Search This Blog

Tuesday, July 31, 2012

More Navy Ships at Pearl Harbor a Strong Posibility

According to a report released by the Center for Strategic and International Studies, it has been recommended that the United States Navy add another three amphibious ships at Pearl Harbor to support the additional 2,700 Marines who are already going to be sent to the Hawaiian Islands.  The report, commissioned by the Pentagon, states that the Amphibious Ready Group would consist of a large carrier like amphibious assault ship, a transport dock ship and a landing dock ship.  These three vessels would be able to transport 2,200 Marines, heicopters and Osprey aircraft to any trouble spots.  The report stated, “There is currently insufficient (amphibious ready group) coverage for Marines in the Pacific, particularly when compared with assets available for (the Middle East), and this gap in the ‘rebalancing’ of forces is striking.”
The increased number of Marines to the Hawaii as well as the potential of having additional ships stationed at Pearl Harbor is welcome news to the state’s economy.  U.S. Senator, Daniel Inouye commented, “These troop movements are being made with the greatest concern for our current and future defense posture while understanding the unique needs of Hawaii’s community.  The appropriate steps are being taken to provide adequate housing for the Marines and their families. Final decisions about logistics and location are still being discussed by the military and the Department of Defense. It would be inappropriate for me to comment until all the details are worked out, but I am confident the community will welcome these Marines and their families with aloha.”
Source: Honolulu Star Advertiser, 7-31-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Monday, July 30, 2012

Honolulu Rail Project – 44 Percent of Oahu Residents Believe Project Should Continue

According to a recent poll conducted by the Ward Research Inc., only 44 percent of Oahu residents believe that the $5.26 billion Honolulu Rail Project should continue.  A total 50 percent of those surveyed feel that the project would be ended right now and there was 5 to 6 percent who either declined to answer or were undecided.  This makes for a very interesting Honolulu Mayor race, where the main focus of debate has been the Honolulu Rail Project.  Current Mayor Peter Carlisle and form city Managing Director Kirk Caldwell are both strong supporters of the rail project.  However, former governor Ben Cayetano has publically stated that if he is elected as Mayor, he would do everything in his power to stop rail. 
Executive Director of the Honolulu Authority for Rapid Transportation, Daniel Grabauskas, stated, “It’s up to the voters whether they believe that fundamentally we’ve been doing the right thing.  The bottom line and what I think is most important is that traffic is only getting worse, and we have already started building the system.”  The city has already spent over $500 million on the Rail Project and has awarded another $2 billion in contracts to build the rail cars and construct the first 10 miles of elevated guideways.
A total of 84 percent of everyone surveyed, including both supporters and opponents of the rail project, agreed strongly or somewhat agreed with the statement, “The rail project will end up costing a lot more than is currently estimated.”
Source: Honolulu Star Advertiser, 7-30-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Sunday, July 29, 2012

Job Market Stronger Thanks to Tourism

According to a report released by the University of Hawaii Economic Research Organization, the tourism industry has provided a huge increase of jobs in the past two years.  In May 2010, approximately 89,000 people were employed by the accommodations and food sectors of the state.  However, by June 2012, that number has risen to 96,000 people.  The report predicts that this number will continue to increase as the state’s visitor industry is expected to break records in terms of visitor arrivals and spending by the end of 2012.
Source: Honolulu Star Advertiser, 7-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Plans to Demolish International Market Place in Waikiki

An environmental impact statement has been completed by TRG IMP LLC, the developer of a new $300 million retail complex in Waikiki.  The proposal would be to demolish the International Market Place, the Waikiki Town Center and the Miramar Hotel and create a three-story complex with approximately 355,000 sq ft of leasable retail space.  If the state approves the environmental impact statement, TRG IMP will begin filing for the necessary permits to begin demolition and construction.
According to the environmental impact statement, “The project is intended to become a world-class retail, entertainment and dining destination infused with Hawaiian culture which meets the demands of today’s urban resort destination visitor and renews the appeal of (the International Market Place) to local residents.”  During construction, 2,435 jobs would be created or supported, and once the center has been built, 2,590 jobs would be available.
Source: Honolulu Star Advertiser, 7-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Friday, July 27, 2012

Pacific Resources Partnership and Cayetano Supports Square Off in Advertising War

