Hawaii Retailers Report Strong Black Friday Sales

This year, more and more retail stores decided to open even earlier on Black Friday, with some even opening on Thanksgiving day, to get a jump on the holiday shopping season.  As a result, Hawaii retailers have reported strong sales and consistent traffic to the stores. Fred Paine, the general manager for Pearlridge Center, stated, "There were tons of people waiting to get in, and once we opened the doors, almost all the stores had a line. I had a hard time just navigating the common areas because there are just so many people. It just feels more vibrant, more energy, more people. I'm very encouraged that this will be a great holiday season."

Scott Creel, the senior marketing manager for the Ala Moana Center, added, "What helped us the most is the fact that we had Macy's opening on Thursday and more than 60 stores open at midnight. Macy's opening at 8 (p.m.) with door-busters brought in easily thousands of people. We probably had as much, if not more, traffic as last year because we've got a longer selling period. It took the pressure off people trying to fulfill their shopping within a typical 15-hour day. It added another six hours to the shopping day."

Source: Honolulu Star Advertiser, 11-30-2013, www.staradvertiser.com
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Visitor Arrivals and Spending Decreases in October 2013

According to a report released by the Hawaii Tourism Authority, the total number of visitors decreased by 1.6 percent in October 2013, as compared to the same month a year prior. Visitor spending also decreased to $1.09 billion in October, which equates to a 2.6 decrease from October 2012. Mike McCartney, the president and CEO for the Hawaii Tourism Authority, stated, "Visitors have become more conscientious of their spending as the cost of a Hawaii vacation continues to rise. This trend has caused a shortening in the average length of stay. Currency exchange rates and competitive pricing are also affecting visitor arrivals and spending and may contribute to continued declines and potentially move market share to competing destinations. As we prepare for a potential downturn in Hawaii's tourism economy, we continue to focus on driving demand from growing international markets to bolster a softening domestic market and maintain a sustainable tourism economy."

Vice president of hospitality services for Outrigger Enterprises Group, Barry Wallace, added, "As a whole the year will be a great one. It's probably going to be a record breaker, especially on Oahu. The last few months have been flat or down, but it's so far ahead on a year-to-date basis that I think we'll remember this year for some time."

Source: Honolulu Star Advertiser, 11-28-2013, www.staradvertiser.com
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Honolulu Mayor Approves Koa Ridge Project

Honolulu Mayor Kirk Caldwell has signed a bill allowing Castle & Cooke Hawaii to start work on their Koa Ridge project which will provide 3,500 new homes in the central Oahu community. Caldwell stated, "The only way we're going to deal with our skyrocketing housing prices is by building more products and more units. The more that go on the market, that's going to control the increase in price. I'm 100 percent on board with trying to figure out ways to make housing more affordable." Opponents of the Koa Ridge project are still concerned that the new development would destroy important agricultural land in the region and also create even worse traffic problems along the H-2 freeway corridor.

Source: Honolulu Star Advertiser, 11-28-2013, www.staradvertiser.com
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University of Hawaii at Manoa's Athletic Department Given Ultimatum to Balance Budget

The University of Hawaii have given their athletic department an ultimatum that they have to balance their books within three years or the University may be forced to take drastic action including possibly cutting teams to reduce spending expenses.  Furthermore, over the next three years the department is only allowed to have a maximum debt ceiling of $1 million per fiscal year, meaning that the department needs to find immediate ways to reduce their deficit. Benjamin Kudo, the committee chairman for the Board of Regents Committee on Intercollegiate Athletics stated that the possibility of cutting one of the athletic teams "would be a last resort for us. Unfortunately, we're prepared to do it, if that's what's called for, because our primary purpose is to educate students."

Source: Honolulu Star Advertiser, 11-27-2013, www.staradvertiser.com
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University of Hawaii to Halt All New Building Projects for Three Year

The University of Hawaii's Board of Regents have announced that they will be putting a moratorium, or freeze, on new building projects for the next three years in an effort to combat existing repair and maintenance issues facing their 10 campuses.  A previous report stated that the University of Hawaii system has approximately $487 million of deferred maintenance projects to address including approximately $407 million in projects on the main Manoa campus.  Regent Benjamin Kudo, stated, "My concern was if we spent too much of our efforts to approve new projects, that it would somehow affect our ability to take care of the back of the house. We've neglected too long to take care of our physical plant."

