What is the reason for the slow and expensive process of building houses in Hawaii?
There is something very telling in the fact that it’s taken almost half a year to see anything come from the governor’s emergency proclamation aimed at speeding up homebuilding in Hawaii.
The governor’s order, announced in July 2023, established a 36-member Beyond Barriers Working Group to guide the hastening of housing construction, but it wasn’t until late December that it was able to approve its first application.
This highlights the challenges faced by the governor’s attempt to remove government barriers to housing construction and the severity of the problem.
The first application to be approved by the working group was a request to waive the state-mandated school impact fee for a project in downtown Honolulu involving the conversion of an office building into 52 affordable rental apartments.
The request was submitted by the project builder about two weeks before the working group’s Dec. 20 meeting, and had the support of the state Department of Education.
But the seemingly minor request actually has called attention to a major issue.
According to Honolulu Star-Advertiser reporter Andrew Gomes: “A couple members of the working group, which had difficulty establishing a quorum for the recent meeting, expressed frustration over spending what ended up being nearly 30 minutes assessing the school fee waiver request instead of five or 10 minutes.”
Sterling Higa, executive director of Housing Hawaii’s Future and a member of the Beyond Barriers Working Group, told Gomes there is no good reason to charge downtown projects a school impact fee at all.
“The schools in this area have shrinking student populations,” he said, “so whatever impact fee would be paid by the residents of this building isn’t actually going to help them get new schools in the area.”
To make matters worse, the state Office of the Auditor has sharply criticized the DOE’s administration of impact fees, even questioning whether they violate Hawaii’s constitutional requirement that there be a “nexus” between the proposed new units and the need for more classroom capacity.
Not surprisingly, some housing advocates say the Legislature should abolish or reform school impact fees, since they have not proven to be particularly useful in addressing education needs.
They also can add up to be quite costly. The downtown area has a school impact fee of $3,864 per unit, which would have amounted to $200,928 for the 52-unit project that sought the exemption.
My hope is that the 2024 Legislature will take a hard look at school impact fees and align them with our modern realities.
More important, we must remember that the slow, expensive process of constructing homes in Hawaii isn’t caused by just one regulation or fee — it’s due to an endless web of regulations, mandates, fees, approvals and permitting delays that we have been forced to endure for many decades.
Further proving my point: Gomes reported that this downtown conversion project has been proceeding under a 2019 city law intended to create 500 affordable rental units a year through financial incentives and regulation and fee waivers. Yet, as of November 2023, only two projects have been completed under the program.
But don’t let that get you down. Resolving Hawaii’s housing crisis is possible, and there are numerous simple fixes available to lawmakers now that could make a big difference at no cost to taxpayers.
You can learn about many of those possible fixes in a new report from the Grassroot Institute Hawaii titled “How to facilitate more homebuilding in Hawaii,” which you can read or download for free at the Grassroot website.
Reforming school impact fees would remove one brick from the wall that stands between us and more affordable housing. Our goal must be to remove many more so we can resolve Hawaii’s housing crisis once and for all.
E hana kākou! (Let’s work together!)
Keli’i Akina, Ph.D.
President / CEO
Grassroot Institute of Hawaii
The publication was taken from the official newsletter Grassroot Institute of Hawaii
Here’s the Living Wage a Single Person Needs To Live Comfortably in Hawaii
Paradise doesn’t come cheap, as anyone who has ever lived in or visited Hawaii can tell you. While your senses might be overwhelmed by the state’s stunning views, clear blue waters, clean air and fresh seafood, your bank account will be overwhelmed by the cost.
Hawaii ranks among the most expensive states in the nation in just about any category you can name. The Aloha State’s cost of living is the highest in the U.S., according to the Grassroot Institute of Hawaii, a nonprofit policy research group with a libertarian bent. It cited a Tax Foundation analysis which found that the real value of $100 in Hawaii is worth less than $85.
As of 2020, Hawaii’s state budget per capita was the third highest in the nation at $12,896, the Grassroot Institute noted. That total included unfunded state liabilities of roughly $97 billion at the end of 2020.
The average price for a gallon of gasoline in Hawaii is $4.751 as of Oct. 30, 2023, according to AAA. That’s the second highest in the country behind California and over 25% above the national average of $3.494.
Given its high cost of living, it’s not surprising that it takes a very high income to live comfortably in Hawaii.
GOBankingRates recently surveyed annual living expenses for a single person in each of the 50 states. Researchers used 2021 Consumer Expenditure Survey data (the latest available) for a single person from the U.S. Bureau of Labor Statistics to calculate the annual cost of necessities based on data from the Missouri Economic Research and Information Center’s 2023 Q1 Cost of Living Data Series.
Using that data, researchers doubled the total yearly cost of necessities to determine a living wage that also factors in discretionary spending and savings.
In Hawaii, you need to earn $112,411 a year to make what’s considered a living wage, according to the GBR study. It’s the only state where a six-figure salary is required to live comfortably — and no other state even comes close. Massachusetts ranked second with an annual income of $87,909, followed by California ($80,013), New York ($73,226) and Alaska ($71,570).
In contrast, the state with the lowest required living wage is Mississippi, where you only need to earn $45,906 a year to live comfortably.
Make Your Money Work Better for You
Why is Hawaii so expensive? There are a few different reasons, according to experts. The biggest one is its location. Hawaii is comprised of islands stuck way out in the middle of the Pacific Ocean, thousands of miles from the U.S. mainland. This means it costs a lot to ship goods to the state. And because Hawaii has a small land area and unique climate, it can’t produce a lot of agricultural or other goods, the Hawaii Star reported.
The small land area also means there is only so much room for housing, which pushes home prices higher. This problem is not helped by strict land use and zoning regulations. The median cost for a single-family home in Hawaii is more than $1 million, according to the Grassroot Institute, making it the most expensive state in the nation for housing.
Finally, costs in Hawaii are driven higher by the Jones Act, a federal law that regulates U.S. maritime commerce. As the Hawaii Star reported, the law requires that all goods transported between U.S. ports be carried on ships that are built, owned and operated by U.S. companies. It is intended to protect American jobs and promote national security, but it also creates higher shipping costs due to limited competition.
Aloha Crypto! Hawaii approves Regulatory Task Force
#Crypto, #Honolulu #Oahu #Hawaii, #Laws, #Investor, #News, www.Hawaii.Bio
Hawaii is now paying serious attention to cryptocurrency regulation.
Around the world, the push for cryptocurrency regulation continues to take shape as more governments look to create a regulatory framework for digital assets.
Hawaii may become the latest state to do so, as a Senate committee recommended forming a task force to regulate cryptocurrency and blockchain technology.
Two of the Hawaii State Legislature’s blockchain committees unanimously supported the creation of a task force to study and regulate the cryptocurrency and blockchain ecosystems: Commerce and Consumer Protection (CPN) and Ways and Means (WAM).
Hawaii Law wants to explore how the government can regulate, monitor and potentially use blockchain and cryptocurrency technologies.
Hawaii Crypto Road Map
The task committee plans to study data from other jurisdictions and develop a roadmap for expanding the use of blockchain in both the private and public sectors, among other things.
Once passed, the Cryptography and Blockchain Working Group will be required to submit a report summarizing its findings and recommendations at least 20 days before the House of Representatives convenes in 2023.
The task force will consist of 11 people appointed by the governor, including representatives from a blockchain payment solutions firm, a cryptocurrency exchange and a cryptocurrency association.
Around the world, the emergence of cryptocurrencies continues to attract the attention of regulators. Countries such as the US, South Korea and Japan have adopted comprehensive blockchain regulations, establishing a clear framework for implementation.
Unsurprisingly, this trend has moved to developing countries, with India recently introducing a 30 percent tax on cryptocurrency trading. Additionally, the Asian country has required cryptocurrency exchanges to store user data for five years as part of legal regulations.
Other countries using cryptocurrency
At least 37 states, in addition to Washington, D.C., and Puerto Rico, are exploring cryptocurrency-related legislation, according to the National Conference of State Legislatures.
The Brazilian Senate passed its first cryptocurrency-related measure in plenary session on Wednesday, calling for the creation of a legal framework.
The bill must be approved by the Chamber of Deputies before President Jair Bolsonaro can sign it into law.
Despite these highly publicized initiatives, countries such as Nigeria have refused to enforce cryptocurrency laws.
As a result, despite having the region’s largest cryptocurrency market, the African nation maintains a complete ban on cryptocurrency.
Last year, the U.S. House of Representatives passed the Eliminating Barriers to Innovation Act of 2021, co-sponsored by Reps. Patrick McHenry (R-NC) and Stephen Lynch (D-MA), to create a legislative mechanism to examine the potential impact of digital assets per nation.
Hawaii Luxury Market Report Steady Sales Growth
#Honolulu, #Kauai, #Maui, #Oahu #RealEstate #Rent, #Hawaii, #Laws, #Investor, #Taxes
Luxury Market at a Glance: Property Values Rising as Luxury Real Estate Sales Rise
Hawai’i Life just released its 2022 year-end luxury goods market report in Hawaii. Full of island-by-island data, infographics and the year’s most impressive and noteworthy properties, the report shows that across the island chain, the property market grew steadily throughout the year.
Over the past decade, statewide luxury sales have topped every year in both number of transactions and total dollar value except for 2021. Property values also continued to rise across all segments of the luxury market, despite fluctuating interest rates.
While the year-end report compares 2022 to 2021, it also offers a long-term view of the Hawaii luxury real estate market to provide a more accurate picture of where the Hawaii luxury real estate market is and where it is heading.
According to the report, there were no signs of a bottom falling or recession in Hawaii at the time of publication. While the looming recession is still debated, there’s no arguing that demand for luxury real estate across the island chain in 2022 was higher than ever.
In this post, we’ll look at the highlights from the Hawaii Luxury Market Report for the year. For an overview of luxury property market data and insights across the island chain, the company’s performance throughout the year and what we expect in the future!
Hawaii Luxury Market at a Glance: Luxury Goods Sales in 2022 Topped Almost Every Year of the Last Decade
Luxury goods sales in 2022 have exceeded every year of the past decade in both number of transactions and total dollar value except for 2021, according to a new report on the luxury market in Hawaii. The second quarter of the year was particularly active, with Q2 closings accounting for 38.77% of luxury real estate sales for the year in dollar terms. Moreover, 34.36% of all high-profile transactions in the State of Hawaii were closed in the second quarter of 2022.
By the third quarter of 2022, the record growth in luxury real estate sales that began in the summer of 2020 came to a rather abrupt end. By the end of the year, however, we had yet to see significant depreciation in value. What we did see was a steady increase in property values in every segment of the luxury real estate market in Hawaii (defined as sales at or above $3 million).
Location has been proven to play a significant role in influencing property values in the luxury market. In terms of the ultra-luxury market (defined as sales of $10 million or more), the impressive portion of this segment has been driven primarily by the rarity that many of our ultra-high-net-worth clients value most.
Sales over $3 million statewide included 488 sales ranging from $3 million to $5.99 million, 101 sales ranging from $6 million to $9.99 million, and 63 luxury sales over $10 million, for a total of 652 deals by the end of the year. While this value is down from the unprecedented 838 transactions in 2021, the value is still the second highest in the last 10 years.
Oahu Luxury Real Estate Market
In 2022, Oahu’s luxury real estate market growth, which has been observed throughout the year, continued, presumably due to the opening of international markets. By the end of 2022, Oahu had recorded 178 sales ranging from $3 million to $5.99 million or more and 32 sales ranging from $6 million to $9.99 million.
For all of 2022, the Oahu luxury condo market accounted for 57 sales and 3 sales over $3 million. Making up more than 73% of all transactions over $3 million, it’s clear that single-family homes are back in vogue, with 164 homes sold in 2022.
Compared to 2021 and 2022, luxury goods sales on Oahu reached a total dollar value of $1.13 million by the end of 2022, down 3.67% from 2021. Despite this decline, Oahu has outpaced other islands in luxury sales. by 88.72% from 2021 to $200.08 million.
In terms of total transaction volume for properties at or above $10 million, Oahu also saw greater growth than other Hawaiian islands. The growth the island has experienced has been nothing short of extraordinary: Oahu had 14 transactions in 2022 compared to 7 in 2021, representing a 100% increase.
Kauai Luxury Real Estate Market
The island of Kauai has received more attention this year, in part because of a North Shore estate that was listed and sold to Hawai’i Life. As the state’s most expensive luxury sale, it sold for $36 million after being on the market for just 40 days, well below the average number of days on market (DOM). Down 40.9% from 151.7 days in 2021, Kauai’s average market days in 2022 was 89.6.
In 2022, 60 Kauai deals were in the $3 million to $5.99 million price range, 14 were in the $6 million to $9.99 million range and 13 were at $10 million or higher for a total of $568.03 million.
Of the 87 luxury goods transactions, there were 9 condominium transactions and 5 land transactions. With 73 transactions for the year, home sales on Kauai were particularly strong. The majority of the 87 transactions occurred on the north shore of Kauai, where 47 transactions occurred. Explosive growth was also seen on the South Bank, where 30 luxury items were sold.
Kauai’s sales price of $2,407 per square foot beat the state average of $1,835 per square foot. And Kauai topped state averages with an average listing price of $6.8 million and an average sales price of $6.353 million in 2022.
Maui Luxury Real Estate Market
A look at Maui real estate sales data for 2022 shows that it is in line with pre-pandemic data. By the end of 2022, the number of months of inventory on Maui homes priced over $3 million increased from 9.5 months in 2021 to 18.2 months, indicating that buyers have begun to gain more bargaining power.
In 2022, Maui trading volume of $3 million or more continued to exceed pre-pandemic levels. Valley Island recorded 184 sales of $3 million or more for a total of $1.09 million. Although this is 31.6% less than last year, it is 95.7% more than in 2017. Of the 184 transactions on Maui, 13 were land, 72 were condos and 99 were residential.
Among the most notable sales that topped $3 million were listings conducted by our team on Maui, including a rare two-lot listing in Kihei that sold for $8.38 million in March. Another deal that confirmed Maui was worth pursuing was a 73-acre oceanfront estate in Haiku that sold in June for $15 million. Of the four most populous islands in Hawaii, Maui saw the most transactions over $10 million, with 20 transactions in that segment.
Hawaii luxury real estate market
Hawaii Island saw total luxury transactions of $927.4 million in 2022, more than double the $455.5 million in 2017, before the pandemic. While the state of Hawaii saw a decline in sales, there were 157 luxury sales on Hawaii Island, down just 24.15% from 2021.
The Big Island luxury market remained strong in 2022 with 64 condo sales, 73 home sales and 20 land sales over $3 million. Of the four most populous islands, Hawaii Island had the most land sold, including the largest tract of land sold in the entire state of Hawaii. The 1,834-acre site in Naalehu sold in November for $4.69 million.
In 2022, we saw more seller buyouts and creative financings, with buyers looking to move into the right home immediately. So it’s no surprise that luxury homes in Hawaii stayed on the market for just 69.2 days in 2022. Down 52.2% from 144.8 days in 2021, the island’s average days on market (DOM) was significantly lower than other islands.
In 2022, Hawaii home buyers paid an average of 97.8% of the list price for their luxury properties. And some of the highest home transactions occurred on the Big Island, including 37 total listing sales above the $3 million mark. for a total of $221.74 million.
Looking forward
As 2023 unfolds, Hawai’i Life will continue to take a broader look at the luxury market, examining data over the last decade to understand exactly where the luxury market in Hawaii is and where it is heading. Our capabilities, experience with agency in all its forms (buyer, seller and dual agency) and ability to see the big picture continue to allow Hawai’i Life to increase our market share in this coveted Hawaii luxury real estate space.
Looking ahead, a significant amount of data continues to point to Hawaii’s fundamental economic strength. Demand for luxury homes in Hawaii continues to outpace available supply, and we expect this to continue into 2023.
Hawaii: Inflation and rising real estate prices in 2023
#Honolulu, #Kauai, #Maui, #Molokai, #Oahu #RealEstate #Rentals #Hawaii
Calling Hawaii a “salad bowl” where people of different ethnic and economic backgrounds can coexist and thrive is a common narrative. The part about ethnic diversity is largely accurate, at least compared to most other states.
The state of Hawaii is home to about 1,400,000 people (the fortieth most populous state among the US states). The average population density in the state is about 83 people per km2 (13th place in the USA).
Racial composition of the population of the state of Hawaii:
- White – 24.7%
- Black (African American) – 1.6%
- Asians – 38.6%
- Native Americans (Indians or Alaskan Eskimos) – 0.3%
- Native Hawaiian or Oceanian – 10.0%
- Other races – 1.2%
- Two or more races – 23.6%
- Hispanic or Latino (any race) – 8.9%
Hawaii is one of four (along with California, New Mexico and Texas) US states in which the majority is a minority. Fewer white people live here (relative to the total population) than in any other US state. There are also more people from Asia and their descendants, as well as representatives of “mixed” races.
And Hawaii is constantly adding to its population, attracting a higher share of new arrivals both from other parts of the country and from the world than the nation as a whole.
How willing residents, both new and old, can thrive here is a different and more complex question. Concerns about inflation, driven by higher prices at supermarkets and gas stations, dominated 2022 even before we began to consider the spillover effects of Russia’s invasion of Ukraine.
In fact, inflation has disrupted the lives of many Hawaiians since the pandemic began. Unfortunately, dealing with the effects of the pandemic will do little to offset the incredibly problematic housing environment.
Because the local real estate industry faithfully reports county-by-county sales data, we have become accustomed to monthly reminders about Hawaii home values. Median price numbers have value, often to highlight how expensive housing is.
For homeowners, rising prices can become a source of income. However, the data masks a harsher inflationary reality.
In December 2019, the average home price in Honolulu was $557 per square foot. Two years later, as the Omicron Covid-19 variant threatened to further prolong the pandemic, that price reached $672, according to data compiled by the Federal Reserve Bank of St. Louis.
Inflation has driven up prices in Honolulu’s already very expensive housing market.
The 21% increase over two years was the lowest among Hawaii’s four counties; the Maui level increased 39% to $998. These levels do not reflect the willingness of buyers with sufficient resources to bid above list price.
Over the same period, the national figure rose from $148 to $196, indicating that housing inflation was a problem in the United States. There are regional differences, but no state comes close to Hawaii’s December 2021 levels for Hawaii’s two favorite vacation spots. California and Nevada were $403 and $243.
Income differentiation
The U.S. Census Bureau measures economic inequality by comparing the median income for the highest quintile of households ($252,492 in Hawaii in 2019) and the lowest ($18,445), with a factor of (13.7) indicating a measure of income inequality .
Nationally, the rate is 16.4, meaning Hawaii faced less income inequality than much of America in 2019, although stark differences become apparent upon closer inspection.
Hawaii County has the highest inequality in the state: 17.1. Larger, more successful cities tend to have greater income inequality: San Francisco (26.2), Washington, D.C. (30.2), and Manhattan (43.8) are notable examples.
The pandemic has been disruptive in many ways, and remote work is a clear and important example. The ability to work remotely has made Hawaii an opportunity for many, including tech workers previously working on the West Coast. Recognizing the huge economic impact caused by the decline in tourism, the government has not been shy about encouraging people to move here.
What’s less clear is how carefully the impact on Hawaii’s fragile housing market has been considered.
After five years in which the market was relatively stable ($13 billion to $14.6 billion in annual sales), the value of residential property sales (single-family homes and condominiums combined) rose 66% statewide in 2021, exceeding 22 billion dollars. Honolulu accounted for 58% of turnover value, but its market grew by the smallest (but still astonishing) margin, 56%, well behind Kauai’s 126% and Maui’s 84%.
Less obvious is the change in market participation. Local buyers accounted for 65.8% of sales value in 2021, up from 73.8% in 2020. Together they accounted for only 43.5% of the value of turnover in the Neighbor Islands in 2021. Unsurprisingly, prices jumped significantly across the state, with single-family home prices ending the year higher in Kauai and Maui counties than in Honolulu.
Remote workers keep their wages when they move to Hawaii , and most pay significantly higher wages than local employers. The median household income in Hawaii, according to the Census Bureau, fell 16.3% in 2020 to $80,700, barely enough to buy homes that are selling for more than three times the national rate, according to per square foot.
Amid this recognition, there are loud calls for “affordable housing.” Rental prices , which have been in short supply for a long time, are also rising. What is called market-rate housing has become unaffordable for too many local buyers.
We cannot coexist successfully when so many people cannot afford to live here. If Hawaii fails to cool down the housing market, the result could be catastrophic.
Vaccines have helped us survive the pandemic. There is no vaccine for the housing shortage Hawaii faces. Our housing crisis has become widespread and promises to be far more devastating than the pandemic.
According to officially published data, there are 291,484,482 people in the United States over the age of 5. Of these, 879,434 people speak Russian, 152,325 speak Ukrainian, 1,805 speak Belarusian. In the US, 237,840 people speak Armenian, 39,790 speak Lithuanian, 16,035 speak Latvian, 435 Americans speak Tajik at home, and 50 speak Ossetian at home. – a little more than two thousand.
In the United States, only 6,035 Estonians speak their native language.
This means that now more than 1,300,000 people in the United States speak and understand Russian, and they can read our portal and be interested in helping legislators defend the interests of residents and businesses of the United States and the state of Hawaii.
In Hawaii, 1,169 people said they spoke Russian at home, 85 Ukrainian, 45 Lithuanian, the same number Estonian and 50 Latvian. There are a total of 1,287,075 people living in Hawaii.
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Labor shortage in Hawaii: there is work, but no one to work
#Honolulu, #Kauai, #Maui, #Molokai, #Oahu #RealEstate #Rentals, #Businesses, #Hawaii
Hawaii governments are flush with pandemic cash and are hoping to fill open positions as well as create new ones.
During his State of the City speech this week, Honolulu Mayor Rick Blangiardi laid out the opportunities and challenges for Honolulu. According to the mayor, there are more than 3,000 job openings in city government. And that doesn’t include the 80 new positions he plans to add to the Planning and Permitting Department.
Filling vacancies quickly requires overhauling ineffective hiring processes, the mayor said. Getting more workers is critical, he said—Honolulu would have a workforce of about 13,000 if all the positions were filled.
“The number of people who could do the work in many areas is just not there,” he said.
Honolulu is not alone. There are about 2,000 vacancies in the Hawaii state executive branch, said Ryker Wada, director of the Department of Human Resource Development. That doesn’t include departments outside the DHRD’s purview, including the University of Hawaii system and the 22,000-employee Department of Education, which is chronically short of teachers.
But politicians are trying to change this. Full of cash as Hawaii recovers from the worst days of the Covid-19 crisis, state officials are offering money to boost hiring, not just to fill current vacancies but to create even more jobs.
One of the bills being considered would pay for nearly 50 additional workers in the Human Services office of the Department of Human Services. Another bill would give the University of Hawaii system money to increase the number of nursing school faculty, which supporters say could ease the state’s nursing shortage.
Economists say there is no secret formula for hiring workers, even for tough jobs like teaching.
Also, Hawaii’s high cost of living may discourage people from moving here for work, but its beaches, climate and natural beauty attract others.
It’s not just about the money
While money may be most important, the reality of hiring in Hawaii is more complex.
Even before the pandemic, when the unemployment rate was near zero, the state was losing population.
And the state’s labor pool has gotten smaller during COVID 19. Hawaii’s civilian workforce was about 673,700 as of January, according to U.S. Bureau of Labor Statistics data released by the University of Hawaii Economic Research Organization. That was an improvement from the darkest days of the pandemic, when Hawaii’s labor force fell to 622,200 in October 2020.
But that’s a far cry from the spring of 2017, when the labor force peaked at just under 700,000. A recent study by WalletHub found that Hawaii had the fifth-highest layoff rate in the country over the past 12 months, with 3.41% of workers announcing a layoff.
Recruiting and retaining workers is challenging enough that Movers and Shakas, a nonprofit that got its start during the pandemic bringing groups of workers to Hawaii to temporarily work remotely, created the Hawaii Talent Onboarding Program, or HITOP, to orient new hires and their partners to work for Hawaii culturally and socially. The program is intended for beginners. The goal is to reduce the need to constantly hire new employees while helping existing professionals integrate into the community.
Government employers face additional challenges. WADA noted that government departments have to deal with government funding that can fluctuate, unions and collective bargaining agreements, and a merit-based civil service system that limit flexibility.
