Það var á einu hausti að í því sama holti lét Ólafur bæ reisa og af þeim viðum er þar voru höggnir í skóginum en sumt hafði hann af rekaströndum.
That was in one autumn that in that same woods Oscar caused to be built a farm and of the forest which there were felled-trees in the woods and he had some (driven off from the edge???)
Þessi bær var risulegur.
This was a stately farm.
Húsin voru auð um veturinn.
The farm was empty during the winter.
Um vorið eftir fór Ólafur þangað byggðum og lét áður saman reka fé sitt og var það mikill fjöldi orðinn því að engi maður var þá auðgari að kvikfé í Breiðafirði.
During the next spring Olaf Olaf went to-that-place of-settlements (?) and caused before together to drive his livestock and that was a great multitude happened (?) because no man was then wealthier (in terms of livestock) in Broad-firth.
Ólafur sendir nú orð föður sínum að hann stæði úti og sæi ferð hans þá er hann fór á þenna nýja bæ og hefði orðheill fyrir.
Olaf now sends word to his father that he stand outside and see his journey then when he went to this new farm and had a-good-report previously.
Höskuldur kvað svo vera skyldu.
Hoskuld stated (that he) would so (do).
Ólafur skipar nú til, lætur reka undan fram sauðfé það er skjarrast var.
Olaf now arranges, causes (to) drive ahead of forward the sheep which were shyest.
Þá fór búsmali þar næst.
Then there went milch-cows next.
Síðan voru rekin geldneyti.
Then were driven barren-cattle.
Klyfjahross fóru í síðara lagi.
Pack-horses went in right-position later.
Svo var skipað mönnum með fé þessu að það skyldi engan krók rísta.
So were men arranged with this livestock that, that no (livestock) should not go straight. (Z. krókr 5 - rista krók, not to go straight
Var þá ferðarbroddurinn kominn á þenna bæ hinn nýja er Ólafur reið úr garði af Goddastöðum og var hvergi hlið í milli.
The front of the host had then come to this, the new farm when Olaf rode out-of (the) yard of Goddastad, and was an interval between each one of them.
Höskuldur stóð úti með heimamenn sína.
Hoskuld stood outside with his servants.
Þá mælti Höskuldur að Ólafur son hans skyldi þar velkominn og með tíma á þenna hinn nýja bólstað "og nær er það mínu hugboði að þetta gangi eftir að lengi sé hans nafn uppi."
Then Hoskuld spoke that his son Olaf should there (be) welcome and with prosperity at this the new farm "and that is in-conformity-with my anticipation that this go later to long see his name up."
Jórunn húsfreyja segir: "Hefir ambáttarson sjá auð til þess að uppi sé hans nafn."
Jorunn, (the) wife, says: "(The) concubine's son has seen empty to that that his name sees up."
Það var mjög jafnskjótt að húskarlar höfðu ofan tekið klyfjar af hrossum og þá reið Ólafur í garð.
That was very as-soon-as that (the) servents had from above taken packs of the horses which Olaf rode to home.
Þá tekur hann til orða: "Nú skal mönnum skeyta forvitni um það er jafnan hefir verið um rætt í vetur hvað sjá bær skal heita.
Then he addresses to (everyone): "Now shall men's curiousity be satisfied concerning that which equally has been concerning talk in winter whaqt the farm shall be-called. (not exact, but Z. taka 2 - t. e-n orðum, to address one) (Z. skeyta 3 - (3) s. e-M forvitni, to satisfy one's curiosity)
Hann skal heita í Hjarðarholti."
It shall be-called Hjardarholt."
Þetta þótti mönnum vel til fundið af þeim atburðum er þar höfðu orðið.
This seemed to men a good idea of the events which (they) there had heard.
Ólafur setur nú bú saman í Hjarðarholti.
Olaf now sets up the farm at Hjardarholt.
Það varð brátt risulegt.
That was soon stately.
Skorti þar og engi hlut.
And no thing was lacking there.
Óxu nú mjög metorð Ólafs.
Olaf's esteem grew greatly.
Báru til þess margir hlutir.
Many things caused that.
Var Ólafur manna vinsælstur því að það er hann skipti sér af um mál manna þá undu allir vel við sinn hlut.
Olaf was a man blessed-with-friends because that, when he took part in concerning a matter of a man then turned well with his thing. (Z. skipta 6 - s. sér af e-u, to take part in, concern oneself with a thing
Faðir hans hélt honum mjög til virðingar.
His father him much in esteem.
Ólafi var og mikil efling að tengdum við Mýramenn.
To Olaf was also much support to relationships-by-marriage to (the) Myras.
Ólafur þótti göfgastur sona Höskulds.
Olaf was thought a noble son of Hoskuld.