Michael Zimmerman just listed apartment 3203 in the Imperial Plaza Condominium for sale. 

ONLY THE VERY BEST

Imperial Plaza Condominium
725 Kapiolani Blvd. #3203
Honolulu, HI 96813
MLS #1011284

View the 4-page Home Brochure

Virtual Tour 

(more photos below)

Perched high above the city, this home offers breathtaking, unobstructed, 180 degree daytime views of rainbows, ocean, harbor, city and the Ko’olau Range.  The next show begins as sunset approaches, creating a kaleidoscope of colors that change with each cloud that is gently moved across the sky by evening trade winds.  As the sun sets into the ocean, that illusive “green flash” is occasionally observed.  For an encore, city lights begin their dazzling appearance, only to be outshined by the moon and stars shimmering across the ocean.  With TWO extremely private outdoor lanais, one is able to enjoy a front-row seat for these truly spectacular events.

The design elements of the building make it feel like a home instead of a condominium.  The apartment is laid out in a way that creates entertainment areas that are completely separated from private living areas.  10 foot ceilings allow for massive windows and expansive views with warm natural light.  Even the laundry area is tucked away, out of sight.  The quiet and private design coupled with generous amenities provide the pinnacle of condo living.

Meticulously renovated in 2005, no detail was overlooked.  This home’s functionality and aesthetics were maximized by utilizing a warm color palate, high-end stone, iridescent glass, modern lighting, top of the line appliances, beautiful flooring and luxurious custom cabinetry.

The Imperial Plaza is a gorgeous copper-colored, art-deco inspired complex that consists of The Tower and The Townhouse (residential areas) and The Galerie (commercial offices and shops).  Located in Kakaako, the Ala Moana Shopping Center, Ward Centers, Downtown, Chinatown, Restaurant Row, Aloha Tower and Waikiki are all just minutes away.  The residential lobbies are beautifully furnished, have soaring 30 foot ceilings, amazing water features and original artwork designed by a famous local artist.  The recreation deck includes swimming pool, wading pool, hot-tubs, sauna rooms, clubhouse, barbeque grills, picnic tables and a dramatic water feature.

Don’t miss your unique opportunity to own this finely crafted two bedroom condominium.

• Stunning sapphire and turquoise blue ocean views
• Spectacular views of the harbor, city and Punchbowl
• 10 foot ceilings create open and spacious feeling
• Large windows and natural light brighten each room
• Master & guest baths have full tub and standup shower
• Master suite large enough for king-sized bed
• Gorgeous laminate floors
• Three central air conditioned zones
• Both bedrooms have abundant closet space
• Plenty of in-home storage
• Huge exterior storage locker
• Living area approximately 1308 sq. ft.
• Two private lanais total approximately 212 sq. ft.
• Two covered, assigned parking stalls

Please contact Michael Zimmerman if you have a specific question or visit my Featured Properties web page to learn more about this fine home.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers.  This information is deemed reliable, but not guaranteed.

If you’ve bought or sold a home lately, you know that today’s Purchase Contract and accompanying addenda can reach 24 pages or more.  If you’re signing remotely or at home, a lot of faxing or scanning and emailing is required to return your executed documents.

I recently began using a secure electronic signature service called DocuSign.  This service eliminates the need for all that faxing or scanning.  With a just few clicks of your mouse, you can review and sign several documents in minutes!  At the end of the process, you receive a crisp clear PDF document with your signatures.

I was skeptical of the service in the beginning, but after using it the first time, I was sold.  I can say this with confidence; my clients love it.  It saves reams of paper, keeps documents clear and easy to read and it’s fast.  Best of all, the service can be used throughout the sales transaction for nearly every document such as counter offers, the Seller’s Disclosure, various document receipts and escrow instructions.

Watch a demonstration:

Many folks are waiting, trying to perfectly time the real estate bottom.  Perhaps, one morning, the Honolulu Advertiser headlines will read “THE BOTTOM IS HERE:  NOW IS THE TIME TO BUY”.  Perhaps not.  By the time that announcement comes, the bottom will have come and gone.  You can only be sure of the bottom well after it’s already occurred.

A great analogy to the bottom of the real estate market is a yo-yo.  Take a yo-yo in your hand and use it.  Can a person grab the yo-yo at the exact moment it hits bottom every time?  Chances are a person will grab it just before it hits bottom or just after; rarely at the exact bottom.  Real estate works the same way.  If people knew the exact time to buy stocks, real estate or any other investment, no one would ever have a financial worry.

