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Tracey's Tip of the Day

Tracey gives many practical snippets of advice and information concerning real estate, steps in completing a Oahu real estate transaction, things to consider with estate planning related to Oahu real estate, and more.

Tip Of The Day

Verify Permit Status
Tracey suggests when having improvements on your home, you should verify the building permit has closed.
Co-ownership
Tracey shares that ownership of real estate property can be held in equal or unequal shares among the property's co-owners.
Properties with a "sandwich lease"
Tracey explains what options you have when there's a "sandwich lease".
Automated Search
Tracey discuses the benefits of have Stott Real Estate, Inc. set up an automated search for you.
Proceeds vs Gains
Tracey talks about the difference between sale proceeds + sale capital gains.
PV Systems
Tracey talks about options between to rent or buy a PV System.
Clauses seen in contracts.
Tracey talks about some clauses you could see in contracts.
Parking Stalls
Tracey suggests to make sure you've verified in writing what parking stalls come with your purchase.
Not sure about a 1031 Exchange?
Tracey explains a 1031 option.
Getting a new "GET" License
Tracey explains the need to obtain a new General Excise Tax License.
What is Depreciation?
Tracey shares a briefly discussion on What is Depreciation?
What is Residential-A?
Tracey describes what Residential-A means for Tax reasons.
Selling a Personal Residence vs a Second Home or an Investment Property.
Tracey explains the difference between a personal residence, a second home, or an investment property.
Seasoning of Funds.
Tracey shares a helpful tip on how to prove that your funds for a downpayment when ready to purchase, have been seasoned for 60-90 days.
Issues to be aware of with Owner-Builder Permits.
Tracey addresses the issues you may have if you get a permit under Owner-Builder Status.
Can a married couple claim two places of residency?
Tracey shares a perfect example on how to make this possible.
Filing for Home Exemption before Tax Year
Tracey tells you how to sign up for a home exemption so that you get the tax advantage as an owner occupant.
Selling on Oahu when your residence is on the mainland.
Tracey discusses when you are an out of state resident and you sell a property on Oahu, there are fees collected upfront for capital gain taxes.
Paying Taxes on a Hawaii Rental Property
Tracey describes that taxes the Hawaii investment property owners must pay.
Owning a Home in the Name of a Trust
Tracey describes the need to have a bank account in the name of a trust to sell the home.
VA offers + non-allowables
Most offers we are seeing now do not have the seller paying the buyer non-allowable costs, which was quite prevalent years and years ago.
Have a file documents of Home Improvements
When you own a home, there are tax advantages for documenting the capital improvements when you sell. Tracey talks about a simple method that can make this easier even if you have owned a home for decades.
Paying Taxes if selling on Oahu while residing out
Selling with a POA when you have a Trust
Tracey touches on the fact that not all Trust allow POAs.
Exclusions when spouse has passed
Tracey describes the amount of time you have after a spouse dies to still claim capital gains tax exclusion.
Survey
A survey refers to the process of locating and measuring a property's boundary lines.
Association Fees
Association fees are not always charged in January
Current Oahu Homes for Sale
Area # Price Range
Central Oahu 68 $100k - $9.0m
Ewa Plain 171 $375k - $5.3m
Diamond Head 133 $175k - $27.0m
Hawaii Kai 63 $379k - $11.9m
Kailua 65 $499k - $30.5m
Kaneohe 66 $95k - $8.0m
Leeward Coast 134 $159k - $7.0m
Makakilo 36 $450k - $10.0m
Metro Honolulu 999 $31k - $35.0m
North Shore 89 $425k - $40.0m
Pearl City 77 $30k - $3.2m
Waipahu 52 $175k - $1.6m
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September 2022 Email Update

The August median price for single-family homes was $1,125,000 (7.2% higher than August 2021) and for condos was $498,000 (0.3% lower than August 2021) as higher mortgage interest rates and sales prices continue to dampen demand.  The ...

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