— SPONSORED (主催者) by —
Hawaii Tax Institute Foundation & Chaminade University of Honolulu
NOVEMBER 4-7, 2019
2019 年 11 月 4 日 – 11 月 7 日
November 5th, 2019 (2019 年 11 月 5 日) Event Sponsored by:
List Sotheby’s International Realty
SHERATON WAIKIKI RESORT, HONOLULU, HAWAII
2255 KALAKAUA AVENUE, HONOLULU, HAWAII 96815
2255 カラカウア·アベニュー ホノルル·ハワイ 96815
Aloha and welcome to one of the nation’s premiere tax and wealth transfer conferences. Practitioners interested in keeping abreast of the latest developments in tax and wealth transfer education are certain to welcome the opportunity to participate in the 56th Annual Hawaii Tax Institute sponsored by the Hawaii Tax Institute Foundation and Chaminade University of Honolulu. This year’s program provides unparalleled education and professional development opportunities delivered by a diverse and distinguished faculty of recognized tax and wealth transfer authorities with a positive approach to current and practical subjects. While the Institute is designed primarily to serve as a forum where tax and wealth transfer oriented people may freely exchange ideas on practical problems, professional status is not a prerequisite for registration. This program is designed for attorneys, accountants, financial planners, planned giving professionals, bank and trust administrators, insurance agents, elder law specialists, non-profit administrators, wealth management professionals, enrolled agents, educators, and others who would benefit from high quality continuing education. The highest level of learning has been the hallmark of prior Institutes and we shall endeavor to again maintain this standard.
ハワイ·タックス·インスティテュート·ファンデーション及びシャミナード·ユニバーシティ·オブ·ホ ノルルは、米国において資産のトランスファーがどのように行われているか学びたいと思われ ている日本のあらゆる専門家の皆様を、日米·アライアンス·プログラムにご招待致します。 このプログラムは、優秀なスピーカーの方々の広範囲に亘る経験を基に前向きで実践的なア プローチが融合されています。 本インスティテュートは、主として、税と資産譲渡に深く関心を寄せている人達が自由に実践的 な課題についてアイデア交換できるフォーラムになるよう企画されていますが、専門家資格は 登録要件ではありません。本プログラムは、高品質の継続的な教育と経験から利益を得るであ ろう弁護士、会計士、投資計画者、銀行員·信託管理者、 保険業者、NGO関係者、税金エンロール ド·エージェント、その他の方々のために企画されています。高レベルのプログラム内容がこれ までのインスティテュートの特徴でありますが、そのスタンダードを維持するようこの日米·アラ イアンス·プログラムを計画して参りました。 プログラムの説明·詳細につきましては、www. hitaxinstitute.orgをご覧下さい。
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The National Association of REALTORS® recently estimated how the new tax law will impact home prices in 2018. The new tax law reduces the limit on deductible mortgage debt and limits the deductibility of the real estate tax up to $10,000. A higher standard deduction may also lessen the incentive to purchase a home, as fewer consumers will utilize mortgage interest and property tax deductions. The current state of the housing market will also influence home prices, largely shaped by supply and demand.
Home prices in Hawaii are expected to increase by 1.7% considering the tax impact, current market conditions, interest rate effect, and the employment and construction momentum.
According to Federal Housing Finance Agency, home prices in Q3 2017 rose by 4.6%. Assuming similar conditions, prices will likely move similarly.
The average interest paid for a 30-year fixed rate mortgage:
$750K mortgage > $15,170
$1M mortgage > $20,220
A homeonwer with a $1M mortgage can deduct $5,050 less from the taxable income. At a 25% marginal rate, this means that s/he will lose out $1,264 from the potential savings after claiming the MID. The number of homes with a mortgage and value between $750K and $1M is:
However, not all of these homeonwers claimed the deduction. For that reason, we calculated the qualifying income for each home value bracket. Then, we applied to each bracket, the share of taxpayers who claimed the MID for the specific income based on IRS data. For instance, the qualifying income for a home with a value $750K is $139,300. Based on IRS, 62% of taxpayers with income higher than $100K claimed the MID in Hawaii. Thus, the number of households who claimed the MID for each home value bracket is:
So, the number of owners claiming the MID for homes over $750K is estimated to be 34,493 in Hawaii. Under the new tax law, each one of these owners will lose out on their potential savings of around $1,264. The loss will not be a one-year event but over 10 years. Moreover, according to ACS, the number of owners who paid over $10K for real property taxes is estimated to be 4,758. Applying present discounted value of this tax impact, we expect home prices will be impacted by -0.8%.