For example, he said, there are typically four levels of office assistant positions: I-IV. Although an agency may be able to obtain funding for a preferred IV Office Assistant, the position may require skills and experience that few applicants possess. A private employer can hire a less-skilled worker and pay less while the worker receives on-the-job training, but public employers typically don’t have that option, Wada said.
Another problem is that, due to the state’s cumbersome hiring process, good candidates often find other jobs before state hiring managers get their hands on them. The state has created what it calls Wikiwiki Hire , which allows departments to connect with candidates and quickly begin the hiring process. This system receives support from the agencies that need to manage it. For now, this is limited to the Child Protective Services office of the Department of Human Services, as well as engineering and surveying work in the Department of Land and Natural Resources and the Department of Transportation. In some cases, it is necessary to speed up not only the hiring process, but also the training.
In Hawaii, the number of officers eligible for retirement is peaking while work in state correctional facilities has become more dangerous than usual as Covid-19 has spread among staff and inmates.
To fill vacancies left by departing corrections officers, the department must increase hiring and provide more training cycles for new officers.
Honolulu has big plans
The challenge is finding innovative ways for Honolulu residents to meet the city’s changing needs, many of the thousands of openings are in departments that handle things like roads, building maintenance and waste management, as well as the Honolulu Police Department.
Honolulu officials have identified ways to “help departments hire faster and increase hiring rates.” Increased tax revenue means Honolulu can fund internships to fill key tech positions. However, some departments, such as the Department of Planning and Permitting, are more complex. They require an organization-wide assessment and strategic changes in positions to meet current needs.
The team decides everything!
The main business resource of any business is human resource.
Meanwhile, selecting a team in which there is not a single weak link is sometimes an extremely difficult task for managers of management companies. Fortunately, there are pleasant exceptions. You can fill out a free form on Hawaii.bio about job openings for your business. The advantage of such an application is also that your future employee will understand the mentality of you and possibly your other employees, since he will speak Russian, Ukrainian, Belarusian and other languages of the post-Soviet space. You can also post your services and the company service you provide for free. Additionally, for businesses in Hawaii, we have all sorts of options for integrating advertising and finding new clients
Renting problems in Hawaii. If you have a pet?
#Honolulu, #Kauai, #Maui, #Molokai, #Niihau, #Oahu #PetFriendly, #RealEstate #Rentals,
The #1 reason dogs and cats are surrendered to the Humane Society of Hawaii is the lack of pet-friendly housing.
It’s very difficult to find a rental house or apartment in Hawaii these days. And signing a lease is even more daunting for pet owners: In a market where rentals are scarce and landlords often receive dozens of applications within hours of posting a property online, why would they accept pets?
Hawaii is in dire need of affordable, pet-friendly housing!
The lack of housing options for pet owners has long been a problem across the state. On the island of Oahu, the Hawaiian Humane Society has advocated for the elimination of pet size and breed restrictions while providing support for renters to help them keep their pets when they experience financial hardship.
Meanwhile, on Kauai, a Humane Society spokesman said its shelter remains overcrowded — and often overcrowded — due to “too many pets and not enough pet-friendly housing.”
But the problem is now especially acute in Maui County, where the main reason families surrender their pets to the Maui Humane Society is because they are forced to move and cannot leave their four-legged family members behind.
Like the social workers who work for nonprofits that help shelter people, animal shelter workers are also witnesses to the island’s housing crisis. They are the ones who watch children cry as they are forced to give up the family dog due to no-pet policies, or fight to get food for pet owners living paycheck to paycheck who might otherwise give up their own food.
Last year, when the nationwide eviction moratorium ended, the Maui Humane Society saw an influx of pets, especially dogs, as their owners were kicked out of their homes. The shelter said it took in about 120 dogs at altitude; ideally there should be about 20 dogs in his kennels.
Shelter workers know there will always be a surge in surrender at the end of each month—as time runs out for families who need to move out first, some of whom inevitably end up living with relatives in cramped living conditions with no room for pets.
Then there are residents who put their safety at risk for their animals, such as the grocery store worker who paid for his three cats to be placed in a shelter after his home, which he had rented for 13 years old, was sold. He couldn’t find a place that would rent to him and the cats, so he moved into his car.
Hawaiians experience things like this on a weekly basis.
Maui shelter staff tries to educate tenants and landlords about the compromises they can make to accommodate pets—for example, drafting a pet agreement that states owners must pay for any potential damage caused by their pets; show that pets have undergone obedience training; purchasing pet liability insurance; or agreeing to certain conditions, such as not leaving pets unattended outside or regularly spraying properties for fleas.
Even if Maui renters get to the top of affordable housing waiting lists, there’s no guarantee they’ll be able to keep their cats and dogs because there’s no requirement that government-funded projects accept them. Landlords can set their own rules.
In the private market, however, the costs of pets are often beyond families’ financial means: In Hawaii, landlords can charge pet rent on top of regular rent, as well as require a separate pet deposit of up to one month’s rent. . – the equivalent of paying three months’ rent at once. But even for Maui renters making middle-class wages, finding housing remains difficult.
“If I have to sleep on the beach with my dog, I’ll do it.”
Housing on Maui has always been expensive, but in the past two years the average home sales price has jumped nearly 50% to more than $1 million, according to real estate data .
However, the typical year-round salary for a full-time worker hovers around $46,000 per year, according to Census estimates.
Jamie-Sue West is a homeowner in Kihei who runs a Facebook group called Dog-Friendly Home Rentals on Maui! I saw first-hand how the housing crisis spiraled out of control.
Before the pandemic, she received several requests each week to join the group from pet owners moving from the mainland. Then the number skyrocketed to 25 a day, more than she received from local residents.
“Because people come here from the mainland and earn mainland salaries, they can offer much higher rents than our locals who work in the hospitality industry,” West writes on his forum.
Thus, we see that the real estate rental crisis in Hawaii is gaining momentum and we, in turn, ask you to join our information portal about life in Hawaii Hawaii.bio – and support those who need to rent real estate with pets.
You can post information about your rental property or your pet service on Hawaii.bio for free.
Housing crisis 2023 in Hawaii. How can I change this?
#Honolulu, #Kauai, #Maui, #Molokai, #Niihau, #Oahu #RealEstate #Rentals, #Businesses, #Hawaii
“When you’re a hammer, as they say, everything looks like a nail. And when you’re a government politician in Hawaii, regulation is the answer to every problem.”
Perhaps that’s why so many of our politicians are trying to solve Hawaii’s housing crisis with big government solutions like taxes on empty homes, government-funded housing projects and regulations that limit or sanction certain types of development.
Extensive research, however, shows that the reason for Hawaii’s housing shortage is the Hawaii government.
So what can we change in this situation?
The reality is that if we want to make a difference, we should not try to import policies from areas with high housing costs such as New York, Los Angeles and San Francisco, or countries with vastly different social and governmental structures such as Singapore. Instead, we should look to places that have managed to maintain housing affordability, such as Tokyo, where housing prices have been relatively stable for two decades.
More recently, Hawaii had strong housing construction until about 1972 or 1973, but then it collapsed and never recovered.
Reasons for this, he said, include the State Land Use Commission, created in 1961, and the Hawaii Environmental Policy Act of 1974, both of which are heavily involved in land use management.
“It comes down to land use and making something illegal. Essentially, reasonable density—we call it light density—has been made illegal in Hawaii. It is illegal to have two real estate units on a lot. And all this just increases the cost of land.”
As a result, Hawaii has one of the most expensive housing markets in the world, second only to San Francisco and ahead of London.
Why don’t we use Singapore’s development model, since after independence it was really a clean slate?
Singapore in the 1960s consisted mostly of slums, but today the government owns 90% of the land and can acquire private land at low prices.
Moreover, Singapore also has a highly effective government leadership cadre and really only has one form of government that is not necessarily as responsive to voters, allowing it to overcome many barriers to increasing supply.
But the downside of applying such a model in Hawaii may be that this Singaporean model may not be able to benefit Hawaii. And if you end up trying it and failing, it could be costly for the state of Hawaii because you might end up with public housing, which is very common on the mainland where you basically have increased racial segregation and income segregation.
Perhaps a better option for Hawaii would be the kind of “light density” zoning that has helped Tokyo create adequate affordable housing.
The secret to Tokyo’s success? Ownership.
After World War II, Japan’s new constitution provided for strong property rights. By the 1980s, this included the right to develop one’s property as one wished, as long as it did not cause a nuisance.
“You can build duplexes, triplexes, high-rise buildings. As a result, over a certain period, more housing was built in Tokyo than in the entire state of California by several times.”
This has allowed Tokyo to meet the needs of its population in terms of housing that is affordable for both renters and homeowners.
Light density relies in part on “by-right” zoning, which allows projects that meet all zoning requirements to be developed without going through a discretionary approval process. This essentially legalizes small, fast, economical, adaptable and simple additions to home construction, while keeping health and safety in mind.
If Hawaii adopts Tokyo’s example, Oahu alone could add 26,000 homes over the next 10 years.
It would also be beneficial for Hawaii to set aside more land for residential use, since only 5% of land in Hawaii is available for residential development, an increase of just 1 or 2 percentage points would result in a 20% or 40% increase, respectively, in land available for development .
I certainly understand that there is no such thing as a quick fix to Hawaii’s housing crisis. This is a problem that has been decades in the making and is being made worse by modern policies and laws like inclusionary zoning.
I also have no doubt that people who want to use government to solve a problem have the best intentions. But the data is clear: If we want our children and grandchildren to be able to find affordable housing in Hawaii, we must liberalize our state and local land use and zoning regulations.
Nika Vidi
Hawaii.bio
Honolulu Rail Transit: What’s the Status 2023?
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The Honolulu Authority for Rapid Transit (HART) is currently building the city’s new driverless light rail system along the south shore of Oahu. The Honolulu Railroad, which began construction on February 22, 2011, is expected to connect key employment centers, tourist destinations and residential communities and offer an alternative method of public transportation to Oahu’s only bus option.
Additionally, the Honolulu Railroad is expected to have a huge impact on Oahu real estate, with transit-oriented development (TOD) of housing, services and jobs planned for each rail stop. The railroad and planned development around it could transform real estate on Oahu, according to the City and County of Honolulu.
However, the railroad was once promised to open in 2020, and in 2012 the Federal Transit Administration was promised a construction budget of $5.2 billion. Railroad construction is now progressing much more slowly than promised, and the proposed budget has doubled, with frequent calls for additional funds being reported. Because of these and many other controversies, many people may be wondering when they will finally be able to ride the Honolulu Railroad.
System and stations
The 20-mile rail system includes 21 stations:
- East Kapolei (Kualaka’i)
- UH West Oahu (Keone’ae)
- Ho’opili (Honouliuli)
- West Loch (Ho’ae’ae)
- Waipahu Transit Center (Pouhala)
- Leeward Community College (Halaulani)
- Pearl Highlands (Waiawa)
- Pearlridge (Kalauao)
- Aloha Stadium (Halawa)
- Pearl Harbor Naval Base (Makalapa)
- Daniel K. Inouye International Airport (Lelepaua)
- Lagoon Drive (Ahua)
- Middle Street Transit (Kahauiki)
- Kalihi (Mokauea)
- Kapalama/Honolulu Community College (Niuhelewai)
- Iwilei (Kuwili)
- Chinatown (Holau)
- Downtown (Kuloloia)
- Civic Center (Ka’akaukukui)
- Kaka’ako (Kukuluae’o)
- Ala Moana Center (Kaka’ako)
The trip from East Kapolei to Ala Moana Center is expected to take 42 minutes, and from Honolulu Airport to Ala Moana Center is expected to take 16 minutes.
Please note that each station also has a Hawaiian name, reflecting forgotten names, places and events in Hawaiian culture. The Honolulu City Council decided to have a team of experts gather community knowledge, ethnographic research and oral histories to develop accurate and culturally authentic station names – in hopes of perpetuating Hawaii’s traditions, culture and history for many generations to come.
Each station will have the following enticing features:
- Stairs, escalators and elevators
- Mobile service personnel
- Toilets
- Bicycle racks
- Ticket vending machines
- CCTV cameras
- Security Lighting
- ADA Compliant
A number of educational institutions are located along the railroad: UH-West Oahu, Leeward Community College, Honolulu Community and Hawaii Pacific University. HART says a rail line could be built in the future to connect the Ala Moana Center stop with UH-Manoa.
The railway system will be powered by green electricity. The railway is planned to be powered by alternative energy sources such as solar, wind and biofuels. The Railroad Operations Center (ROC), located between Waipahu High School and Leeward Community College, is a 43-acre LEED-certified building where trains will be maintained.
The railway will be integrated with the city’s bus system with a single system-wide transit card called the Holo Card , making it easier to move from station to workplace or entertainment.
Trains
The new Honolulu Rail Transit trains are touted as having top-notch features, including the following:
- Fully automated and driverless
- Air conditioner
- Free Wi-Fi connection
- ADA compliant, with priority areas for wheelchairs
- Bicycles, surfboards, strollers, refrigerators and luggage are allowed on trains.
- Visual displays
- Audio announcements
- CCTV cameras and telephone booths in every train carriage
- Average speed 30 mph, top speed 55 mph.
There will be a total of 20 four-car trains, of which 17 trains will operate during peak hours and 8 trains will operate during off-peak periods. A four-car train has a maximum capacity of 800 passengers, with 188 seats on each four-car train.
Honolulu Rail Frequently Asked Questions
When will the Honolulu Railroad be built?
HART Honolulu says the first 10 miles of rail could open this year in 2021 — from East Kapolei to Aloha Stadium — and could operate at limited hours. However, opening the railroad to passengers will depend on resolving several problems that were discovered during trial tests of the Honolulu Railroad: faulty crossing tracks and wheels that were too small for the width of the track. While the first section of rail construction is said to work fine on straight tracks, when trains have problems at intersections; to resolve these problems, the tracks may have to be removed and replaced, which could result in a two-year delay in the railway’s opening to passengers.
Honolulu Rail’s second opening will be at the Middle Street Transit Center, which has an opening date currently undetermined. This second opening will include stops at Pearl Harbor and Daniel K. Inouye International Airport.
HART officials say the entire 20-mile system could be up and running by 2031 if there are no further delays. The railroad is expected to run from downtown Ala Moana to Kapolei by then. But former Mayor Kirk Caldwell said the railroad may not actually open fully until 2033 — a delay of 13 years from what was promised to the federal government.
Construction of the Honolulu Railroad continues near the airport. Stations near the end of the Ewa Railroad were being completed, and utilities were being transferred to the railroad through Kalihi, downtown, and in the Ala Moana area. However, relocating utilities along Dillingham Boulevard to the final 4 miles of the railroad proved difficult in 2020 and 2021, as traffic and permitting issues and limited underground space caused various problems. Work continues to move overhead communications over Dillingham Boulevard, and the original route of the Honolulu Railroad has moved close to the mountains or Mauka through part of Kalihi.
Throughout 2021, HART and Hitachi Rail will conduct dynamic train testing between East Kapolei Station and Aloha Stadium Station. This testing allows the train system to be configured with automatic signaling and proper operation and maintenance. So, if you look up above the freeway and see a train moving along the tracks, there are no passengers inside yet, but instead HART is simulating a normal train schedule to prepare passengers for the fact that they will soon be traveling on the Honolulu Railroad.
Testing will continue in 2021, especially for crossings on the section of the railroad from East Kapolei to Aloha Stadium. This trial run must run for 90 days without any glitches, and then the Hawaii Department of Transportation and Honolulu Mayor Rick Blangiardi will decide when people will finally be able to ride the rail.
As of this writing, 62% of the entire project has been completed, including the full 20 miles and 21 stations.
Has COVID-19 affected HART Honolulu’s plans for the railroad?
At the start of the coronavirus pandemic in the spring of 2020, Governor Ige and Mayor Caldwell stated that the Honolulu rail project was “essential infrastructure,” so construction of the Honolulu Rail Transit continued without interruption.
HART’s Safety and Human Resources departments have implemented safe work practices for construction and office personnel to continue work toward the completion of the Oahu Railroad. About 80% of office employees worked from home, facilitating physical distancing at HART. Railroad construction crews were provided with additional personal protective equipment, and HART Honolulu conducted site compliance inspections to ensure safe working conditions and compliance with regulations during the COVID-19 pandemic.
While railroad construction has continued during the COVID-19 pandemic, financing the railroad has become more difficult due to the pandemic and its impact on Hawaii’s economy. The Hawaii State Legislature has approved additional funds for the railroad in the past: $1.5 billion in 2015 and $2.4 billion in 2017. However, due to the state’s budget crisis due to the pandemic, future funds for the railroad are unknown. . In addition, HART received millions of dollars less in hotel rooms and excise taxes as tourism dried up and Hawaii’s economy weakened.
As part of some of the COVID-19 relief packages that passed Congress in March 2021, Senator Brian Schatz, who chairs the Senate Appropriations Subcommittee on Transportation, was able to secure $70 million for a Honolulu rail transit project. The Oahu Railroad lost approximately $376 in tax revenue during the COVID pandemic due to lower premises and excise taxes, as well as HART reports .
When will the Honolulu Railroad be operational? What is the planned work schedule?
When the trains are fully operational, they will run 20 hours a day, from 4 a.m. to midnight. During peak times, such as rush hour, 17 four-car trains will arrive at the station approximately every five minutes. During off-peak hours they will arrive approximately every 11 minutes. Honolulu Railroad trains will operate at a maximum speed of 55 mph and an average speed of 30 mph.
HART estimates that in 2030, 121,000 passengers will ride the rail every weekday, and about 55 percent of those passengers will walk or bike to the station. They also, in addition to Honolulu Rail, removed 40,000 car trips from Honolulu’s busy roads, reducing gasoline consumption by 16,000 gallons.
The Honolulu Railroad could change the way Oahu residents and visitors get around the island, but we’ll have to wait until it opens—possibly this year—to see its impact.
Who is paying for rail transit in Honolulu?
The $1.55 billion construction cost for the Honolulu Railroad is being covered by Federal Transit Administration (FTA) funds. As of July 2020, HART had received just over $800 million from a $1.55 billion federal grant that was approved in 2012; The FTA has not allocated any new funds to HART since 2014 because it wants Honolulu to be able to demonstrate it has a plan to complete the railroad with the necessary funding. In addition, the US Department of Justice and the FBI have opened a criminal investigation into the Honolulu Railroad project.
In April 2021, Honolulu Mayor Rick Blangiardi, along with City Council Chairman Tommy Waters and Acting HART Executive Director Lori Kahikina, sent a letter to Hawaii’s congressional delegation asking for an additional $800 million to build the railroad from Middle Street to Ala Moana. Center. However, the message was fairly clear that the federal government had no plans to approve additional funding for the Honolulu Railroad.
In addition to federal funding, another large percentage is paid for by tourists shopping on Oahu through a 0.5% General Excise Tax (GET) surcharge. The remainder of Honolulu’s rail transit is paid for by all Hawaii residents and businesses through a 0.5% GET surcharge that has been levied since 2007 and will continue through 2027. The Honolulu Rail Transit project is its largest source of funding.
HART Honolulu is also using short-term bonds to finance construction of the railroad, which will be repaid with federal funds and additional revenue from the GET.
The latest operating budget for building the full 20-mile Honolulu Railroad is $12.4 billion, not including about $1 billion in financing costs. This is approximately 150% more expensive than originally promised.
I see elevated train tracks in the landscape of West Oahu. Why was this design chosen for Honolulu?
While some people may view the rails as an eyesore in Hawaii’s skies, others may view them as an innovative transportation method that will transform Oahu. During the design phase, many professionals and community members collaborated on the final design.
Ultimately, Honolulu’s surface rail service was chosen due to its safety, efficiency and reliability. Cars and pedestrians will not interfere with the train and vice versa, avoiding collisions and ensuring that train passengers reach their destination on time, regardless of traffic congestion. Additionally, the above-ground system is less expensive than the underground alternative.
Steel train wheels and steel rail technology were recommended by a group of engineers and transportation experts and approved by Oahu voters in 2008. Steel-on-steel technology was then one of the most advanced technologies in the world and said to be quiet, smooth and efficient.
What is HART Honolulu?
HART stands for Honolulu Rapid Transit Authority and is a semi-autonomous government agency responsible for the planning, construction, operation and maintenance of Honolulu’s rail transit. HART has a 14-member board consisting of the Director of the Department of Transportation, the Director of the City of Honolulu Department of Transportation Services and 11 community volunteers (three appointed by the Mayor, three by the City Council, three by the State Legislature). The voting members then appoint a fourteenth member to the board.
HART employs hundreds of workers and business partners to build the rail and is ultimately responsible for its completion. In January 2021, HART named Lori Kahikina, the city’s environmental director, as its interim CEO after HART decided not to renew the contract of former CEO Andrew Robbins. Within the first few months of Kahikina’s start, nearly 50% of the city employees who were working for HART when she arrived were no longer employed, many were fired and some resigned.
“I am ready to accept the challenge of advancing this important project,” Kahikina said in a public statement. “I am committed to doing what I can for the people of the City and County of Honolulu and our entire state.”
And Oahu residents and visitors are hoping that HART will soon complete construction on the first section so Honolulu Rail travel can begin in the next few months!
Support for the purchase/sale of real estate in Hawaii
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If you are thinking about selling a Hawaiian condo/home that you already own or a business that you operate in Hawaii, let us help. We can also help with the purchase of real estate in Hawaii.
You can sell real estate from any country without visiting Hawaii. Please feel free to contact us by filling out the form .
The Hawaii Real Estate Selling Process
We will present the overall process along with the sales support we provide.
- STEP 1) Property valuation
We will calculate the market value of the property you own and
offer an accurate selling price.
In addition to market research, we will conduct purchase and sale transactions of real estate and surrounding areas, as well as actual research of real estate on the islands.
Start of publication on real estate resources
After consultation with the seller’s client, once the sale price has been determined, we will begin listing it for sale on the market.
If it is a residential property, it will be listed on the MLS (General Property Search System) to attract more agents on the buyer’s side.
Preview Control [Open House]
We will respond to inquiries received from interested buyers and conduct previews.
- STEP 2) Purchasing Requisition Compliance
We carefully review the purchase application (Offer) from the buyer who has decided to purchase the property, consult with the buyer and seller, giving advice, and select the best applicant for purchase. Having decided that this is the ideal purchasing partner, and if you like the details of the purchase/sale, the seller accepts them as is and proceeds to concluding the contract.
Request to correct a condition
If you are an ideal buyer, but are not satisfied with the contents of the property, send the seller a document (counteroffer) amending the contents of the purchase and sale agreement.
- STEP 3) Perform Due Diligence
Disclose information about the object and transfer it to the buyer. We will also assist you in preparing documents at this time. We will cooperate with the buyer’s due diligence and respond to any requests for termite removal or repair if found.
Please leave the construction work needed for termite extermination and repair to us. (The cost at this time will be borne by the client who is the seller)
If the buyer wishes to purchase the property as is, we will carry out a professional cleaning before confirming final ownership. (The cost at this time will also be borne by the customer who is the seller)
- STEP 4) Notarization procedure
Registration of the transfer of ownership requires the seller’s signature before a notary. In some countries, this is possible at a US embassy, consulate or notary public (fee, advance reservation required). Original legal documents that have been notarized will be transferred to the escrow company at least 3 days before registration.
Registration is completed
Escrow will register the transfer of ownership and the key will be given to the buyer to complete the transfer.
Enter the payment amount for the property
Along with various costs, the specified account will be credited with the sale amount minus the agent’s commission. (In the United States, paying a real estate agent when buying and selling real estate is that
the seller pays a commission for both the seller and the buyer. This is generally 5%-6% of the final sale price.)
If you are interested in our services, please fill out the form and we will contact you as soon as possible.
Cryptocurrency in Hawaii
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Could Hawaii Benefit from the Cryptocurrency Boom? Or will over-regulation continue to get in the way? It all depends on what happens in the upcoming legislative session.
Cryptocurrency, sometimes called digital currency, continues to rise in value as it becomes more popular and more investors buy it in the market.
Bitcoin is probably the most well-known cryptocurrency, but there are thousands of others, including Etherium, Dogecoin and Monero. The overall market is valued at $2.2 trillion, and every day there is news about a company, country, state or municipality that is accepting or investing in cryptocurrency.
