Real Estate in Kailua Kona, Hawaii, with Lance Owens (RS), Kimi Nagatoshi (RS) and LUVA Real Estate

Greed Just Killed One of AI's Best Features

Wed, 23 Jul 2025 04:26:54 GMT

The Most Useful AI Feature Got Killed — And Nobody’s Talking About It

I’ve been using ChatGPT for over a year now. Not to write novels or waste time- but to save it. One of the most genuinely useful features? Travel help.

I’d type:

“Show me all nonstop flights from Kona to Washington DC next week.” “What’s the earliest flight out of KOA on Monday?” “Which airlines fly direct from Kona to Houston?”

And in seconds, I’d have everything I needed. Clear. Fast. No spam. No 15-click travel sites. No nonsense.

Now? That’s gone.

Instead of flight info, I get a message saying: “Sorry, I can’t help with that. Try checking the airline websites.”

Seriously?

This is public information. Anyone can find it. So why can’t AI show it anymore?

Let’s be honest—this isn’t a tech issue. It’s not about capability. It’s about someone, somewhere deciding that giving people fast answers was a little too convenient.

Who made that call? Probably someone protecting their slice of the pie. Maybe the travel giants didn’t like that AI could find flights faster, cleaner, and without shoving ads, pop-ups, and affiliate links in your face.

So what did I do? I asked AI - C'mon, tell me the truth it was one of those big box travel sites wasn't it?

“Who knows—maybe the folks at Expedia or Kayak didn’t like that AI could find flights faster, cleaner, and without shoving ads in your face.”

Or maybe:

“It’s almost like the travel giants said: ‘Wait, this thing actually works too well—shut it down before people stop clicking our affiliate links.’”

And now here we are. Wasting time again. Bouncing between five different travel sites. Doing manually what AI already proved it could do better.

To whoever pulled the plug on this: You didn’t fix anything. You made the tool worse.

This was one of the most practical, everyday uses of AI—helping regular people save time. And now it’s just… off limits?

This is the beginning of the end, isn’t it? They’re going to start monetizing everything—one piece at a time. It’s not enough that I already pay a monthly fee. Now the real value gets locked behind a paywall, a plugin, or a partnership.

The tool isn’t broken. It’s being broken—on purpose.

Do better.

AI tools taken away

#AItools #FlightSearch #ChatGPTRestrictions #TravelPlanning #Productivity #TechRegression#HawaiiTravel #KonaToMainland #CorporateNonsense #RealWorldAI #ThisUsedToWork #NowItDoesnt#BusinessTravelFriction #ToolsThatHelpUntilTheyDont #MonetizationCreep #ValueStrippedForProfit

Is Kona’s Condo Market Cooling Off or Holding Steady? Let’s Look at the Numbers

lance@konahometeam.com — Tue, 22 Jul 2025 03:26:54 GMT

Is Kona’s Condo Market Cooling Off or Holding Steady? Let’s Look at the Numbers

As of June 30, 2025, we’ve seen 163 condos sold year-to-date in the Kona market. That’s across the first six months of the year, averaging about 27 units per month . Meanwhile, 169 condo units are currently active on the market.

That gives us an absorption rate of 16.1% .

If you’re not familiar with the term, absorption rate is a key metric we use to gauge how fast the market is moving. It compares how many homes are selling to how many are currently for sale.

Here’s what the numbers mean in simple terms:

Under 15% absorption is typically a buyer’s market — lots of inventory, slower sales.
15–20% is a balanced market — neither buyers nor sellers have a major edge.
Over 20% often signals a seller’s market , with fast-moving inventory and strong demand.

So at just over 16% , Kona’s condo market is sitting in that middle zone — balanced, but showing signs of softening compared to earlier this year.

We also looked at June alone , where 26 condos sold. That monthly absorption rate comes in at 15.4% , consistent with the year-to-date trend.

What This Means for Buyers and Sellers

For buyers , this is welcome news. More choices, a little more negotiation power, and less competition than the frenzy we saw in previous years.

For sellers , it means pricing correctly matters more than ever. Condos that are clean, well-marketed, and priced right are still moving — but the days of multiple offers in 24 hours aren’t the norm right now.

If you’re watching the market or planning your next move — whether it’s buying your first condo, upsizing, or selling your investment — let’s talk. I’ll give you the real numbers, straight up.

No hype. Just the facts.

North Kona Market Stays Strong While National Sales Slide

Thu, 24 Apr 2025 23:50:00 GMT

Today’s Inman News headline reads:

“Existing-home sales fall to slowest pace since 2009 amid rising costs.”

That may be true nationally—but not here in North Kona .

While the mainland sees pullbacks, our local data paints a different picture. From January through March 2025, both home and condo sales in North Kona are up—eclipsing 2024, 2009, and even 2008 numbers.

�� North Kona YTD Sales (Jan 1–Mar 31):

2008: 69 Homes | 47 Condos

2009 : 42 Homes | 33 Condos

2024: 104 Homes | 67 Condos

2025: 107 Homes | 82 Condos

This isn’t just a rebound—it’s sustained confidence. Buyers are still buying. Sellers are still selling. And the market is still moving.

It’s a powerful reminder that real estate is local . National headlines don’t always reflect what’s happening in our neighborhoods, our communities, or right here on the Big Island.

Want the real story—not the national spin? Talk to someone who’s lived and worked it.

With 21 years of boots-on-the-ground experience in the North Kona market, I’ve seen every shift, surge, and slowdown (even volcano related) . Let’s talk about what’s really happening—and how it affects your next move.

Aloha,

Posted by

Lance Owens RB-24133
808.936.8383

LUVA Real Estate | 75-240 Nani Kailua #8, Kailua Kona, HI 96740
REALTOR® / BROKER-IN-CHARGE • Residential homes, Condos, Land, Agricultural/ Equestrian/Large Acreage
Hawaii Association of REALTORS® (HAR)
2025 President 2023/24 State RPAC Chair
2023 HARLA Graduate
National Association of REALTORS® (NAR)
2023-25 Director 2024-25 RPAC Participation Council Safety Advisory Committee Region 13 Leadership
NAR Designations
AWHD (At Home With Diversity) | PSA ( Pricing Strategy Advisor)
West Hawaii Association of REALTORS® (WHAR)
2023 REALTOR® of the Year 2018/2022 Preside

Final Town Hall — Last Chance to Speak Up on Ali'i Drive

Mon, 14 Apr 2025 20:04:00 GMT

Mayor Kimo Alameda is holding a final Town Hall meeting:

�� Tuesday, 5:30–7:00 PM��

Make‘o Pavilion at Old Airport

If we want a say in Kona’s future, now is the time.

Show up. Share your mana‘o. Let’s make sure the decisions made today reflect the hard lessons — and wasted money — of the past.

Mahalo to Our Leaders

Mahalo to Mayor Kimo Alameda, Council Member Rebecca Villegas, and 365 Hawaii Island Community Fund for pulling the community together on Saturday.It’s powerful to see leadership and respectful conversation at a time when real listening is rare.With almost all in attendance opposed to the idea, few had other solutions.(Personal note: Kuakini Highway must be widened before any one-way plan moves forward.)

Why the Past Matters Today

Yesterday, I had the chance to speak and remind our leaders of a history many may not know.

We have a new administration, new decision-makers, and 60% more residents since the last time this failed — making it even more critical to learn from the past before repeating it: These timelines were shared with Mayor Kimo Alameda and Council Member Rebecca Villegas - but should be spoken to at the meeting Tuesday

1974 — One-Way Ali‘i Drive AttemptThe County tried making Ali‘i Drive one-way.Public outrage, traffic jams, and confusion killed the plan almost immediately.

1999 — Paid Parking at Coconut GrovePaid parking was introduced, enforced by Diamond Parking.Businesses quickly lost customers.Locals and visitors pushed back hard.Within a year and a half, the system collapsed under pressure without needing government interference.

2004 — Another One-Way PilotDepartment of Public Works launched another one-way test when Kona had about 28,500 residents.Goal: Improve pedestrian safety and deliveries.Result: Massive congestion on Kuakini Highway and side streets.Public backlash ended the project early — after spending significant taxpayer money setting it up.(Personal note: I was a prisoner in my own office. It took over an hour just to get out and back.)

2013 — Expert Warning IgnoredA new administration revisited the idea, population now at 37,800Warren Lee, Director of Public Works — a licensed Professional Engineer (P.E.) and respected leader of major infrastructure projects across Hawai‘i — publicly warned:"Any one-way proposal must be contingent on the completion of alternate routes to absorb displaced traffic.Public health, safety, and overall traffic flow must improve — not worsen — before any change is made."

2023 — Paid Parking ReturnsPaid parking was reintroduced in Kailua Village.Same pattern: fewer visitors, frustrated residents, half-empty parking lots.

