Turtle Bay Resort and Governor Working Towards Land Preservation Agreement

Governor Neil Abercrombie has stated that he is committed to working with the Turtle Bay Resort to come to a land preservation agreement by the end of this year. Under the Governor's proposal, the state would give the resort up to $40 million to create a conservation easement that would protect 610 acres of land at Turtle Bay from development.  The conservation land would stretch from Kawela Bay to Kahuku Point.  Chief Executive Officer of Turtle Bay Resort, Drew Stotesbury is optimistic about reaching and agreement and right now the main discussion point with the state is the final price.  The state appraised the 610 acres of land at between $31 million to $38 million, while the resort's appraiser came up with a much higher number.

Source: Honolulu Star Advertiser, 1-9-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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State Council of Revenues Now Projects Only 3.3 Percent Revenue Growth in 2014 Fiscal Year

The state Council on Revenues has lowered the state of Hawaii's revenue forecast for the 2014 fiscal year to a 3.3 percent growth.  In September 2013, the council had predicted that the islands would see a 4.1 percent growth for the 2014 fiscal year.  This difference of 0.8 percent, equates to an estimated $43 million loss to the state. However, the council has still kept their 7.4 percent revenue growth prediction for the 2015 fiscal year, stating that an improving construction market would boost Hawaii's economy and tax revenue.

State lawmakers use the revenue projections as guidelines when they draft their budgets proposals.  Governor Neil Abercrombie had previously requested an increase of $283.8 million, or $12.2 billion supplemental budget, for the 2015 fiscal year.  However, with these lower numbers for 2014, state House and Senate leaders have stated that they will have to move cautiously and reexamine the numbers.  Representative Sylvia Luke, who is the chairwoman for the House Finance Committee, stated, "When we are getting ready to prepare for the budget and session, this is what we've been kind of hinting at.  The economic growth is not going to last forever."

Source: Honolulu Star Advertiser, 1-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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University of Hawaii Athletic Department Could Get Additional Money From State

State Representative K. Mark Takai is proposing a new bill which would provide the University of Hawaii's athletic department up to $10 million to help improve its facilities and programs. Under the proposal, the state would provide $2 for every $1 of new money raised by the athletic department.  Takai reiterated, "If they raise $3 million in new money, then they get $6 million for a total of $9 million. Just giving them the money outright with no ability to leverage the dollars is, I think, short-sighted. What I want is a sustainable future for UH."  The bill is still in its first stages and would have to gain support in the state congress and senate.

Source: Honolulu Star Advertiser, 1-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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Property Development Centers Sells Laulani Village Shopping Center in Ewa Beach

Property Development Centers, the development arm of Safeway, has announced that they have sold the Laulani Village Shopping Center in Ewa Beach for $99.5 million to Terramar Retail Centers.  The property has a total of 223,000 sq ft of retail space and is said to be 89 percent occupied.  Terramar owns a total of 24 retail centers in California, Washington, Oregon and Colorado. The  Laulani Village Shopping Center is their first commercial real estate purchase in the Hawaii market.

Source: Honolulu Star Advertiser, 1-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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www.myhawaiidreamhome.com

Hawaiian Airlines Flies Record 9.9 Million Passengers in 2013

Hawaiian Airlines has announced that they flew a record 9.9 million passengers in 2013.  This was a 4.8 percent increase from the previous record set in 2012 of 9.5 million passengers. The company added that its load factor, or percentage of seats filled, was at 81.5 percent last year.

Source: Honolulu Star Advertiser, 1-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Kauai Real Estate Sales Data for December 2013

Source: Hawaii Information Service

Single Family Home Sales for the Island of Kauai
December 2013 - 42 Homes Sold - $454,500 Median Price
December 2012 - 47 Homes Sold - $460,000 Median Price

Condominium Sales for the Island of Kauai
December 2013 - 20 Condos Sold - $410,000 Median Price
December 2012 - 26 Condos Sold - $272,500 Median Price

Source: Honolulu Star Advertiser, 1-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Big Island of Hawaii Real Estate Sales Data for December 2013

Source: Hawaii Information Service

Single Family Home Sales for the Big Island of Hawaii
December 2013 - $280,000 Median Price
December 2012 - $306,650 Median Price

Condominium Sales for the Big Island of Hawaii
December 2013 - 44 Condos Sold - $230,475 Median Price
December 2012 - 54 Condos Sold - $326,000 Median Price

Source: Honolulu Star Advertiser, 1-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com