For those who believe that real estate is a good way to attain wealth, now is a reasonable time to buy.  Interest rates  won’t be low forever and each 1/2% increase in rate reduces your purchasing power by 5%.  Mortgage rates have been low for quite some time, but they can change quickly.  Don’t look back at this time and say to yourself, “if only I had bought then.”

By now, we all know that lead paint is an extremely dangerous substance.  Common renovation activities like sanding, cutting and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children.

To protect against this risk, two years ago, the EPA issued a rule requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning.  Under the rule, beginning on April 22, 2010, contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and must follow specific work practices to prevent lead contamination.

Read the new EPA – Renovate Right Brochure

Hawaii’s standard home purchase contract and Hawaii State law requires a Hawaii Seller Real Property Disclosure Statement.  This disclosure requires the seller to fully and accurately disclose in writing to the buyer any fact, defect, or condition, past or present, that would be expected to measurably affect the value of the property to a reasonable person.   Be advised, if you’re purchasing REO (Real Estate Owned) property, the lender often will not provide a Seller’s Disclosure.

Buyers should allow for the possibility that some owners may withhold material facts.  They may simply forget that they repaired a roof leak five years ago.  Must that be disclosed, even if the repair is complete?  Yes.  What is the best way to determine the issues that exist with a home?  Hire a reputable home inspector.  It’s that simple.

A home inspection can make or break a deal, but it is extremely important for a home buyer to know what issues exist with the home they are purchasing.  Important issues like mold, a leaky roof and termites may be very expensive problems and facing them head on will benefit the buyer in the long run.

Contact Michael Zimmerman for a referral to a reliable home inspector.

Once you decide the time is right to buy a home, one of the first steps is to find an Oahu lender.  There are a few options to consider such as banks, mortgage brokers and internet lenders.  All offer different financing options.  To choose the lender that’s right for you, it’s important to understand the pros and cons of each.

Banks, such as First Hawaiian and Bank of Hawaii, offer the safety and security of federal regulation.  In addition, if you have been with a particular bank for a while and have a good working relationship, you may qualify for a better rate.  The downside of choosing a bank is that they may not offer the best rates.

Mortgage Brokers, such as Pacific Access Mortgage, have access to many different money sources and will shop around to find the best rates.  One possible disadvantage of working with a mortgage broker is they may charge higher loan origination fees (points).

Internet lenders, such as Lending Tree and E*Trade, allow you to shop for the most competitive rates available online.  The downside of internet lending, and this is HUGE in Hawaii, is that it is all on you.  You are responsible for all of the research involved and there is little personal communication.  BEWARE, many internet lenders are not familiar with Hawaiian property and the way business is conducted in Hawaii, so they may not be able to grant the loan conditions initially promised.

As I write, mortgage rates are below 5%; near their historic lows.  If you are employed and can afford it, today’s interest rates represent a tremendous opportunity to buy a home or investment property.  But first, do your research and find the lender that’s right for you.

Real estate that is selling in most places is selling because IT IS PRICED RIGHT.  People are buying real estate that they view as priced appropriately.  If a home is affordable and is appealing to most buyers (clean, uncluttered, in good repair, etc.), it will sell. 

Real estate that is not selling is property owned by people who are having a hard time letting go of what they think their home is worth or who will lose money if they sell at the market price.  The reality of realty is that home values are not nearly what most people thought they would be when they purchased their homes, whether they bought at the height of the market or while market prices were climbing five to ten years ago.

Are you curious about what your home is worth in today’s market?  If so, contact Michael Zimmerman for a free consultation.

Some people say it is not wise to think of your home as an investment.  Whether you choose to think of your home as an investment or not, bear in mind it’s the largest asset owned in most households.  There are many things to consider when buying a home and getting to know the neighborhood you wish to buy in is quite important.  Clearly, many factors affect home appreciation, but if you do your research, selecting your home properly may increase your chances of earning a better return if you decide to sell at some point in the future.

Take some time to research the neighborhoods under consideration.  Aside from knowing the schools and amenities that are available, scrutinize the property price levels.  Do some streets hold more value?  Is one edge of the neighborhood closer to a more upscale neighborhood or is it closer to a less desirable neighborhood?  Traditional thinking says purchasing the least in the best neighborhood gives you the greatest return as each time a better home sells, your value rises as well.

