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How to Reclassify a Condo From ‘Hotel Resort’ to ‘Residential’ and Vice Versa

When a condo on Oahu is classified as ‘Hotel Resort’ the owner is allowed to run short-term rentals (rentals less than 30 days), subject to the condo House Rules not stating otherwise, and the property tax rate will be 1.39% of the condo’s total assessed value. When a condo is classified as either ‘Residential’ or ‘Residential A’ – the two residential tax rates we have on Oahu – the property …Read More

Stunning Condo Remodel – Before & After Photos

Our client was looking to purchase an investment condo in Honolulu. Ideally a property with the possibility to enhance the Cap Rate and long-term appreciation potential. Our recommendation was to identify a ‘tired’ condo in a building that allows short-term vacation rentals, boasts great ocean views and remodel it. Our client liked the idea and we started the search! The idea was to create a stand out remodel (something that …Read More

Seller’s Real Property Disclosure Statement on Oahu

The purpose of the Seller’s Real Property Disclosure Statement is for Seller to disclose to Buyer, as required by law, any material fact concerning the property. Material facts are defined as “any fact, defect, or condition, past or present, that would be expected to measurably affect the value to a reasonable person of the residential real property being offered for sale.” Seller: When in doubt, disclose! Just because your ice …Read More

Guide to Hawaii Condo Insurance: The HO6 Insurance Policy

Interpreting insurance coverage can be complex and condo insurance is no exception.  There seem to be many “grey zones” and “it depends” scenarios that are left for insurance experts and legal professionals to interpret and decide upon. Yet with a little knowledge, you can and should make these important decisions with the assistance of a trusted insurance broker. This post presents the nuts and bolts of the HO6 insurance policy, …Read More

The Truth How Listing Agents Find a Buyer for Your Home

Through meetings with various Sellers over the past 5 years, I noticed a number of Sellers think: 1) Agents working at larger real estate firms are better positioned to represent them and 2) a listing agent’s major added value is in the agent’s ability finding a Buyer himself / herself. It is time to shed some light on the realities of how the market works.  I  hope it will help you …Read More

Koula Condo: Newest Luxury Condo in Ward Village

Koula is the latest luxury condo project in the planning within Ward Village.  Sales may possibly launch as early as December 2018. For more information please email new condo project expert Kristian Nielsen (RA) Kristian@HawaiiLiving.com. Koula in Brief Number of Units: 571. Stories: 41. Unit Configurations: Studio, 1BR, 2BR & 3BR. Prices: To be determined. Sales: Expected to commence late 2018 or early 2019. Location: Next to, east of, Ward Village Central …Read More

How I Redecorated My Client’s Condo To Get Top Dollar

I represented the Sellers of a 2 bedroom condo in Honolulu, which sold for $1,470,000 today – April 10th, 2018. The condo had previously been listed for sale with two other real estate agencies – most recently listed at $1,300,000 –  before it was taken off the market October 2016. When I saw the unit for the first time – summer 2017 – it appeared in a good condition, but …Read More

How Is Assessed Value Determined for New Condo Developments in Honolulu?

An appraiser from Honolulu’s Real Property Assessment Division will determine the assessed value of a property on October 1st of any given year. The appraiser will look at 5 comparable sales (ideally comparable sales in the same building, but could also be comparable sales in other buildings), which have sold prior to June 30th and then also take in to account any possible market movements July through September to determine …Read More

Nuts & Bolts of Hawaii’s Real Estate Purchase Contract  

This overview of the Hawaii Real Estate Purchase Contract covers major parts of the contract in an easy to understand format with simple explanations. I will review highlights of the contract  and focus on key parts.  To keep things simple, I will reference a range of days typically used for the contingencies. Review of Key Sections of the Purchase Contract Page 1 (top part of page) Items written by hand …Read More