2025 — Déjà Vu?A new one-way proposal is on the table.Kona’s population has jumped 60% since the last failure — from about 28,000 to 45,000 people today.

The Pattern is Crystal Clear

Every time these changes were rushed without real planning, they failed — wasting time, wasting money, and hurting local businesses.

�� Show Up Tomorrow

We cannot afford another repeat.

Show up tomorrow. We owe it to our community — and our tax dollars — to learn from the past and plan responsibly.�� Final Town Hall�� Tuesday, 5:30–7:00 PM�� Make‘o Pavilion at Old Airport

Posted by:

Lance Owens RB-24133
808.936.8383

Zillow’s New Rules Could Cost Sellers More Than They Think

Thu, 10 Apr 2025 23:57:00 GMT

Off-market listings — sometimes called pocket or private listings — have always carried big risks for sellers.

While they’re sometimes pitched as a way to stay “private” or “in control,” the truth is simple: limiting exposure usually limits your results . Unless there’s a real need for privacy, keeping a home off the open market can cost the seller.

Starting in May , Zillow — the country’s largest real estate portal — will permanently prohibit any listing that isn’t added to the MLS within 24 hours of public marketing.

If a home is marketed to any buyer, it must be available to every buyer — or it won’t appear on Zillow or Trulia at all.

(And yes — even those of us with a love/hate relationship with Zillow know that's where buyers are looking.)

This change follows updates to NAR’s Clear Cooperation Policy, now allowing MLSs to create a Delayed Marketing Exempt Listing option. Sellers get a limited window to prepare a property before full exposure — but that's it.

Here’s why this matters to all of us:

Homes sell for more when marketed widely . Research from Bright MLS shows MLS-listed homes sell for nearly 17% more than private sales.

True privacy is rare . Trusts and LLCs already shield most owners’ identities. Keeping listings off the MLS doesn’t guarantee real anonymity.

Who really benefits? In most cases, pocket listings benefit the brokerage more than the seller.

When limited marketing might be appropriate: A condo owner who doesn’t want neighbors to know yet, or a family handling the sale of a loved one’s home and seeking privacy. Even then, sellers should fully understand the risks.

Privacy can be respected — but full value comes from full exposure.

Bottom Line:

The days of quietly marketing properties outside the full marketplace are ending.

As REALTORS®, it's our duty to explain the risks clearly and help sellers understand that wide exposure remains the best path to better offers and stronger terms.

At LUVA Real Estate , we not only market listings locally, but nationally on sites like Zillow and Homes.com, internationally through Leverage Global Partners , and even syndicate to exclusive private portals that other brokerages can’t reach.

Question for my fellow REALTORS®:

�� How are you advising your sellers under the new Clear Cooperation and Zillow rules?�� Are you seeing more sellers push for exclusivity, or are they more open to full MLS marketing?

Would love to hear how you’re handling the changes in your market!

#RealEstate #HomeSellingTips #RealEstateAdvice #Zillow #NAR #RealEstateMarketing #HomeSelling #HawaiiRealEstate #BigIslandRealEstate #LuxuryRealEstate #LUVARealEstate #LeverageRE

Posted by:

Lance Owens RB-24133
808.936.8383

Home Sellers: The Hidden Risks of Limiting Who Sees Your Listing

Mon, 07 Apr 2025 16:00:00 GMT

So you’re getting ready to sell your home and starting to interview agents.

You might hear advice about keeping your listing “exclusive” — meaning only marketed within one brokerage — instead of putting it out freely to the open market.

At first, it can sound appealing. Maybe it’s pitched as a way to stay “private” or “in control” of the process.But before you make that decision, it’s important to understand what’s really at stake — because how your home is marketed can make a big difference in how much you ultimately sell for.

Imagine trying to sell your car by telling just a few people at your office — no ads, no internet, no real exposure. Would you expect to get the best price?

The only reason I bring up the car example is because most of us have sold a few cars over the years. It’s something we can all relate to. Selling a home is different, but similar - it’s not something people do every few years. That’s why your marketing strategy matters even more when the stakes are higher.

Homes sell for more when they’re marketed to as many buyers as possible. Research from Bright MLS shows that homes listed through the MLS sell for nearly 17% more than homes sold privately or off-market. Cutting off exposure usually cuts into your bottom line.

Today, there’s a growing trend of promoting “exclusive” or “private” listings within a single brokerage, limiting visibility to only that firm’s agents and clients. While marketed as a benefit, it’s important to ask: who really benefits?

In high-net-worth markets like the Big Island of Hawaii, privacy is often used as a selling point. But true privacy concerns — like those involving celebrities or ultra-wealthy individuals — are rare. Most properties are already owned through trusts or LLCs that shield the owner's name. Simply keeping a listing off the MLS doesn’t achieve real anonymity.

That said, there are situations where limited exposure might make sense — like when someone in a condo complex doesn’t want neighbors to know they’re moving until after they’ve left, or when a family needs to sell quietly for a parent’s estate. Those choices should come from the seller’s real needs — not from pressure or convenience for the brokerage.

New NAR Guidance for Sellers

The National Association of REALTORS® recently released a new consumer guide explaining the rules:

MLS Listings: Homes must be submitted to the MLS within one business day after public marketing (like a yard sign or social media post). This supports fair housing and equal opportunity.

Exempt Listings:

Office Exclusive Exempt Listing: Property stays off the public MLS and is marketed only inside the brokerage.

Delayed Marketing Exempt Listing: Property is entered into the MLS but withheld from public websites (IDX and syndication) for a set period. During that time, sellers can still privately market.

Disclosure Requirements: Sellers must sign an acknowledgment that they are waiving MLS/public marketing benefits.

Local Variations: Rules vary by MLS and state law.

The Bottom Line

Sellers deserve full, honest advice about the financial impact of their marketing decisions.

For most, full exposure through the MLS is the best way to achieve the highest price and strongest terms .

Limited marketing may make sense in very specific, seller-driven situations — but it should never be used to create an advantage for a brokerage.

As REALTORS®, it’s our duty to put the client’s interests first. Always.

For More Information:

To read the full consumer guide from the National Association of REALTORS®, click here to view it directly. @nardotrealtor

�� Contact Information If you’re preparing to sell, I encourage you to bring this conversation into any interviews you have with agents.

Choosing the right marketing strategy upfront can make a real difference in your results.

I’d be honored to be one of the professionals you consider when the time comes .

Feel free to call, text, or email me any time:

�� (808) 936-8383 | ✉️ Lance@KonaHomeTeam.com | �� www.KonaHomeTeam.com

Home Selling Tips, Real Estate Marketing, MLS Rules, Exclusive Listings, Office Exclusive, Delayed Marketing, Big Island Real Estate, Hawaii Homes for Sale, Real Estate Advice, NAR Consumer Guide, Seller Representation, Home Selling Strategy

Lance Owens RB-24133 808.936.8383

LUVA Real Estate | 75-240 Nani Kailua #8, Kailua Kona, HI 96740

REALTOR® / BROKER-IN-CHARGE • Residential homes, Condos, Land, Agricultural/ Equestrian/Large Acreage

Hawaii Association of REALTORS® (HAR)

2025 President | 2023/24 State RPAC Chair

2023 HARLA Graduate

National Association of REALTORS® (NAR)

2023-25 Director | 2024-25 RPAC Participation Council | Safety Advisory Committee | Region 13 Leadership

NAR Designations

AWHD (At Home With Diversity) | PSA ( Pricing Strategy Advisor)

West Hawaii Association of REALTORS® (WHAR) 2023 REALTOR® of the Year | 2018/2022 Preside

Posted by:

Lance Owens RB-24133
808.936.8383

Kailua-Kona's Parking Historical Controversy (1999-2002)

Fri, 04 Apr 2025 16:00:00 GMT

Does this sound familiar?

Today, parking woes are once again a hot topic in Kailua-Kona. But this isn’t the first time the community has rallied over parking issues. Back in the late 1990s and early 2000s, a major controversy erupted when Coconut Grove Marketplace, located along Ali'i Drive in downtown Kona, introduced paid parking in a town where free parking had been the norm. The reaction from the community was swift, passionate, and deeply memorable.

Paid Parking Arrives in Downtown Kona

Coconut Grove Marketplace, originally developed around 1998 by Anekona LLC, opened with new shops and restaurants along Ali'i Drive. By 1999-2001, management had hired Diamond Parking Services, a private company, to oversee parking enforcement. For the first time in recent memory, drivers had to pay to park in the heart of Kailua Village.

The rates, while modest by big city standards, shocked locals who were used to free parking. Diamond Parking strictly enforced the new parking rules. Failure to pay could result in fines around $40–50, often issued via private "tickets" that looked official but were really invoices.

Community Backlash

The response was immediate and overwhelmingly negative.

Residents, businesses, and visitors all pushed back. Letters to the editor of West Hawaii Today and testimony at public meetings captured the outrage. Business owners publicly warned that paid parking could drive customers away and severely hurt the downtown economy (West Hawaii Today, 2001).

