Castle & Cooke To Proceed with Koa Ridge Development Project

Developer Castle & Cooke Hawaii has announced that they still plan to proceed with the Koa Ridge project that will provide 3,500 new homes in central Oahu.  This affirmation by Castle & Cooke comes after the Hawaii Supreme Court rule on December 23, 2013, that a 2010 Land Use Commission approval was invalid.  However, representatives of Castle & Cooke noted that in 2012, the Land Use Commission voted again to reclassify the land from agricultural to urban use.  Castle & Cooke issued a statement saying, "The (Supreme Court) ruling does not prevent us from proceeding with Koa Ridge. A 2012 LUC approval remains in effect, and last month, Bill 48 (Ordinance 13-38) was signed into law by Mayor Kirk Caldwell that completes the city's rezoning process.  The merits of Castle & Cooke's Koa Ridge project were never in question and we remain committed to moving forward with the project. We have heard from many of you and are overwhelmed by the positive responses and inquiries from families who hope to call Koa Ridge home."

According to Castle & Cooke, ground breaking should begin in 2015 and the first homes should be built in 2016.

Source: Honolulu Star Advertiser, 12-31-2013, www.staradvertiser.com
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Large Waves Cause Erosion on Parts of Oahu's North Shore

A few residents on the North Shore of Oahu are experiencing rapid erosion for their beachfront properties due to large waves brought in by a north-western swell.  According to the National Weather Services, high-surf will continue for the next few days and waves could reach as high as 20 to 25 feet at times.  While most residents have not been affected, a few less fortunate individuals are working with friends, family members and volunteers attempted to create walls of sandbags and rocks to reduce wave damage.  Officials from the state Department of Land and Natural Resources and the North Shore fire department have surveyed the area, and have issued warning about the hazardous wave conditions in the area, but have not stepped in to financially aid the residents affected.  Former state representative Gil Riviere who worked with North Shore residents to fill sandbags stated, "It seems to me that (government agencies) could have mobilized to provide more help. This may not be an islandwide disaster, but it is definitely a disaster to those who are affected."

Source: Honolulu Star Advertiser, 12-30-2013, www.staradvertiser.com
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Visitor Arrivals and Spending Decrease in November 2013

According to a report issued by the Hawaii Tourism Authority, visitor arrival and visitor spending decreased in November 2013.  The report stated that compared to the same month a year prior, the total number of visitors to the islands decreased by 5.5 percent to 620,051 people, while spending decreased by 2.1 percent to $1.1 billion. November represented the third straight month of decreases for the Hawaiian islands..

Vice president of brand management for the Hawaii Tourism Authority, David Uchiyama commented that the increasing cost of oil, unfavorable currency exchange rates, diminishing consumer confidence and fuel surcharges have all negatively affected travel and spending in Hawaii.  Uchiyama stated, "A lot of these factors are out of our control. Because we anticipated some of these things, we've already started to work with our marketing contractors in each market to see what we can do to help revitalize or stimulate the markets."

Source: Honolulu Star Advertiser, 12-28-2013, www.staradvertiser.com
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Hawaii Retailers See Disappointing Holiday Sales

While the final retail numbers for the holiday season have not been tabulated yet, Hawaii retails are self reporting lower than desired sales.  Retail analysts note that the shopping season between Thanksgiving and Christmas was shorter this year, which partly attributed to the lower sales.  Mark Stor­fer, the board chairman for the Retail Merchants of Hawaii trade group, commented, "It certainly has not lived up to the expectations of retailers, that's for sure.  What I'm hearing from my peers in the business is that some retailers are down, some have achieved comparable sales to last year but very few, if any, are honestly telling me that it's a better year than last year.  In the last few months we've seen significant increases in hotel rates and airfare, which has diminished the visitors' discretionary spending portion of their budget."

Source: Honolulu Star Advertiser, 12-27-2013, www.staradvertiser.com
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Honolulu Government Repaves 392 Lane Miles of Road in 2013

According a report released by the Honolulu City's Department of Design and Construction, a total of 392 lane-miles of road have been repaved by the city government in 2013.  This was one of Honolulu Mayor Kirk Caldwell's top campaign promises when he ran for office and the mayor is now asking for an additional $150 million from the Honolulu City Council to repave roads in the coming fiscal year.  According to the Mayor's office, 2014 will see road repair work done in Hawaii Kai, Makiki, Kailua, Kaimuki, Mililani and Chinatown.

