About Honolulu County, HI

First-Time Homebuyer Credit Extended

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information

Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit:

• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

First-time buyers, First-Time Homebuyer, home buyers tax credit

Listing Alerts - Honolulu Condos

Aloha!

Please view the links below for this week's Listing Alerts.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as:

• Lender Owned Property Listings
• Foreclosure Property Listings
• Short Sale Property Listings

Also, please feel free to visit our website, one of the most complete Honolulu Condominium Directories available online at www.HNLCondos.com.

NEW HONOLULU CONDO LISTINGS: These condo listings are new listings that have come on the market for sale, since our last newsletter, dated October 28, 2009.

ALA MOANA NEW CONDO LISTINGS

DIAMOND HEAD NEW CONDO LISTINGS

DOWNTOWN/CHINATOWN NEW CONDO LISTINGS

KAKAAKO NEW CONDO LISTINGS

KAPIOLANI NEW CONDO LISTINGS

MAKIKI NEW CONDO LISTINGS

WAIKIKI NEW CONDO LISTINGS

To view all Honolulu condo listings please visit the MLS Search page on our Website or set up your own Listing Manager Account.

DISTRESSED HONOLULU CONDO LISTINGS: These distressed Honolulu condo listings include REO, or lender owned properties, foreclosures and short sales. New Listings are new this week, since our last week's newsletter.

Please click here to read a complete definition or description of Lender Owned, Foreclosure and Short Sale Properties .

LENDER OWNED PROPERTY LISTINGS - ALL

LENDER OWNED PROPERTY LISTINGS - NEW - no new listings this week

FORECLOSURE PROPERTY LISTINGS - ALL

F ORECLOSURE PROPERTY LISTINGS - NEW

SHORT SALE PROPERTY LISTINGS - ALL

SHORT SALES $0 - 200,000

SHORT SALES $200,000 - 400,000

SHORT SALES $400,000 AND OVER

SHORT SALE PROPERTY LISTINGS - NEW

Having trouble with links? Click here

Honolulu Condo Buyers - Great News!

Summary of the Tax Credit Bill, HR 3548

The Senate has voted last night (11/4) to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30. The House is expected to schedule a quick vote on the bill as early as today 11/5 as part of a package that also extends unemployment benefits for people out of work more than a year. The White House indicated that the President will sign the legislation.

How the homebuyer tax credit would work:

· Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

· Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

· Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

· Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

· How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

· New anti-fraud limitations imposed.

· Cost: $10.8 billion.

Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill.

November 4th, 2009 categories: Honolulu House For Sale, Honolulu Real Estate 101

As a Honolulu Realtor, I am always looking for the right home for the clients that I am working for. In the last week, I saw two Honolulu homes come on the market that might meet the needs of two of my buyers. It is amazing to note that both sold within days of coming in the market! One was located in Nuuanu and the other in Hawaii Kai.

CLICK HERE TO READ THE ENTIRE POST.

We just had some friends fly over from the mainland to visit Oahu, Honolulu for the very first time. Although close friends, they felt much more comfortable staying in a hotel in Waikiki, just walking distance from where we live, but having the freedom to explore on their own.

Thier visit made me realize what some proper guidelines might be for exploring and seeing all that Oahu has to offer.

Most folk's first trip to Hawaii consist of staying in a high-rise hotel in Waikiki, visiting the beach, enjoying the nightlife, and seeing all the sites in group tours and shuttle buses. This can be quite fun, but without a car you miss a lot.

Most people avoid car rental because traffic is a problem and there is little parking. The island is small, but really crowded. Except for the three freeways that crisscross the island, you can't call them interstates since there are no bridges to the mainland, there are only two lane roads with low speed limits and lots of other folks trying to get places as well. It is also a common belief that there are actually only two available parking places left on the whole island.

OK, so what's the problem? You are on vacation. What's the hurry? And, the goal is to see stuff outside of the tourist bustle of Waikiki. There is always a place to park along the North shore beaches. Hotels usually have underground parking which you often have to pay a little extra for and are tiny and a real adventure trying to squeeze your car into. But, again, it's your vacation. What's a little extra cost and adventure is what you are looking for.

Waikiki is much like an amusement park. It's like Disney World without the rides, but with miles of beach. It is full of sun-screened tourist and half naked young people with sand in their hair dragging surfboards twice their size. There is food and entertainment and lots of shopping. It is so much fun, but also weirdly unreal. Every once in a while you are tempted to rap on one of the walls of one of those finely architectured buildings to make sure there is no fiberglass involved. It's a surreal world.

If you are curious to find out about the rest of the island, hop in your car, take your time, and enjoy what many others never see. Here are few of the possibilities:

- Drive around the rugged east side of the island. It is a bit of a roller coaster ride along the towering cliffs and rocky shoreline. Stop often and enjoy the natural beauty of wild ocean waves crashing against stony walls producing great geysers of foamy spray.

- Lay for hours on end on a North shore beach, watching surfers battle the endless waves crashing on the sandy shore. Sure you can see surfers at Waikiki, but the waves are wilder and the surfers seem more daring on the North shore.

- Grab a shrimp platter lunch from one of the shrimp trucks just outside of Kahuku. It's a tasty meal in a rustic setting. It takes a car to get there. I don't think you can get the tour bus to stop. There is nothing like it in the big city.

- Enjoy some leisurely hours rambling around Hale'iwa, shopping, eating chocolate, shaved ice, or great hand dipped ice creams from one of the funky little shops in this quaint little village. Don't miss the surfboard painter who plays some cool jazz and blues music with his family in his studio workshop when he is not producing artwork.

- Spend a half-day wandering in the Waimea Valley Audubon Center. There is lush tropical plants and some wildlife and you can even take a dip in the pool at the base of Waimea Falls. It's kind of like that being stranded in a tropical paradise dream you have every now and again. But it's only the North shore.

- Hit one of the weekly Aloha Stadium Swap Meets. It's a giant flea market/sidewalk sales where you can get all those Hawaiian shirts, and other souvenirs for about half what you pay for them downtown. Stuff your trunk and ship them home. You can't do that if you are riding the bus.

- If you get homesick you can even drive through a fast food place or spend the day at Wal-Mart or the mall. There is always someplace to park at the mall.

Oahu is a pretty small island and the public transportation is really quite good. You can see a lot on the bus and there is lots to see. But with a car you are in total control. This little list tells of only a small sampling of the possible things to do if you are in control of your mobility. The key is to be an explorer. Find your own adventures. Get behind the wheel. It's vacation.