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VOLUME 9 ISSUE 2
This is the 36th issue of Sand Castles, Makai Properties’ quarterly real estate newsletter. Our goal in publishing Sand Castles is to provide an up-to-date source of real estate information for the
HOTLY CONTESTED BILL BECOMES LAW
AFFECTS ALL VACATION RENTALS
After eight years of consideration, the Kauai County Council recently passed a highly controversial bill which amends the county’s ordinance regulating single-family transient vacation rentals (TVR). The bill was drafted, “…to restore a balance between primary residences and single-family transient vacations rentals by 1) requiring registration of existing vacation rentals and setting standards for all vacation rentals, 2) explicitly prohibiting new single-family vacation rentals outside Visitor Destination Areas (VDA)(multi-family vacation rentals are already so prohibited), and 3) identifying and allowing non-conforming uses where single-family vacation rentals have been operating lawfully prior to approval of this bill”.
The authors of the bill took advantage of the opportunity to gain greater control over all vacation rentals on
This includes rental homes existing within and outside the VDA, and all condominium vacation rental units. Those within the VDA will need to go through a registration process, while those outside the VDA will require an application for a Non-conforming Use Certificate.
All existing TVRs in the VDA must apply for registration by September 3, 2008, and all others must apply for a Non-conforming Use Certificate by October 15, 2008. The county must issue the respective certification by March 30, 2009. Failure to comply could result in fines not less than $500, and not more than $10,000 for each offense.
Planning Department staffers state that condominium associations may register their condominium under one registration, but must submit general excise tax and transient accommodation tax licenses from each condominium unit owner who is engaged in vacation rental activity for each unit to be registered legally. Interested condominium owners should lobby their associations to undertake the registration process.
A key requirement for registration is that the vacation rental has been operating lawfully. This includes the payment of general excise and transient accommodation taxes while the property was operating as a vacation rental prior to the enactment of this ordinance, and operation within the proper zoning.The registration/certificate is transferable upon the sale of a property, but must be renewed each year with the county. Owners of single-family homes located outside the VDA must show proof of lawful vacation rental operation prior to March 7, 2008. There are other numerous requirements for receiving and keeping the certificate current.
Bed and Breakfast (B&B) operations are not affected by this ordinance, as they governed by a separate permitting process.
Vacation rentals existing on land designated “Agricultural” by the State law will not be allowed unless the dwelling was built prior to June 4, 1976, or the Applicant has a special permit under the Hawaii Revised Statutes, Section 205.6 which specifically permits a vacation rental and the permit was secured prior to the enactment of this ordinance. This stipulation is currently being challenged at the State level, but be will in force until action is taken to reverse or modify it.
After studying the issue and compiling testimony given at numerous public hearings, the County felt that there was a compelling need to regulate single-family TVR on
All forms necessary in this process are available at Real Property Assessment office in the
A copy of the new ordinance may be obtained from the
4396 Rice Street, Suite 206, Lihue,
Makai Properties’ website www.makaiproperties.com/downloads.
For more information, contact the County’s Real Property Assessment office at (808)241-6222 or the Planning Department at (808)241-6677.
For more information, contact the County’s Real Property Assessment office at (808)241-6222 or the Planning Department at (808)241-6677.
MORTGAGE RATE UPDATE
Island Home Capital’s Quoted Rates As Of This Printing:
Conforming APR Jumbo APR
30 Year Fixed 6.125% 6.253% 6.250% 6.311%
15 Year Fixed 5.500% 5.679% 5.625% 5.724%
3 Year ARM 4.625% 4.984% 5.625% 5.210%
5 Year ARM 5.000% 5.075% 6.250% 5.541%
WHAT’S SOLD
The following is a list of the west side and south side properties that have sold in the months of January, February March 2008. KEKAHA/WAIMEA
KEKAHA/WAIMEA8421 Elepaio Rd 3Bd/2Ba Home $350,000
HANAPEPE/ELEELE
No Sales Reported In This Time Period
4371 Puu Kulana Pl3 Bd/2 Ba Home $500,000
3909 Kilohana St 3 Bd/3 Ba Home $875,000
4405 Ahopueo Dr 2 Bd/2.5 Ba Home $660,000
Pai St 4.08 Acre
4041 Pai St 19,662 sf
Kaena St 10,230 sf
4758 Lae Rd 5.40 Acre Kalaheo Pali Kai #48 3 Bd/2 Ba Condo $370,000
Kalaheo Pali Kai #57 3 Bd/2 Ba Condo $380,000
LAWAI / OMAO
3516 Horita Rd 2 Bd/2 Ba Home $589,000
4393 Omao Rd 3 Bd/1.5 Ba Home $450,000
KOLOA / POIPU
3589 Wailani Rd 3 Bd/1 Ba Home $420,000
1709 Keoiloa Pl 4 Bd/3.5 Ba Home $1,150,000
2467 Kipuka St 3 Bd/1.5 Ba Home $635,000
1552 Pee Rd 3 Bd/2.5 Ba Home $1,720,000
1712 Keleka Rd 3 Bd/3.5 Ba Home $1,300,000