The Pacific Resources Partnership (PRP) and their executive director, John White, has been strong supporters of the Honolulu Rail Project and believe that Rail is the best option for the residents of Oahu to fight traffic.  As a result, the PRP are in direct opposition of Honolulu mayor candidate, former Governor Ben Cayetano.  Cayetano has stated that if he is elected as mayor, he would do everything in his power to stop the Honolulu Rail Project.
Over the last few weeks, the Pacific Resources Partnership has launched an aggressive radio advertising campaign to discredit Ben Cayetano and have urged voters to “Read Ben’s Record” at www.readbensrecord.com  According to the PRP, while governor of the state of Hawaii, Cayetano participated in a “pay-to-play” culture where groups had to illegally contibute to Cayetano’s campaign if they wanted to win no-bid government contracts.
In response, Cayetano’s supporters are scheduled to launch their own radio advertising campaign against the Pacific Resources Partnership and their executive director John White.  It should be noted that the Campaign Spending Commission had cleared Cayetano of any wrongdoings.  In fact, the former executive director of the Campaign Spending Commission, Bob Watada, stated that Cayetano was one of the most honest politicians in Hawaii.
Source: Honolulu Star Advertiser, 7-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Visitor Industry Has Been Key to Hawaii’s Economic Growth in 2012

According to a report released by the University of Hawaii Economic Research Organization (UHERO), Hawaii’s visitor industry has been key to the state’s economic growth in 2012.  However, UHERO warns that other sectors must improve if the state would like to see full economic recovery.  The report stated, “Except for pockets of activity, many non-tourism sectors of the local economy continue to suffer. The tourism boom has yet to spill over.  In any case, there is only so much tourism capacity, so gains on the scale of recent growth will not be sustained indefinitely.”
The report also stated, “This time, on top of a weakening global environment, we face the unknown outcome of the fall elections, which have potentially far-reaching implications for government and the economy for years to come.  Already, the tenor of political debate and the great uncertainty about what may happen after November 6 are likely contributing to reticence on the part of U.S. households and businesses to commit to new spending.”
UHERO predicts that the state’s ecomony will grow by a total of 1.1 percent in 2012.  They are predicting that the state’s economy will grow by 3.1 percent in 2013.
Source: Honolulu Star Advertiser, 7-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaii Tourism – Visitor Market Going Strong in 2012

According to a report released by the Hawaii Tourism Authority, visitor spending for the month of June 2012 increased by 20.4 percent from a year prior to $1.2 billion.  This increase meant that during the first six months of 2012, visitors to the Hawaiian Islands spent a total of $7.1 billion, or an increase of 21.4 percent as compared to the first half of 2011.  Visitor arrivals have also rose during the first half of the year by 10.2 percent or a total of 3,932,266 visitors.
President and CEO of the Hawaii Tourism Authority, Mike McCartney, stated, “Hawaii’s tourism economy is on pace (for) a record-breaking year in 2012 with double-digit increases in visitor arrivals and expenditures through June.  McCartney noted that visitor arrivals should continue to increase during the second half of the year due to increased air service by Allegiant Travel, Asiana Airlines, Hawaiian Airlines and international charter flights.
Source: Honolulu Star Advertiser, 7-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaii Tourism Authority Sets New Higher Predictions

The Hawaii Tourism Authority has just announced that they have increased their predictions for visitor spending to $13.9 billion and the number of visitor arrivals to 7.89 million people for 2012.  The HTA’s Director of Tourism Research, Daniel Nahoopii, stated, “We’ve had a very good half of the year. It was very strong in our arrivals and spending versus the targets that we set in September.”
Looking past this year, the Hawaii Tourism Authority has made a goal to increase these numbers to $14.88 billion spent in 2013 with a total of 8.17 million visitors coming to the Hawaiian Islands.  In 2014, the HTA is hoping to see spending increase to $15.78 billion and have approximately 8.43 million visitors.
Source: Honolulu Star Advertiser, 7-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Thursday, July 26, 2012

