Symphony Tower Developer Request Exemption

Oliver McMillan, the developer of the new Symphony Tower, which will be located on the corner of Kapiolani Blvd and Ward Avenue, is requesting an exemption regarding the direction of where the building would face.  Under the current state rule, the long side of the tower must be parallel to Ward Avenue with a maximum of 20 degrees of deviation to reduce the impact of mountain and ocean views for other properties surrounding the site.  This requirement was set in place for the dense high-rise developments of Kakaako to protect view channels.  The appeal is being made to the Hawaii Community Development Authority, and a variance is being requested for the $380 million luxury condominium project.

One concerned resident, Michelle Matson, stated her opinion against the developer and noted, ”When you crack the door open to variances that are counter to public policies and regulations, how many more times do you go through that before policies and regulations mean nothing?  These developers always seem to contrive reasons to run counter to policies and benefit their own interests. They should reduce the size of their project.”

Source: Honolulu Star Advertiser, 4-30-2012, www.staradvertiser.com
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Kalihi Neighborhood – Boulders Removed from Hillside

The Department of Land and Natural Resources has announced that the boulders located on the hillside above Kula Kolea Place in Kalihi have been safely removed.  Residents from all 11 homes located below the below the boulders were allowed to return.

On April 12, 2012, several large boulder came crashing down from the hillsides and damaged three homes on Kula Kolea Place.  Two of the homes suffered from “significant damage” but fortunately no one was hurt.  It was determined that the boulders were located on private land, but the landowners told the state that they did not have money or insurance to pay for the removal of any additional boulders.  The state’s Department of Land and Natural Resources agreed to step in and hire a contractor to remove the boulders.

Source: Honolulu Star Advertiser, 4-29-2012, www.staradvertiser.com

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Honolulu Rail Project – 508 Job Created Thus Far

According to the Honolulu Authority for Rapid Transportation (HART), the Honolulu Rail Project has already created 508 jobs thus far.  Out of that number, 243 of those jobs are construction related.  Daniel Grabauskas, the Executive Director for HART, stated, “Given the fact that construction of the above-ground portion began only a couple of days ago, I’m not surprised to see that figure.  It will steadily climb now as we get to full construction on the first two segments, and begin later the construction of the later segments.”

Source: Honolulu Star Advertiser, 4-29-2012, www.staradvertiser.com

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Hawaii Tourism Authority Release Optimistic Data for March 2012

According to a report released by the Hawaii Tourism Authority, visitor spending increased 16.9 percent in March 2012, as compared to the same period a year ago.  Visitor arrivals also had increased to 12.9 percent as compared to March 2011.  This equated to 714,973 visitors spending $1.17 billion in the State of Hawaii.  General Manager of the Hilton Hawaiian Village Resort and Spa, Jerry Gibson, stated, “We’re really very optimistic.  Our domestic business is doing rather well, and we think that it’s going to hold. We are forecasting a particularly strong June, July and August.”

Specifically, arrivals the U.S. West market increased by 11.4 percent, while the U.S. East market only saw an increase of arrivals by 2.2 percent. Internationally, arrivals from Japan increased by 27 percent and arrivals from Canada increased by 6.6 percent.

Source: Honolulu Star Advertiser, 4-27-2012, www.staradvertiser.com

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New Sand Widening Project for Waikiki Beach Completed

The Land and Natural Resources Department announced that the Waikiki sand widening project is now complete.  The project cost approximately $2.5 million and was funded by a joint effort between the city and several of the hotels located on Waikiki Beach.  The beach is now approximately 37 feet wider and should provide more space for tourists and residents alike to enjoy.  While the new sand is greyish in color, University of Hawaii scientists assure the public that it will soon become sun bleached and turn white.

Source: Honolulu Star Advertiser, 4-27-2012, www.staradvertiser.com

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Honolulu Rail Project – City Council Gives Preliminary Approval for $450 Million Loan

The Honolulu City Council has announced that they are giving preliminary approval for a $450 million loan for the Honolulu Rail Project in the event that the project runs out of money due to an “unexpected mishap or disaster during construction.”  The Honolulu Rail Project is already expected to cost $5.27 billion, and opponents of the project argued that the City Council is giving rail a “blank check” that taxpayers would be responsible for.

