FLOOD ZONES & NATURAL DISASTER INFORMATION IN HAWAII
When purchasing a home in Hawaii, it is important to know what Hawaii flood zone the home is in and the implications of the flood zone designation. What are the risks of flooding and how can you mitigate those risks? Is mandatory flood insurance required and where can you get mandatory flood insurance in Hawaii?
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Flood Zones in Hawaii Under the FEMA Definitions for Flood Zone Designations:
See the Flood Map Legend to the right for additional detail. Flood Zone Maps for Oahu FEMA is currently revising the Flood Zone Maps in Hawaii, so we can expect some things to change over the next year. Flood Insurance in Hawaii Flood Insurance may be advisable for certain Flood Map Zones and federally regulated lenders REQUIRE Flood Insurance to purchase any home in areas designated as a Special Flood Hazard Area (SFHA). A home is considered to be in a SFHA when there is a least a one percent chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. Thus, during the life of a 30-year mortgage loan, the risk of flooding for a home in an SFHA is at least 26 percent. To find out about whether Mandatory Flood Insurance is required, please check with your lender. You can also review the NFIP Mandatory Purchase of Flood Insurance Guidelines for more detailed information about to whom the Mandatory Flood Insurance Guidelines apply (Page 23). Flood Insurance is NOT part of your regular standard Homeowner's Insurance Policy. To find out about the costs and availability of Flood Insurance, please check with your Hawaii Insurance Agent. Contact me and I can recommend a good agent. For More information on the National Flood Insurance Program (NFIP), please go to the following sites: FEMA Flood Insurance Information FloodSmart.gov - The Official Website for the NFIP Other Natural Disaster Information Hawaii State Civil Defense Website - Has information about Tsunamis , Floods & Other Natural Disasters in Hawaii, Evacuation & Disaster Preparedness, etc. Mother Nature Hawaii - Hawaii Hazard Mitigation Forum Website - Oahu Hazard Mitigation - Identify risk and protect your Oahu home from natural disasters |
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Here are some recent statistics on Single Family Home Sales that may give some insight into what is going on in the East Oahu real estate market. Over the past 6 mo, we have seen many more properties getting into bidding wars and/or selling over the list price at the time of sale, especially in Kailua. Many first time homebuyers have finally decided that they want to get in the market and some, who may qualify, are eager to take advantage of the $8K First Time Homebuyer Tax Credit for 2009. Others see this as a very good time to trade up, with interest rates still so low. I expect the market will get a little more crazy in the next few months as the end of year approaches, particularly, in the lower price points and condo market.
Kailua
Price Point
- Under 700K, 47 sold, with 17 (36%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg 76 DOM
- 700K to $1M, 57 sold, with 14 (25%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg 64 DOM
- $1M to $2M, 14 sold, with 2 (14%) AT asking price, Avg sold to list ratio was 93%, avg 116 DOM
- over $2M, 2 sold, with 0 at or over asking, Avg sold to list ration was 95%, 72 DOM
Hawaii Kai
Price Point
- Under 700K, 30 sold, with 6 (20%) AT or ABOVE asking price, Avg sold/list ratio was 95%, avg. 90 DOM
- 700K to $1M, 43 sold, with 11 (26%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg. 79 DOM
- $1M to $2M, 11 sold, with 0 at or above asking price, Avg sold/list ratio was 93%, avg. 139 DOM
- over $2M, 4 sold, with 0 over asking, Avg sold to list ratio was 88%, avg. 113 DOM
Diamondhead
Price Point
- Under 700K, 43 sold, with 9 (21%) AT or ABOVE asking price, Avg sold/list ratio was 95%, avg. 72 DOM
- 700K to $1M, 52 sold, with 8 (15%)AT or ABOVE asking price, Avg sold/list ratio was 96%, avg. 71 DOM
- $1M to $2M, 48 sold, with 6 (13%) AT or ABOVE asking price, Avg sold/list ratio was 92%, avg. 79 DOM
- over $2M, 14 sold, with 0 at or over asking, Avg sold/list ratio was 87%, avg. 84 DOM
Please note: The days on market statistics do not take into account that some properties may be re-lists. Also, the Sold to List price ratios are based on list price at time of sale, not the original list price data.
Not that it was unexpected, but property taxes went up in Honolulu County, Hawaii (i.e., island of Oahu) for the 2009-2010 year. (For other counties, see link below).
The Honolulu County 2008-2009 rate for residential improved property was previously $3.27 per $1000 and went up to $3.42 per $1000 for the period of July 1, 2009 through June 30, 2010. Nevertheless, unless something drastic has happened everywhere else in the country, Hawaii property taxes in all counties are still among the lowest in the country. See, for comparison, Tax Foundation Data for State Property Taxes by County for 2005-2007.