5344 Puuone St 3 Bd/3.5 Ba Home $1,551,000
2671 Puuone St 2 Bd/2.5 Ba Home $1,775,000
2888
5387 Milo Hae Pl 3 Bd/3 Ba Home $1,750,000
2859
2737
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub Lot #6 36,401 sf
2-3990-B Kaumualii Hwy 20.85 Acre
3367 Waikomo Rd 10,053 sf
Prince Kuhio #402-Frac 2 Bd/1 Ba Condo $200,000
Kiahuna Plantation #221 2 Bd/2Ba Condo $515,000
Kiahuna Plantation #414 1 Bd/1 Ba Condo $280,000
Kiahuna Plantation #434 1 Bd/1 Ba Condo $245,000
Kiahuna Plantation #442 1 Bd/1 Ba Condo $239,500
Kiahuna Plantation #39 1 Bd/1 Ba Condo $379,000
Kiahuna Plantation #73 1 Bd/1 Ba Condo $675,000
Poipu Crater #13 2 Bd/2Ba Condo $517,000
Manualoha #I-206 2 Bd/2.5 Ba Condo $1,025,000
Regency #323 3 Bd/2.5 Ba Condo $655,000
Regency #212 2 Bd/2 Ba Condo $950,000
THE GREENING OF THE GARDEN ISLE
An equally hot topic on
Early this year, in her State of the State address, Governor Lingle pledged that by the year 2029 at least 70% of
Here on Kauai, local building contractors are thinking “greener” in order to meet the consumer demand for green construction technologies According to Joel Koetje of JKC, Inc., a west side building contractor, alternative energy systems are by far the most popular component in both new and retrofit home projects. This is especially true for systems designed for “net metering”, where a home producing its own energy continues to be connected to the power grid. His feeling is that the recapture of the investment will be far quicker than originally calculated especially in the light of escalating “energy adjustments” built into the current billing structure of the Kauai Island Utility Coop . Building contractors must acquire these new green skill sets if they wish to keep pace with consumer demands.
In 1996, Bill Cowern established Hawaiian Mahogany LLC, a renewable forestry company, and secured leases for over 3500 acres of retired cane land. The land was replanted in various hardwoods interspersed with trees that replenish the soil with a rich supply of organic nitrogen fixing compost. The intention is to provide a regular renewable source of construction grade hardwoods which will be marketed locally.
In addition to their primary product, Hawaiian Mahogany recently signed a contract with Green Energy
In terms of ethanol production, Kauai is already ahead of the learning curve. No time will be wasted researching crops as Kauai’s last remaining sugar producer, Gay and Robinson shift their focus of current sugar crops to ethanol production. According to an Associated Press report, Kauai Ethanol has plans for a $35million facility in Kaumakani on Kauai’s west side. G and R’s move toward bio fuels assures our agricultural lands will stay in agricultural use while addressing our overdependence on oil and diversifying our economy.
It only seems fitting that
We hope you have enjoyed this issue of Makai Properties, Sandcastles. You will find this and more on line at www.makaiproperties.com.
A Hui Ho!
VOLUME 9 ISSUE 2
6/27/2008 2:51:16 PM6/27/2008 2:48:40 PM1/21/2008 4:36:13 PM10/10/2007 2:48:37 PM5/1/2007 2:23:21 PM11/2/2006 11:57:01 AM9/7/2006 6:47:11 PM7/1/2006 2:04:50 PM
VOLUME 9 ISSUE 2
This is the 36th issue of Sand Castles, Makai Properties’ quarterly real estate newsletter. Our goal in publishing Sand Castles is to provide an up-to-date source of real estate information for the
HOTLY CONTESTED BILL BECOMES LAW
AFFECTS ALL VACATION RENTALS
After eight years of consideration, the Kauai County Council recently passed a highly controversial bill which amends the county’s ordinance regulating single-family transient vacation rentals (TVR). The bill was drafted, “…to restore a balance between primary residences and single-family transient vacations rentals by 1) requiring registration of existing vacation rentals and setting standards for all vacation rentals, 2) explicitly prohibiting new single-family vacation rentals outside Visitor Destination Areas (VDA)(multi-family vacation rentals are already so prohibited), and 3) identifying and allowing non-conforming uses where single-family vacation rentals have been operating lawfully prior to approval of this bill”.
The authors of the bill took advantage of the opportunity to gain greater control over all vacation rentals on
This includes rental homes existing within and outside the VDA, and all condominium vacation rental units. Those within the VDA will need to go through a registration process, while those outside the VDA will require an application for a Non-conforming Use Certificate.
All existing TVRs in the VDA must apply for registration by September 3, 2008, and all others must apply for a Non-conforming Use Certificate by October 15, 2008. The county must issue the respective certification by March 30, 2009. Failure to comply could result in fines not less than $500, and not more than $10,000 for each offense.
Planning Department staffers state that condominium associations may register their condominium under one registration, but must submit general excise tax and transient accommodation tax licenses from each condominium unit owner who is engaged in vacation rental activity for each unit to be registered legally. Interested condominium owners should lobby their associations to undertake the registration process.