Supporters of the rail project argue that it is highly unlikely that this $450 million loan will actually be needed.  However, the Federal Transit Administration required that the city has access to a backup source of money in the event of unforseen problems.  The Federal Transit Administration has not yet agreed to commit $1.55 billion in federal funding to the project.

Source: Honolulu Star Advertiser, 4-26-2012, www.staradvertiser.com

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Foreclosure Rate for Honolulu Low Amongst Metropolitan Areas

According to a report released by RealtyTrac, a real estate research firm, in the first quarter of 2012 Honolulu had one foreclosure for every 490 households.  This decrease ranked Honolulu as the 64th lowest metropolitan area in the country out of 212 cities with a population of 200,000 or greater.  In comparison, Stockton, California had the worst rate in the country with one foreclosure for every 60 housholds.  The average rate for all 212 metro areas was one case per 230 households.

Source: Honolulu Star Advertiser, 4-26-2012, www.staradvertiser.com

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North Shore Neighborhood – Kahuku, Not Kailua, Top Landfill Spot

A few days ago, SMS Research, an independent consultant to the City and County of Honolulu, had issued a report stating that Ameron Quarry in Kailua was the best spot to install a new landfill.  However, James Dannemiller, the president of SMS Research, just corrected his statement and noted that he had entered the data incorrectly and that the number one spot was actually located in Kahuku in the North Shore.  Dannemiller stated, “Working with the committee, I made data entries in real time and while doing so, an inadvertent data error occurred.  Per SMS policy, we verified the data integrity over the weekend. During this procedure I discovered the error and corrected it. The final ranking has been thoroughly verified.”

However, members of the Kahuku neighborhood question the sudden change in rankings and wonder if pressure from Kailua residents and politicians had anything to do with the reversal.  Dannemiller insisted that the change in ranking had nothing to do with the politics of the situation.

Ernie Martin, the City Council Chariman who represents the Kahuku Area on the North Shore of Oahu, expressed his concern.  He noted that SMS Research’s newly released corrected ranking has the top four landfill sites all located on the North Shore.  Martin stated, “The top four (sites) are in my district. But I want to reassure my constituents that there still needs to be a significant study and review whether these sites are feasible.  And as long as I serve on the Council, I’m going to ensure that a thorough analysis is done before we would even consider having posting a landfill in any community in my district and I’m sure any council member would say the same.”

Honolulu Mayor Peter Carlisle reminded the public that Oahu desperately needs to replace its current landfill location at Waimanalo Gulch, located in Leeward Oahu.  Carlisle commented, “It’s obviously very important that this process be handled correctly, and be completely aboveboard.  At least the error was discovered and corrected quickly, so that we can proceed with a more thorough site analysis before making a proposal to the City Council.”

Source: Honolulu Star Advertiser, 4-26-2012, www.staradvertiser.com

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Hawaiian Airlines Net Income Increases Dramatically

Hawaiian Airlines has announced that during the first quarter of 2012, their company had a net income of $7.3 million.  This is a huge increase from their profit margin of $855,000 reported during the same period a year ago.  The airlines is crediting this increase to their expansion in international markets including Japan and Korea.  President and CEO of Hawaiian Airlines, Mark Dunkerley, commented,  ”We continue to believe that our visitors from abroad will grow, and we continue to focus on developing international destinations in the years ahead.”

Source: Honolulu Star Advertiser, 4-25-2012, www.staradvertiser.com
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2,500 Marines to Transfer from Okinawa to Hawaii

he Pentagon is scheduled to announce a transfer of approximately 2,500 Marines from Okinawa to Hawaii.  According to U.S. Senator Daniel K. Inouye (Hawaii),  ”This troop movement will occur after extensive discussions with the leaders of Japan, and it highlights Hawaii’s importance as the focus of our national defense shifts to the Asia-Pacific region.”. Inouye added,  ”There is a lot of work that needs to be done (in Hawaii) to prepare for their arrival.  We must build more housing, secure more training areas and improve and expand infrastructure while working with the counties and the state to make certain the Marines transition easily into their new duty station in Hawaii. The one thing I am confident of is that the people of Hawaii will welcome these brave men and women and their families with aloha.”

