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Saturday, June 30, 2012

Hawaii Tourism – Allegiant Air’s First Flight to Hawaii

Allegiant Air celebrated its first flight to Hawaii on Friday with a non-stop service from Las Vegas to the Oahu.  Spokeswomane for Allegiant, Jessica Wheeler, stated, “In many of our markets, we’ll be starting direct flights to Honolulu later this year that never have had direct service to Honolulu.  So this will give them a new direct option that’s very affordable, and we expect it will be extremely successful. In Fresno, we’ve already seen so much popularity on our route that we’ve added an additional route on our schedule before the flight has even started.”
According to the Hawaii Tourism Authority, it is estimated that in 2013, Allegiant Air will have 150,748 seats to Hawaii and will generate $136.3 million in direct visitor spending.  This will give the state $14.9 million in tax revenue.  Vice President of Brand Management for the Hawaii Tourism Authority, David Uchiyama, stated, “Las Vegas isn’t really the emphasis when you look at the secondary cities they’re coming out of like Stockton, Eugene and Spokane.  These are real opportunities for Hawaii where people are going to have greater access. It’s going to create first-time visitors here because of the access. So that’s really the focal point for Allegiant.”
Chief of Staff for Governor Neil Abercrombie, Bruce Coppa, commented, “To see that there’s more and more interest in coming to Hawaii is good for our economy.  We are a destination that people want to come to. There’s a lot of competition but Hawaii is unique. What we’re seeing with Allegiant, and with the recent direct flights from Hawaiian and United to the East Coast, is that it’s bringing more and more of America into Hawaii. So it’s a good day. It’s a good thing.”
Source: Honolulu Star Advertiser, 6-30-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Friday, June 29, 2012

Lanai Real Estate – Larry Ellison Buys 98% of Lanai

Larry Ellison, the third richest man in the United States, has officially completed his purchase of 98% of the island of Lanai from Castle & Cooke Inc.  David Murdock, the chief executive officer of Castle & Cooke stated, “It is very gratifying to me personally to see Lanai now in the hands of Larry Ellison, a very committed individual who will bring his ideas and energy to sustain the beauty and heritage of Lanai.  My time on Lanai, known as the pineapple island, has been enjoyable and inspiring. I have devoted 28 years in shepherding Lanai’s transformation into a world-class tropical paradise.”
Governor Neil Abercrombie commented, “Every indication that I’ve had to this point is that Mr. Ellison and his associates are very anxious to create a good impression based on being responsive to the needs of the people of Lanai and the island itself.  I’m sure that the sale of the island which has been completed today will give us an opportunity to go into a new era.”
Source: Honolulu Star Advertiser, 6-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Honolulu Rail Project – City Applies for Federal Funding

The City and County of Honolulu has finally submitted their application for federal funding with the Federal Transit Administration for the Honolulu rail project.  According to the documents, the city is asking for $1.55 billion from the federal government and estimates the overall cost of the 20-mile rail line to be $5.16 billion.  This does not include the $100 million that the city will spend on planning and design, bringing the total to $5.26 billion.  The plans call for the first segment of the system to be open for public use by the middle of 2016.
Executive Director of the Honolulu Authority for Rapid Transportation (HART), Daniel Grabauskas, remained very optimistic that the Federal Transit Authority will give their full support and approval. Grabauskas stated, “For us to be here and for the FTA to have agreed with us and worked with us on the numbers and the schedule that we’re submitting, that puts us in a great position.” 
The Federal Transit Administration will now spend approximately 30 days to review the application.  If it is approved, it would be sent to the White House Office of Management and Budget, who will spend approximately another 30 days for their review process.  Afterwards, the application would advance to Congress who would have a 60 day review period.  Final approval could come as early as November 2012.
Source: Honolulu Star Advertiser, 6-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Visitor Arrivals and Spending Sets Record High for May 2012