Unfortunately, Hawaii residents have been largely left out of the crypto currency market thanks to regulations that make it nearly impossible for them to operate here.
Cryptocurrency companies are subject to Hawaii’s remittance law, which requires them to have cash reserves equal to the value of the virtual assets they hold. So a company that has $100 million in Bitcoin and Ethereum must also have an additional $100 million in cash.
It’s easy to see how this could be too much of a financial burden. This is why the two largest cryptocurrency exchanges, Coinbase and Binance, do not operate in Hawaii. Like other well-established companies such as RobinHood Crypto.com or PayPal’s Cryptocurrency Hub.
In 2019, the state launched the Digital Currency Innovation Lab, essentially a regulatory sandbox that allows certain digital currency companies to operate in Hawaii without having to meet cash reserve requirements under the Money Sender Act.
Unfortunately, the sandbox expires at the end of 2022. Without action from the Legislature to reform or deregulate cash reserves, Hawaii’s involvement in the cryptocurrency space could end before it has a chance to grow.
Gaiser helped me demystify the concept of cryptocurrency, calling it “the latest evolution of… a practice as old as time, and that is barter – exchanging one thing for another and using some kind of symbolic token to represent what you are exchanging.”
While the concept of digital currency may seem foreign and complex, Gaiser noted that we are already very familiar with various forms of digital transactions.
“Even now,” she said, “I pay for some things with credit card points. I book certain flights with airline miles. Every time I give and receive a gift card, it’s denominated in dollars, but it’s not really dollars. It’s a little more like store credit. We are all actually quite sophisticated consumers of various types of currencies, not all of which are associated with the US government.”
Gaiser said there is a place for government regulation of cryptocurrency, such as to prevent fraud, but a balance can also be found that doesn’t place an unsustainable burden on cryptocurrency companies.
She said it would be a “tragedy” for Hawaii’s economic future if the Legislature doesn’t act quickly and continues to over-regulate cryptocurrency companies in the state.
“Being in 2022, in the world of Bitcoin and cryptocurrency, is like being in 1996, in the world of the Internet,” she said. “There’s so much we haven’t done yet, we haven’t built yet. I would hate to see Hawaii miss out on innovation to really improve lives and be creative, be innovative, create new products, [and] then also miss out on the wealth that comes with that.”
Since the government’s cryptocurrency sandbox went into effect in March 2019, 61,000 Hawaii customers have been able to participate in the cryptocurrency market. In this limited time, they completed $611 million worth of cryptocurrency transactions . Imagine what it could mean for our economy if Hawaii residents were able to fully participate in the global digital currency market.
I hope our public policymakers can see this potential and remove the barriers to cryptocurrency that are holding us back.
Tiny houses in Hawaii
Small and versatile, tiny houses continue to capture the interest of many people around the world, collecting quite a few, including here in Hawaii. Some believe that the tiny house movement, as it is commonly known, began around the 1970s and has recently gained momentum again as an affordable housing option during the Great Recession.
Now popular for reasons that extend to eco-friendly and minimalist ideals, the tiny house craze shows no signs of slowing down anytime soon.
Instantly recognizable for their rather subtle features, tiny homes in Hawaii have become especially numbered in the luxurious valleys of the Big Island. Ranging in size from 100 to 600 square feet, these attractive miniature homes are much more than meets the eye.
The benefits of choosing to go tiny.
The benefits of joining the tiny house movement, as it is also called, are legion. Not only does it require significantly less capital to build, it also avoids the huge long-term costs of a 30- or 15-year fixed mortgage, putting financial independence within reach. From a social perspective, tiny houses are also significantly better for the environment.
In addition to requiring far fewer building materials during construction, a tiny home will also leave a smaller carbon footprint in the long run. With less cooling space and meager appliances to power, tiny home residents end up relying on less electricity compared to a typical single-family home.
Some tiny homes can even be configured to be completely self-contained for a truly off-the-grid lifestyle that continues to appeal to many. And perhaps one of the simplest reasons why some choose to downsize their homes is to simplify their lives.
Without closets and storage rooms for odds and ends and any number of things piled up, homeowners can let go of the mundane things and focus on other, more important matters in life.
Although tiny houses are small, they can still be surprisingly stylish.
Downsizing doesn’t mean you have to skimp on the overall aesthetics of your tiny home.
In fact, for a lower overall cost, this is a great opportunity to get the best of both worlds.
Featured What you need to know before moving to Hawaii
#Honolulu, #Kauai, #Maui, #Molokai, #Niihau, #Oahu, #Hawaii www.Hawaii.Bio, Business recommendations in Hawaii, Future of real estate in Hawaii, Lifestyle, Cost of living in Hawaii, What you need to know about Hawaii
Should you move to Hawaii? The island lifestyle may seem tempting to many people, but before you decide to pack your bags and move to one of the most isolated places in the world, consider these twelve top considerations for living in Hawaii.
Have you been to Hawaii before?
Save your budget and visit Hawaii before moving here. Decide which Hawaiian island you’d rather live on —Oahu, Kauai, the Big Island, or Maui. Drive around the island and stop in an area where you might want to live. Explore the area day and night. Talk to residents and ask questions; this will give you a good idea of the people and the place.
Stay at least a week and realize that the weather is not always sunny. Hawaii experiences rain, cold nights and even major floods, hurricanes and tsunami threats.
Towards the end of your stay, if you feel Hawaii might be the right place for you, contact a realtor to discuss the local housing market and even explore possible places to live.
Can you afford to live in Hawaii?
Considering that the average sales price of a single-family home on Oahu in 2020 is $957,000, anyone moving to Hawaii should understand that it is an expensive place to live.
Hawaii is isolated and most goods are shipped across the Pacific Ocean. Additionally, tourism and limited supply are driving up costs. Food is expensive in Hawaii unless you grow it in your own backyard. But property taxes are one of the lowest percentages in the country. While some places in the US, such as Seattle, Manhattan, San Francisco and San Diego, may be more expensive to live than Honolulu, Honolulu has a lower average income. Find out more about the cost of living in Hawaii.
Before you move to Hawaii, take a look at your lifestyle and see if you can sacrifice some of the available luxuries by living somewhere with a lower cost of living.
If living by the ocean, enjoying the warm climate, and living a healthy island lifestyle are more important to you than eating out or driving a fancy car, Hawaii may be an option.
Will you be able to find a job before or even after moving to Hawaii?
Perhaps your job has taken you to the Hawaiian Islands or you have a permanent change of station (PCS) to a military base on Oahu. However, if you want to move to the islands and don’t have a guaranteed job, finding one can be difficult. Because of the reputation of people moving to Hawaii and then quickly leaving, some local companies are skeptical about hiring people who have just moved here. Additionally, many desirable jobs may be reserved for people the employer knows; Hawaii is a small place and connections are important.
Another factor that often surprises new immigrants to the island is that a similar position on the mainland usually pays much more than in Hawaii. According to payscale.com, the average salary in Honolulu in December 2020 is $64,000 .
Are you familiar with the Hawaii housing market?
Real estate in Hawaii has always been a competitive market and generally a desirable long-term investment due to the scarcity of land in paradise. Typically, the question is not whether real estate will increase in value, but at what rate. On Oahu, statistics show that the average annual increase in median sales price over the past 34 years is 4.84% for single-family homes and 4.64% for condos.
To help you develop a real estate strategy, we asked local experts about the future of real estate in Hawaii. Learn more about the twelve key trends they predict for the future of Hawaii’s real estate market.
Even with the challenges of COVID-19, the Oahu real estate market continues to be hot. At the end of 2020, closed sales of single-family homes on Oahu were up 35.9% and condominium sales were up 20.1% compared to the same period at the end of December 2019. In December 2020, median sales prices for single-family homes on Oahu were $870,000, up 6.1% from 2019, and median sales prices for condos were $455,000, up 6.9% , according to the Honolulu Board of Realtors.
Housing on the Hawaiian island of Oahu is tight—now more than ever. Homes are moving off the market quickly, and in December 2020 there was only 1.4 months of inventory for single-family homes, down 44% from the previous year. Active listings were down 33.4% compared to December 2019.
With interest rates also at record lows, many buyers are locking in rates below three percent, making living in Hawaii even more desirable. If you’re thinking about moving to Hawaii, contact a local real estate agent to learn more about Hawaii’s dynamic and competitive housing market and understand that purchasing a home in paradise isn’t always easy.
Do you know about “Hawaiian time”?
If you are a punctual person, be prepared to slow down and be patient. While punctuality is important, to enjoy island life, you must make use of island time. Things in Hawaii are often done at a slower pace, with people “telling stories” or chatting with each other along the way. Relax and enjoy building relationships, enjoying the scenery while you wait and escaping the hustle and bustle of many places in the world.
Do you have a pet?
Hawaii is a rabies-free state and has strict quarantine laws for any cats or dogs that move into the state. Here’s some important information from the Hawaii Animal Husbandry Department to help you release your dog or cat the day you arrive (instead of the 120-day quarantine):
- 10 days before arrival, make sure that your cat or dog has a working electronic microchip.
- At least 30 days before arrival, make sure that your cat or dog has been vaccinated against rabies at least twice during its lifetime. Vaccines should be given more than 30 days apart. Obtain a rabies vaccination certificate for each vaccine from your veterinarian.
- More than 30 days before arrival, take a FAVN rabies antibody test from an approved laboratory. After successfully passing the test, please wait at least 30 days before arriving in Hawaii or your pet will be quarantined for $14.30 per day along with a $244 fee.
- Fill out all the documents and send them as a set so that they arrive 10 days before your arrival.
- Plan for flights to arrive by 3:30 p.m. to give airport animal quarantine time to inspect and release your pet before closing at 5 p.m. Otherwise, your pet will have to stay overnight for an additional fee of $59.
- Expect to pay a US$185 fee for direct airport release upon arrival.
If you’re moving to Hawaii with a furry friend, make sure you start the pet process early. The good news is that when your pet is finally reunited with you in Hawaii, there are many dog parks and other pet-friendly apartments and communities that can find a home .
Wildlife and insects are part of the Hawaiian way of life.
Before you pack your bags and take your car to the Hawaiian Islands, ask yourself if you can tolerate flying cockroaches, geckos, stinging centipedes and chickens crowing all night? If you answered yes, continue your search for a home in Hawaii.
Although Hawaii does not have squirrels, monkeys, or some of the other animals found elsewhere, there is plenty of wildlife. Geckos, birds, whales, turtles, mongooses, wild boars, fish, roosters: wildlife is an exciting part of life in Hawaii.
Different Hawaiian Islands have different wildlife. Kauai is famous for its chickens and nene birds. Molokai and Maui are famous for their deer. In the mountains of Oahu you can find many wild boars, which are often hunted by locals.
Traffic can be congested, especially on Oahu.
If you think Hawaii is a rural place with dirt roads and deserted beaches, think again. While this may be true on some islands such as Molokai and rural areas of Maui, Kauai and the Big Island, Oahu is home to more than one million people and has some of the worst traffic in the country. Rush hour traffic also exists on Maui, Kauai and the Big Island. The islands hope to create more public transportation, such as the Honolulu Railroad, which is being built on Oahu, but the limited geographic area and high population can sometimes cause traffic jams.
Here are some of the top Hawaii driving rules you need to know:
- A fine of $100 to $200 if you are caught using a handheld cell phone while driving. Instead, you can safely pull over to the side of the road, turn off the engine, and then use your handheld device.
- All passengers inside the vehicle must wear seat belts.
- Motorcyclists are not required to wear a helmet when off base, but must wear a helmet while on base.
- If all seats inside the truck are occupied, passengers are allowed to sit in the back of the truck.
Get a Hawaii driver’s license or state ID to become a kama’aina.
Once you’ve gotten used to your island lifestyle, get your Hawaii driver’s license. If you have a local license, you are eligible for kama’aina discounts, which can be up to 10 percent at places like surf shops, hotels and restaurants. Kama’aina means “child of the earth” in Hawaiian, so not only will you receive discounts, but you’ll be one step closer to making Hawaii your home.
For more information on getting a driver’s license in Hawaii, as well as car registration and voting registration, see the Newbie’s Guide Built in Hawaii .
Get ready to transport your belongings across the Pacific Ocean.
When moving to Hawaii, it’s important to simplify your belongings and only send items that are absolutely necessary. If you’re considering paying for a moving company, check out some of the recommended moving companies we’ve found. Most companies will give you a quote based on the distance you are moving and the number of items you need to move. The moving company can also give you advice, and most of them can also pack your items for you.
When moving from the mainland, you will need to ship items, including possibly a car. There are many companies, such as Pasha Hawaii and Horizon Lines, that make shipping and moving to and from the mainland easy. Call several companies until you find one that suits you. If you’re coming from the West Coast of the United States, such as California, a standard vehicle typically costs around $1,100.
In addition to renting a container for trans-Pacific shipments, USPS or UPS shipping is available and additional bags can be checked during the flight.
Leave the suit and tie.
Casual clothing is common on the islands. Due to the warm climate and the aloha lifestyle, most men wear aloha shirts to work and women wear dresses. Even in the urban environment of Honolulu, it is rare to see a person wearing a suit and tie or heels. Additionally, “flip flops” are known as “slippers” or “flip flops” in Hawaii and should always be removed before entering the home.
Which school will your children go to?
The Hawaii Department of Education is the state and local agency that operates all public schools in the Hawaiian Islands. There are no separate local school districts like on the mainland. Research schools to see which might be a good fit for your child. You may want to live in an area with a higher-rated public school, or apply for a geographic exception (GE) to attend a public school outside your area.
Homeschooling, public charter schools, and private schools are also popular in Hawaii. In fact, Hawaii has one of the highest private school enrollment rates in the country. Most private schools are in urban areas of Honolulu, and tuition typically runs around $20,000 per year, and some schools, such as Punahou and ‘Iolani, have competitive admissions. Find out more about all the different education options on the island to ensure your children have a smooth and successful transition.
Are you ready to immerse yourself in the local culture and lingo?
Hawaii has a strong sense of community with an emphasis on family and helping neighbors. However, keep in mind that unless you grew up in Hawaii, you will likely never be considered a local. Although visitors are often called haole, the term is not usually used in a pejorative sense. Fitting into the local culture is about treating and respecting others. Understand that Hawaii has a long history of conquest by the United States and therefore come to Hawaii to learn from the locals and not to mold the Hawaiian way of life into your previous culture.
As you settle into your new home and start making friends, you will find that many Hawaiians speak pidgin and Hawaiian. Pidgin originated from Hawaii’s plantation history, when immigrants from Japan, Portugal, China and other countries worked together on sugar and pineapple plantations. Since everyone spoke different languages, they created a pidgin by combining words, sentence structures, and intonations from other languages. Knowing a few Hawaiian and pidgin words will help you get used to the islands:
- Mahalo – thank you
- ‘Ohana – family
- Kokua – help or assistance
- Pau – done, finished, all gone
- Malihini (mah-lee-hee-nee) – stranger, stranger, tourist, non-islander
- Shishi – to urinate
- Shoyu – soy sauce
- Aunt or uncle (unko) is a respectful term for an elderly woman or man.
- Brah or sistah is a casual address to a man or woman.
- Grinding – delicious food or “it” food
When learning a local culture or language, do so carefully, as locals may laugh if you pronounce it incorrectly or try too hard.
Live in paradise and seek out breathtaking landscapes and locations.
When you finally move to Hawaii, take time to look around and enjoy the beauty. Truly, there is no place on Earth better than Hawaii – huge, volcanic mountains, sparkling blue waters of the Pacific Ocean, colorful sunrises and sunsets; you have gone to heaven.
There are many popular destinations that any Hawaii resident will want to visit, as well as “secret” places that can only be found after exploring the Hawaiian Islands for some time. Each of the islands has its own major tourist spots that appeal to visitors as well as Hawaii residents.
On Oahu, reserve tickets online to visit Pearl Harbor , the historic site that began the U.S. involvement in World War II. Also, take time to visit Waikiki and the popular snorkeling spot of Hanauma Bay nearby on Hawaii Kai. On Oahu’s North Shore, stop at world-famous surf spots like Banzai Pipeline and head to Laie to learn more about the Pacific Islands at the Polynesian Cultural Center.
In Maui, take a cruise from Lahaina Harbor to see the amazing whales that migrate to the warm waters of Hawaii from December to April. Climb Haleakala, a 10,023-foot dormant volcano that is also one of Maui’s most popular tourist attractions. Take the road to Hana, where you’ll find 620 switchbacks and 59 bridges, as well as waterfalls and natural pools. And when you want to relax, don’t forget that there are many popular luaus, such as the Old Lahaina Luau, that offer hula and delicious Hawaiian dishes.
If you call Kauai your new Hawaiian home, you won’t want to miss the “Grand Canyon of the Pacific” that is Waimea Canyon. Its colorful rock formations and deep gorges offer epic views. Wailua Falls near downtown Lihue and the Na Pali Coast are two other popular spots on Kauai for those who enjoy experiencing Hawaii’s beautiful nature.
On the Big Island of Hawaii, or Hawaiian Island, you’ll want to stop at Hawaii Volcanoes National Park, which contains dried lava from Kilauea’s many recent eruptions. You might even be able to see splashes of red lava or steam from the Kilauea crater, one of the most active volcanoes in the world. After exploring the active volcanoes of Kilauea, check into Parker Ranch for views of Mauna Kea and Mauna Loa, two dormant volcanoes on the Big Island. Tourists love Parker Ranch, where they can immerse themselves in the life of a paniolo (Hawaiian cowboy).
Each of the Hawaiian Islands has spectacular scenery and places to explore, so while moving can be stressful and life in Hawaii isn’t always easy, be sure to take time to enjoy beautiful Hawaii. Thousands of people visit Hawaii every year as tourists. As a resident of Hawaii, you will have the unique opportunity to call one of the world’s most popular travel destinations home. Appreciate the beauty of Hawaii—from its attractions to its landscapes and culture—and you’ll be reminded why you chose to call Hawaii home.
Moving to Hawaii is an adventure. If you come with an open mind, a humble spirit and the understanding that living on an isolated island is not always easy, you will enjoy the beauty of Hawaii’s paradise and all it has to offer.
Building your team to purchase real estate in Hawaii
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Buying a home is a complex transaction with many moving parts, and hopefully there are many great people to help make the process smooth.
From the first step to move-in day, having a professional and reliable team supporting your home purchase can mean the difference between a stress-free, efficient and profitable home purchase or a huge headache.
Here are ten people you need on your team when buying a home.
Real estate seller or broker
A buyer’s agent will help you through every step of the home buying process. It’s important to find an agent who suits your needs and meshes well with your goals and personality.
A buyer’s agent is needed to help you find a home, including advice on neighborhoods, schools and home prices. They will also help you protect your home. An agent should be able to negotiate to help you get the most bang for your buck; exclusive agents will analyze home values and negotiate with the seller’s agent.
They will also help with all the complex, detailed documents and contracts – from the initial purchase agreement to mortgage, title and insurance documents.
A great real estate agent will also recommend professionals in the real estate world to facilitate your transaction, such as a lender or mortgage broker, home inspector, and others. The best buyer’s agents will even attend the home inspection and discuss repair requests before giving you the keys on the final day of closing.
Mortgage Broker
Mortgage brokers work with many lenders to find the best loan program for your specific situation. They can help you through the paperwork process and even tell you about the different types of mortgages. Mortgage brokers are mortgage experts and can help you get pre-approved to close on your final mortgage.
Creditor
Unless you’re buying a house with cash, you’ll need someone to lend you the money. There are many loan programs with different interest rates and even different repayment periods and fees, so it’s important to find the best lender. Or a mortgage broker can help you find the best lender for your situation. Keep in mind that a local lender knows Hawaii’s unique market best.
Accountant
These “numbers people” will help you structure your finances so you can make smart financial decisions. Tax deductions, paperwork, interest rates—an accountant can crunch those numbers and offer home buying advice.
Termite inspector
Termites swarming through the air in Hawaii are not uncommon. They can cause damage to homes, which is why most lenders in Hawaii require a copy of a satisfactory termite inspection report (TIR) before issuing a loan.
Termite inspection is usually paid for by the seller, but the buyer can usually choose their preferred inspector. The inspection takes place in the final weeks before the sale closes, when the inspector lights all the wood inside and outside the home. Termites are quite common in the Hawaiian Islands, but identifying and preventing termite infestations can save you a lot of money and preserve your home.
Home Inspector
Once your offer has been accepted, you have an inspection period to go through every nook and cranny to ensure the home is in the top-notch condition you expected. Although an inspection is often optional, hiring a home inspector can save you a lot of money in the long run. They inspected the grounds, structure, roof, exterior, windows, doors, trim, interior, kitchen, bathrooms, plumbing, electrical systems and more. An inspector can show you the exact problems with your home, helping to advise you on your next steps toward buying a home.
Advocate
A residential real estate lawyer can help clear up legal issues, document errors, and unscrupulous sellers. However, a direct real estate transaction with a qualified real estate agent may not require an attorney.
Insurance agent
A local independent insurance agent can give you the cost of insuring your Hawaii home. Neighborhood, zoning, home size and other factors can affect your home insurance premium. They may also offer you additional coverage beyond the required basic homeowner’s insurance.
Escrow agent
Although the escrow agent or officer is not actually part of your team, since they are a third party, you will work closely with them during the closing process. The escrow officer manages money between the buyer, seller and lender and ensures paperwork is completed and title verified.
Bonus: your family
The support of your family and friends is important in life, especially when buying a home. Perhaps your purchase is due to a growing family. Or maybe you’re buying a home from a family member or partner. Whatever the reason you’re buying a home, it’s important to have people around you who support you socially and emotionally.
Surround yourself with educated and experienced professionals during the home buying process. With a dedicated team, you can confidently navigate the complex web of buying a home in Hawaii.
Restrictions have hurt Hawaii’s share of the cryptocurrency market
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Hawaii has the highest barriers in the country to companies that exchange cryptocurrency, and those restrictions could get worse if lawmakers don’t step up and open the door to this potentially thriving new business area.
Bitcoin, the world’s first “cryptocurrency”, was invented in 2009 by an unknown person or group of people under the name Satoshi Nakamoto and allowed people to store, buy and sell digital currency using special software.
Since then, thousands of other cryptocurrencies have emerged, such as Ethereum, Litecoin and Monero. Many of these cryptocurrency companies have risen significantly in value, with the entire cryptocurrency market valued at $2.2 trillion. That’s slightly more than Google ($1.9 trillion) and slightly less than Microsoft ($2.5 trillion).
In Hawaii, cryptocurrency companies are subject to the Hawaii Remittance Act, which since 2014 requires them to hold monetary assets equal to the amount of their virtual assets. For example, if a company holds $1 billion worth of cryptocurrencies, it will also need an additional $1 billion in cash as reserves.
No other state has such a specific requirement for cryptocurrency companies, so most of these companies have either left Hawaii or avoided it.
The two largest cryptocurrency exchanges, Coinbase and Binance, do not operate in Hawaii. Neither Kucoin, Strike, eToro, Bittrex, Bitstamp, Robinhood Crypto, nor PayPal’s “Cryptocurrency Hub”.
In March 2019, the Governor authorized the creation of a temporary sandbox known as the Digital Currency Innovation Lab, which allowed cryptocurrency companies to operate in the state without having to comply with the dual reserve requirement of the Remittance Act. .
Only 15 cryptocurrency companies were allowed to play in the sandbox, which has so far allowed 61,000 Hawaii customers to access virtual currency with a total transaction value of more than $611 million.
Meanwhile, since the program launched, the value of Bitcoin has increased by 370%, from $10,000 in 2019 to $47,000 by the end of 2021.
Looking ahead, legal authority for the sandbox expires on Dec. 30, 2022, meaning lawmakers who want to avoid a complete shutdown of this market must pass some kind of enabling legislation during the 2022 legislative session.
The easiest way to allow cryptocurrency companies to operate in Hawaii is to exempt them from remittance laws.
Twenty states do not require a money transmitter license for cryptocurrency transactions: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, North Dakota, Oklahoma, Pennsylvania, Tennessee. , Texas, Virginia and Wisconsin.
Another quick fix would be to add cryptocurrency as an “eligible investment” to the remittance law, thereby eliminating the dual reserve requirement. For example, Wyoming exempted virtual currency from its dual reserve requirement in 2014 and has since become “the most cryptocurrency-friendly jurisdiction in the United States,” according to MarketWatch.
