HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

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HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING
INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of

August 2014. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During August, sales of single-family homes decreased by 11.7 percent, while condominium sales decreased by 3.5 percent from August 2013. The median price paid for single-family homes in Augustdecreased slightly by 2.3 percent from the same month last year to $650,000. The median price for condominiums remained the same as that of August 2013 at $350,000. According to the Days on Marketindicator, single-family homes were on the market for an average of only 15 days, while condominiums were on the market for an average of 23 days.

“August was an interesting month for the Oahu housing market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year. Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold. Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Ala Moana area’s future: Wider sidewalks, bike paths and a train station

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Ala Moana residents got a look Wednesday evening at the Transit Oriented Development plan that the Honolulu Department of Planning and Permitting has crafted for the area.

Ala Moana residents got a look Wednesday evening at the Transit Oriented Development plan that the Honolulu Department of Planning and Permitting has crafted for the area.

Around 150 people got a look Wednesday evening at what the neighborhood around Ala Moana Center could look like years into the future, as Honolulu’s Department of Planning and Permitting showcased its rail-inspired transit oriented development plan for the neighborhood.

Speaking to the crowd at Washington Middle School. Honolulu Mayor Kirk Caldwell said that he likes to refer to the plans as “transit enhanced development,” and said that input on the plans from residents around the 21 stations on the city’s 20-mile rail transit route is crucial.

“It needs to to be organic,” he said. “It needs to be from the ground up.”

The Department of Planning and Permitting is creating TOD plans for most of the neighborhoods surrounding the 21 stations along the route of the $5.16 billion rail project, slated for completion in 2019.

Ala Moana Center will be the first or the last stop on the route.

The plan divides the Ala Moana area into six districts — Ala Moana Center, Kapiolani Corridor, the Hawaii Convention Center Keeaumoku, Kaheka and Atkinson. The plan features open space, a community pool, community gardens, wider sidewalks, bike paths, and a mix of commercial and residential space, including a stipulation that would require residential developers to designate a certain number of apartments as affordable housing.

“The plan is intended as both an overall framework for growth and a guide for local decision making around the station,” the DPP says. “It is conceptual in nature, showing possible improvements on both public and private property. To ensure positive change in the station area, it is essential that stakeholders work together on future projects.”

Next up — the Honolulu City Council needs to adopt the plan as well as special district zoning regulars. The department then wants to find incentives and money from the city, state and federal governments, and partner with property owners are are interested in using the plan as a guide for redevelopment.

Bill Cresenzo Reporter – Pacific Business News

Oahu Real Estate Market Update

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August_2014The median price of a single-family home on Oahu fell last month, two months after hitting a new record price, as sales in August dropped by 12 percent when compared to last year, according to statistics released Sunday by the Honolulu Board of Realtors.

The median price of a single-family home in August was $650,000, which was 2.3 percent below the median price of $665,000 in August 2013. The median price in June set at record at $700,000.

Sales of single-family homes on Oahu fell 11.7 percent to 323 homes sold, from 366 homes sold in August 2013.

Condominium sales in August declined by 3.5 percent to 444 units sold, from 460 units sold during the same month last year. The median price of a condo on Oahu was unchanged at $350,000.

“August was an interesting month for the Oahu housing market, Julie Meier, president of the Honolulu Board of Realtors, said in a statement. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year.”

The number of sales in August 2013 was 25 percent higher than August 2012, when 293 homes sold. Last month’s sales were 10 percent higher than the 2012 level. The median price a year ago was 9 percent higher than the median price set in August 2012, which was $609,000. Last month’s median price of $650,000 was nearly 7 percent higher than the price from two years ago.

“Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold,” Meier noted. “Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Staff Pacific Business News

Oahu luxury home sales rise 8% in July

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Sales of luxury homes on Oahu — those that sold for more than $1 million — increased 8 percent in July, when compared with teh same month last year.

The report says that 67 luxury homes with a median price of $1.4 million were sold in July 2014, up from 62 homes sold in July 2013.

On the higher end, four sales of more than $6 million have closed since January.