According to a report released by the Hawaii Tourism Authority, visitor arrivals and spending set new records for the month of May.  A total of 622,899 visitors arrived in the Hawaiian islands and spent a total of $1.1 billion.  This was a dramatic increase from the 553,505 visitors and the $912.3 million spent in May 2011 and surpasses previous records set in May 2007.
President and CEO of the Hawaii Tourism Authority, Mike McCartney, stated, “Hawaii’s tourism economy continued to prosper in May.  Recent increases in domestic and international airlift along with major conventions, festivals and events throughout the state helped to generate an additional $159 million in May 2012 compared to last year, contributing to job growth and positive economic recovery for all major islands.”
Source: Honolulu Star Advertiser, 6-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Thursday, June 28, 2012

Personal Income Increases Slightly During First Quarter of 2012

According a report released by the U.S. Bureau of Economic Analysis, personal income in the state of Hawaii had increased 0.9 percent during the first quarter of 2012.  This amount includes salaries and wages, investment income, and federal government payments.  This equated to $60.68 billion at a seasonally adjusted annual rate.  However, experts note that the 0.9 percent increase was still lower then the 1.2 percent growth seen during the fourth quarter of 2011.  Nationally, personal income growth increased by 0.8 percent during the first quarter of 2012. 
The state of Hawaii’s Department of Business, Economic Development and Tourism is forecasing a personal income growth of 4.8 percent for the entire year.
Source: Honolulu Star Advertiser, 6-28-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Wednesday, June 27, 2012

Maui Real Estate – Courtyards by Marriott Opens Near Airport

A brand new Courtyards by Marriott has just opened near the Kahului Airport on the island of Maui.  The 138 room hotel cost approximately $30 million to complete and is located on the intersection of Haleakala Highway and Keolani Place.  The property was built by R.D. Olson Construction and A&B Properties.
Source: Honolulu Star Advertiser, 6-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Tuesday, June 26, 2012

Honolulu Rail Project – City Auditor Requested to Review Public Relations Contracts

There have been approximately a dozen public relations contracts that have been awarded by the City and County of Honolulu with regards to the Honolulu Rail Project.  Recently, several members of the City Council Budget Committee have requested that the city auditor be called in to review these contracts.  The concerns is if there is justification for spending approximately $2 million a year on public relations and public involvement.
Executive Director for the Honolulu Authority for Rapid Transportation, Daniel Grabauskas, stated that he is personally reviewing the contracts but needs more time before he can make decisions on what costs are necessary.  Grabauskas, who has only been working for HART for 10 weeks, stated, “What I aim to do is just understand what those activities are, why they were contracted for, and what exactly it means.  If they are too high and not necessary to effectuate this project, then they’ll be cut.  These are all things that happened prior to my arrival here, these are contracts that were executed quite some time ago, and I’m trying to understand what all of the staff at the project is doing, and figure out what we can try to do to streamline.”
Source: Honolulu Star Advertiser, 6-26-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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North Shore Real Estate – Eight Parcels Maybe For Sale in Haleiwa

The City of Honolulu is considering selling a total of eight parcels of land in Haleiwa on the North Shore of Oahu.  At this time, the auction would be limited to only two bidders, Kamehameha Schools and developer D.G. Anderson.  Kamehameha Schools have stated that they would like to use the land as a cultural park while Anderson has stated that they would like to build an 80 room boutique hotel.  It has been further suggested that the winning bidder would have to keep part of the property as a park for the public.  The property is approximately 3.4 acres in size.
The City Council will meet to further discuss the potential sale and the terms required.
Source: Honolulu Star Advertiser, 6-26-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Sunday, June 24, 2012

Honolulu Rail Project – City Bus Changes Raises Concerns

Approximately two weeks ago, the city of Honolulu had made some major changes to both the bus schedule and routes in an effort to save money in operating costs.  However, some bus patrons have expressed their concerns that this move has been politically motivated to increase support for the Honolulu Rail Project.  Rail opponents point to the fact that the Federal Transit Authority had ordered the city to show how they would contain the growing costs of TheBus and TheHandi-Van before they agree to commit federal funding.  However, the Honolulu City Council Transportation Committee has stated that any recent and future changes would have nothing to do with the Rail Project and added that they will arrange to hear public testimony and feedback from their patrons.
According to City officials, these new bus routes would save the city $6 to $7 million per year.
Source: Honolulu Star Advertiser, 6-24-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Saturday, June 23, 2012

