Hawaii Real Estate and Economy

Kewalo Basin May Be Managed by a Private Developer

The Hawaii Community Development Authority has announced that the Kewalo Basin, located on the island of Oahu in Kakaako, may be run by a private developer for the next 50 years. According to the HCDA, the 143-slip harbor would sign a 50 year lease to Almar Management Inc. and in return receive a $22 million renovation and expansion of Kewalo Basin. Furthermore, Almar Management Inc. would pay the Hawaii Community Development an estimated $45 million in rent over the 50 year period. It is not clear yet if and when a final agreement will be made between the two parties.

Source: Honolulu Star Advertiser, 6-7-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

Honolulu Rail Project – City Council Passes $450 Million Line of Credit

The Honolulu City Council voted 7 to 2 to approve Bill 37, which would allow the Honolulu Authority for Rapid Transportation to borrow up to $450 million additional, if they run out of money for the $5.27 billion rail project on Oahu. The bill would still have to go to Mayor Peter Carlisle for his approval, but experts feel that this is only a formality as Carlisle has been a strong supporter of the rail project from the beginning. Tom Berg and Ann Kobayashi were the two council members who voted no. Romy Cachola and Tulsi Gabbard voted yes, with reservations.

According to the Honolulu Authority for Rapid Transportation, the city does not expect to use the $450 million line of credit, and that it is only necessary to give assurance to the Federal Transit Administration before they give the city $1.55 billion in federal funding.

Source: Honolulu Star Advertiser, 6-7-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

Wednesday, June 6, 2012

Kauai Real Estate – Sales Data for May 2012

Source: Hawaii Information Services

Single Family Home Sales on the Island of Kauai:
May 2012 – 44 Homes Sold – $483,750 Median Price
May 2011 – 28 Homes Sold – $600,000 Median Price

Condominium Sales on the Island of Kauai:
May 2012 – 30 Condos Sold – $264,500 Median Price
May 2011 – 36 Condos Sold – $216,000 Median Price

Source: Honolulu Star Advertiser, 6-6-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

Big Island of Hawaii Real Estate – Sales Data for May 2012

Source: Hawaii Information Services

Single Family Home Sales on the Big Island of Hawaii
May 2012 – 150 Homes Sold – $300,000 Median Price
May 2011 – 151 Homes Sold – $239,000 Median Price

Condominium Sales on the Big Island of Hawaii
May 2012 – 56 Condos Sold – $236,500 Median Price
May 2011 – 61 Condos Sold – $199,900 Median Price

Source: Honolulu Star Advertiser, 6-6-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

Honolulu Rail Project – No Clear Answer to How $450 Million Line of Credit Would Be Repaid

The Honolulu Authority for Rapid Transit has requested a $450 million line of credit from the Honolulu City Council for the Honolulu Rail Project. This additional line of credit would help Hawaii in its bid to secure $1.55 billion in federal funding through the Federal Transit Administration. The Honolulu Authority for Rapid Transportation and other state officials noted that it was highly unlikely that the line of credit would ever be used, but at the same time had no clear answer about how the line of credit would be repaid if it was in fact needed. The City Council is expected to vote on this issue later today.

Source: Honolulu Star Advertiser, 6-6-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC