A SUPPLEMENT OF THE MAUI NEWS I FRIDAY, APRIL 13, 2018
Highly sought location and architect designed Custom home opportunity in originalWailuku Heights won’t last long
● Candidates must
do more than talk ‘affordable’ this election season
● Saving affordable housing options in Lahaina and West Maui
● Creative options for parents who want to help their kids buy a home
Real Estate Guide I April 2018
Three ways parents can help grown kids own a home
works best when the kids NerdWallet for Associated qualify for a mortgage on Press their own and parents make hen responsible first- the purchase more affordtime homebuyers able with, for example, a need help buying a home, bigger down payment or a the family bank sometimes lower interest rate, says can lend a hand. Jeremy Heckman, a certified Younger homebuyers financial planner with face a mountain of obstaAccredited Investors Wealth cles, including rising home Management in Edina, Minn. prices and interest rates, too FIRST,THE GROUND few homes for sale and unRULES paid college debt. Student To create a businesslike debt is a major source of distance for these transactrouble. When the National Association of Realtors sur- tions, Heckman suggests that parents: veyed recent homebuyers who had problems saving up ❖ Consider disclosing the a down payment, 53 percent assistance to all immediate of those in the youngest family group (37 and younger) ❖ Consider treating all blamed student loan debt for siblings equally their difficulty. ❖ Use contracts Families appear to be ❖ Document gifts pitching in to help. Among Formal agreements offer homebuyers who made a important benefits, says San down payment, 23 percent Francisco real estate attorof those 37 and younger ney Andy Sirkin. They used a gift and 6 percent a loan from family or friends define obligations and minimize misunderstandings. — the highest proportion for either type of assistance And if parent lenders die or become incapacitated, all among all age groups. Family assistance like this their heirs can view the
Create a sale-worthy showplace
he sentiment “don’t judge a book by its cover” can be applied to many situations. When it comes to selling their homes, homeowners should remember this adage as they prepare their homes for prospective buyers. Homeowners who want to make their properties stand out can take the following steps.
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By MARILYN LEWIS
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First-time homebuyers often need help with finances — parents can be a good source of that help. purchase, and they vary by transaction and its history. mortgage type, lender and WAYSTO HELP lender offer, says Mark Here are three ways par- Case, a senior vice president ents can help make it more at SunTrust Mortgage. affordable for new homeLenders like to see money buyers to purchase a home: gifts — easily traceable 1. GIVE MONEY. A gift checks, bank transfers or wire transfers — in a borof money is often best, rower’s bank account three Heckman says. Parents can or four months before applywrite a check for any amount they choose. That’s ing for a mortgage, Case it — no contract or ongoing says. Givers and recipients may need to sign letters concommitments. Or they can pay all or part of an expense firming that the money isn’t a loan. such as mortgage closing When it comes to taxes, costs. Providing down-payanyone can give any other ment assistance can help person a gift up to $15,000 new borrowers avoid paying in value (money or, say, for private mortgage insurance, which helps keep their stocks) in 2018 without filing the gift-tax return IRS monthly payment low. Form 709. So a parent with HOW ITWORKS two children can give each Strict rules dictate how See PARENTS on PageT8 cash gifts are used in a home
messy or lackluster landscape can turn buyers away even before they reach the front door. Mow the lawn De-personalize and make sure shrubbery the home has been trimmed. SeasonHomeowners fill their al potted flowers and plants spaces with family photos, can help make the house heirlooms, personal interlook polished. Repair ests and other conversation cracks or damaged walkpieces. Prospective buyers ways, and consider a fresh may not be able to see past coat of paint on trim personal belongings and around windows and doors. may even be distracted by Pressure-wash siding if them. For example, buyers necessary. who have strong beliefs about animal welfare may Put things in storage not buy a home displaying Rent a storage unit to hunting trophies. Remove house items that can make personalized items where a home appear cluttered. possible, replacing them Clean out closets and cabiwith generic items. nets, so that when buyers “snoop” during appointImprove the exterior ments or open houses they HGTV says that curb see orderly storage areas. If appeal is crucial to making a strong first impression. A See SHOWPLACE on PageT4
“A Commitment to Excellence”
244-7142
Homeowners may want to follow a few simple steps to make their property stand out.
331 Ho’okahi St., Suite 202 Wailuku, HI 96793
Property Management Services • Real Estate Sales
shoretoshorerealty.net A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T2
MAIN COVER IMAGE: This home, located at 275 Ekoa in Wailuku Heights, is being represented by Kimberly Delmore, Realtor Broker in Charge of Delmore Realty. For more information, call 298-6655, email kim@delmore.net or visit www.delmore.net.
