the webcams include:
- Hilo Bay from Pacific Tsunami Museum
- Volcano Golf Course 18th Hole
- USGS Halemau’mau Vent Camera
- USGS Pu’u O’o Vent Rim Camera
- Puako Bay
- University of Hawaii in Hilo Kanaka’ole Hall
- University of Hawaii in Hilo Main Entrance
- Mauna Kea Summit Smithsonian Camera
- Various NOAA Mauna Loa Observatory Cameras
- … and more.
Images displayed represent last feed shot at time of website hit. Different webcams update at different times … most update by the minute and include time stamps.
TIPS:
- To refresh the image, reload the page.
- Click the image to view a larger size of the webcam shot.
- Click the link below the image to visit the associated website.
- Daytime viewing is best!
Check them out!
Moving to Hawaii May 26, 2009
Posted by Kelly in : Moving to Hawaii, Resources, Updates , 1 comment so far
Moving to Hawaii from anywhere else is obviously something that must be done with a great deal of planning and strategy. It is not the same as moving across town or even to another mainland state. The logistics involved are huge. To make your move easier, using a professional moving company is the best way to make your move, but it is also the most costly. There are a variety of ways to save money. One is bringing as little as possible to Hawaii. That is not always practical, sometimes you just want your art and furniture or your favorite sports equipment to come along with you.
I have met some people who sold all but the most precious things they owned and moved to Hawaii by using the United States Post Office as their mover. This is obviously the least expensive option, but don’t forget that when you get here, you will have to furnish your new home, have clothes to wear and cooking tools, electronics and appliances. Those things are available in Hawaii, but not always with the same variety and pricing as on the mainland. If you do decide to ship things, using the USPS is the best option. If you can fit things into a large flat rate Priority shipping box, the goods will arrive from the mainland in a week or less. If you have to go with Parcel Post or Media Mail (great way to move your books and CD’s) they could take as long as 4-6 weeks to arrive. The post office supplies free Priority Mail boxes and you can print postage labels from your home computer. If you won’t be at your home to accept shipments, you can send them c/o general delivery to your local post office and pick them up when you arrive.
If you choose the “do it yourself” method of moving, you need to contact one of the shipping companies that provide containers. Matson is probably the largest container shipper with reliable rates and frequent ships coming in and out of all ports in Hawaii. Another large carrier is Young Brothers. Both of those companies ship cars but we will talk about that in a separate post.
If you are considering a moving company, there are some that specialize in Hawaii moves and one of the most used companies for moves to Hawaii is West Point Relocation. Aside from them, most full service moving companies can and do ship overseas. For instance, if you have a typical 3 bedroom mainland home, you can expect a price of between $20,000 and $30,000 to have a full service door to door move from a West Coast Port. This would include packing and crating services, loading the containers, shipping the containers and then unloading, assembly of furniture and some unpacking and uncrating. You can also ask for a discounted bid if you are doing your own packing, but keep in mind that the professionals use higher grade boxes and ones that are made to stack 14 feet high to fit into containers. Get at least three bids and be sure you are comparing “apples to apples”.
Occasionally there are logistical impasses that may require your goods to be shuttled from your home or to your new home. Check with the moving company and be sure to tell them anything that will effect the move such as extra flights of stairs, narrow door ways, winding, dirt or bad roads and driveways where a container may not be parked close to the house. If you do this you will not have a surprise bill.
When choosing a moving company, be sure you are using one that is well established and that you can check references. Because of the economy, some moving companies are closing their doors and the less reputable ones are using day laborers and cutting corners. You want to be sure that the crew that works with you are employees of the company and that they are bonded.
How long will it take for your goods to arrive? Typically from the day they are loaded at the port, they could take between 2 weeks to 6 weeks to be delivered with the average at about 3 weeks. You may want to pre-ship some household goods to your new home so that you will have some of the necessities you need to live while waiting for your goods. If you are not having a full service move, you should be able to have your container in your driveway for as long as 5 days for unloading. Remember, this container is about 5’ off of the ground & does not have a lift, so you will need to rent or make ramps.
There obviously has to be some criteria for thinning out your possessions unless you have a large budget. Basically, if it is electronic and older than 5 years, it is probably better to replace it here. Some furniture does not do well here, leather and anything with metal on it is going to have some issues in the Hawaiian climate if you do not have central A/C going most of the time. The same goes for your leather shoes, “stainless steel” items that are not of the highest grade and books. Some art work may need to be re-framed to humidity controlled framing.
If you contact me, I would be glad to put you in touch with some customers who made the move here. Also, there are Big Island online forums like Kona Web, Puna Web and Puna Online where you can ask questions about movers and other related issues to people who have faced the gauntlet as you soon will. Remember, Hilo Brokers will also be here to assist you in making your move easier.
