Aloha,
Several years ago I wrote a blog faithfully until it became apparent the only people reading it were REALTORS. I guess I'm just boring! Things are happening so fast in real estate now, even the most astute agents are blind sided regularly. Here is an example:
One of my agents in FL asked me if I know about LPMI, Lender Purchased Mortgage Insurance. Yes well, kind of, just a little. Lenders have been hedging their bets for years. It was part of the horror we discovered when the financial world almost collapsed a couple of years back. More specifically mortgage lenders often require borrowers to pay for PMI, Primary Mortgage Insurance. Sometimes instead of making the buyer pay the cost, it is rolled into the cost of the loan and is expressed in points and/or increased interest rate and the lender actually purchases an insurance policy to cover his potential losses.
For several years I've been asking, what about mortgage insurance and short sales? Does an insurance company cover the lender's loss in a short sale? If so, can the insurance company come back to the seller for a deficiency judgement in a short sale the way they can in the event of a loss through foreclosure?
So to finish the Florida agents news, she is working on a short sale. The investor purchased mortgage insurance without the knowledge or consent of the homeowner. Now the bank will not approve their short sale because the mortgage insurance will not accept the terms of the short sale contract. It appears they prefer to "kick it down the road" and postpone payment as long as possible by letting the property go through foreclosure.
If you are a REALTOR or buyer/seller of a short sale property you may want to know more, LPMI - Lender Purchases Mortgage Insurance. Although this is just the latest wrinkle in the short sale roller-coaster, there is a lot more information about LPMI online. LOOK IT UP!
If you have had an experience with LPMI and a short sale, PLEASE SHARE!
Sincerely,
Joyce Murphy RB
Kona Homes Inc. & Luxury Real Estate Florida Inc.
PROPERTY TAX IS A CONCERN if you expect to be moving to Hawaii. One client asked for information about taxes on the Big Island. Real property is taxed by the county in which
it is located. The Big Island is the County of Hawaii. It has different tax
rates from the County of Oahu or Maui.
REAL ESTATE IN HAWAII is assigned a “Class” and there is a
tax rate for each class of property.
CURRENT PROPERTY TAX RATE: click here
LET’S ESTIMATE YOUR TAX. You plan to buy a home worth $100,000
and use it as your primary residence. You
are under 55 years of age and have no disabilities that qualify for other
exemptions; divide $100,000 by $1000. Next you find the multiplying by $5.55 (Homeowner
class) and get $555. So use $555/$100K of value as a rule of thumb.
YOU MAY BE ENTITLED TO EXEMPTIONS that could lower your tax
rate on your primary residence. On the other hand, if your primary residence is
elsewhere, your tax figured on the same property would be around $910/$100K of
value.
OTHER INFO YOU MIGHT WANT - Just email Joyce@KonaHomeInc.com to request any of the following:
HOMEOWNER EXEMPTION BROCHURE
HOMEOWNER EXEMPTION FORM
DISABILITY EXEMPTION BROCHURE
THERE ARE MORE TAX TIDBITS that may apply. I have some very
informative written explanations so contact me if you want more complete information
and I will be glad to forward that to you.
MY HUSBAND AND I FIND PROPERTY TAX here much
more affordable than in the state where we previously lived. In Florida the tax
assessor sometime assessed your new property for more than you paid for it. Then
we paid about $22/1000 – almost two and a half time as much as for a second
home in Hawaii, and nearly 4 times as much as an owner occupant in Hawaii. We
feel Lucky to Live in Hawaii, but please don’t tell
the tax assessor I said property taxes here are a bargain!
Mahalo,
Joyce Murphy Broker/Owner
Malulani Gardens home is SOLD
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75-252 Malulani Dr. may have been the most desirable home in the community. It was certainly one of the most popular listings I've represented in a very long time. Even after it went under contract there continued to be showing requests. The property featured panoramic ocean views from most rooms and an amazing resort style pool.
I was so lucky to be the listing agent who got to work with the wonderful sellers of this property.
The final price was $465,000. The sale closed 10/3/2011.
