In an action this afternoon by the City Counsel of Honolulu, the moratorium on Bed and Breakfasts for Oahu has been lifted. It was decided in what was called a "Work In Progress" that those Bed & Breakfast operations on Oahu that were in operation on or prior to February 2008 would be eligible to apply for a Bed & Breakfast License to operate legally.
This is great news for those operators that need the income their home businesses produce. Another great feature of todays action is that it specifaclly says that "Neighborhood Vetos" will NOT be allowed. It is thought that because of the budget shortfalls of the City and County of Honolulu, that this is a first step in allowing these wonderful businesses on Oahu and that as the bill evolves, Bed & Breakfasts licenses will be allowed for anyone that would like to apply for one.
There are some neighborhoods on Oahu that have been Bed & Breakfast favorites, like Kailua with its white sandy beach and on the North Shore of Oahu. Investors that would like the income of a Bed & Breakfast business on Oahu should act quickly before investor purchases drive up Hawaii Real Estate prices.
To do a search for homes that might be a perfect fit for you and a Bed and Breakfast operation, simply click on the photo of Mike & Gayle and we wish you Happy House Hunting. If you would like more information about today's action by the Honolulu City Counsel or on Hawaii Real Estate, please call us anytime.
Warm Regards-
Mike & Gayle
Gayle Fujita Ramsey, RA 808*388*1485 Hawaii Realty Group
Mike Ramsey Fujita, RA 808*630*1828 Hawaii Realty Group
Aloha,
Mike and I hope you had a fantastic Labor Day weekend. There are 100,000 first time Home-Buyers looking for their Dream Homes right now and time is "Ticking Away" for them to take advantage of the gonvernment's $8,000 First Time Home-Buyer's Tax Credit!
We also wanted to let you know that if you haven't owned a home within the last three years you may qualify for the $8000 tax credit that is being offered for first time home buyers. This is a true credit which means if you owe $1500 in taxes next year when you file your 2009 Tax Returns and you qualify for the full amount of the tax credit you would actually receive $6500 back as a tax refund.
If you are thinking about getting a new home under this wonderful program and have not had the time to speak to a lender, we understand how busy we can get; however, if you don't want to miss this opportunity of the tax credit we implore you to make the time as soon as possible. We would hate for you to miss out on this credit being offered if you qualify. 
The deadline to qualify is December 1, 2009. We must have recorded and title of the property must be in your name by this date, so plan on needing to be IN escrow by October 15, 2009 as it takes an average of 45 days to close, which would put you right up to the December 1st deadline. If you have any questions or need further assistance regarding this matter please feel free to give either Mike or myself a ring. We look forward to hearing from you soon.
Gayle Fujita Ramsey, RA
808*388*1485
Mike Ramsey Fujita, RA-808*630*1828
Leasehold (LH) v. Fee Simple(FS) v. Fee Available (FA)
In the state of Hawaii we have land that is conveyed in a two types of tenures. There is Fee Simple which is what property in the mainland is conveyed in. This means that when you buy the home you also own the land or interest in the land if you are buying a condominium or town home.
Leasehold property means that you only own the improvement on the land, not the land. For example, if there is a single family dwelling on the land then you only own the home and the land is owned by someone else. This often means you have to pay an additional fee every month called the Lease Rent. Basically, you are renting the land from the land owner.
This lease rent can range from a very low amount to a very high amount. For instance there are lease rents below a hundred dollars a month, to a property in Kahala that is over a thousand dollars a month.
Leasehold was created at a time in Hawaii when property was too expensive for individuals to purchase and instead of selling off the land the land owners decided to rent out the land and sell the homes on them. This allowed the land owners to increase their land value. However, this system was created 40+ years ago and many of the leases are now terming out.
This means that there is often less than 30 years remaining on the lease and some are even expiring. The problem for buyers and sellers when the lease amount is less than 30 years is that mortgages are difficult to obtain and will only be giving for a certain term with a cushion. For example, say there is 20 years on the lease remaining. The mortgage company will give you a mortgage for 15 years. Different mortgage companies vary in the cushion they need so this number may vary. However, what it comes down to is that you can't obtain a 30 year mortgage on a property that is sold in leasehold with less than 30+2-5 years remaining.