Real Estate Guide I April 2018
The ‘Golden Rule’ keeps Delmore Realty strong Strength in family as next generation steps into their parents’ footsteps By CATHERINE KENAR Special Sections Editor
t one time in Maui’s history, there were just a few independently owned and operated real estate companies. Before long, however, the large corporate offices from the Mainland took notice of Maui real estate and quickly moved in. Many of the original smaller companies closed when they couldn’t adjust and compete. Delmore Realty rode out the real estate booms and busts over the past 25 years and is still going strong thanks to treating people the
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way the Delmores want to be treated. When Thomas Delmore arrived on Maui from Wisconsin, via a five-year stop on Oahu, in 1979 he worked as an auditor for the Internal Revenue Service. The IRS did not allow its auditors to work at second jobs, nor did it want those auditors becoming close with the people being audited. It expected employees to relocate every few years. By this time, Thomas and his wife, Young, had three small children and grew to love living on Maui. So taking a leap of faith — and as much of his government
Kim was professional, friendly and incredibly helpful with our first-home buying experience. She was patient with us, took us to see many homes in a short period of time and very knowledgeable. She explained a lot of the process to us and answered every question we had along the way, as well as did a lot of research regarding the property we ended up choosing. It truly felt like she was looking out for the best interest of our family, and we were so glad we chose to work with Kim. — Kristina Buie
Mark Kasbergen Mark Kasbergen REALTOR® REALTOR® 808.280.1145 C E L L 808.280.1145 Lic. # 42258 C E L L Lic. # 42258
Baldwin High School, and then set off to the Mainland to attend school at University of San Francisco. She stayed in the Bay Area after graduation thanks to the tech boom exploding in Silicon Valley. Kimberly found a job working as an administrative assistant to the president of a college preparatory start-up. Things were going good for a few years, then the economy changed. Upon hearing that she was soon to be laid off, she watched her friends go off to graduate school. That wasn’t what she wanted to pursue, so while talking to her dad, he asked her if she Photo courtesy Delmore Realty would consider real estate. Kimberly (from left), Young, Thomas and Brian Delmore show strength in She had a good underfamily as Delmore Realty sees the next generation continuing the standards set standing of what the busiby Thomas and Young. ness was like, watching her mom and dad successfully government. Granted, this pension as he could get — to open his own office. run their realty office. “There wasn’t much you was during the late ’80sThomas left government “I took some internet work and proceeded to ob- could do here (on Maui) at early ’90s real estate boom classes,” explained Kimberthat time,” explained here on Maui, but Thomas ly. “Then I had to come tain his real estate agent discovered he enjoyed sell- back to Hawaii to get my lilicense in 1989. He saw the Thomas. “I didn’t like the amount of money the real- IRS job . . . I was ready for ing homes, and he was good cense.” something new.” at it. tors he was auditing were By the end of 2002, she The real estate business Fast forward about 10 making. It took him three was ready to move back won him over when he years — Thomas and years to meet the requirehome. It was a good time to made more money workYoung’s children had ments necessary to get his get into real estate. The brokers license — sell 20 ing part-time than he did grown. Their eldest, Kimhomes — which he needed working full-time for the berly, graduated from H.P. See DELMORE on PageT4
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A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T3
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Delmore Continued from Page T3 market was taking off again with a lot of Mainland buyers. “I like real estate; it’s never boring,” offered Kimberly. “There’s so much going on . . . so many facets. I like dealing with the clients. You’re out and about a lot of the time; seeing all the different properties. “And I get to use my writing skills (from college) in our marketing and advertising materials,” she continued. “There’s a lot of communication going on.” Kimberly has worked hard and it shows. She holds a broker’s license; she is a member of the Realtors Association of Maui, the Hawaii Association of Realtors and the National Association of Realtors. She
has the designation of being an Accredited Buyer’s Representative and Certified Residential Specialist. Additionally, she currently serves as the 2018 treasurer for RAM; she served as the 2016 central regional director, and is also a member of RAM’s MLS committee. Kimberly proudly points to the plaque on the wall that announces her as the recipient of the 2003 “Newcomer of the Year” award from The Maui News. In 2012, brother Brian became a Realtor and joined the family business after graduating from San Jose State University. “We remain a familybased business. Every client we get to work with, I feel is a blessing,” marveled Kimberly. “I feel honored to help whoever needs us. We do our best to take good
Real Estate Guide I April 2018 We started working with Kim almost seven years ago. At that time, we were considering a move to Maui, but were not sure if or when we could make that happen. After many visits and many more rounds of visiting homes all over the island, we finally bought a place in 2018 and Kim was excellent throughout the entire process. She is knowledgeable about the island, understood what we were looking for, and was endlessly patient. Her friendly and engaging demeanor made the process easy, and even pleasurable. She was always ready to help out and could be trusted to do what she said she would do. — David Lineweber care of them and treat them like family.” While Young has chosen to step back from the dayto-day business, Thomas, Kimberly and Brian notice how the real estate market has changed. Kimberly has noticed how she’s seeing so many of the people she went to school with, or their parents, in need of her
Showplace Continued from Page T2
Valkyrie Smith, REALTOR®, GRI® President & Principal Broker valkyrie@aaoceanfront.com 808.879.7288 x 209 800.488.6004 808.879-7500 fax
Serving Maui for over 49 years Commercial/Contract/Residential
1279 S. Kihei Rd. #107 Kihei, HI 96753-0089 www.aaoceanfront.com
closets are brimming with stuff, buyers may assume the house doesn’t have enough storage space and move on.
services, and she’s happy that she can help them during a time that can be very stressful for people. “Life circumstances change,” acknowledged Kimberly. “We’re here to facilitate that.” Perhaps it’s a friend from high school who needs to find a home with an ohana unit so their parents can house is well-lit. Add table lamps or other fixtures to especially dim rooms.
