Hawaii Real Estate and Economy: April 2013

Tuesday, April 30, 2013

Hawaii Foreclosure – New Cases Decrease in March 2013

According to a report issued by the state Judiciary, there were a total of 362 new foreclosure cases filed in March 2013. This was a decrease from the 404 cases that were filed in March 2012 and also a decrease from the 390 cases filed in February 2013. However, foreclosure experts caution that these numbers are slightly skewed due to two major overhauls in foreclosure law that occurred in 2011 and 2012 respectively. These changes to the law required attorneys to be responsible for the accuracy of all case documents submitted by lenders, making it much more time consuming for lenders to file court cases. As a result, experts state that it may be several more months before a clear understanding of the foreclosure market can be truly understood and trends predicted.

Source: State Judiciary

362 Foreclosure Cases – March 2013
390 Foreclosure Cases – February 2013
388 Foreclosure Cases – January 2013
341 Foreclosure Cases – December 2012
327 Foreclosure Cases – November 2012
196 Foreclosure Cases – October 2012
58 Foreclosure Cases – September 2012
59 Foreclosure Cases – August 2012
75 Foreclosure Cases – July 2012
458 Foreclosure Cases – June 2012
397 Foreclosure Cases – May 2012
382 Foreclosure Cases – April 2012
404 Foreclosure Cases – March 2012
345 Foreclosure Cases – April 2012

Source: Honolulu Star Advertiser, 4-30-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Monday, April 29, 2013

Honolulu Government – Bill 28 (2013) to Prevent Smoking at Bus Stops

City Councilman Ron Menor is introducing Bill 28 (2013), which would prevent people from smoking at bus stops. Menor stated, “This bill is about promoting the health and well-being of bus riders who are exposed to secondhand smoke while waiting at bus stops. Exposure to secondhand smoke is a particular problem at bus stops because bus riders are oftentimes sitting or standing close to one another at a bus shelter while waiting to catch TheBus. In these situations it’s difficult to avoid inhaling secondhand smoke if some person decides to light up a cigarette.” Under current Honolulu law, it is illegal to smoke at a bus stop that has a roof and three walls. Bill 28, if passsed, would apply to all bus stops.

Co-chairman of the Hawaii Smokers Alliance, Michael Zehner, argues that Bill 28 is yet another intrusion into a person’s civil liberties. Zehner argued, “If you’re the only person at the bus stop, how reasonable is that if no one else is there and you can’t smoke? I don’t understand the sense of that at all.”

Source: Honolulu Star Advertiser, 4-29-2013, www.staradvertiser.com
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Saturday, April 27, 2013

Honolulu Government – Public School Sites May Be Redeveloped By Private Companies

The panel of state House of Representatives and Senate members have agreed to allow the private redevelopment of up to three public school sites over the next five years. According to the bill, the redevelopment would not be exempt from land-use regulations. Senator Jill Tokuda stated, “We want to recognize that this needs to be something that the community accepts, the community feels comfortable with, because we definitely know that we’ve got to re-earn the trust when it comes to land development, especially in the area of public lands.” The bill will go before both sides of legislature for a full vote.

Source: Honolulu Star Advertiser, 4-27-2013, www.staradvertiser.com
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Hawaii Law – “Genshiro Kawamoto Bill” Signed Into Law

Honolulu Mayor Kirk Caldwell has signed into law a bill that would increase the city’s ability to fine a property owner for leaving trash or excessive overgrowth on their land. Dubbed the “Genshiro Kawamoto Bill” after the Japanese billionare who has allowed trash, debris and weeds to take over his many properties in the Kahala neighborhood and throughout Oahu, the city is now able to fine a property owner up to $5,000 a day. City Councilman Stanley Ching, who introduced the bill, stated, “Property blight is one of the top issues facing Oahu neighborhoods. It’s an issue that affects every part of this island from Kahala to Waikiki to Hawaii Kai to Kaimuki to Hauula.”

Mayor Caldwell added, “So many of us around this island work so hard to maintain our properties in pristine condition, to make them a beautiful place but also a safe place where you don’t have rodents, rats, mongoose, mosquitos and those kinds of things. It takes only a few uncaring owners that really spoil it for everybody else and not only cause visual blight, but health and safety issues, too.” Caldwell and Ching both state that the measure is really designed to go after the worst offenders and not the average citizen with a messy front yard.

According to the city, Genshiro Kawamoto has had 67 notices of violation issued against him and his properties. Most of the violations have been due to overgrowth or debris on his property. As of this time, all of the violations have been corrected, except for one $50 outstanding fine.

Friday, April 26, 2013

Hawaii Tourism – Increase in Visitor Arrivals and Spending in March 2013

According to a report released by the Hawaii Tourism Authority, there were a total of 769,047 visitors arriving in the Hawaiian islands in March 2013, or a 7.6 percent increase as compared to the same month a year prior. These visitors spent $1.3 billion, or an increase of 7.8 percent as compared to March 2012. However, as amazing as the month of March and the entire first quarter of 2013 has been in terms of tourism, experts and officials caution that the rapid growth can not continue for ever due to accomodation and pricing constraints. Mike McCartney, the president and CEO of the Hawaii Tourism Authority, stated, “Spending and arrivals have been on the upswing, but there has been a decrease in visitor average length of stay for markets like U.S. West and Canada, which could be an indication that visitors may be reaching their spending threshold. Furthermore, the reduction of (air) service from the U.S. East and U.S. West and the weakening Japanese yen could also have an effect on arrivals and spending this year.”

McCartney continued, “We won’t see the growth rate that we’ve seen the last year and a half, but we’ll probably still see single-digit growth this year. I’m more concerned about what is going to happen in 2014. That’s when we could see the impact of the airline changes. We’re getting close to the tipping point. Over time we will need to support the growth of our economy and our base. I see that growth in Ko Olina and in Waikiki renovations and in the neighbor islands. We also need to refresh inventory and realize that at some point in the future, we will have to offer more value.”