Hawaii Governor Neil Abercrombie stated, ”Since taking office, I have had discussions with officials from the U.S. Pacific Command in anticipation of a Marine transfer from Okinawa to Hawaii.  I also met with Okinawa Prefectural Governor Hirokazu Nakaima on this matter when I visited in October.  As the Pentagon finalizes its plans, I believe the number of Marines moving to our state will increase and we are well prepared to receive them. While in Congress, I worked on key legislation that allowed for ample military housing. In my role as governor I am working to ensure that there is ongoing military and state cooperation to allow for a seamless and smooth transition for our servicemen and women and their families.”

Source: Honolulu Star Advertiser, 4-25-2012, www.staradvertiser.com
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Honolulu Rail Project – Drilling Begins for Pillar Construction

The construction of the Honolulu Rail Project is finally underway as crews brought forth a large drilling machine which will create holes for the pillars that will support the rail transit system.  This portion of construction will be done by Kiewit Infrastructure West Co. and they will install approximately 350 columns between East Kapolei and Pearl Highlands.

Opponents to the rail project have argued that the Honolulu Rail Project should not begin construction until the Federal Transit Authority commits to giving the city $1.55 billion of federal money.  These critics state that without this federal aid, the project will not be completed.  It should also be noted that there has also a lawsuit filed against the rail project in an attempt to halt construction.

It is anticipated that the Honolulu Rail Project, which will stretch from East Kapolei to the Ala Moana Shopping Center, will be completed in 2019.

Source: Honolulu Star Advertiser, 4-24-2012, www.staradvertiser.com

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Exceptional Tree Tax Deduction

In 2004, a law was passed which allows Hawaii residents to claim up to a $3,000 tax deduction if they are maintaining an “exceptional tree” on their property.  The concept behind this law was to encourage the preservation of large, old, distinctive trees on private property.  To be given an “exceptional tree” status, an owner must go before a nine member county arborist panel who would review “exceptional tree” applications and recommend approval to the City Council.  If granted approval, the owner may not cut down the tree unless it poses a safety hazard and the owner must get a city permit before any maintenace is done.  Any tax deduction work on the tree must be performed by a qualified arborist.

Source: Honolulu Star Advertiser, 4-23-2012, www.staradvertiser.com

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Waikiki Neighborhood – Sewer Project to Start in May 2012

The City and County of Honolulu has announced that they will start their Waikiki sewer repair and replacement project in May 2012.  The city stated that workers will be fix sagging and clogged sewer lines and replacing manholes throughout Waikiki.  The project is estimated to take 500 days and cost the city $5.7 million to complete.  Official appologised in advance to residents and tourist alike for the noise, bad smells, road closures and other traffic disruptions that may occur because of the sewer project.

Source: Honolulu Star Advertiser, 4-23-2012, www.staradvertiser.com

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Honolulu Rail Project – Mayor Asks City Council for $450 Million Emergency Line of Credit

The Federal Transit Administration informed the City and County of Honolulu that the rail financial plan needed to be strengthened before they would commit to giving the city $1.55 billion in federal funding.  As a result, Honolulu Mayor Peter Carlisle is requesting the City Council to approve a $450 million line of credit to be used only in the event of a “catastrophic, unforseen event” that would cause the project to run out of money.  Executive Director for the Honolulu Authority for Rapid Transit (HART), Daniel Grabauskas, stated, “The hope and the belief would be that you would never call on this line of credit, but if you were 90 percent done with the project and something catastrophic happened that more money was necessary, you’d have a little extra reserve or some opportunity or some option.  That’s what this is about.”