Source: Honolulu Star Advertiser, 12-26-2013, www.staradvertiser.com
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Hawaii Hotels Set New Revenue Record in October 2013

According to a report by Hospitality Advisors LLC, Hawaii hotels collected a record setting $269 million for the month of October 2013.  While the state did see a 1.4 percent decrease in the number of rooms rented as compared to the same month a year prior, the average daily rate rose nearly 10 percent from October 2012.  As a result, the revenue per available room rose to $152.83, which was a record high for October.

Source: Honolulu Star Advertiser, 12-25-2013, www.staradvertiser.com
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Hoomaluahia Botanical Gardens May Allow Pig Trapping

The Oahu Pig Hunters Association has approached the Honolulu City Council and has offered to trap wild pigs at the Hoomaluhia Botanical Gardens for free.  Previously, the city hired workers from the U.S. Department of Agriculture a total of $53,009 a year to remove pigs from the grounds.  However, due to a budget shortfall, it was decided in June that the city would not use the services of the USDA anymore.  Since that decision was made, the wild pig population at the gardens boomed and it is now estimated that there are over 200 wild pigs living on the 400-acre grounds.  The pigs are now causing significant damage to the park.

In their offer to the state, the hunters have promised not to use any dogs or guns, and have even offered not to use bows and arrows if this is a concern to the public. Instead, the hunters would simply use box or cage traps.  The hunters would be allowed to keep and/or kill any pigs that they catch.  The Oahu Pig Hunters Association would sign a waiver freeing the city from any responsibility of illness from consuming the pigs. Mayor Kirk Caldwell is in favor of the idea. Caldwell stated, "If they can do this in a way that's acceptable to the staff at Hoomaluhia and the public, I think we can follow that direction."

Source: Honolulu Star Advertiser, 12-23-2013, www.staradvertiser.com
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Waikiki's International Market Place Update

The International Market Place in Waikiki was originally founded in 1957, and was known by tourists and residents alike as a place to find various small businesses selling everything from candles to inexpensive aloha shirts.  Many found the shops to be "quaint" but the truth was that the market had not undergone any major renovation since 1970 and many of the trees and buildings had severe termite damage.  Now, through a joint venture between landowner Queen Emma Land Company, Taubman Centers Inc. and Coastwood Capital Group LLC, the historic International Market Place will undergo a complete transformation and a new $350 million retail complex will take its place.  The new property will have 360,000 sq ft retail, dining and entertainment and will be anchored by Saks Fifth Avenue.  There will a total of 750 parking spaces, 60 stores and 7 restaurants at the new market place. According to Taubman spokeswoman Rachel Ross, construction will start in February 2014 and should be completed by early 2016.

Some current tenants and neighborhood residents are very unhappy to see the transformation occurring. However supporters of the project note that the new development would create about 1,000 construction jobs and approximately 2,500 permanent jobs.  They also argue that creating the new market place would increase the value of surrounding properties, reduce crime in the area, and encourage other developers to come to Waikiki.  The Waikiki Improvement Association president, Rick Egged, commented, "Taubman has a reputation for doing quality work that fits into the local community. I really believe that they will create a whole new set of opportunities for Waikiki." 

Source: Honolulu Star Advertiser, 12-22-2013, www.staradvertiser.com
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Alexander & Baldwin Inc Downtown Kailua Purchase Update

Alexander & Baldwin Inc purchased approximately 70 percent of the commercial zoned land and approximately 90 percent of the retail land in downtown Kailua last month pas part of its $373 million purchase of land from the Kaneohe Ranch Co. and the Harold K.L. Castle Foundation.  President and COO of Alexander & Baldwin, Chris Benjamin, stated, "Not much is going to change any time soon.  We are proud to be part of the Windward Oahu community and look forward to a long-term relationship."

Alexander & Baldwin owns approximately 87,000 acres of farmland in the Hawaiian Islands.  They also own 45 commercial real estate properties across the nation with a total of 8 million square feet of retail, office and industrial space.  The purchase of the downtown Kailua land added another 386,000 sq ft of retail and light industrial spaces including the land under Whole Foods Market, Longs Drugs, Foodland, Times Supermarket, Safeway, Macy's and other businesses.