Although inventory levels are lower than they were a year ago, there are still many good Honolulu condos and homes for sale.  It’s definitely in your best interest to personally investigate the neighborhood before you buy.

Sign up for a free monthly Honolulu Real Estate Market Report via email.  This report features graphs and numeric tables showing the trends in:

• number of single family home and condo sales
• median sales prices of single family homes and condos
• single family home and condo days on market (how long it takes to sell)
• sales figures for all Oahu neighborhoods
• inventory of single family homes and condos for sale

The extended Home Owner Tax Credit may be a window of opportunity for some folks who have wanted to sell their home, whether to move up or to downsize, but the credit expires on April 30, 2010.

This $6500 tax credit is for current home owners who have owned and resided in their home for at least 5 consecutive years out of the past 8 years.

If you combine this tax credit with historically low interest rates and great values in the market place, it might be the right time to make your move.  However, this tax credit is only for a limited time and waiting too long may cause you to miss out on market opportunities that could benefit you.  You must have a binding purchase contract signed by April 30, 2010.

Each person’s situation is different.  I will be happy to meet with you and provide a no-obligation consultation to discuss your home’s current value as well as the prices of homes in your target range.  Don’t look back and wish you had sold your home instead of waiting.  There‘s no obligation to explore your options, so call Michael Zimmerman at 808-457-9683 today to schedule a meeting.

NOW Is the Time to Make Your Move.  The 2009 First Time Home Buyers Tax Credit is expiring April 30, 2010.  This tax credit was expanded for the benefit of qualified home buyers (those who have not purchased a home within the last three years):

• Allowed home buyers more time into the spring house-buying season to find their home, get loan approval and close the transaction.
• The income limits were raised from $75,000 to $125,000 for single buyers and $125,000 to $225,000 for married couples.

With attractive Honolulu home prices and historically low mortgage rates, this is a good time to make your move.  If you didn’t find the right home in 2009, you still have time to take advantage of this opportunity.  Don’t delay; you must identify your home and have a binding purchase contract signed by April 30, 2010. 

Call Michael Zimmerman at 808-457-9683 to set up a free consultation to help you explore and maximize this opportunity.

The Federal National Mortgage Association, also known as Fannie Mae, is offering a 3.5% incentive** for buyers who purchase a Fannie Mae-owned home between January 28 and April 30, 2010.  Buyers may receive up to 3.5% of the final sales price for:

• Closing costs
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants (excludes investors)

**Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

There process of buying a home from Fannie Mae is different from that of buying from a private citizen.  These Frequently Asked Questions provide more detail.

The Federal government enacted three separate initiatives during the last eight months designed to help the home buyer make better financing decisions.  These initiatives impose requirements that impact the loan closing timeline and affect the closing process for lenders and settlement agents.  The three initiatives are:

May 2009 Home Valuation Code of Conduct (HVCC) - ensures borrowers have sufficient notice of appraisal content and promotes the accuracy of appraisals by shielding appraisers from undue influence.

July 2009 Housing and Economic Recovery Act / Mortgage Disclosure Improvement Act (HERA / MDIA) - protects borrowers by making them more informed and confident in their home financing choices by specifying timing in regard to initial disclosures, fee collection and final disclosures.

January 2010 RESPA (Real Estate Settlement Procedures Act) Reform - intended to help borrowers avoid surprises at closing by placing tolerance levels on all charges for services associated with obtaining the mortgage where the vendor is not selected by the borrower.

Bottom line, if you are financing your home purchase, these new procedures make 30-day closings a thing of the past.  45 days will become the standard time to close.

More details about RESPA Reform

Contact Michael Zimmerman if you need a referral to a reliable mortgage professional.

The tax credit is not just for those buying a bigger home, it also works for those wanting to downsize

When the government extended and expanded the First Time Home Buyer Tax Credit, many people thought the expansion applied only to homeowners moving to a more expensive home.  The expansion includes those who have owned a primary residence and lived in it for at least five consecutive years out of the last eight years.  If current homeowners want to downsize, they may qualify for the tax credit, even if the new home costs less than the original residence they are selling.

Your income and new home purchase price may affect the amount of credit you are entitled to, so be sure to check with your tax advisor.