The other hurdle to overcome is when the lease rent is going to be bumped up. Throughout the life of the lease rent there are step ups in the lease hold portion. This means that your lease rent maybe $200 a month but in three years it will possibly change. No one can tell you how much it will increase and banks will look at when the next step up is scheduled for when considering your mortgage. Generally the lease rent is set for a period of ten years.
What this all means is that if you are considering a leasehold property you will possibly have a shorter term mortgage, which means your monthly mortgage amount will be more than if it were amortized over 30 years. Also, that when calculating if you can afford to purchase the property, the lease rent amount will be calculated in and this will often mean less buying power.
The great thing about leasehold properties is that their sales prices are often much lower than fee simple properties and there are still a few situations that are great opportunities for a buyer. Word of caution though; make sure you really understand what you are getting into and the circumstances of the lease portion of the property.
Land is not conveyed in Fee Available (FA) but if you should see this under tenure on an MLS sheet provided to you by your Realtor, what this means is that the fee is available for purchase. If at all possible, we highly recommend purchasing this at the same time you purchase the property; by doing so you will be buying in Fee Simple which is the best tenure to buy in. You would want to add the Fee Purchase Price to the List Price of the property to be sure you are not thinking of Over Paying for that property. Compare the added amount to other properties that have sold over the last several months. If your price is high, lower the offer on the Condo or Home. The price of the Fee Portion of the purchase is most often not negotiable.
Should you have any questions regarding tenures in Hawaii please feel free to contact Mike at 808-630-1828 or Gayle at 808-388-1485. We have successfully negotiated the simultaneous closings of homes and the fee portion for the property. We will be happy to work for you.
It is funny how situations come up that remind you of the proper way to do things. Gayle and I are Realtors in Hawaii, Oahu to be more specific. Being Realtors, we as all Realtors do, pride ourselves on our "Customer Service". The big question is what is "Customer Service"?
The flat out answer is that Customer Service is different to all people. Every client has their own, often-unique perception of what they think it is. In turn, every real estate professional has his or her own idea of what customer service is too. So how does one provide excellent "Customer Service" if it is different to all people?
Well, one has to start with a "Base Line" of customer service founded in professionalism. This means returning calls promptly, as well as emails, continually educating oneself about the market and technology, informing and educating your clients throughout the buying or selling process, listening to your client regarding what is important to them, and always putting your client's needs ahead of your own. That is the base line for good customer service.
Then we get into how we do our jobs and the position we take in providing excellent service. This afternoon, as we were leaving a signing downtown, an old friend who is a local attorney passed us in the lobby of the building and stopped to say, "Hi". As we were chatting, he could not hold in his frustration any longer. He needed to vent. He explained that he had been looking for a new home for some time and his best friend was his Realtor. They had finally found a home and wanted it so badly that he actually offered $10,000 over the list price. His agent wrote up his offer, suggesting the deposit amounts and so forth.
The offer went in and the seller accepted another offer for less money. It seems that the other interested party had offered to put more money into escrow as the initial deposit and a hefty additional deposit to boot which made the other buyer look more qualified. Our friend's agent never explained how larger deposits will impact the seller's decision when comparing offers. A great agent will educate his/her client all the way through the process so that client can make better, more informed decisions. This is a HUGE part of excellent customer service.
In today's market, you need...strike that...have to have a great agent. There are not many "Cookie Cutter" contracts or deals any more. We shake trees and WORK HARD for our clients and never assume they know the "Hows & Whys" of any part of the buying and selling process. We always work to maintain open communications with our clients. Successful transactions depends on educating and informing our clients regarding the real estate process and then allowing them to make the decision on what best fits their situation. Educate.
Mike Ramsey Fujita and Gayle Fujita Ramsey are Buyers and Sellers Real Estate Agents in Honolulu Hawaii. With 20 years of experiance between them, they have seen every nook and kranny of the Island as well as markets rise and fall. With the combination of high real property inventory levels and low interest rates, this is an excellent to purchase a home on Oahu. They would love to work for you, please call them at (808) 630-1828 today.
Calling All Interneters!