Create a hotel experience Forbes suggests making bathrooms look like a spa. Stack a few pretty washMake it light and bright cloths tied with ribbon, Open up all of the drapes add some scented candles and blinds, and turn on and faux plants and buy overhead lights so the bathmats and towels in
move in with them; a Maui resident who is suddenly called back to their hometown on the Mainland because of an ailing parent; people who want to live their Maui dream; or people planning for their retirement, but want to use their Maui property as income until they’re ready to move — these are all the types of people the Delmores have helped over the years. “Real estate is the type of profession that looks easy from the outside, but it’s not an easy job, especially if
They both had intimate and long-term knowledge of the real estate market in my town, Wailuku, and performed very professionally even though I had to leave Maui before the offers were made. The house sold for more than the asking price, and Kim shepherded us through the negotiations for that price. I would recommend her as an agent with no reservations. — Sally Raisbeck coordinating tones. Remove extraneous items from kitchen counters and replace them with vases of flowers. In addition, set up dining spaces as if one were sitting down to a meal and ensure appliances are sparkling clean. Use common ‘scents’ Skip the fish, bacon or other aromatic meals for a
few days, as such foods can leave lingering aromas. Baked goods, vanilla and cinnamon might make for more appealing scents. Making a home sell fast involves preparation and the knowledge that buyers are often greatly influenced by their first impressions.
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you are doing it correctly,” Thomas pointed out. “But (Delmore Realty) has flexibility to work with our clients. Big companies have to follow their procedures. We can bend ours.” “It’s not an 8 to 5 job — you’re always on call,” concluded Kimberly. “You need to be available for clients. I enjoy it. There are challenges (she and her husband, Shane Fukuda, are raising two young children, Madison and Austin), but overall, it’s very rewarding.”
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1036 Limahana Place #3L, Lahaina, HI 96761 • Email: sales@lahainacarpets.com • Website: www.lahainacarpets.com A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T4
Real Estate Guide I April 2018
Election season brings talk about affordable housing By LAWRENCE CARNICELLI Realtors Association of Maui Government Affairs Director
t is election season so we can expect to hear all the candidates repeat the mantra about the need for affordable housing yet again. That’s because the Maui housing market is booming once again, and prices are climbing to all-time highs. An upswing is great if you are selling a home, but it can be a serious problem if you’re looking to buy or if you need to rent on Maui — especially if you need to rent at an affordable rate. As our housing shortage increases, it places a tremendous amount of pressure on those who cannot find a reasonable place to live. As that pressure increases, the affected community will start demanding that government do something about it — anything about it. That’s when “affordable housing” becomes political and our elected leaders feel
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the demand, the county and state governments have made many attempts to create a supply of homes local residents can afford and have additionally attempted to write laws to force developers to build affordable housing. After the government struggled to respond to a severe housing shortage during the 2002-05 housing boom, the Maui County Council passed a landmark county Workforce Housing Lawrence Carnicelli, Government Affairs Director Ordinance 2.96. That ordinance is in the “inclusionary for Realtors Association of Maui. zoning” housing model, the need to respond. There working class who provide which required residential the services a healthy com- developers to accommodate are, of course, no easy anmunity needs — police of- a defined class of “workswers, but that never stops ficers, fire fighters, teachers, force” local residents in all government from trying to nurses, government and of their projects. come up with answers. small business owners — It ambitiously required Doing nothing is not an can commute from a neigh- that developers set aside an option; you cannot have a boring community. unprecedented 50 percent of healthy community if only We don’t have that option their homes at prices based rich people can afford to live here. We must live together on the buyer’s income inin it. stead of what it cost to build Some communities on the on the same island, in the the homes. That, in effect, Mainland can get away with same community. that approach because the While they can never fill means that half of the homes
in the project would have to subsidize the other half with those lower prices. This ordinance was a sincere effort to make sure that Maui’s working class families could afford to live here. It sounded like a great idea. But good intentions could not overcome the reality of the economy and the real-world pro formas of developers. The measure’s timing could not have been worse. It was approved in late 2006. The bottom had already started to fall out of the national economy, and Maui would build a grand total of three “workforce homes” under the 50 percent inclusionary housing requirement. In the years following its enactment, visiting economists would repeatedly point to this law as the reason no new homes were being built on Maui even though the rest of the state was still building. Seven years later, the
County Council officially recognized that the measure had become more of a hindrance to affordable housing development than a help. The Council’s Housing Committee worked the better part of 2014 untangling the wreckage by reducing the regulatory impact by half and the results were felt almost immediately. According to the Department of Housing and Human Concerns, as of December 2017 there are now 485 workforce units under construction; 1,886 workforce units in ongoing projects; 56 workforce units completed; plus 2,003 workforce units allocated for in pending projects. Ultimately, our housing problem is one of supply and demand. With less supply, higher prices and stagnate income growth, local people can no longer afford what the market is producing — or should I say
See ELECTION on Page T8
Two Generations of our Family to Serve your Real Estate Goals!
Brian K. Delmore Realtor Salesperson, Cell 212-7707 brian@delmore.net Thomas G. Delmore Principal Broker, Cell 283-2438 tom@delmore.net Kimberly Delmore R(B), ABR, CRS, Cell 298-6655 kim@delmore.net
1877 Wili Pa Lp #2, Wailuku
242-1467 A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T5
www.delmore.net
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C a Kaan pali
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West Maui HOYOCHI NIKKO C2
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20 Alaeloa #8
3901 L. Honoapiilani Rd.
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3833 L. Honoapiilani Rd.
1001 Keawe St.
ASTON MAUI ISLANDER E2
INTERNATIONAL COLONY CLUB C2
MAHANA C2
PAKI MAUI C2
660 Wainee Street
2750 Kalapu Drive
110 Kaanapali Shores Pl.
3615 L. Honoapiilani Rd.
ASTON SANDS OF KAHANA C2
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4299 L. Honoapiilani Hwy.
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4057 L. Honoapiilani Rd.
3543 L. Honoapiilani Rd.
CHANNEL HOUSE E2
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PIKAKE C2
1010 Front Street
2525 Kaanapali Parkway
4007 L. Honoapiilani Rd.
3701 L. Honoapiilani Rd.
COCONUT INN B3
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181 Hui Road F
150 Puukolii Road
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Condominium & Resort Directory Wailuku
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Kahului 36 37 37
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KAMAOLE BEACH CLUB H7
KIHEI KAI RESORT F6
MAKANI A KAI G5
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HALE ILI ILI J7
2065 Kanoe Street, Kihei
Keonekai Street, Kihei
1450 S. Kihei Road, Kihei
2430 S. Kihei Road, Kihei
2172 Iliili Road, Kihei
KAPULANI KAI H6
KIHEI VILLA H7
MAUI HILL I7
ROYAL MENEHUNE H6
HALE KAI O'KIHEI H6
73 Kapu Place, Kihei
2135 S. Kihei Road, Kihei
2881 S. Kihei Road, Kihei
2061 S. Kihei Road, Kihei
1310 Uluniu Road, Kihei
KAU HALE MAKAI H6
KIHEI VILLAGES F7
MAUI ISANA RESORT G6
SLEEPY HOLLOW H6
HALE KAMAOLE I7
930-938 S. Kihei Road, Kihei
140 Uwapo Road, Kihei
515 S. Kihei Road, Kihei
1667 S. Kihei Road, Kihei
2737 S. Kihei Road, Kihei
KE ALII OCEAN VILLAS H7
KIMO KE APARTMENTS I7
MAUI KAMAOLE I7
SHORES OF MAUI H6
HALE MAHIALANI H7
28 Hauwahine Lane, Kihei
10 Walaka Street, Kihei
2777 S. Kihei Road, Kihei
2075 S. Kihei Road, Kihei
21 Kaiau Place, Kihei
FAIRMONT KEALANI J6
KOA KAI APARTMENTS H7
MAUI LU RESORT G6
SUGAR BEACH RESORT F6
HALE PAU HANA I7
4100 Wailea Alanui Drive, Kihei
99 Walaka Street, Kihei
575 S. Kihei Road, Kihei
145 N. Kihei Road, Kihei
2480 S. Kihei Road, Kihei
KEALIA F6
KOA LAGOON G6
MAUI OCEANFRONT HOTEL I7
VILLAGE BY THE SEA G6
HALEAKALA GARDENS H7
191 N. Kihei Road, Kihei
800 S. Kihei Road, Kihei
2980 S. Kihei Road, Kihei
4327 S. Kihei Road., Kihei
15 Kulanihakoi, Kihei
KEAWEKAPU I7
KOA RESORT H7
MAUI PALISADES H7
WAILANA SANDS G6
HALEAKALA SHORES I7
2895 S. Kihei Road, Kihei
811 S. Kihei Road, Kihei
Kilohana Street, Kihei
25 Wailana Place, Kihei
2619 S. Kihei Road, Kihei
KEONEKAI VILLAGES H7
LAULOA G5
MAUI PARKSHORE I7
WAILEA EKAHI I7
HO‘OLEI AT GRAND WAILEA J7
160 Keonekai Road, Kihei
100 Hauoli St./Maalaea Village
2653 S. Kihei Road, Kihei
3300 Alanui Drive, Kihei
146 Ho‘olei Circle, Wailea
KIAWE TERRACE G6
LEILANI KAI H6
MAUI SCHOONER RESORT H6
WAILEA EKOLU VILLAGE J7
HONO KAI G5
851 S. Kihei Road, Kihei
1226 Uluniu, Kihei
980 S. Kihei Road, Kihei
10 Wailea Ekolu Place, Kihei
280 Hauoli St./Maalaea Village
KIHEI AKAHI I7
LEINAALA H6
MAUI SUNSET H6
WAILEA ELUA VILLAGE I7
ISLAND SANDS G5
2531 S. Kihei Road, Kihei
998 S. Kihei Road, Kihei
1032 S. Kihei Road, Kihei
600 Alanui Drive, Kihei
150 Hauoli St./Maalaea Village
KIHEI ALII KAI I7
LIHI KAI COTTAGES I7
MAUI VIEW APARTMENTS H7
WAILEA GOLF VISTAS I7
ISLAND SURF H6
2387 S. Kihei Road, Kihei
2121 Iliili Street, Kihei
76 Walaka, Kihei
Above the Blue Course, Wailea
1993 S. Kihei Road, Kihei
KIHEI BAY SURF G7
LUANA KAI H6
MAUI VISTA H7
WAILEA POINT J7
KAI MAKANI BEACH VILLAS G6
715 S. Kihei Road, Kihei
940 S. Kihei Road, Kihei
2191 S. Kihei Road, Kihei
4000 Wailea Alanui, Kihei
Kai Makani Loop, Kihei
KIHEI BAY VILLAS G7
MAALAEA BANYANS G5