David Lassner, the interim President of the University of Hawaii, stated, "Our facilities have degraded over many years of underinvestment. The Board of Regents and administration are committed to repairing and modernizing our facilities to support 21st-century learning and scholarship to benefit our students, faculty and the communities we serve. We hope to gain the support of the executive and legislative branches for this effort, as the University of Hawaii belongs to all of us."

However, the Board of Regents have put in the fine print 13 total new projects that would be exempt from this building moratorium.  These project would cost a total of $170 million to complete and have raised some eyebrows with various members of the state government.  Issac Choy, a state representative an chairman of the House Committee on High Education, commented, "Any projects that are not started yet should not be exempt until UH finishes all of their repair and maintenance, or else the moratorium is not meaningful."

Source: Honolulu Star Advertiser, 11-26-2013, www.staradvertiser.com
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Matson Shipping Costs to Increase in 2014

Matson Inc. has announced that they will be forced to increase the cost to ship a container to Hawaii by approximately $225 starting January 5, 2014. Items leaving the state going westbound will see an increase of approximately $110 per container.  Dan Hoppes, the senior vice-president of ocean services, stated, "Matson remains committed to continuing to make long-term investments that will provide the state with a modern, reliable ocean transportation infrastructure. Matson continues to diligently look for ways to operate the most efficient, cost-effective service possible, without undercutting our standards of quality."

Source: Honolulu Star Advertiser, 11-26-2013, www.staradvertiser.com
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Honolulu Rail Project Audit Completed

PKF Pacific Hawaii LLP conducted an independent audit for the Honolulu Rail Project up until June 2013. According to officials with the firm, all of the money was accounted for, but the rail finance officials had failed to properly record $83.8 million in federal funding.  Chief Financial Officer for the Honolulu Authority for Rapid Transportation, Diane Arakaki, confirmed that the money was not missing, but rather there was simply a "recording error".  Arakaki stated that a full-time federal grants manager will be hired by HART to make sure that issue would not happen again.

Source: Honolulu Star Advertiser, 11-25-2013, www.staradvertiser.com
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Alexander & Baldwin to Sell Maui Mall

Alexander & Baldwin has announced that they will be selling the Maui Mall to Alberta Development Partners.  President and Chief Operating Officer, Chris Benjamin, stated, "We were not actively seeking to sell the mall. However, we like the fact that W-ADP (the partnership) brings a new source of investment to Maui, and based on W-ADP's extensive experience and relationships in retail properties, we are confident that the mall will continue to thrive under their ownership. We continue to look for new investments on Maui, and this past May we acquired the Napili Plaza, adding it to our portfolio of commercial property investments. Even after the sale of Maui Mall, we will remain one of Maui's largest owners of commercial property, with nearly 370,000 square feet of retail, office and industrial space."

Source: Honolulu Star Advertiser, 11-23-2013, www.staradvertiser.com
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Hawaii Unemployment Rate at 4.4 Percent in October 2013

According to the state Department of Labor and Industrial Relations, Hawaii's seasonally adjusted unemployment rate was 4.4 percent in October 2013.  This was a slight increase from the 4.3 percent posted in September and August of this year.  However, state officials note that even with this increase, Hawaii's unemployment rate ranked it as the fourth lowest state in the nation and significantly lower than the national average of 7.3 percent. The University of Hawaii Economic Research Organization (UHERO) has forecast that the average unemployment rate for Hawaii will be 4 percent in 2014 and 3.7 percent in 2015.