A more complex route would be to create a new licensing requirement for virtual currency companies, which could also bypass the double reserve requirement. This could potentially create an unnecessary administrative burden, but would nevertheless allow for a more dynamic cryptocurrency market if the rules are not too strict.
The Hawaii Division of Financial Institutions is actually introducing such a bill aimed at reducing barriers to cryptocurrency companies in Hawaii. But lawmakers should be careful not to impose too many requirements that defeat the purpose of the bill.
The goal is to ease Hawaii’s toughest virtual currency restrictions in the country and give island residents greater access to this emerging market. This would be another way to diversify our economy and help local families find new ways to make money and prosper.
What is the future of real estate in Hawaii?
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Hawaii industry professionals share their predictions
If you’re looking to buy or sell a home—or even if you’re a current property owner or a first-time investor—it’s important to know where Hawaii’s unique real estate market is headed in the coming years. Our dynamic world includes changing real estate market conditions, so understanding the Hawaii market will help guide future buying, renting or selling decisions.
To help you develop a real estate strategy, we asked local experts about the future of real estate in Hawaii. Here are twelve major trends they predict for the future of Hawaii’s real estate market.
1. Valuation is slowing down, but still growing.
Real estate in Hawaii is always a long-term investment due to the scarcity of land. The question is not whether my property will increase in value, but at what rate. Right now, home values are rising less than they have been in the last ten years, but the pendulum will eventually swing back.
2. Cyclical Fluctuations Affecting Home Values in Hawaii
We are seeing leading indicators that the transition is well underway. When it comes to real estate in Hawaii and Oahu in particular, home prices have reached record levels and continue to put enormous pressure on local buyers. Over the last seven to eight years, we have seen growth of 5 to 10 percent. Without incomes keeping pace, I don’t know how we can maintain upward pressure on home values, especially if/when interest rates spike, further eroding affordability and buyer confidence.
The cost of housing will fluctuate depending on supply and demand in the real estate market. There are a lot of apartments being built on Oahu and this will significantly increase supply over the next 5-10 years.
Housing prices in Hawaii have always been good because Hawaii is an island and there is always demand for it, but not enough supply. You always have adjustments in different cycles.
3. Real estate remains a long-term investment
Hawaii, like much of the U.S. real estate market, has been in a bull market since the Great Recession. No one can predict future values. Many speculators who think they can predict the lows and highs end up making meager profits. Real estate investing should be considered a long-term investment. On Oahu, statistics show that the average annual increase in median sales price over the past 34 years is 4.84% for single-family homes and 4.64% for condos.
4. Transition from a seller’s market to a buyer’s market
We are currently in a market transition from a seller’s market to a buyer’s market, which will occur in the next year or two. Prices for more expensive homes are declining due to less activity and demand, and because the perception of their value is lower. On Oahu, the number of months of inventory is increasing and currently stands at 3.9 months of inventory; it will change to a buyer’s market when we reach five months’ supply. I point out that the Hawaii market is changing along with the West Coast market and the Maui resort market; this is because sales in the West Coast market will affect sales in the Maui resort market, which will affect the market on Oahu.
5. Consistently low interest rates
I expect interest rates to remain in this general range for the next few years as the government wants to keep the housing market strong and support the economy. Remember, we’re still at historic lows in interest rates, so now is a great time to buy or refinance.
6. Affordable housing
As prices continue to rise, developers and the government will seek to make housing more “affordable” for people on lower incomes. These developments will occur outside the “city” or area of Honolulu. I also see the luxury condo market slowing down as there is no way it can maintain the same pace as it has in the last decade.
7. Additions to Existing Homes to Meet Housing Needs
More and more parents are renovating or adding to their existing homes for their children or parents. Hawaii needs to produce about 5,000 units a year, but we only build about 2,000 units. Homes are in demand for purchase and rental.
8. Changes in building laws
The city and state are considering changing some requirements for the building and possibly land owned by the State of Hawaii. Land is limited and the cost of building materials and labor is high. But over the next 10 years, Hawaii will need more affordable housing to buy and rent.
9. The rise of online real estate firms
I believe we will continue to see new tech startups and venture capital investing in the real estate industry over the next 5 years. We are already seeing a number of new, technology-enabled brokerages trying to get on their feet with every intention of disrupting the traditional brokerage model that has been a mainstay for decades.
Technology has paved the way for the growing popularity of “tech-friendly” real estate firms like Redfin. This is a technology model that has gained popularity over the past five years. I’m not going to say traditional real estate is dead, but firms like Redfin will definitely take their share of the market.
More venture capital is going to more online real estate companies: Compass, Redfin, Open door, Zillow; Amazon just entered into a partnership with Realogy, which owns Coldwell Banker, Century 21, ERA and Sotheby’s. I think other tech companies may also get involved, including Google.
10. Agents will not become an anomaly
While technology has brought convenience to our daily lives, the real estate industry has not been as dramatic as many thought. Real estate agents have not been replaced by artificial intelligence. As the state where word of mouth thrives the most, Hawaii is no different. Using search sites gives buyers the opportunity to search for properties according to their preferences. However, buyers need the expertise of agents to help verify property disclosures.
Looking 10+ years out, I tend to believe that we will see a contraction in the real estate industry due to lower commissions, technology and automation; leaving only enough oxygen for the survival of valuable real estate agents and “niche” professionals.
Large real estate teams and those who can benefit from capturing consumer attention can take the lead in sucking the oxygen out of the space.
11. Local lenders remain
In the mortgage industry, online lenders like Quicken will continue to have a presence in Hawaii, but many buyers still prefer local lenders who know Hawaii’s unique market and can better serve them.
12. Data-driven housing decisions
Technology has changed the way buyers and owners receive information. Information is much more accessible. The way information is presented and absorbed has changed.
Housing data is now available to more people than in the last ten years, allowing a new generation to view neighborhoods and homes before purchasing them.
Market knowledge and customer service will always remain the great equalizer, but technology can also work in parallel and catalyze more market knowledge and service to those who use it correctly. Technology also puts a number of tools in the hands of consumers, equipping them with knowledge and resources that were once only available to them through consultation with a real estate professional.
General Contractors in Hawaii
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Hammers and nails. Taps and pipes. Shingles and siding. Paint and trim. Our homes are intricately designed to provide a safe place to sleep at night and create memories that will last for years to come. And at the forefront of creating homes in Hawaii are general contractors.
What can I hire a general contractor in Hawaii to do for me?
You may be wondering, “What do general contractors do?” A general contractor’s primary responsibility is to safely coordinate and manage all aspects of the construction process. For any job – large or small – Oahu general contractors can do the following:
- Price and purchase of materials
- Provide labor or hire subcontractors for actual construction
- Providing equipment such as vehicles and tools
- Apply for a building permit
- Recycle construction waste
- Control the construction budget
- Management of construction plans and stages
People hire a general contractor in Hawaii to do a number of construction jobs:
- Construction of new houses. (Read more about the cost of building a home in Hawaii here.)
- Kitchen and Bathroom Remodeling
- Installing floors or drywall
- Home additions such as new master suites or porches
An Oahu general contractor is a general contractor, which means they are qualified to handle almost any home project for you. They can do the work themselves or hire subcontractors such as electricians, plumbers or roofing specialists to complete the projects.
Who can be a general contractor in Hawaii? What are the qualifications for Oahu general contractors?
The State of Hawaii regulates general contractors, and in Hawaii they are required to obtain a license by submitting a comprehensive application, passing an examination, and then paying licensing fees.
General requirements for obtaining a contractor’s license in Hawaii include the following:
- Be over 18 years of age.
- Have a good reputation for honesty, truthfulness, financial integrity and integrity, as determined by, among other things, a credit report.
- Have four years of supervisory experience within the last 10 years as evidenced by notarized certificates of experience and a list of completed projects along with the contract amount.
- Pass an exam on the appropriate classification, which includes questions on business and law, as well as on a specific trade (general engineering, construction, or other trades such as electrical, elevator, landscaping, masonry, plumbing, swimming pools, etc.).
- Be hired by a licensed contractor, meaning you must have worked in the construction industry before becoming a contractor.
After initially obtaining a Hawaii contractor’s license, these construction professionals must take steps to continue to maintain a Hawaii contractor’s license, including the following:
- Maintain ongoing liability and workers’ compensation insurance.
- Renew your license every two years on September 30th.
The state of Hawaii has fairly strict laws to become a general contractor, so people who hire a general contractor in Hawaii can rest assured that the state regulates these important builders. Additionally, the client may file a complaint against the contractor with the Hawaii Contractors Licensing Board.
Who are the best home builders near me?
Luckily, there are many quality Hawaiian home builders on the islands. Here are some of the most popular “Hawaii home builders near me” in different areas of Oahu, Hawaii:
- Pearl City. Roman Electric & Construction
- Waipahu. Wave Builders LLC
- Downtown Honolulu. Josh Design Build
- Kailua. PFC Remodeling & Construction
- Hawaii Kai. Acumen Builders
- Kaneohe. O’Donnell Construction
- Mililani. Prominent Craftsmanship Builders, LLC
What should I consider when choosing a new home builder in Hawaii?
If you are ready to remodel, update or build a completely new home. You will most likely need a contractor. But how do you choose the perfect Hawaii home builder? Here are some tips.
Tip #1. Ask family and friends.
Did your friend just finish building a new home in Hawaii? Ask them about their experience with the contractor.
- Was the work completed on time?
- Did the contractor listen to their needs and wants?
- Was the contractor licensed, bonded, insured, and received the necessary permits?
- Would they use the contractor again?
Take a look at their finished build to see the details and overall design.
Tip #2. Make a list of general contractors to call.
After interviewing family and friends and searching Hawaii general contractors online, call each of your top contractor contenders and ask these common questions before scheduling an appointment and quoting:
- Are they building houses in your area in Hawaii?
- Can they make the repairs you want?
- How will you make payments?
- Can they show you examples of previously completed work similar to yours? Do they have links?
- Do they hire subcontractors? If so, for what parts of the job and are these subcontractors licensed?
Tip #3. Meet an Oahu general contractor at your home or on your property.
After making phone calls to about five general contractors, schedule a meeting with at least three of them.
Before your meeting, give the contractor a list of your needs and wants. Link to photos of your style and desired look if you have them. If you’re building a new home in Hawaii, you may need to discuss architectural plans with a general contractor; note that you may choose to hire an architect and a general contractor separately, or the general contractor may subcontract the architect or designer.
When you meet, look around the room. Give the contractor time to answer questions and propose construction plans. Ask more questions and evaluate whether you are comfortable with the contractor.
Tip #4. Choose the best home builder in Hawaii for your project.
After meeting with at least three general contractors and receiving bids, review the bids.
- What are the deadlines?
- How do change orders work for this contractor?
- What’s included and what’s not? What about cleaning?
Hiring the right Hawaii home builder for your job requires some detective work. Be patient and be as thorough as possible. Ultimately, choosing the right general contractor for your Hawaii home building project can be the key to making your home building dreams a reality.
Hawaii Landlord Code
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Rent prices in Hawaii average around $2,000, with studios averaging around $1,400 on Oahu and one-bedroom apartments averaging around $1,900 in Honolulu. How much does rent cost in Kaneohe? A two-bedroom home averages around $2,500.
Rents in Hawaii are among the highest in the United States, so it’s no surprise that many Hawaii residents would be looking to become landlords. While others will be looking to rent a piece of paradise to enjoy all the beauty of Hawaii and aloha. Besides the business aspect, renting in Hawaii can also be an opportunity to build good relationships between landlords and tenants.
The spirit of aloha often permeates Hawaiian homes and extends beyond even the landlord-tenant relationship. Often in Hawaii, landlords and tenants become close friends, even family members, as living together is part of the Hawaiian culture.
However, there are times when the aloha spirit does not enter into a rental relationship. Therefore, if you are planning to rent in Hawaii as a tenant or landlord, it is important to know that there are certain laws that help protect both parties.
What are the rental laws in Hawaii?
The Hawaii Residential Landlord Code is the name of Chapter 521 of the Hawaii Revised Statutes (HRS) , which governs rental laws in Hawaii. The Code includes information on leases, security deposits, repairs, lockouts, termination of lease/lease agreements, landlord and tenant obligations, and landlord and tenant remedies.
Tenant Rights in Hawaii
In Hawaii, there are certain items that a tenant must expect when renting real estate, which are defined in Code Sections 41 and 42 as obligations of the landlord. Here are some of the main points regarding tenants’ rights in Hawaii:
Moving
The premises must be ready for occupancy by the tenant within the agreed time frame and in the condition that was agreed upon. If the apartment is not ready for a tenant to move in, the tenant has the right to refuse to pay rent for the time during which he is unable to move in, terminate the lease, and/or recover any damages associated with finding alternative housing.
Lease agreements and rent payments
If there is a written agreement, the landlord must give a copy of it to the tenant. The tenant has the right to obtain in writing the name and address of the owner or his representative. If the owner is absent, the owner must appoint an agent residing on the same island as the tenant to act on behalf of the landlord. The tenant has the right to receive a receipt for all rent paid. The tenant has the right to terminate the lease and vacate the property during the first week of occupancy if the tenant’s conditions are not met. The tenant may terminate the contract and vacate the lease at any time if there is an immediate threat to the health or safety of the tenant.
Rental conditions and repairs
The rental must be safe and healthy, meaning there must be no insects, mold or fire hazards. All electrical, plumbing and other rental equipment must be in good condition. The tenant must have running water supplied. Please note that the landlord has the right to make repairs. The tenant must notify the landlord of any necessary repairs, and the landlord must begin those repairs within 12 business days, unless there are “causes beyond the landlord’s control” in which the landlord must notify the tenant of the reason for the delay. Appliance or plumbing repairs must begin within three days after the tenant notifies the landlord. The tenant has the right to make repairs if the landlord fails to make them, and the tenant can deduct up to $500 from the next month’s rent by providing copies of receipts to the landlord. Trash should be picked up regularly and the resident should be provided with a trash can unless they are renting a single-family home.
Entrance to rental unit
The landlord must give the tenant at least two days’ notice before entering the rental premises, and the landlord may only enter during reasonable hours. However, in the event of an emergency, the landlord may enter without prior notice. If the landlord enters without permission, the landlord is responsible for any theft or damage; In addition, the tenant has the right to terminate the lease or seek a fine of not more than $100 if the landlord continues to request entry without a valid reason.
Locks
In Hawaii, a landlord cannot evict a tenant from an apartment without cause or by court order. In this case, the tenant can terminate the lease or return the rent. In any case, if the landlord does not allow the tenant into his home, the tenant is entitled to receive up to two months’ rent – either payment or rent-free – and the cost of the lawsuit.
Voting Announcements
A tenant may post a sign or other advertisement encouraging voters to vote for or against a particular person or issue, as long as it complies with building and housing regulations.
Like tenants, landlords also have certain rights and can expect certain things from their tenants. Here are the main provisions of the Code:
Unit Maintenance The tenant and the tenant’s family and friends are responsible for keeping the premises clean, healthy and safe, which includes disposing of trash and proper use of plumbing fixtures and appliances.
If the rental property is not kept in satisfactory condition, the landlord has the right to advise the tenant in writing of a time limit after which the problem(s) must be corrected.
If the problem is not corrected as stated in writing, the landlord may terminate the lease, sue to evict the tenant, or correct the problem by billing the tenant for the costs. The tenant must notify the landlord of any necessary repairs, and the landlord has the right to make repairs to maintain the property.
Rules and Leases The landlord has the right to give the tenant rules when entering into a lease, which must be clear enough to be understood. These rules can protect a landlord’s property from misuse (i.e., locking the gate) and promote equality of services and amenities among all tenants (i.e., using the washer and dryer only at certain times).
The landlord has the right to terminate the lease if the tenant uses the property for something other than his home, unless that other use is specified in the lease. If the tenant decides that he does not want to move in after signing the lease, the landlord has the right to withhold any money deposited with the landlord, one month’s rent, and the amount of the daily rent for the period to re-rent the apartment plus a commission. If the tenant abandons the tenancy without proper notice, the landlord has the right to collect rent for the remainder of the term and charge daily rent for the period of re-renting the premises plus a commission.
Security Deposit and Rent Receipt In Hawaii, a landlord may receive a security deposit equal to one month’s rent; however, it must be returned to the tenant 14 days after the lease is terminated, unless there is a legal basis for retaining the deposit, such as repairs with receipts. A landlord in Hawaii has the right to receive the agreed upon rent on time.
A landlord can terminate a tenancy five days after not receiving rent if he gives notice on the first day it was due. The landlord has the right to increase the rent four months or more before the due date of the rent increase if there is an increase in taxes or operating costs, major renovations to the unit, or a rent increase comparable to other units in the area.
Enter the apartment/house
If the tenant is absent for a continuous period of more than 20 days, the tenant must inform the landlord. If the tenant fails to notify the landlord of his absence and fails to pay rent, the landlord has the right to terminate the lease. The landlord may also enter the apartment during an extended absence for security, inspection, maintenance and showings.
With at least two days’ notice, the landlord has the right to enter the tenancy for inspection, repair or demonstration to potential buyers or tenants. In emergency cases such as fire, weather damage, abandonment or long absence, the landlord may enter without two days notice. If the tenant does not allow the landlord to enter, the landlord has the right to hold the tenant liable for any damages incurred by his refusal.
What should I do if I have a problem with my landlord?
The above are some of the main points of the Hawaii Landlord Landlord Code. However, if you have additional questions or need assistance, call the Hawaii Landlord Tenant Hotline at 808-586-2634.
The Hawaii Department of Commerce and Consumer Affairs staff operates the Landlord/Tenant Information Center from 8:00 a.m. to noon, Monday through Friday, excluding state holidays. They can help clarify any information contained in the Hawaii Landlord/Tenant Code.
If your tenant or landlord is not complying with your rental rights in Hawaii, the following steps can be taken to resolve any problems: Once you know your rights, discuss the problem directly with your landlord, property manager, or tenant.
Give people the benefit of the doubt and try to resolve problems through friendly communication before resorting to more extreme measures.
Take good notes and try to get things in writing if possible in case you can’t resolve the issue through open communication.
If informal discussions lead to any resolution, you may choose to participate in mediation or another form of dispute resolution with an outside party. This can help save time and money before going to court. In fact, the judge will often refer landlord/tenant issues to a mediator before trying them in court.
If direct conversations and mediation don’t work, you may have to take legal action. Disputes regarding security deposits will be brought to small claims court. Landlords can file lawsuits against tenants in district court.
If you go to court, provide as much hard evidence as possible: contracts, canceled checks, receipts, photographs and/or written correspondence. While everyone hopes for an ideal landlord-tenant relationship filled with aloha and a peaceful life, it is also encouraging to know that there are certain rights for tenants and landlords in Hawaii that can help establish a basic understanding should any conflicts arise. For more information, contact the Hawaii Landlord Hotline or an attorney.
Featured Airbnb in Hawaii: What’s Legal and What’s Not?
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As an Airbnb host, you have the opportunity to welcome guests from all over the world, share the aloha spirit, and earn extra income.
But are short-term rentals, also known as AirBnb or VRBO, allowed in Hawaii? Airbnb’s operation on our islands is subject to several regulations, many of which currently make it difficult for Airbnb to host legally. While this information is not comprehensive or legal advice, and is current only at the time of writing, below are some legal considerations to consider when you’re thinking about becoming an Airbnb host.
Zoning laws dictate whether a property can legally be used as a short-term rental and vary on each island.
Oahu: Are short term rentals allowed in Honolulu? Can you rent an AirBnb on Oahu? House Bill 89, also known as Proposition 19-18 , signed by Mayor Kirk Caldwell on June 25, 2019, will place a cap on the number of bed and breakfast (B&B) accommodations on the island. Specifically, no more than 0.5% of the total number of residential units in each community in the State of Oahu may be used as bed and breakfasts. These are 1,699 B&B rentals on Oahu; 183 B&B with legal permits at Koolau Poko (Kailua, Waimanalo, Kaneohe).
(Oahu short term rental permit limits vary by area)
No more than 0.5% of the total number of residential units in each Regional Development Plan Area (DPA) may be used as B&Bs.
The new laws also stipulate that new B&B owners can rent out two bedrooms to guests, and the owner of the property must legally live with the guests.
Other important changes:
- Ordinance 19-18 would allow approximately 1,700 bed and breakfast permits to be issued. Although the online lottery system for a legal B&B permit on Oahu is expected to begin in October 2020, it has not yet begun due to the passage of Ordinance 20-30, which modified Ordinance 19 -18. and was signed by Mayor Kirk Caldwell on September 17, 2020. Therefore, the adoption of administrative rules and the start of registration of new bed and breakfasts have been delayed while the City and County of Honolulu Department of Planning and Permitting (DPP) reviews the registration process.
- Illegal B&Bs will be subject to hefty fines (think $1,000 to $10,000 a day!). As of June 4, 2021, the City and County of Honolulu had received 2,133 short-term rental complaints and issued 568 notices of violation (NOV).
- Specifically, for North Shore bed and breakfasts, with the exception of Kuilima, no new permits will be issued in the area under the North Shore Sustainable Communities Plan. However, for now, legal bed and breakfasts on the North Shore can accommodate guests until Oct. 1, when the city will begin issuing these new licenses.
- Kuilima Estates East and West , next to Turtle Bay Resort and Golf Course, now allows bed and breakfasts and short-term rentals. The decision was made on February 10, 2020 by the Department of Planning and Permitting (DPP) because Kuilima Estates East & West is within 3,500 feet of a resort area of over 50 contiguous acres. See the map below for the permitted zone.
Maui: Can I rent an AirBnb on Maui? As of July 2019, there are over 16,000 apartments that are legally allowed to rent out homes for short-term rentals (less than six months) without the need for a bed and breakfast or conditional permit. These are typically found in hotel zones, but homes not included in the pre-existing criteria may be legally allowed to operate; as of November 2018, 353 vacation rentals had permission to operate outside the hotel zone.
As of June 2021, the Maui Meadows region of the Kihei-Makena Community Plan and the Paia Haiku Community Plan region have reached their permit limit for short-term home rentals, or AirBnbs.
In Maui County, homes with a short-term rental permit can be rented without the owner present. To apply for a short-term home rental, you must complete an application through the Maui County Planning Department , which must also include a zoning and flood verification form. The planning department processes these applications and usually takes several months.
(Maui short term rental permit limits vary by area)
Kauai: Are short term rentals allowed on Kauai? Airbnbs are legal in certain tourist areas (VDAs) or areas zoned for hotels. There are between 3,000 and 4,000 vacation homes in these areas, and Kauai no longer allows short-term rentals outside of these designated areas. If the vacation rental received a certificate of non-conforming use before March 2008, then the rental was transferred.
In short, any short-term rental for less than 180 days of a room in a house or an entire house or apartment is not permitted. Additionally, there is no application to apply for an AirBnb on Kauai unless you own a property in a Visitor Destination Area (VDA). The County of Kauai and its Planning Department regulate short-term rentals on the island of Kauai .
(Kauai short term rental permit restrictions based on visitor destination zone – VDA in red)
Big Island: Under House Bill 108, short-term vacation rentals on the Big Island or Hawaii County are now defined as a residence with no more than five bedrooms, rented for 30 consecutive days or less, in which the owner does not reside. on the spot. New short-term vacation rentals are not permitted in single-family residential or agricultural zones and are only permitted in hotel, resort, commercial and multi-family commercial zones.
House Bill 108, also known as Ordinance 2018-114, also made it possible for existing short-term vacation rental properties to apply for a Certificate of Nonconforming Use so they could continue to operate in a generally unpermitted area. The County of Hawaii Planning Department is tasked with administering and overseeing AirBnbs on the Big Island.
COVID-19 has added additional restrictions for Hawaii Airbnb, especially on the island of Oahu.
The question of whether Airbnb is legal in Hawaii has persisted throughout the coronavirus pandemic and adds further restrictions for many Hawaii vacation rental owners and travelers who want to experience paradise outside of a hotel.
Hawaii’s Airbnb laws have become more complex on Oahu and other islands during the COVID-19 pandemic. The mayors of Maui, the Big Island, and Kauai restricted vacation rentals in March 2020, but on June 16, 2020, they allowed legal Airbnbs to operate again. Legal short-term holiday homes can now operate; however, Hawaii State’s travel restrictions and other COVID-19 related mandates remain in effect, and Governor Ige has stated that these rules will remain in place until Hawaii’s vaccination rate reaches 70 percent.
