New Hawaii cesspool proposal could hurt home sales, real estate leaders say

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The leaders of the Honolulu and Kauai Board of Realtors said that a proposal to eliminate residential cesspools in Hawaii may have good intentions, but it would have unintended consequences.

Both Jack Legal, president-elect of the Honolulu Board of Realtors, and Karen Ono, executive director of the Kauai Board of Realtors, said that while they are not opposed to the Clean Water Act, the Hawaii State Department of Health could stymie home sales if it decides that rural new homeowners must replace their cesspools with septic tanks, which can cost cost up to $10,000 or more to install.

The DOH is proposing that new homeowners have 180 days from the date of sale to replace cesspools with septic tanks.

Ono said that could add thousands of dollars to the costs of the home, and both Ono and Legal say that mortgage companies would be less likely to approve a loan for a home that would need a new septic tank.

Legal said the new rules would discourage both the seller and the buyer.

The new rules would affect 77,000 homeowners on Neighbor Islands, and 11,000 on Oahu, including to Thelma Dreyer, a spokeswoman for the Hawaii Senate.

The proposal would also require new developments that have at least 15 lots to have septic tanks or sewer systems. That number is now 50, Ono said.

In a letter to the state Department of Health, Sen. Rosalyn Baker, who represents parts of Maui, said the proposed 180 days for homeowners to make the change to septic tanks fails to consider issues they may encounter for things such as permits and whether landowners would be able to connect with the county system.

Baker wrote that the DOH says that while there are now now almost 90,000 cesspools, with 50,000 on the Big Island, 14,000 on Kauai, 12,000 on Maui, 11,000 on Oahu and 1,400 on Molokai, but the DOH planned only one public hearing on the proposed changes, on Oahu, although it was videoconferenced to Neighbor Islands.

“It is unfortunate that DOH has chosen to pursue changing its administrative rules without seeking meaningful input from the landowners and communities most affected,” Baker wrote.

But now, the Department of Health said that it would hold meetings on Neighbor Islands and extend the public comment period through Oct. 17.

Bill Cresenzo Reporter – Pacific Business News

Oahu condo prices hit record high

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Mar 7, 2014, 6:59am HST
Bill Cresenzo Reporter – Pacific Business News

The median price of a condominium unit on Oahu hit a record high in February, according to the Honolulu Board of Realtors. Seen here are the twin oval towers of the Moana Pacific condominium in Honolulu.

The median price of a condominium unit on Oahu hit a record high in February, according to the Honolulu Board of Realtors. Seen here are the twin oval towers of the Moana Pacific condominium in Honolulu.

The median price of a condominium on Oahu hit a record high of $359,450 in February, while the price of a single-family home rose 13 percent, according to figures released Friday by the Honolulu Board of Realtors.

The condo median price was a 5.7 percent increase from the the median price in February 2013, which was $340,000. The previous condo price record of $350,000 was set in August, the board said.

Sales of condos rose 6.1 percent, to 296 units sold in February from 279 units sold during the same month last year.

The median price of a single-family home rose 13.2 percent to $679,000, from $600,000 in February 2013. Sales dipped 5.5 percent, to 201 homes sold from 190.

“These are very good numbers for what is historically our slowest month of the year,” Julie Meier, president of the Honolulu Board of Realtors, said in a statement. “Sales of single-family homes were down mainly due to a lack of inventory in the mid and lower price bands.”

Sales in February included a $9 million home in Lanikai, Meier noted.

Oahu homes hit highest median price in five years

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Jul 8, 2013, 10:23am HST

Duane Shimogawa  |  Reporter- Pacific Business News

Oahu’s housing market hit a new high last month with the highest median sales price for single-family homes in more than five years, according to statistics released Monday by the Honolulu Board of Realtors.

The $677,250 median price for a home in June was 9 percent higher than the $620,000 median price from the same time period last year. The previous peak was $685,000 in June 2007, which is just 1.1 percent higher than June’s figure.

The number of home sales rose 10 percent last month to 308 sales from 279 sales in June 2012.

Oahu’s condominium market also continued on its red-hot pace with double-digit percentage increases in both the number of sales and the median sales price.

In June, there were 392 condo sales, which was 15 percent more than the 342 sales in June 2012.

The median sales price of a condo last month was $330,000, an 11 percent increase from $297,000 during the same time period last year.

Home and condo sales also sold faster last month compared to a year ago with both categories on the market for a mere 20 days.

Hawaii’s 14.6% home price increase makes it fourth-highest in U.S.

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Hawaii’s 14.6% home price increase makes it fourth-highest in U.S.
Staff Pacific Business News | Apr 3, 2013, 12:59pm HST

Hawaii had the fourth-highest home price appreciation in the nation in February, with prices increasing by nearly 15 percent year over year, according to a report by CoreLogic.

Nevada had the highest year-over-year home price appreciation for February, when distressed sales were included, with a 19.3 percent increase, followed by Arizona at 18.6 percent, California at 15.3 percent and Hawaii at 14.6 percent, according to the report by Irvine, Calif.-based CoreLogic (NYSE: CLGX).

Excluding distressed sales, Hawaii moved up to third-highest price appreciation at 15.5 percent, following Nevada and Arizona.

Nationally, home prices increased by 10 percent compared to February 2012, the largest year-over-year increase since March 2006, CoreLogic said. March prices are expected to rise by 10.2 percent year over year, the report said.

July 2012 Residential Resales Statistics – The median price paid for island properties in July was $635,000 for single-family homes and $320,000 for condominiums, increases of 5.6 percent and 21.3 percent

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NewMSRFormatHONOLULU HOUSING MARKET EXPERIENCES HUGE JUMP IN JULY ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of July. According to the analysis conducted by the Board, using data collected from its computerized

Multiple Listing Service (MLS) system, the statistics are:

During July, sales of 265 single-family homes and 364 condominiums increased 5.6 percent and 21.3 percent, respectively, from July 2011. The median price paid for island properties in July was $635,000 for single-family homes and $320,000 for condominiums, increases of 5.6 percent and 21.3 percent, compared to the same month last year. According to the Days on Market indicator, sales for both single family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 25 days and condominiums listing for just 29 days.

“July was an exceptional month for the Honolulu housing market. We saw numbers rise for both single family homes and condominiums. Condominium sales have been steady over the last few months, but in July we saw a huge leap,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “Heading into the fall, the numbers are looking great—from major increases in pending sales for both single-family homes and condominiums to a decrease in the median days on market.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both.

HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,600 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

MARK HOWARD    RB-20384
Owner/Broker/Founder
Hawaiian Americana Realty, Inc.
(808) 791-2923 |  [email protected]

www.ShopOahuRealEstate.com
www.ShopMauiRealEstate.com

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