If you have been considering selling your property and moving into a smaller home, please consider if it’s the right thing for you before the tax credit expires.  Place your new home under contract by April 30, 2010 and close by June 30, 2010 and you may have a few extra dollars in your pocket.

Read more about the First Time Home Buyer Tax Credit.

An article in Newsweek titled If You Don’t Buy a House Now, You’re Stupid or Broke reminded me of a blog post I wrote in June 2008 titled Should I Wait for Honolulu Home Prices to Drop?

The main point of both articles is this:  interest rates may have a greater impact on what you ultimately pay for a home in the long run than small changes in the initial purchase price.  Put another way, a .50% rise in interest rates costs you more than the $10 or $20 thousand you might save by waiting to purchase your home.  Also, don’t forget to factor in the potential loss of the tax credit offered by the government.

Looking at it from the buyer’s affordability perspective, a trusted Honolulu mortgage advisor wrote, “if rates go up by .50%, [the buyer] can afford a property that is 5% lower in price.”

Each individual home buyer’s situation is different and he/she must decide what is best for him/her.  If you’d like a free consultation or referral to a great mortgage professional, please contact Michael Zimmerman.

A traditional method to determine if the Honolulu real estate market favors the buyer or seller is to look at the number of months of inventory remaining.  A conventional thumb rule states that if the number of months of inventory remaining is greater than 6, we’re in a buyer’s market.  Less than 6 is a seller’s market.

What is the number of months of inventory remaining?  Simply put, it is a measure of how long it will take to sell all real estate currently on the market in a particular category.  Examples of categories include:  Oahu Single Family Homes priced above $1 million, Condos in East Oahu, Ko’olani condos, etc.  The months of inventory calculation is straight forward:  number of homes for sale divided by the number of sales in a given month.

Examples (using Dec 2008 and 2009 sales)

1.  Oahu Single Family Homes priced above $1 million
2008 – 554 homes for sale divided by 21 sales = 26.4 months of inventory
2009 – 329 homes for sale divided by 31 sales = 10.6 months of inventory

2.  Condos in East Oahu
2008 – 234 condos for sale divided by 14 sales = 16.7 months of inventory
2009 – 112 condos for sale divided by 30 sales = 3.7 months of inventory

3.  Ko’olani condos (1177 Queen Street in Kakaako)
2008 – 27 condos for sale divided by 4 sales = 6.8 months of inventory
2009 – 15 condos for sale divided by 3 sales = 5.0 months of inventory

The attached Months of Inventory Remaining PDF file shows the inventory remaining for several categories of Oahu single family homes and Honolulu condos for sale.  You can see that the months of inventory remaining fell dramatically in 2009, indicating buyers have less to choose from and therefore, less power in the marketplace.

 
Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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A few more flood insurance questions are discussed below.

How much will flood insurance cost?

Flood insurance premiums vary, depending upon the date the building was constructed and the degree of risk of flooding.  To get a quote, please contact your insurance agent.  If you don’t have an agent, you can contact the National Flood Insurance Program for a referral at 1-800-427-4661.

When is the best time to buy flood insurance coverage?

Now.  There is a 30-day waiting period for flood insurance coverage to become effective.  If flood insurance is purchased in connection with a mortgage loan, there is no waiting period.

What is a Special Flood Hazard Area (SFHA)?

These are the areas with the highest risk for flooding, shown on the Flood Insurance Rate Maps as Zones A or V.

Over a 30-year mortgage, homes in these zones have a 26% chance of being flooded.

How will I know if my home is in an SFHA?

Check with your local community or to order copies of maps of your area, call 1-800-358-9616.

Lenders will notify borrowers if flood insurance is required as a condition of the mortgage loan (National Flood Insurance Reform Act of 1994).

For more information about the National Flood Insurance Program and flood insurance, visit FloodSmat.gov or contact your insurance company or agent.

Read Part 1

Disclaimer: The discussion above is based on FEMA’s publication titled Questions & Answers About Flood Insurance for Real Estate Professionals.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Michael Zimmerman just sold the One Waterfront Towers condominium with this stunning view after receiving several offers.

Sold for $505,000 Fee Simple

Two words:  SIMPLY SENSATIONAL

One Waterfront Towers Condominium
425 South Street Mauka/2302
Honolulu, HI 96813
MLS #2913492

View the 4-page Home Brochure

Relax and enjoy stunning sapphire and turquoise blue ocean views from this serene, elegant home.  The private lanai is perfect for entertaining your guests, unwinding while reading or enjoying the evening sunset.  The impeccable apartment features a wide range of upgrades and is ready for immediate move in.