Opponents to the Honolulu Rail Project question how this $450 million line of credit will be paid back to the state if used.  They argue that the rail system will not be able to generate a profit in the first place and would have to be subsidied by the city tax payers anyway.  Ann Kobayashi, the City Council Budget Committee Chair, stated, “It’s a big worry for me.  To me its like asking every resident to co-sign a loan for HART, and I don’t think that’s right.”

Source: Honolulu Star Advertiser, 4-23-2012, www.staradvertiser.com

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Kalihi Neighborhood – State to Remove Boulders

The State of Hawaii’s Board of Land and Natural Resources will remove several boulders located on a hillside above Kalihi Valley.  It is estimated that the two larger boulders weigh approximately two tons each, and resident had expressed concern for their safety and welfare.  The boulders are located on private land, so the landowners have to sign an agreement with the state to permit them to do work.  The project is expected to cost $150,000.

On April 12, 2012, several boulders crashed into three homes located in Kalihi Valley.  Two of those homes suffered significant damage, but fortunately, no one was injured.

Source: Honolulu Star Advertiser, 4-21-2012 www.staradvertiser.com
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Honolulu Rail Project – Construction of Columns and Foundation Begins

The Honolulu Authority for Rapid Transit has announced that construction will begin on Monday, April 23, 2012 on the western end of the Honolulu Rail Project.  Construction crews will begin drilling and installing concrete foundation shafts and support columns in East Kapolei.  Executive Director and CEO for the Honolulu Authority for Rapid Transit, Dan Grabauskas, stated, ”This significant milestone for the rail proj ect moves us closer to providing Oahu residents with an alternative to sitting in horrific traffic congestion.”

Opponents to the Rail Project remain extremely vocal and critical of city officials for proceeding with construction before the federal government commits to assisting the city.  The Honolulu Rail Project is expected to cost $5.3 billion, but the city is counting on $1.55 billion to come from the federal government.  The federal government will not make a commitment until the end of the year at the earliest.

Officials from the Honolulu Authority for Rapid Transit stated that every month of delay would cost tax payers $10 million.  HART argues that it would be cheaper to tear down the columns if federal funding is not given, then to wait until the end of the year to start.

Source: Honolulu Star Advertiser, 4-21-2012, www.staradvertiser.com
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Hawaii Unemployment – Rates Stay at 6.4 Percent in March 2012

According to a report released by the state Department of Labor and Industrial Relations, Hawaii’s unemployment rate held steady at 6.4 percent for March 2012.  The report disclosed that there are approximately 42,250 people looking for work in the state of Hawaii.  The national unemployment rate is currently 8.2 percent.

Honolulu county had an unemployment rate of 5.7 percent.  Maui County had a 7.1 percent unemployment rate.  Kauai County had an 8.1 percent rate.  And Hawaii County (Big Island of Hawaii) had an unemployment rate of 9.2 percent in March 2012.

Source: Honolulu Star Advertiser, 4-20-2012, www.staradvertiser.com

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Honolulu Rail Project – Kiewit/Kobayashi to Get $15.9 Million Change Order Increase

A contractor for the Honolulu Rail Project, Kiewit/Kobayashi, has just received approval from the city to obtain an additional $15.9 million to cover increasing prices for steel and other materials.  Kiewit/Kobayashi has a $195 million contract with the city to create a storage and maintenance facility for the rail cars.  They are also purchasing the steel for the train tracks for the entire 20-mile rail line.  Executive Director for the Honolulu Authority for Rapid Transit (HART), Daniel Grabauskas, stated, “Steel has gone up in price, and concrete has gone up in price, and those costs were not fixed in the contract.”

City officials admit that there could be an additional change order increase as the price of steel continues to rise.  However, the city notes that they have $861 million budget in as “contingency funding” to pay for unexpected costs like change orders.  The city expects to spend $5.27 billion for the entire rail project.  Chairman of the Finance Committee for HART, Don Horner, stated, “We are locking in all of our prices for steel for the entire proj­ect now so we won’t have the risk going forward. We are doing a substantial step in the project by locking down commodity prices, for example, like steel.”