Airbnb listings – legal or illegal – must comply with Hawaii tax laws.
(1) Certificate of registration. Airbnb hosts must obtain a Certificate of Registration from the Hawaii Department of Taxation as required by Hawaii State law . Upon successful receipt of a Certificate of Registration, Airbnb hosts must post the TIN on their online listing.
(2) Temporary Occupancy Tax: After registering and receiving a tax identification number, Airbnb hosts are ready to pay taxes to the government! The temporary residence tax applies to stays of less than 180 days. From January 1, 2018, the tax on temporary housing is 10.25 percent.
(3) General Excise Tax: Hawaii has no sales tax; instead we have a General Excise Tax (GET) , which is levied on all business activity, including short-term lettings. The current GET is 4.712 percent on Oahu.
(4) Property Tax: Property taxes in Hawaii vary by county.
Effective July 1, 2021, the City and County of Honolulu, which covers the island of Oahu, has a new property tax class: Bed and Breakfast (Class J). A legal Hawaii Airbnb on Oahu will likely fall into this class, and the tax is 0.65% of the assessed value. Read more about property taxes in Honolulu here . In short, a bed and breakfast is defined as a rental of less than 30 days where the homeowner or other operator is present during the stay, which is ultimately the definition of Airbnb in Hawaii. A typical B&B would be when someone rents out a room in their own home where they live. Short-term vacation rentals (TVR) are defined as “unhosted” or “whole house” rentals of less than 30 days when the owner or operator is away; TVRs are taxed in the hotel and resort class at a rate of 1.39%.
Property tax rates in Maui County, which includes the island of Molokai, are $11.08 per $1,000 of net assessed value for “short-term rentals” such as Airbnb, and $10.70 per $1,000 of net assessed value for zoned properties.” hotel and resort. as of July 1, 2020.
In Kauai County, the 2021 property tax rates for short-term occupancy are $9.85 per $1,000 of net assessed value for “vacation rental” properties and $10.85 for “hotels and resorts” zoned properties.
There are no taxes on residential rentals or short-term rentals in Hawaii County or the Big Island. The tax rates that may apply to Airbnb in Hawaii County are the hotel/resort property tax, which is $6.15 per taxable building valued at $1,000 from July 1, 2021 through June 30, 2022.
Building laws and neighborhood regulations add additional rules to Airbnb listings.
Building and Housing Standards: The Oahu Building Code and Residential Code define minimum construction, maintenance, and health and safety requirements. Codes vary between residential and non-residential properties and by island, so refer to the codes for more information.
Other rules. There may be other contracts or rules that govern your potential Airbnb listing, such as lease agreements, HOA rules, or co-op or condominium rules. Read your lease agreements or contact the appropriate parties if applicable.
Complying with laws and regulations is no easy task.
The Appleseed Hawaii Center for Law and Economic Justice estimates that there are 23,000 vacation rentals in Hawaii , many of which are illegal.
Inspectors on each island try to enforce zoning laws. But with thousands of Airbnb listings and fewer than twenty zoning inspectors in each county, enforcement is problematic. Online advertising does not provide sufficient evidence that the Airbnb listing is illegal. Inspectors must obtain information such as the visitor’s name, length of stay, and compensation documents. Once the inspector has enough evidence and issues a violation notice, the Airbnb host has 30 days to make corrections or face a fine.
It’s also difficult for states to determine whether Airbnb hosts pay state taxes. Due to privacy laws, the state Department of Taxation is currently seeking a subpoena to collect host information from Airbnb.
Finally, on December 23, 2019, the City and County of Honolulu published an online form asking the public to report any suspected illegal Airbnb rentals. So far there have been many reports of inspectors following up on leads.
While there are several controversial and potentially changing rules governing Airbnb listings, the benefits of being an Airbnb host may outweigh the bureaucratic burden. For more information, consult an attorney, accountant, Planning and Permitting Department, Taxation Department , or other county or state agency.
Pitfalls when buying real estate in Hawaii
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The endless blue ocean, towering green mountains, endless colorful rainbows, the aloha spirit: living in Hawaii is truly paradise. While beautiful scenery, outdoor activities, and an attractive culture may entice you to buy real estate in Hawaii, not everything in paradise is perfect.
Homeowners in Hawaii often face a number of disadvantages when purchasing real estate in Hawaii.
Before you buy a home in Hawaii, here are some of the top pitfalls of home ownership, according to our homeowner surveys.
Homes are smaller than those on the US mainland and tend to be much more expensive per square foot.
Can you imagine living in a 2,000 square foot single family home with large rooms and closets on an average sized lot of say 7,500 square feet? Although this is a typical home in many suburban areas of the mainland US, in Hawaii such a home would be expensive.
The median price of a single-family home on Oahu reached $950,000 in March 2021, and the median sales price was $1,226,827, according to the Honolulu Board of Real Estate. Prices per square foot are over $600 for single-family homes in most areas of Oahu, including Mililani, Kapolei, Ewa Beach, Kaneohe and Kailua. In areas like Kailua and Hawaii Kai, prices can be even higher.
Also, keep in mind that even in Hawaii there aren’t many huge homes for sale. Land in Hawaii is limited, so there aren’t many options for building or purchasing larger homes. Most single-family homes have two to four bedrooms, with modest room and lot sizes. However, Hawaii also has many beautiful mansions that are reasonably priced (over $1 million).
The real estate market is tough and there are few options.
The Hawaii real estate market is hot! From January to March 2021, 50% of single-family homes sold were over asking price. For condominiums, 29% are selling above list price. In March 2021, single-family homes spent an average of just nine days on the market.
The demand for housing in Hawaii is enormous. Shannon Haven, president of the Honolulu Real Estate Council, said, “Despite new listings, demand continues to outpace our limited housing inventory. The lack of inventory creates a very active and competitive market for potential Oahu home buyers.”
If you are even thinking about purchasing real estate in Hawaii, keep in mind that you will likely need to make a competitive offer, and delays in making a decision may cause you to miss out on the opportunity to purchase real estate in Hawaii. If you see your home in Hawaii, talk to your real estate agent so they can get you the best deal right away. Then cross your fingers, as the seller will likely have several offers to choose from.
The cost of living in Hawaii is high compared to most other places in the US.
Once you move into your Hawaii home, you can live in paradise—for a price. According to Expatistan for 2021, Honolulu is the 7th most expensive city in the United States and the 8th most expensive city in North America. Honolulu is also the 21st most expensive city in the world! Some studies show that you’ll need a whopping salary of over $122,000 to live comfortably in Hawaii.
Generally, everything is more expensive in Hawaii than on the US mainland. Gasoline costs over $3 a gallon. A gallon of milk costs about $9 at Safeway, one of the main grocery stores on Oahu. A loaf of sandwich bread will cost you about $5 on Oahu, and avocados, which are found in abundance on some trees in Hawaii, will cost you about $2 per avocado at Costco.
The cost of living in Hawaii in 2021 often comes as a shock to newcomers to the Hawaiian Islands. Learn more about the cost of living in Hawaii, including ways to cut costs and how the cost of living compares in Honolulu and other places like California and New York.
Construction is often expensive, and homeowners in Hawaii should expect construction delays.
Labor and building materials shipped across the ocean also cost more in Hawaii. Looking to update your kitchen? Expect to pay much more than on the US mainland. How much does it cost to build a house in Hawaii? Learn more from our Oahu construction experts here.
Once you’ve saved up to renovate, renovate, or even build your dream home, understand that construction delays are common in Hawaii. The number of contractors and builders is limited, and when you find the contractor you want in Hawaii, know that unexpected delays may occur. Delays may be caused by uncontrollable shipping difficulties as building materials are often shipped in shipping containers to the Hawaiian Islands; only a certain number of shipping containers are delivered to Hawaii on large barges each day, and when they reach the docks, only a certain number of containers are unloaded each day.
Other construction delays include Hawaii’s lengthy building permitting process. The City and County of Honolulu’s Department of Planning and Permitting (DPP) is notorious for taking some time to approve building permits. Other delays may be due to inclement weather such as heavy rain or hurricanes. Another delay could be due to unavailability of workers or even due to workers being stuck in terrible traffic. In short, construction in Hawaii is not always efficient or cost-effective, so it can become a nasty pitfall for Hawaii homeowners.
Utilities are expensive and not always reliable.
How much does electricity cost in Hawaii? Electricity costs on Oahu range from $0.49 per kilowatt-hour (kWh) to $0.62 per kWh, depending on the time of day. This rate has been increasing regularly and is higher than many places on the US mainland. The benefit of homeownership in Hawaii is that solar energy can be an option for many homeowners, offering much lower energy bills.
Additionally, Hawaii’s electricity is operated by only a few companies. Hawaiian Electric Company (HECO) is the electricity provider on the island of Oahu. Since there is only one company, homeowners have only one company to rely on during emergencies. Power lines on Oahu are above ground in many areas, and the rich soils cause foliage to grow quickly, making it easy for wind and tall trees to knock down power lines. When will the power come back on? This depends on how quickly HECO can respond. Due to weather conditions and electrical infrastructure in some areas, Hawaii homeowners should expect to live without power for several hours each year.
While the Hawaiian Islands have Internet access in most places (except very rural areas on the Big Island, Maui, or Kauai), Hawaii has a limited number of Internet providers. On Oahu, most homeowners will choose Hawaiian Telcom or Spectrum, but which is better? Both offer fiber optic options, but both are known to stop working from time to time—another pitfall of buying real estate in Hawaii.
Salt water damage or mold from moisture creates the need for seemingly constant maintenance.
While Hawaii’s blue seas are beautiful, the salty and humid air can cause some damage to property.
Any metal will rust quickly, like the galvanized nails holding your siding together or the beautiful metal door leading into your home. Stainless steel materials are recommended for a more durable design, but they will also rust over time.
Humid air can cause wood to swell or rot. While painting or staining the wood can help keep the wood looking longer, it always seems that no matter how hard Hawaii property owners try, air leaks into the wood. This can cause difficulty opening wooden gates or even damage walls and exterior awnings.
Some contractors specialize in building homes that can withstand Hawaiian air. However, most homes in Hawaii were not originally built with these measures in mind. Learn more about Lex Allen’s recommendations for building Hawaii homes that can withstand Hawaii’s humid and salty air; Lex is the owner of Solid Build Construction, Inc. , based in Kapolei.
Weeds can easily take over garden beds, and creepy bugs can invade homes.
Hawaii has rich soil that makes it easy to grow a variety of foods, from herbs like basil and mint to fruit trees like avocado and papaya, from vegetables like lettuce and cucumbers to Hawaiian staples like taro. However, this rich soil also allows weeds and invasive species to grow easily.
Here are some of the major weeds and invasive species that can easily take over Hawaiian gardens within months if the right precautions (such as mulching and constant maintenance) are not taken:
- Knapweep
- Wild garlic
- West Indian foxtail
- Barbed wire grass
- Canada thistle
- pepper
- Lyon grass Witch
- Much more
In addition to weeds that can easily take over manicured lawns or well-educated flower beds, there are also several insects in Hawaii that can wreak havoc on property. Termites are a top predator for Hawaii homeowners.
Terrestrial termites have been known to eat away at support beams and walls and cause entire homes to collapse. The good news is that Hawaii homes are inspected for termites at escrow, and almost all wood used for construction is termite treated.
Some other scary insects that homeowners in Hawaii will have to deal with include centipedes, flying cockroaches, ants, flies and cane spiders. Not to mention, Hawaii also has mice and rats that are known to visit homeowners. Regular termite fumigation and insect and pest control are preventive measures recommended for homeowners in Hawaii.
Natural disasters such as floods, hurricanes, or even volcanic eruptions pose a real threat to life in Hawaii.
Are there active volcanoes in Hawaii? Yes, on the Big Island. In 2018, the Kīlauea eruption destroyed more than 700 homes. Mount Kilauea is one of the most active volcanoes in the world, and residents of the Big Island experience its effects firsthand. Kauai, Oahu and Maui have no active volcanoes; however, sometimes volcanic air, or vog, reaches all of the islands, depending on the air flow and activity of Kilauea.
Are there floods in Hawaii? Yes, properties flood almost every year on all of the Hawaiian Islands, including Oahu.
In 2021, about 100 properties in Haleiwa and Hau’ula on Oahu’s North Shore suffered major damage due to river flooding due to excessive rainfall.
Ocean tides and large waves will also cause flooding of Hawaiian homes on all islands.
When purchasing property in Hawaii, it is important to ask about the previous flood history and flood zone designation for the property.
Related news:
May 2022 Why did the Hawaii Legislature amend the Real Estate Seller Disclosure Act?
The agent representing you in the transaction should be able to help you complete this section (if you are a seller) or direct you to resources for interpreting the disclosure (if you are a buyer).
You may be interested in this topic: #Real Estate in Hawaii
Is it possible to buy land in Hawaii?
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Not long ago, land in Hawaii could not be privately owned by individuals, but rather was controlled by the moi (king) and his ali’i (high chiefs) through an organized land department or ahupuaa. However, King Kamehameha III’s Grand Mahele in 1848 paved the way for individuals to gain title to land and real estate in Hawaii. Today, land can be bought and sold in Hawaii – in certain areas and subject to Hawaii’s real estate laws and regulations. Let’s look at the stories of land ownership in Hawaii, from obtaining land rights in Hawaii today to ahupua in the past.
Who can buy land in Hawaii today?
Anyone in the world can buy real estate in Hawaii. However, if you are not a Hawaii resident, as defined by filing Hawaii state income taxes, then buying or selling land in Hawaii may have a few more complications.
If you are not a US citizen, you cannot use the property as your permanent residence unless you have a green card or visa. Non-US citizens may use the property as an investment or vacation home.
While anyone in the world can buy property in Hawaii, non-Hawaii residents will be subject to a tax of 7.25% of the sales price when and if they sell the property under the Hawaii Real Estate Tax Act or HARPTA. This 7.25% tax, along with the 15% federal tax for non-US citizens known as FIRPTA, will be automatically withheld at the time of escrow.
There are different tax forms and rules under both HARPTA and FIRPTA, so if you are not a Hawaii resident and want to sell your Hawaii property, it is recommended that you consult with an accountant.
Another challenge to purchasing real estate in Hawaii if you are not a US citizen is that financing can be difficult. A cash sale can of course be easily accomplished, but financing through a local lender or even a foreign lender can have its challenges as the documentation often differs from country to country.
Where can you buy land in Hawaii today?
Land in Hawaii is limited. Land with improvements or homes is limited, and undeveloped land is also limited. Today, where and what type of land you can buy in Hawaii depends largely on the zoning or purpose of the land.
Each of the Hawaiian Islands has different lands, as well as different zoning laws within the county. Here is a GIS map of all the islands of Hawaii with additional information about each of their zones.
The City and County of Honolulu, or the island of Oahu, has the following zoning, which includes land zoned for the following uses: conservation, agriculture, rural, residential, apartment, mixed-use apartment, resort, business, mixed-use business, and industrial. .
Where can you buy residential property on Oahu? This will be in most coastal cities such as Kailua, Kaneohe, Honolulu, Hawaii Kai, Kapolei and Waianae, as well as several developed cities inland of Oahu such as Mililani or Wahiawa.
If you’re looking for undeveloped land, there are only a few places on Oahu that have land left for sale:
Maunawili in Kailua has several large lots for high-end residential homes.
Mostly agricultural land is sold in Waimanalo.
There are several lots for sale in East Honolulu, including Hawaii Loa Ridge near Hawaii Kai.
Several large residential or agricultural sites can be found near Kaneohe, including the Auimanu and Kahalu’u areas.
On the North Shore there are many agricultural areas near Wailua as well as around Kahuku.
Some other islands, such as Hawaii Island, also known as the Big Island or Maui, have much more undeveloped land for sale – sometimes at relatively low prices by Hawaiian standards.
How to buy land in Hawaii?
Have you found a vacant lot for sale in Hawaii? If you don’t have the cash to purchase land outright in Hawaii, buyers usually need to get a loan for the vacant land.
The benefit of most land loans is that buyers typically only pay interest for the first few years. Typically, you will also need to secure a construction loan.
Once construction is completed, the land loan and construction loan can be converted to a conventional mortgage.
Disadvantages of a land loan include having to put down more money and having more difficulty getting a loan than other mortgages, such as a conventional loan.
When you buy land in Hawaii, offers are made with the same sales agreement as other real estate transactions involving single-family homes or condominiums. A land closing is also similar to a Hawaii home closing, except there will be no home inspections or termite reports.
Some real estate agents as well as mortgage brokers specialize in buying land in Hawaii, so we recommend consulting with one if you want to learn more.
Why buy land in Hawaii?
Buying undeveloped land in Hawaii may be the right option for some people, as there are many creative ways to use the land. Some people may dream of purchasing farmland to start a farming business. Please note that in Hawaii there may typically be a “farm dwelling” on agricultural land, which is defined by Hawaii Revised Statutes 205-4.5(a) as “a single-family dwelling located and used in connection with a farm…where agricultural activities provide income for the household, occupying residential premises.”
Some people may want to buy a piece of residential land to build their dream home. Building a custom home in Hawaii comes with a variety of costs. However, you can build a modular home, a tiny home, or even a storage container home. If you are purchasing residential land, be sure to ask questions about utilities, including water and electricity, and access to public roads. Some people dream of buying a piece of land in Hawaii so they can rent it out and make a lot of money.
Is it possible to do glamping in Hawaii?
Glamorous camping or glamping could be your entrepreneurial idea, and you could build yurts or fancy tents to rent out to tourists on sites like Airbnb.
However, keep in mind that Airbnb is controversial in Hawaii, with many new laws enacted on each island.
Most likely, any undeveloped land for sale will not qualify as a vacation rental site. Today, with time, anyone can buy land in Hawaii if they have the funds and can find the right property for sale. However, the idea of owning land in Hawaii was once unheard of.
What was land ownership like in Hawaii in the past?
No Land Ownership: Ahupua’a Land Office The idea of owning land did not occur to most Native Hawaiians as they had an organized system of land division that mostly took care of everyone’s housing and food.
Each island, or mokupuni, was divided into several smaller parts, or moku. On the island of Oahu, for example, there were six moku:
Ko’olauloa – North Shore today
Ko’olaupoko – Kaneohe, Kailua, Waimanalo, and Hawaii Kai today
Kona – Waikiki and Honolulu today’
Ewa – Ewa Beach and Waipahu today
Wai’anae – Waianae today
Wailua – Wailua today
Each moku was then divided into ahupuaa.
These were wedge-shaped pieces of land that stretched from the mountains to the sea and often followed natural boundaries such as rivers or mountain ranges. The name ahupua’a comes from two Hawaiian words for “pile” (ahu) and “pig” (pua’a), alluding to the fact that the boundaries of each division were marked by a pile of stones depicting a pig or an actual pig. , which will be given as a tax to the ruling chief.
Each ahupua’a was not the same size, as they were divided based on the resources available on that side of the island to ensure that the people living in that ahupua’a had everything they needed, from access to the ocean for fishing to fertile land. land to grow taro, sweet potatoes and other native plants for construction or food.
In Kona moku on Oahu, it included the following ahupua’a, whose names many cities and places still bear:
- Kuliuu
- Niu
- Vailupe
- Waialae
- Waikiki
- Honolulu
- Kapalama
- Kalihi
- Kahauiki
- Moanalua
Each ahupua’a was governed by an ali’i, or local chief, who was ultimately subordinate to the king. The ali’i used konohiki, or headmen/managers, who helped the ali’i manage land and fishing rights. Within the ahupuaa, the aliya also had two or three plots of land delegated to him, which were called ‘or. Mo’o were agricultural parts or.
In addition to the lands of the chief or ‘ili, within the ahupuaa there were even smaller plots of land called kuleana, which were used by the common people, or maka’ainana, to grow food. The size of the kuleana usually depended on the fertility and availability of land within the ahupua’a. Each Maka’ainan had a special craft, which was often passed down from generation to generation. The Maka’ainana were farmers, fishermen, housewives, weavers, canoe builders and other professions who worked together to meet the needs of all who lived in the ahupua’a. They bargained frequently to ensure that everyone had everything they needed.
Also, one of the roles of konohiki was to help distribute resources to everyone living in the ahupua’a. Another role of the konohiki was to collect taxes, which were often used to support the ali’i. Often the makaainana, konohiki, and alii respected each other; however, there are stories of Maka’ainana coming together to fight against Konohiki, or even Maka’a’ainana leaving ahupuaa to other ahupuaa that they felt were better regulated.
At this time, a person could not own land in Hawaii. However, land tenure was stable, people had a place to live in settlements, and resources were regulated for sustainable use so that everyone had what they needed. Hawaiians often had plenty of time for leisurely recreational activities such as surfing and martial arts, and time for arts such as kapa printing, quill embroidery, dancing and singing.
Change of land ownership:
Mahele 1848 After Kamehameha the Great unified the Hawaiian Islands through conquest in 1795 and after James Cook spread the word about Hawaii after his landing on the islands in 1778, which led to the arrival of missionaries and other foreigners – along with disease — Kamehameha III decided it was time for the Hawaiians to own the land.
Mahele Kamehameha III divided all the land in Hawaii among mo’i, ali’i, and government lands that were designated for maka’ainan. The mahele was a transaction that began on January 28, 1848 and ended on March 7, 1848. This redistribution of land is recorded in Buka Kakau Paa no ka mahele aina i Hooholia i waena o Kamehameha III a me Na Lii a me na Konohiki. ana, better known as the Book of Mahele.
Other acts and laws of the time further changed the status of land ownership in Hawaii. Under the Kuleana Act of 1850, commoners or maka’ainana could apply for title to the land on which they lived and hold it as common property. However, they must have lived on the land before 1839 to qualify. These land claims were resolved by 1854 with complex paperwork and a land registry. Because land ownership was a foreign idea, most Hawaiians did not claim the land, resulting in the remaining unclaimed lands being taken over by the government, some of which were later sold to today’s large Hawaiian landowners. At that time, only about 1 percent of the land in Hawaii went to the Maka’ainans, who made up the vast majority of the population.
Another important law paved the way for how land title exists in Hawaii today: the Resident Alien Act of July 10, 1850, which gave foreigners or non-Hawaiians the right to purchase land in fee simple, which meant that people from anywhere could buy and sell land. or pass it on to heirs.
Buying Land in Hawaii Today From the days of kings ruling over each island, to the Kingdom of Hawaii, to the Republic of Hawaii, to U.S. Territory, to statehood, land ownership in Hawaii has changed.
Native Hawaiians once did not even consider land ownership a necessity, as they enjoyed sustainable use and sharing of land within an organized and prosperous ahupua system.
However, the controversial history of Mahele, or land distribution, and the later overthrow of the Kingdom of Hawaii meant that people from all over the world were able to buy land in Hawaii at a simple price.
Today , if you have the necessary resources and perhaps a little luck, you can buy a plot of land in Hawaiian paradise.
Taxes on rental income in Oahu, Hawaii: GET, TAT and OT
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If you own rental property in Hawaii, you are required to pay certain taxes. These taxes vary depending on which island you have your property on. This article is an overview of the taxes you must pay if you own rental property on Oahu. Please note that the taxes you pay will vary depending on whether the property is a long term or short term rental. Additionally, if you use a full-service property management company, the company may collect and pay these taxes on your behalf.
General excise tax (GET): 4.5%
Instead of a sales tax, Hawaii has a GET, which is assessed on all business activity. For rental properties on Oahu, the GET is currently 4.5% and must be paid on gross rental income and can be passed on to the tenant. It is important that you pay this tax according to the required filing frequency. Depending on your tax liability, taxes will be paid monthly, quarterly or semi-annually. You must file (Form G-45) and pay your taxes no later than the 20th day of the month following the close of the filing period. You must also file an annual return (Form G-49). This must be done on the 20th day of the fourth month following the close of the previous tax year. For most people, Form G-49 must be filed no later than April 20 of the following year.
Temporary residence tax (TAT): 10.25%
If the property is used as ‘temporary’ accommodation (short term rental) you will need to pay VAT. The State of Hawaii defines “temporary” placement as:
“Temporary housing is a room, apartment, house, condominium, beach house, hotel room, suite or similar dwelling unit rented to a temporary person for less than 180 consecutive days.”