Ward Centers to Expand

The Howard Hughes Corp. Has announced that the Ward Centers shopping complex on Oahu will be expanding by another 57,000 sq ft in 2013.  The island’s third largest shopping complex had originally planned to complete this expansion several years ago, but construction was delayed due to the recession.  The additional retail space will be located in a new two story building between the existing Pier 1 Imports store and the new T.J. Maxx store.  Senior vice president of the Howard Hughes Corp., David Striph, stated, ”We are pleased to move forward with this important second phase of Ward Village Shops, adding to the momentum that’s building within Oahu’s most exciting neighborhood, Kakaako.  This latest addition demonstrates our commitment to creating one of the premier shopping districts in Honolulu for our customers.”
Source: Honolulu Star Advertiser, 7-26-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Wednesday, July 25, 2012

Judicial Foreclosures Up in June 2012

According to a report released by the State of Hawaii Judiciary, there were a total of 378 new foreclosure cases filed in Circuit Court in June 2012.  This was a increase from the 209 cases filed in June of the year prior.  Real estate experts believe that this increase is a direct result of Hawaii’s new foreclosure law, Act 48.  Act 48 had halted all pending out-of-court or nonjudicial foreclosure cases and had lenders follow new rules in terms of the nonjudicial process.  Many lenders decided to start their foreclosure proceedings in court as they felt that the new nonjudicial process would expose them to unfair risks.
Source: Honolulu Star Advertiser, 7-25-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaiian Airlines Going Strong

Hawaiian Holdings Inc., the parent company of Hawaiian Airlines, reported a $3.9 million profit during the second quarter of 2012. This represented the 13th positive quarter for the airlines over the last 14 quarters.  The strong results are being directly credited to the expanding services that Hawaiian Airlines has made to Asia, North America, the Pacific Region and the neighbor islands of Hawaii.  Mark Dunkerley, President and CEO of Hawaiian Airlines, stated, “We clearly believe that we’re expanding at a rate that the market justifies.”
Dunkerley added, “Our international markets performed extremely well. Our North American routes performed well, and our neighbor island business was still fairly weak, but it was less weak than it had been three months previously.  It’s weak for a couple of reasons. More direct flying from the U.S. mainland to neighbor islands reduces the demand for neighbor island flights. And the improvements in infrastructure in the neighbor islands reduces the need for people to travel to Oahu.”
Source: Honolulu Star Advertiser, 7-25-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Tuesday, July 24, 2012

New High Rise for Seniors Proposed

Paradise Retirement Hawaii LLC has announced that they would like to build a 125 unit high-rise tower directly across from the Hawaii Convention Center at 508 Atkinson Drive.  The project would be set up as a luxury continuing-care retirement complex for people who are 60 years or older.  According to proposal, the $110 million plan would also call for the renovation of a 40 unit low-rise building next to the proposed tower at 1868 and 1880 Kahakai Drive.  However, Paradise Retirement Hawaii LLC, does not have the capital to purchase the land below the proposed site, and is asking for a group of investors or potential unit buyers to step forward to help with the purchase.
According to their press release, Paradise Retirement would like to raise between $12 to $15 million from what they are calling their “VIP Founders Club”.  These 20 founding investors or future residents would get a discount on unit prices and a two-week cruise to Tahiti.  Units would have an entry fee of between $400,000 to $1.3 milion, and would be partially refundable when a resident moves out or dies.  There would also be a monthly service fee of approximately $3,900.
Real estate experts are expressing a little bit of concern about this unusual method of raising capital.  If the project were a condominium, the Hawaii Real Estate Commission would require certain disclosures from Paradise Retirement.  However, a entry-fee based senior-living project is not regulated by the Hawaii Real Estate Commission, so no direct oversight would be in place.
Source: Honolulu Star Advertiser, 7-24-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

New Condominium-Hotel Proposed for Waikiki

Pacrep LLC has announced that they would like to build a new high-rise condominium hotel in Waikiki.  The property, to be built on the corner of Kuhio Avenue and Kalaimoku Street, is tentatively being referred to as 2121 Kuhio Tower.  The plans call for building a 34 story tower with a total of 459 condominium-hotel (condotel) units with an estimated project cost of $275 million.  An environmental assessment has been drafted for the state’s and city’s review.
According to Pacrep, they hope to generate $300 million in sales for their 459 units, which would mean that the average price per unit would be approximately $653,594.  Pacrep stated that this project would create 475 jobs and would take two years to complete.  The Waikiki Neighborhood Board has not voted on whether or not they are supporting the plans for 2121 Kuhio Tower.  Several condominiums, including Four Paddle and La Casa may have their views significantly effected by the new building. 
Source: Honolulu Star Advertiser, 7-24-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Friday, July 13, 2012