A key requirement for registration is that the vacation rental has been operating lawfully. This includes the payment of general excise and transient accommodation taxes while the property was operating as a vacation rental prior to the enactment of this ordinance, and operation within the proper zoning.The registration/certificate is transferable upon the sale of a property, but must be renewed each year with the county. Owners of single-family homes located outside the VDA must show proof of lawful vacation rental operation prior to March 7, 2008. There are other numerous requirements for receiving and keeping the certificate current.
Bed and Breakfast (B&B) operations are not affected by this ordinance, as they governed by a separate permitting process.
Vacation rentals existing on land designated “Agricultural” by the State law will not be allowed unless the dwelling was built prior to June 4, 1976, or the Applicant has a special permit under the Hawaii Revised Statutes, Section 205.6 which specifically permits a vacation rental and the permit was secured prior to the enactment of this ordinance. This stipulation is currently being challenged at the State level, but be will in force until action is taken to reverse or modify it.
After studying the issue and compiling testimony given at numerous public hearings, the County felt that there was a compelling need to regulate single-family TVR on
All forms necessary in this process are available at Real Property Assessment office in the
A copy of the new ordinance may be obtained from the
4396 Rice Street, Suite 206, Lihue,
Makai Properties’ website www.makaiproperties.com/downloads.
For more information, contact the County’s Real Property Assessment office at (808)241-6222 or the Planning Department at (808)241-6677.
For more information, contact the County’s Real Property Assessment office at (808)241-6222 or the Planning Department at (808)241-6677.
MORTGAGE RATE UPDATE
Island Home Capital’s Quoted Rates As Of This Printing:
Conforming APR Jumbo APR
30 Year Fixed 6.125% 6.253% 6.250% 6.311%
15 Year Fixed 5.500% 5.679% 5.625% 5.724%
3 Year ARM 4.625% 4.984% 5.625% 5.210%
5 Year ARM 5.000% 5.075% 6.250% 5.541%
WHAT’S SOLD
The following is a list of the west side and south side properties that have sold in the months of January, February March 2008. KEKAHA/WAIMEA
HANAPEPE/ELEELE
No Sales Reported In This Time Period
Kalaheo Pali Kai #48 3 Bd/2 Ba Condo $370,000
Kalaheo Pali Kai #57 3 Bd/2 Ba Condo $380,000
LAWAI / OMAO
KOLOA / POIPU
2888
2859
2737
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub
Kukuiula Sub Lot #6 36,401 sf
Prince Kuhio #402-Frac 2 Bd/1 Ba Condo $200,000
Kiahuna Plantation #221 2 Bd/2Ba Condo $515,000
Kiahuna Plantation #414 1 Bd/1 Ba Condo $280,000
Kiahuna Plantation #434 1 Bd/1 Ba Condo $245,000
Kiahuna Plantation #442 1 Bd/1 Ba Condo $239,500
Kiahuna Plantation #39 1 Bd/1 Ba Condo $379,000
Kiahuna Plantation #73 1 Bd/1 Ba Condo $675,000
Poipu Crater #13 2 Bd/2Ba Condo $517,000
Manualoha #I-206 2 Bd/2.5 Ba Condo $1,025,000
Regency #323 3 Bd/2.5 Ba Condo $655,000
Regency #212 2 Bd/2 Ba Condo $950,000
THE GREENING OF THE GARDEN ISLE
An equally hot topic on
Early this year, in her State of the State address, Governor Lingle pledged that by the year 2029 at least 70% of
Here on Kauai, local building contractors are thinking “greener” in order to meet the consumer demand for green construction technologies According to Joel Koetje of JKC, Inc., a west side building contractor, alternative energy systems are by far the most popular component in both new and retrofit home projects. This is especially true for systems designed for “net metering”, where a home producing its own energy continues to be connected to the power grid. His feeling is that the recapture of the investment will be far quicker than originally calculated especially in the light of escalating “energy adjustments” built into the current billing structure of the Kauai Island Utility Coop . Building contractors must acquire these new green skill sets if they wish to keep pace with consumer demands.
In 1996, Bill Cowern established Hawaiian Mahogany LLC, a renewable forestry company, and secured leases for over 3500 acres of retired cane land. The land was replanted in various hardwoods interspersed with trees that replenish the soil with a rich supply of organic nitrogen fixing compost. The intention is to provide a regular renewable source of construction grade hardwoods which will be marketed locally.
In addition to their primary product, Hawaiian Mahogany recently signed a contract with Green Energy
In terms of ethanol production, Kauai is already ahead of the learning curve. No time will be wasted researching crops as Kauai’s last remaining sugar producer, Gay and Robinson shift their focus of current sugar crops to ethanol production. According to an Associated Press report, Kauai Ethanol has plans for a $35million facility in Kaumakani on Kauai’s west side. G and R’s move toward bio fuels assures our agricultural lands will stay in agricultural use while addressing our overdependence on oil and diversifying our economy.
It only seems fitting that
We hope you have enjoyed this issue of Makai Properties, Sandcastles. You will find this and more on line at www.makaiproperties.com.
A Hui Ho!