Source: Honolulu Star Advertiser, 12-21-2013, www.staradvertiser.com
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New Federal Defense Bill Will Help Hawaii's Economy

The United States Senate has approved a $625.1 billion defense bill for the next fiscal year. Specifically for Hawaii, the bill will bring new MV-22 Osprey tilt-rotor aircraft to Kaneohe Bay Marine Corp Base and will provide funding to modernize the Pearl Harbor Naval Shipyard. There will also be more than $400 million designated for military construction in Hawaii.  The President will still have to sign off on the bill before it is passed into law.

United States Representative Colleen Hanabusa, (HI) stated, "The (National Defense Authorization Act) affirms Hawaii's continued importance as the doorstep to Asia and the Pacific, providing for Hawaii's needs and our nation's defense priorities.  That has always been my goal. The bill includes vital funding for our state's defense projects, which means jobs, infrastructure improvements, and investment in breakthrough research and development." United States Senator Brian Schatz (HI) added, "As the U.S. moves towards a strategic re-balancing to the Asia Pacific, Hawaii plays an ever-increasingly critical role."

Source: Honolulu Star Advertiser, 12-20-2013, www.staradvertiser.com
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Plans for Kapolei's Olive Garden Restaurant Put on Hold

Darden Restaurants, the parent company of Olive Garden, has announced that it will be suspending the opening of all new restaurant locations in an effort to boost value for its shareholders.  This is bad news for Oahu residents who were hoping that the first Olive Garden would be built in Kapolei in 2015.  While it is possible that Draden has simply decided to "pause" the construction for a while, the company has declined to make an definitive answer about the fate of the Kapolei Olive Garden.  There are currently 834 Olive Gardens in the United States and Canada.

Source: Honolulu Star Advertiser, 12-20-2013, www.staradvertiser.com
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City of Honolulu Prepares For New No Smoking Bans

Beginning January 1, 2013, the city of Honolulu will have two new bans prohibiting smoking at city park and bus stops.  The new law will prohibit smoking at all city-run parks, beaches, tennis courts, playgrounds, athletic fields, botanical gardens, swimming pools, parking lots, and beach or park right-of-ways as well as 20 feet in all directions from all bus stop signs or shelters. Violators of the law would suffer a fine of $100 for the first offense and up to $500 for subsequent offenses.  A police officer would have to personally see the violation for them to be able to issue a citation.  To get the word out, posters, signs, and brochures are being distributed across the island of Oahu.  The city has also produced 1,400 signs to be posted at the over 300 parks and recreational facilities, as well as 500 signs for every bus stop.

Source: Honolulu Star Advertiser, 12-20-2013, www.staradvertiser.com
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University of Hawaii Athletic Department Considering Reducing Number of Available Football Seats

Ben Jay, the athletic director at the University of Hawaii, is strongly considering reducing the seating capacity at Aloha Stadium from 50,000 to 35,000 by closing off several upper level sections.  Jay pointed out that in 2013, the Rainbow Warrior football team had an average attendance of 26,637 people, and the program has not had more than 35,000 fan come to any of their past 18 home games over the last three season.  By closing the upper levels, it would save the school money on clean up costs, provide more of a home-field advantage and look better on television.  Jay stated, "I think there is at least a 50/50 chance, if not more really, (of closing down upper sections), depending on the numbers we get back from the stadium and our people. We want to find ways to give our season-ticket holders more value for their purchase. If there is one thing I've heard loud and wide this past season, it is that we need to give greater value to our loyal season-ticket holders. First and foremost, we have to show them the love for all the loyalty they've shown the program. There are people who have been buying season tickets for 20, 30, 40 years and we've gotta reward their loyalty. We live and die on football and we have to find ways to shore up football and enhance the revenue for the sake of all of our sports. As I told our staff, we have to rethink this whole thing, starting with football."