Property information
Malulani Gardens, Kailua Kona
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Announcing a huge price reduction
on 75-248 Malulani Dr., a 1,369 sq. ft., 2 bath, 2 bdrm single story "Popular Kiele Floor Plan". Now
MLS®
$399,900 USD. Compare this home to other homes in this popular gated community and you'll find this on priced significantly lower. In fact, at the time of this writing, it was the only listing under $400K. But don't wait, this low price will only be available for two weeks.
For full details contact Joyce Murphy RB 808-443-4302 or Joyce@KonaHomesInc.com
EZ2C with just a couple of hours notice.
Property information
GET A HAWAII FIX WHENEVER YOU NEED A LITTLE ALOHA, pick up a Baron Birtcher mystery. You work and live for those magic weeks
of vacation, that portion of your life you spend in Hawaii. You check a local
web cam several times a week and read every word the local paper
publishes on-line. You probably watched every "Lost" and never miss "Five-O". I've been there. Many people who live in these islands remember when our life
was on the mainland and my heart was in Hawaii.
ALLOW ME TO INTRODUCE BARON R. BIRTCHER, my favorite
mystery author. If you’re longing to immerse yourself in our laid back lifestyle,
grab “Angels Fall”, a Mike Travis novel set on the Big Island, Hawaii! Before the third chapter you will smell
the coffee roasting and have your eyes focused on the slopes of Hualalai. (I
stole that from the book)!
SHORT OF BEING HERE, this is the best Hawaii fix you’ll
find. Birtcher’s characters are believable, even familiar. He approaches
controversial local issues with sympathy and Hawaiian culture with respect
FOLLOW THIS LINK to find where to buy "Angels Fall" and other Mike Travis mysteries.
Happy Reading,
Joyce Murphy RB 808-443-4302
Joyce@KonaHomesInc.com
Malulani Gardens, Kailua Kona
75-248 Malulani Dr., a 1,369 sq. ft., 2 bath, 2 bdrm single story "Popular Kiele Floor plan".
VIDEO
Now
MLS®
$445,000 USD
- PRICE REDUCED!.
Easy to see! If you are off island, enjoy the short video of this home. If you are in Kona call Joyce Murphy RB 808-443-4302.
Property information
DIRECT OCEAN - COMPLETELY REMODELED
1105 - NEVER OCCUPIED SINCE THE REMODEL!
• 1,170 sq. ft., 2 bath, 2 bdrm single story "Ground Floor Direct Ocean"
-
MLS®
$650,000 USD
- Nothing Else Compares!
Keauhou Kona Surf & Racquet Club, Kailua Kona
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NOTHING COMPARES with ALL NEW INTERIOR! If nothing but NEW will do, and DIRECT OCEAN is your hearts desire; this is the direct ocean condominium for you. Completely remodeled and never occupied since the remodel. Buy it and furnish it just the way you want to live in paradise.
Designer Selected NEW:
Six color designer paint
Travertine floors throughout
Kitchen cabinets with soft close features
Appliances and water heater
Granite counters and backsplashes in kitchen
Can lights in Kitchen
Electrical outlets throughout
Dining area chandelier
Sliding glass doors in living area and ocean front master suite
Sheetrock through most of the house
Ceilings with modern troweled finish
Wall separating living area from master suite (other units have screen separation)
Lighting fixtures throughout
Front load, full-sized washer and dryer
Plumbing fixtures with the exception of only the tub
Faucets and shower heads
Designer Toilets
Bathroom cabinets with granite counters and porcelain sinks
Vanity mirrors and medicine cabinet
Travertine tub and shower surrounds
Doors and door frames throughout, with the exception of only the front door
Ceiling fans with light fixtures in each major room
Easy to see! Call Joyce Muphy RB 808-443-4302 or Charlie Parry RB 808-938-1710
Property information
No Worry Lifestyle
FANTASTIC KITCHEN!
• 1,084 sq. ft., 2 bath, 2 bdrm single story
-
MLS®
$339,000 USD
- Amazing Upgrades
Pines I, Kailua Kona
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AS WE SAY IN KONA, "No Worries". This wonderful little cottage gives you the comfort of a single family residence but the convenience of a condominium. The homeowners association to takes care of painting, roofing, water, sewer and front yards while you enjoy the comfort of a free standing home and small private yard. Small pets are welcome too.
