Real Estate Sales Data for the Big Island of Hawaii for September 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Big Island of Hawaii

September 2014 - 141 Houses Sold - $335,000 Median Price

September 2013 - 180 Houses Sold - $277,500 Median Price

Condominium Sales Data for the Big Island of Hawaii

September 2014 - 54 Condos Sold - $299,000 Median Price

September 2013 - 44 Condos Sold - $305,000 Median Price

Source: Honolulu Star Advertiser, 10-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Real Estate Sales Data for the Island of Kauai for September 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Island of Kauai

September 2014 - 39 Houses Sold - $560,000 Median Price

September 2013 - 39 Houses Sold - $490,000 Median Price

Condominium Sales Data for the Island of Kauai

September 2014 - 23 Condos Sold - $232,500 Median Price

September 2013 - 28 Condos Sold - $207,500 Median Price

Source: Honolulu Star Advertiser, 10-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Real Estate Sales Data for the Island of Oahu for September 2014

Source: Honolulu Board of Realtors

Single Family Home Sales Data for the Island of Oahu

September 2014 - 318 Houses Sold - $678,500 Median Price

September 2013 - 303 Houses Sold - $675,000 Median Price

Condominium Sales Data for the Island of Oahu

September 2014 - 415 Condos Sold - $347,000 Median Price

September 2013 - 421 Condos Sold - $348,000 Median Price

Source: Honolulu Star Advertiser, 10-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Major Freeway Repairs of Airport Viaduct to Commence Soon

The state of Hawaii's Department of Transportation have announced that construction on the H-1 freeway airport viaduct will commence shortly and could affect traffic on Nimitz Highway from now until the middle of 2016.  The viaduct, which was built in the 1970s is in needs of repair, and as a result the DOT has allocated $15.6 million to resolve the problem on a 3 mile stretch of road.  Construction will begin on Friday nights and will commence until Sunday night every single weekend for the next two years.  All ramps to the airport will remain open unless specifically announced. The federal government will be providing 80 percent of the projects cost and the state will pay for the remainder.

Source: Honolulu Star Advertiser, 10-5-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Solution to Homeless at Waikiki's Fort DeRussy Beach Sought

Last month, the Honolulu City Council approved several bills that would prevent people from sitting or lying on sidewalks in Waikiki and that would ban public urination and defecation. These new laws, coupled with existing park closures and no-camping polices were part of Mayor Kirk Caldwell's strategy of compassionate disruptions, which were meant to have the homeless population find help, government assistance and long term housing. However, many of the homeless found a loophole in the law and have simply moved themselves to Fort DeRussy Beach and made themselves at home.

The challenge stems from the fact that the Honolulu police department has no jurisdiction over Fort DeRussy Beach.  The stretch of beachfront that runs from the Hale Koa Hotel to the Outrigger Reef Hotel is under the jurisdiction of the state Department of Land and Natural Resources.  Police Captain Lisa Mann, who is in charge of District 6 Waikiki, stated that the police have been getting complaints daily about the homeless who have taken over Fort DeRussy Beach.  Mann stated, "The area is under state jurisdiction and the district attorneys won't prosecute."

Mayor Kirk Caldwell's office has stated that they are in preliminary discussions with the DLNR about how to resolve the jurisdictional issues of Fort DeRussy, but it could take months since it would require approval from the state Board of Land and Nature Resources. Jesse Broder Van Dyke, Caldwell's spokesman, stated, "The mayor is definitely interested in this measure, but he wants to make it clear that it could only happen with the approval of DLNR."

Daniel Raffone, a new resident to Waikiki, stated, "Homeless people are everywhere. It's a huge contrast to Hilton Hawaiian Village and shops like Armani and Tiffany's. If this continues, the tourists will stop coming to Hawaii. They'll say, 'Hawaii was great and beautiful, but there were so many homeless people and drugs all over. We're going to take our $5,000 elsewhere.'"

Source: Honolulu Star Advertiser, 10-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Kauai Economic Update

Jack Suyderhoud, an economics professor at the University of Hawaii Shidler College of Buisness and an advisor to First Hawaiian Bank, gave an economic update for Kauai where he noted that the island's economy is holding steady but not increasing.  Suyderhoud stated, "Like the rest of the state, the Garden Isle has seen strong tourism growth evolve into weakness in early 2014. There is concern that Kauai's costs for airfare and lodging have turned off some price-sensitive market segments. Thus Kauai needs to improve its value proposition to visitors. However, this has not yet hurt the overall economy (on Kauai) as real estate sales and prices have remained on positive trajectories benefiting from jobs and income growth and continued low interest rates. Guarded optimism may be the best description for 2015, especially if construction breaks out."

Source: Honolulu Star Advertiser, 10-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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www.myhawaiidreamhome.com

Howard Hughes Presents Plans for Two Luxury Condominium Towers on Ala Moana Blvd.

Howard Hughes Corp has presented its plans to the Hawaii Community Development Authority to build two additional luxury towers on Ala Moana Blvd.  The Ward Village Gateway would redevelop most of the Ward Warehouse retail center and would construct a 28 story tower with 123 units and a 35 story tower with 113 units.  There would also be a 34,000 sq ft public recreation space between the two towers as well as some retail shops and low-rise townhouses.  Nick Vanderboom, the company senior vice president of development for Howard Hughes Corp, stated that there is no exact timetable for construction, and it would depend in part for the market demand once the project is approved.  

Source: Honolulu Star Advertiser, 10-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com