Senior vice president and director of operations for the Starwood Hotels & Resorts, Keith Vieira, added, “It’s usually never one thing that turns the market. It’s when we have two or three or more major things happen. We’ve got a few clouds on the horizon. It looks to be minimal at this point, but you never know. We have to stay vigilant to keep the momentum in the market.”

Source: Honolulu Star Advertiser, 4-26-2013, www.staradvertiser.com
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Thursday, April 25, 2013

Hawaii Economy – Lawmakers Make Transient Accommodation Tax Rate of 9.25 Percent Permanent

In 2011, members of the state of Hawaii’s House and Senate had agreed to increase the transient accomodation tax rate from 7.25 percent to 9.25, to help the state through the recession. Originally, that increase was set to expire in 2015, but Hawaii lawmakers have now agreed to make this rate permanent.

Senate Bill 1194 also includes a component giving the Hawaii Tourism Authority at total of $82 million from the revenue brought in by the transient accomodation tax. This was an increase of $11 million from previous years. House Finance Committee chairwoman, Sylvia Luke, stated, “The important portion was increasing the allocation to Hawaii Tourism Authority to allow them to do marketing, especially in the next few years as the market is going to be soft. That was an important component.” President and chief executive officer for the HTA, Mike McCartney, added, “They invested in Hawaii by giving us an additional $11 million to continue our marketing efforts and to make sure Hawaii has the best experience possible.”

State Budget Director Kalbert Young praised lawmakers decision to make the tax rate permanent and added that it would help to stablize the state’s financial budget over the long haul. Young stated, “Although the tax rate was not set to sunset for another two years, it’s better to have knowledge of where this rate is going to be into the long term. Better to do it today and let the industry be able to adapt into the future. So we feel it’s a very good thing.”

Source: Honolulu Star Advertiser, 4-25-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Waikiki Real Estate – Community Concerned that State May Lease School Land with Private Partnerships

Governor Neil Abercrombie been a strong supporter of various state lawmaker’s suggestions to lease out public school land to private companies in an effort to generate additional revenue. Abercrombie has pointed out that on average, the typical public school is 65 years old, and it currently costs tax payers approximately $210 million per year to maintain.

Waikiki community leaders, however, are concerned that it would be their schools that would be the first to be targeted, based upon their excellent location and the high desirability of their land. Jefferson Elementary, for example, sits on 15 acres of land directly across from the Honolulu Zoo on Kapahalu Avenue and is just a few short blocks to the ocean. Waikiki and Ala Wai elementary schools are also located on excellent parcels. The state Department of Education has not identified which schools may be redeveloped, but Assistant Superintendent Raymon L’Heureux has acknowledged that several private companies have inquired about Jefferson, Waikiki and Ala Wai elementary. L’Heureux stated, “All schools are candidates at this point. They’ve got mineral rights in Colorado. In Hawaii, we’ve got real estate.”

Waikiki Real Estate – Ritz-Carlton Residences Waikiki Beach to Have Dean & DeLuca Luxury Food Market

The Ritz-Carlton Residences Waikiki Beach, has announced that they will be adding a Dean & DeLuca market in the lobby of their condominium hotel. A well known luxury food market based out of New York City, Dean & DeLuca will sell a wide variety of goods including premium produce, exclusive spirits and wines, and high end kitchenware. Jason Grosfeld, a principal of development company PACREP LLC, stated “We think it’s the perfect brand to bring to Luxury Row and to bring to Ritz-Carlton. We couldn’t imagine a better gourmet food experience for our visitors and guests.”

The Ritz Carlton Residences will feature a total of 309 residences/hotel units and will cost a total of approximately $180 million. The property will be 38-stories tall and is expected to break ground later this year and be completed by 2016. In addition to Dean & DeLuca, the property will feature a sushi restaurant, another restaurant to be determined a bar, two infinity-edge pools and a spa. All units would have ocean views overlooking Fort DeRusy Park.

Wednesday, April 24, 2013

Honolulu Law – Bill 25 (2013) Would Ban Smoking at All Honolulu City Parks and Beaches

The City Council Public Safety and Economic Development Committee has given their approval to move forward with Bill 25 (2013) which would ban smoking at all 293 city parks and beaches. If the bill is signed into law, it would go into effect starting January 1, 2014, giving the Parks and Recreation department enough time to educate the public and put up signs to enforce the ban. The bill was introduced by City Councilman Ikaika Anderson, who stated, “If we’re going to have a smoking prohibition in the City and County of Honolulu at our city parks, rather than protect public health at just a few city parks, then maybe we should really protect public health at all of our public parks.” Mayor Kirk Caldwell has stated previously that he would support a smoking ban at all city parks and beaches if the bill was presented to him.

Michael Zehner is the co-chairman of the Hawaii Smokers Alliance and a strong opponent of the bill. Zehner stated, “Ultimately, they don’t want just beaches and parks, they want every street and sidewalk, every golf course, every campsite, every park, even people’s homes, and this is just another step toward that.”

Source: Honolulu Star Advertiser, 4-24-2013, www.staradvertiser.com
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Honolulu Rail Project – Honolulu Officials Travel to Washington D.C. to Discuss Funding

Honolulu Mayor Kirk Caldwell, City Council Chairman Ernie Martin, Honolulu Authority for Rapid Transportation CEO Dan Grabauskas, and HART board Chairwoman Carrie Okinaga traveled to Washington D.C. to meet with U.S. Secretary of Transportation Ray LaHood and other members of the House and Senate appropriations committee regarding the federal funding for the Honolulu Rail Project. The Federal Transit Administration had previously agreed to provide $1.55 billion to the city of Honolulu for the $5.26 billion project. However, there was a slight concern about funding after the project suffered a $14 million hit in federal funding for this year due to sequestration budget cuts. The FTA stated that they that lost money would be made up in subsequent years. Mayor Caldwell stated, “We wanted to come up to D.C. after the election to show a strong leadership team, all working together to move the project forward.”