Source: Honolulu Star Advertiser, 12-19-2013, www.staradvertiser.com
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State May Pay Turtle Bay Resort $40 Million to Not Develop Section of Property

The state of Hawaii has made an initial offer of $40 million to the owner of Turtle Bay Resort if they decide not to develop approximately 610 acres of their 852 acre property.  Under the proposal, the Turtle Bay Resort would still be allowed to build two new oceanfront hotels with a combined 625 rooms, but would limit development of other areas, preserving a large section of the surrounding shoreline.  Residents of the North Shore of Oahu are very supportive of this offer.  Executive Director of the North Shore Community Land Trust, Doug Cole, commented, "I think we have an opportunity before us and an obligation before us to ensure future generations experience this unique and special part of Oahu. We're really excited."  Gil Riviere, president of Keep the North Shore Country, added, "Some people may question if it's worth $40 million. Well, what's the alternative? Having a gridlocked highway and an overbuilt resort? I can imagine 20 to 30 years from now, people will look back and say, 'Wow! What a deal.' I think we'll see that preserving the coastline will be worth the money."

Officially, the state would pay for the right to create a conservation easement on the Turtle Bay Resort property.  That way, the owner of the resort would still retain ownership of the land.  May hope that this compromise would ease tensions created by the owners right to develop and the communities desire to keep the natural untouched beauty of the area.

Source: Honolulu Star Advertiser, 12-18-2013, www.staradvertiser.com
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Military Housing Allowances on Oahu to Increase by 14.7 Percent in January 2014

The Pentagon has announced that housing allowances for military families living on Oahu would increase by 14.7 percent starting on January 1, 2014.  Nationally, the "basic allowance for housing" (BAH) increased by an average of 5 percent.  To calculate BAH increases, factors including average rental rates, vacancies, utility costs and renter's insurance were taken into consideration.  Pentagon spokesman, Navy Lt. Cmdr. Nate Christensen, commented, "BAH is designed to assist service members assigned to permanent duty stations within the United States with acquiring housing comparable to civilians in the same income range at that location."

State economist Eugene Tian, notes that military families rent out about 32,000 of the 133,395 available units and properties on Oahu.

Source: Honolulu Star Advertiser, 12-18-2013, www.staradvertiser.com
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Update on the Waiea - 1118 Ala Moana Blvd

The Howard Hughes Corporation has announced that sales for the Waiea condominium would begin in January 2014.  Waiea, which means waters of life in Hawaiian, will be located at 1118 Ala Moana Blvd, and is being described as "the pinnacle of high-end living" and as "Honolulu's most luxurious address" by Howard Hughes officials.  The building will feature a total of 171 units in 1 bedroom, 2 bedroom and 3 bedroom floor plans.  One bedrooms will have two bathrooms and will have approximately 1,138 sq ft of interior.  The two bedroom units will range in size from 1,468 sq ft to 2,069 sq ft.  The three bedrooms would range in size from 1,991 sq ft to 3,071 sq ft.  Finally, there will be 11 larger penthouse and 10 villas for buyers to choose from.

While an official price sheet has not been provided for Waiea, it was announced that the average dollar per sq ft would be between $1,500 to $2,000. The monthly maintenance fee would be approximately $1.10 per sq ft. All of the units would feature high 9'6" ceilings with hardwood and stone flooring throughout the entire residence.

Source: Honolulu Star Advertiser, 12-16-2013, www.staradvertiser.com
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Update of Anaha - 1108 Auahi Ave

The Howard Hughes Corporation has announced that sales for the Anaha condominium would begin in January 2014.  Anaha, which means reflection of light in Hawaiian, is located at 1108 Auahi Avenue.  The building will feature a total of 311 units including 238 tower residences and 73 town homes and flats. Layouts include studios, one, two and three bedroom units.  There will be 9 foot high ceilings throughout all of the residences.

While an official price sheet has not been provided for Anaha, it was announced that the average dollar per sq ft would be between $1,100 and $1,200.  The monthly maintenance fee would be approximately $1.10 per sq ft.

Source: Honolulu Star Advertiser, 12-16-2013, www.staradvertiser.com
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Senior Residence at Iwilei Update

The Pacific Housing Assistance Corp has nearly completed a 160 unit low-income housing project called the Senior Residence at Iwilei and are now accepting rental applications from interested parties. In order to apply, an applicant must be 62 years old or older, be a U.S. citizen or qualifying non-citizen, and not be a majority owner of any residential real estate. Applicants must also not earn more than 60 percent of Honolulu's median income, which equates to $41,160 for a single person or $47,040 for a couple. Rents will range from $800 per month for a one-bedroom unit to $1,180 per month for a two-bedroom unit. Governor Neil Abercrombie stated, "Through projects like the Senior Residence at Iwilei, the state of Hawaii is partnering with the city and the private sector to take a proactive role in providing affordable rental housing options for our seniors."