The TAT is levied on gross rentals or gross rental proceeds, which are any amounts received by the operator in cash, goods or services for the rental of temporary housing without any deduction for expenses. If you charge guests a cleaning fee, that fee is considered revenue and must be included in your TAT calculations. TAT must be paid within the same time frame as your GET payments.
Is income ever exempt from value added tax?
There are situations where you are not required to pay TAT taxes in Hawaii. If your guests meet the following requirements, you may be exempt from TAT:
- Low-income tenants who receive rent from the state or federal government and whose rental periods are less than 60 days.
- Housing facilities for military personnel permanently stationed in Hawaii, including military personnel who are receiving temporary housing benefits while seeking housing in Hawaii or awaiting transfer outside of Hawaii.
- Housing is provided by non-profit corporations or associations organized for religious, charitable or educational purposes.
- Housing provided to foreign diplomats and consular officers holding cards issued or authorized by the United States Department of State granting them an exemption from government taxes.
Oahu Temporary Occupancy Tax (OTAT): 3%
The Oahu Transient Occupancy Tax (OTAT) is currently 3%. OTAT is imposed in addition to TAT. Taxpayers registered in the state and having a valid state TAT number will be considered registered for OTAT. Taxpayers subject to OTAT do not need to register separately with the city.
Important miscellaneous information:
- Operators must display a TAT registration certificate in each rented room, apartment or other temporary accommodation. Instead of publishing the certificate, you can post a notice informing the guest or tenant where the certificate can be verified.
- An out-of-state operator requires that there be a local person or entity on the island who can assist the tenant if necessary. You must include the name, telephone number and email address of your local contact person in the same location where your certificate of registration or notice is posted.
- There is no statute of limitations for GET or TAT. Therefore, it is very important that you make the appropriate payments on time.
This information is provided simply as an overview of the taxes applicable to owning investment property on Oahu. Please note that this information is subject to change and I am not a tax advisor. It is highly recommended that you consult with a qualified tax professional prior to purchasing investment property in Hawaii to obtain the most current tax information and how it may apply to you.
Looking for investment properties in Hawaii? Just call us at +1(808)666-9936 or click here. fill the form. We are here to serve you and look forward to helping you achieve your real estate goals.
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Buyer Beware!
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Generally, a real estate transaction is expected to proceed in accordance with the terms and conditions set out in the “four corners” of the purchase and sale agreement. The expectations of the buyer and seller are clearly set according to the time limits set in the contract. Generally speaking, everything goes like this; the buyer views the property, there is an offer and acceptance, followed by loan approval, termite inspection, survey and final walk through, signing and finally recording.
Outside of the contract, the buyer may want the seller to clarify the answers associated with the disclosure statement. They may also request repairs after inspection. Remember that sellers are under no obligation to make repairs or renegotiate at any time. A dissatisfied buyer can cancel without penalty if he does so within the contractual time frame. Otherwise, the buyer is expected to act in accordance with the terms of the contract. Buyers typically believe (though perhaps mistakenly) that no penalties other than possible forfeiture of the original deposit will be imposed, even for default immediately before closing.
Change of mind?
Imagine that the buyer has credit approval or, even stronger, pays cash. The seller relies on this commitment and begins the closing process. One owner closed his business and moved to the mainland after Buyer received loan approval. Termite inspections and surveys are ordered. Tenants are notified, houses are fumigated, household goods are packaged/sold, and perhaps the Seller moves forward with another purchase. Van moves are arranged, temporary cleaning services are hired, etc. The buyer and seller sign all closing documents and the record is set. The buyer suddenly changed his mind. They start making new demands or, worse, they want to cancel the purchase. Even the forfeiture of a healthy, serious cash deposit can leave a seller with a huge deficit, not to mention completely turn the seller’s world upside down.
Breach of contract
Of course, in today’s market, most sellers rely heavily on promises made and contractual obligations. Defaulting buyers are advised to consult with their attorney, who will likely explain that the seller may have other remedies, including compensation for costs and damages resulting from the buyer’s breach of contract. Even with a valid reason for last-minute cancellation, the most compassionate sellers may be unwilling or unable to refuse compensation for broken contractual obligations at the last minute. The bottom line is this: Buyers best beware of breaking their promises on a property at the last minute!
History of the magical island
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Situated on the south shore of the picturesque Ala Moana Beach Park, Magic Island, as it is affectionately known, highlights all the natural beauty that Hawaii has to offer with the added convenience of being just steps away from the hustle and bustle of it all. If anything, it serves as an oasis in the heart of urban Honolulu, located at the foot of the vibrant communities of Kakaako, Ala Moana and Waikiki.
But while many locals and visitors often visit Magic Island to socialize with family and friends or simply enjoy nature, it’s unlikely that many know how the man-made peninsula came to be. It all started at Ala Moana Beach Park.
Ala Moana Beach Park, as it is known today, includes everything from ample parking and tennis courts to long stretches of calm sandy beach. But before it became one of Oahu’s most beloved attractions, it was little more than a swamp. It wasn’t until land development began in the 1930s that Ala Moana Beach Park began to take shape with the addition of features such as the Bridle Bridge, Banyan Court, lawns and more, eventually being named “People’s Park” in 1934 by then President Franklin D. Roosevelt.
In subsequent years, the park was used not only for recreation. For example, during the Second World War military units could be found here. Then, in 1954, construction of the beach began, followed by other additions such as a bathhouse and concession areas before Ala Moana Beach Park was added to the State Register of Historic Places in 1988.
Today, Ala Moana Beach Park welcomes approximately 4 million people each year, who take advantage of the serene shoreline and easily accessible entry points. It is also the site of popular events such as the annual Shinnyo Lantern Float in Hawaii.
History of the Magic Island.
Based on size alone, it’s impossible to miss Magic Island, although there is a trail from Ala Moana Beach Park that leads directly to it. Walk through this sprawling 47-acre property and it won’t take long to truly appreciate all it has to offer. With something for everyone to do and a lively, welcoming atmosphere, it’s hard to imagine the coast without it – although what eventually became today’s beloved Magic Island was never part of the original plan.
It all reportedly began in 1962, when a peninsula was built on the eastern part of the area to make way for a resort. But after the project failed, the area was turned into a public park. And here’s a fun fact: its real name is Aina Moana Park, which translates to “land from the sea.” Although, of course, everyone continues to call it simply Magic Island. The addition of Magic Island has brought more options for visitors of all ages.
High dams and a shallow and fairly soft lagoon make it an ideal swimming spot for families with children. Its parkland also helps create a warm, inviting atmosphere with large open spaces ideal for picnics, setting up tents for birthday parties and family get-togethers, or even flying a kite.
Picnic benches under the windy canopy of trees are located throughout, ideal for informal gatherings or comfortable lounging alone. Meanwhile, the trail leading through Magic Island and into Ala Moana Beach Park attracts walkers, runners and joggers, as well as cyclists and other outdoor enthusiasts.
Additional Magic Island amenities include a large parking lot with 470 spaces (nearly half of the 1,000 parking spaces located throughout Ala Moana Beach Park), fishing areas, restrooms and a lifeguard on duty. Bonus: Magic Island is a great place to dine al fresco and watch fireworks every Friday night, courtesy of the Hilton Hawaiian Village Waikiki Beach Resort, and every 4th of July.
Redevelopment projects have helped improve and preserve this Oahu landmark.
Considering the amount of daily traffic Magic Island receives, it’s no surprise that it’s required quite a bit of maintenance over the years. Most recently, the City and County of Honolulu embarked on a redevelopment project that included improved parking, part of a larger plan already underway to improve Magic Island.
The work included repairs and re-marking; installing tree planters and removing roots that damage the sidewalk; setting up a new landing zone; and installing new park gates, benches and trash cans.
Other achievements have been completed recently. The amenities stations and bathrooms have received a facelift, nearly 220 trees have been planted, lighting throughout Magic Island has been upgraded to LED, exercise equipment has been added, and more, such as the city’s very first off-beach sand volleyball courts.
Located in downtown Honolulu, there is plenty to do around Magic Island.
With a great location in the area surrounding Magic Island, you’ll have plenty to do. Its end marks the beginning of Waikiki, with views of the Ala Wai boat harbor visible from the shoreline.
Directly across from Magic Island is Ala Moana Center, the world’s largest open-air shopping mall. Ala Moana Center features leading brands including Bloomingdale’s, Neiman Marcus, Nordstrom and Macy’s, as well as a variety of shops, eateries and specialty stores, including Foodland Farms Ala Moana.
Meanwhile, next door are the new neighborhoods of Ward Village and Kakaako, home to even more boutiques, restaurants and entertainment. Both remain a work in progress, regularly welcoming new residents to towering towers that attract those interested in living, working and playing where everything they need is within walking distance. Kakaako in particular may be best known for its colorful landscape, which changes annually during POW! WOW!
Hawaii, when renowned artists from around the world bring offices and free-standing walls to life with stunning murals that draw crowds. So, with all this in mind, there is no shortage of things to do in and around Magic Island.
Coinbase And Other Exchanges Relist XRP After Court Ruling Against SEC
US crypto exchanges Coinbase, Kraken, Gemini, Crypto.com and Bitstamp have announced to relist XRP after a US federal court ruled that selling the token on exchanges did not constitute an investment contract.
The entire ruling was not in favor of Ripple as Judge Torres made it clear that institutional sale of the tokens did violate federal securities laws.
The price of XRP shot up as much as 70% after Ripple scored a partial win against the US Securities Exchange Commission (SEC) on Thursday.
After the federal court’s ruling, US crypto exchanges announced plans to relist the layer one token.
The leading US-based crypto exchange Coinbase announced in a tweet on Thursday that they will re-enable trading for XRP (XRP) on the XRP network.
“Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases,” the crypto exchange added.
Bayliq All-in-One Liquid crypto investment private tracker
Bayliq, LLC. is an American technology company that develops the Bayliq mobile App. The world’s first app combines your assets from crypto exchange cold wallets, banking and cash into one safe and secure mobile app without collecting your personal data.
Bayliq is one of the early adopters of cryptocurrency. Our vision is to make cryptocurrency accessible to one and all as the world continues to accelerate towards global adoption.
We believe it is your fundamental right to control your money, data and identity. Thanks to blockchain technology and cryptocurrency, the future of the Internet will be more fair and equal for all.
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The basic version of the Bayliq application was created specifically in manual mode and without client verification. For more trust and security. Bayliq app users can log in with Apple, Gmail and transact in multiple cryptocurrencies with only a username (nickname) and password rather than juggling multiple keys and entering lengthy passphrases. The company keeps security at its core, and with its Bayliq Security Software, it allows others to take advantage of its decentralized approach to security.
As cryptocurrencies proliferate and decentralized financial ecosystems hurtle toward becoming household names, ease-of-use and security are rightfully among the top considerations among potential users.
The Bayliq app does not want to know your balance on crypto exchanges, cold wallet or in your pocket. This allows you to absolutely securely enter all data about your assets.
The Bayliq App is also designed in such a way that newcomers to the crypto industry cannot lose money.
A new client can create the first investment portfolio. And every day, watch the difference in fluctuations in the exchange rate of coins.
A new client should quickly get used to the high volatility of the crypto industry. And as soon as the user is ready to invest his first capital, he will be able to choose the best crypto exchanges in the world or in his region.
The Bayliq App connects to over 100 of the largest crypto exchanges in the world.
In the future, the client may upgrade to a paid version of Bayliq Pro, whereby investors will no longer have to enter their trades themselves. From now on, the app will sync them automatically.
Bayliq considers all exchanges separately and shows individual and the total balance, as well as each asset showing the balance in crypto and fiat equivalent at 50 different world currency rates.
Not all crypto exchanges in the world have the same coins on their platform. Thus, the user has from 3 to 12 crypto exchange applications on the phone. And 1-3 more secret “cold wallet” balances plus a bank checking and savings account. And during the day, the user had to switch between many applications, but did not see the overall balance.
Bayliq app solves this problem!
As such, Bayliq is the first app in the world to offer its users a real-time overview of the earnings from their “cold wallets’ , cash, and cryptocurrencies. Today, Bayliq has been gaining popularity in the world users in over 61 countries, making the app one of the fastest growing players in the market.
In this way, Bayliq eliminates the need for constant switching across multiple applications or platforms.
In the US, globally increasingly popular investors are already getting a clear overview of the latest developments in their cryptocurrencies, investments, through an app on their smartphones. Today, the usability is getting even more convenient as Bayliq is the first app on the market that also offers connection to trading any crypto assets from a single app.
Connection with more than 2000+ cryptocurrencies and more than 135+ reliable crypto exchanges in the world.
The new feature allows you to automatically import transactions into the user’s portfolio overview if the client had them in electronic format.
Finding ways to make newly developed technology easy for people to use is an important component in its widespread adoption.
Bayliq the company that keeps security at its core, knows this and aims to make buying, selling, and trading cryptocurrency to view balance more than ever with its noncustodial app.
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Hawaii Investor’s Guide
#Rental #Businesses, #Hawaii, #Investor, #Real Estate, #News, #Advice, www.Hawaii.Bio
Investing in real estate can be like playing Monopoly: buy real estate; avoid bankruptcy; receive rental income; buy more real estate; protection against inflation; and see cash flow. Real estate is an excellent investment for a variety of reasons, and Hawaii real estate has historically been an excellent choice for a portfolio.
Why should anyone invest in real estate in Hawaii?
Here are some reasons.
You earn more money
When purchasing real estate, you typically only have to put down a percentage of the amount, allowing you to make more money with less debt, also known as leverage (loan from the bank).
For example, if you purchase $500,000 worth of shares, you will pay $500,000. However, to buy a Waikiki condo for $500,000, you may only need to pay $100,000 (20% downpayment). If prices increase by 5%, the price increase of $500,000 would be $25,000.
The Waikiki apartment cost you $100,000 to earn $25,000, but the stock cost you $500,000 to earn $25,000; it is the leverage that real estate investing provides.
Depending on your lender’s requirements, your financial situation and assets, a different amount of interest advance will be required. However, even with multimillion-dollar properties, investors usually don’t have to pay the entire price.
Real estate resists inflation.
Over time, prices tend to rise, and you won’t be able to buy as much for a dollar as you used to. Do you remember enjoying snacks for a few cents in Honolulu stores? Ask an old Hawaiian about the stores and prices many years ago and you won’t remember.
Because properties are purchased at a specific price and monthly mortgage payments are typically fixed, the price you pay for your real estate investment will not rise over time to counteract inflation. However, the rent (Rent) you charge may increase with inflation, increasing your overall income.
Homes in Hawaii have always had long-term value.
Appreciation or capital gain is the increase in the value of a property over time. While the Hawaii real estate market has its ups and downs, historically it has always been on a steady upswing and the downturns are not as steep as those on the US mainland. Since 1972, long-term average annual growth has hovered around 6 percent for a single-family home and 5.4 percent for a condominium.
Average home sales prices in Hawaii have continued to rise in recent years.
In June 2019, the median sales price for a single-family home was $800,000, and in May 2021 it was $978,000. For condominiums, the average sales price was $432,500 in June 2019 and $457,750 in May 2021. Hawaii Real Estate Price Statistics .
In Hawaii, the sales price graph always seems to find a new peak.
You can invest in a fixed top and make a profit.
While flipping a home in Hawaii is a risk that can be very profitable, another idea is to buy a home as an owner. Lower interest rates are available for owner-occupiers, and you can make cost-effective home equity improvements without rushing to resale deadlines.
Once the renovation is complete, your property will likely increase in value, giving you the opportunity to invest more in the future, such as renting or buying another property.
You can have cash flow from rental income.
Cash flow is the income generated from rent after paying expenses such as taxes, insurance, utilities and depreciation. This money is like an extra salary each month and can increase as rents rise with the market. Rents typically increase in Hawaii, so your monthly cash flow may increase over time.
As of July 2021, the average rent for a one-bedroom apartment in Honolulu is around $2,000. If you close the deal and buy a one-bedroom apartment for $250,000 cash, with utilities and maintenance of $1,100 per month, you will receive cash flow of $900 per month. If you had a mortgage after the 20% reduction at closing, your mortgage could be around €900 dollars, and with maintenance and utilities you would break even, while also getting your apartment appraised and hoping for an increase in the average rent.
Because mortgage payments are high in Hawaii, it is not uncommon for homeowners to rent rooms to cover the mortgage. While living with a roommate may not be for everyone, it can help a homeowner build equity and save money for other investments.
You can take tax deductions every year.
The benefits of real estate tax season are numerous: mortgage interest deductions, cash flow from investment properties, operating expenses, property taxes, insurance and depreciation (even as the property gains value, etc.). accountant about the tax benefits of your Hawaii real estate investments.
When selling real estate, you can use a 1031 exchange to defer capital gains taxes.
A 1031 exchange from the Internal Revenue Code (IRC) is another great tax benefit that allows investors to sell real estate and buy other similar real estate—fully tax-deferred. For example, a family home purchased in 1940 for $40,000 may be worth $1,000,000 today. If you were to simply sell the family home, you would have to pay capital gains tax (about 20 percent) on the $960,000 (less improvements).
With Code 1031, you can take the money you receive from the sale and invest it in another property on a tax-deferred basis. Investing capital gains from this family home allows for portfolio diversification, potential rental income and appreciation, as well as huge tax savings.
Your real estate portfolio can generate stable income and contribute to a comfortable retirement.
Have you built up your real estate portfolio over the years? Are you getting a stable rental income after your mortgage and other expenses? You may have already paid off your mortgage. Property investments and rental income can provide a stable and reliable source of income that will help for many years and into retirement.
If you plan and buy correctly, real estate investments in Hawaii are generally safe and profitable. And if you or someone else lives in the property, it can also provide years of happiness and memories.
How to buy cryptocurrency in Hawaii?
#Crypto, #Honolulu #Kauai, #Maui, #Molokai, #Niihau, #Oahu #Hawaii
Purchasing cryptocurrency is legal in Hawaii, although not every cryptocurrency exchange on the market is licensed to do business with Hawaii residents.
In 2020, the Hawaii Division of Financial Institutions launched a two-year pilot program called the Digital Currency Innovation Lab (DCIL), which allowed 16 crypto companies to do business with the government until June 2022 and was extended until June 2024.
While you can’t use some of the larger exchanges like Binance.US or Coinbase in Hawaii, you still have access to over a dozen licensed and regulated exchanges.
How to buy cryptocurrency in Hawaii through an exchange
Hawaii’s two-year pilot program has approved 15 crypto businesses, five of which are actual crypto exchanges that you can use to buy, sell or trade crypto in the state.
Step 1: Compare and register on a crypto exchange
When comparing exchanges, look at things like the number of coins supported, payment methods supported, and any additional features you’d like to use, such as an NFT marketplace or earning center.
- bitFlyer
- Bitstamp
- CEX.IO
- Crypto.com
- Gemini
- Kraken
- Public.com
- Bayliq 100 crypto exchanges of the world in one application
- PayPal payments and transfer of fiat money, opportunity to buy cryptocurrency
2. Register using your government ID.
Once you select an exchange, keep in mind that all licensed exchanges in New York are required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
These rules require that you provide government-issued identification, Social Security number, and other important information to verify your identity when registering for an account.
3. Buy coins.
Once you have created an account on the exchange, select and purchase the coins you want.
Once you have made a purchase, please understand that you are not technically the full owner of the coins or tokens you purchased. Instead, the exchange stores them on your behalf.
To fully own your crypto assets, you must move them from your exchange account to a non-custodial crypto wallet. This ensures that you are in complete control of your funds and eliminates the risks associated with storing your coins on an exchange.
4. Get a crypto wallet
A non-custodial crypto wallet is a type of software or combination of hardware and software that helps you store the private keys to your crypto assets. You can think of private keys as the password to your cryptography.
When you purchase a crypto asset on a centralized exchange such as Coinbase, the private keys for your crypto asset are stored in a wallet on that exchange. This type of wallet is often called a custodial wallet.
You actually have no control over the purchased asset until you move the asset to a non-custodial wallet.
As mentioned, non-custodial wallets include software and hardware wallets.
Software wallets always remain connected to the Internet and, because of this, are slightly less trustworthy than hardware wallets.
These types of wallets include MetaMask , Exodus Wallet and Atomic Wallet .
Hardware wallets help you store private keys to your digital assets offline. Check out our review of the best crypto hardware wallets on the market:
Best Crypto Wallets for 2023
Ledger Nano S Plus is the best wallet overall
Ledger Nano X – the best hardware wallet
Exodus – the best wallet for beginners
Ledger Nano S Plus – the best crypto wallet in terms of price-quality ratio
Atomic Wallet – the best desktop wallet
Trust Wallet – the best mobile wallet
Coinbase Wallet – the best exchange wallet
COLDCARD Mk4 – the best Bitcoin wallet
Coinomi – the best multi-crypto wallet
Trezor Model T – the best wallet for advanced users
Ledger Nano S Plus – the best wallet for staking
MetaMask – the best Web3 wallet
Crypto.com DeFi Wallet – Best DeFi Wallet
Ledger Stax – Best Crypto Wallet
XDEFI Wallet – Best Wallet for NFTs
Keeping Your Cryptocurrency Safe
All centralized exchanges, including , are subject to counterparty risks such as hacking, theft and insolvency. Using self-hosted or hardware wallets is considered the best way to increase the security of your funds. We’ve shared some of our top picks below.
Details on Cryptocurrency Laws in Hawaii
The Hawaii Digital Currency Innovation Lab (DCIL) began approving cryptocurrency companies to operate in Hawaii in two phases starting in 2020.
In the first round, from March to May 2020, the state approved 12 of the 19 companies that applied. In the second round, from January to February 2021, 14 more companies applied, and only 4 were selected.
Popular exchange Robinhood was originally listed for approval but was removed on January 13, 2021. Local media speculated that the broker had lost its license due to issues related to compliance and reporting requirements.
DCIL has expanded the capacity of licensed and regulated crypto platforms to continue operating in Hawaii until 2024.
Cryptocurrency Taxes in Hawaii
Hawaii does not offer advice on sales or government taxation of cryptocurrency transactions.
However, unlike fiat currency such as US dollars, cryptocurrencies are considered property by the IRS. You must follow the same tax rules as other real estate transactions, which means reporting capital gains or losses after:
- Exchange fiat currency for cryptocurrency
- Exchange cryptocurrency for fiat currency
- Earning rewards such as cashback and cryptocurrency bonuses
Fortunately, investors can track all trading transactions through the company’s Bayliq App, and manage and calculate the cryptocurrency taxes they owe using cryptocurrency tax software, and some provide simple filing tools and forms created by tax authorities, the company also offers assistance from lawyers and accountants in every US state if you need it.
Cryptocurrencies in Hawaii
Since you have limited access to exchanges as a Hawaiian, you may not find a seller for all 21,000+ coins and tokens on the market. But you’ll find over 100 crypto assets supported on exchanges like Kraken, Crypto.com and Gemini.
Can I buy Dogecoin in Hawaii?
Yes, DOGE is listed on a number of exchanges licensed and regulated in Hawaii. These exchanges include Gemini, Kraken and Uphold.
Can I buy Ethereum and Bitcoin in Hawaii?
Yes, every licensed exchange in Hawaii sells both BTC and ETH.
You can also find Bitcoin ATMs that allow you to buy Bitcoin with cash. Transactions may carry a markup of 3% to 5%.
Can I see the total balance of all coins on all crypto exchanges at the same time?
Yes, there are several companies in the crypto industry market that provide such a service. The free version of App Bayliq helps well with settings and vision of the overall balance of all coins, crypto exchanges and “cold wallets”; you can download the application from the Apple Store .
Can I use Binance in Hawaii?
No, you cannot use Binance or Binance.US if you live in Hawaii.
Crypto exchange Binance is not legal in any US state, and its subsidiary Binance.US is not available in some states, including Hawaii.
Know Before You Buy Cryptocurrency in Hawaii
Keep in mind that the Hawaii Digital Currency Innovation Lab (DCIL) has only approved cryptocurrency platforms to operate in the state through 2024.
General points to consider when buying and selling cryptocurrency include:
- Protect your wallet . A crypto wallet can be accessed if someone obtains its keys and/or passphrases. Keep this data secure—preferably somewhere offline—to minimize the risk of hacking.
