Island Air Continues to Show Loss

According to a report issued by the U.S. Department of Transportation, Island Air has just posted its six consecutive quarterly loss during the third quarter of 2014. The quarterly loss amounted to $2.6 million, which is a relatively small amount for its owner, billionaire Larry Ellison, who purchased the airline in February 2013.  Forbes magazine recently noted that Ellison is the fifth person in the world with a net worth of $51.3 billion.

David Pfliger, the President and CEO for Island Air, stated, "The airline's sixth successive quarter of losses with a new owner was not surprising given Island Air's rebuilding efforts and the extremely challenging, competitive environment. It is a result of this continuing trend and other factors that the company is undertaking a comprehensive strategic review of our fleet, network, and other key aspects of our business to design a business plan that will ensure our future success. It remains our goal to provide our customers with a reliable and a superior travel experience while creating an airline that can grow and serve the islands profitably."

Source: Honolulu Star Advertiser, 12-16-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Hawaii Rejoices at Lower Gas Prices, Still Highest in the United States

Hawaii residents are rejoicing the fact that the average gas prices around the state are now $3.75 gallon, but still pay significantly more than anywhere else in the United States. In fact, Alaska and New York are the only other states where the average price tops $3 per gallon.  There are even some areas in the country that are already paying less than $2 per gallon.  The national average is $2.60 per gallon.  Still, Hawaii economists believe that the relative lower price of gas will help holiday spending, as residents will have a little extra cash in their pocket.

Source: Honolulu Star Advertiser, 12-15-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Assessed Property Values Increase Throughout the Island of Oahu

The City and County of Honolulu will be sending residents real property assessments for the upcoming 2015 fiscal year.  For residential properties, the gross assessed value went up from $169.2 billion to $174.5 billion, or a 7.2 percent increase.  Gary Kurokawa, the city deputy director of budget and fiscal services, stated, "When we look at the numbers, I think that it's pretty similar to last year's increases. The market has been relatively stable as far as the values of properties."

The standard residential tax rate is $3.50 per $1,000 of assessed property value. However, Residential A class dwellings, which are defined as properties worth more than $1 million that are not owner occupied, will pay $6 per $1,000 of assessed value.  For owners who wish to dispute their real property assessment, they may file appeals up until January 15th.   Visit the Real Property Assessment Division's website at www.realpropertyhonolulu.com and click on the "Assessment Appeals" link.

Source: Honolulu Star Advertiser, 12-14-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Real Estate Sales Data for Maui for November 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui

November 2014 - 74 Houses Sold - $587,500 Median Price

November 2013 - 75 Houses Sold - $515,000 Median Price

Condominium Sales Data for the Island of Maui

November 2014 - 68 Condos Sold - $366,250 Median Price

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

Source: Honolulu Star Advertiser, 12-13-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

HCDA Seeking Developer Bids for Micro-Units in Kakaako

The Hawaii Community Development Authority is requesting for developers to submit bids to build affordable micro-unit apartment rentals at lot that it owns at 630 Cooke Street. The concept is to build apartment units with about 300 sq ft of living space that is suitable for no more than two people. HCDA hopes that units in this building would have a monthly rent that is affordable for residents earning no more than the median income in Honolulu, which is about $57,800 for a single person or $66,100 for two people.

According to a report issued by the Hawaii Appleseed Center for Law and Economic Justice, almost one out of every four households is composed of just one occupant. Therefore, micro-units would be a wonderful way to build much needed affordable housing.

Source: Honolulu Star Advertiser, 12-12-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Real Estate Sales Data for the Island of Kauai for November 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Island of Kauai

November 2014 - 35 Houses Sold - $499,000 Median Price

November 2013 - 30 Houses Sold - $589,500 Median Price

Condominium Sales Data for the Island of Kauai

November 2014 - 16 Condos Sold - $397,500 Median Price

November 2013 - 27 Condos Sold - $290,000 Median Price

Source: Honolulu Star Advertiser, 12-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Real Estate Sales Data for the Big Island of Hawaii for November 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Big Island of Hawaii

November 2014 - 141 Houses Sold - $350,000 Median Price

November 2013 - 162 Houses Sold - $309,500 Median Price

Condominium Sales Data for the Big Island of Hawaii

November 2014 - 36 Condos Sold - $202,500 Median Price

November 2013 - 57 Condos Sold - $244,000 Median Price

Source: Honolulu Star Advertiser, 12-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com