Opponents to the Honolulu Rail Project expressed their concern that the city is not financially prepared for all of these change orders and that the city should expect more such delays in the future.  Those standing against the Rail Project argue that the city awarded the contracts too early and now have to deal with cost increases.

Source: Honolulu Star Advertiser, 4-20-2012, www.staradvertiser.com

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Kailua Neighborhood – Whole Foods Market Holds Grand Opening

Whole Foods Market held its grand opening, yesterday, April 18, 2012.  Whole Foods is a nation wide grocery chain which specializes in natural and organic food.  This will be the company’s third store in the Hawaiian Islands, with the other two stores located in Kahala Mall on Oahu and on the island of Maui.  The Kailua store’s team leader, Tim Talkington, stated, “Our team members have been overwhelmed by the outpouring of support and warm Windward welcome that we have received from the community and all our shoppers on our first day of business here in Kailua.”

Source: Honolulu Star Advertiser, 4-19-2012, www.staradvertiser.com

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Kailua Neighborhood – Residents Want Ban of Commercial Activities at Beach Parks

City Council members attended a community meeting at Kailua High School and listen to the concerns from Kailua residents about the commercial activity at Kailua and Kalama beach park.  Residents stated that they would like to create a blanket ban of all commercial activities.  The ban would prohibit everything from water sports instructional classes to tour bus companies from using the beach parks.  Commerical filming activities would be allowed.  Lisa Cates, a lifelong Kailua resident, stated, “The vendors and tour bus activity are incompatible with our infrastructure, our neighborhoods and the true character of our village community.  To see it exploited for monetary gain is hurtful, it’s degrading, and it’s pushed everybody together to unite and ask for this legislation.”

There are some Kailua residents who are against creating a complete ban of commercial activities at Kailua beach.  The residents argue that a ban would result in a loss of jobs, and rather what needs to happen is better regulation of existing laws and permits.

Source: Honolulu Star Advertiser, 4-19-2012, www.staradvertiser.com

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Waikiki Neighborhood – City May Sell Three Waikiki Apartment Buildings

The City and County of Honolulu has announced that they may sell a total of three Waikiki apartment building if their owners do not pay their back taxes. The owners of one of the properties, located at 2240 Waikolu Way, owe the city $113,636 in back taxes, interest, penalties and other costs.  Under Hawaii state law, an owner must be at least three years delinquent in paying their taxes for the state to put the property up for auction.

Source: Honolulu Star Advertiser, 4-19-2012, www.staradvertiser.com

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T.J. Maxx Returns to Hawaii With 3 Stores

T.J. Maxx has announced that they will be opening three stores in the month of may and will be hiring a total of 325 employees for those stores.  The first grand opening will be held on May 3, 2012 at their new Ward Village Shops location on Auahi Street,  this site will be their largest store with 35,000 sq ft of size and 125 employees.  On May 10, 2012, their new 25,000 sq ft store in Pearl City will open and on May 7, 2012 their final 24,850 sq ft store in Pearlridge Center Uptown will hold it’s grand openin

President of the Retail Merchants of Hawaii. Carol Pregill, commented, ”The expansion of the value retailers is really what’s pushing retail in the state right now.  It’s  indicative of the economy. We’ve seen a very difficult economy for the past number of years. The economy over the past few years has really changed mind-sets. Before we used to buy; now we do more shopping.”

Source: Honolulu Star Advertiser, 4-18-2012, www.staradvertiser.com
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Hawaii Foreclosure – Homeowners Warned About Foreclosure Prevention Scams

The State of Hawaii’s Department of Commerce and Consumer Affairs is increasing it’s public awareness campaign to help educate homeowners about foreclosure prevention scams.  The DCCA stated that the consumer should be cautious of any company who:

1. Collects a fee in advance.

2. Recommends that you stop making mortgage payments or instead send the payments to the rescue service provider.

3.  Instructs you not to contact your lender, lawyer or a credit or housing counselor approved by the federal Department of Housing and Urban Development.