Hawaii Tourism – Airlines Reduce Number of Seats to Islands

Hawaiian Airlines, United Airlines, Alaska Airlines, and Allegiant Air have all announced that they will be reducing the number of seats that they have available to the Hawaiian Islands. All of these companies had rapidly expanded their flights to Hawaii in the past year, hoping to capture an increased market share, but now leaving with too high of a seat capacity. This move to reduce air seats to the islands have caused much concern for the Hawaii Tourism Authority and other tourism experts and officials. President and CEO of the Hawaii Tourism Authority, Mike McCartney stated, “We need to pay very close attention to what’s going to happen over the summer and into the fall. There is concern to make sure that we continue the momentum that we achieved this last year. There’s no question we are concerned with the third and fourth quarters of this year, and we want to make sure that we can help facilitate the booking pace.”

When asked if this reduction in air seats would reduce the Hawaii Tourism Authority’s goals for visitor arrivals in 2013, McCartney added, “We need to make sure those seats coming to Hawaii continue to be filled, because in some markets there’s more seats than demand. We’re coming up with some programs to stimulate the market. We must remember we’re in a fragile and competitive world, and the health of airlines is very important to us. We need them to be profitable, too. We’re working with everyone to ensure that we can keep a healthy supply of seats to Hawaii and to do our job to drive demand in those markets. But this is part of what we saw coming: a flattening out. We have 954 flights per week from 53 cities that connect directly to the Hawaiian Islands from 20 different carriers, and there is no other place in the world that has that kind of access. It is very important strategically to Hawaii that we have this lift (number of seats) to make sure we continue to not only give business to tourism, but to give people in Hawaii access to the world.”

Bob McAdoo, an airline analyst with Imperial Capital investment bank commented, “There was a vacuum coming out of 2008 (following the shutdowns of Aloha and ATA airlines), and the airlines kept adding flights and finally got to the point where they were on top of each other, and that just doesn’t work. This (cutback by airlines) was not unexpected. It was something that Hawaiian had talked about last quarter. Alaska and Hawaiian were trying to compete against each other in the smaller California markets and realized they had too much capacity.”

Tuesday, April 23, 2013

Hawaii Tourism – Paul Casey Named CEO of Island Air

Island Air has announced that Paul Casey will become the new chief executive officer for the company starting on May 1, 2013. Casey was the president and CEO of Hawaiian Airlines from 1997 to 2002 and was also the president and CEO of the Hawaii Visitors and Convention Bureau from 1995 to 1997. Casey stated, “Having been part of Hawaii’s visitor and airline industries for the past three decades, joining Island Air at this time is an exciting opportunity. I look forward to working with the Island Air team to deliver high-quality air service and provide improved options for interisland travelers.”

Island Air was purchased in February 2013 by billionaire Larry Ellison and the Oracle Inc. Ellison purchase 97 percent of the island of Lanai in 2012. Les Murashige will remain as the president of Island Air.

Source: Honolulu Star Advertiser, 4-23-2013, www.staradvertiser.com
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Monday, April 22, 2013

Hawaii Economy – First Hawaiian Bank Seeing Increases in Individual and Business Loans

First Hawaiian Bank, the state’s largest bank, has announced that they have seen an increase in the number of individuals and businesses who are applying for and obtaining loans. This is attributed to low interest rates and an improving economy. President and CEO for First Hawaiian Bank, Bob Harrison, stated, “For a couple of years now, we’ve been waiting for a recovery, and now it seems to be finally getting going. Customers are getting the confidence it takes to buy a new car. And in construction you see the confidence it takes for people to invest in a new building or a new project. So having all that happen now is very positive. Some of the (planned) construction projects have started, and our branches are seeing new loan activity. We’re helping consumers finance the purchase of new cars. The only negative pulling us back is the low interest rate environment from the earnings perspective. But we’re still over $50 million in net income, and that makes us one of the most profitable, if not the most profitable, companies (in the state).”

During the first quarter of 2013, First Hawaiian Bank had loaned out $9.1 billion. This was a significant increase from the $8.4 billion loaned during the first quarter of the prior year.

Source: Honolulu Star Advertiser, 4-22-2013, www.staradvertiser.com
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Sunday, April 21, 2013

Hawaii Real Estate – Bill May Allow Landlords to Accept Pet Deposit

Under current Hawaii state law, landlord may only accept a one month security deposit from tenants, regardless of if a tenant has a pet. As a result, many landowners choose not to make their rentals pet-friendly. However, the new Hawaii Senate Bill 328 would allow landlords to collect an additional one month’s rent deposit from individuals who have an animal. Verified service/assistance animals would be exempt from additional charges. Hawaii Senator Roz Baker commented, “The hope on this bill is that it will be the incentive that’s needed to allow more rental property owners to rent to folks with pets. Because we know that pets can provide companionship and comfort even if they’re not listed as assistance dogs.”

The bill will now go to the House and Senate chambers for final approval. It will then be sent to the governor’s desk for his review and signature. If signed, the law would go into effect on or after November 1, 2013.

Source: Honolulu Star Advertiser, 4-21-2013, www.staradvertiser.com
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Hawaii Real Estate – Endangered Plant Stalling Land Swap Deal Between Navy and Hawaii Community Development Authority

The United States Navy would like to convey approximately 250 acres of land that it owns on three separate parcels to the Hawaii Community Development Authority, a state agency. The land is located at the Barbers Point Naval Air Station on the island of Oahu. However, a native plant, known as the Ewa Plains akoko (scientific name is Chamaesyce skottsbergii var. kalaeloana) is growing on approximate 150 to 160 acres of this land. The challenge facing the Hawaii Community Development Authority is that the Ewa Plains akoko is an endangered species with only 630 plants known to exist, thus raising the issue on who is responsible for the plants and what should be done to protect them.

