City Planners and Developers are staying the course with various projects, despite the current economy. For one, City planners still plan to break ground on the Kapolei-to-Ala Moana commuter rail line next year. Their expectations are that the nineteen stations will draw retail and residential development to the area. Supporters of the 20-mile rail line highly anticipate that these stations will become the center for many kinds of development, since railroad development has historically augmented community development activity. 

Homebuilder D.R. Horton of Fort Worth, Texas is currently developing East Kapolei’s enormous planned community named Ho’opili. Despite the current economic mood, they are planning to begin construction in 2011. In all, the company would like either commercial or residential development  to blossom near the planned train stations. The Salvations Army’s $103,000,000 Ray and Joan Kroc Corps Community Center is proceeding full-force ahead. This community center, opening in 2010, will house a worship and performing arts theatre, a fitness center, a gym and aquatic facility. Both Kapolei I, which is the construction of about 103 homes beginning next year, and  East Kapolei II, which will consist of 1,000 homes. is set to start in 2010. Ka Makana Ali’i, the 1.6 million square foot shopping center with a 300 room hotel, is going forward with their project as well. All excellent signs of hope for our slowing economy!

For more information about Kapolei Real Estate please contact John Riggins.

When congress put together their new Economic Stimulus Package of 2008, it helped Fannie Mae, Freddie Mac and FHA raise their conforming loan limits in high cost areas. But they forgot a very important loan - the VA backed loan. This oversight was not intentional, probably just the result of lawmakers not fully understanding the situation. This oversight was caught immediately by Hawaii Senator Daniel K. Akaka, who also happens to be the Chairman of the Veterans’ Affairs Committee.

His floor statement introduced a bill that in summary stated that the VA Home Loan Guaranty was part of a GI Bill written in 1944. President Franklin D. Roosevelt signed it into law to provide veterans with a federally guaranteed home loan with no down payment. Millions of returning veterans have been able to live their dream of home ownership and start their new lives following service with the assistance of the federal government. However, the new economic stimulus package temporarily increased loan guarantee benefits only to Freddie Mae, Freddie Mac and FHA, without  naming the VA Home Loan program. This raised their limits to close to $730,000 in the highest cost areas, while the VA limit remained $417,000. This piece of legislation is attempting to correct this oversight, as well as extend said temporary increase through December 31, 2011. This inclusion and extension will allow many more veterans to utilize their VA benefits. If supported, the VA expects that this measure could increase the number of loans given to be approximately 4,300, through the year 2011.

For more information on Kapolei Real Estate please contact John Riggins.

Many changes have occurred in the last six months with respect to financing a home. Many lenders are making it more difficult for buyers to obtain loans by increasing their credit score requirements as well as their down payment requirements. In addition to this, many mortgage insurance companies are making it more difficult than ever to obtain private mortgage insurance (PMI) without a down payment. For most buyers this means the good old days of  "No Down Payment Loans" are over. Luckily for Veterans, nothing has changed! Right here in Hawaii, if your loan is no more than $625,500 you will not have to put any money down and as always, no PMI is ever required for VA loans. 

Paying Points: If you are unclear about this aspect of your loan please read on. A "point" is an upfront fee that you pay at closing to reduce your interest rate. It is always 1% of your loan amount. Paying points depends upon on your own personal situation. If you do decide to pay a point or more, you will obviously increase your closing costs. If you can afford to pay one or more points at closing time, then you are in the enviable position of having lowered your rate. This is particularly beneficial for you, if you plan to stay in your home for more than five years. Five years is the average amount of time it takes to recoup the cost of paying said points. Good Luck!

For more information about Kapolei Real Estate please contact John Riggins.

One feature that is definitely at the forefront of all other trends for developers is energy efficiency. With skyrocketing fuel prices and the desire to "go green", this year’s "Parade of Homes" is definitely reflecting the industry’s trend towards finding and implementing ways to conserve energy. The Building Industry of Hawaii’s Parade of Homes, held this past weekend as well as this coming weekend Saurday, October 18th and Sunday, October 19th, from 10 a.m. to 5 p.m.

 The number one feature that is available in most every home at the parade is the solar water heater. Under a new mandate that was signed into law this year, all homes built in 2010 and after must install solar water heaters as a standard feature. The builders participating in this year’s Parade are so forward-thinking that they go a step beyond that by adding solar photovoltaic systems, Energy Star appliances, dual pane Low E windows, Icynene cell insulation and energy-efficient air conditioning. Developers participating in the Parade may be awarded from one to three stars for the "green" features in their homes. Some of the entries are being marketed as "Hybrid Homes" and are as much as 50% more energy efficient. Many of these builders are making homebuyers aware that when they purchase a home they must also look at the cost of owning that home, and that with all of these energy-saving features in place, they will!

For more information about Kapolei Real Estate please contact John Riggins.

Hawaii Self Storage has completed its fifth self-storage facility and are planning to celebrate its opening in style. The Family Fun Festival will be held on Friday, October 24th, Saturday, October 25th and Sunday, October 26th from 5 p.m. to 9 p.m. at 488 Kamokila Boulevard in Kapolei. All money made will be given to the Kalaeloa Homeless Shelter, Kapolei High School and the Kapolei Public Library. Sponsors for this fun event include Price Busters, Central Pacific Bank, Aloha Clowns, Ace Hardware and Absolute Rentals.

 Come and experience the "Spooky Trail", run by Kapolei High School’s Drama Department, Kapolei Interact and Leo Clubs. It has eight scenes that you have to go through in the storage center. Luckily for kids a bit nervous about ghosts and goblins, the trail is designed for elementary school aged children. There will be a $2 minimum donation request to experience the "trail". Also there will be "Kid’s Zone", run by Waianae High School’s student government. Many games will be on hand such as pumpkin decorating, Mr. Safety coloring contests, fishing for spooks and pumpkin bowling. There will be a $5 fee to play all eight games. Lastly, there will be a free Costume Contest. At 7:30 each night, reveler’s costumes will be judged and the winners will take home prizes for "scariest costume" and "cutest costume".

