Category Archives: Kauai Real Estate

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Construction begins for new grocery-restaurant hybrid in Kauai’s Kilauea Lighthouse Village

By   – Reporter, Pacific Business News

Construction has begun for the 12,700-square-foot Kilauea Market + Café in the Kilauea Lighthouse Village on Kauai, a new grocery-restaurant hybrid from the Sullivan Family of Companies’ Kalama Beach Corp.

The Sullivan Family of Companies also owns the Foodland and Food Pantry stores in Hawaii.

The Kilauea Market + Café will anchor the 43,000-square-foot Kilauea Lighthouse Village, a neighborhood center in historic Kilauea Town, which is under construction and expected to be completed by the end of the year.

Hunt Cos. is the developer of the center, which broke ground in September 2016.

The Kilauea Market + Café, designed by architects G70, is expected to open in May.

The store will feature specialty, gourmet and traditional grocery items, as well as a coffee bar, an in-store dining and seating area, and made-to-order foods from an in-store kitchen.

“Our team is excited to have the opportunity to bring a new grocery shopping experience to Kilauea,” Vernon Ikebe, vice president of sales and operations for the Kalama Beach Corp. said in a statement. “Kilauea Market + Café will be a fun place for visitors and residents to enjoy favorite foods, sip a glass of wine, pick up a delicious snack or discover fresh local products – a place where the community can gather.”

Other Kilauea Lighthouse Village tenants expected to open in the first half of 2019 include Island Soap & Candleworks; Kai Bar Coffee Roasters; Kauai North Shore Animal Clinic, a full-service veterinary practice focusing on small animals; Wailua Shave Ice; and Wyland Galleries.

Vote No for the Constitutional Amendment

In this year’s General Election on November 6, Hawaii voters will be asked to decide on a proposed constitutional amendment that would give the legislature the authority to create one of the largest tax increases in Hawaii’s history.  This change will affect all Hawaii residents and visitors. 

The ballot question reads:

“Shall the legislature be authorized to establish, as provided by law, a surcharge on investment real property to be used to support public education?”

While the proposed intent is to help our public schools, this tax (they call it a surcharge) will pull $500 million+ out of our local economy every year and raise the cost of living for everyone in our state.  It will cripple the County’s ability to raise further funds for County services and infrastructure.  This New Property Tax will increase the cost of living and affects all investment properties in Hawaii – residential, commercial and agricultural – regardless of their value. The impact will be felt not just by local property owners, but by the people and businesses who rent from them. The result will be higher residential rents and business leases and an increase in the cost of goods and services.  Click on the URL below to learn more.  You owe it to yourself to understand the facts about this constitutional amendment before you vote.

CLICK HERE

JUST LISTED

Oceanview Estates has it all, location, views, and space

$1,530,000 5 BD/ 6 BA 2.49 Acres

This substantial Ocean view home, elevated above Kapaa town, is ideally located close to the Kapaa bypass, making it possible to avoid the Kapaa traffic for a Lihue commute. Built in 2004, the home offers acreage in a newer neighborhood providing a rural atmosphere yet just a mile or so from town.

CLICK HERE TO READ MORE

6 Ways Home Buyers Mess Up Getting a Mortgage

Getting a mortgage is, by general consensus, the most treacherous part of buying a home. In a recent survey, 42% of home buyers said they found the mortgage experience stressful, and 32% found it complicated. Even lenders agree that it’s often a struggle.

A lot can go wrong, says Staci Titsworth, regional manager at PNC Mortgage in Pittsburgh.

If you’re out to buy a home, you have to be vigilant. To clue you into the pitfalls, here are six of the most common ways people mess up getting a mortgage.

Related Articles

  • What Is a Mortgage? Your Go-To Guide to Getting a Home Loan
  • Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?
  • Is a Mortgage Pre-Approval Letter Necessary to Make an Offer on a House?

    Waiting until you can make a 20% down payment
    A 20% down payment is the golden number when applying for a conventional home loan, since it enables you to avoid paying private mortgage insurance (PMI), an extra monthly fee of 0.3% to 1.15% of your total loan amount. But with mortgage rates where they are todayin a word, lowwaiting for that magic 20% could be a huge mistake, since the more time passes, the higher mortgage rates and home prices may go!