The Hawaii Community Development Group had proposed building a solar energy farm on the land that would generate 10 to 15 megawatts of energy on two separate parcels. It is estimated that the solar panels would generate several hundred dollars in revenue for the state agency. However, the Fish and Wildlife Service stated that the HCDA would also be responsible for the ongoing preservation of the Ewa Plains akoko, which would require developing a conservation management plan, putting in fencing and a firebreak road, doing clearing work, and hiring people to maintain the site. The expense for following the Fish and Wildlife Service’s requirements would far outweigh the financial benefit of taking in the property. Anthony Ching, the executive director for the HCDA, stated, “It (the akoko preservation) is a worthy effort. It’s the law. We should protect our endangered species. I have no problem with that. But it can’t be unreasonable. You can’t expect to create an unfunded mandate and expect and then ask for the world and then seemingly create challenges for that to happen.”

The Fish and Wildlife had made efforts to grow the plants elsewhere, but their efforts have failed. The Navy has stated that it still remains their goal to convey the land to the HCDA. However, if the HCDA decides not to move forward, they will consider other options.

Saturday, April 20, 2013

Hawaii Unemployment – Statewide Unemployment Rate Drops to 5.1 Percent in March 2013

According to the state Department of Labor and Industrial Relations, Hawaii’s unemployment rate decreased to 5.1 percent in March 2013. Honolulu County had an unemployment rate of 4.6 percent. Hawaii (Big Island) had a 7.6 percent rate. Kauai County had a 6.4 percent rate. Maui County had a 5.7 percent unemployment rate. The county’s data is not seasonally adjusted. The national unemployment rate was 7.6 percent in March 2013.

Source: Honolulu Star Advertiser, 4-20-2013, www.staradvertiser.com
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Honolulu City Law – Bill 7 (2013) Sidewalk Nuisances – Signed Into Law

Mayor Kirk Caldwell has signed Bill 7 (2013) into law. The bill allows the city to immediately remove tents and other objects deemed to be a “sidewalk nuisance”. The items would then be stored by the city, and owners of the items would have to pay a recovery fee to pick them up. Previously the law stated that the city had to “tag” an item for 24 hours before they were allowed to remove it. Caldwell, stated that by signing the measure it ensures “that we keep our public spaces open and available for everyone in our community. No one person has a right to take over part of public space, whether it be a business, a private citizen or anyone else. It’s a matter of public safety and improving the quality of life in the most beautiful place in the world.”. The law will start being enforced on June 30, 2013

Opponents of the new law argue that it targets the homeless and is unconstitutional. The American Civil Liberties Union of Hawaii stated that they will be reviewing the law and may decide to challenge the law in court.

Honolulu Rail Project – Opponents to Rail Request Expedited Federal Appeals Court Hearing

In December 2012, federal judge A. Wallace Tashima stated that the city was allowed to proceed with their construction plans with the three caveats that they conduct a further study on the impact to Mother Waldron Park in Kaakako; research the feasibility of creating an alternative downtown route under Beretania Street; and to make sure that the rail project does not effect cultural sites along the 20-mile route. Opponents to the project filed an appeal to the 9th U.S. Circuit Court of Appeals shortly thereafter. However, now that it appears that the city of Honolulu would resume construction by August or September of this year, opponents of the rail project are requesting that the Appeal Court expedite the case and make a decision before August. University of Hawaii law professor and opponent of the rail project, Randall Roth, stated, ”We think it would be an unnecessary waste of additional money to resume construction prior to the court’s decision. Nobody can predict with certainty what the court’s going to do, but we believe we’re going to win the appeal.”

Officials for the Honolulu Authority for Rapid Transportation stated that they have already spent more than $2.1 million in outside attorney fees for this court case. They have also estimated that construction delays cost the city between $7 million and $1 million per month.

Friday, April 19, 2013

Hawaii Real Estate – City Council Approves Property Blight Bill

The Honolulu City Council has unanimously approved Bill 3 (2013), which would allow the city to impose stiffer fines in property owners who create a blight in their neighborhoods through overgrown plants and trash in their yards. Under Bill 3, the Department of Planning and Permitting may issue a fine of up to $5,000 per day, a significant increase from the current $1,000 per day maximum. Councilman Stanley Chang, who introduced the bill, stated, ”This is an islandwide problem and many homeowners are concerned about these properties affecting their property values. This new law is not meant to go after the average homeowner, but intended to provide (the city) with greater resources to penalize homeowners who are uncooperative or unwilling to work with the department.”

The bill will be now sent to Mayor Kirk Caldwell’s desk, for his review and signature. Caldwell stated that he intends to sign the bill into law. The mayor added, ”Bill 3 gives the city another enforcement tool against Oahu property owners who have yards which are overgrown with weeds and full of debris.”

Source: Honolulu Star Advertiser, 4-19-2013, www.staradvertiser.com
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Thursday, April 18, 2013

Hawaii Real Estate – Bill 7 (2013) on Sidewalk Nuisances Approved Unanimously By City Council

The Honolulu City Council has unanimously approved Bill 7 (2013) which allows city workers to remove any items that they deem to be sidewalk nuisances. Under the bill, a sidewalk nuisances is defined as, “Any object or collection of objects constructed, erected, installed, maintained, kept or operated on or over any sidewalk, including but not limited to stalls, stands, tents, furniture, and containers, and of their contents or attachments.” Violators may retrieve any items seized once they pay a $200 fine.