Source: Honolulu Star Advertiser, 12-16-2013, www.staradvertiser.com
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Developer Tries to Revive Pu'unani Project on Maui

Towne Development of Hawaii Inc. has announced that they will be working with several other partners to try and revive the Pu'unani project on the island of Maui. The newest proposal would be to take approximately 208 acres of agricultural land in the Wailuku neighborhood and develop a total of 450 townhouse and 147 rural lots in its place.  The state Land Use Commission and the Maui County would have to reclassify the land from agricultural to urban and rural use before the project can get started. Supporters of the project are delighted by the construction jobs that the development would create and note that Maui County would have increased property tax revenue from the additional housing.  Opponents of the project point out traffic and water problems, and feel that Pu'unani would take away prime farmland from the state.

Source: Honolulu Star Advertiser, 12-16-2013, www.staradvertiser.com
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Ala Moana Center to Offer More Luxury Condominium Units

General Growth Properties has announced that they would like to work once again with local developers, the MacNaughton Group and the Kobayashi Group, to build another ultra-luxury condominium at Ala Moana Center.  According to General Growth, they would like to build approximately 200 units in a series of mid-rise buildings along Ala Moana Boulevard between Piikoi Street and the Neiman Marcus store.  The buildings would be be 8 stories tall and would sit on the second level of the parking structure, well within the area's high limit.  As a result, no variance would be needed by the city to build this condominium complex.

According to tentative plans, lap pools, private gardens, indoor/outdoor kitchens and living spaces up to 6,000 sq ft in size would be just some of the features being offered in this project.  The developers are describing this as a "discreet sanctuary" that will combine single-family home, resort and condo living in urban Honolulu. Ian MacNaughton, a principal with the development team, stated, "This distinct concept will make a significant statement in the landscape of Hawaii's residential development business.  The community will establish a new global standard for luxury residential living without compromising any of Hawaii's understated authenticity."

General Growth had previously teamed up with the MacNaughton Group and the Kobayashi Group to build ONE Ala Moana, a ultra luxury condominium tower that will be completed in late 2014 above the Nordstrom parking lot.  All 206 units at ONE Ala Moana have already been sold, with prices ranging from $500,000 for a 1 bedroom to $10 million for the Penthouse.

Source: Honolulu Star Advertiser, 12-15-2013, www.staradvertiser.com
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Vacation Holdings Hawaii Purchases Aqua Hospitality

Vacation Holdings Hawaii, the owner of the Aston Hotels & Resorts, has announced that they have purchased Aqua Hospitality, the owner of the Aqua Hotels & Resorts, for an undisclosed amount.  This will mean that two of the state's largest hotel management groups will now be working together, though it is unclear at this time if they will be consolidating under one brand name.  Combined, Aston and Aqua manage just over 50 properties across the Hawaiian Islands.  President and CEO of Aston, Kelvin Bloom, stated, "We were strong competitors of each other. Through that, I certainly gained a lot of respect for Aqua as a company and for its associates who have proven themselves time and time again.  The company strength and the strength of the brand were all important factors in the acquisition of the company.  We will have a tremendous offering from budget to mid-range and upper-scale hotels and resorts to fit every pocketbook."

Source: Honolulu Star Advertiser, 12-13-2013, www.staradvertiser.com
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Waikiki's King's Village Shopping Center May Become Luxury Condominium Hotel

The King's Village Shopping Center was purchased last year by a local development partnership between BlackSand Capital LLC, Kobayashi Group and The MacNaughton Group. Located on the corner of Kailani Avenue and Koa Avenue, the retail complex is currently a low rise building that features approximately 35 shops and restaurants.  However, according to the city zoning, the property does allow for buildings up to 240 feet tall.  As a result, the development partnership is proposing to tear down the existing King's Village Shopping Center and build a new luxury condominium hotel in its place.

While the development group has not released any additional information about the type of building that would be created, they did state that they are working with the Oahu Island Burial Council to do an archaeological survey of the land.  This would be the first step to finding out if there are any Hawaiian burials in the area and an important factor in planning the footprint of any new development.