A DREAM KITCHEN is already installed. Cleverly designed with a lazy-susan, roll out shelves and drawer dividers, this Kraftmaid kitchen is as functional as it is beautiful. A high grade painted finish is complimented by granite counters and backsplash. The big kitchen windows look out into your own private tropical garden space.
A BONUS ROOM off the living area provides the extra space we all need for an office, studio or media room. Cathedral ceilings throughout and lots of doors and windows make the space look and feel much larger than 1084 sqft. New high end bamboo flooring adds to the tropical feel.
IN KONA WE LIVE outdoors too. Our sunny weather and gentle breezes make for seamless indoor-outdoor living. You'll probably find yourself entertaining your friends on the large patio. Right outside the dining area slider is a perfect place for grilling. The back yard is just waiting for you to develop into your personal paradise.
PINES ARE A POPULAR alternative for those who don't want the worry of a home. They are an affordable home or second home and one of the few condominiums where prices seen to be going up instead of down. Be sure to see this one before you choose your next Kona home.
APPOINTMENTS ARE EASY to schedule, contact Joyce Murphy 808-443-4302.
Property information
Kona Vistas, A Million Dollar Neighborhood in Kailua Kona
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The exceptional home at 76-4401 Leilani St. has been sold.
OH TOO BAD, if you didn't get a chance to see this beauty. I've been out showing property in this price range lately and there is very little to compare with this beauty. The quality of the details here is just amazing. See photos and video at Leilani St.
It closed on 7/22/2011 for $1,150,000.
Property information
When property owners pass away the IRS requires a Certified Appraisal to reset the cost basis and determine the value of the property at the time of the death. Getting an accurate appraisal quickly may save you a lot of money when the property is sold.
Who do you call? These are the names and numbers I recently gave for several Certified Appraisers working on the Kona side of the Big Island. There are other good appraisers. These are just a few who seem to work hard at giving an accurate value.
Carrie Broski 808-325-5034
Larry Peckham 808-326-1101
Peter Lassen 808-329-3752
What will it cost? For a typical single family home on a subdivision lot, currently you can expect to pay around $500 for the service, but only if the owner passed within the last several months. Wait until a year, two years or ten years after the death and you'll have to pay more because the appraiser will have to find historical data for the sales at the time of death. If the property is unique, over sized, is on acreage or in a remote area, expect to pay more for the appraisal.
What if I need an attorney? I just happen to know an estate expert. She as a knack for being respectful without being depressing.
What if we want to sell the property? When it is time to sell, I also happen to know some great real estate agents who can help you price your property and design a marketing plan that is right for you.
Charlie Parry, RB 808-938-1710
Lori Burris, RB 808-895-7267
Tim Gaughen RS 808-938-6945
Mahalo,
Joyce Murphy, RB 808-443-4302
Kona Homes Inc.
75-5801 Alii Dr. Suite AU1
Kailua-Kona, HI 96740
IF YOU'VE EVER SAID YOU'D GO TO THE ENDS OF THE EARTH TO PROVE YOUR LOVE; here's your chance. The very "green" yellow house located at the place affectionately know around Kona as "The End of the World" is BACK ON THE MARKET. No agent knows this property better than our own Lori Burris RS.
Most people see this home first from a boat. Located between Keauhou and Hokulia, your first thought is apt to be, "How did that get there?" Look closely and you'll notice a private road winding through lava fields to this unique neighborhood. Currently there are 3 very special homes at The End of the World.
OFF THE GRID doesn't mean you'll lack services. The yellow house generates its own electricity and supplies its own water. The quality of materials and craftmanship that went into building this home will please even the most descriminating buyer.
There are only a few photos currently available. SEE THEM AT www.KonaBigIsland.com click END OF THE WORLD. Better yet, e-mail LSBurris@msn.com for all the information on this secluded, one-of-a-kind luxury property. She will be happy to arrange your private showing.
Tara-Nicholle Nelson of Inman News may
have just nailed the Big Island real estate phenomenon we are experiencing when
she asked, “Is your town a real estate microclimate?” in her latest
article ‘Mood of the Market’.