Currently, the law states that the city is only allowed to remove objects left on sidewalks if it has been tagged 24 hours in advance. Bill 7 would expedite the removal process. Honolulu City attorneys must first conduct one more legal review of Bill 7 before it goes to Mayor Kirk Caldwell for his signature. Caldwell has previously announced his support for the bill.

The American Civil Liberties Union, Hawaii Chapter, argues that the bill is a clear attempt to remove the homeless. Members of the group (de)Occupy Honolulu added that it criminalizes homelessness and violates the Constitution. Both parties strongly oppose the bill.

Source: Honolulu Star Advertiser, 4-18-2013, www.staradvertiser.com
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Waikiki Real Estate – Blackstone Group to Buy Leasehold Interest in Hyatt Regency Waikiki Beach Resort and Spa

The Blackstone Group Limited Partnership has announced that they will be purchasing the leasehold interest of the Hyatt Regency Waikiki Beach Resort and Spa for $450 million. While the transaction is still pending, Blackstone has stated that they hope to record the change of ownership by July. The plan is to then spend an additional $80 million to upgrade the 1,230-room property.

General Manager of the Hyatt Regency Waikiki Beach Resort & Spa, Jerry Westenhaver, stated that he could not confirm nor deny any ownership changes. However, Westenhaver believed that the Hyatt would continue to manage the property. Westernhaver commented, “We have a long-term contract and we’ll be here way past the time that you and I are living for sure. We’ve talked to staff and made them aware that Hyatt is not going anywhere.” The Hyatt Regency Waikiki Beach Resort & Spa has had an 89.1 percent occupancy rate during the first two months of 2013 and had an average daily rate of $208.83 during that time.

Wednesday, April 17, 2013

Hawaii Tourism – Revenue Per Available Room Hits All Time High In February

According to a report released by Hospitality Advisors LLC and Smith Travel Research, the revenue per available room hit an all time high in February at $199.70 per night. This was a 16.4 percent increase from the same month a year prior. The average daily rate also rose by 13.1 percent to $233.30. Occupancy statewide increased by 2.4 percentage points to 85.6 percent. All together, Hawaii hotels collected $318 million in room revenue, which was a record for the month of February and was only slightly below the all-time record set in January 2013 of $328 million.

President of Hospitality Advisors, Joseph Toy, commented, “The growth in visitor arrivals was driven by the U.S. West (up 7.7 percent), U.S. East (up 3.7 percent), Japan (up 3.5 percent), and China, whose visitor count nearly tripled from the same period last year to 14,188 visitors.” The neighbor islands have also experienced growth and Toy noted, “Kauai had its strongest month since the global recession hit in March 2008.”

Hotel Manager for the Sheraton Waikiki, Matt Grauso, added, “We’re off to a very good start. 2013 overall is looking to be a banner year for us. We’re looking to exceed our forecast across all metrics, and we are showing year-over-year growth in all metrics. We have lots of success in our future,” he said. “In the summer months I expect that we’ll see new occupancy and rate peaks.”

Source: Honolulu Star Advertiser, 4-17-2013, www.staradvertiser.com
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Tuesday, April 16, 2013

Pearl City Real Estate – The Plaza at Pearl City, Assisted Living Rental Complex

MW Group Ltd, a local development firm, held a ground breaking ceremony for The Plaza at Pearl City, an assisted living rental apartment complex. The five-story complex is located at 1048 Kuala St and will house 159 residents. The project is expected to cost $46 million to build and will be completed by the fall of 2014. Eventually, the developer hopes to add a second phase to The Plaza, which would allow for the care of 60 additional residents who suffer from memory disorders like dementia. MW Group has developed similar projects in Makiki, Mililani and Moanalua.

Approximately 400 construction jobs will be generated through this project. Once the center is completed, about 100 long term jobs would be created.

Source: Honolulu Star Advertiser, 4-16-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Real Estate – Navy and Marine Corp Housing in Kaneohe Get Major Renovation

Forest City Military Communities has spent more than $1.7 billion to build and renovate 3,085 military family homes on the island of Oahu. The project started in 2004, and is nearing competition as the last set of homes have been demolished on the Kaneohe Marine Corp Base to make room for 218 brand new homes to be completed by April 2014. Marine Colonel Brian Annichiarico stated, ”It means a lot to the Marines and their families to have safe, warm, efficient, great places to live.”

Forest City currently manages more than 6,300 Navy and Marine Corp homes in 36 neighborhoods on the islands of Oahu and Kauai. The company has signed a 50-year partnership (until 2054) with the U.S. Government where military member who wish to live in these neighborhoods, turn over their housing allowances as rent to Forest City. In a similar agreement, Lend Lease, will be spending $1.8 billion to build, renovate and manage 7,756 Army homes and 1,356 Air Force homes in Hawaii.

Source: Honolulu Star Advertiser, 4-16-2013, www.staradvertiser.com
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Hawaii Economy – Economists Believe University of Hawaii Generated $3.61 Billion in Economic Benefits to State in 2012

According the the University of Hawaii Economic Research Organization (UHERO), the University of Hawaii system generated $3.61 billion in economic benefits for the state of Hawaii in 2012. The report stated that the ten campuses spend a total of $2.32 billion in the 2012 fiscal year, out of which $1.84 billion was spent locally. When you account for the indirect benefits that are related to that spending, the total impact on Hawaii’s economy was approximately $3.61 billion. UHERO acknowledges that the school is state funded, but noted that the financial gains generated by the University system greatly outweighs the costs.

Hawaii Real Estate – Mayor to Fix Honolulu’s Roads

Honolulu Mayor Kirk Caldwell announced that a total of 77 lane miles of roads have already been repaved during his first three months of office, but that is only the beginning. The Department of Design and Construction has signed off on fourteen new road projects in addition to the current seventeen roadwork project that are ongoing. Caldwell stated, ”We’re moving very aggressively and we’re not going to stop.”

