Hawaii real estate by Bonnebaker

February 17, 2005

Honolulu: Lawmakers look to increase tax on house sales

Some lawmakers want to increase tax on the sales of homes to help pay for affordable housing projects. One bill, mainly targeting real estate speculators, proposes to double the conveyance tax for houses over $600,000 and triple the conveyance tax for those over $1million. Currently the conveyance tax is set at 10 cents per $100 of the sales price of a property. The rates would be even higher for properties that are purchased not as primary residences.

Another bill is aimed at changing the capital gains tax on property held for a short term. If a property is held less than six months the capital gains would be 60% and the penalty would decease to 30% if the property is held between 6 and 12 months, and 15 percent for a property held from 12 to 24 months. The current short-term capital gain is 8.25% for properties held less than one year

September 8, 2005

Honolulu: Plan approved for housing on Kakaako waterfront

The waterfront area along Kewalo Basin will likely become residential housing as developers compete to come up with a plan for the 36 acres of State land.

The state changed the rules of the future proposed project to allow homes in the area after public input. It would be the first housing development on the makai side of Ala Moana Blvd in many, many years outside of Waikiki. With most of the ocean front property being reserved for parks and maritime use. The state agency directors had already asked for developers to include into their plans roughly 300 residential units, approximately 250,000 square feet of entertainment and retail space and approximately 500,000 square feet of public and commercial space.

Many people are in opposition to develop the site. Some worry about huge tall buildings blocking any view of the water. Many others, including many surfers, feel that they will lose access to Point Panic surf break and access for other water activities. It is one of the few places in town that currently surfers can park for free.

Oahu: Centex plans new condo at Ko Olina

Centex Destination Properties plans to build a luxury new beach front condominium at the Ko Olina Resorts & marina.

The 247 unit project on Lagoon number 2 with average prices at a little over $2 million would be some of the most expensive real estate in West Oahu. The units range in size from 1200 to 1600 square feet.

The condominium will be built on the grounds of Ko Olina which is a destination resort. Golfing, an on site fitness center, and kitchens designed by famous local chef Roy Yamaguchi are just a few of the