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Market Update
Realtor Magazine recently had a feature article, "23 Federal Laws that Apply to Real Estate Sales". There were some interesting laws relating to loans which included the Mortgage Reform and Anti-Predatory Lending Act. This act governs lender compensation to curb abusive loans by restricting the way mortgage professionals are paid.
There is also the Fair Credit Reporting Act that permits consumers to receive one free copy of their credit report a year by contacting a credit reporting agency. It is a good idea to take a look at your credit report to see if there are any items that are incorrect that could affect your credit score.
With regards to income tax, there is the capital gains exclusion on the sale of your principle residence. Basically, if you sell your primary home you can exclude up to $250,000 ($500,000 for married couples filling jointly) of the capital gains.
You must have lived in your home for 2 of the 5 years before the date of sale. I remember when I sold my first primary home that I purchased for $330,000 and sold for $510,000. I lived in it for 2 years prior to selling it and did not have to pay for any capital gains taxes.
There is also the mortgage interest deduction that allows homeowners to reduce their federally taxable income by the amount of interest paid on their home loan. There is a limit on the loan amounts up to $1 million or $100,000 in equity for home equity loans. To find out more information follow this link.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. Pending Home Sales in January suggest an improving market. Yay!
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for February 27th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
612 (268) |
260 (30) |
904 (117) |
-3 |
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Condos |
1012 (189) |
283 (11) |
1133 (85) |
-10 |
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Land |
520 (116) |
33 (7) |
131 (18) |
+15 |
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Total |
2144 (573) |
576 (48) |
2168 (220) |
+2 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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616 Silversword Drive
Kapalua
$2.15M (FS)
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One of the best views at the Pineapple Hill. Enjoy panoramic views of Molokai and Lanai view from all the bedrooms, Living room and Dining room. Built in 1989, this home offers 3 bedrooms and 3.5 bathrooms, large living room, dining area, spacious kitchen. Jacuzzi and Swimming pool.
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255 Noho Like Way
Wailea
$4.6M (FS)
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A location that is hard to surpass inside the gates of the prestigious Wailea Highlands community, consisting of only 27 parcels is an elegant residence. Situated on over half an acre this home is island living at its best and all on one level. This 4 bedroom 5 full and 1 half bath beauty over looks the 17th fairway on the Old Blue Wailea Golf Course.
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Homes Under $1M
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241 Kuualoha Street
Kahului
$369.9K (FS)
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Bank Owned. Great house, great neighborhood, and a great Price. Central location in Maui Lani.
Customer Listing Synopsis
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62 Meheu Circle
Kahului
$374K (FS)
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Brand new model home located in The Traditions at Maui Lani subdivision. This home will be sold with the existing model furniture.
Customer Listing Synopsis
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200 Luakaha Circle
Kihei
$389K (FS)
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Short Sale. Fantastic 3 bedroom, 2.5 bath home in popular Piilani III, Kihei. Enjoy cool A/C and the convenience of living in this popular community.
Customer Listing Synopsis
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314 Kaeo Place
Lahaina
$459.9K (FS) |
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Bank Owned. This home and cottage is located in the middle of a small 1 block street. Home has many remodeling touches - with a new kitchen, stainless steel appliances, laminated flooring, several split AC units, large master bathroom, vaulted ceilings throughout, solar, plus a well cared for studio cottage at the back.
Customer Listing Synopsis
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3870 Mahinahina Street
Kahana
$564.6K (FS) |
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Short Sale. Ocean view custom "pole" house with 3 bedroom, 2 bath upstairs and a 2 bedroom/ 1 bath ohana downstairs plus a bonus area downstairs in the rear of the house. Located on a great cul-de-sac only one block to the beach. This property as vaulted ceilings, large floor plan and wrap around decks.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Ho'olei F-6
Wailea
$2.695M (FS)
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Ho'olei Residence F-6 is located on the top row of the Ho'olei, representing one of the highest elevations from the entire property. Situated directly across from the Four Seasons and Grand Wailea Hotel Resort and Spa, Ho'olei truly represents the best Wailea has to offer! With dramatic panoramic ocean views clear out to Molokini and Lanai, Ho'olei 112-6 boasts 3076 sq. ft. of interior footage, making it one of the largest condominiums you'll find in the Wailea Resort.
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Vacation Condos Under $1M
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Royal Kahana #504
Kahana
$249.5K (FS)
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Are you looking for a turn-key completely remodeled ocean fronting studio condo? Enjoy beautiful Molokai and crystal clear ocean vistas from this 5th story unit. The whales and sunsets are a bonus.
Customer Listing Synopsis
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Luana Kai C-102
Kihei
$250K (FS)
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Short Sale. Luana Kai is a jewel in Kihei. Fee simple oceanfront complex that graces a large grassy lawn w/shady trees overlooking the ocean and West Maui Mountains.
Customer Listing Synopsis
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Aina Nalu A-204
Lahaina
$269K (FS)
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Bank Owned. A great opportunity to own in the outstanding boutique property known as Aina-Nalu. This upstairs furnished unit features high beam ceilings, a great location in the property, walking distance to fine dinning and shopping in Lahaina Town.
Customer Listing Synopsis
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Kapalua Golf Villas 20P5,6
Kapalua
$474.5K (FS)
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Bank Owned. Unbelievable price for a 2 bedroom 2 bath in Kapalua. This "patio" model of the Golf Villas was remodeled recently and offers peaceful golf and ocean views through the pine trees. All on one level with central AC.
Customer Listing Synopsis
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Residential Condos
Happy Valley Village #5
Wailuku
$64.9K (FS) |
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Bank Owned. Cozy corner unit, one bedroom one bath condo on ground floor. Right in Wailuku Town. Excellent for first time homeowners. Great investment. Very low maintenance fees.
Customer Listing Synopsis
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Southpointe 1-202
Kihei
$118.9K (FS) |
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Short Sale. Nicely remodeled end unit, newer appliances, laminate hardwood flooring through out, two side by side parking stalls.
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Kai Makani 14-203
Kihei
$467.25K (FS)
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Bank Owned. Two bedroom 2nd floor unit, unfurnished, great location and huge ocean views. Private stairway leads down to beach access.
Customer Listing Synopsis
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Vacant Land
4695 Honoapiilani Road
Kahana
$13.5M (FS) |
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Sandy beachfront of 2.34 acres. 4 older homes on property of little or no value. Value is in the land.
Customer Listing Synopsis
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