Source: Honolulu Star Advertiser, 11-23-2013, www.staradvertiser.com
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Ala Moana Center's Parking Nightmare

Ala Moana Center is currently undergoing a $572 million expansion project which will take approximately two years to complete. Prior to the expansion, Ala Moana Center had approximately 10,000 parking stalls for their guests, but that number was reduced by 2,000 stalls due to the project.  In preparation for the holiday season, the mall will be renting out the parking structure of a neighboring office building on weekends for their employees as well as giving free bus passes to workers who agree not to park at the mall in December.  Senior marketing manager at Ala Moana Center, Scott Creel, stated, "What we are hoping is that our customers will see that we're making every effort possible to accommodate for their visit. There's a lot of different moving parts, but we're hopeful that we'll all share in the positive sides of what will come from this. Construction in this particular case, we think, is a good thing, and it will be positive for the state, our residents and customers. We greatly appreciate our customers' patience."

Source: Honolulu Star Advertiser, 11-22-2013, www.staradvertiser.com
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Alexander & Baldwin Announced As Company That Purchased Kaneohe Ranch and Castle Foundation Land

Alexander & Baldwin has announced that they were the ones who purchased approximately 650 acres of land owned by the Kaneohe Ranch Company and the Harold K.L. Castle Foundation.  The Hawaii based company purchased the land for a total of $373 million.  While most of the 650 acres are zoned as agricultural land, and therefore not especially valuable, the purchase did include 36 acres of commercial land in Kailua Town.  Alexander & Baldwin chairman and CEO, Stan Kuriyama, stated, "It is a portfolio that cannot be replicated. An acquisition of this scale and quality rarely occurs in Hawaii."

President and COO of Alexander & Baldwin, Chris Benjamin, added, "Kailua is a thriving and vibrant community, and we intend to partner with the community in maintaining the livability, desirability and beauty of Kailua town. We take a long-term perspective on our community development efforts and strive to work closely with communities to meet their changing needs."

Source: Honolulu Star Advertiser, 11-21-2013, www.staradvertiser.com
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Symphony Honolulu Holds Groundbreaking and Blessing Ceremony

Construction for the new Symphony Honolulu tower is finally underway after the developer OliverMcMillan held a groundbreaking and blessing ceremony on the site.  The 45-story condominium tower is located on the corner of Kapiolani Boulevard and Ward Avenue and will have a total of 388 units when it is completed. So far, approximately 200 units of the 288 units that were initially released by the developer have sold at prices ranging from $500,000 to $3 million.  The developer has also released 100 units in September for buyers with moderate incomes. A total of 40 units have sold out of this second release.

Source: Honolulu Star Advertiser, 11-21-2013, www.staradvertiser.com
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State Representative Has Controversial Approach Towards Homeless People's Shopping Carts

Tom Brower, the State Representative for the Waikiki and Ala Moana district has decided to personally do something to reduce the number of stolen or abandoned shopping carts that homeless people use in his district.  If Brower finds an unattended cart, he first checks to see if there is a store logo on it.  If there is one, he returns the cart to its rightful owner, the store.  If not, Brower pounds the shopping cart with a sledgehammer and drops it off at a recycling center or leaves it for the city's bulk pick up service to dispose of it.  Brower stated, "Reactions have been about 70 percent in favor and about 30 percent against. The people that say it's not OK are not the ones that live in this neighborhood. I don't have anything against the homeless, but I'm working on cleaning up the neighborhood and one of the biggest eyesores are the stolen and abandoned shopping carts. I feel comfortable with the legality. The only thing that can stop me is the police, and the indication that I got from them at the Waikiki Neighborhood Board meeting is that they wouldn't have a reason to stop me. Some people are criticizing me, but they are kind of disregarding that these carts were stolen in the first place. They are getting mad at me for stealing them back."

However, not everyone agrees with Brower's tactics.  Connie Mitchell, the director for the Institute for Human Services, cautioned, "What would your response be if you saw someone coming at you with a sledgehammer? If people don't feel that they are being respected, it's only a matter of time before they react." Marya Grambs, the executive director of Mental Health America of Hawaii, added, "He's terrorizing people, and he's modeling that it's OK to commit violence. I cried when I read about what he's doing. We need to have compassion. Every person that is on the street is there because something bad already happened to them."