I know that there is a property on Oahu that is not on the market now (if it were, I would have found it already) with a property owner that thinks he or she might be willing to sell it. I have a client that needs a property with 5 acres or more where they can live, keep their horses, grow some veggies and raise their kids.
There are some properties that are vacant land without any kind of structure built on it, but in order for this transaction to work their has to be a structure on it and has to have been there for at least one year.
Water catchment systems are fine and we can run from a generator or run electrical into the structure...but there has to be a structure.
If you own such a property or a larger piece of land and would be willing to "Break a piece off" to sell, please call me ASAP. My number is (808) 630-1828. My email is Mike@GreatHawaiianHomes.com. If you want to know how we are, check us out at http://GreatHawaiianHomes.com.
Thank you for your time, I understand this is an unusual way to find a property for my clients, but then these are unusual times we live in...
Cheers-
Mike
 |
|
|
Hawaii Realty Group is where you'll find Mike & Gayle http://GreatHawaiianHomes.com They are Residential Property Specialists, Hawaii MLS Members and Concierge Level Service is their specialty.
Hawaii MLS Michael Ramsey Fujita and Hawaii MLS Gayle Fujita Ramsey, Realtor-Associates, are Award Winning, Top Producing Realtors. They work with Hawaii Realty Group and have offices across Oahu.
Mike was the past Vice President for Realty Executives Oahu and Gayle, the Director of Realtor Development, wrote Realty Executives Oahu's "Executive In Training" Program training manuals and teaching guide lines, before they joined Hawaii Realty Group. They are also Residential Property Specialists for Hawaii Realty Group (HRG). This means that they are not only licensed by the State of Hawaii, but that they have far exceeded their set of Established Performance Criteria in the areas of Luxury Homes and Single Family Homes Marketing and Sales. Basically, without all of the fancy words and professional terms, this means they can handle all of your Real Estate Needs whether you are looking to buy or sell property.
Mike and Gayle were the Top Producers for REO for 2007 and 2008, are members of the Top 1% Club and have won numerous other awards for Customer Service and have even won the coveted "Best of Honolulu" and are active members of the Hawaii MLS. When you work with Mike and Gayle you can expect to find Real Estate Professionals that will Listen to you, Creative and Aggressive Marketing and Execution of the Plan and Strategy the Created Just For You, Realtors that put themselves out there and make it easy for other Realtors to show their clients your home, Insightful Recommendations and Advice and PROMPT call backs when you phone them with questions, if they were unable to pick up your call when you made it; just to name a few things that set Mike & Gayle apart from other Real Estate Professionals. The Key to their success is Mike's ability to get the details about your property in front of Qualified and Ready Buyers. Mike and Gayle's success as a Buyer's Agent comes from their ability to find properties, which at times were not even on the market, for their clients.
Mike and Gayle are Marketing Experts. They spend far more of their own money on Marketing than most other Real Estate Professionals. This expense is NEVER paid by their Clients. They can do this because most agents have to pay a large percentage of their commissions to their Brokers or the company they work for. Mike and Gayle do not have this expense so they spend that money on Advertising and Marketing. The end result is that their clients win.
Mike and Gayle are Residential Property Specialists for Hawaii Realty Group and work with the Hawaii MLS. Mike has been in Hawaii for thirty years and Gayle was born on Oahu. They know every nook and cranny of the island.
Each area of Oahu, Honolulu City and County, is different. Schools, Shopping, Entertainment, Restaurants, Child Friendly Neighborhoods, Pet Friendly Buildings, Laid Back Lifestyle, Busy City Living. Each client we work with shares with us those things which are important to them and then we go and find the properties with the right fit. Often, their clients will want to be in a specific neighborhood on Oahu and the right home is not on the market. This is when Mike starts to Knock on Doors. They will go to nearly any length to fill their clients needs.
Mike and Gayle's main area of Expertise is simple. It's making their clients Smile.