For more information about Kapolei Real Estate please contact John Riggins.

Well, here is one way to help stimulate the city’s economy…by signing into law three zoning measures to expand development in Kapolei.That is just what Honolulu’s Mayor Mufi Hannemann did yesterday. This new project will add at least 7,500 new jobs to the area and will surely stimulate the economy, ensuring bright horizons for Kapolei residents.

 All told, 6,500 homes and businesses will be constructed into these three new developments. All together this new development will be called "Western Kapolei."  Kapolei Property Development believes that Kapolei symbolizes hope for the future. Their goal is to help offer the children of Kapolei a reason to stay here and build their lives here, through quality education, quality jobs and quality homes. Kapolei Property Development is anticipating breaking ground on this project in the next three years. The total cost of the development will be close to three billlion dollars and could take close to twenty years to complete.

For more information about Kapolei Real Estate contact John Riggins.

An immaculate, corner unit Kapolei Townhouse is currently available for sale at $625,000. This Ewa Plain area townhouse is located at 92-1170 Olani Street, Unit 50-3. Built in 2004, said townhouse has a total of two bedrooms and two full bathrooms. This ground floor unit contains a total of 1,279 square feet of living space on a single story.

 Located in the lovely Ko Olina neighborhood, ownership of this townhouse will afford you some amazing benefits. You will have use of the community boat facilities, the community clubhouse, the community excercise area, the lovely community swimming pool shown above, as well as use of the community tennis courts. The interior features of this townhouse include ceramic tile flooring, a chandelier, a clothes dryer, a clothes washer, a dishwasher, a disposal, a microwave oven, a range and oven, a refrigerator, window treatments, security features and it comes partially furnished. Its exterior features include one covered parking space located in the garage, and one open parking space for guests. Available for your enjoyment is an outdoor BBQ/grill, a patio, cable TV availablility and a garden view. The Elementary School is Barbers Point, the Junior High School is Kapolei Junior High School and the High School is Kapolei High School.

For more information about Kapolei Real Estate please contact John Riggins.

The Ninth Annual "Taste at Kapolei" is being held on October 4th from 5:30-9:00 p.m. at  Ko Olina Resort and Marina’s Ulua Lagoon 4. Tickets are $75 for adults and $35 for children aged 7 - 12. Children 6 and under are free. The event features sampling booths from twenty restaurants, all beverages included, entertainment, a silent auction, a country market, a children’s play area as well as a fireworks display by the very same company that produced the Beijing Olympic firework displays.

 The Kapolei Rotary Club is running the event this year through the Rotary District 5000 Foundation. This wonderful community event has snagged American Express Publishing as its title sponsor. All of this year’s proceeds are going to help support the following:

• 1. Leeward High School’s culinary arts and digital media field programs
• 2. Rotary Club’s community service clubs including Early Act and Interact
• 3. Workforce programs for West O’Ahu residents through Ko Olina charities
• 4. Funding for local grassroots community organizations

For more information about Kapolei Real Estate contact John Riggins.

With so many projects currently under construction and so many due to start next year in the City Of Kapolei, there will be a huge surge in the amount of jobs available to the residents of Hawaii. Currently, Kapolei Commons, Kapolei Judiciary Complex and Costco are under construction. Other projets that are starting within the next year are a brand new Wal-Mart, which is to be located near the H-1 Freeway entrance at the corner of Farrington Highway and Fort Barrett Road. Avalon Development Company will also begin the first phase of its office/retail building, which is to be named the "Kapolei Pacific Center".

 Their primary building will be a whopping 40,000 square feet, which will house retail stores on its first floor, retail and offices on its second floor while its third floor will be fully dedicated to office spaces. Its location will be next to the Kapolei Library on Manawai Street. Avalon Development Company is also planning to buy a 2.7-acre parcel of land next to the Kapolei Pacific Center property, which has already been zoned for a business-mixed use. In addition to all of this progress, Maryl Group plans to begin the first phase of its office-retail project. This one will be located diagonally across from the State Office Building. Their plan includes a building higher than any other there: ten stories!

For more Kapolei Real Estate Information click here. 

If you are a Veteran or an enlisted person who is interested in buying, building, renovating or making energy-efficient upgrades you should check to see if you are eligible for a VA Home Loan. This benefit is one of the greatest things offered to you as someone who has served, or is currently serving our country. You deserve it and have earned it!

 Many of the benefits of a VA Home Loan include:

• No down payment
• No pre-payment penalites
• No Private Mortgage Insurance
• Your closing costs can be financed right into the loan
• Generally accepted maximum loan amount is $417,000, but may be higher in Alaska and Hawaii
• Loan can be used to refinance your home with a lower interest rate

To become eligible for a VA loan you must first obtain a Certificate of Eligibility. Some eligibilty requirements would be your service in either WWII, the Korean conflict, Vietnam, the Gulf War, Iraq/Afghanistan, the Selected Reserves or the National Guard. Also, you may be eligible if you were discharged for a service-connected disability or received an honorable discharge. There are several specifics related to dates and types of service. Many VA approved lenders have access to the VA database, and can approve your eligibility in just seconds. If your lender does not have this access, you can find and download the eligibility form off of the government website and mail it to the Winston-Salem Eligibility Center. In Hawaii you may contact Yvonne Perez of the VA Loan Guaranty Division at the Veterans Administration, near Tripler Army Medical Center. For more information about VA Home Loans click here.

For more information about Kapolei Real Estate please contact John Riggins.