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
www.myhawaiihomesearch.com
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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
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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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
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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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
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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Gay Marriages Become Legal in Hawaii

On December 2, 2013, the state of Hawaii will become the 15th state in the country to legalize gay marriage. The University of Hawaii Economic Research Organization believes that this will increase the state's tourism by $217 million over the next three years.  Area Managing Director for the Starwood Hotels and Resort's, Kelly Sanders, commented, "I think overall marriage and weddings is a key part of what we do in Hawaii. When you look at the GLBT market, the biggest thing is they need to know they're welcome. Hawaii is an all-inclusive destination."

Source: Honolulu Star Advertiser, 12-1-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com