    All of which means it may be worth discussing your home-buying prospects with lenders right now. To get a ballpark figure of what you can afford and how your down payment affects your finances, punch your salary and other numbers into a home affordability calculator.

    Meeting with only one mortgage lender
    According to the Consumer Financial Protection Bureau, about half of U.S. home buyers only meet with one mortgage lender before signing up for a home loan. But these borrowers could be missing out in a big way. Why? Because lenders’ offers and interest rates vary, and even nabbing a slightly lower interest rate can save you big bucks over the long haul.

    In fact, a borrower taking out a 30-year fixed rate conventional loan can get rates that vary by more than half a percent, the CFPB has found. So, getting an interest rate of 4.0% instead of 4.5% on a $200,000, 30-year fixed mortgage translates into savings of approximately $60 per month, or $3,500 over the first five years.

    So to make sure you’re getting the best deal possible, meet with at least three mortgage lenders. Youll want to start your search early (ideally, at least 60 days before you start seriously looking at homes). When you meet with each lender, get what’s called a good-faith estimate, which breaks down the terms of the mortgage, including the interest rate and fees, so that you can make an apples-to-apples comparison between offers.

    Getting pre-qualified rather than pre-approved
    Mortgage pre-qualification and mortgage pre-approval may sound alike, but theyre completely different. Pre-qualification entails a basic overview of a borrowers ability to get a loan. You provide a mortgage lender with informationabout your income, assets, debts, and creditbut you don’t need to produce any paperwork to back it up. In return, youll get a rough estimate of what size loan you can afford, but it’s by no means a guarantee that you’ll actually get approved for the loan when you go to buy a home.

    Mortgage pre-approval, meanwhile, is an in-depth process that involves a lender running a credit check and verifying your income and assets. Then an underwriter does a preliminary review of your financial portfolio and, if all goes well, issues a letter of pre-approvala written commitment for financing up to a certain loan amount.

    Bottom line? If you’re serious about buying a house, you need to be pre-approved, since many sellers will accept offers only from pre-approved buyers, says Ray Rodriguez, New York City regional mortgage sales manager at TD Bank.

    Moving money around
    To get pre-approved, you have to show you have enough cash in reserves to afford the down payment. (Presenting your mortgage lender with bank statements is the easiest way to do this.) Nonetheless, your loan still needs to go through underwriting while you’re under contract for your loan to be approved. Because the underwriter will check to see that your finances have remained the same, the last thing you want to do is move money around while youre in the process of buying a house. Shifting large amounts of money out or even into your accounts is a huge red flag, says Casey Fleming, mortgage adviser and author of “The Loan Guide: How to Get the Best Possible Mortgage.”

    So if you’re in contract for a home, your money should stay put.

    Applying for new lines of credit
    If you apply for a new credit card or request a credit limit increase a few months before closing, watch out: Credit inquiries ding your credit score by up to five points. So, dont let the credit inquiries add up.

    “Worse than the actual hit on your credit score is any pattern of trying to borrow more money all at once, says Glenn Phillips, CEO of Lake Homes Realty. Translation: Applying for multiple lines of credit while youre buying a house can make your mortgage lender think that youre desperate for moneya signal that could change your mortgage terms or even get you denied altogether, even if you’ve got a closing date on the books.

    Changing jobs
    Mortgage lenders like to see at least two years of consistent income history when pre-approving a loan. Consequently, changing jobs while youre under contract on a property can create a big issue in the eyes of an underwriter.

    Your best bet? Try to wait until after you’ve closed on your house to change jobs. If you’re forced to switch before closing, you should alert your loan officer immediately. Depending on the lender, you may simply need to provide a written verification of employment from your new employer that states your job status and income, says Shashank Shekhar, the founder and CEO of Arcus Lending in San Jose, CA.

    For more smart financial news and advice, head over to MarketWatch.

    Daniel Bortz is a Realtor in Maryland, Virginia, and Washington, DC. He has written for Money magazine, Entrepreneur magazine, CNNMoney, and more.