Bankruptcy Cases in 2013 Falls to Lowest Level in Six Years

According to a report issued by the U.S. Bankruptcy Court, there were a total of 2,071 bankruptcy filings in 2013. This was a significant 18 percent decrease from the 2,528 cases that were filed in 2012 and the fewest number of cases filed since 2007.  Industry experts are attributing the few bankruptcy filings to a stronger job market and lower consumer credit card debt.  Credit Karma, a personal finance company, has noted that Hawaii Consumers had an average credit card debt of $5,257 in November 2013, as compared to the $6,451 average credit card debt in November 2012.

Source: Honolulu Star Advertiser, 1-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaii Tourism Authority Awards $2.7 Million in Grants to 130 Organizations Statewide

The Hawaii Tourism Authority has announced that they have awarded more than $2.7 million in grants to 138 organizations statewide.  President and CEO of the Hawaii Tourism Authority, Mike McCartney, stated, "Our Product Enrichment Programs provide us with the unique opportunity to support community events and programs that our residents are able to enjoy, while also drawing visitors to experience our host and multi cultures and vast natural resources. Through our collective efforts with the four counties and the Hawaii Community Foundation, we are able to provide unique experiences that highlight our greatest assets, our people, place and culture."

The Waikiki Improvement Association received the largest grant of $100,000, which they will use to continue their complimentary nightly Kuhio Beach hula and torch lighting performances. Rick Egged, the president of the Waikiki Improvement Association stated, "Without HTA we wouldn't be able to do these programs, which we think are an important amenity for our visitors. It's the only all-Hawaiian free hula show in Waikiki."   The show is also sponsored by the Hyatt Waikiki Regency Beach Resort & Spa and the City and County of Honolulu.

Source: Honolulu Star Advertiser, 1-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Big Island of Hawaii to Ban Single-Use Plastic Bags on January 17, 2014

Hawaii County (Big Island of Hawaii) has announced that their ban on single-use plastic bags will begin on January 17, 2014.  The Hawaii County Department of Environmental Management, which is overseeing the transition, is not expecting any major challenges, and have noted that many customers have already begun using their reusable bags at stores. Director of the HCDEM, Bobby Jean Leithead Todd, stated, "People adjust, and we don't anticipate any major problems.  We've had tremendous cooperation with the public and the stores."  Plastic bags will still be allowed for certain bulk items like fish, nuts, meats, grains, fresh produce, garments and prescription medications.

Maui County and Kauai County are already not allowing the use of these types of plastic bags. Honolulu County's ban will go into effect on July 1, 2015.  Director of the Hawaii chapter of the Sierra Club, Robert Harris, commented, "From a marine perspective it's a tremendous victory. On Maui, in particular, the plastic bag ban has been incredibly successful. I think people in Hawaii care greatly about the environment."

Source: Honolulu Star Advertiser, 1-6-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaiian Electric Company Hopes to Use Battery Technology to Increase Solar Grid Capacity

Over the past few years, the state of Hawaii has one of the highest percentages of residences that have installed rooftop photovoltaic panels in the country.  However, due to the boom in solar panels, the Hawaiian Electric Company's grid has not been able to accept them all.  The problem lies in the fact that the amount of solar energy absorbed by the photovaltaic panels can vary dramatically day by day.  This can create large swings in voltage and potentially damage electrical appliances and injure utility workers.

Hawaiian Electric Company has announced that they will be working with the Hawaii Natural Energy Insititute are working together to test a new battery technology that may increase the number of homes that can connect to the grid.  The battery will act as a buffer on the circuit, and may be able to release additional power when output decreases as well as absorb power when solar energy spikes.  Initially, HECO and HNEI will try out their new batteries on a few smaller neighborhoods in West Oahu and hopes to evaluate how well they work.


Source: Honolulu Star Advertiser, 1-5-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaiian Electric Company May Switch to Burning Wood Pellets From Fuel Oil for Energy

The Hawaiian Electric Company is currently in discussion with Zilkha Biomass Energy, a Huston based company, and is considering using Zilkha's compressed wood pellets instead of burning fuel oil to generate electricity.  According to one estimate, HECO would save over 30 percent of its fuel costs by making the switch.  More importantly, the wood pellets are a form of biomass, which would count as a renewable energy source.  HECO has stated that they are committed to generating 40 percent of their electricity from a renewable source by 2030.  Peter Rosegg, spokesman for the Hawaiian Electric Company, stated, "We have met with representatives of Zilkha Biomass. No commitments have been made at this time. It is a promising technology but further study and evaluation are needed to determine whether this option provides a cost benefit to our customers."

The Blue Planet Foundation which has opposed the Hawaiian Electric Company's previous suggestion of burning liquefied natural gas (LNG) has given its support to the burning of wood pellets.  Executive Director for Blue Planet Foundation, Jeff Mikulina, stated, "This is exciting to us because much of the conversation to date has been about how renewables are great, but we need LNG to lower prices long term. To some it is almost fait accompli that LNG is our logical future fuel.  But Zilkha's, and similar companys', offerings can change the conversation. Here's something that not only is renewable and helps HECO comply with RPS (renewable portfolio standards), the EPA regs, and the state (greenhouse emissions) law, but it could be cheaper and available sooner than LNG."

Source: Honolulu Star Advertiser, 1-4-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

North Shore Residents File Lawsuit to Remove Parking Barriers at Laniakea Beach

The Save Laniakea Coalition, which is made up of several residents and surfers living on the North Shore of Oahu, have filed a lawsuit against the state of Hawaii's Department of Transportation in an effort to remove the parking barriers that the DOT has placed at Laniakea Beach.  According to the suit the Department of Transportation was required to obtain a special permit and completed an environmental assessment before putting up the barriers.

According to the Department of Transportation, the barrier are designed to help solve traffic problems along Kamehameha Highway.  Over 600,000 people visit Laniakea each year to watch the large surf and look at the green sea turtles that live in the waters offshore.  However, the DOT noted that cars, vans, and tour buses park along Laniakea Beach causing traffic and safety concerns.  Officials with the Department of Transportation have stated that the barriers are designed to be temporary, though did admit that they could stay in place for several years if they are effective.

Source: Honolulu Star Advertiser, 1-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Four Residences on North Shore in Danger Due to Powerful Waves

Strong waves continue to pound the North Shore of Oahu, especially around the Rocky point neighborhood, leaving several residents frustrated and scared.  Fortunately, the National Weather Service is calling for smaller waves over the next few days, but warns that a stronger set may come in as early as this weekend. Sam Lemmo of the state of Hawaii's Office of Conservation and Coastal Lands stated, "The good news is the surf has subsided.  The bad news is that four residences are in imminent danger. Two are hanging over the sand scarp, and two are right on the edge.  It's a tenuous situation out there."  A total of about a dozen homes have been damaged near Rocky Point since October.

State Senator Clayton Hee stated that he spoke with the Governor and asked him to help those North Shore residents that have been affected.  Hee commented, "Trying to deal with Mother Nature is a very daunting task.  I'm not sure what can be done realistically other than to assist with the evacuation. What concerns me is this may be an ominous pattern that may be emerging every winter."

Source: Honolulu Star Advertiser, 1-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com