Source: Honolulu Star Advertiser, 12-12-2013, www.staradvertiser.com
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Hawaii Tourism Authority Criticized During State Audit

Jan K. Yamane, the Acting State Auditor, released a report stating that the Hawaii Tourism Authority lacks formal written policies, procedures and training to ensure adequate transparency and accountability for how it spends its public funds.  The Hawaii Tourism Authority is given approximately $140.5 million budget each year to help improve tourism for the state of Hawaii.  According to the audit, there are inconsistencies on how the HTA monitors their expenditures.  Yamane stated, "The State dedicates tens of millions of dollars every year to support this important industry; however, the authority's continued deficiencies in planning, reporting and contract oversight show poor stewardship of public moneys." 

Mike McCartney, the president and CEO of the Hawaii Tourism Authority did not dispute the findings of the state audit.  McCartney stated, "While we have made significant progress in these areas and other areas as well, we know there is always room for growth and improvement.  The recommendations included in the report will be used as a tool in our ongoing planning and integrated into our work plan as we strive to be more efficient, effective and productive."

Source: Honolulu Star Advertiser, 12-12-2013, www.staradvertiser.com
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Hawaii Healthiest State in Nation in 2013

According to America's Health Rankings, Hawaii is the healthiest state in the nation in 2013. The study is sponsored by the United Health Foundation in partnership with the American Public Health Association and Partnership in Prevention, whose goal is to improve health across the country.  This top ranking is welcome news to Loretta Fuddy, the state Health Director.  Fuddy commented, "Hawaii's No. 1 ranking is encouraging and reminds us how fortunate we are to live in the Aloha State.  I really think it's a testament to the support that we do have from Gov. Abercrombie and the Legislature in helping us build back services. No one receives these awards by themselves. All of what we do is in partnership with the private sector."

Vermont, which ranked first in 2012, dropped to second.  Minnesota was the third healthiest state.  The three least health states were Louisiana, Arkansas and Mississippi.

Source: Honolulu Star Advertiser, 12-11-2013, www.staradvertiser.com
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Maui Real Estate Sales Data for November 2013

Source: Realtors Association of Maui

Single Family Home Sales for the Island of Maui

November 2013 - 74 Homes Sold - $522,500 Median Price

November 2012 - 85 Homes Sold - $465,000 Median Price

Condominium Sales for the Island of Maui

November 2013 - 96 Condos Sold - $350,000 Median Price

November 2012 - 100 Condos Sold - $400,000 Median Price

Source: Honolulu Star Advertiser, 12-11-2013, www.staradvertiser.com
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Second Luxury Condotel Tower to Be Built Next to Ritz-Carlton Waikiki

Developer PACREP LLC, has announced that they will be building a second luxury condominium-hotel (or condotel) tower next to their Ritz-Carlton Residences Waikiki Beach project on Kuhio Avenue.  The second tower will also be 39-stories tall and will have a total of 268 units.  At this time PACREP officials have not disclosed if the Ritz Carlton will manage this second tower too, but it was noted that both towers would share some recreational amenities.  Jason Grosfeld, a principal for PACREP, stated, "We think it's an area of the city that needs improvement, and we're really happy to be spearheading it. We love developing in Waikiki."

Source: Honolulu Star Advertiser, 12-10-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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North Shore Community Unhappy About State's Solution for Laniakea Beach Traffic Woes

In recent years, traffic around the Laniakea Beach on the North Shore of Oahu crawls to a standstill due to limited parking and hundreds of tourists and residents alike hoping to see turtles or watch the surf.  In response to the problem, the state Department of Transportation has proposed to completely block off an area of land along Kamehameha Highway that is currently being used as a parking lot.  However, many members of the community feel that that this is the wrong way of handling the problem, as it would limit residents access to the beach. Suggestions include having the state create a new parking lot, better enforcement of existing laws prohibiting tour buses from illegally parking, creating a marked crosswalk, and possibly adding a bypass road for the area. However, the challenge comes from the fact that the state owns Kamehameha Highway, while the city of Honolulu controls to land that surrounds it.  Until all parties come to an agreement, Laniakea will continue to create traffic problems on the North Shore of Oahu.