This magnificent apartment is in impeccable condition and features several upgrades such as granite countertops in the kitchen and bathroom, refreshed kitchen appliances, front loading washer and dryer, enclosed shower, tiled floors, closet organizers and more.

• Stunning sapphire and turquoise blue ocean views
• Scenic views of the harbor, mountains and downtown
• Dine at sunset on your private lanai
• Grand open living space
• Floor to ceiling windows
• Exquisite tiled floors
• Dining area bar may be used as an eating area
• Ample in-home storage
• Living area approximately 804 square feet
• Lanai approximately 130 square feet
• One covered, assigned parking stall
• Includes one year Home Warranty

Are you looking for your very own high floor condo with a spectacular view?  Contact Michael Zimmerman or visit my web site to perform your own specific Honolulu condo search.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Why is flood insurance important?

Homeowner’s insurance policies do not cover flooding, so you may be required to purchase flood insurance separately.  If your home is in a designated Special Flood Hazard Area (high risk), the mortgage lender must, by law, require you to buy flood insurance as a condition for receiving a Federally backed loan.

But, even if you are not required by law to buy flood insurance, you should consider it because you do not need to live near water to be flooded.  In Hawaii, floods are caused by storms, hurricanes, and water backup due to inadequate or overloaded drainage systems, dam or levee failure, new construction, etc.

It is not just high-risk areas that are flooded.  Nearly 25 percent of all flood insurance claims come from medium- or low-risk flood areas.

Relying on Federal disaster assistance is not the answer.  Federal disaster assistance is available only if the President declares a disaster.  Even then, disaster assistance is often a loan that must be repaid, with interest, in addition to mortgages, other loans, and credit card debts.  Flood insurance pays even if a disaster is not declared.

Who can purchase flood insurance?

Anyone in a community that participates in the National Flood Insurance Program can purchase building and/or contents coverage, with a few exceptions.  Coastal Barrier Resources System (CBRS) areas, Otherwise Protected Areas (OPAs) and buildings principally below ground or entirely over water are not eligible for National Flood Insurance.

How do you obtain a flood insurance policy?

You can purchase National Flood Insurance from private insurance companies and agents.  Currently, there are over 100 insurance companies that sell National Flood Insurance coverage, in addition to some 60,000 independent insurance agents.

If the seller of the property has flood insurance coverage on the building, it’s possible that policy can be assigned to the buyer at the time of closing.

If the mortgage company requires flood insurance as a condition of the loan, the lender may escrow flood insurance premiums.

For more information about the National Flood Insurance Program and flood insurance, visit FloodSmat.gov  or contact your insurance company or agent.

Read Part 2

Disclaimer:  The discussion above is based on FEMA’s publication titled Questions & Answers About Flood Insurance for Real Estate Professionals.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

If you are considering selling your Honolulu home, it may be prudent to complete a home inspection before putting your home on the market.

A home inspection may identify problems such as faulty plumbing, wiring, cooling issues, the need for roof replacement, etc.  Since we know most buyers will conduct a home inspection before closing, identifying and correcting problems ahead of time can lessen the pain that surprise issues bring.

In any market, you increase your chances of attracting and retaining a buyer by maintaining your home in top-notch condition.  Your home should look good, but also function well.  Bottom line, if you find and correct problems before selling, you set yourself up for a smoother closing process.

For more information on home inspections and locating a home inspector, visit the website for the American Society of Home Inspectors web site.

 
Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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My wife and I have lived in the Kakaako area for three and a half years and we love it.  Here are the top 10 reasons we think you should consider living here too.

1.  Several diverse living choices ranging from new to more established luxury condominium buildings.  Examples include Hawaiki Tower, Hokua At 1288 Ala Moana, Ko’olani, Moana Pacific, Nauru Tower and One Waterfront Towers.

2.  Several health care providers are close by such as Straub Hospital, Kapiolani Medical Center and Queen’s Medical Center.

3.  Healthy recreation areas at your doorstep include Ala Moana Beach Park, Magic Island and Kakaako Waterfront Park.

4.  Easy and convenient access to H-1 (both east and west directions) and major bus lines.

5.  Wonderful restaurant choices range from fine dining to local mom & pop eateries.  Additionally, terrific shopping is available at the Ala Moana Shopping Center, Ward Centers and the Nordstrom store located on Kapiolani Blvd.

6.  Great beach and surfing access at nearby Ala Moana and Waikiki beaches.

7.  Entertainment and the arts are here.  The Blaisdell Center, Concert Hall, Exhibition Center, Honolulu Academy of Arts and Ward 16 Theaters are just minutes away.

8.  Many interesting adjacent neighborhoods to explore include Chinatown, Downtown, Makiki, McCully and Waikiki.

9.  Controlled growth.  The Hawaii Community Development Authority is developing the Ward Neighborhood Master Plan.

10.  Majestic mauka to makai views include Diamond Head, Punchbowl and the Ko’olaus to Honolulu Harbor and the Waikiki shore.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Ordinarily, one would expect most home purchase contracts to be completed.  After all, the buyer and seller have negotiated several contract terms and a final price.  However, many sales are not completed in today’s market and when that happens, for whatever reason, escrow must be cancelled.

Why would someone cancel escrow?  Given the unstable financial environment and constantly changing loan guidelines, many contracts are not fulfilled because buyers are unable to obtain financing.  Another simple example is where a buyer conducts a home inspection as a condition of the purchase contract.  If the buyer is not satisfied with the inspection findings, he/she may cancel the purchase contract and thus, cancel escrow.

Here are some rules regarding cancelling escrow:

1.  The escrow company does not determine whether a party has defaulted on the purchase contract or whether any provision has been breached.

2.  The escrow company requires mutual, written instructions to cancel an escrow; including agreement on how to disburse funds on deposit and how to satisfy outstanding invoices (examples include cost of a survey or termite inspection).

3.  The escrow company is neutral and will not take sides or interpret the purchase contract.

4.  If funds are deposited with the Court in an interpleader action, those funds may be used to pay the escrow company’s attorney fees to file the interpleader action.

5.  The escrow company cannot open a second escrow on a property if escrow has a contract for the sale of that property unless there are clear written instructions that the second sale is subject to cancellation of the first sale contract.

6.  The escrow company cannot close the sale of a second escrow on a property if escrow has a prior contract for the sale of that property that has not been cancelled.

7.  The escrow company may close the sale of a property if another escrow company has an escrow on that property unless a notice of pendency of action (lis pendens) is recorded against the property, but the seller may have obligations to disclose the fact that the prior escrow is not cancelled.

8.  The escrow company may cancel an escrow where there is a dispute as to how to disburse funds, but there must be clear written instructions signed by the parties to cancel and hold funds pending resolution of the dispute.

DISCLAIMER:  this is general information and should not be relied upon for any legal, business, economic or tax decision.  It is not intended to provide legal or business advice.  Before making any decision regarding this matter, you should consult with an attorney.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.michael-zimmerman.com
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Michael Zimmerman just listed a large Moana Pacific storage unit for sale.

Moana Pacific Condominium
1296 Kapiolani Blvd. S317
Honolulu, HI 96814
MLS # 2914844

Sale of storage unit only.  Large walk-in storage unit located on the third floor of the Moana Pacific East Tower.  Approximately 168 square feet.

Very few storage units have been sold since Moana Pacific opened in 2007, so don’t miss this unique opportunity to purchase this ideal storage. 

Please contact Michael Zimmerman if you have a specific question or visit my Featured Properties web page to learn more about this storage unit.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers. This information is deemed reliable, but not guaranteed.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.michael-zimmerman.com
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• First-time home buyers* who purchase homes between November 7, 2009 and April 30, 2010**.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010**, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

*To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

**Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close the sale.

What is the credit amount?

The maximum credit for first-time home buyers is $8,000 and the maximum credit for current homeowners is $6,500.

How is the amount determined?

Each home buyer’s tax credit is determined by two additional factors:   the price of the home and the buyer’s income.

• Price – Credit may only be awarded on homes purchased for $800,000 or less.
• Income – Effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.

Does the Tax Credit have to be repaid?

The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more.  However, if the property is sold during this three-year period, the full credit amount will be recouped on the sale.

Read the Home Buyer Tax Credit FAQ

Read the Home Buyer Tax Credit Change Summary


Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
http://www.michael-zimmerman.com
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Just about every person I speak with about real estate asks the same question:  have we hit bottom yet?  The following paragraphs answer that question with another question:  does it matter?