Source: Honolulu Star Advertiser, 11-19-2013, www.staradvertiser.com
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Mokulele Airlines Hopes To Offer Service out of Kalaeloa Airport on West Oahu

Mokulele Airlines has announced that they are working with state and government officials to use the Kalaeloa Airport on West Oahu to offer daily service to Lanai, Molokai, Maui and possibly the Big Island of Hawaii.  Kalaeloa Airport, former the Barbers Point Naval Air Station, is currently being used by the U.S. Coast Guard and other military aircraft, as well as a few private planes.  Chief executive officer for Mokulele, Ron Hansen, stated, "There's a large population on that end of the island to support our kind of service. We think it could be a very good market, and we'd like to be the one that initiates it. We may need to do an environmental impact statement, but our planes barely make any noise compared to the military aircraft that use the airport."

Mokulele Airlines currently offers 100 to 120 flights per day and provides service from Honolulu, Lanai, Molokai, Kapalua, Kahului, Hana, Kona and Waimea. The airlines has 10 planes in service and 140 employees.

Source: Honolulu Star Advertiser, 11-19-2013, www.staradvertiser.com
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University of Hawaii at Manoa Needs $407 Million for Deferred Maintenance

According to University of Hawaii officials, the main Manoa campus will need approximately $407 million to fix a wide variety of deferred maintenance issues in 209 of their buildings.  This amount does not even reflect any costs to modernize its facilities, but rather would go towards electrical and plumbing work, painting and roof repairs to bring the 101-year-old campus up to standards.  Interim UH President, David Lassner, stated, "Investment was not made in keeping up with capital renewal, so as stuff that should have been fixed or replaced wasn't, it built up in a very large backlog.  Some of these projects stretch back to the '90s."

The University of Hawaii had requested from the state's legislature for $76.8 million in general obligation bonds for health and safety repairs and $282 million for capital renewal and to fix deferred maintenance issues across their 10 campuses.  This amount would have been issued over the next two fiscal years.  However, the state legislature only approved $57 million for health and safety improvements and $50 million for deferred maintenance over the next two fiscal years. University of Hawaii officials would like the state to issue an additional $440 million in revenue bonds over the next six years to make the needed repairs.  The school would pay the state back approximately $28 million per year in annual debt payments.  To make these debt payments, the university plans to increase tuition revenue.

Source: Honolulu Star Advertiser, 11-17-2013, www.staradvertiser.com
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Hawaiian Airline Receives Approval for Beijing to Honolulu Service

Hawaiian Airlines has announced that they have just received approval from both United States and Chinese government officials to allow their company to offer flights between Beijing, China and Honolulu, Hawaii. Tentatively, the plan would be offer three flights per week using a 294-seat Airbus A330 aircraft.  Hawaiian Airlines officials have stated that they are looking at making the inaugural flight on April 16, 2014.

Source: Honolulu Star Advertiser, 11-16-2013, www.staradvertiser.com
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Hawaii Judge Rules That New Marriage Equality Law is Legal

State of Hawaii Circuit Court judge, Karl Sakamoto, ruled that the new marriage equality law is legal, denying a temporary restraining order that was requested by opponents of gay-marriage in Hawaii.  According to Sakamoto, the state Legislature has the inherent authority to define marriage independently of a 1998 constitutional amendment that gave lawmakers the power to reserve marriage for heterosexual couples. Sakamoto also noted that the U.S. Supreme Court's ruled in June 2013 that legally married gay couples are entitled to federal benefits but that individual states can decide whether to approve gay marriage.  Sakamoto stated, "After all the legal complexity of the court's analysis, the court will conclude that same-sex marriage in Hawaii is legal."

Source: Honolulu Star Advertiser, 11-15-2013, www.staradvertiser.com
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Kaneohe Ranch and Castle Foundation To Sell 600 Acres of Oahu Land for $262 Million

The Kaneohe Ranch Co. and the Harold K.L. Castle Foundation has announced that they will be selling approximately 600 acres of land on the island of Oahu to an unidentified public company for $262 million.  Included in the sale would be about half of downtown Kailua, Kaimuki Shopping Center, Windward City Shopping Center and Pali Palms Plaza and some agricultural land.