Mayor Caldwell is asking the Honolulu City Council for additional funding to repave a total of 1,500 lane miles of road over the next five years. Caldwell is requesting a $100 million budget for 2013 and $150 million over the remaining four years. However some members of the City Council question if the state and private companies have the infrastructure to be able to handle the proposed increase in road repair. There is also a question of how the city would fund the $150 million requested for 2013. Caldwell had suggested a 5-cent per gallon increase in fuel tax, but the City Council rejected that idea, saying that the increase would add to much burden on motorists.

Monday, April 15, 2013

Hawaii Economy – Governor Discusses New Goals for Re-Election Campaign

Hawaii Governor Neil Abercrombie has already started to outline his themes and goals for his re-election campaign in 2014. At a recent gathering of his supporter, the governor pointed out that he had to make some hard choices during his first term to help pull the state out of tough economic times. Abercrombie added, ”But we have the opportunity now, as a result of some of those hard choices that had to be made, some of those tough decisions that we had to take, some of the sacrifices that people had to make, to bring our state out of chaos, fiscal chaos and chaos in a sense of direction and confidence.”

The governor now hopes that the people of Hawaii would continue to support him as he works to improve early childhood education, reduce energy consumption and stabilize and grow Hawaii’s economy. Abercrombie also hopes to boost the construction industry by creating a “third city” in Kakaako. Abercombie stated, ”We’re going to develop a third city here in Kakaako. We’re going to have workforce housing. We’re going to have early childhood education. We’re going to emphasize living in a community in a way that does not isolate people from one another. We’re going to have a respect for people as they end their years and they have made their contributions, putting them together with a sense of community and ohana that, I’m sorry to say, in some instances, especially in recent times, has been honored only rhetorically.”

Source: Honolulu Star Advertiser, 4-15-2013, www.staradvertiser.com
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Sunday, April 14, 2013

Homeless Situation – City and State Officials Search for Solutions to Homeless Situation

Honolulu Mayor Kirk Caldwell is working together with the city Director of Housing and the Director of Community Services to come up with a plan to help solve the homeless situation in the city. Caldwell stated, “For the near-term, we need to find a temporary solution to get people off of the streets, out of the parks, and to places where they will receive safe shelter and social services. We need to expand our Housing First initiative and find other innovative alternatives that can serve our needs until we are able to provide more low-income and workforce housing for our people. We don’t need another study. We need to take action as soon as we can.”

The Honolulu City Council noted that there may be some significant federal cuts towards homeless programs due to sequestration, and as a result the matter merits immediate attention before it gets out of hand. On any given night, more then 1,300 homeless are unsheltered on the island of Oahu.

Source: Honolulu Star Advertiser, 4-14-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Waikiki Real Estate – Homeless Problem Appears to Be Getting Worse

According to Marc Gannon, the chief of community health services for the Waikiki Health Center, the number of homeless people arriving in Waikiki have been increasing. Gannon noted that in the past six months, the Waikiki Health Center has serviced 107 new homeless clients. Interestingly enough, 87 of them had arrived from the U.S. Mainland in the past 30 days. Gannon commented, “Most typically purchase their own tickets and are homeless when they arrive. Many are working or have social benefits.”

When asked what should be done about the situation, Gannon commented, “I don’t believe a single solution is the silver bullet. Homelessness comes in all shapes and sizes. We have employees who have been homeless. The needs of working families who can’t make rent are very different than the individual who is mentally ill or is a substance abuser. We are doing the very best that we can to increase the number of positive outcomes. It takes a community approach and an individual’s own will to make a change.”

Hawaii Economy – First Hawaiian Bank Reports Strong First Quarter of 2013 for Credit and Debit Card Transactions

First Hawaiian Bank is the largest bank in Hawaii with 7,500 merchants on its network and $16.6 billion in assists. In a recent report, the bank reported that statewide credit and debit card transactions have increased by 10.8 percent during the first quarter of 2013 as compared to the same period a year ago. This also represented the 13 straight quarter of growth for the Hawaiian Islands.

First Hawaiian President and CEO Bob Harrison commented, “Optimistically we’d like to see (double-digit percentage growth) continue, but we have cyclicality in the tourism area, so we’ll see some of that, I’m sure. I don’t think we’ll see 10 percent or 11 percent for every quarter this year. That may be too optimistic but we’ll continue to see growth.” Leroy Laney, a professor of economics and finance at Hawaii Pacific University of Hawaii and economic adviser to First Hawaiian Bank, added, “(First-quarter) numbers are strong with same recent trends apparent. Increase evince continued healthy tourism, with strength spreading to other sectors. Hawaii’s growing economic recovery seems to be on track.”

Saturday, April 13, 2013

Hawaii Real Estate – State to Sell Two Affordable Housing Rental Projects

The Hawaii Housing Finance and Development Corp. has agreed to sell two affordable housing rental projects to the Vitus Group. The two projects are Kekuilani Gardens located in Kapolei on Oahu, and Nani o Puna located in Pahoa on the Big Island of Hawaii. Under the agreement, Vitus Group would buy the two apartment complexes for approximately $9.5 million and then lease the land from the State of Hawaii for the next 75 years. Vitus would also stated that they would spend about $3 million to renovate Kekuilani Gardens and $2.2 million to renovate Nani o Puna.

Over the last few years, the state has suggested selling its nine affordable-housing projects to private investment groups. The idea being that the private sector would be able to do a better job maintaining the projects due to the fact that they would not be bound by procurement rules and other bureaucratic issues. However, there has been a concern from the public regarding oversight of these private property management companies. The Hawaii Housing Finance and Development Corp. felt that the Vitus Group would be a good fit, since they currently manage over 7,000 affordable units in 14 states, including six projects in the Hawaiian Islands.