Hawaii Kai had nine sales of more than $1 million in July, while Kailua had seven sales of homes for more than $1 million.

The most expensive home sold in July was a four-bedroom, four-bath, 5,168-square-foot home in Diamond Head that sold for $6 million.

Most of the homes — 52 — sold in the $1 million to $2 million range, the report says. Twelve sold in the $2 to $4 million range, while three sold in the $4 million-and-higher range.

Bill Cresenzo Reporter – Pacific Business News

Luxury_Oahu_Estates_$2M -_$3M

Luxury_Oahu_Estates_$3M -_$4M

Luxury_Oahu_Estates_$4M -_$5M

Luxury_Oahu_Estates_$5M -_$6M

Luxury_Oahu_Estates_$6M -_$8M

Luxury_Oahu_Estates_$8M – 10M

Luxury_Oahu_Honolulu_Condos

D.R. Horton’s 11,750-home Hoopili project in West Oahu may start construction in 2016

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Supporters of Hoopili are seen in this file photo gathering in Downtown Honolulu before a Hawaii Land Use Commission hearing two years ago. The project's developers recently submitted its rezoning application to the City and County of Honolulu's Department of Planning and Permitting.

Supporters of Hoopili are seen in this file photo gathering in Downtown Honolulu before a Hawaii Land Use Commission hearing two years ago. The project’s developers recently submitted its rezoning application to the City and County of Honolulu’s Department of Planning and Permitting.

D.R. Horton — Schuler Homes LLC plans to tentatively start construction on Hoopili, its 11,750-home master-planned community in Ewa in West Oahu, sometime in 2016, the head of the project told PBN.

Cameron Nekota, the vice president for D.R. Horton — Schuler Homes who is in charge of all of its real estate acquisition efforts as well as overseeing the Hoopili project, said that the developer hopes to start delivering homes to people sometime in 2017.

The Texas-based developer, which got the approval from the Hawaii Land Use Commission about two years ago to change the land designation from agricultural to urban, recently submitted its rezoning application to the City and County of Honolulu’s Department of Planning and Permitting.

The developer is seeking to rezone 1,289 acres of land. The department has 90 days from Aug. 1 to make a recommendation to the city’s Planning Commission, which would then put it on its agenda for a public hearing.

The Hoopili project, which is being designed by Honolulu-based Group 70 International, calls for 264 acres to be kept as agricultural lands that will be used for commercial agriculture, community gardens, open space and infrastructure.

In addition to single- and multi-family homes, Hoopili would also include commercial and light industrial space, community facilities, three elementary schools, one middle school, a high school, parks and open space, facilities and utilities.

Opponents of the master-planned community argue that it will take away prime agricultural lands and cause even more traffic jams along the already congested West Oahu corridor.

Duane Shimogawa Reporter – Pacific Business News

D.R. Horton submits rezoning plans to Honolulu for 11,750-home Hoopili project

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Supporters of Hoopili are seen in this file photo gathering in Downtown Honolulu before a Hawaii Land Use Commission hearing two years ago. The project’s developers recently submitted its rezoning application to the City and County of Honolulu’s Department of Planning and Permitting.

D.R. Horton — Schuler Homes LLC has submitted its application to the City and County of Honolulu’s Department of Planning and Permitting for the rezoning of 1,289 acres of agricultural land to urban for its 11,750-home master-planned community in Ewa in West Oahu called Hoopili.

The East Kapolei project, which is being designed by Honolulu-based Group 70 International, calls for 264 acres to be kept as agricultural lands that will be used for commercial agriculture, community gardens, open space and infrastructure.

Besides the single and multi-family homes, Hoopili also includes commercial and light industrial space, community facilities, three elementary schools, one middle school, a high school, parks and open space, facilities and utilities.

D.R. Horton (NYSE: DHI) hopes to start construction on the Hoopili project in 2015 and deliver the first homes shortly after.

About two years ago, the Hawaii Land Use Commission voted in favor of changing the land designation for Hoopili.

Opponents of the master-planned community argue that it will take away prime agricultural lands and cause even more traffic jams along the already congested West Oahu corridor.

