Every time I drive by the new 7000 Hawaii Kai Drive building at the corner of Keahole Street and Hawaii Kai Drive, I'm struck by how large it appears. Today, my curiosity got the better of me. I looked up the largest residential complexes in Hawaii Kai to find out where the new building places in terms of housing units. Here's what I found:
|Condominium or Apartment Name||TMK #||Address||Units|
|1||2002||PENINSULA AT HAWAII KAI||139008016||520 LUNALILO HOME ROAD||658|
|2||1974||MAUNA LUAN THE||139070004||511 HAHAIONE ST||433|
|3||1999||LALEA AT HAWAII KAI||139008042||7080 - 7200 HAWAII KAI D||293|
|4||2016||7000 HAWAII KAI DRIVE – NEW||139008043||7000 HAWAII KAI DR||269|
|5||1973||ESPLANADE THE||139008009||500 LUNALILO HOME RD||250|
|6||1969||KUAPA ISLE||139008001||156 OPIHIKAO WAY||234|
|7||1993||KALELE KAI||139008030||ONE KEAHOLE PL||219|
|8||1973||PLAZA HAWAII KAI THE||139070001||6770 HAWAII KAI DR||146|
|9||1973||HERITAGE HOUSE HAWAII-KAI||139008001||6710 HAWAII KAI DR||135|
|10||1972||MT TERRACE||139035013||250 KAWAIHAE ST||126|
The new building isn't included in the DCCA listing: it is 100 percent rental unit and not a condominium. However, relative to the other complexes in Hawaii Kai, it places fourth with 269 units of its own reporting. In addition to being surprised by its size, I was also surprised at how nearly all of the other large complexes are over 20 years old. Many are even older than 40 years old.
By now, Oahu residents have received their real property valuations. Hawaii real property valuations are calculated based on 100% of the home's value as of October 1. Assessments are sent out on December 15. That is, the information sent for the 2014-2015 year is based on October 1, 2014 and is effective with the next tax year beginning July 1, 2015. [Real Property Assessment - Important Dates]
The Real Property Assessment Division of the Honolulu City and County puts out summary valuation reports for each year. These data represent the fiscal year from July 1 to June 30 of the next year. These data are useful for comparison purposes and to see where tax income is being produced over the years. Using the 2013-14 and 2014-15 reports, it appears that on average, the real estate tax base for residential properties rose 10.5 percent. Data for the next fiscal year (based on the amount shown on your current statement) should be available sometime around August 2015.
To explain the above table, in early 2014, the State Legislature passed a bill for a second type of residential tax rate. The "Residential A" tax rate is for second homes valued at over 1 million dollars. Instead of the usual $3.50 per $1,000 of net taxable property, "Residential A" properties are taxed at $6.00 per $1,000. [2014-15 property tax rates] The sum of these two categories comprise the sum of the residential property tax base.
Homeowners disputing next fiscal year's valuation have until January 15, 2015 to submit an appeal.
Sometimes you find really great tools just by accident. Today was one of those days. Check out Zillow's amazing analysis tool for Oahu real estate.
This chart is interactive and you'll find it right below the first graphic on the page. Type Hawaii Kai in the right lower box, then submit. Information shown in the graphic above is for the median sales price of all residential properties. You can also select something different. Options allow for selecting the number of bedrooms, type (Single Family Residence, Condo, Duplex/Multi), or tier.
Hawaii Kai single family home prices for November 2014 rose 1 percent to $890,000. For the year to date however, prices are lower by 1 percent at $965,000. Inventories are up 23 percent with 69 homes on the market at month end. Median days on market rose 25 days to 63 days. In November 2014, 10 home sales closed.
For more information, contact your licensed realtor or the Honolulu Board of Realtors.
Sometimes, after a grueling day of parenting, I need a break. Once the kids are off to sleep I engage in . . .data mining. It's a weird hobby, but I usually leave with nuggets of information, some of them gems. Today's adventure took me to the Census Bureau's Interactive Population Search. First, I selected household, then typed in the Hawaii Kai zip code 96825. On the left hand side, I then clicked Census Tract and zoomed in. Here's what displayed:
I've often wondered how many Portlock homes were not only unoccupied, but also not either for rent or sale. As it turns out, more than 15 percent of Portlock housing is for occasional use, or simply unoccupied for reasons other than waiting for a tenant or sale. In comparison, the Oahu (county level) percentage is much lower, at 7.1 percent.