Hale Kawainui; House of Big Waters July 21, 2009
Posted by Kelly in : Featured Listings , add a commentI want to take you somewhere very special on the Hamakua Coast. Come with me to see this very special estate.
Just off of the Onomea Scenic Drive sits a magical estate where beauty and craftsmanship reign, awaiting the future owner of this gem of Hawaii.
Kawainui Estate is a 14.5 acre dream come true for a gentleman farmer, orchid grower and lover of life in paradise. Come with me as I show you some of the amazing features of this custom estate home.
When you enter the gated drive, immediately you see that there is ample parking and a spectacular entrance to the home. As you pass the citrus and Macadamia Nut Orchards, large specimen palms come into view and then you see a custom piece of artwork which is in fact the massive front door to this palatial tropical home.
The doors are a huge wall of copper and bronze screens with hand sculpted metal art which mimics the many wild vines found in the pali next to the property.
As you enter through the metal art doors, there is more art and craftsmanship in every direction. This house was crafted with the concept of beauty from nature reflecting in every room. From the vaulted cathedral ceilings to the slate floors there is beauty and light in every part of the living space, which opens up to the outdoors through telescoping doors and screens.
The massive living room has exquisite exotic hardwood display cabinetry as well as many pieces of art & furnishings by master wood artist, Perry Policicchio. Perry spent several years creating the cabinetry, furniture, and artwork throughout the house. His touch is evident in every part of the estate. His work is featured in exclusive galleries around the islands and his commissioned pieces, such as those featured in this home, are in high demand. Just having his logo on your cabinetry is a sign of excellence in the art of wood working. His pieces continue to escalate in value and are in high demand.
Off the entrance room is one of Perry’s first challenges, an all Koa powder room. Even the sink is made of Koa. It is both a room of warmth and exquisite artistry, the perfect place to let your guests know just how much local art is a priority in your home.
As you enter the home you will find that it opens into an emerald green space outdoors. While the home is on 14.5 acres, it also looks across to an amazingly beautiful rainforest conservation area over the Kawainui River, resplendent in palms and foliage and with a restorative tumble of waterfalls below. The sound of water and birds completes the ambiance of Kawainui Estate’s charms.
While we are talking about the outdoor spaces around the main house, we must include a beautiful natural stone multi-level infinity pool with waterfalls and pools. From here, there is also a Tiki lounge over looking the river. The lounge is screened-in and has a fantastic view of the waterfalls below. It is a great place for cocktails and parties. 
Among the outdoor amenities are luxurious grounds and a second more traditional “blue” pool, just steps from the master bedroom with a secluded landscaped lanai.
Back inside the house you will find a master suite that is as large and luxurious as a small home, complete with office, sitting room and library. With walls full of custom cabinetry and a fully draped bed, touches of luxury are evident everywhere.
The master bath is spacious and well appointed with custom Koa cabinetry and a deep soaking Japanese bath, as well as a huge shower area and a massive walk in closet.
In the kitchen and dining area there are custom Koa cabinets which include a Sub Zero, dishwasher and ice maker covered in Koa. Ample countertops blend in well with walls of windows overlooking the Pacific. There is a custom Koa table embellished with a giant pineapple. A dining lanai with an ocean view completes this very special kitchen.
A huge walk in pantry is a big plus, as is the ample laundry room, which opens onto the breezeway leading to the guest quarters.
The Tea House was meticulously created with authentic detail. 
It is a one bedroom guest house integrating custom Soji screens and a multitude of cabinets in the full kitchen designed by Perry Policicchio. Perry also built antiqued gates to the Tea House, which makes it seem as though it is ancient. It is a delightful traditional space surrounded by exquisite Koi ponds, bonsai and gardens with unobstructed ocean views of Keaukaha Point.
There is also a free standing spacious 2 bedroom, 2 bath guest quarters adjacent to the garage.
The massive grounds include acres of macadamia nut trees, avocados, rambutan, bananas, citrus and papayas. There is a large barn and storage facility next to the state-of-the-art tissue culture lab for orchids and other exotics, as well as a fully functional adjacent green house and lath house space. There are also dog kennels near the green house.
Take a virtual tour of Kawainui here:
If you would like to make an appointment to view Kawainui Estate, call Kelly Moran at Hilo Brokers 808.969.9400.
July 2009 Newsletter – Hawaii/Big Island/Real Estate Updates July 2, 2009
Posted by Kelly in : 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 : 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 : 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 , 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.