Huge Library of Hawaii Aerial & Scenic Images May 14, 2009
Posted by Kelly in : About Hawaii, Big Island Hawaii, General, Hawaii Travel, Resources, Updates , add a comment
We now have a HUGE library of aerial and scenic images for all the Hawaiian islands posted and available for viewing. This includes the Big Island, Maui, Lanai, Molokai, O’ahu, Kauai, Niihau, Kahoolawe, Kaohikaipu, Kapapa, Lehua, Manana, Mokapu, Mokolii, Mokuhooniki, Mokulua, Moku Mana, Molokini and Okala. We also have whale, surf and ship photos!
All of these images are presented in a very easy to navigate sorter. Choose your Island from the Island Overview Map, then choose your view. Or view as a slideshow from any image view.
You can view directly using this link or by going to www.Hilo-Brokers.com and clicking the “Resources/Coastline and Scenic Photos” link.
All images provided by Brian Powers and www.hawaiianimages.net (and high quality images are also available for online purchase if you find one you like).
Two up to the Volcano April 13, 2009
Posted by Aaron in : About Hawaii, Aloha Rider, Big Island Hawaii, Updates , add a commentPosted by Guest Contributor: Aaron Geerlings
Spring Break, the time when most college students dream of being in the tropics enjoying their week of vacation. But what do you do if you already live in the tropics? Well in my case … invite someone to join you!
My longtime friend joined me here in Hawaii for March 17-22 to enjoy the warm tropical weather. Coming from San Francisco, after a rather cold winter, she was really looking forward to some warm sandy beaches and gorgeous riding. As a fellow rider, she was rather disappointed to be riding on the back for our excursion to Volcano National Park, but afterwards, she felt it was worth it.
We started out in Hilo and headed straight to Volcanoes National Park. The park is south of Hilo, about 45 minutes along Highway 11. On the day we went out, it was a tad wet with the occasional light sprinkle, but nothing of any real concern.
Volcano National Park is a wonderful place, decent roads, fantastic views and, of course, volcanoes. Although getting to where the fresh lava can be viewed is difficult and requires significant more time and energy, the crater that can be viewed from Jagger Museum is spectacular as you can see the steam, ash and smoke. When you travel on Chain of Craters Road you can see all the old lava flows, as well as cinder cones and craters that used to be lava lakes!
On the way back we stopped and walked through Thurston Lava Tube — too bad it was too dark to shoot video!
Map of the Ride
It was a great trip and involved seeing some great views, as well as some great roads. For any of you fellow riders out there … if you haven’t taken this ride, definitely plan to!
Kailua-Kona to Kealakekua Bay March 16, 2009
Posted by Aaron in : About Hawaii, Aloha Rider , 3commentsPosted by Guest Contributor: Aaron Geerlings
It was a beautiful day in sunny Kailua-Kona when Kelly and I met on the small beach parking lot across from King Kamehameha Beach Hotel to cruise the Kona Coast.
Map of ride
The tourist action was in full tilt mode as a cruise ship disembarked their passengers. Lei makers were peddling their wares and tour guides were propositioning tourists. It was not 100% sunny weather as a slight overcast was just enough to take away the harsh glare of the tropical sun. Not too hot - basically it was perfect for an afternoon of great riding.
We cruised along Alii Drive checking out all the great places to eat, the good looking women and the sunny beaches that are intermittent along the 2 mile stretch.
After downtown Kailua-Kona we begin passing Kahului Bay, Holualoa Bay, and Magic Sands Beach. Magic Sands is named such because the sand comes and goes on depending on the weather and intensity of the surf. Some days it is nothing but a rock outcropping and other days it is a beautiful sandy beach.
Alii Drive eventually dumps you onto Highway 11, which merges into Highway 180. Highway 180 winds along the coast at 35-45mph - it’s a great leisurely cruise that really lets you soak up the scenery and fresh air… Hawaii riding at its finest. Although this road is narrow and winds through various small towns that inevitably slow down traffic, this adds to the enjoyment as it forces you to slow down and enjoy all the great sights: coffee trees, old historic buildings, local residents, fantastic landscape and great views.
We eventually got to the turn off to our Kealakekua Bay - Napoopoo Road. This road is a fantastic ride as it winds down to the coast with many twists and turns. The views overlooking the Bay and south along the Kona Coast are spectacular. After a few miles you eventually get to Kealakekua Bay. This is simply a stunning sight. The bay and surrounding historical state park is amazingly pristine and gorgeous. Kealakekua Bay is the location where Captain Cook was killed by the Hawaiians in 1779.
After enjoying the scenery and shooting some video we headed back up to the highway where instead of taking highway 180 back we took the old Mamalahoa Highway to Waimea. This old road is a great ride as well - it gently rolls through Big Island Country Club and Parker Ranch before finally arriving at Waimea.
We show up just in time to miss the clouds rolling in… what a great ride!
Heading to Kona for West Side Riding Turf March 4, 2009
Posted by Kelly in : Aloha Rider, Big Island Hawaii , add a commentAaron and I are riding over to Kona today to film some west side riding turf. There are so many great places to tour it’s hard to decide where to go first.
We also plan on doing a session on dirt bikes - maybe a scramble up Mana Road on Mauna Kea Mountain.
This is a great island to be a motorcycle junkie. More soon…
Kelly