Update on Sand Island Ocean Recreational Park

The state Department of Land and Natural Resources has proposed to create a new $35 million Sand Island Ocean Recreation Park on the island of Oahu.  The plan is to find a private partner to help create a new 350 to 400 slip marina and make other improvements to the area.  However, the spot is very popular with canoe paddlers and other ocean users and they are very concerned with the proposal and the safety concerns that the marina would cause.  Gilbert Silva of the Keahiakahoe Canoe Club stated, ”We understand that the state needs to make money and DLNR is going to do what it’s going to do.  At the same time, safety is a big issue for us, and so is preserving the beauty and culture of this place. So we’re also going to do what we have to do. And if we have to go to the state Capitol with 10,000 paddlers, we’ll do it.”
Source: Honolulu Star Advertiser, 6-23-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Friday, June 22, 2012

Ala Moana Shopping Center to Expand

General Growth Properties, the company that owns Ala Moana Shopping Center, has announced that they will be expanding their Ewa end of their property.  The Ewa end is currently being anchored by Sears, but Sears was planning to vacate in 2014.  General Growth would double the size of that area and add an addition 360,000 sq ft of space with new stores and restaurants. They will also be adding another 4 levels of space and extend the retail footprint to Piikoi Street.
Source: Honolulu Star Advertiser, 6-22-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Thursday, June 21, 2012

Lanai Real Estate – Wind Farm Plans to Remain for Island

A day after it was announced that Larry Ellison would purchase 98 percent interest in the island of Lanai, officials from Castle & Cooke have stated that they will continue to build a 200 megawatt wind energy project.  Previous owner, David Murdock, will retain the rights to his home on Lanai as well as the rights to develop a wind farm on the northwestern corner of the island.  The plan is to then ship the electricity generated to the island of Oahu via an undersea cable.  Opponents of the wind farm have stated that they are very disappointed and had hoped that Larry Ellison would have put a stop to the project once he had made the purchase.
Robin Kaye, spokesperson for Friends of Lanai, which opposes the wind project, said that they was disappointed to hear that plans for it would continue even with a new owner taking over the island.
Source: Honolulu Star Advertiser, 6-21-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Private Company to Buy and Manage Affordable Housing for City

According to a press release from the office of Peter Carlisle, Mayor of Honolulu, a private company has been given approval to buy and manage a total of 12 affordable housing complexes for the city.  The company, named Honolulu Affordable Housing Partners LLC, has agreed to spend approximately $37 million to renovate the buildings if they are allowed to make the purchase.  The final purchase price and terms of the contract have not been finalized.  However, it is generally understood that the buyer would lease the land from the city for 65 years and be required to keep most of the units as affordable housing.  The City Council would still have to give their approval.
Keith Ishida, the city housing director, commented, “Right now, the City and County of Honolulu, like all municipalities, we have very limited resources and we just simply do not have the means to raise $30,000 a unit to renovate.  But by partnering with the private sector, using their acumen and their financing skills and development skills, we really can create a better living environment for our residents.”
Source: Honolulu Star Advertiser, 6-21-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Wednesday, June 20, 2012