The Federal Reserve has been raising short term interest rates and will do few more rounds in 2018. Mortgage rates will likely increase as a result. Assuming interest rates will increase 50 basis points in 2018, we estimate that home prices will be affected by -1.4%.
Many areas across the country are dealing with housing inventory shortages and job growth outpaces new housing construction in these areas. While prices continue to increase because of the limited inventory, we estimated how employment and construction changes will affect home prices in the following four scenarios:
The baseline forecast reflects Scenario B since housing permits have been slowly rising.Should job growth accelerate as in scenarios C and D, then home price growth will be more positive. In addition to the above four factors, there are other considerations to estimate the final forecast.
Sources: Internal Revenue Service 2015, 2017 Building Permits Survey, 2016 PUMS, U.S. Bureau of Labor Statistics, Federal Housing Federal Agency HPI, WalletHub, NAR® Calculations.
We are proud to present the innagrual issue of the COLLECTION magazine from List Sotheby’s International Realty HONG KONG. We hope you find the content and global property listings informative and inspirational.
Sotheby’s International Realty and List Sotheby’s International Realty are proud to present “Global Affluence: The Emerging Luxury Consumer,” a report examining the confidence, spending habits and purchasing interests of emerging luxury consumers from around the world, defined as those with $250,000 USD to $1 million USD in investable assets.
The report, which is based on a survey that focused on luxury consumers in the United States, United Kingdom, India, United Arab Emirates and China, found that this emerging luxury consumer demographic is confident when it comes to their personal economy and the economy of their respective countries.
“The luxury residential real estate market is ever evolving,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “As a global leader in this arena, the Sotheby’s International Realty® brand commissioned this research survey to unveil emerging trends with luxury residential real estate consumers around the world. We are always looking to the future and our focus is to keep a pulse on the state of the real estate market and the homebuyers of tomorrow.”
The complete Sotheby’s International Realty “Global Affluence: The Emerging Luxury Consumer” report features a breakdown of data by country surveyed as well as supplemental search data from sothebysrealty.com. Click here to download the full report.
Key findings from the Sotheby’s International Realty “Global Affluence: The Emerging Luxury Consumer” report include:
“The luxury market has been redefined in recent years due in large part to the impact of the new emerging luxury consumer,” said Kevin Thompson, chief marketing officer of Sotheby’s International Realty Affiliates LLC. “These individuals have a luxury sensibility and an affinity for exclusive brands, proving that luxury transcends income levels – it is about quality, uniqueness, and ultimately achieving a certain lifestyle. The Sotheby’s International Realty brand has its eye on the future and is perfectly positioned to unite these extraordinary lives with extraordinary lifestyles.”
The Sotheby’s International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 66 countries and territories worldwide. In 2016, the brand achieved a record global sales volume of $95 billion USD. Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
The Sotheby’s International Realty Affiliates LLC Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 200 US emerging luxury consumers, and 100 emerging luxury consumers in the UK, China, UAE and India, between November 17th and December 15th, 2016, using an email invitation and an online survey. The margin of error for this study is +/- 6.9 percentage points in the US, and +/- 9.8 percentage points in the UK, China, UAE and India at the 95% confidence level. Base sizes under 100 are directional findings only. Data from sothebysrealty.com: Google Website Analytics, sothebysrealty.com, April – December 2015 vs. April – December 2016.
Each Sotheby's International Realty® office is independently owned and operated.
Based on information form the Multiple Listing Service of HiCentral MLS, Ltd. Information is deemed reliable but not guaranteed. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information obtained from HBR RETS. Information provided by seller/other sources, not verified by broker. All interested persons should independently verify accuracy of all information.
List Sotheby's International Realty - Hawaii Real Estate License RB-21353
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