LUVA Real Estate Blog

If you have been following the Hawaii County Bill 108 saga, you know many off island investors have been impacted by the new rules placed on short term vacation rentals on Hawaii Island. Property owners have been fuming for months over the loss of income and opportunity to rent out their homes if they are located outside of the approved resort zoned areas as soon as the law goes into effect in September 2019.

Recently, Oahu went even further to curb the rush to use hosted platforms such as AirBnB and VRBO when it passed an ordinance called Bill 89 on June 25, 2019. The bill was created to stem the negative effects to local neighborhoods where homes were being purchased by investors and turned into vacation homes. From the bill, it states that

Time to celebrate summer and the best way to do that is to join in on all the celebrations of our nation’s birthday on Thursday! LUVA Real Estate wishes everyone a very happy 4th of July week! Other events of note are the events at the Hulile’e Palace. If you enjoy Hawaiian storytelling and entertainment, you get two chances this month to experience the Aloha!

WHAT: KAILUA-KONA INDEPENDENCE DAY PARADE AND FIREWORKS

WHEN: July 4, 2019

WHERE: Kailua Village (downtown Kona)

The annual Kailua-Kona Independence Day Parade will begin at 6:00pm at the Kekua'okalani Gym, proceed along Ali'i Drive, and finish at the Royal Kona Resort. There will be seven announcer stations throughout the parade. Check www.ParadesInKona.com for locations. Fireworks over

 Looking for the fun for the 4th in Kona? The 24th annual Kailua-Kona Fourth of July Parade will begin at 6pm. If you do it right, you will find a great seat along the sea wall to watch the parade, and then when the fireworks begin over Kailua Bay at 8 pm, you can just spin around and watch the light show! Bring a picnic and make an evening of it. For more information and donations, see Parades in Kona.com.

For adults, the fun can be had at any one of the bars along Alii Drive as most will have a view of the parade as it comes down the street. For the bars along the water front, you can watch the parade AND the fireworks. Gertrudes's Jazz Bar is taking reservations for their view tables as they are on the second floor and look down upon Alii Drive AND

As we head into the slower summer real estate market, LUVA Real Estate agents are seeing more inventory on the market with some price drops. Overall, this is a great time for buyers as interest rates have dropped to rates that are the lowest in years.

This is the last month until December that we can compare year over year data, for as you may recall, the eruption occurred in East Hawaii in early May of 2018 which then skewed the housing statistics for the entire island from June to November 2018. Looking back from this time last year, with our beautiful blue skies, inactive Kilauea volcano and solid real estate market, we are grateful!

Sales are on the uptick for single family homes in North Kona according to the Hawaii Information Service, as year

Happy Summer! Longer days, later sunsets and warmer ocean water are here. We also have quite a few outdoor events this month in Kona and around Hawaii that are fun for the whole family with kids out of school now. From running to live music to a BrewFest in Hilo, lots to enjoy this month!

LUVA Real Estate agents are busy showing homes to families and retirees here getting ready for the fall and winter season. If you are on island, we hope you are taking advantage of the freedom and fun of summer!

WHAT: FIRST FRIDAY CELEBRATION

WHEN: June 7th, 2019

WHERE:- Holualoa Village

Holualoa Village galleries will feature new art and artists, tasty street eats and music all along Mamalahoa Highway through town during the monthly Art-After-Dark event

Thinking of a move to Hawaii? You may be researching what it takes to make the leap and move to Hawaii and LUVA Real Estate would like to offer you some helpful links and advice to make the transition easier if you do decide to make Hawaii home either as a renter or a homebuyer. (Of course, we would LOVE to sell you a home!)

Here are a few tips to keep in mind:

• Do your research so you have a better idea of what it entails to move yourself, family and pets to an island. Below are great resources for you to start with.
• Include the cost of your move into your plans. Some people can literally arrive off the plane with only what they can carry on board and set up shop on the island by buying what they need once they arrive. If that’s you, great. If

Condos are still hot, hot, hot in North Kona and South Kohala with condo prices increasing 13.85% year over year and 5.70% since the beginning of 2019 to $370,000 up from $325,000 last year according to the Hawaii Information Service.

The number of sales of condos in North Kona increased 15.69% year over year with 51 closed sales in 2018 and 59 in 2019. South Kohala saw a 3.82% increase in the median price from January to April, 2019, although down 1.5% year over year. The median price for condos was $549,500 in April 2018 and $541,160 in April 2019. The number of condos sold rose from 35 closed sales in April 2018 to 40 closed sales in April 2019.

Lance Owens, LUVA Real Estate and past President of the West Hawaii Association of Realtors, explained

May in West Hawaii is classified as a “shoulder month” as we experience a lull in tourism until it picks back up again when kids get out of school in June. Less crowds means more of an opportunity to attend a variety of cultural, local and musical events this month! New to the LUVA Real Estate calendar this month is the Pacific and Asian Cultural Fest with food tasting and a fashion show to showcase culture. Also, if you enjoy exercise AND food, check out the Charity Walk in Waikoloa, as this event features the top resorts offering up their tasty cuisine for the walkers who help support a variety of local charities. Happy May!

WHAT: KA'U COFFEE FESTIVAL HO'OLAULE'A

WHEN: May 4, 2019

WHERE:- Pahala in Ka’u

A full day of live music, hula, local

Did you know that there are some important changes taking place starting on May 1st to the purchase agreement contract for the state of Hawaii?

There are some small changes that make it easier to understand the contract for the buyers and sellers, but there are a few that are important to bring attention to such as when the seller is leasing solar panels, the buyer needs to be aware that they need approval to transfer the lease from the photovoltaic provider. Left unnoticed, that could cause a huge headache during escrow!

These are just a few of the issues that have come up over the last few years when the Hawaii Association of Realtors last updated the purchase agreement. The agreement is used in all transactions when a Realtor is involved and is

Can you imagine within ten years that new homebuyers won’t be looking at homes on golf courses, nor will they be here in Hawaii buying a second home?

According to Paul H. Brewbaker, Principal of TZ Economics, a Hawaii economics consultant who gave a thought provoking presentation to local Realtors this past week, it will happen, thanks to the homebuying habits of the Millenials, who will be in their mid to late forties in 2029, prime wage earning years when people start considering real estate investments. According to Brewbecker, Millennials don’t play golf. (Although they would gladly put on a GoPro and take off on a golf cart adventure!) Why would they spend the extra money in order to live on a golf course? So, how will that impact the value of