Warehouse and Office Leasing Markets Improve on Oahu

According to a report released by Colliers International, a commercial real estate firm, the occupancy rates for both warehouse and office leasing has improved significantly during the first half of 2012 for the island of Oahu.  Warehouses had a vacancy rate of 4.2 percent, a decrease from 4.8 percent at the end of 2011.  Office space had a vacancy rate of 13.6 percent which was also a slight improvement from last year.  The report stated, “The return of positive occupancy gains, rising economic indicators and strengthening rental rates leads us to believe that the market has now entered the recovery phase.”
Source: Honolulu Star Advertiser, 7-13-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Thursday, July 12, 2012

Kamehameha Schools Extends Royal Hawaiian Hotel Land Lease to 2076

Kamehameha Schools has announced that they will be extending the lease for the 10 acres under the Royal Hawaiian Hotel until December 2076.  The current lease was set to end in 2042, but Kyoya Hotels and Resorts LLC who uses the land had asked for an extension.  Kyoya President Greg Dickhens stated, “Kamehameha Schools has been an excellent partner in Kyoya’s success for nearly 40 years. We are excited and honored to extend our relationship for another 65 years.”
Source: Honolulu Star Advertiser, 7-12-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Commercial Activity Banned at Kailua and Kalama Beach Park

The Honolulu City Council voted 7 to 2 approving a ban on all commercial activity at Kailua Beach Park and Kalama Beach Park.  Residents had complained that the once tranquil beaches had become overrun by commercial vendors who brought in kayakers, kite boarders, and busloads of tourists.  The ban will be in place 7 days a week, 24 hours a day.
It should be note that the ban does not stop people from renting kayaks, kite boards or other recreation equipment and using them at these beach parks.  It only stops businesses from operating at Kailua and Kalama Beach and dropping off their customers with their equipment there.  Still, most Kailua residents are pleased with the ban and feel that it will dramatically reduce the number of tourists using the beach park.
Source: Honolulu Star Advertiser, 7-12-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Wednesday, July 11, 2012

Honolulu Rail Project – Cayetano’s Campaign Raises Huge Amount in First Half of 2012

Former Hawaii Governor, Ben Cayetano, is running for mayor of Honolulu under a platform heavily focused on ending the proposed rail project.  Cayetano’s campaign released a report stating that he has raised approximately $893,000 during the first six months of 2012.  Current Mayor Peter Carlisle who is running for reelection, raised $198,000 during this same period.  The third candidate, Kirk Caldwell, has not released how much his campaign has raised thus far.
Source: Honolulu Star Advertiser, 7-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Honolulu Rail Project - Public Relations Jobs and Spending Cut

In June, Honolulu City Council members questioned the Honolulu Rail Project and had asked for the city auditor to determine if the amount of money spent on public relations was justified.  Daniel Grabauskas, the Executive Director and CEO for the Honolulu Authority for Rapid Transportation, stated that he would look into the matter and announced earlier this week that the Honolulu Rail Project will be drastically reducing the number of public relations jobs by the end of 2012.  Grabauskas note that there are currently 23 full time positions in public relations, but they will be cut down to nine full time positions and one part time position, saving the city $2.8 million in spending.  Grabauskas stated, “I share the public’s concern that we currently have too many sub-consultants and staff in public involvement.  While heavier levels of public outreach may have been needed in the early years, it is time to scale back our public involvement resources.”
Ann Kobayashi, the City Council Budget Chairwoman, stated that she was happy to see the $2.8 million cuts, but felt that they should go further.  Kobayashi commented, “We look forward to more cuts because the financial plan is secure, as they say, and the project is started.  So I don’t know why we have to spend so much money on PR. I mean, we haven’t done that for other programs that have already been started.”
Source: Honolulu Star Advertiser, 7-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Lawson to Open 20 to 30 Convenience Stores on Oahu