Visitors also voiced their frustrations. One tourist recounted, "I watched a number of tourists drive in, read the parking sign, talk among themselves, and drive right back out" (West Hawaii Today, 2001). Others shared stories of getting hit with $45 fines after simply grabbing a quick meal or shopping for souvenirs, with one letter noting, "Diamond Parking is issuing tickets to hundreds of cars without proper signage or clear warnings" (West Hawaii Today, 2001).

Local businesses saw an immediate downturn. Many owners reported fewer locals shopping and more negative feedback from visitors. Some residents simply chose not to visit downtown anymore, saying parking stress ruined the easygoing spirit that had made Kona special.

Outcome

By 2002, after roughly a year or two of community pressure, the paid parking at Coconut Grove Marketplace was quietly discontinued. The pay stations were removed, enforcement signs came down, and parking once again became free. It was a clear win for community advocacy and a reminder that in a place like Kona, changes that affect locals and visitors alike need broad public support.

Reflection

Today, as Kona again grapples with parking challenges, it's worth remembering that these issues are not new. The Coconut Grove incident from 1999–2002 serves as an important historical lesson in balancing development needs with community values — and the importance of listening to the people who call Kona home.

At the same time, we should recognize that property rights and free markets often correct themselves over time. When businesses listen to their customers — and when the community stays engaged — the system finds a way to balance access, fairness, and private ownership. Just as it did more than 20 years ago.

Sources: This article is based on historical online information, public records, news archives, and community recollections. Specific quotes referenced from West Hawaii Today archives, 2001. If you have corrections or additional details to share, please reach out and let us know. We welcome your input to keep our local history accurate.

Aloha and Mahalo.

Posted by:

Lance Owens RB-24133
808.936.8383

How a 1983 Tariff Changed an Industry - And My Life

Thu, 03 Apr 2025 23:28:00 GMT

This Isn’t About Politics—It’s About Experience

In the early 1980s, I wasn’t just working on motorcycles—I was racing them. I lived and breathed motorcycles. As a mechanic for Kawasaki and Harley-Davidson dealerships on Oahu and in Las Vegas, I saw both sides of an industry in crisis. Harley was struggling, while Japanese bikes dominated the market and the track.

Then, in 1983, everything changed.

A Tariff That Reshaped an Industry

The U.S. imposed a massive tariff on Japanese motorcycles over 700cc, aimed at saving Harley-Davidson. Almost overnight, racing classes shifted—750cc bikes were downsized to 699cc, and Japanese manufacturers moved more production to the U.S. to avoid the tariffs, creating thousands of American jobs.

At the shop, I watched the impact unfold firsthand. Harley got a second chance, while Kawasaki, Honda, Yamaha, and Suzuki adapted fast. The experience left a lasting impression on me - tariffs, when done right, can reshape industries, protect jobs, and force innovation.

Reagan’s Bold Move: The 1983 Tariff

In April 1983 , President Ronald Reagan signed a five-year tariff plan , dramatically increasing the import duty on Japanese motorcycles over 700cc:

1983: 45%
1984: 35%
1985: 20%
1986: 15%
1987: 10% (back to normal levels)

The goal? Give Harley-Davidson time to recover . But what happened next went beyond just Harley—it changed American manufacturing.

Notice the big white patch on my back, it was required as rookie to wear that - I cut up an old t-shirt and duck taped it to my leathers - lots of riders got to see it from behind - I won the race!

The Unexpected Twist: Thousands of Jobs Created in America

Rather than accept the tariffs, Japanese manufacturers adapted by moving more production to the U.S. to avoid the import tax:

✅ Honda expanded its Ohio factory, creating thousands of jobs.

✅ Kawasaki ramped up production in Nebraska.

✅ Yamaha and Suzuki followed suit.

For the first time, foreign motorcycle brands were being built in the U.S. on a large scale , bringing long-term jobs, technology, and investment to American workers.

Another favorite - 1982 GPZ 550 - I had over 25 motorcycles during my youth

Harley’s Comeback and a Win-Win for all

Meanwhile, Harley-Davidson used this window wisely —improving quality, modernizing production, and reclaiming its reputation. By 1987, Harley was profitable again —and in a bold, unheard-of move, they asked the Reagan administration to lift the tariffs a year early.

This wasn’t just about Harley—it was a blueprint for how strategic tariffs can work . The 1983 motorcycle tariff didn’t just protect one company; it forced innovation, created American jobs, and reshaped an industry.

The Lesson: Tariffs Can Work—If Done Right

Most tariffs drag on too long or cause unintended consequences. But this one? It saved an American icon, forced foreign investment in U.S. manufacturing, and proved that short-term protection can lead to long-term economic strength.

Looking back, I realize just how big of an impact those years had—not just on my career, but on an entire industry. It was a rare case where everyone evolved—and America came out stronger.

Back in the 80's, this was my "production class" Kawasaki 1000 Z1R

Why This Matters Today This story isn’t just history—it’s a lesson for today’s trade debates. If done right, tariffs can protect American industries—but only if they push companies to innovate rather than rely on permanent protection.

Would this strategy work again today? That’s up for debate. But one thing is clear—the motorcycle tariff of 1983 changed American manufacturing forever.

And just like manufacturing, housing and real estate are cornerstones of our economy. When smart policy is paired with local insight and long-term thinking, we can strengthen communities, create jobs, and keep opportunity within reach—for everyone.

��️ Let’s Talk: What Do You Think? �� Do you think tariffs can still work today? �� Were you working or riding in this era? I’d love to hear your thoughts!

Posted by:

Lance Owens RB-24133
808.936.8383

Misconceptions: Adjusting Buyer Agreement Compensation Is Okay

Mon, 02 Dec 2024 22:15:00 GMT

The real estate industry has seen plenty of discussion surrounding recent changes in National Association of REALTORS® (NAR) policies. Misinterpretations of these changes, particularly about written buyer agreements and compensation adjustments, have caused confusion. Let’s set the record straight: you can adjust the compensation terms in a buyer agreement, provided it’s done transparently and within the guidelines set by the NAR settlement and state law.

What the Settlement Really Says

At its core, the NAR settlement emphasizes clarity, transparency, and mutual agreement in all written buyer agreements. Here's what you need to know:

Amendments Are Allowed

Written buyer agreements are like any other contract. If both the REALTOR® and the client agree to modify the terms, the agreement can be amended. This flexibility ensures the arrangement serves the best interests of both parties as circumstances evolve.

Specific Compensation Terms Are Required

The settlement mandates that compensation terms in buyer agreements must be explicit and not open-ended. For example, terms like "whatever the seller is offering" are no longer acceptable. Compensation must be clearly defined and understood by both parties from the outset.

Prohibited Adjustments

Amendments cannot be made simply to match whatever compensation the seller is offering. The intent behind the change must align with the original principles of the agreement, ensuring fairness and transparency.

Real-World Scenarios for Adjusting Compensation

There are many valid reasons why a REALTOR® might see the need to amend the compensation outlined in a buyer agreement. For example:

For Sale by Owner (FSBO): When working with a FSBO property, the REALTOR® often takes on additional responsibilities, such as managing disclosures, contracts, and other tasks typically handled by the seller's agent.

Limited-Service Listings: If the property is listed by a limited-service agent, the REALTOR® may be required to take on more of the workload, including tasks outside their usual scope.

Switching to Land Purchases: A buyer might decide to shift from searching for a home to purchasing a much cheaper piece of land. This change can require more effort to identify and evaluate suitable properties.

Short Sales: Transactions involving short sales are often more complex, requiring additional time, expertise, and negotiation.

Expanded Search Areas: A buyer might get priced out of one area, such as Kona, and decide to look in a different, more affordable location, such as Hilo. This adjustment could mean more time spent traveling and managing the transaction across different markets.

These are just a few examples, but there are countless other scenarios where the REALTOR®’s workload or responsibilities increase, justifying a change in compensation.

Transparency Is Key

The settlement highlights that transparency is in everyone’s best interest. Any amendments to a buyer agreement must be fully disclosed and agreed upon by both the buyer and the agent. This approach not only aligns with ethical practices but also fosters trust in the client-agent relationship.

Addressing the Misunderstandings

Some in the industry have misunderstood these changes, incorrectly believing that amendments to buyer agreements are restricted or prohibited. This misconception stems from a lack of clarity about the settlement’s requirements. The truth is that adjustments are perfectly permissible, as long as they are made transparently and in compliance with state laws and the settlement’s terms.

Why This Matters

Written buyer agreements are designed to bring clarity to real estate transactions. By defining compensation and services upfront, both buyers and agents can avoid surprises and potential conflicts. And when circumstances require adjustments, having the flexibility to amend these agreements ensures they remain relevant and fair.

