Furnished condos

[tutusue]

Re: Furnished condos

Naw, I think that was some "flipper" attempt to jack the price. The assessor shows the last sales price in 2004 at $432,000.
[...]

Interesting because the Honolulu property tax web site shows the last sale recorded on 8/6/07...but with no price shown. It also shows the sales in 2004 and 2000. I wonder which site is in error.

[honobob]

Re: Furnished condos

Interesting because the Honolulu property tax web site shows the last sale recorded on 8/6/07...but with no price shown. It also shows the sales in 2004 and 2000. I wonder which site is in error.

Well the assessor site is just showing a deed of conveyance. not necessarily a sale. I'm sure it's easier to report a "sales" price to MLS without tax/capital gains consequences than it is to a public agency. That's why I think it's a flipper trying to "report" a higher "sales" price either to work a refinance or justify a higher asking price. They had it listed at $729 and "sold" quickly for $707. I can see that kind of maneuver in 2007.

[tutusue]

Re: Furnished condos

Well the assessor site is just showing a deed of conveyance. not necessarily a sale. I'm sure it's easier to report a "sales" price to MLS without tax/capital gains consequences than it is to a public agency. [...]

But...isn't the property tax office/site a public agency? Once it shows up in the tax records doesn't that mean it's recognized as a legitimate sale or transfer? I guess I'm confused.

[anapuni808]

Re: Furnished condos

Question: if there wasn't a sale, why would you need a deed of conveyance? that document is used to "convey" ownership of a property from one entity to another.

[tutusue]

Re: Furnished condos

Question: if there wasn't a sale, why would you need a deed of conveyance? that document is used to "convey" ownership of a property from one entity to another.

Good point. Does a quitclaim deed show up as a deed of conveyance on tax records? Don't need a traditional sale for a quitclaim deed.

[anapuni808]

Re: Furnished condos

I don't think a sale is required for a quitclaim which means just that - you are "quitting" any claim to the property. A conveyance deed is used to transfer legal title in a property. at least this is the way i understand it - I could very well be wrong.

but, speaking as a notary who has stamped many, many sets of loan documents - they all had quitclaim deeds.

[tutusue]

Re: Furnished condos

I don't think a sale is required for a quitclaim which means just that - you are "quitting" any claim to the property.[...]

Correct. I'm aware of one condo in Makaha that was continually transferred back and forth between husband and wife...depending on who was in the most trouble at the time! Those transfers involved quitclaims. I'm curious if these transfers show up as deeds of conveyance on tax records or if another term is used.

[anapuni808]

Re: Furnished condos

a quitclaim deed is sort of like saying "you take it, I won't fight you for it". A deed of conveyance requires that a quitclaim deed be included in the documents for a real property sale. the quitclaim is acknowledging that there is no dispute over the transfer of title. the conveyance deed is what transfers the title to the property. the quitclaim deed has very precise legal descriptions of the property including location, measurements, survey lines etc.

did you know that the state of hawaii can't legally sell any of the lands they acquired at statehood? a quitclaim deed was never made - so there is no legal title to the lands. a reputable title company will not insure the sale. without title insurance which guarantees that title is clear, a deed of conveyance can't be filed. most sales only do a title search back 10-20 years rather than all the way back to original title in 1893. and that includes your condos too!

if you have copies of your own loan docs - take a close look at them. they are very interesting.

[honobob]

Re: Furnished condos

But...isn't the property tax office/site a public agency? Once it shows up in the tax records doesn't that mean it's recognized as a legitimate sale or transfer? I guess I'm confused.

Generally a Recorders Office just records whatever is brought to them. That's why you do a title search to determine legitimate claims.

My experience has been with people trying to inflate a "sales" price to get cash through a mortgage or refi. I've also seen it used to get someone to overpay for a property. That's why I cringe when I hear someone say they got a property 20% below asking or 20% less than the last sale. Twenty percent off a property overvalued 40% is not a deal. You should always base your offer on current comps.

Below is a recent example of how people recorded documents to take "ownership" of several properties.
http://articles.sfgate.com/2010-03-2...co-dark-prince

[honobob]

Re: Furnished condos

Well that property sold for full asking price of $659,000! Just like the last two bedroom for sale. It was bought in 2000 for $310,000 so that's about 8% compounded appreciation per year over ten years. Not a bad investment for selling during a recession.


http://oahure.com/details.php?M0=100...&OneProperty=Y

Dang, that unit is in escrow already!

http://www.oahure.com/MLSNUM1006871P2

And the rental is gone also! And to think there were people who wouldn't listen when I tried to turn them on to a good area a few years back. Some people are too busy talking to listen. Maybe the ignore function doesn't seem like such a good idea now, if it ever was.

[honobob]

Re: Furnished condos

After seeing all these quick sales at full price I was curious in the difference in appreciation rates between tourist areas and suburban areas. In this case it is 32%! I guess it could also be a factor of how close to the beach or just more affluent area over middle class tract homes.


The median home cost in Honolulu (zip 96815) is $462,000. Home appreciation the last year has been 21.00 percent.

http://www.bestplaces.net/zip-code/H...aii-96815.aspx

The median home cost in Mililani Town is $366,990. Home appreciation the last year has been -10.98 percent.

http://www.bestplaces.net/city/Milil...wn-Hawaii.aspx