MENEHUNE SHORES G6
WAIOHULI BEACH HALE H6
KAI MALU AT WAILEA J6
775 S. Kihei Road, Kihei
190 Hauoli St./Maalaea Village
760 S. Kihei Road, Kihei
49 Lipoa Street, Kihei
3550 Wailea Alanui Drive, Kihei
KIHEI BEACH RESORT G6
MAALAEA KAI G5
MILOWAI G5
WAIPUILAN H6
KALAMA GARDENS H7
36 S. Kihei Road, Kihei
70 Hauoli St./Maalaea Village
50 Hauoli St./Maalaea Village
1002 S. Kihei Road, Kihei
36 Walaka Street, Kihei
KIHEI COVE I7
MAALAEA MERMAID G5
NA HALE KAI G6
KAIAMA TERRACE H7
2181 Iliili Road, Kihei
20 Hauoli St./Maalaea Village
34 Wailana Place, Kihei
35 Walaka Street, Kihei
KIHEI GARDEN ESTATES H6
MAALAEA SURF RESORT F6
NA HALE O MAKENA J6
KALAMA TOWNHOUSE H7
1299 Uluniu Road, Kihei
12 S. Kihei Road, Kihei
4955 Makena Road, Kihei
46 Walaka Street, Kihei
KIHEI HOLIDAY G6
MAALAEA YACHT MARINA G5
NA HOLOKA I G6
KALAMA VILLA H7
483 S. Kihei Road, Kihei
30 Haouli St., Maalaea Village
34 Wailana Place, Kihei
Wailea
Makena
How To Use This Map The condominiums & hotels in West Maui and South Maui are listed here in alphabetical order according to region. A grid letter and number coordinate is listed with each property for map location. Be advised that street addresses are not necessarily the correct mailing address. (Example: Addresses in the Maalaea area are served by Rural Route Delivery from the Wailuku Post Office.)
2144 Konou Place, Kihei
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In Today’s Real Estate Market There’s No Substitute For Experience Joseph Hogin, Broker RB-19018 Jodi Hogin, Broker RB-19011 Direct: 808-870-2775 Next Home Pacific Properties BuyaHomeOnMaui.com
Steve Hogin, Principal Broker RB-12320 Rosie Poree-Hogin, R(S) RS-24773 Direct: 808-879-1511 Next Home Pacific Properties nexthomepacificproperties.com
Serving the Islands for over 30 Years 1279 S. Kihei Rd., #119, Azeka Mauka, Kihei, HI 96753 A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T7
Real Estate Guide I April 2018
SunTrust Mortgage for $259,900, at 3.875 percent. Continued from Page T2 His parents provided a secof them — and even the ond mortgage for $260,000 children’s partners — up to at 1.98 percent. They used HOW ITWORKS $15,000 this year without money earned from the sale Jay and Judy fully funded of their first home to make a having to complete Form 709. A tax professional can the younger couple’s first down payment. confirm how the rules apply home, a Columbia, Md., Family lenders must townhouse. They decided to charge at least the Applicato individuals’ specific ciruse a service that facilitates ble Federal Rate — the mincumstances. family loans. They worked imum interest rate required 2. FINANCETHE with National Family Mort- to keep the assistance from MORTGAGE. Parents gage, which charges onebeing considered a gift. with cash to invest can betime setup fees of $725 to come the mortgage lender, 3. CO-BORROW. Al$2,100, depending on the offering extra-easy terms, loan size; provides all neces- though riskier for parents, like no closing costs or no sary forms and documents to co-borrowing is another opdown payment. Heckman meet state, local and IRS re- tion. Mortgages with co-borsays they can charge a high- quirements; guides families rowers were nearly a quarter er rate of interest on their of all new-purchase mortthrough the settlement and money than it earns in a sav- filing process; and connects gages in the third quarter of ings or money market acborrowers with loan servicers. 2017, according to ATTOM count and still offer kids a Then in 2017, the Weils Data Solutions, a real estate data company. lower-than-market mortgage lent the kids money again, Co-borrowing helps borrate. for a $579,900 house in rowers overcome a limited “I said, ‘This could be a Laurel, Md. Matt and Alliwin-win for both of us,’ ” son got two loans. One was credit history or a too-high debt-to-income ratio, says says Jay Weil, an attorney in a primary mortgage from Case, of SunTrust Mortgage. FEATURED PROPERTIES HOW ITWORKS Parents apply for the mortgage, too. They must meet the lender’s credit requirements and sign loan papers with
Parents
Wayne, N.J. He and his wife, Judy, have financed two mortgages for their son Matt and Matt’s wife, Allison.