Previously, Kaneohe Ranch had planned to package several large real parcels on the U.S. mainland as part of the overall sale, but this transaction does not include them.  According to Kaneohe Ranch, the remaining portfolio of mainland land is valued at $160 million.

Source: Honolulu Star Advertiser, 11-14-2013, www.staradvertiser.com
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Hawaii Wedding Industry Expects Big Business from Same-Sex Marriages

Now that same-sex marriages have been made legal in the state of Hawaii, the wedding industry in the islands are expecting thousands of additional couples to get married in the next few years.  During the first three years of the legalization of same-sex marriages, the University of Hawaii Economic Research Organization predicts that same-sex marriages would bring in an additional $217 million in visitor spending to the state.  Owner of A dream Wedding Maui Style, Tracy Flanagan, stated, "There will be an increase. No doubt about it.  It's going to be difficult to some people (to accept), but to me, I'm just so glad that we can welcome everyone with the aloha spirit. I think they deserve it."

Source: Honolulu Star Advertiser, 11-14-2013, www.staradvertiser.com
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State of Hawaii to Legalize Gay Marriages

The state Senate voted 19-4 in favor of legalizing gay marriages.  Governor Neil Abercrombie has announced that he will sign the bill into law this morning. Abercrombie stated, "In Hawaii, we believe in fairness, justice and human equality. We embrace the aloha spirit and respect one another. Today, we celebrate our diversity defining us rather than dividing us.  I believe this bill provides equal rights for all people, is legally sound, and is in accord with the Hawaii State Constitution."

President Barack Obama congratulated the state of Hawaii's Legislature and stated, "Whenever freedom and equality are affirmed, our country becomes stronger. By giving loving gay and lesbian couples the right to marry if they choose, Hawaii exemplifies the values we hold dear as a nation.  I've always been proud to have been born in Hawaii, and today's vote makes me even prouder. And Michelle and I extend our best wishes to all those in Hawaii whose families will now be given the security and respect they deserve."

Source: Honolulu Star Advertiser, 11-13-2013, www.staradvertiser.com
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Koa Ridge Update - Honolulu City Council to Have Final Vote Today

The Honolulu City Council is scheduled to vote today on Bill 48, which would allow 576 acres of agricultural land located between Waipio and Mililani in Central Oahu to be developed into commercial, residential and industrial areas.  If the Bill is passed, developer Castle & Cooke plans to build Koa Ridge, which would provide an additional 3,500 homes in the area.  The Koa Ridge project has brought about a lot of heated debate from members of the Central Oahu community. Some have argued that there is a significant need for new homes in the area, and the Koa Ridge development would also provide thousands of construction jobs in the coming years. Opponents of the project are worried about increased traffic and the significant loss of agricultural land.

Source: Honolulu Star Advertiser, 11-13-2013, www.staradvertiser.com
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International Students Contribute $108.5 Million to Hawaii's Economy

According to a study released by the Institute of International Education, a total of 4,450 international students studied in Hawaii during the 2012-2013 academic school year, and spent approximately $108.5 million in tuition and living expenses.  Approximately 20.9 percent of these students are from Japan, while students from South Korea make up 13.7 percent of international students.  China came in third at 7.6 percent, while Norway at 4.7 percent and Taiwan at 4.1 percent rounded out the top five.  The University of Hawaii at Manoa had the largest number of foreign students with 1,303.  Brigham Young University Hawaii had 1,046 international students while Hawaii Pacific University had 937.  Kapiolani Community College with 702 international students and UH-Hilo with 182 international students rounded out the top five.

