About Honolulu's Hawaii Kai

A new forecast released by the University of Hawai'i Economic Research Organization says some smaller Asian economies are leading a rebound, but that larger nations, notably the U.S. and Japan, will have less growth.

"The anticipated slow pace of global growth will likely mean a sub-par recovery for Hawai'i," said the report being released today. The forecast concentrates on global economics and is a predecessor to one focusing solely on Hawai'i that will be released next month. One positive is the stronger yen against the dollar, which might result in higher Japanese tourist spending.

Experts agree that Hawaii's rebound from the economic doldrums will depend on the state's leading industry, tourism. "Growth has also returned to the U.S. and Japan, but the depth of the decline, lost household wealth, and lingering credit problems mean that full recovery will take a number of years," the UHERO forecast said.

Read more at Honolulu Advertiser.

With the tax incentives for buyers and homeowners just passed into law, it's a great time to take advantage of our high inventory and reduced prices. It's only a matter of time before our economy - and housing prices - recover. Don't lose this opportunity.

Google announced that O'ahu and Maui are the latest venues covered by Street View, which allows Web users to go from a map view of a spot on Oahu or Mau to zoom in and see what it looks like from ground level. Hawai'i is the 50th state to get the Google Street View technology (the the year of its 50th anniversary of statehood).

The Hawai'i images were captured this summer by a car rigged with an 8-foot-tall stalk topped with a ring of cameras. Now you see your own house, and can rotate the image to see houses on the other side of the street.

Laura Melahn, Google product marketing manager, said in the Google blog, "Being born and raised on O'ahu, I like to think we saved the best for last. With our imagery of O'ahu and Maui, you can now take a virtual vacation to white sandy beaches, revisit special places from your honeymoon, or plan your next getaway. We've worked with the Hawai'i Visitors and Conventions Bureau to create collections in our new Street View Gallery featuring Hawaii's best beaches and hometown favorites of President Obama."

To use the feature on Google maps, drag the orange man icon on the upper left corner onto the spot on the map you'd like to see from ground level. When you open Google Maps, click on "Welcome Hawaii" and the Gallery opens. You can enjoy photos of Sandy Beach (see my earlier post on the high surf there this weekend), Hanauma Bay, Makapuu, and more. To use Google Earth, download Google Earth 5 or open the program. Then zoom in to your favorite Oahu or Maui location, visit Hawaii Kai, and you'll see why it is such a special place. Call or email for "on location" 1st hand information about life in our beautiful Islands.

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

View from Plaza Hawaii Kai Plaza Hawaii Kai

The condo market in Hawaii Kai adjusted downward slightly in October, from 21 sales to 16. Low sale was $365,000 for a 1 bedroom/1 bath in the Heritage House on the 10th floor, and high sale, $615,000 for a 2 bedroom/2 bath in Plaza Hawaii Kai on the 9th floor.

For single family in Hawaii Kai, 26 sales closed both in September and October. This past month, the low sale was a 3/2 zero lot line detached home in Kalama Valley, and the high sale a $2,500,000 sale of a view home on almost .5 acre in Triangle.

To learn more about these condo complexes and neighborhoods, request the free reports for each on my site. I can give you current sales statistics on any community in Hawaii Kai.

Wouldn't you like to wake up to one of these views every day?