Mike and Gayle went above and beyond for us. We have sold two properties with them and we are very happy we did. RSF 2008
I was on the Mainland so Mike emailed me dozens of properties to view. I flew over to Honolulu and I wanted to see 12 of the properties in one day and Mike made it happen. There was one property that I loved and we were in escrow the next day. I own many properties in California and Washington State, Mike and Gayle were the best Realtors I have ever worked with, I feel like I got Two Realtors for One! CC 2007
I have known Mike and Gayle for years and needed to sell an Apartment Building. I was too busy to deal with most of the process and Mike and Gayle worked around my busy work schedule to make the sale happen! GL 2008
I was a Realtor in Arizona and knew nothing about Hawaii. Mike met us when we got off the plane and took us for an Island Tour. We feel in love with Kailua. Thank you Mike and Gayle. S & C 2007
What We Offer Buyer Clients
Your home is probably one of the biggest purchases you and your family will ever make. Deciding on the right neighborhood, the right time, the right amount of mortgage payments you can live with and even which home you will come to know as your own. It is our job to guide you through the entire process. From helping you find the right property to helping with the financing process, to making sure each and every real estate professional you come in contact with is working in your very best interest. This is what you can expect from us:
Our services are FREE to you because the Seller pays all Real Estate Commissions.
When choosing a new home, it will be helpful to know if the list price is Fair Market Value, Priced Over Fair Market Value or a Real Bargain! Our high tech approach to valuation will give you this information Before we even visit the property for the first time.
We will go through the Purchase Contract and ALL Addendums with you before you sign anything. You will also find a great deal of information about the Purchase Contract and its Contingency Descriptions on our website at http://www.GreatHawaiianHomes.com . This way, if you choose to become familiar with this document, you can.
We will give you recommendations on Real Estate Professionals whom are available to you. We maintain NO affiliation with any of these Professionals, they are simply the best at what they do in our opinion.
Buyer's Agent. Every buyer needs a buyer's agent that is dedicated to THEIR best interest. As Realtors, and members of the National Association of Realtors and the Honolulu Board of Realtors, we are duty bound and Licensed by the State of Hawaii to Protect your Best Interest at ALL Times.
We work with Mainland Buyers from time to time. This is easily accomplished by use of Posted Video Tours of homes they have selected to see more of from our emails, emailing of documents, faxing of documents by way of our Toll Free Fax Line, and by excellent communication skills. We have and can also email pdf Slideshows of homes for Mainland Buyers directly to their inbox.
Once we have fully explained the various contracts to you and you make an informed decision as to your acceptance or rejection of them, we will do the face to face negotiating with the Seller's Agent for you to be sure you are getting the best terms the Seller will give. We do our best to keep your transaction as stress free and pleasant as possible.
Not only will we walk through every home together, we will review all inspection reports generated during your transaction. It is important that you know exactly what you are buying and its condition, even inside the walls!
We are proud to have represented a great many families in their purchases of new homes. You will have the full benefit of our years of experience as Realtors acting as Buyer's Agents. We promise not to hold anything back from you...ever.
Our website at http://GreatHawaiianHomes.com is a big advantage to buyers. It explains the buying process in detail and many clients have to us for assistance because they like our website so much. It is very down to earth, just like us. Let's chat over coffee...
What We Offer Our Seller Clients
Actually Selling Real Property in Hawaii is an art. The property must show well and help potential Buyers use their imaginations as they walk through it. They have to see themselves in the home in order to create an emotional attachment to it. On top of this, the home must also be priced correctly. Any Real Estate Agent can come to your home and tell you what you want to hear. Many home owners feel their homes are worth far above Market Value when this is simply not the case. Here are some things that do NOT set Market Value. The Price the seller paid for the home, the amount of money the seller wants to make on the sale of their home, the seller's Pride in Ownership. The only thing that can set the Market Value of a Home is when there is a Meeting of the Minds and the Potential Buyer Offers a Price and the Seller Accepts the Offer to Sell. This mutually agreed upon Price is the Market Value.
It is in your and our best interest to get the best price possible for your home in today's market. If you want to test the market to see if your home will sell at an above market price, we wish you the best of luck, there are thousands of Realtors that will take your listing. We take listings to sell them. We will pull sales of homes that are very much like yours, and determine the "Center Point Price" of all of these homes. We will then Suggest a Listing Price Based on These Numbers.
Here is a list of what our Seller Clients can expect from us...
Open escrow to start closing process (when applicable).
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