The Takeaway

The updated NAR policies are not about restricting REALTORS® but rather about creating a more transparent and professional environment. You can amend your written buyer agreements, including compensation terms, as long as you and your client mutually agree and follow the rules. This clarity benefits everyone involved—building trust, ensuring fairness, and upholding the integrity of the real estate profession.If you're a REALTOR® navigating these changes, embrace the flexibility that written buyer agreements provide. And if you're a client, know that your relationship with your agent is built on mutual understanding and transparency. By working together and adhering to these principles, both buyers and REALTORS® can enjoy a smoother, more transparent real estate process.

NAR Settlement: Get the Facts

Posted by:

Lance Owens RB-24133
808.936.8383

Update: Hawai'i Short Term Rental Bill 121 - Where Does it Stand?

Fri, 15 Nov 2024 18:43:00 GMT

Hawaii County's Bill 121 aimed to regulate short-term vacation rentals, also known as transient accommodation rentals (TARs). The proposed legislation sought to establish clear guidelines for owner-hosted, operator-hosted, and un-hosted rentals, as well as for platforms like Airbnb and VRBO. Its objectives included improving safety, ensuring consistent operational standards, and addressing concerns about housing availability and the broader impact of TARs on our island communities.

While the bill had good intentions, it sparked considerable opposition from residents and stakeholders alike. Many expressed concerns that it could infringe on private property rights and harm the local economy. Nearly every council meeting on the matter drew strong pushback, with community members voicing their concerns and engaging in extensive discussions.

Here’s a quick update on where the bill stands now. A heartfelt Mahalo goes out to the West Hawaii Association of REALTORS® and the Hawaii Island Association of REALTORS® for their collaborative efforts in educating both the community and council members about the unintended consequences this bill could have had.

Posted by:

Lance Owens RB-24133
808.936.8383

Tourism Displaced: Ironman’s Real Impact on Kona’s Local Economy

Sun, 27 Oct 2024 00:06:00 GMT

We all have that one friend who likes to brag—whether it’s about how much money they make, how big their home is, or how impressive their achievements are.

The Ironman race in Kona can feel a bit like that friend. Every year, the event proudly claims to inject millions into the local economy. However, data paints a different picture, and a closer look at the numbers suggests those claims may be somewhat overstated.

Overview of Visitor Data (Past 10 Years)

Below is an analysis of visitor data from the Hawaii Department of Business, Economic Development & Tourism, covering visitor days, arrivals, and expenditures over the past decade.

Seasonal Trends

Expenditures: Higher visitor spending occurs during winter months (e.g., December, January, February).
December 2018: $228 million in visitor expenditures
January 2019: $253 million in visitor expenditures
Summer Peaks: July and August also see increased visitor numbers, aligning with vacation seasons.
July 2019: 173,899 total visitor days, $221 million in expenditures
August 2018: 157,544 visitor days, $167 million in expenditures

October’s Position

October tends to fall between summer and winter highs:
October 2018: 857,946 visitor days, $170.4 million in expenditures
October 2019: 931,498 visitor days, $176.9 million in expenditures
Other months, like December and July, regularly outperform October.

A Key Discovery

2020 and 2021 were the only years in over four decades when the Ironman World Championship wasn’t held in Hawaii.

In 2020 , Hawaii’s tourism shut down due to the pandemic, with no tourism spending data reported.
In 2021 , without the Ironman race, October offers a unique benchmark—and it outperformed both its neighboring months in revenue, a rare occurrence seen only four other times over the past decade : 2014, 2018, 2019, 2021, and 2022.

Visitor Data for 2021:

September 2021: 733,439 visitor days, $136 million revenue
October 2021: 824,203 visitor days, $161 million revenue (outperformed both neighboring months)
November 2021: 1,003,095 visitor days, $157 million revenue

This insight suggests that October can thrive without Ironman, raising questions about the race's actual economic impact.

October 2023 in Context with the Ironman Event

September 2023: 1,020,439 visitor days, $252 million revenue
October 2023: 1,045,749 visitor days, $248 million revenue (more visitors, but less spending)
November 2023: 1,092,203 visitor days, $259 million revenue
Note- visual aid below reflects 2020 with no data reported

Real Estate Sales Trends During Ironman

A closer look at real estate data suggests that the Ironman race does not cause significant disruptions in the local housing market. Sales from September to December align with typical seasonal patterns (sample pulled from MLS in 2019—pre-COVID, post-2018 lava flow North Kona):

September: 45 homes, 35 condos sold
October: 41 homes, 38 condos sold
November: 44 homes, 28 condos sold
December: 36 homes, 38 condos sold

COVID-19 Impact on Tourism

The pandemic had a significant impact on tourism, with 2020 seeing a sharp decline in visitor numbers:

October 2020: 213,822 visitor days (compared to over 900,000 pre-pandemic)
No expenditure was recorded during this period due to travel restrictions.

Additional Insight

Tourism Displacement: Ironman participants’ trips often replace other types of vacations, limiting the net economic impact (sources: Hawaii Public Radio, Kauai News Now).

Conclusion

The data confirms that October does not generate a significant economic boost compared to other months. Visitor arrivals and expenditures peak during July, August, December, and January, with October generally performing at average levels.

However, 2021 offers a unique insight —being the only October in four decades without the Ironman race. Interestingly, October has outperformed both September and November in revenue not just in 2021 , but also in 2014, 2018, 2019, and 2022 . This suggests that the event may not be the driving factor behind strong spending patterns in October, raising questions about the true economic impact of Ironman.

With the data in hand, the question becomes: Is it really worth it all?

My Personal Opinion

I appreciate Ironman for what it is—an incredible display of human strength and achievement. However, it’s important not to mistake it for something it’s not.

While the event generates some economic impact, the claim of injecting $30 million into Kona’s economy must be weighed against the $30 million in displaced spending from typical winter activities—like fall break trips, weddings, honeymoons, anniversaries, family vacations, and visits focused on relaxation, adventure, or cultural experiences in Hawaii.

The numbers speak for themselves.

Posted by:

Lance Owens RB-24133
808.936.8383

Mayor Roth Signs Ohana Bill Into Legislation

Wed, 09 Oct 2024 19:04:17 GMT

Bill refers to them as ADU's to help with financing and understanding of what an O'hana is.

In a bid to alleviate the ongoing housing crisis, Hawaii County has taken a bold step forward with the signing of Bill 123. This new measure, endorsed by Mayor Mitch Roth, opens up opportunities for homeowners across the county to build up to three accessory dwelling units (ADUs) on their properties, making it easier for local families to find housing while maximizing the use of existing land.

"I commend Mayor Mitch Roth for his commitment to affordable housing and innovative approaches to help keep our families rooted here in Hawaii. If we can pause Bill 121 until the economic impact study is complete, the Big Island will truly shine as a leader in smart growth and community well-being."

The bill, crafted with input from key figures within the county's Planning Department and County Council members, represents a significant policy shift from previous limitations on 'ohana dwellings. These changes offer a more adaptable approach to expanding housing availability across the county.

“We need to think beyond conventional solutions if we’re serious about tackling our housing shortage,” Mayor Roth said during the bill’s signing. “By enabling more accessory units, we’re allowing homeowners to help meet the demand for housing while ensuring our communities stay strong for future generations.”

What Does Bill 123 Do?

Under the new law, homeowners can now construct up to three ADUs on their property, with each unit capped at 1,250 square feet. Whether detached or attached to the main home, these ADUs are allowed in several zoning districts, including residential, duplex, and agricultural zones.

Key provisions include:

Increased ADU Limits : Homeowners can build up to three ADUs on properties in various zoning districts, including residential (RS), duplex (RD), residential-agricultural (RA), agricultural (A), and family agricultural (FA) districts.
Limit on Short-Term Rentals : The bill restricts the use of ADUs as vacation rentals, except in a few cases, to prioritize long-term housing solutions.
Meeting Safety and Infrastructure Standards : Homeowners must comply with existing requirements for water supply, sewage systems, and fire protection when adding ADUs to their properties.

Mayor Roth highlighted the practical benefits of the legislation, emphasizing the need for local solutions to a statewide issue. “By allowing for more ADUs, we’re empowering residents to contribute to the solution. This isn’t just about more homes; it’s about creating sustainable growth and making sure our communities remain livable for the long term.”

A Path Forward

Bill 123 arrives at a critical time, offering homeowners a new way to help ease the island's housing pressures while generating potential rental income. Those interested in taking advantage of the new provisions or seeking more information on the application process can reach out to the Hawaii County Planning Department.

As Hawaii County continues to grapple with housing affordability, Bill 123 provides a promising framework for growth that benefits both individual homeowners and the community at large. It’s a step toward ensuring that local families can stay rooted in their neighborhoods while creating room for the next generation to thrive.

