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 Posté le: Lun Sep 30, 2013 2:54 pm Sujet du message: A Hawaiian state legislature bill that would nix s |
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A Hawaiian state legislature bill that would nix self-management of vacation properties has irked Vancouver investors who say it would limit their freedom to manage their propertiesBy Peter MithamTue Feb 21, 2012 12:01am PSTTropical stormVancouver investors are speaking out regarding a move by Hawaii�s legislature to nix self-management of vacation properties in the state.Bills before both houses of the state legislature would require investors to contract out management of properties for fees that range between 25% and 45% of property revenues. The bill�s ostensible goal is to curb alleged tax evasion, but investors such as North Vancouver real estate agent Terry Gardiner say the proposed legislation would limit investors� freedom to choose how they manage their properties.Gardiner bought a one-bedroom unit in Honua Kai, a development by Intrawest spinoff Playground Destination Properties Inc. just outside the town of Lahaina on Maui in 2011. Weighing his options between Intrawest�s rental program, which would take 45% of his revenue and local options that would charge between 25% and 35%, Gardiner opted to manage the suite himself. Rentals are arranged through Vacation Rental by Owner,[url=http://www.moncler-sale.org]moncler down jackets[/url],[url=http://www.moncler-sale.org]moncler sale[/url], a service operated by Texas-based HomeAway.com Inc. Contractors in Hawaii service the suite for him. Gardiner is licensed as a business in the state and pays his taxes regularly. And he doesn�t see why he should have to pay someone else to do everything he�s already doing.�What these laws will do is force me to use a property manager in the state of Hawaii,� he said. �I�ll have to start budgeting for 35% to 45% to come off the top,[url=http://www.moncler-sale.org]discount moncler jackets[/url], which at the time I made this investment decision was not even in the wind.�Bills before the state legislature define �nonresident owners� as any owner �who resides on a different island from the property or out-of-state and who rents or leases the property to a tenant.�A review of the legislation by a state senate committee notes that regardless of the tax implications, the lack of a licensed property management company overseeing suites leaves �guests vulnerable in the case of emergencies or natural disasters.�But Gardiner isn�t buying it, especially given efforts by the U.S. Congress to introduce a visa that would allow investors buying $600,000 or more in real estate to spend more time in the country. Hawaii,[url=http://www.moncler-sale.org]moncler outlet[/url], by contrast, seems to be discouraging investment.�Can you imagine if they brought in a bill in Vancouver that said you had to use a realtor and MLS to sell your property,[url=http://www.moncler-sale.org]moncler on sale[/url],[url=http://www.moncler-sale.org]moncler down jackets[/url], that you couldn�t go for sale by owner?� Gardiner asks. �It�s ridiculous. This is the same thing.�Many investors in Honua Kai and other Maui vacation spots hail from Vancouver, and Gardiner believes the little-known legislative measure could have a significant impact. He is holding off on further investments in Honua Kai until the state decides what it�s going to do.Zoning inB.C. pledged �to examine the feasibility of setting up an international trade zone to attract new investment� in the jobs strategy Premier Christy Clark unveiled last fall. A federal consultation process regarding such zones closed last Friday, and a review of the parameters governing the zones is expected to complete in the coming months.One advocate of such a zone in B.C. is the Vancouver Airport Authority,[url=http://www.moncler-sale.org]moncler outlet[/url], a member of the Foreign Trade Zone Coalition that also includes B.C. representation through the Greater Vancouver Gateway Council, Prince Rupert Port Authority and Port Metro Vancouver.A foreign trade zone is typically geared toward manufacturing enterprises, but YVR�s support of such a venture underscores the efforts to draw complementary uses to Sea Island. A 40-acre site north of the airport�s north runway will be home to a new, 700,[url=http://www.moncler-sale.org]moncler on sale[/url],000-square-foot processing facility for Canada Post in 2014, while geotechnical work has concluded that a 30-acre site adjacent to Templeton station near the Arthur Laing bridge could accommodate up to one million square feet of office space.The airport also expects to announce a partner this spring for the development of a 350,000-square-foot retail complex near BCIT�s aerospace campus. A request for proposals has identified the most likely proponents for a partnership with YVR, and a business case for the project will be drafted once the relationship is formalized.�If that business case suggests that a retail development is likely to be successful then we would proceed with that,� said Tony Gugliotta, senior vice-president,[url=http://www.moncler-sale.org]discount moncler jackets[/url], marketing and business development for YVR. �Tags: law, travel, Hawaii, investments,[url=http://www.moncler-sale.org]moncler sale[/url], Metro Vancouver
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