Tokyo-based Lawson Inc. has announced that they will be opening 20 to 30 convenience stores on the island of Oahu in the next two to three years, with the majority of them concentrated in the Waikiki neighborhood.  Lawson, which is the second largest convenience store chain in Japan with over 10,000 stores.  Their company’s senior manager of international business, Makoto Oe, stated, “Our strategy is starting from the center of Waikiki, initially targeting tourists, especially Japanese tourists, who are very demanding in terms of service.  We will also target Chinese tourists. Although we are still growing in the Japanese market, the convenience store itself is coming to saturation in Japan, therefore we have to look at the market outside Japan. We’re confident we can establish our higher brand starting from Waikiki and expanding to other areas of Honolulu.”
Lawson will be in direct competition with the locally owned and operated ABC Stores which has approximately 40 locations in Waikiki and Ala Moana.  President and CEO of ABC Stores, Paul Kosasa, stated, “It’s another retailer, and there’s plenty of retail in Waikiki already.  There’s added competition, but we certainly (know) competition’s always going to be there. I think in their minds they’re seeing opportunities. As long as there’s locations, there’s opportunity.”
Source: Honolulu Star Advertiser, 7-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Tuesday, July 10, 2012

Maui Real Estate – Statistical Data for Maui During June 2012

Source: Realtors Association of Maui
Single Family Home Sales on the Island of Maui:
June 2012 – 86 Homes Sold – $575,500 Median Price
June 2011 – 81 Homes Sold – $429,000 Median Price
Condominium Sales on the Island of Maui:
June 2012 – 120 Condos Sold – $372,990 Median Price
June 2011 – 102 Condos Sold – $294,500 Median Price
Source: Honolulu Star Advertiser, 7-10-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Statistical Data for Oahu During June 2012

Source: Honolulu Board of Realtors
Single Family Home Sales on the Island of Oahu:
June 2012 – 279 Homes Sold – $620,000 Median Price
June 2011 – 248 Homes Sold – $562,500 Median Price
Condominium Sales on the Island of Oahu:
June 2012 – 342 Condos Sold – $297,000 Median Price
June 2011 – 354 Condos Sold – $301,000 Median Price
Source: Honolulu Star Advertiser, 7-10-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaii Tourism – Waikiki on Track for Record Year

According to a report released by the Smith Travel Research and Hospitality Advisors LLC, Waikiki is very much on track to set a record year in terms of occupancy, average daily rate and revenue per available room in 2012.  The report noted that Waikiki had an average hotel occupancy of 84.8 percent through the month of May and an average room rate of $174.25 during that same period.  These two numbers surpass the previous records of 83.4 percent occupancy set in 2006 for the same time frame and the average daily rate record of $168.13 for the first 5 months of the year set in 2008.  More impressively, the revenue per available room was $147.84, an increase from the record set in 2007 of $129.50.
General Manager of Hyatt Regency Waikiki Beach Resort and Spa, Jerry Westenhaver, stated, “Pretty much all the major hotels agree it will be a record year unless something changes.  We’re all on pace to definitely see a good fall, and this is a record summer already.  What a difference a year makes.  Last year all of us were playing in the discount world because of the earthquake and tsunami, but Japan bounced back at the end of August and September, and since September there really have been some strong numbers across the board in Waikiki. We normally end up with one or two good revenue streams and the rest are softer, but we’re seeing all the major markets, Japan, Korea, Australia, Canada, North America and even Europe, showing a good, healthy increase. We continue to be on a roll, and we think that basically we’ll see the fall following in suit.”
President and CEO of Hospitality Advisors, Joseph Toy, added, “Oahu has done extremely well and Maui is beginning to do well, but there are some pockets of softness.  Wailea (on Maui) is doing well. Kauai and the Big Island are beginning to lag.  While we are beginning to see some strengthening in the market, my view is it’s still an uneven recovery until the other islands come back as well. Much of the state recovery in the hotel industry has been largely driven by Waikiki, and to a lesser extent on Maui.”
In comparison to Waikiki’s record setting numbers, the island of Oahu as a whole had an occupancy rate of 83.7 percent during the first five months of 2012.  Maui posted a 75.4 percent occupancy rate, while Kauai had a 68.5 percent occupancy rate.  The Big Island of Hawaii had the lowest occupancy rate of the state with 62.8 percent.
Source: Honolulu Star Advertiser, 7-10-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Monday, July 9, 2012