Source: Honolulu Star Advertiser, 11-12-2013, www.staradvertiser.com
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Third Quarter Hotel Revenue in Hawaii Was Over $4 Billion

According to a report released by Hospitality Advisors LLC, hotel revenue for the state of Hawaii was over $4 billion during the third quarter of 2013.  This record setting amount has leads experts to believe that the state will set a new annual record for this year.  For the month of September 2013, statewide occupancy was 73.5 percent and the average daily rate was $206.49.  The average daily rate was 10.3 percent higher than what visitors paid in September 2012.  The state's RevPAR or revenue per available room was $151.77, a 10 percent increase from the year prior.  President and CEO of Hospitality Advisors LLC, Joe Toy, stated, "It's been an incredible year for revenue for the state's hotel industry.  Through summer, the gains were driven by increasing sales and prices. During the last few months, we've still been gaining on the price side.  As we head into the tail end of the year, we expect to see more room revenue gain; however, we are seeing some softening related to a lessening in U.S. consumer confidence and a weakening in the yen, which impacts our visitors from Japan."

Source: Honolulu Star Advertiser, 11-12-2013, www.staradvertiser.com
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Symphony Honolulu Secures $120 Million Construction Loan

Oliver McMillan, the developer for the Symphony Honolulu, has announced that they have secured a $120 million construction loan.  The project is located on the corner of Kapiolani Blvd and Ward Avenue in Kakaako.  The high rise condominium will have a total of 288 market-priced units and 100 units set aside for "moderate income" families.  Construction is expected to begin this month and is expected to be completed in late 2015.

Source: Honolulu Star Advertiser, 11-11-2013, www.staradvertiser.com
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Concerns About Increasing Traffic in Waikiki

Waikiki residents, businesses and city officials have expressed their joint concern about the increased amount of traffic in the neighborhood that has come about from the dramatically improved visitor industry over the last few years.  While thankful for the improving economic conditions, everyone seems to agree that there needs to be significant improvement on traffic flow as well as making the community more accessible for bikers and pedestrians.  One big area of concern is the growing number of large passenger vehicles, including buses and trolleys, which often block lanes of traffic as they load and unload passengers.  Honolulu Mayor Kirk Caldwell stated, "I've had multiple meetings with the visitor industry and I have to tell you that the issue of trolleys and charter buses came up fairly quickly. Anyone that drives through Waikiki when they go to an event will very quickly see multiple trolleys and charter buses pulling over with their okoles (rear end) sticking out. On a busy Friday night, there's massive congestion."

Numerous suggestions have been made including having the Honolulu Police Department issue more citations when trolleys, charter buses, taxis and delivery trucks make unauthorized stops or don't practice reasonable loading times. The city has also agreed to look into finding ways to improve traffic flow and to work with various transportation companies to help streamline their businesses.

Source: Honolulu Star Advertiser, 11-10-2013, www.staradvertiser.com
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Economist Jack Suyderhoud Predicts Construction to Play Larger Role

Jack Suyderhoud is a professor of business economics at the University of Hawaii Shidler College of Business and the economic adviser to First Hawaiian Bank.  In a recent presentation, Suyderhoud predicted that Hawaii's overall economy would continue to expand over the next few years, but noted that a lot of that growth will come from the construction industry.  Suyderhoud stated, "Tourism's torrid pace will taper as the sector continues to grow, but at a more moderate pace. Construction will pick up, adding jobs. State and local government will contribute to growth, while federal spending will not."

Specifically, Suyderhoud predicted that the number of visitors arriving in Honolulu will increase by about 3 percent while visitor spending will increase by about 5.3 percent in 2014. The construction industry would see about a 15 percent growth rate next year.

Source: Honolulu Star Advertiser, 11-8-2013, www.staradvertiser.com
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Oahu Real Estate Sales Data for October 2013

Source: Honolulu Board of Realtors

Single Family Home Sales for the Island of Oahu
October 2013 - 290 Homes Sold - $640,000 Median Price
October 2012 - 282 Homes Sold - $625,000 Median Price

Condominium Sales for the Island of Oahu
October 2013 - 419 Condos Sold - $325,000 Median Price
October 2012 - 425 Condos Sold - $325,000 Median Price

Source: Honolulu Star Advertiser, 11-8-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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$500 Million Redevelopment of Sheraton Princess Kaiulani in Waikiki Planned

Kyo-ya Hotels & Resorts LP has announced that they will be spending $500 million to redevelop their Sheraton Princess Kaiulani Property in Waikiki.  The project will take about three years to complete and will hopefully change to the three-star property into a four-star category hotel.  Area managing director, Kelly Sanders, stated, "Our owners have an amazing commitment to the community and to our associates. They are putting this kind of money out to say that we believe in Waikiki and in its future.  With the way that the hotel is being planned, the view corridors will be fantastic, and that comes at a premium," Sanders said. "The property will concentrate on providing a lifestyle brand that really does speak to the experience of the customer. In order for us to drive success, we have to offer our guests a product that they can enjoy when they come to Waikiki."