Real property taxes in Honolulu County (Oahu) are determined by taking the total tax assessed value of the property and deducting any exemptions, then multiplying by the tax rate above. The total tax assessed value (Assd Val Total) is the sum of the value of the assessed value for land (Assd Val Land) and the assessed value for the improvements to the property, e.g, home, garage, pool, patios, fences, etc. (Assd Val Imprv).
To determine the approximate taxes for a property they were purchasing, a prospective homebuyer would look at the MLS Full Report, provided by their REALTOR for a particular property and see, for example, the following:
| Assd Val Land: $969,000 | Tax Year: 2008 | Elem School: |
| Assd Val Imprv: $247,900 | Mon Taxes: $305 | Middle School: |
| Assd Val Total: $1,216,90 | Home Exemp: 80000 |
Here, you see the tax value of both the land and the improvements, and the total which is used to calculate the property tax. In the MLS Property Reports, the applicable exemption is in the section Home Exemp. The section, Mon Taxes is an approximate statementof the monthly taxes paid for the Tax Year specified.
The standard exemption for an owner-occupied home is $80,000, which you see in the example above. If the owner is over age 65 the exemption goes up to $120,000
There are other exemptions for low-income older property owners, agricultural properties, and for historic properties, etc. The complete details regarding Home Exemptions for Honolulu County can be found here.
One important thing for homebuyers/homewoners to note --- You do not AUTOMATICALLY receive the homeowners exemption. You must file the appropriate form with the City and County of Honolulu to get the exemption or your exemption will be zero. Your REALTOR should provide you with information about this and/or a form when you purchase your home so that you can receive the exemption. If you miss the deadline of September 30, you cannot get the exemption retrocatively.
Now, you can file or update your Home Exemption Online (in addition to bringing it to a Satellite City Hall or mailing it in).
Property Taxes for State of Hawaii - Includes Honolulu County (Oahu), Maui County, Kauai County, and Hawaii County (Big Island of Hawaii).
How cool! I stumbled across a website that rates the walkability of a particular address: www.Walkscore.com
It uses an algorythm to assign points based on how close various types of amenities (e.g., grocery stores, restaurants, schools, parks, etc.) are to the address. If the amenity is less than .25 miles from the address, it scores the maximum points, and the address gets less points if the desired location is further. No points are given for amenities further than one mile away.
Many homebuyers and renters are interested in finding and living in walkable neighborhoods, as boost to their own health and the health of the environment. According to Walkscore.com, studies have shown that people living in pedestrian-friendly neighborhood weigh less than those who don't. The cost and environmental savings of walking over using a car are readily apparent, but there are also social benefits of a pedestrian friendly hood --- when you are always in a car, you miss a lot of the day to day interaction with your neighbors that you may have if walking the same distance. Walking also can help strengthen local businesses who thrive on foot traffic.
The website rated the Top 10 US Neighborhoods for walking. Not too many suprises here:
How does Hawaii stack up? Well, I tried a few addresses in Neighborhoods that I know to be fairly walkable, to see how it worked:
Waikiki scored 86/100 "Very Walkable" using the address 2465 Kuhio Street, Honolulu, HI
Kaimuki scored 91/100 "Walker's Paradise" using the address 1043 6th Ave, Honolulu, HI
Kahala scored 48/52 "Car-Dependent" using the address 4742 Kahala Ave, Honolulu, HI
Kahala scored 75/100 "Very Walkable" using the address 1030 Pueo St, Honolulu, HI
Portlock/Hawaii Kai scored 66/100 "Somewhat Walkable" using the address 379 Portlock Rd, Honolulu, HI
Kuulei Tract/Kailua scored 66/100 "Somewhat Walkable" using the address 157 Kuumele St, Kailua, HI
Kuulei Tract/Kailua scored 83/100 "Very Walkable" using the address 96 S. Kainalu Dr, Kailua, HI
Keolu Hills/Kailua scored 58/100 "Somehat Walkable" using the address 1032 Kina St, Kailua, HI
Coconut Grove/Kailua scored 66/100 "Somewhat Walkable" using the address 422 Kihapai St, Kailua, HI
In Hawaii, I think it really depends more upon the exact address than the neighborhood, because using various addresses in the same neighborhood will yield different results. At any rate, it is a good resource for people moving to a new location or visiting somewhere they have not been before.
Happy Walking!
Great news for Hawaii REALTORS that handle distressed properties and for homeowners in the unfortunate situation of being behind in their payments and facing the risk of foreclosure! As of Wednesday May 20, Realtors are exempted from many of the provisions of the Mortgage Rescue Fraud Prevention Act of 2008. This is an enormous benefit to distressed homeowners who can now rely on the help of their real estate agent working with their lender to help them sell their home prior to foreclosure.
The Mortgage Rescue Fraud Prevention Act is a law enacted to help protect homeowners that are behind on their mortgage payments from unscrupulous people that attempt to take advantage of the homeowner's predicament by purchasing the home for less than it is worth or otherwise stealing the equity in the home.