Whether Honolulu real estate hit bottom a few months ago or is going to bottom out a few months down the road, I think most people agree that we’ll see better times in the future.  I say this with conviction; it is still a buyer’s market in Honolulu real estate.

Here’s another relevant question to consider:  isn’t it better to buy near the bottom than miss it entirely?  This concept applies to more than just real estate; it also applies to most investments such as common stocks or mutual funds.

Consider what’s happening in the other 49 states.  Some markets are still on the way down, some are stabilizing and others are on their way back up.  Whether the market hit bottom a couple of months ago, is at the bottom now, or will hit the bottom in a couple of months, the next market top is a long way off.

I say again, Honolulu is a buyer’s market.  Property values are lower than they have been in 4-5 years.  Interest rates are still near all-time lows, but they won’t stay that way forever.  For all we know, the Honolulu real estate market might be more affordable today than it will be for many years to come.  Whether you are searching for a primary residence, a second home or income producing property, it is a great time to invest in real estate.

Contact Michael Zimmerman for more information.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
http://www.michael-zimmerman.com
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As soon as I know I will be representing an owner and bringing their Honolulu home on the market, I always order a preliminary title report from First American Title on Kapiolani Blvd.  Clients often ask why I do this.  The short answer is that I want to avoid last minute surprises after a Purchase Contract is accepted and escrow is opened.

The last preliminary title report I reviewed indicated the property for sale had a lien placed against it.  The owner knew nothing about the lien, but that should never be the case.  If someone obtained a judgment and placed a lien on your property, you’d expect to be notified, wouldn’t you?

Well, things don’t always happen as they should.  I investigated the facts and this turned out to be a clerical error.  The lien was placed against the property before my client purchased it and the lien should have been paid when the original owner sold the home to my client.  And that’s exactly what happened except the recorded lien was not removed. The escrow company checked their records and verified that the lien had been paid and ultimately corrected the title.

This just proves that a little forethought and prevention can save you a lot of trouble and angst in the closing process.  Selling or buying a home can be stressful and it’s my job to minimize the stress as much as possible.

If you are considering a home sale or purchase, contact Michael Zimmerman to minimize the stress of your next move.

 
Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Michael Zimmerman just listed apartment Mauka/2302 in the One Waterfront Towers Condominium for sale.

Two words:  SIMPLY SENSATIONAL

One Waterfront Towers Condominium
425 South Street Mauka/2302
Honolulu, HI 96813
MLS #2913492

View the 4-page Home Brochure

Relax and enjoy stunning sapphire and turquoise blue ocean views from this serene, elegant home.  The private lanai is perfect for entertaining your guests, unwinding while reading or enjoying the evening sunset.  The impeccable apartment features a wide range of upgrades and is ready for immediate move in.  INspiration^® furniture is not included, but available separately.

You will appreciate and enjoy the elegance and value of this splendid home.  The large, open floor plan is a rare find these days.  There are only four apartments per floor, so it’s calm and private.

This magnificent apartment is in impeccable condition and features several upgrades such as granite countertops in the kitchen and bathroom, refreshed kitchen appliances, front loading washer and dryer, enclosed shower, tiled floors, closet organizers and more.

One Waterfront Towers is one of Honolulu’s premier luxury condominiums.  The buildings are a prominent landmark easily seen from Diamond Head to the Waianae Coast.  Conveniently located just minutes from Ala Moana Shopping Center, Ward Centers, Downtown, Chinatown, Restaurant Row, Aloha Tower and Waikiki.

Don’t miss your unique opportunity to own this ideal one bedroom condominium.

• Stunning sapphire and turquoise blue ocean views
• Scenic views of the harbor, mountains and downtown
• Dine at sunset on your private lanai
• Grand open living space
• Floor to ceiling windows
• Exquisite tiled floors
• Dining area bar may be used as an eating area
• Ample in-home storage
• Living area approximately 804 square feet
• Lanai approximately 130 square feet
• One covered, assigned parking stall
• Includes one year Home Warranty

Please contact Michael Zimmerman if you have a specific question or visit my Featured Properties web page to learn more about this fine home.

This information is provided as a courtesy, is not a warranty and should be independently investigated by Buyers.  This information is deemed reliable, but not guaranteed.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Michael Zimmerman has joined the Realty Executives Oahu team.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News