Source: Honolulu Star Advertiser, 4-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Economy – Electrical Rates on Oahu to Decline in April

According to the Hawaiian Electric Company, residents on the island of Oahu can expect to see a decrease in the electrical bills during April thanks to a coal-fired energy plant resuming production. The plan was forced to shut down in February and March due to schedule maintenance, but now that it is back online, energy rates would decrease from 34.9 cents per kilowatt-hour to 32.4 cents per kilowatt-hour. This would save the average household who uses 600 kilowatt-hours per month about $15.64.

Maui Electric stated that their electrical rate would actually increase slightly to 37.2 cents per kilowatt-hour from 37.0 cents per kilowatt-hour. Big Island of Hawaii residents can expect to pay 39.9 cents per kilowatt-hour, a slight increase from last month’s 39.7 cents. Kauai Island saw a decrease from 44.8 cents per kilo-watt hour to 42.4 cents per kilowatt-hour.

Friday, April 12, 2013

Honolulu Rail Project – Safety Oversights Will Cost Millions to Fix

Dan Grabauskas, the Chief Executive Officer for the Honolulu Authority for Rapid Transportation, stated that he has learned that the current budget for the rail project does not provide for platform screen gates that would prevent passengers from falling onto the tracks or a backup power-failure system that would allow the trains to arrive at the nearest station in the event of an outage. Grabauskas, who took over HART a year ago, stated that he was surprised to learn that these items were not included in the budget before he joined. Grabauskas stated, “It was discussed but not budgeted for. For whatever reason” the features weren’t included. There’s no argument in my book against safety.”

While the exact costs for these safety oversights will not be known until bids are submitted and approved, it is estimated that the costs would run in the millions of dollars. The rail project does have a contingency fund of $644 million. It is unclear if the money to address these safety concerns would come from this contingency fund or another source.

It was also announced by the Federal Transit Authority that the city of Honolulu will receive only $236.2 million in federal funding this year due to sequestration budget cuts as opposed to the $250 million initially promised. Grabauskas commented, “Cuts are never good news, but the 5.6 percent reduction is one we can absolutely live with in terms of cash flow this year.” United States Senator, Brian Schatz, added, “I have been reassured by the FTA that while the project is facing cuts now, they will fulfill their promise of federal funding over the course of time.”

Source: Honolulu Star Advertiser, 4-12-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Maui Real Estate – Target Store to Open in Kahului in March 2015

Property Development Centers, a real estate development firm, has announced that they have reached an agreement to purchase 24 acres of land in Kahului, Maui from landowner Alexander & Baldwin Inc. A new shopping complex, called Puunene Shopping Center, will be built on the site and will have approximately 20 retailers and restaurants. Target will be the anchor tenant of the complex and will build a 141,240 sq ft store. Currently, Target has two stores on the Island of Oahu and two stores on the Big Island of Hawaii. Chief Operating Officer for Property Development Centers, David Zylstra, commented, “This new retail center in the heart of Kahului’s retail district is part of our ongoing commitment to provide new lifestyle shopping options for the Hawaii community.”

The center is expected to be completed in March of 2015. It is estimated that 250 construction jobs would be created to build the Puunene Shopping Center and that 300 permanent jobs would be created long term.

Hawaii Tourism – Bill Would Help Hong Kong Citizens Visit the United States Easier

United States Senator, Mazie Hirono, is proposing a new bill which would allow citizens of Hong Kong to enter the United States without a visa. Currently, the law states that only countries are eligible for the U.S. Visa Waiver Program. Since Hong Kong is technically not a country, but rather a self-governing region of China, Hirono stated that a special provision needed to be added to the existing law to make Hong Kong citizens eligible. Hirono stated, “This bipartisan legislation is one example of how just a small legislative change can have a big impact on Hawaii’s economy. Right now, people in Hong Kong can visit more than 140 countries and territories without visas, but these potential Hawaii tourists must still endure a time-consuming visa approval process in order to come to the United States. By fixing the visa waiver process for visitors from Hong Kong, we can make it easier for thousands of tourists from this region to come to Hawaii.”

According to the Hawaii Tourism Authority, Hong Kong visitors who travel to Hawaii spend an average of $230 per day while in the islands. This is almost 20 percent higher then the average visitor.

Thursday, April 11, 2013

Honolulu Rail Project – Sequestration May Hurt Rail Funding in 2013

The Federal Transit Authority had agreed to provide the city of Honolulu with $250 million in federal funding in 2013 for the rail project. However, due to the federal budget cuts known as sequestration, it is quite possible that the city would get less money from the FTA this year. Experts believe that the money cut would eventually be given back to the city in subsequent years, but it is unclear how much would be cut initially and if the project can stay on schedule because of those cuts.

Chief Executive Officer for the Honolulu Authority for Rapid Transportation, Dan Grabauskas, stated that the city could weather a 5 percent cut in 2013 and still stay on schedule and budget. Grabauskas added, “There’s a strong commitment to this project from Washington at literally the highest levels.” The Federal Transit Authority has promised a total of $1.55 billion in federal funding over six years.

Source: Honolulu Star Advertiser, 4-11-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Honolulu Law – New Bill Proposed to Make Smoking Illegal at All City Parks and Beaches

Just days after Mayor Kirk Caldwell has signed Bill 72 (2012) into law, which bans smoking at seven East Honolulu parks and beaches, City Councilman Ikaika Anderson has introduced Bill 25 (2013) which would make smoking illegal in all city parks and beaches. Anderson stated, “If the city is to protect the public’s health from the harmful effects of secondhand smoke, then we ought to have a broad policy that protects public health at all city parks and not just a handful of beach parks.” Mayor Caldwell stated that he would sign Anderson’s bill into law if it is approved by the City Council. Caldwell added, “It’s a health issue and an environmental issue, in my mind.”

Stanley Chang, who originally introduced Bill 72 (2012) believes that it makes more sense to only start with a small section of the island initially as a pilot program to see how it would work.