The law defines a Distressed Property as one in which the homeowner is at least 60 days deliquent on his/her payments, or at least 90 days delinquent in the payment of taxes, association fees or other encumbrances, or meeting other similar criteria. It provides that a person doing certain tasks for the homeowner must enter into a Distressed Property Agreement with the homeowner and that that person would be considered a Distressed Property Consultant. The tasks covered include things such as helping to postpone foreclosure, negotiating with the homeowner's lender or other creditors, helping protect the homeowner's credit, and other tasks that help the homeowner and which, sometimes, may be handled by a realtor knowledgable in these areas.
The original Hawaii law was modeled after several other similar state laws. However, one of the main differences was that realtors were exempted from the law in other states. So, since Governor Lingle has now signed Act 66 of 2009 into law, Hawaii has now realized that including realtors within the definition of Distressed Property Consultants was not helping homeowners, but rather, hurting them, and has corrected these problems. While realtors still may not purchase a Distressed Property that they represented, during or within 365 days after their listing agreement has expired/is terminated, they may still do what it takes to really help the homeowner try to avoid foreclosure via negotiations with creditors and/or selling the property.
If you are behind or may become behind on your payments and are looking at selling, even if you owe more on your home than it is currently worth (a short sale), please do not hestiate to contact me. I will do what I can to help.
Aloha~ Yvonne 808-721-8088
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REALTOR & Attorney (CA/AZ), providing unparalleled representation to buyers of Oahu Luxury Real Estate, Luxury Condominiums, Beachfront Oahu Homes, View Homes, Kailua, Honolulu, Portlock, Diamond Head
As both a Hawaii REALTOR-Broker, California Broker and a practicing attorney in two states, Yvonne has learned that providing the very best service is essentially about being accessible, being a good listener as well as a good communicator, and responding quickly to her clients' needs.
Yvonne works with all types of clients, relocating from the mainland and around the world. While specially trained in high-end property sales and very experienced in multi-million dollar transactions, Yvonne knows and works all facets of the Oahu real estate market and sells and lists condominiums, along with single-family homes and vacant land, at all price points. Yvonne also handles investment properties and short sales and does not turn her back on complex sales.
Keeping up to date with what is going on in the Oahu, Hawaii real estate market, and knowing the properties that are available on the island of Oahu, is Yvonne's top priority, so that she may provide clients with the best quality information about Hawaii Real Estate. Knowledge is key in any transaction and this also carries over to things like market statistics, financing, schools and even legal matters, that require an outside referral. Using technology is one way Yvonne facilitates her clients' transactions. She also continues to educate herself, taking extra classes and obtaining real estate certifications, to provide the best service and knowledge to her clients.
Whether you are looking to buy or sell in Hawaii, Yvonne's goal is to provide excellent advice, to help you achieve superior results, while providing service that exceeds expectations. She will go the extra mile.
A Hawaii-licensed REALTOR-Broker, Yvonne works in all areas of Oahu, particularly East Oahu. Her offices are in Hawaii Kai and Kailua, in central locations in East Oahu, but clients often take her to Honolulu, Kailua, Kaneohe, and up the Windward Side to the North Shore, as well as Leeward and Central regions of Oahu. She is specially trained in the luxury home market but has sold all all price points. Prior to relocating to Hawaii, Yvonne was a practicing transactional attorney, for 14 years, in San Francisco, for entities including Wells Fargo Bank and the State Bar of California, where she advised CEOs and senior executives on commercial transactions, including real estate, and intellectual property matters. Yvonne is also a California Real Estate Broker. She uses her contracting and negotiation skills, and superb attention to detail, to ensure that every detail of a sale is expertly handled. In the years she spent counseling dot-coms and large corporations, she also played a role in advising brick and mortar corporations regarding adoption of Internet business models & the importance of Internet marketing, and that knowledge of technology followed her into her real estate career. She is an Accredited Buyer's Representative, and has earned the National Association of REALTORS e-Pro Certification, using technology to provide her clients with thorough market information and excellent communication. Yvonne is also a Member of the Institute for Luxury Home Marketing and has received special training on marketing and assisting both buyers and sellers with high-end properties.
Yvonne was raised in Arizona, where she attended the University of Arizona for both college and law school. After graduation in 1990, she settled in San Francisco and built a successful legal career. Her love for the islands developed from a Maui sabbatical in 1997, which she spent writing a book and windsurfing. She is a Member of the Kailua Chamber of Commerce and participates in numerous volunteer activities, where she has assumed leadership roles and won service awards. Yvonne lives on the Windward side of Oahu, in Kailua, with her husband, an officer in the U.S. Marine Corps who just returned from Iraq, and her young son.
* Yvonne is a licensed attorney only in the States of California and Arizona. She does not practice law in Hawaii or provide legal representation in the course of providing real estate services.
Please EMAIL Yvonne if you need assistance with Hawaii real estate. Cell Phone 808-721-8088.
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