4.  Promises it can stop the foreclosure process.

5.  Pressures you to sign papers, especially if you don’t understand them or haven’t read them thoroughly.

If you feel that you may have been victimized, please contact the DCCA’s Consumer Resource Center at 808 587-3222.

Source: Honolulu Star Advertiser, 4-18-2012, www.staradvertiser.com
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Honolulu Rail Project – Bill Proposed to Encourage Land Development Around Transit Stations

Donovan Dela Cruz, a democrat State Senator who represents the Kanea-Wahiawa-Pupukea districts, is proposing a bill which would encourage the development and redevelopment of land that surrounds the proposed transit sites.  Dela Cruz contends that of the City and County of Honolulu is to be able to support the rail system upon completion, more riders are needed.  Otherwise, the city will be forced to spend tax payers money in the form of subsidies for continued rail operations.

However, this proposed bill is generating a lot of concern from both environmental groups across the state, as well as residents of the neighborhoods that the transit sites would be located.  If the bill allows “fast track” approval for developers, the concern is that public participation and feedback would be limited.  Furthermore, the opposition refers back to statements made by the Honolulu Authority for Rapid Transportation themselves, which noted that they city would have to completely reconfigure the train system to expand it’s capacity before they would be able to have enough passengers to cover projected operating costs.

Source: Honolulu Star Advertiser, 4-17-2012, www.staradvertiser.com
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Honolulu Rail Project – Move Oahu Foward to Promote Rail Project

A new organization named Move Oahu Forward is being created by several business leaders to help promote the Honolulu Rail Project and educate the public about its potential benefits.  Over 30 business and organizations have pledged their support to Move Oahu Forward including Bank of Hawaii, the James Campbell Co., Hawaiian Electric, Hawaiian Airlines, First Hawaiian Bank, Castle & Cooke Hawaii, and the MacNaughton Group.

President and CEO of the Hawaiian Elecrtic Industries, Constance Lau, serves as the co-chair for Move Oahu Forward.  Lau stated, ”We have a rare opportunity to vastly improve our transportation system on Oahu and secure a better quality of life for many in our community.  The Honolulu rail transit project is an investment in our future. It will not only reduce traffic congestion, but also spur the growth of our local economy, benefit Oahu’s special environment an improve the lifestyles for so many island families. Rail transit is about a long-term vision for Hawaii. It is for our children and grandchildren.”

However, opponents to the rail project predict that even the political and business muscle of Move Hawaii Forward will not be enough to convince the public that the $5.6 Billion rail project is a good idea.  Randy Roth, one such opponent, stated,”The city has already spent millions of dollars promoting rail, and we’ve spent nothing.  If the public is turning against rail, and we think the public has already turned against rail, we believe it’s because rail is just a bad idea. I don’t think spending additional millions of dollars trying to promote it is going to change that.”

Source: Honolulu Star Advertiser, 4-15-2012, www.staradvertiser.com
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Kalihi Neighborhood – Boulders Still a Concern, State May Help

Residents of the Kalihi Neighborhood are still concerned about several boulders that are on the hillside overlooking the valley.  John Mizuno, the state representative who serves the Kalihi district, has asked the Department of Land and Natural Resources to provide $250,000 to remove the boulders above Kula Kolea Place.  While this may temporarily solve the problem, State Sen. Donna Mercado Kim, who also represents Kalihi Valley, noted that the “government doesn’t have all of the resources to address all of the long-term problems of boulders. We’re going to have to look at how we get the private property owners to be proactive in dealing with some of the issues.”

According to the consultants hired by the Department of Land and Natural Resources the boulders are located on private land.  This land is owned by William and Shirley Jacinto of Maui and the Church of Christ of the Redeemed of the Lord.  Both private land owners claim that they do not have the money to clear the area.

State Representative Mizuno added that state lawmakers need to address the problem of private owners liability when boulders fall onto homes below.  Mizuno stated,  ”We may need some kind of mandatory liability insurance for private property owners.”