Wednesday, April 10, 2013

Hawaii Tourism – Hawaiian Air to Fly Non-Stop to Beijing China

Hawaiian Airlines has announced that they will start a non-stop service from Honolulu to Beijing, China on April 16, 2014, pending their receiving approval from the United States and Chinese regulatory systems. According to the airlines, they would run three direct flights per week. The Hawaii Tourism Authority estimates that this new service would increase annual visitor spending in Hawaii by $81 million and increase tax revenue for the state by $8.47 million.

However, Hawaiian Airlines also announced that they will be discontinuing their non-stop service to Manila, Philippines, due to under performance. The Chief Commercial Officer for the airlines, Peter Ingram, explained that higher fuel prices and low fares have hurt that route. The final flight from Honolulu to Manila would occur on July 31, 2013.

Source: Honolulu Star Advertiser, 4-10-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Unemployment – Overall Joblessness Decreases in 2012

According the the U.S. Bureau of Labor Statistics, the broad measure of joblessness in the state of Hawaii has decreased to 12.8 percent in 2012, from 15.1 percent in 2011. Considered to be the “hidden unemployment rate” this number reflects those who have taken part-time jobs or who have been so discouraged that they have simply stopped looking for work. At 12.8 percent, Hawaii ranks the 17th lowest state in the country. In comparison, North Dakota posted a 6.1 percent true unemployment rate (lowest in the country) while Nevada had the highest in the country at 20.3 percent. The national average was 14.7 percent.

Kakaako Real Estate – Additional Information on The Collection at 600 Ala Moana

Local developer Alexander & Baldwin has announced that they will be building a new 43-story condominium in Kakaako on the site of the now closed CompUSA store. The project, which would include townhouses, several restaurants and retail shops, will be called “The Collection at 600 Ala Moana.” Alexander & Baldwin officials estimate that the project would cost about $200 million to develop. There will be approximately 400 units in the main tower with one bedroom units start at approximately $400,000 and three bedroom units selling for “well above” $700,000. There will also be a four-story condominium that would have an additional 50 units, and yet another building with 16 three-story townhouses. President of Alexander & Baldwin, Chris Benjamin, stated, “Today for us is a very important step in the advancement of this neighborhood in Kakaako. We are very excited about embarking on this latest project.”

The sales center is expected to open in the summer of 2013.

Hawaii Economy – State Government Confident with Budget, Cautious About Additional Spending

Members of the Hawaii State House and Senate have expressed that they are confident that Hawaii’s improving economy will be more then sufficient to provide for the upcoming two-year state budget. However, these same lawmakers have added that they are going to be very cautious about additional spending including creating tax incentives or increasing funding to various state programs due to financial uncertainty in the years to come. Senate President, Donna Mercado Kim, stated, “We’d like to continue to assist the economy in whatever ways we can, which would be tax credits, but then in the out years, when those tax credits have to be paid, that’s when some of the collective-bargaining items will also come due. If we’re going to adopt new programs, can we continue to fund them into the future?”

Tuesday, April 9, 2013

Kakaako Real Estate – Alexander & Baldwin Announces The Collection Condominium

Developer Alexander & Balwin Inc. has announced that they will would like to build a new high rise condominium project on the site of the old CompUSA store in Kakaako. The project, which is tentatively being called “The Collection”, will feature a condominium tower with 466 units as well as two smaller buildings which would hold some retail shops and restaurants. The project still needs to receive approval from the Hawaii Community Development Authority, but if everything proceeds as planned, units will go up for sale this summer. Alexander & Baldwin has announced that units would be priced starting at $400,000 for one bedrooms, with two bedrooms going for well above $700,000.

Source: Honolulu Star Advertiser, 4-9-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Real Estate – Mayor Signs Bill Making Smoking Illegal on Major Beaches

Honolulu Mayor Kirk Caldwell has signed Bill 72 (2012) into law, which makes it now illegal to smoke at Sandy Beach Park, the Duke Paoa Kahanamoku Beach Park, Kuhio Beach Park and three sections of Kapiolani Park. Under the law, violators would be subject to fines of up to $100 for a first offense, $200 for a second violation within 12 months and $500 for subsequent offenses. However, the actual enforcing of the law would have to wait until the Honolulu City Council creates another bill to allow the city from prohibiting smoking on state property, which most of those beaches are on. City Council members vow to make that change quickly.

Mayor Caldwell stated, “I believe it’s the right thing to do from a health point of view. I believe it’s the right thing to do from an environmental point of view.” Caldwell added that a beach smoking ban may also enhance the visitor experience as opposed to discouraging them from coming to Hawaii. City Councilman Ikaikai Anderson had hoped to apply the no-smoking ban to all city parks and beaches. However, other council members stated that they would prefer to wait until all see the public’s reaction to these initial beach parks prior to including the entire island of Oahu.

Hawaii Real Estate – Sales Data for Oahu in March 2013

Source: Honolulu Board of Realtors

Single Family Home Sales on Oahu
March 2013 – 231 Houses Sold – $640,000 Median Price
March 2012 – 222 Houses Sold – $625,000 Median Price

Condominium Sales on Oahu
March 2013 – 411 Condos Sold – $340,000 Median Price
March 2012 – 338 Condos Sold – $311,750 Median Price

Saturday, April 6, 2013

Big Island of Hawaii Real Estate – Sales Data for March 2013

Source: Hawaii Information Service

Single Family Home Sales for the Big Island of Hawaii
March 2013 – 139 Homes Sold – $270,000 Median Price
March 2012 – 161 Homes Sold – $215,000 Median Price

Condominium Sales for the Big Island of Hawaii
March 2013 – 54 Condos Sold – $310,750 Median Price
March 2012 – 52 Condos Sold – $309,950 Median Price

Source: Honolulu Star Advertiser, 4-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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