- Read the fine print . Marketplaces and exchanges are often not held accountable if criminals gain access to your digital wallet or assets. Learn about the security measures in place to prevent access to your money.
- Beware of scams . Unfortunately, scams exist in every industry, and cryptocurrency is no exception. Phishing scams are common, usually involving a scammer posing as a customer service representative and asking the user for access codes/keys to their account. Contact support if you think something suspicious is going on.
- Cryptocurrency is unstable . The value of any coin can change in a matter of seconds, meaning large losses or profits that depend on the interest and amount you invest.
10 Best Cryptocurrency Tax Software for 2023
Best crypto tax software for 2023
Koinly – Best Overall
CoinLedger – The best solution for large traders
Coinpanda is the best in the number of exchange integrations
CryptoTaxCalculator – The best solution for cryptocurrency tax professionals
Bayliq Pro – Possibility of consultations and legal assistance to clients
CoinTracking – the best customer support
TokenTax – the best cryptocurrency tax app
Accointing is the best option for advanced accounting features
ZenLedger – Best for extra accounting features
BitcoinTaxes – best for 20-100,000 transactions
TaxBit – Best for Unlimited Transactions
Hawaii Home Buyer’s Guide
#Honolulu, #Kauai, #Maui, #Molokai, #Oahu #RealEstate #Rentals, #Businesses, #Hawaii,
Getting Started with Buying a Home in Hawaii
Do you have any suspicions that you might be ready to buy a home? Are you thinking about securing your spot in Hawaiian paradise?
Before you rush into one of the biggest transactions you’ll ever make, take the time to think about home ownership. Buying a home can offer financial responsibility, stability and equity, and thinking through some aspects of owning a home in Hawaii before purchasing can ensure a happy home. Read more to learn how to buy a home in Hawaii.
What do the neighborhoods in Hawaii look like? How long will you live in Hawaii?
While we can’t predict the future , it’s ideal to stay in your first home for three to five years before moving again. These years in your new location help pay off your mortgage and build equity so you can move to your new location.
If you know you’ll want to move to a different area or island within the next year, it may be better to wait and save more money for a larger down payment. Then you could buy your dream home in your desired area.
If you unexpectedly move out of the area, you can always rent your home, but being a landlord has a completely different set of considerations.
Homeowners in Hawaii may need renovations. Before you buy a home in Hawaii, ask yourself, “Is there anything I can fix?”
Being a homeowner means being responsible for home repairs and upgrades. You have two options:
- Fix your home yourself.
- Pay money to hire someone.
If you’re a DIYer and have some home renovation experience, you can save on labor costs, but you should also consider material costs. A new refrigerator is not cheap. Renovations are part of home ownership, and considering them from a financial and psychological perspective before purchasing a home will help get you started on the right track.
Homeownership in Hawaii requires a stable job.
Are you happy with your job now? Are you satisfied with your current career or are you planning to change your path in the near future? Changing jobs while paying off a hefty mortgage can be challenging, so having a stable job and career will also lead to more stability when buying a home.
To buy a home in Hawaii, you need to get your finances in order.
Before you start house hunting, ask yourself these simple questions:
- How much credit card debt do you have?
- How much are your student loans, car loans or personal loans worth?
Your total monthly debt payment, including your desired mortgage amount, must be less than 43% of your gross monthly income for most mortgage programs. Another debt-to-income ratio used by lenders says your monthly mortgage payment should be less than 28% to 31% of your gross monthly income.
In addition to the amounts of debt that qualify you to purchase a home, responsible loan repayment and credit card habits help you develop positive mortgage repayment habits.
If you decide to go with a conventional loan, you’ll typically need to put down 20% to waive the required mortgage insurance costs. If you’re in the military, you can sometimes finance the purchase of a home in Hawaii with a VA loan, which often requires no down payment.
- What is your credit score?
Do you have a great 820 or an average 620? Your credit score is an important number that lenders use to screen potential home buyers. Getting your finances in order is essential to achieving your dream of home ownership.
Owning property in Hawaii requires some savings. Do you have the money for a down payment and closing costs?
A down payment often requires a huge amount of money, ranging from 20%, 15%, 3%, 3.5%, 5% and even zero percent to qualify for a loan. For a $700,000 home in Hawaii, that could mean $140,000 for a 20 percent discount. Additionally, closing costs, insurance, taxes, and money for furniture and renovations should also be saved until you purchase the home.
If you can afford the upfront costs associated with purchasing a home in Hawaii and also have some extra cash to breathe in the fresh Hawaiian air, you are well on your way to beginning the home buying process.
We’re diving deeper into finance and closing out our other buyer’s guides.
Before you buy a home in Hawaii, plan ahead!
Can you really afford the house payment?
If you’re used to paying monthly rent, a monthly mortgage payment that goes toward your own home rather than someone else’s might make sense. However, when calculating your monthly home payments, be sure to consider not only the principal and interest on your mortgage, but also the following:
- Property tax
- Insurance
- Apartment fee
- Water, electricity, internet and other utilities
- Repair and maintenance (Maintenance)
- Furniture
Calculating all the costs of owning a home in Hawaii before you buy will help you make the right financial decision.
What type of home will suit your lifestyle and situation?
Hawaii has a variety of housing options in different areas. There are quaint condominiums in low-rise buildings and modern apartments with all the amenities in high-rise new buildings. There are old Hawaiian-style plantation homes with a couple of bedrooms and multi-generational megahomes that can accommodate an entire family.
Think about your situation. Are you single, newlyweds, have a large family, or are you downsizing? Do you want to live in a close-knit community close to your apartment or community neighbors? Do you want privacy and space for a garden? These general questions can help you determine the basic number of rooms and bathrooms that may be appropriate for your situation and whether a single-family home or condominium is right for you.
How will you know when you’ve found the right home in Hawaii? Have you made a list of your “shoulds” and “wants”?
When making such a large purchase, it is often helpful to write down or make a collage of pictures of what you are looking for. Also, make a realistic list. We may all want five bedrooms and four bathrooms in one of Oahu’s most desirable neighborhoods like Lanikai, but is that possible on your budget in Hawaii, too?
A Hawaii realtor will be able to best tell you about the Hawaii housing market, but before and after speaking with a real estate agent, you may want to think about your “must-haves,” which may include the following:
- Single-family home or condominium
- Number of bedrooms
- Number of bathrooms
- Hawaiian island
- Neighborhood opportunities on this island
- Price Range (Based on Mortgage Lender Pre-Approval)
- Ready to move or fix top
Once you have your “must-have” list, you can create a “wish-to-have” list, which could include the following:
- Mountain or ocean view
- Yard size
- Some plants such as plumeria or fruit trees
- Certain home finishes, such as vaulted ceilings, windows, appliances, double vanities in bathrooms, or types of flooring.
- House colors outside and inside
- Solar panels
- Pool
- Proximity to certain amenities such as a gym, schools or the beach.
While “wants” can be nice, they are often hard to come by, especially in the hot Hawaiian home market. You may have to live with it if you find a place that has everything you need. The benefit of being a homeowner in Hawaii is that you can often put up some “capital” or hire someone to remodel the house or landscape the yard to achieve the look of your dream home. And these finishes can be done over time and as you secure financing for home upgrades.
Are you ready for commitment?
Buying a home is a big decision and one of the most important financial decisions you will make in your life. Are you ready to pay your mortgage every month? Can you keep up with the service? If you’re buying a home with your spouse or significant other, is your relationship ready to add a home? Who will do what – mortgage and utility payments, repairs – and how will the property be registered?
While many people are homeowners, and owning a home in Hawaii has many benefits, such as recognition, no rule says you have to buy a home by a certain age or ever. If you’ve crunched the numbers, talked to your significant other, and formulated an estate plan, you may be well on your way to being ready to buy a home in Hawaii. However, buying a home is not accessible to everyone. The housing market, your career, your family situation, and other factors may cause you to continue renting until the time is right to buy a home in Hawaii—and that’s okay.
Buying a home in Hawaii must be done at the right time.
So, is it time for you to make a home in Hawaii a reality?
If you couldn’t answer “yes”, don’t worry! Owning a home in Hawaii is a huge responsibility. Renting may be right for you, or your dream home in paradise may come later.
If you answered yes to the questions above, now may be the right time to begin your home buying journey. Get your finances in order so you can start making your dream of owning your own home a reality.
If you have any questions about real estate in Hawaii, you can fill out the form and we will answer you as soon as possible.
Escape from Hawaii! Population continues to decline
Hawaii’s population fell 0.7% between July 2020 and July 2021, the third-largest per capita population decline in the country, according to new data released by the U.S. Census Bureau.
Hawaii trailed only New York (-1.6%) and Illinois (-0.9%).
According to the Census Bureau’s Population Estimates Program, Hawaii’s net population loss for fiscal year 2021 was 10,358, marking the fifth consecutive year that the state has experienced a population loss.
#Hawaii, #Laws, #Taxes, #News, www.Hawaii.Bio
In December 2020, census data showed that Hawaii’s population decreased by 8,609 people in fiscal year 2020 and by 7,487 people in fiscal year 2019.
“Hawaii is one of the most beautiful places on the planet, but residents continue to leave for better opportunities elsewhere. If there are any state or county politicians who are not already aware of this fact, hopefully this latest information will clear things up.”
According to census data, Hawaii had a population of 1,441,553 as of July 2021, up from 1,451,911 residents the previous year. This includes 15,904 births and 14,648 deaths, corresponding to a “natural increase” of 1,256 people. The bureau also estimated a net influx of 1,077 people, including both immigrants and returning U.S. citizens who moved to Hawaii from other countries.
Thus, the entire decline was due to continued emigration to the mainland, with the difference between people moving to and from the mainland being minus 12,603.
Early last year, results from the 2020 Census showed that the state’s population increased by 7% from 2010 to 2020. The timing and composition of this increase remains poorly understood pending the Census Bureau’s ongoing estimate of the 2020 Census and a revision of its population estimates for the previous decade, the results of which are expected later this year.
In any case, the underlying reasons for Hawaii’s population decline remain. All data points to a steady exodus of Hawaii residents to the mainland over the past decade, increasing since 2016 and continuing last year. For the most part, the reasons boil down to Hawaii’s high cost of living, housing shortages, and lack of jobs and business opportunities.
According to a 2019 survey by the Pacific Resource Partnership , the top reasons people left Hawaii were the high cost of living, 86%, and the high cost of housing, 83%.
In 2020, the U.S. Bureau of Economic Analysis reported that Hawaii’s cost of living is the highest in the country, 12% higher than the national average.
In 2021, the BEA found that Honolulu was one of the most expensive metropolitan areas in the country, with the cost of living 13% higher than the metropolitan average.
Commentary Series for Hawaii Biography “Why Did We Leave Hawaii?” documents the stories of dozens of people who felt compelled to say “Aloha” to Hawaii. Here’s what some former Hawaii residents have to say:
- “Most of my family is still in Hawaii. Some are in different states. They moved because of the schools, the lower cost of living and higher pay.”
- “I don’t believe we will ever be able to afford to live there again. We miss Hawaii.”
- “My family moved to a place where housing and land are affordable. There are many job opportunities and better pay.”
With thousands of people leaving Hawaii every year, it is high time the Legislature focused on policies that will lower the cost of living and expand opportunity. Cutting taxes, reducing barriers to new housing, and promoting Jones Act reform would be good starting points. We just have to create a better environment for our family, friends and neighbors who right now seem to see a better future for themselves anywhere but Hawaii.
* If you have personal experience of life in Hawaii and want to share your impressions and tell us about it, please write to us contact@hawaii.bio or fill out the form on the “Contact” page
**We also invite residents of Hawaii or those who have left this state to participate in the radio/video broadcast on the Hawaii Biography platform.
Real Estate Sales and Trends on the Island of Hawaii
#RealEstate #Rental, #Hawaii, #Laws, #Investor, #Taxes, #News, www.Hawaii.Bio
Year to date, there have been 730 residential home sales across the Big Island compared to 805 in the first quarter of 2021, a decrease of ↓9%; 236 apartments sold compared to 323 in the first quarter of 2021, a decrease of ↓27%; and there were 754 vacant land sales compared to 747 during the same period last year, a slight increase of ↑2%.
In addition, average residential property sales prices across the island increased by ↑17% compared to last year. Likewise, median sales prices for condominiums are up ↑14% year over year, and median sales prices for vacant land are up ↑26% this year compared to the first 3.5 months of last year.
As we move into the second quarter of 2022 on the Kohala Coast, we are seeing unprecedented levels of demand with virtually no inventory. We do not expect demand to decline; however, the decrease in the number of quality properties available for sale in the luxury segment is proving to be our market’s biggest challenge in 2022.
The following strong first quarter 2022 results from Mauna Kea and Kohala Coast Resorts explain the unprecedented level of demand in our market. Inventory is tighter than ever, but properties are being snapped up at the fastest pace they’ve ever been, selling almost as soon as they hit the market. Prices continue to rise, but overall sales volume and number of sales are declining due to inventory shortages.
Sale of Mauna Kea Resort
1 sq. 2022: 23 sales (down 8% y-o-y)
Q1 2021: 25 sales
Q1 2020: 9 sales
Q1 2019: 6 sales
Kohala Coast Sales Exceed $1 Million (South Kohala Area)
1 sq. 2022: 77 sales (3% increase year-on-year)
Q1 2021: 75 sales
Q1 2020: 32 sales
Q1 2019: 19 sales
Kohala Coast Sales Exceed $3 Million (South Kohala Area)
1 sq. 2022: 20 sales (up 54% y-o-y)
Q1 2021: 13 sales
Q1 2020: 10 sales
Q1 2019: 1 sale
Average Sale Price at Mauna Kea Resort
1 sq. 2022: USD 3.313 million (up 21% y-o-y)
Q1 2021: USD 2.729 million Q1
2020: USD 3.212 million Q1
2019: US$1.651 million
Average Sale Price on Kohala Coast (South Kohala Area)
1 sq. 2022: USD 1.432 million (up 22% y-o-y)
Q1 2021: USD 1.170 million Q1
2020: 874 thousand US dollars Q1
2019: $633 thousand
Kohala Coast Total Sales (South Kohala Region)
1 sq. 2021: USD 250 million (down 6% y-o-y)
Q1 2020: USD 266 million Q1
2019: USD 176 million Q1
2018: US$89 million
West Coast buyers are making a big splash on the island of Hawaii
California homebuyers accounted for nearly a third of total sales on each of the two islands last year: $1.1 billion of the $4 billion spent on homes in Hawaii and $495 million of the $1.6 billion on Kauai .
Here are some interesting details within these overall numbers:
2019: Hawaii Island’s sales of just under $4 billion last year were double those of 2019, the last full year before the Covid-19 pandemic. According to statistics, more homes were sold on the island of Hawaii last year – 5,724 houses and apartments, which is 47% more than in 2019.
Kohala Coast: More than three-quarters of Hawaii Island’s total sales in 2021—$3.1 billion, or 78%—came from the Kohala Coast region, which also includes the North Kona Coast. The 2,450 sales in the area accounted for 43% of the island’s total sales.
Local buyers versus mainland buyers:
48% of individual sales were from Hawaii buyers
22% of buyers were from California
8% of buyers were from Washington State
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5 Ways to Help Hawaii Farmers in 2022
#Honolulu, #Kauai, #Maui, #Molokai, #Niihau, #Oahu #Businesses, #Hawaii
If Hawaii wants more affordable local food, it needs to make a stronger investment in farmers today. It’s been a pretty terrible two years for farmers and low-income families in Hawaii, two groups that were already struggling to survive before the pandemic hit.
Fluctuations in tourism and the local economy have hit many people hard, whether they grew food for tourists or worked in the restaurants that prepared it for them. Food prices have skyrocketed. As do the costs of transporting products to market.
However, among all this bad news, there is one bright spot worth noting: Access to affordable fresh food for low-income families in the state has increased dramatically thanks to a program called DA BUX.
In 2019, low-income households receiving food stamps could receive additional grocery assistance at 27 locations across the state through the DA BUX program, which doubles the value of government food assistance when used to purchase locally grown food. That number has since increased to 98 locations, and sales through the program grew 167% in 2020. Sales are expected to grow by 400% by 2023.
A significant influx of federal and philanthropic funding for the program this year means that Hawaii Food Basket, which administers the program, was also able to remove the $20 per day grocery spending limit that was previously set for families, while also working to increase access to the program in the countryside. At the same time, the program provides a critical cash flow for local farmers.
Over the past year, Hawai’i Grown’s focus on agriculture has exposed deep, systemic problems in Hawaii that are making it harder for us to break our dependence on imported food—from a lack of affordable land to growing challenges related to climate change and poorly managed through the efforts of the State of Hawaii.
But as DA BUX’s success over the past two years has shown, much can be done to increase access to fresh food in Hawaii with the right amount of effort and funding.
Here are five things Hawaii can do right now to support farmers and improve access to affordable, local food.
Providing low-income families with financial support to buy local food is aimed at public health and food security, as well as pumping money into the local agricultural economy.
The DA BUX program has seen amazing growth over the past two years. The program received $10.2 million in funding—its 2019 budget was just $1.9 million—mostly through a combination of federal grants and matching donations from local organizations. To keep funding from running out too quickly, the organization is limiting the number of retailers that can sign up to participate.
Although the program is incredibly well funded at the moment, now is the time to plan for its long-term success. DA BUX lost an additional $3.3 million in federal funding this year because it would have had to provide a matching grant locally, which it did not expect to do in the short period of time it was given (local charities). Federal funding for the program has already totaled $2.6 million this year.) An annual allocation of state funds to the program will increase its ability to attract federal grants. Gov. David Ige’s office sent $500,000 in federal coronavirus relief funds this year, but before the pandemic, the state’s contribution in 2019 was less than $50,000.
The best possible outcome for DA BUX would be to institutionalize the program and make it part of a federally funded, state-administered Supplemental Nutrition Assistance program. This could really change what food security looks like and how much food is produced in the state of Hawaii right now.
Improve data collection
A lettuce farmer on the Big Island has different problems than a papaya farmer on Oahu. However, they have one thing in common – the need for better data from the government.
The Hawaii Department of Agriculture’s Data and Analysis Division was gutted during the Great Recession. In 2019, the department attempted to bolster its data collection and analysis team with additional staff, but its capabilities are still far from what it was in past years. The USDA’s National Agricultural Statistics Service is in a similar situation .
As a result, farmers lack critical information about government land use, what crops they should plant, how much to charge for those crops, and what reasonable shipping or storage costs are. Some farmers on the Big Island are using national statistics instead of the regular market reports that OSHA used to produce. But national data doesn’t always apply to Hawaii.
As the State of Hawaii faces many difficult budget decisions and is serious about supporting local food production, restoring the data analytics team in the agriculture department is an important step.
Increase support for local food farms.
Most farms in Hawaii are small, which makes sense given the land shortages on the islands.
But small farms have a much harder time turning a profit and getting their produce into larger stores that typically order in bulk. This is where food hubs come into play.
Food hubs (usually non-profit organizations or cooperatives) act as a distribution network. They buy, sell and distribute locally grown food to grocery stores, restaurants, food banks and directly to consumers, allowing farmers to spend more time doing what they know best: farming. What food hubs do is essentially create a local food infrastructure system in the state.
This is an effort worth investing in.
The pandemic has led to increased demand for local food, and many of the hubs lack the infrastructure needed to meet the increased demand. Hubs require funding to upgrade infrastructure such as food washing stations and refrigeration facilities. Others need help with marketing, increasing warehouse space or increasing their value-added products.
A bill that would have provided state funding to support food hubs died in the Legislature earlier this year . Food Hub Hui, a group of 14 food hubs across the state that wrote the law, is working on a new version of the bill.
It would be wise to carefully consider the bill in the next legislative session given the significant impact that the food hub model could have on Hawaii’s agricultural sector.
Buy more local products
While most efforts to reduce our dependence on imported food rely on state legislators or nonprofit organizations, there is one thing people can do: change what they eat.
Fresh fruits and vegetables make up a small part of our diet. The bulk of our calories usually come from staple crops such as wheat and rice. Without huge subsidies, Hawaii is unlikely to produce significant quantities of either, especially in the processed form that most people consume.
But there are many tasty alternatives that are well suited to island production.
Taro (kalo), banana (maya), breadfruit (ulu), papaya (mikana) and sweet potato (uala) are some of the staple local crops that can be substituted for pasta and bread. And they work great in local recipes like ulu adobo, poi banana bread and kalo flatbread.
Buying more ulu or sweet potatoes individually will not affect the amount of food we import into the state, but consumer pressure is a very real thing. When enough people—along with large institutions such as schools and hospitals—start buying locally produced staples, it could lead to changes in the market.
Strengthen your extension agent program
The University of Hawaii does a lot of work to support agriculture in Hawaii, but one of its most important services to farmers is its extension program.
University staff, known as extension agents, act as links between researchers and farmers. They can help farmers identify new crops to grow, solve soil or pest problems, and figure out why some crops aren’t growing.
If Hawaii wants to have more affordable local food—or have any hope of solving the agricultural problems of the coming century—it needs to make a stronger investment in farmers today.
This means not only investing in critical infrastructure such as water systems, but also supporting a robust extension program that helps farmers stay up to date with the latest technology, address pest and climate change challenges, and have a better chance of earning money. their crops, helping farmers gain much-needed business skills.
We know the State of Hawaii is not in the best financial shape right now, but we really need an action plan where we identify critical needs and get the Legislature to fund them.
For our part, our information portal Hawaii.bio offers to post free information about farmers in the state of Hawaii and provide ongoing information support to businesses that grow products in the state of Hawaii, as well as businesses that sell them or use them in their products. Please write to us about your business by filling out the form on the website and we will definitely find you the best solution for information about your business.
Where will Maui’s mayor spend $1 Billion in 2022?
#Madei n Hawaii, #Maui, #Real Estate Rental, #Safety, #Businesses, #Hawaii, #Laws, #Investor, #Taxes, #Real Estate, #News, #Advice, www.Hawaii.Bio, Businesses in Hawaii recommendations , Future of Hawaii Real Estate, Property Tax, Lifestyle, Cost of Living in Hawaii, Transportation, Tourism, Vacations, Entertainment, What You Need to Know About Hawaii
Maui Mayor Michael Victorino unveiled his proposed $1 billion budget for the next year in late March 2022, outlining how he plans to govern Maui County and invest in new projects such as road repairs, expanding beach parking options for local residents and strengthening water systems to protect against natural disasters.
During a presentation in the Council Chamber, Michael Victorino laid out his priorities and plan for spending taxpayer dollars and other money over the next year. The 968-page spending plan outlines how much money goes to core government services — police and fire, state employee salaries, roads and sewer lines — in addition to other county programs and services such as grants for local farmers. food security, affordable housing funding and support for arts and culture programs.
In his State of the County address last week, Michael Victorino outlined his top priorities for the coming year, including promoting economic diversification, improving tourism management, protecting the county from the climate crisis and ramping up housing construction for working families.
The mayor also touched on several different ways the county can address these issues, including putting more money into the county’s emergency fund, increasing dollars for housing programs and increasing workforce training programs.
“For decades, Hawaii has talked about having a diversified economy,” said Michael Victorino. “However, meaningful action has always been put off until tomorrow because our hospitality industry has been so robust… but times are changing, and changing fast.”
This year, Maui’s elected leaders will be tasked with weighing what to do with the influx of cash. The state recently allowed counties to begin collecting an additional 3% tax on resorts and hotel rooms on top of the state’s existing 10.25% hotel room tax, which is estimated to bring in an additional $60 million to Maui County, the mayor said.
“We’ll use it wisely and we’ll use it effectively,” Michael Victorino said, adding that he wants to funnel the new revenue into affordable housing programs.
Since the pandemic began and Maui’s housing market has been flooded with out-of-state buyers, home prices have risen beyond the financial means of many families. The mayor said Thursday his budget plan includes investing $29 million in the county’s affordable housing fund and dedicating $1 million to a program to help first-time homebuyers with down payments of up to $30,000.
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New Aloha Stadium on Oahu
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Longtime home of the National Football League’s Pro Bowl, host to famous entertainers such as Bruno Mars and Michael Jackson, and home of the popular Swap Meet, Aloha Stadium has been a central attraction on Oahu for over forty years. When it was first built, it was a state-of-the-art facility with four movable sections, allowing the 50,000-seat stadium to be converted into a football, soccer or baseball field.