Source: Honolulu Star Advertiser, 4-15-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Kalihi Neighborhood – Boulder Concerns Still Exist

According to Deborah Ward, a spokeswoman for the Department of Land and Natural Resources, there are two more boulders on the Kalihi hillside which may be of concern to residents.  Two days prior, several boulders smashed into three homes along Kula Kolea Place and severely damaged two of them.  Fortunately no one was hurt but seven homes were evacuated as the state investigated.

A geologist employed by the state of Hawaii noted that the boulders came from land which is owned by a church on Kula Kolea Drive.  Residents stated that the church is the Church of Christ of Redeemed of the Lord Beulah.  It is still unclear if the church or its representatives will be responsible for the damage.

Source: Honolulu Star Advertiser, 4-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Lanai Real Estate – 24 Condominium Units to Be Sold

Local developer Peter Savio of Hawaiian Island Homes Ltd has just announced that he will be selling all of the units in the Lanai City Apartments as fee simple condominium units.  The complex was built in 1990 and contains a total of 24 units.  Savio announced that he will be selling studios for approximately $80,000 Fee Simple and one-bedroom units for between $95,000 and $99,000 Fee Simple.  Furthermore, Savio has arranged for financing to allow buyers to put no money down for the UNITA.

The units will initially be offered to the tenants living in the complex.  Following that preference will be given to Lanai residents.  If units are still available after those two offerings, units will be placed on the open market.

Source: Honolulu Star Advertiser, 4-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Kalihi Neihborhood – Boulders Crash into Kalihi Homes

Three homes on Kula Kolea Place in Kalihi Valley suffered damage as boulders tumbled down the mountainside.  Fortunately no one was injured, but one boulder was six feet in diameter and weighed an estimated 3 to 4 tons.  State officials evacuated additional residents until it can be determined that it is safe to return to their homes.  The American Red Cross has come forward to provide shelter for the residents.

Source: Honolulu Star Advertiser, 4-13-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

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Statewide Forelosure Filings Down 13 Percent in March 2012

According to RealtyTrac, a total of 600 foreclosures were filed across to the state of Hawaii in March 2012.  This was a 13 percent decrease from the 691 foreclosures that were filed the same month a year prior.  Real estate experts predict however, that these numbers may increase after Act 48, which was designed to keep homeowners in their homes, is reviewed later this year.  Act 48 went into effect approximately 1 year ago.

Source: Honolulu Star Advertiser, 4-12-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

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Honolulu Rail Project – Daniel Grabauskas New Chief Executive Officer for Rail Project

The Honolulu Authority for Rapid Transit (HART) has named Daniel Grabauskas as the new Chief Executive Officer for the rail project.  Grabauskas stated that he will be working hard to provide transparency to the $5.27 billion project and will even make more documents and records available on the HART website.  Grabauskas noted, “Transparency and a culture of openness are among my top goals.  This is the largest public works project in Hawaii’s history, and taxpayers have a right to know how their money is being spent. We will consistently provide accurate information and increase the amount of information we make available to the public. We intend to show that we are good stewards of your tax dollars.”

Daniel Grabauskas currently has a three-year contract with the city and will get paid $245,000 per year.  In addition to that, he will be given a $36,000 per year housing allowance and a transportation allowance of $6,000 per year.  Finally, he may earn up to $35,000 per year additional based upon job performance.

Source: Honolulu Star Advertiser, 4-11-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

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Honolulu Unemployment Rates Drop to 5.5 Percent in February 2012

According to the U.S. Bureau of Labor Statistics, Honolulu tied for the 24th lowest unemployment rate out of the 372 major metropolitan areas surveyed in February 2012.  Hawaii County (Big Island) had the highest unemployment rate in the state at 9 percent.  Kauai County had 7.9 percent and Maui County had 6.7 percent.  The state as a whole had a unadjusted rate of 6.2 percent in February 2012.

Source: Honolulu Star Advertiser, 4-11-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

www.myhawaiihomesearch.com

www.myhawaiicondo.com

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