BUSINESS FOR SALE Profitable Plant Nursery in Omaopio. On 16 acres of land with a favorable lease.Over 30 years servicing Hawaii. Please call Nathan Kwee (RB-15403) at 808-357-8007 for more information. YouTube Link: https://youtu.be/ MeVihyXo4K0
AG LOTS FOR SALE Located on the Keokea mountainside. Three lots remaining. Two-acre parcels with great views. Please call Nathan Kwee (RB-15403) at 808-357-8007.
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PUKALANI HOUSE & COTTAGE 3210 Honokolani St. Pukalani 3 Bed/2 Bath house plus 500 sq. ft. cottage. $875,000 For showings, please call Randy Rodrigues (RS-41191) 808-264-3172.
lity n Quang at ae i l t Tin ffordab A rice! P
their kids at closing. Aside from the mortgage itself, a separate family contract can define expectations and details such as who gets how much equity when the home sells and what happens in case problems arise. For parents interested in being co-borrowers, there are some things to keep in mind:
❖ Not all loans allow coborrowers, so it’s good to confirm the option when shopping for mortgages. ❖ Some lenders may call this step co-signing, which may have different parameters, but the outcome is the same: Parents and children are equally responsible for the loan and any missed mortgage payments. ❖ Parents’ credit could be affected, making it hard to finance another big purchase later, even if children make payments on time. With all the headwinds facing first-time homebuyers, family help sometimes makes all the difference.
ESTFREE IMA TES
Election Continued from Page T3
not producing. Maui’s population has more than doubled since the 1970s. We are falling woefully short of the needed 1,400 new units per year the State of Hawaii’s Department of Business, Economic Development and Tourism shows we need built. RAM feels that it is important to have solutions and not just talk about the problems. Therefore, as experts in the real estate industry, RAM has made our own attempt to “build a better mousetrap,” and submitted a bill to fix the holes we have found in the “inclusionary zoning” Workforce Housing Ordinance 2.96. These changes include: ❖ Removing the shortterm speculators. ❖ Establishing income qualifications for resale. ❖ Making the Affordable Housing Fund revolving. ❖ Creating shared-equity for homeowners.
❖ Instituting oversight, accounting and accountability of these workforce properties. While these changes will do nothing to loosen the obstructive land-use ordinances we have here on Maui, we do feel as though they are needed changes in the ordinance to help increase the inventory of housing local families can afford. Fundamentally our state and local governments need to learn from past mistakes and become housing facilitators instead of being housing regulators. Removing some of government’s well- intended encumbrances to building new housing is a great start. It’s a model that our candidates should look to this year as they talk about solutions to “affordable housing.” ■ Lawrence Carnicelli serves as the government affairs director for the Realtors Association of Maui. To learn more about the Realtors Association of Maui, visit www.ramaui. com or call 873-8585.
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Real Estate Guide I April 2018
Working hard to save affordable housing in Lahaina Rental assistance has been provided to tenants at Honokowai Kauhale. Overall, in the entire property portfolio as of March 2017, 593 tenants — 75 percent of total program availability for the portfolio — received program subsidies. Of those tenants, 511 — 86 percent — received the maximum subsidy amount. The average
By TOM BLACKBURNRODRIGUEZ For The Maui News
here are a growing number of partners struggling to prevent the extinction of affordable housing on Maui — a difficult battle even on a good day. But, there is good news to report and it involves the Honokowai Kauhale 186 unit, two-story affordable apartment project in Lahaina off of Lower Honoapiilani Highway. The apartments were built in 1990 and were becoming ever more threatened by poor rental cash flow and deferred maintenance. The ownership and management of the apartments has been under the jurisdiction of the Hawaii Housing Finance and Development Corporation, Affordable Rental Housing Restructuring and Preservation. However,
T
monthly program subsidy was $190. HHFDC intends to continue program assistance for eligible tenants receiving assistance at the time of closing. After studying the problem of how to manage the affordable-housing units for about a year, the department See LAHAINA on Page T10
Tom Blackburn-Rodriguez photo
Nou Ka Hale, a joint venture of Stanford Carr Development, LLC and Standard Property Company, Inc. has been chosen by the Hawaii Housing Finance and Development Corporation to manage the Honokowai Kauhale in Lahaina. according to HHFDC Public Information Officer Kent Miyasaki, operating the apartments within the “state procurement code was a challenge. Having to go with cheapest was not always the best. The state is not as efficient as the private sector is managing properties. The
private sector can act quicker to address issues.” The official mission of the HHFDC is to increase and preserve the supply of workforce and affordable housing statewide by providing leadership, tools and resources. Organization junkies might want to note that the HHFDC
is administratively attached to the State of Hawaii, Department of Business, Economic Development and Tourism and is governed by a nine-member board of directors.