Posted by:

Lance Owens RB-24133
808.936.8383

How Presidential Elections Impact the Housing Market

Sun, 06 Oct 2024 20:04:26 GMT

Market insights and trends

Aloha, Lance Owens (RB) with LUVA Real Estate
As a seasoned REALTOR® in Hawaii with two decades of experience, I often encounter questions about how major events, like presidential elections, affect the housing market. With the next election on the horizon, it’s a good time to explore this topic in detail. Based on historical data and expert analysis, here’s a comprehensive look at how the housing market has responded to past presidential elections.

Home Prices: A Steady Ascent

Historical Trends in Home Prices

One of the most reassuring trends for homeowners and potential buyers is the consistent rise in home prices following presidential elections. Data shows that home prices increased after 7 of the last 8 presidential elections. This indicates that the market tends to follow its existing trajectory, and prices generally rise, even in election years. The U.S. Annual Median Sales Price of Existing Single-Family Houses graph illustrates this trend clearly, highlighting the growth in both election years (marked in blue) and the years following elections (marked in green).

Why Do Prices Rise?

The reasons behind this trend are multifaceted:

Economic Stability : Often, the underlying economic conditions and policies influencing the market are established long before the election, ensuring stability.
Market Momentum : The housing market has its momentum, driven by factors such as supply and demand, interest rates, and demographic trends, which usually continue regardless of the election outcome.

Home Sales: Rebounding Post-Election

Sales Patterns Around Elections

When it comes to home sales, the trend is similarly positive. Historical data reveals that home sales went up after 9 of the last 11 presidential elections. While there is a slight slowdown in sales during election years, especially noticeable in November, these dips are temporary. The U.S. Annual Existing Home Sales graph shows a clear pattern of recovery and growth in the years following elections.

Factors Influencing Sales

Several factors contribute to this pattern:

Buyer Confidence : Uncertainty during election periods can make buyers hesitant. However, once the election concludes and the political landscape becomes clearer, confidence returns, and so does buyer activity.
Interest Rates and Affordability : Lower interest rates often accompany election years, making mortgages more affordable and stimulating sales.

Mortgage Rates: A Downward Trend

Election Year Interest Rates

Mortgage rates have shown a tendency to decrease slightly from July to November in 8 of the last 11 presidential election years. This pattern is detailed in the graph showcasing changes from July to November of recent election years. The general decrease in rates during this period can make home buying more attractive by lowering borrowing costs.

Why Do Rates Decrease?

Several reasons may account for this trend:

Economic Policies : Central banks might adjust policies to maintain economic stability, often resulting in lower interest rates.
Market Reactions : Financial markets often anticipate changes and react accordingly, sometimes driving down interest rates in the short term.

Expert Insights: A Broader Perspective

According to Lisa Sturtevant, Chief Economist at Bright MLS, the housing market does not typically look very different in presidential election years compared to other years. This insight is crucial for both buyers and sellers, indicating that while there may be minor fluctuations, the overall market dynamics remain robust and predictable.

Navigating the Market

As we approach the upcoming election, understanding these historical trends can help you make informed decisions. Whether you are considering buying, selling, or simply curious about the market, it’s essential to base your decisions on comprehensive data and expert advice.

If you have any specific questions or need personalized guidance, feel free to reach out. Together, we can navigate the market confidently, ensuring that your real estate goals are met regardless of the election cycle.

Contact Me

For more insights and tailored advice, let’s connect! Your real estate journey in Hawaii is my top priority, and I’m here to help you every step of the way.

Big Changes for Maui’s Short-Term Vacation Rentals: Who is Exempt?

Tue, 30 Jul 2024 17:53:00 GMT

Maui is on the verge of significant changes with a proposal to phase out thousands of short-term vacation rentals in an effort to address the island’s housing crisis. This move aims to prioritize long-term housing for residents and alleviate the pressures on the local housing market. You can read the full article on these developments here .

Secure Your Investment with Confidence

In light of these upcoming changes, the listing at 2481 Kaanapali Pkwy #964 stands out as a secure and versatile investment. This property is not included in the proposed regulations, ensuring your investment remains unaffected by the new short-term rental policies.

Key Features:

2481 Kaanapali Pkwy Unit: 964 2481 Kaanapali Pkwy Unit: 964, Lahaina, HI 96761

Prime Location : Enjoy the vibrant surroundings of Kaanapali with easy access to pristine beaches, world-class dining, and cultural landmarks.
Spacious and Elegant : This unit features amazing ocean views, modern interior with ample natural light, creating a warm and inviting atmosphere.
Resort-Style Living : Benefit from top-tier facilities including a swimming pool, fitness center, and beautifully manicured gardens.

Why This Listing Stands Out

Exempt from Proposed Short-Term Rental Changes : One of the most significant advantages of this property is its exemption from the new proposed regulations on short-term vacation rentals. The condo is situated in "Hotel Zoning," having always been intended for hotel-style living, which allows short-term rentals. This means your investment remains secure and versatile, whether you choose to enjoy it as a private retreat or capitalize on rental opportunities under the current guidelines.

Sustainable Investment : With the ongoing shifts in Maui’s real estate landscape, owning a property that aligns with the new regulations provides long-term stability and growth potential.

Embrace the Maui Lifestyle

This listing at 2481 Kaanapali Pkwy #964 represents an incredible opportunity to own a piece of paradise without the uncertainties surrounding short-term rental regulations. Whether you’re looking for a permanent residence, a vacation home, or an investment property, this unit promises unmatched value and a future-proof investment.

For more information or to schedule a viewing, please visit the listing page .

Listing Provided by:
Hawaii Life
Josh Jerman RB-19728 | Cell: 808-283-2222
Tim Stice RB-21556 | Cell: 808-268-8511
2481 Kaanapali Pkwy Unit: 964 2481 Kaanapali Pkwy Unit: 964, Lahaina, HI 96761

Posted by

Lance Owens RB-24133
808.936.8383

Delayed Sellers Cannot Wait Longer

Tue, 23 Jul 2024 23:51:00 GMT

Aloha, Lance Owens (RB) with LUVA Real Estate.

Over the past two years, significant demographic and economic shifts have occurred, influencing various aspects of the real estate market. According to the National Association of REALTORS®, the combination of 7 million new-born babies, 3 million marriages, 1.5 million divorces, and 7 million people turning 65 has created dynamic changes in housing needs and availability. These life events often necessitate changes in living situations, such as upgrading to a larger home, downsizing, or relocating. Additionally, with 4 million deaths, the turnover of properties through inheritance or sale by estates further adds to the housing market dynamics.

Moreover, the economic landscape has seen substantial movement with 6 million net new jobs and an astounding 50 million job switches. These job changes often lead to geographic mobility, driving demand for housing in different regions. The National Association of REALTORS® suggests that these cumulative factors will gradually weaken the "lock-in effect" where homeowners delay selling their properties. As these demographic and economic shifts continue to unfold, we can expect a more fluid and responsive real estate market, accommodating the evolving needs and circumstances of individuals and families across the country.

Additionally, current high mortgage interest rates have made many homeowners reluctant to sell, as they are locked into lower rates from previous years. This "rate lock" phenomenon means that sellers are hesitant to trade their existing low-rate mortgages for new ones at higher rates, contributing to a decrease in the number of homes available on the market ( HomeLight ) ( Freddie Mac - We Make Home Possible ).

Another factor influencing sellers' decisions is the impact of capital gains taxes on the sale of their homes. When homeowners sell their property, they may be subject to capital gains taxes if the profit from the sale exceeds certain thresholds. This potential tax burden can deter sellers from putting their homes on the market, particularly if they anticipate significant gains ( Freddie Mac - We Make Home Possible ).

In short, life goes on, and the longer we wait to make a decision, the more life changes.
Please give me a call if you are ready to make that change.

Posted by

Lance Owens RB-24133
808.936.8383

How Presidential Elections Impact the Housing Market: Insights Trends

Tue, 23 Jul 2024 21:23:00 GMT

Aloha, Lance Owens (RB) with LUVA Real Estate.

As a seasoned REALTOR® in Hawaii with two decades of experience, I often encounter questions about how major events, like presidential elections, affect the housing market. With the next election on the horizon, it’s a good time to explore this topic in detail. Based on historical data and expert analysis, here’s a comprehensive look at how the housing market has responded to past presidential elections.

Home Prices: A Steady Ascent

Historical Trends in Home Prices

Why Do Prices Rise?

The reasons behind this trend are multifaceted:

Economic Stability : Often, the underlying economic conditions and policies influencing the market are established long before the election, ensuring stability.
Market Momentum : The housing market has its momentum, driven by factors such as supply and demand, interest rates, and demographic trends, which usually continue regardless of the election outcome.

Home Sales: Rebounding Post-Election

Sales Patterns Around Elections

Factors Influencing Sales

Several factors contribute to this pattern:

Buyer Confidence : Uncertainty during election periods can make buyers hesitant. However, once the election concludes and the political landscape becomes clearer, confidence returns, and so does buyer activity.
Interest Rates and Affordability : Lower interest rates often accompany election years, making mortgages more affordable and stimulating sales.