State Encourages Businesses and Residents to Go Green

The state of Hawaii has been encouraging both businesses and residents to “go green” and reduce the consumption of electricity through the use of Energy Star appliances, more energy efficient air conditioners, and fluorescent light blubs.  And over the past three years since the start of the Hawaii Energy initiative, the results have been quite successful. The program has reduce electrical usage across the state by 142 million kilowatt-hours per year.  This equates to the consumption of 20,000 homes or $48.1 million in customer savings.
However, one big motivating factor for switiching to more energy efficient items has been cash rebates and other financial incentives provided by the state.  Now that funding has begun to run out, many experts are concerned if the trend will continue and if Hawaii as a whole will continue to “stay green”.
A new initiative, called the Home Energy Report, has been launched to allow electric utility customers to anonymously compare their energy usage with their neighbors.  The report will rank an individual with a score from 1 to 100, with 1 being the least energy used amongst your community for a home your size.  Through this new project, the state hopes that “peer presure” will be the new motivating factor on energy reduction.
Hawaii Energy’s deputy program manager, Michael Chang, stated, “It’s all about awareness. Every one knows what their car’s gas mileage is. When you’re driving down the street, you’re thinking, ‘I’m better than him, I’m worse than him.’  But when you go home and look around your neighborhood, you have no clue. With this report it brings that to the table.”
Source: Honolulu Star Advertiser, 7-9-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Sunday, July 8, 2012

Increase in Public Housing Also Means More jobs

The Hawaii Public Housing Authority has announced a big push to increase the number of public housing units available in the State of Hawaii.  The plan is to take older out-of-order units which are currently unfit for occupancy and to renovate them and make the habitable.  These units will then be placed back into the rental pool.  One side benefit to this plan is the fact that the Housing Authority will be hiring up to 50 full-time employees to renovate these units and keep them maintained.
Executive Director for the Hawaii Public Housing Authority, Hakim Ouansafi, stated that there are currently 500 or so units that are out-of-order. Ouansafi noted that this is costing the state approximately $3.8 million a year in federal money because of the fact that they unoccupied.  The goal is to have all of these units back on line within the next 18 months.
Source: Honolulu Star Advertiser, 7-8-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Strong Tourism Helps Credit and Debit Card Transactions

According to a report released by First Hawaiian Bank, the number of credit and debit card transactions increased by 9.3 percent during the first half of 2012.  Merchants who worked with First Hawaiian Bank rang up $1.47 billion in sales during this period, a significant increase from the $1.35 billion in sales recording during the first half of 2011.  President and CEO of First Hawaiian Bank, Bob Harrison, stated, “It continues to be very strong, especially on the consumer side.  It’s very encouraging.”
Harrison noted that visitor spending has increased by 16.8 percent and that visitor arrivals are up almost 10 percent, according to data from the Hawaii Tourism Authority.  Harrison added, “Tourism, construction and military are the three largest pillars of the Hawaii economy.  If you look at hotels (up 6.4 percent) and restaurants (up 10 percent), there’s continued strong growth.  That ties in with what we’re hearing from people in Waikiki that it’s essentially full for the month of July, which is tremendous.”
Source: Honolulu Star Advertiser, 7-8-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Saturday, July 7, 2012

Queen’s Health System To Buy Hawaii Medical Center

The Queen’s Health System has announced that they hope to complete the purchase of Hawaii Medical Center within the next few months.  The Hawaii Medical Center-West closed its doors in December 2011, creating a shortage of emergency rooms on the West side of Oahu.  It is still unclear about how soon Queen’s will be able able to reopen the hospital doors.  Cedric Yamanaka, the director of corporate communications for Queen’s stated, “Queen’s recognizes the importance of reopening the St. Francis West hospital campus as soon as possible.  However, it is also important to underscore that this is only the first of many steps before a smooth, timely ownership transfer and reopening can be accomplished.”
Director of Honolulu’s Emergency Services Department, James Ireland is thankful for the news and stated that reopening the Ewa hospital “is the single most important health care issue facing Oahu right now.”  Ireland stated, “It’s hugely important to get the hospital and emergency room reopened. It’s been aninconvenience for residents of West Oahu to have to travel farther for medical care, and it’s also put a strain on the other hospitals.”
Source: Honolulu Star Advertiser, 7-7-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com