Hawaii Real Estate and Economy

Tuesday, January 8, 2013

Kaiser Increases Insurance Premiums for Individuals by 9.7 Percent

Kaiser Permanente Hawaii announced that as of January 1, 2013, health insurance premiums for approximately 14,400 individuals has increased by 9.7 percent. In addition, Kaiser has asked the state Insurance Division to increase the rates of 155,000 members who are covered by business groups by 5.3 percent. Kaiser spokeswoman, Laura Lott, commented, “The Insurance Division carefully and thoroughly reviewed the rate adjustment and determined it was reasonable. As a nonprofit health plan, we use premium dollars to maintain health care infrastructure and provide quality care to our members.” Lott added that the increase is necessary for Kaiser to reinvest in its hospital and 18 clinics on three islands.

Source: Honolulu Star Advertiser, 1-8-2013, 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 – Sales Data for December 2012

Source: Hawaii Information Services

Single Family Home Sales for the Big Island of Hawaii:
December 2012 – 156 Homes Sold – $306,650 Median Price
December 2011 – 123 Homes Sold – $287,500 Median Price

Condominium Sales for the Big Island of Hawaii:
December 2012 – 52 Condos Sold – $328,500 Median Price
December 2011 – 63 Condos Sold – $215,250 Median Price

Kauai Real Estate – Sales Data for December 2012

Source: Hawaii Information Services

Single Family Home Sales for the Island of Kauai:
December 2012 – 48 Homes Sold – $458,750 Median Price
December 2011 – 22 Homes Sold – $527,750 Median Price

Condominium Sales for the Island of Kauai:
December 2012 – 26 Condos Sold – $272,500 Median Price
December 2011 – 22 Condos Sold – $218,500 Median Price

Sales Data for Oahu in December 2012

Source: Honolulu Board of Realtors

Single Family Home Sales for the Island of Oahu:
December 2012 – 291 Homes Sold – $600,000 Median Price
December 2011 – 268 Homes Sold – $605,000 Median Price

Condominium Sales for the Island of Oahu
December 2012 – 401 Condos Sold – $335,000 Median Price
December 2011 – 333 Condos Sold – $285,000 Median Price

Hawaiian Airlines Expanding Fleet Again

Hawaiian Airlines has announced that they will be acquiring 16 new long-range single-aisle aircraft to help increase the number of nonstop flights between the U.S. mainland and the neighbor islands. According to their press release, the airlines has signed a memorandum of understanding to purchase the 16 Airbus A310neo aircraft and have rights to purchase an additional nine planes if needed. If all 25 planes are purchased, this would equal to approximately $2.8 billion in costs for Hawaiian Airlines. However, the fleet expansion would also generate approximately 1,000 additional jobs for Hawaiian.

President and Chief Executive Officer for Hawaiian Airlines, Mark Dunkerley, stated, “”The A321neo will be the most fuel-efficient aircraft of its type after its introduction in 2016. With its slightly smaller size we’ll be able to open new markets that are not viable for wide-body service, while also being able to augment service on existing routes to the West Coast. “We serve more cities on the West Coast than any other airline, but they’re pretty much all to Honolulu with only a few to Maui. By acquiring single-aisle airplanes, we’ll be able to fly to more cities from the U.S. West Coast to the neighbor islands directly.” Dunkerley explained that each A321neo would service 190 passengers.

Mike Boyd, an aviation consultant, commented, “This is a brilliant move. That’s a tremendous airplane performance-wise and comfort-wise. It’s an airplane in big demand, and, if a year from now they find out the economy has turned down, they won’t have any problem getting rid of them and being stuck with them. I think they’ll be able to use them very effectively. They’re doing the right thing. The historical application of Hawaiian Airlines was to fly in the Hawaiian Islands. Nobody can make money doing that, but opening up those routes in the South Pacific and Asia, it’s brilliant. There’s a lot of discretionary income in Japan and China, and Hawaiian’s in the right spot with the right name at the right time. It’s a very sound strategy.”

Monday, January 7, 2013

Kawainui Marsh in Kailua Undergoes Restoration

The U.S. Army Corp of Engineers is working together with the Hawaii Department of Land and Natural Resources to help restore the Kawainui Marsh in Kailua. The 830 acre wildlife habitat is the largest remaining wetland in Hawaii and the home of many endangered Hawaiian waterfowl. Experts hope that the restoration will increase the number of aeo (Hawaiian stilt), alae ula (Hawaiian moorhen), alae keokeo (Hawaiian coot) and koloa maoli (Hawaiian duck). The project is 75 percent federally funded, while the Department of Land and Natural Resources will pay for the remaining 25 percent. The entire restoration is expected to cost $6.4 million and hopes to be completed by the Spring of 2013.

Source: Honolulu Star Advertiser, 1-7-2013, 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

Hilton Hawaiian Village Spends $25.5 Million Refurbishing Alii Tower

The Hilton Hawaiian Village Waikiki Beach Resort has just completed a $25.5 million renovation and refurbishment of the Alii Tower. The tower was originally built in 1957 and while minor work had been done in the past, the Hilton is proud of its most recent major fix. All 323 guest rooms have been completely redone as well as a new lobby an reception desk. A library and lounge was also added for guests enjoyment as well as Wi-Fi access and computer terminals. Vice President of Hilton Hawaii, Jerry Gibson, commented, “The Alii Tower has been treasured and beloved by guests for decades. It was critical that we maintained its tradition of grandeur but at the same time create a vibrant, modern look. Our designers did a remarkable job of accomplishing both. Since the renovations, we’ve seen more repeat reservations than in any of the years that we’ve been here. We feel that we perpetuate the destination every time that we help to redo it. It creates guest satisfaction and helps improve our brand and our product to the world.”

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