Honolulu Rail Project – Federal Funding Reduced by $150 Million in 2013

The United States House Appropriations Committee has announced that they will be reducing the Honolulu Rail Project’s New Starts federal funding in 2013 from $250 million to $100 million.  Surprised by this turn of events, Hawaii Senator Daniel Inouye, stated, “It is unfortunate that my Republican colleagues on the House Appropriations Committee voted to cut funding for one of President Obama’s top transportation priorities.  We have to move forward, together, to create jobs and offer our residents and visitors a much needed alternative to driving on over-congested roads, while at the same time lessening our dependence on imported fossil fuels.”
Executive Director of the Honolulu Authority for Rapid Transportation, Daniel Grabauskas, added, “We are confident that as we move forward with the Federal Transit Administration on signing a full funding grant agreement later this year.  Senator Dan Inouye and our entire congressional delegation will work to increase the final level of funding for Honolulu and keep the project moving forward so that we can provide Oahu residents with much needed relief from what is now the worst traffic congestion in the country.”
The bigger concern would be if the United States Congress will agree to give the Honolulu Rail Project the $1.55 billion of federal funding needed.  Cliff Slater, an opponent of the rail project, stated, “There is a lot of opposition to wasting money, and in our view there is no greater waste of money than the rail project.  I don’t think it’s possible to justify the cost-effectiveness with such a small benefit at such a huge cost.”
Source: Honolulu Star Advertiser, 6-20-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Hawaiian Airlines to Add Brisbane, Australia Route

Hawaiian Airlines has announced that they will be adding a new nonstop service between Honolulu and Brisbane, Australia three times a week beginning in November.  Hawaiian currently offers nonstop service to Sydney, Australia four times per week and is very excited about expanding to this new route.  President and CEO Mark Dunkerley stated, “The Australian economy is doing very well. The Australian dollar is very high against the U.S. dollar and the Australians have a tremendous propensity for travel. All of which combined makes Australia particularly appealing to us right now.  Sydney is doing well for us.  It helped build the confidence we needed to start service to Brisbane.”
According to the Hawaii Tourism Authority, this new route would add more then 40,000 new seats between Hawaii and Australia on an annual basis.  It is estimated that this route would generate an additional $83 million in visitor spending and $9 million in tax revenue for the state of Hawaii.
Source: Honolulu Star Advertiser, 6-20-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Tuesday, June 19, 2012

Island of Lanai May Be Sold By Castle & Cooke Inc.

Officials from Castle & Cooke Inc. met with Hawaii Governor Neil Abercrombie and Maui Mayor Alan Arakawa last week to discuss the potential sale of the their interest in the island of Lanai.  Castle & Cooke currently owns 98 percent of the land on the island and has stated that a new potential buyer may be interested in the purchase.  While no name has been mentioned as to who the next owner of the island might be, the company has confirmed that they would consider selling the land.
Over the past few decades, Castle & Cooke and their chief executive billionare David Murdock have explored various options for the island including building luxury resorts or making new luxury housing developments.  Most recently, Murdock had planned to build giant windmills on the island that would deliver electricity to the island of Oahu through underwater cables.  However, local Lanai residents have opposed Murdock and Castle & Cooke throughout the years and stated that they wanted to keep the rural feeling for the island.
Source: Honolulu Star Advertiser, 6-19-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Monday, June 18, 2012

Kailua Real Estate – Wastewater Tunnel Plans Causes Concerns for Residents

The City and County of Honolulu has announced that they will be building a 3.2 mile long wastewater tunnel that will stretch between Kaneohe and Kailua at a cost of $200 million.  City officials noted that the tunnel will be an average of 100 feet below ground and will be able to transport sewage to the Kailua Regional Wastewater Treatment Plant for the next 150 years.  According to the project’s design engineer, Wesley Yokoyama, the tunnel should have no effect on any of the surrounding communities.  Yokoyama stated, “Experts feel there will be very little risk to structures.”
However, there are some Kaneohe and Kailua residents who disagree with the city and are very concerned about the potential impact that this tunnel could have on their properties.  For example, Collette Madden, the board president of the Healani Gardens Homeowners Association stated, “There’s going to be cracks in our walls and foundations.  All of the community is concerned. We want some indemnification.”  The city has stated that they would meet with residents and will provide additional information about the project.
The city hopes to start the project in December 2012 and has a completion date projected for June 30, 2018.
Source: Honolulu Star Advertiser, 6-18-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Sunday, June 17, 2012