Mortgage Rates: A Downward Trend

Election Year Interest Rates

Why Do Rates Decrease?

Several reasons may account for this trend:

Economic Policies : Central banks might adjust policies to maintain economic stability, often resulting in lower interest rates.
Market Reactions : Financial markets often anticipate changes and react accordingly, sometimes driving down interest rates in the short term.

Expert Insights: A Broader Perspective

Navigating the Market

Contact Me

For more insights and tailored advice, let’s connect! Your real estate journey in Hawaii is my top priority, and I’m here to help you every step of the way.

Posted by

Lance Owens RB-24133
808.936.8383

Coastal Living In Keauhou Hawaii

Sun, 04 Feb 2024 20:42:00 GMT

This luxury oceanfront condo is as close to the beautiful blue ocean waters as one can get. This private, rare 3 bedroom (2 bedroom plus loft) gem is nestled in the gated, tropical resort property of Kanaloa at Kona. We've seen Spinner Dolphins and Whales breaching just today 02/02/24. Meticulously maintained and thoughtfully updated with a contemporary island theme, this upper floor unit features vaulted ceilings for added elegance. Enjoy morning coffee and evening refreshments on its private lanai with expansive 180 degree ocean views. Relax to the mesmerizing ocean waves, and enjoy the beautiful sunsets. Must see to appreciate! This successful vacation rental with transferrable STVR permit is offered fully Fully furnished and turnkey ready for continued guest enjoyment. What makes this condo stand out is the location in the complex. It is on the point and when on the Lanai you are not only on the ocean but you do not have the view of neighbors on either side. Condo Features include: Updated Kitchen and Bathrooms Newer SS Kitchen appliances New Full-sized Washer and Dryer Granite Counter tops Stone Tile and Carbonized bamboo flooring Central Air Conditioning Private space off primary bedroom for relaxation, reading, tv Sonos speakers for music and radio enjoyment in great room and bedrooms Covered, assigned parking with storage closet Community Amenities: Gated development 3 pools, 3 hot tubs, and multiple BBQ areas 2 lighted tennis/pickleball courts Close to Fishing and Manta Ray adventures Close to beaches for snorkeling, surfing and stand up paddle boarding Close to shopping, restaurants, movie theaters Kona County Club is adjacent to the complex.

For more information click here: Kanaloa 1804

Posted by

Lance Owens RB-24133
808.936.8383

Luxury Hawaii Estate, Energy Independent, 5,400sqft Main Home, 40 Acres

Fri, 02 Feb 2024 01:37:00 GMT

E Komo Mai...Welcome to your exclusive upcountry retreat. Step into 40 acres of pure privacy, where the tranquility of your estate meets the vibrant pulse of Kamuela town just minutes away. Embrace the freedom of living without an HOA, allowing you to curate your lifestyle.

Your custom-built haven awaits, showcasing exceptional craftsmanship with 18-foot cathedral ceilings, three inviting fireplaces, and a harmonious blend of Hardwood Maple, Travertine, and Quartz flooring. The kitchen is a culinary masterpiece, featuring custom Maple cabinets, Granite countertops, and top-of-the-line appliances. Large custom windows seamlessly connect the interior with the breathtaking outdoor landscape.

Entertain in style with a 50,000-gallon saltwater pool, complete with a mosaic accent tile, cascading waterfall, exhilarating water slide, secluded hot tub grotto, and a cozy fire pit. Dive into a pool adorned with decorative tiles featuring dolphins, Manta Rays, and underwater scenes. The Quartz-tiled entertainment area extends to the front entrance, where an outdoor kitchen suite with a gas grill, charcoal grill, wood fire pizza oven, and ice maker awaits your gatherings.

Beyond the main residence, the estate boasts additional structures, including an Artist/Hobby House or optional 4th bedroom (1,300 sq ft), a versatile Multipurpose/Greenhouse (2,400 sq ft), and a fully-equipped Steel Workshop (3,300 sq ft). The property is designed for sustainability with two independent P/V systems ensuring energy independence.

Discover endless opportunities at this private estate—whether you prefer seclusion or entertainment, this estate provides the perfect backdrop. Welcome home to a life of luxury in the heart of upcountry living.
MLS: 706465 Price: $7. 4m

This luxury estate brought to you by LUVA Real Estate Luxury Division

Posted by

Lance Owens RB-24133
808.936.8383

Why Buying or Selling a Home Helps the Economy and Your Community

Thu, 15 Jun 2023 23:41:00 GMT

If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.

The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales . The chart below illustrates that impact:

In Hawaii that number almost quadrupled !

As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

“ The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.”

Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy:

“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint. ”

When you buy or sell a home, you work with a team of professionals , including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.

So, when you make a move in the housing market, you're not just meeting your own needs, you're also making a positive impact on the community. Knowing this can give you a sense of empowerment as you make your decision this year.

Bottom Line

Each and every home sale is important for the local economy. If you’re ready to move , let’s connect. It won’t just change your life – it’ll also have a strong positive effect on the whole community.

Posted by

Lance Owens RB-24133
808.936.8383

Powerful Real Estate Information - If You Know What Your Looking For

Tue, 30 May 2023 20:40:00 GMT

Aloha! It's Lance Owens from LUVA Real Estate, bringing you some exciting updates on real estate trends. Now, I know reviewing a 143-page report on buyer and seller trends might sound like a real snooze fest, but trust me, there are some gems hidden in there!

So, let's talk about page 39, one of the superstars of this report. I mean, seriously, it's like finding a golden pineapple in a field of coconuts! This chart is a treasure trove of valuable information that caught my eye, and it's got a lesson for all of us.

You see, it's all about understanding age groups and their preferences when it comes to buying a home. We need to think about what our fellow age-groupers like and consider those factors when making our own decisions. And hey, if you're about to level up to the next age group, don't forget to peek at their trends too. You never know what kind of cool stuff you might discover!

Now, let's dive in and talk about the third reason on that chart: "Convenience to Job." Apparently, it's a big deal for folks in their mid to late 20s, but not so much for those in their late 50s. Why the difference, you ask? Well, here's a thought: if you're approaching retirement, maybe you'd be willing to endure a slightly longer commute for a better living space. After all, you've only got a few more years before you can kick back and sip mai-tai's on the beach!

But here's the real kicker: the factors that really stood out to me were the ones with the biggest gaps in percentages across different age groups. Let's take the example of "access to bike paths." The percentages stay pretty consistent until you hit your mid-70s, and then BAM! There's a massive shift. It's like going from riding a bike to riding a golf cart. It just goes to show how our preferences change as we age, and it's something we should all be aware of.

So, here's what I want you to do: grab a piece of paper and create your own list of must-haves and nice-to-haves. And when you're done, don't hesitate to give me a ring! With nearly two decades of experience right here in West Hawaii on the Big Island, I've got the inside scoop to help you find a place that fits your needs like a palm tree on an Aloha shirt.

Mahalo, and I can't wait to hear from you!

Posted by

Lance Owens RB-24133
808.936.8383

Why Buying a Vacation Home Beats Renting One This Summer

Tue, 23 May 2023 18:55:00 GMT

Aloha, Lance Owens (RS) with LUVA Real Estate, along with our partners at KCM, bringing you the latest in real estate news and events.

For many of us, visiting the same vacation spot every year has become a summer tradition that is fun, relaxing, and restful. If this sounds like you, now is the time to consider your plans and determine whether buying a vacation home this year makes more sense than renting one again. According to Forbes, "if the idea of vacationing at the same place every year makes you feel instantly relaxed, buying a vacation home might be a wise move."

To help you decide if making a move like this is right for you, let's explore why you may want to consider purchasing a vacation home today.

Benefits of Owning Your Vacation Home:

No worries about finding a place to stay: It can be challenging to find a rental in your desired location and timeframe. Some popular summer vacation destinations are often booked up in advance. By owning your vacation home, you eliminate the inconvenience of finding accommodations. Bankrate explains, "...a second home can offer a place to have quality time with your family and ensures that you always have a vacation destination."

It's an investment: Home values typically appreciate over time, and the same holds true for your vacation home, especially in areas with growing market demand. This can help increase your net worth over the long term.

Tax benefits: Owning a vacation home may provide tax deductions based on its location. However, it's important to consult with a tax professional before making a purchase, as tax regulations can vary by location.

Retirement potential: If you love the location of your vacation home, it could potentially become your retirement destination. You might consider selling your primary residence and moving to your vacation home later in life.

How a Pro Can Help You Find Your Perfect Match:

As you prepare for summer vacation, consider the option of visiting your second home instead of renting another unit or staying in a hotel. If this appeals to you, a local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and find vacation homes within your budget. Additionally, these agents can explain the benefits of owning a second home.

