Hawaii Real Estate and Economy

Tuesday, November 6, 2012

Kauai Real Estate – Statistical Sales Information for October 2012

Source: Hawaii Information Service

Single Family Home Sales for the Island of Kauai:
October 2012 – 38 Homes Sold – $410,000 Median Price
October 2011 – 27 Homes Sold – $450,000 Median Price

Condominium Sales for the Island of Kauai:
October 2012 – 29 Condos Sold – $250,000 Median Price
October 2011 – 21 Condos Sold – $350,000 Median Price

Source: Honolulu Star Advertiser, 11-6-2012, 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

Big Island of Hawaii Real Estate – Statistical Information for October 2012

Source: Hawaii Information Service

Single Family Home Sales for the Big Island of Hawaii:
October 2012 – 155 Homes Sold – $299,999 Median Price
October 2011 – 129 Homes Sold – $242,000 Median Price

Condominium Sales for the Big Island of Hawaii:
October 2012 – 45 Condos Sold – $215,000 Median Price
October 2011 – 27 Condos Sold – $215,000 Median Price

Maui Real Estate – Statistical Information for October 2012

Source: Realtors Association of Maui

Single Family Home Sales for the Island of Maui:
October 2012 – 98 Homes Sold – $487,000 Median Price
October 2011 – 74 Homes Sold – $482,500 Median Price

Condominium Sales for the Island of Maui:
October 2012 – 94 Condos Sold – $351,495 Median Price
October 2011 – 77 Condos Sold – $310,000 Median Price

Developer Peter Savio to Expand Pagoda Brand

For the past several years developer Peter Savio has worked hard to create his Pagado brand of Hotels which caters towards kamaaina (local Hawaii residents) and college students who are looking for clean but economical rooms. At a recent press conference, Savio has announced that he will be expanding his Pagoda hotel brand to two additional locations, in Kapolei on the island of Oahu and in Hilo on the Big Island of Hawaii. Both sites are located extremely close to the University of Hawaii’s West Oahu Campus or the University of Hawaii Hilo Campus, respectively, and Savio believes that students will help to keep the occupancy rates high.

Monday, November 5, 2012

Hawaii Gas Seeks Approval to Ship Natural Gas

Hawaii Gas is currently seeking approval from the Federal Energy Regulatory Commission to be allowed to ship liquefied natural gas from the West Coast to Hawaii. The company believes that if they are able to ship large quantities of natural gas to the islands, it could replace the need to use oil for the majority of the state’s electricity generation. However, the state Department of Transportation has expressed a concern that there is not enough “safety distance” between the proposed Hawaii Gas facility at Honolulu Harbor and the surrounding area. The DOT emphasized that Hawaii Gas had to comply with all state environmental and regulatory requirements. The Sierra Club and the Blue Planet Foundation have also expressed their opposition and argue that Hawaii Gas’ proposal is contrary to the state’s foal of being dependent of fossil fuel. The Federal Energy Regulator Commission has not announced when they will make their decision to allow Hawaii Gas the right to ship natural gas to the state.

Source: Honolulu Star Advertiser, 11-5-2012, 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, November 4, 2012

Waikiki Natatorium May Become a Beach Volleyball Facility

In 1927, the Waikiki Natatorium was built as a living memorial for all Hawaii residents who served during the First World War. The outdoor, ocean water swimming pool hosted countless swim meets and diving competitions, but also served the public as a place that taught generations of adults and children how to swim. However, a lack of maintenance and the damage that the sea water had created caused the pool to shut down in the 1960s. At this point, experts feel that the pool is no longer safe for any type of water related activity and the cost to completely renovate it would be too high.

As a result, a recent proposal has been submitted to turn the Natatorium to a world class beach volleyball facility. Supporters of the proposal note that it would not be too difficult or expensive to fill in the outdated pool and rebuild the stands to allow for spectators They also noted that there would be a beautiful backdrop of the Pacific Ocean for television coverage that may help to increase tourism to the islands. The proposal still needs to go through several additional steps before it will be opened up to public discussion.

Source: Honolulu Star Advertiser, 11-4-2012, 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 Advertising Targets Younger Korean Market

In 2011, the state of Hawaii had 112,567 visitors from Korea and hopes to have increased that number to at least 146,111 visitors in 2012. However, experts have noticed a shift in the Korean population that has been visiting Hawaii and new advertising through using online videos, memes and other social media have been used to target a younger “hip” Korean clientel. General Manager for the Waikiki Beach Walk, Conchita Malaqui, explained, “Koreans have been coming to Hawaii for a long time, but we are seeing totally different visitors than before. Unlike their mothers and fathers and grandparents, conceptually in their minds, success is about being young, hip and cool. They are coming to Hawaii because they see it as an ūber-chic, cool place to visit. They are active and they like to shop.”

Senior vice president of sales and marketing for the Aqua Hotels & Resorts, Elizabeth Churchill agreed and added, “We are seeing more romance and honeymoon travelers from Korea,” Churchill said. “They tend to lean toward the Modern Honolulu because of the contemporary style of that resort. They like luxury.” The Hawaii Tourism Authority noted that honeymooners accounted for 47.5 percent of Korean visitors in 2011.

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