Source: Honolulu Star Advertiser, 11-8-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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803 Waimanu Update - Residents in Imperial Plaza Still Not Satisfied

The developer of the 803 Waimanu building, Franco Mola of MJF Development Corp, had recently revised his plans for the building in an effort to comply with height and spacing rules and to appease opposition from residents in the Imperial Plaza condominium.  Originally, Mola had proposed that 803 Waimanu would be a 27-story building with 192 units, which would have significantly blocked views of Imperial Plaza.  In his most recent proposal, Mola had reduced the height of the building to 7-stories with 153 residential units.  However, during a round of public testimony, it is clear that the neighbors are still not satisfied.

Residents of the Imperial Plaza are still concerned that 803 Waimanu would create significant strains on the city's sewage systems and storm drains. There is also concern about the additional vehicular traffic that 803 Waimanu would create.  The Hawaii Community Development Authority, which is the state agency responsible for regulating the redevelopment of the Kakaako neighborhood, has scheduled two additional public comment sessions on November 16th and November 19th.  The HCDA is scheduled to meet on January 8, 2014 and will make a decision about if the project will be allowed to proceed.

Source: Honolulu Star Advertiser, 11-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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University of Hawaii Audits Athletic Complex Project

The Clarence T. C. Ching Athletic Complex at the University of Hawaii is home to the school's football, track, soccer and sand volleyball teams.  In 2008 a total of $13.39 million was raised to completely renovate the facility and the work was scheduled to be completed in 2011. However, after several delays, the complex is still under construction, leaving the University of Hawaii's Board of Regents little choice but to call for an audit of the project.  To make matters worse, the National College Athletics Association (NCAA) may file sanctions against the school if the facilities are not completed soon.  This could mean that University of Hawaii teams would be barred from any NCAA tournaments.  The most recent goal set forward by the athletic department would be to have the construction work completed by February 2014.

Source: Honolulu Star Advertiser, 11-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Big Island of Hawaii Real Estate Data for October 2013

Source: Hawaii Information Service

Single Family Home Sales for the Big Island of Hawaii
October 2013 - 153 Homes Sold - $269,000 Median Price
October 2012 - 157 Homes Sold - $299,999 Median Price

Condominium Sales for the Big Island of Hawaii
October 2013 - 62 Condos Sold - $219,475 Median Price
October 2012 - 45 Condos Sold - $215,000 Median Price

Source: Honolulu Star Advertiser, 11-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Kauai Real Estate Data for October 2013

Source: Hawaii Information Service

Single Family Home Sales for the Island of Kauai
October 2013 - 30 Homes Sold - $586,000 Median Price
October 2012 - 39 Homes Sold - $410,000 Median Price

Condominium Sales for the Island of Kauai
October 2013 - 33 Condos Sold - $320,000 Median Price
October 2012 - 29 Condos Sold - $250,000 Median Price

Source: Honolulu Star Advertiser, 11-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Bellavita Inc Hopes to Establish Italian Restaurant at Kewalo Basin

Bellavita Inc., a Japan-based company, is attempting to negotiate with the Hawaii Community Development Authority to establish a new Italian restaurant at Kewalo Basin.  Bellavita, which owns several Italian restaurants in Japan, would like to lease a vacant 3,000 sq ft building that was once used for charter boat operations.  In the past, the Hawaii Community Development Authority has stated that they would like to find a way to improve the existing waterfront.  The HDCA stated that they will meet shortly to discuss if they would be interested in entering negotiations with Bellavita.