But now Aloha Stadium is showing signs of aging, salt water weathering, lack of compliance and lack of amenities. The Hawaii Department of Accounting and General Services (DAGS) released reports showing the current stadium needs $300 million in health and safety renovations and another $121 million to make the stadium ADA compliant .
New Oahu Stadium
Instead of pouring millions of dollars into renovating Oahu’s old stadium, the state Legislature allocated $350 million in 2019 to build a new stadium. The state also plans to partner with a private developer to form a public-private partnership.
It will be more than a stadium, but the project is called the New Aloha Stadium Entertainment District (NASED), and it has plans to create a live, work and play community for both Hawaii residents and visitors to the island. The current 98-acre Aloha Stadium in Halawa, near the village of Aieya, will be transformed to include the following and more:
- Aloha Stadium with 35,000 seats
- hotel
- mixed-use retail
- railroad station
- pedestrian embankment
- entertainment district
- exchange of meeting places
- residential area with houses
- parking
Aloha Stadium timeline
Although delays with the Aloha Stadium area project have people in Hawaii beginning to compare Aloha Stadium to the Honolulu Rail Transit project, officials say they are carefully planning pre-construction work to ensure they stay on budget.
Chris Kinimaka of the Hawaii Department of Accounting and General Services (DAGS) said, “One of the hallmarks of our project is that we take the time up front to ensure the planning, scoping and budgeting are complete and accurate. as much as possible”.
Here’s the Aloha Stadium schedule for summer 2021:
- May 2021 – market entry.
- July 2021 – Request for Qualifications (RFQ) and Request for Proposals (RFP) accepted to identify priority teams for stadium construction.
- Summer 2021 – Scheduled to prepare a Final Environmental Impact Statement (EIS).
- 1/2 quarter 2022 – The contract was concluded with the developer (developers).
- End of 2022 / beginning of 2023 – Start of construction.
- Unknown – Groundbreaking for New Aloha Stadium opens. More than 900,000 square feet are expected to be built in this first phase of development, which will include the stadium itself, as well as some mixed-use developments and infrastructure to connect to the Honolulu Railroad.
- 2033-2038 – The full development of the New Aloha Stadium Entertainment District is expected to consist of several phases that will be completed over the next 10 to 15 years after the opening of the new Aloha Stadium.
What is the current status of Aloha Stadium construction?
Announced in December 2020, the state selected the top three developers from its summer 2020 request for proposals for the New Aloha Stadium Entertainment District. By the end of May 2020, six development teams responded to the request for qualifications (RFQ), and the evaluation committee selected three finalists. These three finalists will be invited to submit a Request for Proposals (RFP) to qualify to become the final developer and manager of the Aloha Stadium project around July 2021.
Below are the three finalists:
- Aloha Stadium District Partners. The leading shareholders are John Laing Investments Limited, Civil & Building North American Inc. and Hawaiian Dredging Construction Co.
- Aloha Hui Hilina’i Stadium – Plenary Americas US Holdings Inc. is the leading shareholder. and PCL Investments Canada Inc.
- Waiola Development Partners. Leading shareholders include EllisDon Capital Inc., Kobayashi Group LLC and BSC Acquisitions II LLC.
During the RFP, each finalist will propose their own stadium design in addition to plans to build, finance and maintain a facility on 20 acres of land adjacent to the current stadium.
“Due to delays caused by COVID-19 and the failure of [the Aloha Stadium bill] to pass this year, the procurement schedule has been amended accordingly,” said Chris Kinimaka, public works administrator for the Hawaii Department of Accounting and General Services. (DAGS). “We expect to review and confirm the stadium opening date as part of the RFP phase.”
Despite delays due to COVID-19, these three qualified development teams will soon be able to submit an RFP in July 2021. The winning team is expected to be paid to demolish the old Aloha Stadium and build a new 35,000-seat stadium. 20 acres next to the current stadium. This team will also have a contract to maintain the stadium for the next 30-40 years.
Another request for quotes/proposals for the development of the area around the stadium, known as the real estate project, is expected to be issued in July 2021, which is also expected to be selected in the first half of 2022.
Drafts of the selected master plan, as well as an Environmental Impact Statement (EIS), were released in the summer of 2020 at a cost to the state of $5,000,000.
Below are three options to help you imagine what the future Aloha Stadium will look like! These documents were prepared by Crawford Architects, who also worked on the Minnesota Vikings stadium and a number of university stadiums such as South Dakota State University and Pennsylvania State University.
The Environmental Impact Statement (EIS) was published on December 23, 2020, and the public comment period closed on February 8, 2021. NASED held virtual community meetings and comments could also be submitted via email at any time. The Governor’s Office will provide final approval of the EIS, and the final EIS is expected to be released in summer 2021.
NASED also reports that a separate and specific archaeological inventory (AIS) is currently being conducted, although this is not a requirement of the EIS. This AIS must ensure that no historical or culturally significant resources are affected.
Who will pay for the new Aloha Stadium?
The New Aloha Stadium Entertainment District is being marketed as a public-private partnership (P3), meaning the selected developer will combine public funds with the resources of private development businesses to flexibly leverage the best of both the public and private sectors.
In July 2019, Hawaii Governor David Ige signed Act 268, which allocated $350 million for the Aloha Stadium renovation project. $20 million was general funds. $180 million was revenue bonds and $150 million was general obligation bonds to build the new stadium. Revenue bonds are backed by a specific source of income, and interest and principal are expected to be repaid, meaning that NASED is expected to generate income upon completion, and the millions allocated by the government must be returned with that income.
- $150 million in direct investment from the State of Hawaii for the stadium project.
- Expected economic impact of $1,000 million
However, funding for Aloha Stadium has stalled. In 2020, Hawaii Senate Bill 2940, which would have created a special stadium development fund, died in the House. To move forward with work on Aloha Stadium, DAGS got creative by asking the Hawaii Community Development Authority board to request $10 million from Governor Ige in January 2021 to complete the environmental study, request for proposal process, and successfully transition the project. private development. At the time of writing, there was hope that the governor would approve the $10 million request despite the state’s economic downturn due to the COVID-19 pandemic.
In June 2021, the State of Hawaii said cost estimates for replacing the stadium had increased to $423 million. The idea now is that the state could lease 78 acres to a private developer to create a new residential and commercial development that would generate revenue for the state, offsetting the cost of building a new stadium and hopefully minimizing the increase in the tax rate for the development new stadium. Aloha Stadium on the island of Oahu.
“What we expect is a mix of residential, retail and entertainment, hotels, (and) some offices because we would also like it to be a place to live, play and thrive as well as a place to work.” said Stacy Jones, senior principal at Crawford Architects.
Is Aloha Stadium open for Swap Meet?
The exchange at Honolulu’s Aloha Stadium is an enticing event for visitors and Hawaii residents alike, and it is said to continue despite possible construction. Aloha Stadium is open for COVID-19 vaccinations on Sundays and is also open for Swap Meet with many booths selling local produce, trinkets, crafts and delicious food on those days:
- Wednesday from 8:00 to 15:00
- Saturday from 8:00 to 15:00
- Sunday from 6:30 to 15:00
Options for a new Aloha Stadium
NASED officials attended community and community meetings in 2019 and early 2020, sharing concept drawings of what Oahu’s new stadium could look like. These different options show how different locations for a new Aloha Stadium could spark different developments around it. Developers and design teams will explore these and other options before finalizing the ideal design for the new Aloha Stadium.
In all scenarios, stadium games, events and exchanges are expected to continue without interruption.
How much does it cost to build a house in Hawaii?
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You’ve been collecting photos of your dream kitchen, bathroom, bedroom, and perfect layout. You’ve weighed the pros and cons of building and buying in Hawaii. And you decided to build!
But how much does it cost to build a home in Hawaii? What are the unexpected expenses?
Pat Bader, owner of Hawaii Kai-based Acumen Builders Ltd., has been remodeling and building homes in Hawaii for nearly three decades, seeing homes go from foundation nails to luxury homes.
Lex Allen, owner of Solid Build Construction, Inc. , based in Kapolei, has built custom homes, additions and decks, and completed complete remodels including kitchens and bathrooms throughout Oahu.
With many years of experience in the homebuilding industry, Pat and Lex kindly offer advice to future home builders in Hawaii.
What is the average price per square foot to build a home in Hawaii?
According to Ryder Levett Bucknell, an international leader in the construction industry, the costs of home construction in Honolulu are as follows:
Single Family House
- Low (per square foot) – $290.
- High (per square foot) – $780.
Apartment house
- Low (per square foot) – $205.
- High (per square foot) – $455.
Prices may vary depending on whether you hire a general contractor or go the owner-builder route. By asking for prices from various contractors and friends, we found the low average cost of a single-family home to be around $250 per square foot.
How much does it cost to build a kitchen, bathroom, living room, bedroom or master bedroom in Hawaii?
While there are many variables when building a room, the following table provides basic, low, no-customization costs for a typical room construction on Oahu:
Cost by number
- Kitchen – minimum $25,000.
- Bathroom – minimum $15,000.
- Living room – minimum $125 per square foot.
- Bedroom – minimum $125 per square foot.
- Master bedroom – minimum $125 per square foot.
What are some additional upgrade costs that people might consider?
“Upgrades typically add 10 to 15 percent to the base cost. Some updates will add even more. There are many different upgrades that people consider during the home building process:
- Household appliances such as refrigerators, hoods, dishwashers, ovens, washing machines and dryers. Different brands, materials and features have different prices. Budget appliances usually have white glass and are made by brands such as Kenmore or Whirlpool. Kenmore and Whirlpool have a number of options, including more luxurious stainless steel appliances. Brands such as Bosch, Viking, Sub-Zero, and KitchenAid are generally considered higher-end appliances and cost more.
- Flooring. Many companies produce economy class parquet with a certain millimeter and a luxury model with a thicker type of coating. Sometimes companies additionally include underlayment materials such as soundproofing and waterproofing. Interlocking floors, such as the now popular vinyl and laminate flooring, are typically thicker and have a higher cost. There are expensive luxury vinyl interlocking systems that are sometimes even comparable in price to the typically most expensive flooring options—exotic hardwoods and travertine tiles.
Accessory Dwelling Unit (ADU) – in Hawaii
April 3, 2021 | #Hawaii, #Tips, www.Hawaii.Bio, How to build a house, Modular house in Hawaii
As you walk the streets of Honolulu, Haleiwa, or almost any area of Hawaii, you may notice that some single-family homes are large, housing multiple people or families. Real estate in Hawaii is scary, so many people want to maximize their lots. Dreams of home offices, home gyms, rental income, a large family, parents moving, etc. can make a small home feel much larger.
And as more people look to maximize their lots in Hawaii, you may have heard of the term “ADU” or “accessory dwelling unit.” Building an ADU is a permitted way to make your home expansion dreams come true—as long as your site and building design meet certain requirements. Below, we’ll tell you everything you need to know about building an ADU in Hawaii.
What is an ADU in Hawaii?
Accessory dwelling units, or ADUs, were introduced in Honolulu in 2015 as one possible solution to Hawaii’s housing shortage. An ADU is another residence or “dwelling unit” on a single-family property. It includes a fully equipped kitchen with oven, bathroom, sleeping area and at least one parking space. Elsewhere, ADUs are called mother-in-law apartments or granny apartments.
An ADU can be a completely separate building, an extension of the main home, or a conversion of an existing structure. This means that the landowner of a single-family lot could build a detached small home, convert a large barn into a home, or hide an existing portion of the home, such as a garage or den, to include a kitchen and bathroom, and then create an ADU. .
Here are the three main categories of ADUs in Hawaii:
- Indoor ADU: These are located inside the main home and are often built from converted spaces, such as enclosing a porch or garage, or converting one floor of the home.
- Attached ADU: These are connected to the main house but are brand new buildings.
- Freestanding ADU: This is a separate, self-contained structure. Many people will build a brand new home on the same lot as an ADU in Hawaii, or sometimes homeowners may convert large barns into ADUs.
What is an Ohana unit?
Not to be confused with an ADU, an Ohana unit is also a permitted second home on a single-family lot. As the name suggests, they are typically designed for family members who need a place for their parents, children, aunts, uncles or other multi-generational family members.
The main difference between an ADU and an Ohana unit is that Ohana units can only have a “wet bar” or dining area with a sink, refrigerator and stove, rather than a full oven. They can also be rented to a family member only, which is agreed upon by signing a limited agreement. Ohana apartments were first introduced to Oahu around the late 1980s, and many single-family homes in Hawaii are designed for multi-generational living—some legal, some not.
Why should I build an ADU on my property?
There are many benefits to building an ADU in Hawaii, including the following:
- Rental income. Earn extra income by renting out your ADU. This income can subsidize your monthly mortgage payment. Please note that ADUs must be rented for six months or more and cannot be legally used as a vacation rental or Airbnb—unless you obtain a separate conditional use permit.
- Diversity of neighbors. If you rent, you can allow some people to live in your area who otherwise wouldn’t. Having different income levels and people from different backgrounds can create a more affluent ‘ohana area.
- Appreciation. Building an ADU increases the value of your property. Talk to your real estate agent about the potential increase in your property value if you build an ADU.
- Infrastructure. ADUs utilize existing infrastructure such as water, electricity and waste management systems, avoiding the cost of establishing and expanding utilities in undeveloped areas.
- Preservation of the country’s county. Additions to single-family homes help prevent underdeveloped rural areas from turning into urban areas with multifamily sprawl. For example, Kakaako is an urban area with a minimum number of single-family homes, or ADUS. However, Oahu’s North Shore is considered a village or rural area and therefore homeowners may want to consider building an ADU.
- Aging in place. You may not always need to live in a three-bedroom house on your property, and it may even become too large to maintain. As you get older, you might consider moving into a smaller ADU and renting out the larger house on the lot.
- Sustainable living. Because ADUs are required to be smaller, they often produce less water. Some homeowners choose to build ADUs with solar panels, efficient appliances and other sustainability features.
What are the rules for ADUs in Hawaii?
The Department of Planning and Permitting (DPP) of the City and County of Honolulu issues permits for ADUs and is thus responsible for regulating them on the island of Oahu. To legally build one of these free houses, you need to follow eight basic rules:
- Your lot must be zoned one of the following: R-3.5, R-5, R-7.5, R-10, R-20, Country District.
- Your lot must be at least 3,500 square feet. For lots ranging from 3,500 to 4,999 square feet, a 400-square-foot ADU can be built. For lots of 5,000 square feet or larger, an 800 square foot ADU can be built.
- Currently, you should have one full-fledged dwelling or house on your site. An ADU cannot be built on lots that already have duplexes, an apartment building, or more than one home.
- Your property may not be landlocked, which means it must at least be connected to the road via a driveway. This driveway may also be an easement across the adjacent property.
- You must have room for one more parking space in the car park lot. This requirement is waived if your site is within one-half mile of a planned Honolulu Transit Rail station.
- The landowner or a member of the landowner’s family must reside on the property—either in the main home or in the ADU—after the ADU is completed. A non-residential building can legally be rented to non-family members.
- You do not have any covenant restrictions on your lot that prohibit ADUs. For example, if you live in a master-planned community like Ewa Beach, you may be part of a homeowners association (HOA) that prohibits the construction of ADUs. Check before applying for an ADU permit.
- Write down your agreement once the ADU is completed. Make your ADU a completely legal title with either the Bureau of Transportation or the Hawaii State Land Court. This recording also ensures that the ADU cannot be sold separately or that the lot cannot be split into two separate properties. An ADU is a legal addition to the main building on a property.
How do ADUs help with affordable housing in Hawaii?
Accessory dwelling units, or ADUs, are playing an innovative role in offering more housing in Hawaii at a reasonable price and offsetting the cost of the main dwelling unit. Land in the Hawaiian Islands is limited and there is a housing shortage in the state, especially in the city of Honolulu. A state report that measured housing demand in Hawaii from 2015 to 2025 estimated that about 65,000 more housing units would be needed between 2015 and 2025. In addition to limited housing, the cost of living in Hawaii is higher than most places. in the US, ADUs offer one option that can help make living in paradise possible.
ADUs offer one option that can help make living in paradise possible, as they often offer additional rental inventory for renters or additional income for homeowners. In addition, ADUs typically have lower rents than rental units in condominium buildings, and the State of Hawaii hopes they can continue to play a larger role in solving Hawaii’s housing shortage.
Where can I find more information about building an ADU in Hawaii?
ADUs in Hawaii are a fairly new option for landowners, and they create a tempting option for additional rental income. For more information, contact a trusted Hawaii contractor or the Honolulu Department of Planning and Permitting .
Hawaii House Plans – Tips and FAQs
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Are you dreaming of building a beautiful two-storey home with three bedrooms, a walk-in shower and a spacious veranda overlooking the Ko’olau mountain range? You may need to hire a residential architect or draftsman to draw the plans for your dream home.
What is included in a standard set of house plans?
A house plan, also known as blueprints, is a set of drawings that define all the specifications for the construction of a residential home. It includes specifications such as room sizes, required materials, layouts, installation methods and more. The basic information in each of the house plans usually shows the following elements:
- The site plan shows where the house will be located on the lot. This overhead view of the construction site will show the site boundaries, as well as the location of utilities, setback requirements, easements, walkways and sometimes the slope of the ground. Will your new home be located in the middle of the lot or next to a ravine at the back of the house? How will your home be connected to water and electricity? The site plans answer these questions in the survey.
- The elevations are drawn to scale and show the appearance of the house and the height of the ground. Plans will include front, rear and side elevations, as well as ridge heights, exterior trim and roof slopes – among other exterior architectural style elements.
- Foundation plans will specify the dimensions of the foundation as well as the supports and other requirements to ensure a strong foundation .
- Frame plans show how the walls and roof of a home will initially be built. Framing plans specify the size of lumber to be used, such as 2×4 or 2×6.
- Roof plans will detail the roof structure, including roof type (such as shingles), pitch, and framing .
- Floor plans show an overhead view of what the rooms in the house will look like. How wide are the walls? Where will the windows and doors be located? Where will each room have a sink, cabinets and other built-ins? Floor plans will show the layout of the kitchen, bathrooms, bedrooms, garage and every room in the home, as well as construction methods, finishes and electrical layout. There are often special symbols and lines to show the dimensions or other features of the room.
- Sectional plans are a form of floor plans that “cut through” a home to show how the home will be built as well as interior finishes. Sections often include ceiling heights, ceiling types, and window and door sizes.
- Detailed drawings may provide additional information about special features of the home, such as built-in shelving or an expansive outdoor deck.
- Electrical drawings will show the location of all electrical outlets, switches, and light fixtures. Electrical drawings will also show where electrical lines will be located throughout the house.
- Plumbing drawings will show the location of pipes and plumbing fixtures in the home, such as sinks, washing machines, showers, toilets, outdoor hoses and more.
What size are the house plans?
House plans or drawings come in several standard sizes. The two most common sizes used by Hawaii home architects are 18 inches by 24 inches and 24 inches by 36 inches, but sometimes house plans will also measure 30 inches by 42 inches and 36 inches by 48 inches. No matter the size of the house plans, the goal is to show your general contractor how to build a house.
How much does it cost to make a house plan?
In Hawaii, the cost of drawing up house plans will depend on several factors, including the size and complexity of the build, and whether you use a Hawaii residential architect or a professional home designer. Architects range from $100 to $250 per hour, while home planners range from $50 to $130 per hour. Architects can help design a house, while a draftsman usually doesn’t design houses, but draws what they are told. A typical three-bedroom house takes at least 10 hours to paint.
Home design in Hawaii
Hawaii home designs vary in common floor plan elements, such as lots of windows, outdoor rooms and porches. Here are some Hawaii home design considerations that will spark your thoughts about your Hawaii home plans.
- What’s my budget? News feed?
- How many rooms and bathrooms will I need now and in the future?
- What will be my point of view? Am I near mountains or water?
- How can I maximize natural light and airflow?
- Do I want an open floor plan with the kitchen and living room connected for meetings and parties?
- What style suits my family and the area of our home? Small bungalow? “Ohana Cottage?” Plantation style home? Large luxury home on an island?
Once you have your home in mind, hire an architect to design and draw up plans for your Hawaii home. Your ideal home design can become a reality with building plans to guide you and trusted professionals by your side. Our company, Hawaii Bio, to take care of the cleanliness of the environment on the Hawaiian Islands, cooperates with the best architects who will help you design from the most environmentally friendly materials, a house that will delight you with its interior and versatility, as well as safety based on the climate in the Hawaiian Islands. You can write to us your wishes and we will choose for you the best option for architecture and construction company that will make your dreams come true, we work on a turnkey basis, from the beginning to the end of the project we carry out full quality control of the development and you receive a full report.
Modular homes in Hawaii
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Are you dreaming of building a home in Hawaii, but are you worried about the cost and construction time? There is a way to build a home faster and cheaper: modular homes.
Not to be confused with mobile homes on the mainland, modular homes are also known as prefabricated homes, prefabricated homes, and kit homes. When building a custom home, you may have to work with an architect to develop the home plans as well as a general contractor to build the home, but with modular homes, you can cut costs by packing materials, completing construction in a factory, and using computer-generated home plans.
Whether you want a high-quality custom modular home, an ADU kit home (What is an ADU?), or any other packaged home, exploring modular home options for your new build can be a cost-effective and convenient option.
How do modular homes work?
The modular home will not be built on site, but in a factory, in accordance with Hawaii and Honolulu building codes. A modular home begins with sections or modules that are built in a factory and then transported to a home site for assembly, sometimes using cranes. Building modular homes is a bit like playing with Legos: the various pieces are assembled safely and efficiently.
Quick Facts About Modular Homes in Hawaii
- Modular homes are permanent homes and are considered “real estate” that is valued the same as site-built homes.
- Prefab homes in Hawaii can be customized to include different flooring, windows, kitchen styles, and more.
- Modular homes come in a variety of designs, from small ADU kit homes to large beachfront homes. Kit homes can be built to withstand hurricane-force winds and also be available for aging in place.
- Modular home plans are often developed in-house by engineering departments using CAD (computer-aided design), and it is not necessary to hire an architect to build a home – just a qualified builder or modular assembler.
- Home loans for modular homes are the same as if you were to build your home on site. Construction loans are often used for the construction phase of the loan, while land loans are used to purchase land. Once the Hawaii home is built and the final inspection is approved, the loan changes from a construction and land loan to a mortgage loan.
- Home insurance, as well as any hurricane or flood insurance, and taxes for package homes in Hawaii are the same as for site-built homes.
Pros of Building Modular Homes in Hawaii
When considering building a home, a modular home may not be the first thought that comes to mind. But these prefabricated homes have many advantages over site-built homes.
Shorter construction times.
With factory automation, repeatable home design plans, and specialized employees, modular homes are often built much faster—sometimes within months. On-site assembly can often be completed in less than a couple of weeks, with electrical and plumbing requiring additional time.
Robust design and high quality construction.
Modular homes simply aren’t made of 2x4s nailed together. Each module must meet Hawaii planning and permitting requirements, and the kit home must be able to withstand transportation between the factory and the home. Construction standards in modular home factories are systematic and specific, which improves the quality of work and the final product.
Improved sound acoustics.
Are you tired of hearing what’s going on in the room next to you? In prefabricated homes in Hawaii, each module is designed separately, making it difficult for sound to transfer between modules.
More economical.
Ultimately, most people will choose kit homes in Hawaii due to the lower construction costs. Modular homes in Hawaii can be built for an average price of $150 to $300 per square foot, which is on average lower than the typical cost of building a home in Hawaii on site. While modular homes in Hawaii may not always be cheaper than their site-built counterparts due to desired design, material requirements, lot location and more, in the end and on average they are generally cheaper than traditional built. home website.
Cons of Kit Home in Hawaii
Some landowners in Hawaii may shy away from a modular home because they can build a home out of concrete or brick instead. Kit homes in Hawaii are typically built with a wood frame, which has the disadvantages of heat buildup and lack of fire resistance.
Building a kit home in Hawaii
If a potential homebuilder is more seriously weighing the benefits of packaged homes in terms of affordability, efficiency and permanence, then a modular home in Hawaii may be the right option.
If you decide to build a modular house in Hawaii, we will help you with this, we cooperate with companies that work in the field of production of modular houses, as well as with construction companies that can help assemble your modular house and connect the necessary energy structures such as electricity, sewerage and water.