While real
estate news from the mainland has been all about the dreaded “double dip”
recently, North Kona’s inventory of available condos and homes is the lowest we’ve
seen since the market turned in 2006. Nelson
explains this phenomenon as a real estate microclimate. While Atlanta may be
experiencing a buyer’s market, Manhattan or Boulder may be a seller’s market,
she says.
Tara-Nicholle says there are no
national rules of thumb in American real estate and offers this example, “I'm
often asked by buyers in various cities how much below asking should they offer,
5 percent or 15 percent? There is simply no one answer that applies across the
board, or even across a state or within a single city.”
Great example!
Even at the deepest part of the real estate recession, list to sell
ratios in North Kona remained close to 96% in most price ranges. Buyers seldom
made really low offers and sellers rarely entertained the proverbial “low ball”
offer. Most overpriced listings simply did not sell because they received no
offers. As a seller moved the asking price down to what buyers considered
market value, offers were stimulated and the listing usually went under
contract fairly quickly.
The Big Island is currently experiencing that
variation in the strength of the market within nearby locations that she dubbed,
“hyperlocal”. In West Hawaii for example,
the number of sales in North Kona has increased slightly but steadily over the
past two years. Sales in South Kona
still lag behind and sales in the resort areas are showing a marked improvement
within the past year.
So will the mainland fears of a double dip change
our market here? We may have a microclimate, but we don’t exist in a vacuum. The
number of showings seems to be down within the last two weeks. It may be that
people are adopting a wait-and-see attitude. On the other hand, the parking
lots at the condos are empty and this is one of our traditionally slow seasons.
We’ll soon see if our July guests decide
it is time to take advantage of the low prices and great interest rates.
Got questions or want to see “The Data”? E-mail Data@KonaBigIsland.com
By Joyce Murphy RB
Kona Homes Inc.
Pines II #117 Kailua Kona
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SELLERS TAKE NOTICE! The great little cottage at 75-233 Nani Kailua Dr. #117 sold 6/23/2011 for $350,000.
Kona Homes represented one other home in the Pines that sold for over $350K during the past year. Most of the sales have been under $300K. There can be a big difference in units that appear from the exterior to be the same. Pines 117 is a prime example. The interior was dressed out like a luxury home (see Property Information below). The home was clean as a whistle, designer decorated and ready to show most any time. There are Pines units currently offered in the mid to high $200K. While you can make a lot of upgrades with $100K, you can't add a view like the one #117 offered. There's another Pines I currently on the market in the Mid $300's. It has a good view and a big lanai, but lacks the interior upgrades this cottage had, and the condo fees are a little higher.
Want more info? Joyce@KonaHomesInc.com
Property information
Malulani Gardens = location, location...
• 1,369 sq. ft., 2 bath, 2 bdrm single story "Popular Kiele Floorplan"
-
MLS®
$455,000 USD
- Two Bedroom + Den/Office
Malulani Gardens, Kailua Kona
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If Living in Paradise isn’t about driving miles into town for you; welcome to Malulani Gardens. From this pretty gated community, you’ll go up the hill to Lowes, around the corner to Starbucks, across the street to Safeway and Walmart or down the hill to Kona’s Historic Village. Can you say LOCATION?
If you’d like to be surrounded by mature tropical landscape, but your idea of yard work is spending 20 minutes with a weed whacker instead of half a day on a riding lawnmower; can you say DREAM HOME?
Uniquely located on a corner lot at the entrance to a cul de sac, this pretty cottage offers lots of privacy. There are two bedroom suites, each with a bath. The master suite has a nice ocean view and sliding door onto the rear lanai. One of the best views in the house is from the office/den, but you really need to see it to appreciate it.
In Hawaii we love to entertain. You’ll find plenty of room for friends and family in the gathering room adjacent to a well-appointed kitchen. Did someone say throw it on the grill? From the kitchen you step right out onto the rear lanai where there is a great little yard just waiting for a new grill. More people coming for dinner? There’s a lots of outdoor living space on the front lanai too. And what family doesn’t need a big two car garage like this one? Be sure you see this popular community and great home soon.
Property information
Catch the latest Kona Homes Inc. video at http://www.youtube.com/watch?v=NZbOKJfBdA4