Bottom Line:

If any of these reasons for owning a vacation home resonate with you, let's connect. There is still time to enjoy the summer in your vacation home.

Posted by

Lance Owens RB-24133
808.936.8383

A Recession Doesn’t Equal A Housing Crisis

Tue, 02 May 2023 18:21:00 GMT

Everywhere you look, people are talking about a potential recession. And if you’re planning to buy or sell a house, this may leave you wondering if your plans are still a wise move. To help ease your mind, experts are saying that if we do officially enter a recession, it’ll be mild and short. As the Federal Reserve explained in their March meeting:

“. . . the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years .”

While a recession may be on the horizon, it won’t be one for the housing market record books like the crash in 2008. What we have to remember is that a recession doesn’t always lead to a housing crisis.

To prove it, let’s look at the historical data of what happened in real estate during previous recessions. That way you know why you shouldn’t be afraid of what a recession could mean for the housing market today.

A Recession Doesn’t Mean Falling Home Prices

To show that home prices don’t fall every time there’s a recession, it helps to turn to historical data . As the graph below illustrates, looking at recessions going all the way back to 1980, home prices appreciated in four of the last six of them. So historically, when the economy slows down, it doesn’t mean home values will always fall.

Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession will be a repeat of what happened to housing then. But today’s housing market isn’t about to crash because the fundamentals of the market are different than they were in 2008. Back then, one of the big reasons why prices fell was because there was a surplus of homes for sale at the same time distressed properties flooded the market. Today, the number of homes for sale is low, so while home prices may see slight declines in some areas and slight gains in others, a crash simply isn’t in the cards.

A Recession Means Falling Mortgage Rates

What a recession really means for the housing market is falling mortgage rates. As the graph below shows, historically , each time the economy slowed down, mortgage rates decreased.

Bankrate explains mortgage rates typically fall during an economic slowdown:

“During a traditional recession, the Fed will usually lower interest rates. This creates an incentive for people to spend money and stimulate the economy. It also typically leads to more affordable mortgage rates, which leads to more opportunity for homebuyers .”

This year, mortgage rates have been quite volatile as they’ve responded to high inflation. The 30-year fixed mortgage rate has hovered between roughly 6-7%, and that’s impacted affordability for many potential homebuyers.

But, if there is a recession, history tells us mortgage rates may fall below that threshold, even though the days of 3% are behind us.

BOTTOM LINE

You don’t need to fear what a recession means for the housing market. If we do have a recession, experts say it will be mild and short, and history shows it also means mortgage rates go down.

Posted by

Lance Owens RB-24133
808.936.8383

Still Waiting For the Bottom To Hit? Look in Your Rear View Mirror

Tue, 25 Apr 2023 19:56:00 GMT

Aloha and welcome to the latest in real estate news and trends. I'm Lance Owens (RS) of LUVA Real Estate, and I'm excited to share insights from our partners at KCM. We're dedicated to keeping you informed about the ever-changing real estate market so that you can make informed decisions. Let's dive into the latest updates. (the chart above is local numbers)

The current state of the housing market is uncertain and constantly evolving. As we head into the spring months, you may have questions about what to expect in terms of inventory, pricing, and mortgage rates. Here’s what industry experts have to say:

According to Selma Hepp, Chief Economist at CoreLogic, competition among buyers is increasing, and housing supply typically grows during the spring. This is also a time when many people are relocating for work or other reasons.

Greg McBride, Chief Financial Analyst at Bankrate, believes that while he doesn't expect significant price changes in a short period of time, the housing market is showing signs of improvement. He notes that a surge in activity with low inventory is a good sign for home prices.

Lance Owens, West Hawaii Association of REALTORS 2018/2022 Board President, notes that the West Hawaii market is heating up again, as seen by the chart below sales hit the bottom in January, sales volume (blue) is up, number of sales is increasing, median price has stayed high, and higher than it was a year ago and inventory has tightened up again with only 87 active FS homes on the market, 13 under a Million and 34 are in the sweet spot of $1-2million, the rest sit between $2-28 million.

Rick Sharga, Founder and CEO of CJ Patrick Company, advises buyers to act quickly if they find a home they love and can afford, as home prices in most parts of the country are not likely to crash. Mortgage rates may also decline only gradually or not at all this year.

Jeff Tucker, Senior Economist at Zillow, notes that the market is still relatively favorable for buyers who can overcome affordability hurdles. However, he cautions that competition for homes may be more intense than expected due to the limited number of homes available for sale.

Bottom line: if you're considering selling your home, now may be an opportune time to do so while inventory is low. For buyers, it's essential to work with knowledgeable advisors to navigate the current housing market successfully. Regardless of your plans, staying informed about market trends and seeking expert advice will help you make confident decisions in this uncertain time.

Posted by

Lance Owens RB-24133
808.936.8383

Why You May Want an Energy-Efficient Home [INFOGRAPHIC]

Fri, 21 Apr 2023 18:54:00 GMT

Some Highlights

Posted by

Lance Owens RB-24133
808.936.8383

Why Aren’t Home Prices Crashing?

Wed, 05 Apr 2023 21:07:00 GMT

Aloha, Lance Owens (RS) with LUVA Real Estate and our partners at KCM, there have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer (not in Kona median price last year $985k, today $1.277m ) . These changes led to a rise in headlines saying prices would end up crashing.

Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:

“ [H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”

You might think sellers would have to lower prices to attract buyers in today’s market, and that’s part of why some may have been waiting for prices to come crashing down. But there’s another factor at play – low inventory (down about 38% on the Big Island) . And according to Yun, that’s limiting just how low prices will go:

“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

That lack of available homes on the market is putting upward pressure on prices . Bankrate puts it like this:

“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”

If more homes don’t come to the market, a lack of supply will keep prices from crashing, and, according to industry expert Rick Sharga, inventory isn’t likely to rise significantly this year:

“I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”

Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn’t going anywhere soon.

With so few homes available for sale today, it’s important to work with a trusted real estate agent who understands your local area and can navigate the current market volatility.

Bottom Line

A lot of people expected prices would crash this year thanks to low buyer demand, but that isn’t happening. Why? There aren’t enough homes for sale. If you’re thinking about moving this spring, let’s connect.

Posted by

Lance Owens RB-24133
808.936.8383

Casa De Emdeko Condo Complex - Part 4 of our Kailua Kona Condo Series

Mon, 03 Apr 2023 19:48:00 GMT

Casa De Emdeko has that charming, old Hawaii feel - oceanfront complex located in Kailua Kona, on the Big Island of Hawaii. Welcome to another complex in our series of Condos' on the Big Island of Hawaii that make for a great second home/vacation rental. This complex features two beautiful swimming pools, one of which is a saltwater pool situated right next to the ocean, offering guests a truly unique swimming experience.

One of the best things about Casa De Emdeko is that they allow short-term vacation rentals, making it the perfect place for those looking for a comfortable and convenient home away from home on their Hawaiian vacation, and for guests when you are renting it out. The complex features a couple of different units, one-bedroom, and two-bedroom. Each unit is equipped with all the necessary amenities, including a fully equipped kitchen, air conditioning, cable TV, and high-speed internet. Most units have been updated and upgraded from the original configuration.

The central location of Casa De Emdeko means that guests have easy access to all of the fantastic attractions that Kailua Kona has to offer. This includes the historic “village” area, where visitors can explore the many shops, restaurants, and galleries. There are also plenty of outdoor activities to enjoy in the surrounding area, such as snorkeling, scuba diving, world class fishing, golf, and hiking.

For those looking to relax and unwind, Casa De Emdeko is the perfect place to do so. Guests can lounge by the pool, soak up the sun, and take in the stunning ocean views. There are also plenty of BBQ facilities available for guests to use, making it easy to prepare a delicious meal to enjoy with family and friends.

In conclusion, Casa De Emdeko is an excellent choice for anyone looking to own a comfortable and convenient vacation rental on the Big Island of Hawaii. With its oceanfront location, beautiful swimming pools, and central location in Kailua Kona, this complex offers everything you need for an unforgettable Hawaiian vacation.

Posted by

Lance Owens RB-24133
808.936.8383

Cesspool Conversion Law Update In Hawaii

Fri, 31 Mar 2023 21:03:00 GMT

Nobody wants to be swimming in an ocean of full of wastewater, so let's take a look at what to expect in 2023 with several of the cesspool bills bouncing around still. here is an update on a couple that will have the greatest effect on homeowners:

SB428: Requires each county to develop a comprehensive integrated wastewater management plan and financial strategy. Requires each county to submit its respective plan and financial strategy to the Legislature. This bill was deferred but it will be introduced as a "resolution" which will achieve the same end results

SB426: Requires priority level 1 cesspools to be upgraded, converted, or connected before 1/1/2035, with certain exceptions, and priority level 2 cesspools to be upgraded, converted, or connected before 1/1/2040, rather than before 1/1/2050. Specifies that no penalty or other assessment for any violation shall constitute a lien on the real property and no seizure of property shall be authorized for any violation.