Maui Real Estate – Maui Oceanfront Inn Purchased By USA Tianren

USA Tianren Hotel Management Inc. has just announced that they have purchased the Maui Oceanfront Inn for $7.5 million.  The property is has another 22 years on its lease with the Department of Land and Natural Resources and is located on Keawakapu Beach near Wailea.  USA Tianren has announced that Days Inn will continue to manage the 87 room property.  The company stated that minor renovations may be planed in the near future.
Source: Honolulu Star Advertiser, 6-17-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Honolulu Rail Project – Contingency Fund for Unexpected Cost Decreasing

The City of Honolulu has stated that they have set aside approximately $865 million to cover unexpected costs related to the $5.37 billion rail project.  Last year about $30 million of that money had been spent to cover change orders and a request had been made to spend another $58.2 million in the coming months for undisclosed costs.  This rapid spending has many opponents of the rail project extremely nervous that the project will cost even more then anticipated.  Executive Director for the Honolulu Authority for Rapid Transportation, Daniel Grabauskas, stated that the public should not be concerned and that this spending was not unusual but declined to comment where the new $58.2 millions was going to,  Grabauskas added, “Because we are in negotiations with contractors over possible change orders, we cannot give specific breakdowns of those figures at this time.”
Source: Honolulu Star Advertiser, 6-17-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Saturday, June 16, 2012

Maui Real Estate – Target to Open Store in Central Maui

Target Corp had announced that they will be the anchor tenant for a new shopping center in Central Maui.  Puunene Shopping Center is expected to be completed in 2015 and is expected to have over 20 retailers and restaurants.  This would be Target’s first store on Maui and their fifth store in the Hawaiian Islands.
Source: Honolulu Star Advertiser, 6-16-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Honolulu Rail Project – Mayor Approves $450 Million Line of Credit

Mayor Peter Carlisle has signed into law a bill that will allow the Honolulu Rail Project to have an additional $450 million line of credit as a cushion in the event that they run out of money for an unexpected reason.  Supporters for the rail project  assure the public that it is “highly unlikely” that this money will ever be used and it is more so designed to help secure federal funding from the Federal Transit Administration.  In fact, Mayor Carlisle went as far as saying that “the likelihood is next to zero.”  However, opponents to the rail project question how the loan would be repaid if it does get used, as the Honolulu Authority for Rapid Transportation does not have a clear source of income to repay the credit line.
Source: Honolulu Star Advertiser, 6-16-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Friday, June 15, 2012

Premium Office Space Vacancies at 15 Percent in Honolulu

According to a report released by Hawaii Commercial Real Estate LLC, the vacancy rate in Honolulu’s “Class A” buildings, or premium office buildings, has increased to 15 percent during the first quarter of 2012.  This is an increase from the 14.4 percent posted during the fourth quarter of 2011 and the 13.1 percent posted a year ago today.  Experts focus their attention on “Class A” buildings as a market indicator due to the fact that they tend to hold larger tenants.
The report stated, “While vacancy continued to increase, anecdotal evidence suggests we are near the bottom.  The numbers of showings are up, and we have seen a number of small startups looking for small space. We have also seen tenants more willing to move, which may suggest that tenants want to lock in good deals now before the market turns.  It is important to note the cumulative impact of Honolulu’s rail project on downtown office occupancy.  If the project is killed or stalled, it could mean some or all of the approximately 100,000 square feet occupied by HART and its contractors would come back on the market. Conversely, if the project does get into full swing, more space will be needed downtown.”
Source: Honolulu Star Advertiser, 6-15-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Unemployment – Rate Remains at 6.3 Percent for May 2012

According to a report released by the state Department of Labor and Industrial Relations, Hawaii’s state unemployment rate held steady at 6.3 percent for May 2012.  The state had reached a high of 7.1 percent during the recession, but had a low of 2.5 percent in 2006.  The University of Hawaii Research Organization (UHERO) predicts that unemployment will decrease to 6.1 percent by the end of the year.  Honolulu County had an unemployment rate of 5.6 percent in May. Maui County had an unemployment rate of 6.4 percent.  Kauai County had an unemployment rate of 7.7 percent.  Hawaii County (Big Island of Hawaii) had an unemployment rate of 8.6 percent.
Source: Honolulu Star Advertiser, 6-15-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Thursday, June 14, 2012