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Lahaina Continued from Page T9
decided that unlike McDonald’s they were not in the hamburger business — or the property rental and management business — they were in the real estate business because the state owned the land the affordable housing projects had been built upon. That meant the state could issue a Request for Proposals for anyone who wanted to manage the properties. The state could write the RFP and the lease agreement in such a way as to ensure it protected the residents and required the repairs and upkeep needed to maintain the property. And that is exactly what they did on July 10. They made the Maui property one of six being addressed in the same way through a public/
private partnership. The request was for qualified owner-operators of affordable rental housing who were interested in purchasing long-term leasehold interest in a portfolio consisting of six affordable housing and mixed-use properties located on Oahu, Hawaii Island and Maui. The portfolio included 1,221 residential rental units, approximately 86,000 square feet of commercial space, and structured parking at three locations. The portfolio of a total of 11 properties was owned by HHFDC through its Hawaii Rental Housing System Revenue Bond Fund. Nineteen entities responded to the RFP and the one chosen for overall management was Nou Ka Hale, a joint venture of Stanford Carr Development, LLC
Rae S. Yoshida, R Principal Broker RB-18083 Office 808 986-8118 Cell 808 281-9949 www.homemanagersmaui.com rae@homemanagersmaui.com 20 Central Avenue Wailuku, HI 96793
Real Estate Guide I April 2018
Tom Blackburn-Rodriguez photo
The Honokowai Kauhale is a 186 unit, two-story affordable apartment project in Lahaina. from Hawaii and Standard Property Company, Inc. from Los Angeles. Standard Property Company manages 7,000 similar units nationwide. The property manager is Hawaii Affordable Properties, Inc. HHFDC retains ownership of the land. The buyer is in its due diligence period, with the leasehold sale expected to be finalized later this year. According to a December 28 report in the Lahaina News, rents at the properties will remain affordable throughout the terms of the
75-year ground leases, with maximum rents of no greater than either 80 or 100 percent of the U.S. Department of Housing and Urban Development Area Median Income rent guidelines. Additionally, current residents at all of the properties will now be protected from large rent spikes going forward, and they will be allowed to stay in their homes indefinitely. The rent increase restrictions for current residents of Honokowai Kauhale are set at a maximum of 2 percent a
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apartment units will include new cabinets and countertops, new flooring, new appliances and repainting. Common areas will receive new carpet, repainting and community room renovations. Building systems applications will include repainting, elevator upgrades, roof replacements and siding replacements. Replacing the defective siding alone that has failed to meet its guaranteed life will cost an estimated $4 million. Additionally, Nou Ka Hale will offer education services to tenants including after-school tutoring, computer-learning opportunities, and English as a second language and GED classes. Classes in financial literacy will be offered on subjects such as budgeting, debt management, income planning and homeownership preparation. Health services will include screenings, diabetes prevention, exercise classes and food distribution. Carol Reiman, the Maui County director of Housing and Human Concerns, has informally monitored the progress of the state project and attended all of the tenant meetings held in conjunction with the transformation.
year for five years; maximum 5 percent a year for the next 30 years. Rent and household income limits are 80 to 100 percent of HUD Area Median Income. However, current residents will not be subject to income limitations. This will only apply to new residents. The report added that Nou Ka Hale has committed to a $53.9 million capital improvement program that will include renovations to both apartment units and common areas. See LAHAINA on Page T11 Improvements in the
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312 Alamaha St. Kahului, HI 96732 Tel: (808) 877-8700 www.LanaiSeating@hawaiiantel.biz Louella Tam Ho-Molina, Broker A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T10
Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. HomeBridge Financial Services is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403, 800-464-2484. HomeBridge Financial Services NMLS ID #6521, (www.nmlsconsumeraccess.org) is a Delaware limited liability company licensed by the Department off Business Oversight under the California Residential Mortgage Lending Act. This is not an offer for extension of credit or a commitment to lend. Rev 6.13.16 (0914-1549) LR 2014-719
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Real Estate Guide I April 2018 Lahaina Continued from Page T10
Her priority has been the well-being of the tenants and the desire to avoid any displacement from the project. “I am pleased that keeping tenants in their apartments is a priority of HHFDC in this process, Reiman said. “Keeping 186 affordable apartments in our inventory is critical.” Not all affordable housing groups were happy with the HHFDC decision to lease out the projects to the private sector. Victor Geminiani, executive director of the Hawaii Appleseed Center for Law and Economic Justice, questioned the value of the lease program that he said raises questions about the longterm affordability of the project. “I question seriously this move within the context of the crisis we have with affordable housing in the state and in view of the projections that we need 25,000 units, of which the majority are needed for 60 percent below (area median income), in order to stabilize our rental housing situation,” Geminiani said in a September 2017 interview with the Honolulu
Defective siding (above) and windows (right) on the Honokowai Kauhale apartments will cost an estimated $4 million to replace.