We fondly refer to this bill as the "Paper Tiger". Despite numerous modifications, the latest version renders it unenforceable. As a result, I doubt it will gain any traction among legislators. I have volunteered to explain the potential impacts on home sales and lending several times, but have not received any significant response. I have first-hand experience in selling homes during the shutdown of gang cesspools and understand the implications of non-compliance with environmental regulations. I would be happy to offer guidance on developing a bill that is actually effective. Please feel free to contact me.

On a positive note, I recently participated in an interview with the Grassroot Institute of Hawaii. In the interview, I discuss a few reasons why the current bills are ineffective and suggest better alternatives. ( SEE SLIDES BELOW TO UNDERSTAND VIDEO BETTER)

Posted by

Lance Owens RB-24133
808.936.8383

Excited To Be Featured In "12 Home Renovations That Don't Add Value"

Wed, 29 Mar 2023 06:22:00 GMT

If you’ve been considering selling your home, you may be wondering which home improvements you should tackle to increase your home’s value before it goes on the market. While there are many home renovations that can add appeal to your home, it’s important to know which projects will increase your property value and which won’t.

That’s why Redfin has reached out to real estate professionals like me to help you determine which home improvement projects are worth your investment. Check out my insight on 12 Home Renovations That Don’t Add Value (and What to Do Instead) .

Posted by

Lance Owens RB-24133
808.936.8383

Hawaii STVR (TAR): "Vacation Node", What Is It? News for Hawaii Vacation Rentals

Wed, 22 Mar 2023 18:57:00 GMT

Hey, forget about picturing yourself lounging on a Hawaiian beach - we're talking "Vacation NODE" here (not MODE). You know, that thing that nobody seems to be able to explain. Well, it's the latest proposal from the Hawaii County Council Members and honestly, it's got me shaking in my slippahs (flip-flops) .

I mean, have you ever been to a parade and seen the clowns throwing candy to the kids? That's basically what's happening as this draft gets added to the new TAR bill (which, by the way, is on its 4th draft and hasn't been released yet). They're saying not to worry about losing your "hosted rental" status - just get it designated as a "vacation node." But let's be real, rezoning your property can take years and it's not a common occurrence. Plus, you might be giving up current property rights for something you'll never actually get.

Oh, and don't forget the "ke anuenue ma luna o ke kukui" (*) , even if you do manage to get your property rezoned, the Director or Council can just take it away at any time. Yikes! I'll share the full section of the draft with you below, but let's just say I'm not feeling too optimistic about this whole "vacation node" thing. Please, take 2 minutes and reach out to your local council members and ask them to stop this nonsense.

Hawaii County Council Directory

Here is the actual draft section:

“Division 7. Vacation Nodes.

Section 25-6-70. Purpose.

The purpose of a vacation node is to provide a mechanism to designate a particular area as a suitable location for transient accommodation rentals in areas not included in section

25-4-16(a). Creation of this vacation node designation is intended to spare transient accommodation rental operators from the requirement that they file for a nonconforming use certificate.

Section 25-6-71. Criteria for establishing a vacation node.

(a) A vacation node may be granted if the following criteria are satisfied:

(1) The proposed amendment is consistent with the State land use boundary urban designation;

(2) The parcel or parcels affected are suitable for designation as a vacation node and the designation will not conflict with any existing uses or designations;

(3) The proposed vacation node designation will not place a substantial burden that would compromise the use of existing public infrastructure or services; and

(4) The proposed designation will not negatively impact surrounding residents or the environment in the form of noise, light, air, soil, or water pollution.

(b) Preference for designating an area as a vacation node shall be given to areas that:

(1) Are underserved by hotel and resort facilities and do not have undeveloped and appropriately zoned properties within a fifteen mile radius;

(2) Where one-third of the transient accommodation rentals do not conform to the regulations for the zoning district in which they are located;

(3) Are proximate to outdoor or commercial recreational facilities, such as: beaches; County and National Parks; golf courses; event venues; and similar facilities.

Section 25-6-72. Who may initiate establishment of a vacation node.

Requests to establish a vacation node may be initiated by the director, council, or a property owner or their designee.

Section 25-6-73. Request initiated by the director.

(1) The director shall submit the proposal to the commission with the director’s recommendations, and justifications for the director’s recommendations for the commission’s review and recommendation.

(2) The commission shall conduct and complete at least one public hearing on the proposal within sixty days from the date of receipt of the proposal from the director. Notice of the hearing by publication shall be provided by the commission in accordance with section

25-2-5.

(3) The commission shall transmit the director’s proposal together with its recommendations through the mayor to the council within thirty days from the close of the hearing. The commission shall recommend approval in whole or in part, with or without modifications, or rejection of such proposal.

(4) In the event that the commission fails to act on the proposal within the thirty day period from the close of the hearing, such inaction shall be considered to be an unfavorable recommendation by the commission. The amendment shall then be submitted through the mayor to the council with such unfavorable recommendation.

Section 25-6-74. Request initiated by the council.

Council initiated process.

(1) The council shall refer any council-initiated proposal to establish a vacation node to the director and the commission with requests for their respective comments and recommendations thereon, prior to the first reading of any such amendment.

(2) The director and the commission shall each submit comments and recommendations on the proposed amendment to the council within one hundred twenty days from the date that the amendment is transmitted by the council.

(3) Within the one hundred twenty day review period:

(A) The director shall submit comments and any recommendations to both the commission and the council;

(B) The commission shall hold at least one public hearing on the proposed amendment;

(C) The commission shall transmit the proposed amendment together with its recommendation thereon through the mayor to the council. The commission shall recommend approval in whole or in part, with or without modifications, or rejection of such amendment.

(4) If the commission fails to act on the amendment within the one hundred twenty day review period, such inaction shall be considered to be an unfavorable recommendation by the commission. The amendment shall then be submitted through the mayor to the council with such unfavorable recommendation.

Section 25-6-75. Request initiated by a property owner.

(a) A property owner or their designee, may apply to establish a vacation node on a form prescribed by the director. The application shall be accompanied by:

(1) A filing fee of $500;

(2) A description of the vacation node in sufficient detail to determine its precise location;

(3) Maps and a plot plan of the vacation node, drawn to scale;

(4) A statement of the reasons for granting the request;

(5) A list of elements of the general plan and community development plan that are relevant to establishment of the proposed vacation node; and

(6) Other supportive information, and any other information necessary to a proper determination relative to the request.

(b) Upon receipt of a properly filed and completed application, the director shall have one hundred twenty days to take one of the following actions:

(1) Reject the application to establish a vacation node; or

(2) Initiate the process to establish a vacation node.

(c) If the director rejects an application to establish a vacation node pursuant to subsection (b), the applicant may submit a request to the council to initiate an application to establish a vacation node on the applicant’s behalf.

(d) If the council declines the applicant’s request to initiate an application on the applicant’s behalf pursuant to subsection (c), the applicant may not submit the same or a substantially similar application for consideration within one year following such denial, unless the applicant submits significant new data or additional reasons that the director determines to be a sufficient basis to consider a new application.

Section 25-6-76. Action on a proposal to establish a vacation node.

(a) Within ninety days following the close of the public hearing or public hearings as the case may be, or within such longer period as agreed to by the director, the commission shall transmit its recommendations regarding the application to the council. The commission’s recommendations shall be accompanied by a statement of factual findings supporting the decision.

(b) In considering any proposal to establish a vacation node, the council may issue its approval subject to conditions on the applicant for the vacation node. The conditions imposed by the council shall bear a reasonable relationship to the purpose on the vacation node project designation.

Section 25-6-77. Revocation of a vacation node.

Revocation of a vacation node can be initiated at any time by the planning director or the council.

SECTION 6. Sections 25-1-5, 25-5-3(a)(13); 25-5-22(a)(15); 25-5-32(a)(18);

25-5-42(a)(24); 25-5-92(a)(32); 25-5-102(a)(35); 25-5-112(a)(52); and 25-5-122(a)(45), Hawai‘i County Code, are amended by substituting the word “transient accommodation rental”, or similar term, wherever the word, “short-term vacation rental”, or similar term, appears, as the context requires.

SECTION 7. Material to be repealed is bracketed and stricken. New material is underscored. In printing this ordinance, the brackets, bracketed and stricken material, and underscoring need not be included.

SECTION 8. Severability. If any provision of this ordinance, or the application thereof to any taxpayer or circumstance, is held invalid, the invalidity does not affect other provisions or applications of the ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are severable.

(*) "the rainbow above the candlenut tree" or you may know it better as the icing on the cake.

Posted by

Lance Owens RB-24133
808.936.8383

Real Estate in Kailua Kona, Hawaii, with Lance Owens (RS), Kimi Nagatoshi (RS) and LUVA Real Estate

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