Hawaii Foreclosure – Rate in May 2012 Lowest in Four Years

According to a report released by RealtyTract, the number of foreclosures filed in the state of Hawaii during the month of May 2012 was the lowest it has been in four years.  The report noted that there were 267 filings last month, which was a 70 percent decrease from the 900 filings that were filed during the same month a year prior.  Industry experts feel that this drastic decrease in foreclosuring filings has more to do with the Act 48 law that was passed in May 2011 then a significant upswing in the state’s economy.
Act 48 provides homeowners with additional consumer protections from lenders.  Included in the law is a mediation program and tough penalties against lending institutions if they violate stricter procedures.  The state legislature will be reviewing Act 48 and plans to make some changes through House Bill 1875.
Across the state, Hawaii had one foreclosure filing out of every 1,946 households during the month of May 2012.  Honolulu County had the lowest filing rate at one filing per 3,035 households.  Kauai County had one filing per 1,419 households.  Maui County had one filing per 1,173 households and Hawaii County (Big Island of Hawaii) had one filing per 1,098 households.
Source: Honolulu Star Advertiser, 6-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Real Estate – Ka Makana Ali’i Development Pushed Back to 2013

DeBartolo Development LLC has previously hoped to start the construction of Ka Makana Ali’i Regional Shopping Center by the middle of 2012, but has now announced that construction will start in 2013.  Ka Makana Ali’i will be built in East Kapolei and will cost an estimated $350 million to develop.  DeBartolo has stated that many tenants have already signed on for the first phase of development including Walgreens, 24 Hour Fitness, and State Farm Insurance.  McDonald’s is also in their final lease negotiations with the developer.  These stores would probably begin opening in 2014.
The 67-acre mall site is actually being leased from the Department of Hawaiian Home Lands.  The DHHL is expecting to receive more then $140 million in lease rent over the first 25 years of the development.
Source: Honolulu Star Advertiser, 6-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Wednesday, June 13, 2012

Alaska Airlines Adds Seasonal Service Between Anchorage and Kona

Alaska Airlines has announced that they will begin a season service which will bring flights from Anchorage to Kona during the winter months.  According to their plan, the weekly service will run from November 10th until April 7th.  Alaska Airlines will also continue to provide year-round daily service from Anchorage to Honolulu.  Regional Vice President for Alaska Airlines, Marilyn Romano, stated, “Our loyal customers have been asking for Kona flights for years, and we’re delighted to expand our aloha service.”
Source: Honolulu Star Advertiser, 6-13-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Allegiant Air Cleared to Fly to Hawaii

Allegiant Air has announced that it has obtained certification from the Federal Aviation Administration to offer extended-range operations (ETOPS) and have flag carrier status.  Both certifications were necessary for Allegiant Air to provide service from the continental United States to Hawaii.  According to their press release, nonstop service from Las Vegas and six West Coast cities to Honolulu will begin in later this year.  President of Allegiant Travel Co., Andrew Levy, stated, “This is an important day for Allegiant.  Obtaining ETOPS and Flag Carrier status not only clears the path for our new service to Hawaii, but also opens up potential international opportunities, and will play an important role in our company’s future growth. Our operations team worked long and hard to ensure the completion of this certification.  The new Hawaii service has proven very popular, and we are pleased with initial bookings.”
Allegiant Travel Co. is the parent company of Allegiant Air and also generates income by selling hotel rooms, car rentals and attractions to its passengers.
Source: Honolulu Star Advertiser, 6-13-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Tuesday, June 12, 2012