Lahaina. According to Miyasaki, the Front Street apartments were a tax credit low-income housing project built on private land. The Honokowai Kauhale is built on state land, and with the Front Street project, the only affordability restriction was with the tax credit. For this project the lease is specific to affordability. At Front Street, the owner chose to take a “qualified contract” as per the IRS
code. Under this provision, in the 14th year of the state agreement the Front Street owner could elect to go with another buyer to take over the affordable project. If no buyer comes forward, the owner can sell the apartments at market price to a new buyer with no affordability requirement. Front Street apartments were appraised at $8.5 million. The qualified contract See LAHAINA on Page T12
Specializing in Sales and Property Management
Tom BlackburnRodriguez photos
Star Advertiser. “We are not producing any rental housing at that level — we are not even producing any rental housing,” Geminiani added. “There’s basically been almost no rental housing built in Hawaii for 40 years . . . any low-income rental housing is next to nonexistent.”
State Senator Will Espero agrees with Geminiani. In the same interview, Espero was quoted as saying he’s not convinced that privatizing the rental properties is in the state’s best interest. Espero said he was told that the six properties are expecting to generate $3 million in net cash flow this year after
debt service and other expenses. He asked, “Why would we want to give this up to the private sector?” In an interview over the telephone, Miyasaki outlined the difference between this state affordable housing project and the controversial Front Street apartments in
808-870-5821
SHELLY H. KUSUNOKI, (B) Principal Broker RB-19305
808.269.7755 1728 Kaahumanu Avenue #E | Wailuku, Maui, HI 96793 ShellyKusunoki@gmail.com A Supplement of THE MAUI NEWS – Friday, April 13, 2018 – Page T11
375 HUKU LII PL. KIHIE, MAUI, HI 96753
full swing with departments Continued from Page T11 preparing their council budget submissions. One to sales price was over $15 watch is the Department of million. By law, the state Housing and Human Concannot pay more than the cerns newly revamped proappraised price. posal to provide up to Affordable housing advo$15,000 to first-time homecates, including Tom Croly, buyers for their down paybelieve the state was in error ment. Details on repayment by acting as if an IRS proviand forgiveness provisions sion trumped other provisions of the Front Street affordable are being finalized. The debate may center on housing agreement with the “should it be a grant or a state, and Croly asserts that loan.” If the council mistakthe IRS language did not suenly insists on a loan propersede those state provisions. It remains to be seen if gram, it will only add to the cost of the home and make the entire complex will be the housing even more condemned and bought by unreachable and difficult to the county or the state. The Maui County budget finance. A grant that has deliberations are getting into repayment and forgiveness
Lahaina
Real Estate Guide I April 2018 provisions does not carry this burden. Cassandra Abdul, executive director of Na Hale O Maui, the affordable housing community land trust, reports that the single biggest impediment for couples wanting to buy a Na Hale O Maui home is the down payment. NHOM has been operating a private down payment grant program with specific repayment and forgiveness provisions without county government support for the past several years. Their down payment grant is for a maximum of $10,000 with the buyer contributing an equal amount. Most grants are for less than that amount.
documentation may include a survey of the house and property; a deed or title report; a recent tax bill; if applicable, a list of items he Appraisal Institute repairs ahead of the ap- to be sold with the house; pointment. Homes with purchase history of the recommends homeowners take the following repairs that still need to be home; and the original made will likely be valued plans and specifications of steps before an appraiser less than similar homes visits their home. the home. ● Clean the house. A with no such repair issues. ● Inform the apInvesting in home repairs dirty home that is full of praiser about recent will likely increase both the improvements. Homeclutter will not make the best impression on apprais- appraisal and resale value owners can inform apof the home. ers. Dirty homes may be praisers about any recent ● Obtain all necesvulnerable to insect infestaimprovements to the home tions that can lead to struc- sary documents before and the cost of those imthe appraiser arrives. tural problems with the provements. Having such Homeowners who have home. A clean home will information at the ready certain documentation at create a stronger first imcan help appraisers make pression with the appraiser. the ready can speed up the the most informed apprais● Make any necessary appraisal process. Such al possible.
Steps to take before an appraiser visits
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