Source: Honolulu Star Advertiser, 12-9-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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State Has $844 Million Budget Surplus

Governor Neil Abercrombie has announced that the state of Hawaii had an $844 million budget surplus at the end of this past fiscal year.  The governor credits the surplus as a direct result of a strong tourism industry combined with the state government reducing their spending. However, Abercrombie cautioned that the surplus will be used to replenish the state's emergency reserves.  Abercrombie stated, "The days of running away from our responsibilities are over. We've put in a solid, long-term financial plan that we believe will withstand anybody's scrutiny in terms of its viability."

David Ige, state senator and chairman of the Senate Ways and Means Committee, added, "Obviously, we are proud of (the $844 million surplus).  I think it's more a function of the fact that we rejected a lot of tax and fee increases and really focused on downsizing government. I still think that the economy is just recovering, but we're not out of the woods."

Source: Honolulu Star Advertiser, 12-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Update on the Plaza @ Waikiki - New Assisted Living Facility for Seniors

Developer MW Group has announced that they have purchased the vacant lot located at 1812 Kalakaua Avenue from PBS Hawaii for a total of $3.5 million.  The MW Group plans to build an assisted-living facility for seniors, tentatively named Plaza @ Waikiki, on the 28,761 sq ft property.  The Plaza @ Waikiki will be the fifth Plaza Assisted Living community on Oahu. MW Group plans to start construction of the facility in April 2014 and hopes to have the project completed by late 2015.

Source: Honolulu Star Advertiser, 12-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Oahu Real Estate Sales Data for November 2013

Source: Honolulu Board of Realtors

Single Family Home Sales for the Island of Oahu
November 2013 - 296 Homes Sold - $684,000 Median Price
November 2012 - 290 Homes SOld - $640,000 Median Price

Condominium Sales for the Island of Oahu
November 2013 - 407 Condos Sold - $330,000 Median Price
November 2012 - 363 Condos Sold - $325,000 Median Price

Source: Honolulu Star Advertiser, 12-7-2013, 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 Sales Data for November 2013

Source: Hawaii Information Service

Single Family Home Sales for the Big Island of Hawaii
November 2013 - 162 Homes Sold - $309,500 Median Price
November 2012 - 118 Homes Sold - $245,000 Median Price

Condominium Sales for the Big Island of Hawaii
November 2013 - 54 Condos Sold - $249,500 Median Price
November 2012 - 29 Condos Sold - $220,000 Median Price

Source: Honolulu Star Advertiser, 12-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Kauai Real Estate Sales Data for November 2013

Source: Hawaii Information Service

Single Family Home Sales for the Island of Kauai
November 2013 - 30 Homes Sold - $589,500 Median Price
November 2012 - 37 Homes Sold - $522,500 Median Price

Condominium Sales for the Island of Kauai
November 2013 - 26 Condos Sold - $301,000 Median Price
November 2012 - 28 Condos Sold - $294,000 Median Price

Source: Honolulu Star Advertiser, 12-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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State Reduces Economic Growth Forecast for 2013

The state Department of Business, Economic Development and Tourism has reduced their economic growth forecast from 2.6 percent to 2.4 percent for 2013.  This is primarily due to declines in the visitor arrivals and spending over the last few months.  Experts believe that the visitor industry slow down can be directly attributed to the federal government shutdown in October, higher room rates in Hawaii, and the deprecation of the Japanese yen.  However, DBEDT predicts that 2014 should see a 2.8 percent increase from 2013, thanks to an improving construction industry and lowering unemployment rates.

Source: Honolulu Star Advertiser, 12-5-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Honolulu Marathon Provides Oahu With Economic Boost

Last year, the Honolulu Marathon set a record of $132.8 million in revenue thanks to over 31,083 racers participating.  This year, marathon officials expect even more participants, to the delight of tourism officials and experts.  Mike Story, the Hawaii Tourism Authority's tourism brand and sports manager, stated, "Sports tourism is a billion-dollar industry. It's a great way to leverage your destination, especially during softer seasons.  When televised, the exposure can be worth millions.  These kinds of shows highlight the fact that Hawaii has world-class natural resources to make world-class events for the world's best athletes."  The Honolulu Marathon spends $750,000 per year for a one-hour TV special that promotes the race and Hawaii across the nation.