Matson to Lower Fuel Surcharge on June 17, 2012

According to a statement released by Matson Navigation Company, they will be lowering their fuel surcharge from 45.5 percent to 42 percent on June 17, 2012.  Matson is Hawaii’s largest ocean transportation company and this reduction is due to a recent decline in fuel costs for their ships.  Senior Vice President of Ocean Services for Matson, Dave Hoppes, stated, “Escalating energy costs have impacted all businesses, as well as consumers, this year, with transportation companies especially hard hit.  We are pleased to be able to make this downward adjustment to our fuel surcharge. We will continue to monitor fuel costs and adjust the surcharge accordingly.”
Source: Honolulu Star Advertiser, 6-12-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Monday, June 11, 2012

Kahala Residents Frusterated with Genshiro Kawamoto’s Run-Down Lots

Japanese billion Genshiro Kawamoto owns approximately 20 single family homes along Kahala Avenue, but has allowed many of them to become run-down.  According to the city Department of Planning and Permitting, Kawamoto has paid all $38,000 worth of fines that have been charged to him over the past few years, but Kahala residents feel that not enough is being done to force Kawamoto to maintain his properties.  This city typically imposes a daily fine of $50 for a nuisence violation like having weeds growing on your property, but some residents argue that the amounts are nothing to a billionare like Kawamoto.  Denise Jackson, a resident of Kahala, stated, “This is disastrous.  The guy needs to take control of his property. He has the money. I don’t understand why he can’t do anything.”
Source: Honolulu Star Advertiser, 6-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Sunday, June 10, 2012

United Airlines Offers Nonstop Service Between Washington D.C. and Honolulu

United Airlines has just started a new nonstop service between Dulles International Airport in Washington D.C. and Honolulu International Airport.  This route takes an estimated 9.5 hours to travel and the Hawaii Tourism Authority hopes that thanks to United Airline’s move an additional $135 million in spending and $14 million and tax revue will come to Hawaii each year.  Mike McCartney, the President and CEO of the Hawaii Tourism Authority stated,  ”United helped Hawaii’s tourism economy grow back in the 1970s, and they’ve been a great partner over the years.  It’s good to see them step up. Now we need to stay on task and keep the momentum going forward.”
General Manager for United Airlines in Honolulu, Mike Navares, commented, ”Hawaii is our little corner of the world.  We are the largest carrier to service Hawaii, and we appreciate all of our travel partners.  We match capacity with demand.  There’s been a lot of interest from Dulles. We think it’s going to be a very successful route.”
Source: Honolulu Star Advertiser, 6-10-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Saturday, June 9, 2012

Honolulu Rail Project – First Support Columns Unveiled

The first of concrete support columns for the Honolulu Rail Project has been completed in East Kapolei.  According to the Honolulu Authority for Rapid Transportation, a total of 700 columns will eventually be placed throughout the 20 mile rail system.    However, the rail project is not without controversy and former governor Ben Cayetano, who is running for Honolulu mayor, has vowed to end rail if he is elected this fall.  If that is the case, it is quite possible that any existing rail infrastructure that has been built at that time would be torn down.
Source: Honolulu Star Advertiser, 6-9-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Friday, June 8, 2012

Oahu Real Estate Market Data for May 2012

Source: Honolulu Board of Realtors
Single Family Homes Sold on Oahu:
May 2012 – 243 Homes Sold – $664,000 Average
May 2011 – 243 Homes Sold – $595,000 Average
Condominiums Sold on Oahu:
May 2012 – 371 Condos Sold – $300,000 Average
May 2011 – 330 Condos Sold – $290,000 Average
Source: Honolulu Star Advertiser, 6-8-2012, 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

Koa Ridge Development Given Approval

The State of Hawaii’s Land Use Commission has given their approval for the Koa Ridge Development in a 7-0 vote.  The development will be located in Central Oahu between Mililani and Waipio and will include 5,000 homes as well as a hospital and a commercial center.  Castle & Cooke, the developer, hopes to start construction of the $2.2 billion project within a year and have the first somes completed in late 2014.
Source: Honolulu Star Advertiser, 6-8-2012, 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