Source: Honolulu Star Advertiser, 11-5-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Electrial Union Wants Electricians to Install Solar Photovoltaic Systems

The International Brotherhood of Electrical Workers Local 1186 is requesting that the state of Hawaii require the use of a licensed electrician for all phases of the installation of solar photovoltaic systems. According to the IBEW, under state law the installation of solar systems meet the definition of "electrical work" and as a results would need a licensed electrician for every nonlicensed electrical worker on the job site.  According to the business manager for IBEW Local 1186, Damien Kim, there has been concern that some photovolatic systems have been install incorrectly by unlicensed individuals.  Kim stated, "The PV industry has exploded. All of these new companies have been started and they're overwhelmed with the amount of work. We're saying let's make sure it's done properly and safely. We just want to make sure it is being done in accordance with the language in the statute."

However, officials from the Hawaii Solar Energy Association contends that the majority of the work can be safely done by nonlicensed employees and a licensed electrician should only be required to do the final wiring.  Of course, having licensed electricians present for all phases on installation would dramatically increase the costs for the solar company.

Source: Honolulu Star Advertiser, 11-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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New Learning Center to Be Built on Leeward Coast of Oahu

Kamehameha Schools has announced that they will be constructing a new learning center in the town of Maili on the Leeward Coastline of Oahu.  Initially the center will have a total of twelve preschool classrooms, which would be able to accommodate 185 preschoolers.  However, that is just the first phase of the $33 million complex, which will eventually have meeting spaces for various community organizations serving young children and their families.  The complex will be built on 40 acres of land owned by the state Department of Hawaiian Home Lands. Kamehameha Schools will be leasing this land.

Source: Honolulu Star Advertiser, 11-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Ohana West Waikiki Hotel Purchased By Rockpoint Group

Rockpoint Group, BlackSand Capital and Evolution Hospitality have announced that they have formed a partnership and purchased the Ohana Waikiki West Hotel for an undisclosed price from the Queen Emma Land Company.  The property is currently a 659-room budget hotel, but according to the buyers, they plan to give the property a major renovation including upgrading all of the guest rooms and redoing the lobby and pool area.  Also in the plans are to add a full-service restaurant and a lounge area.

Source: Honolulu Star Advertiser, 11-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Bankruptcy Filings Decrease in October 2013

According to the U.S. Bankruptcy Court, there were just 167 bankruptcy filings for the state of Hawaii in October 2013.  This was a decrease of 27 percent from the same month a year prior.  The island of Oahu had 108 of those cases (a 19 percent decrease) while Hawaii County (Big Island) had only 14 cases (a 55 percent decrease).  Maui had 35 cases (a 36 percent decrease) while Kauai Couty had a 10 cases (a 9 percent decrease).

In related news, according to Credit Karma, a personal finance company, Hawaii residents reduced their average credit card debt to $5,327 in September 2013 as compared to an average of $6,650 during the same month a year prior.  While the state of Hawaii has the second highest average credit card debt, Hawaii residents have an average credit score of 664, which is the highest of all 50 states.

Source: Honolulu Star Advertiser, 11-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Koa Ridge Project Needs Just One Final Approval

The Koa Ridge Project has received approval from the City Council's Zoning and Planning Committee and would now just need approval from the entire Honolulu City Council before construction work could begin.  The 576-acre project is being developed by Castle & Cooke Hawaii, who is pleased by the news.  Koa Ridge will be built on the land located between the Waipio and Mililani communities in Central Oahu.  A total of 30 percent of the homes built would have to be "affordable" and made available to families earning no more than 140 percent of the area's median income for a family of four.

There are still two pending court cases against the Koa Ridge project that have been submitted by the Sierra Club Hawaii Chapter.  One is currently being reviewed by the Hawaii Supreme Court while the second is before the state Intermediate Court of Appeals.  Director of the Sierra Club Hawaii Chapter, Robert Harris, commented, "The City Council should act carefully because if the Supreme Court reverses the Land Use Commission decision, the project could be changed entirely or not be allowed to move forward at all."

Source: Honolulu Star Advertiser, 11-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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