Source: Honolulu Marathon

2012 - 31,083 participants - $132,800,000 in spending
2011 - 22,615 participants - $107,700,000 in spending
2010 - 22,806 participants - $106,500,000 in spending
2009 - 23,469 participants - $100,100,000 in spending
2008 - 22,232 participants - $100,700,000 in spending
2007 - 27,394 participants - $108,900,000 in spending
2006 - 28,637 participants - $101,600,000 in spending
2005 - 28,048 participants - $100,100,000 in spending

Source: Honolulu Star Advertiser, 12-5-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Update on 801 South Street - Second Tower Approved

The Hawaii Community Development Authority has given their approval to allow Downtown Capital LLC to build a second tower at their 801 South Street project.  "Tower B" will be a workforce housing condominium tower and will have a total of 410 units ranging in price from $329,400 for a one bedroom to $692,300 for a three bedroom.  Tower A had a total of 635 units and ranged in price from $250,000 for a studio to $500,000 for a two bedroom.  Ryan Harada, one of the principal for Downtown Capital LLC, stated, "We look forward to bringing the same type of housing for people that we did in phase one."

Source: Honolulu Star Advertiser, 12-5-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Windward Mall and Hawaii Kai Towne Center Up for Sale

Kamehameha Schools has announced that they will be selling the buildings and the improvements of Windward Mall in Kaneohe and the Hawaii Kai Towne Center, but the school will hold on to the land below the property.  Despite the fact that this would be a leasehold sale, it is estimated that the two properties could still sell for over $400 million.  Windward Mall and Hawaii Kai Towne Center are the third and fourth largest shopping malls on the island respectively.  Elizabeth Hokada, the vice president for Endowment, stated that selling the buildings and keeping the land "greatly strengthens our perpetual endowment. As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands, whether for commercial, agricultural or conservation purposes, while prudently optimizing the value and use of Kamehameha's financial and nonfinancial resources in support of our educational mission."  Kamehameha Schools is tentatively looking at offering 60 year leases for the two properties.

Source: Honolulu Star Advertiser, 12-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Mayor Proposes Allowing Paid Advertising on City Buses

Mayor Kirk Caldwell is proposing a bill that would allow the placing of paid advertisements on the sides and backs of city buses.  According to the Mayor's estimates, the advertising would bring in almost $8 million a year.  This money would go back to bus operations.  Caldwell stated that he has always supported strong anti-billboard laws.  However, Caldwell added, "But at the same time, I think we need to find a balance here and find a way we can raise revenue but not raise it on the backs of those who ride TheBus and not on the backs of those who choose not to ride TheBus, and so we go to the advertisers."

Source: Honolulu Star Advertiser, 12-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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State Awards Ameresco Inc. Contract to Improve Energy Efficiency

The State of Hawaii has announced that they have awarded Ameresco Inc a $17.4 million contract to improve the energy efficiency and to install solar panels at 33 government buildings around the islands.  It is estimated that the state will save a total of $28 million over the next two decades in energy costs by adding the solar panels and by replacing the light fixtures with more energy efficient products.  Ameresco will also add new chillers to seven of the buildings which will lower cooling costs. Governor Neil Abercombie stated, "I commend (Department of Accounting and General Services) and Ameresco for working together in developing a comprehensive efficiency and renewable energy project that is on target with our commitment to energy independence and sustainability.  Ameresco's innovative approach will assist DAGS in reaching its energy savings and emission reduction goals."

Source: Honolulu Star Advertiser, 12-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Hawaii Bankruptcy Filings Lowest Level in 6 Years

According to the U.S. Bankruptcy Court, the number of bankruptcy filings in November 2013 dropped to the lowest level in nearly six years.  A total of 148 cases were filed in November, a 30 percent decrease from the same month a year prior.  Honolulu County had 98 cases filed or a 23 percent decrease.  Hawaii (Big Island) County had 23 cases filed, or a 21 percent decrease.  Maui County had 24 cases filed, or a 47 percent decrease.  Kauai County had three cases filed, as compared to nine filed in November 2012.  

In related news, according to Credit Karma, a personal finance company, Hawaii residents reduced their credit card debt to an average of $5,500 for the month of October as compared to $6,474 during the same month a year prior.  Hawaii residents had an average credit score of 664, which is the highest average for all 50 states.

Source: Honolulu Star Advertiser, 12-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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