Cameron Nekota, vice president for D.R. Horton — Schuler Homes, who is in charge of all of its real estate acquisition efforts, in addition to overseeing the Hoopili project, did not immediately return messages left by PBN.

Duane Shimogawa Reporter – Pacific Business News

Hawaii had fewer all-cash home sales in Q2, RealtyTrac says

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All-cash sales for single-family homes and condominiums in Hawaii decreased to 42.5 percent of all sales statewide during the second quarter, compared to 47 percent in the same quarter last year, according to a report from RealtyTrac, the real estate data tracking service.

For the first half of 2014, cash sales totaled 39 percent, which was virtually unchanged from the first half of 2013, said Jason Martinson, vice president and regional production manager for HomeStreet Bank in Hawaii.

Buyers who pay in cash have an advantage because of Hawaii’s hot real estate market. Sales transactions are completed more quickly, and many sellers are much quicker to accept an offer if they see cash, Martinson said, adding that cash sales help drive the real estate market upward.

Lenders don’t necessarily mind cash sales, because some buyers who pay in cash turn to lenders to replenish their cash reserves, Martinson said, or to pay down their lines of credit.

Nationally, all-cash sales rose to 37.9 percent during the second quarter, from 35.7 percent in the second quarter 2013.

Bill Cresenzo Reporter – Pacific Business News

Brewbaker says median price of an Oahu single-family home may hit $1M by 2018

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Paul Brewbaker

Paul Brewbaker

Paul Brewbaker is the go-to economist for several Realtors’ organizations in Hawaii, and five years ago, he predicted that the median price of a home on Oahu would hit $1 million by 2017.

His prediction was based on the projection that homes prices would appreciate by 15 percent each year.

Instead, he said, home prices have appreciated by 5-10 percent year-over-year, so now, his current timetable for hitting the $1 million mark is between 2018 to 2022.

In June, the median price of a single-family home on Oahu hit a record $700,000.

“We’re not getting as strong a signal from home-price appreciation, and that is part of the reason why new home production is less robust than I anticipated a few years ago,” he said. “Still, I think that supply constraints are more of an issue than lack of housing demand.

“Either way there is less energy in the housing market today than I imagined would be characteristic of the housing market at the end of the recession five years ago,” he said.

Brewbaker made the comments in a Q&A with PBN in which he calls out the state of Hawaii for making bad business decisions, such as obstructing development. He also says the state’s energy policies have led to high electricity rates and calls the state of Hawaii an “idiot” for providing equity to film and television shows without getting residuals in return.

Read more about what Brewbaker has to say about the Hawaii economy here and in Friday’s print edition of Pacific Business News.

Liliha Neighborhood Profile – About.com

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Liliha is the next door neighbor neighborhood to Nuuanu on the western side of Pali Highway. The neighborhood feels far removed from the hustle and bustle of downtown Honolulu but is actually located just ten minutes away. You’ll find very easy access to Pali Highway, Likelike Highway, H1 and H3.

Liliha People

Liliha fits somewhere on socio-economic scale between Nuuanu and Kalihi. You’ll find military personnel who appreciate the easy commute opportunities, young families just buying their first homes and retired kamaaina who have lived in the neighborhood for decades. You’ll find more cultural diversity here than in many other neighborhoods with many first and second generation families from all parts of Asia and the South Pacific. The median household income for the neighborhood is $69,000 (Honolulu city average: $63,000).

Apartments and Real Estate

The average median home value for Nuuanu is $680,000, as compared to the rest of the city’s average home value of $840,000 (average Hawaii state value: $550,000). A quick scan of available rental apartments shows most 1-bedroom units priced at around $1500, with two-bedroom apartments available for under $2,000.

Hospitals

There are a many hospitals within a short distance distance of the neighborhood: The Queen’s Medical Center at 1301 Punchbowl, Straub Emergency Room at 888 S. King St., and close by Kuakini Health System, which has a small emergency room operation at 347 N. Kuakini St.

Libraries

The closest public library is located at 1515 Liliha St.

Otherwise, the main State Library of Hawaii is located at 478 S. King St.

Parks

Nuuanu Pali State Park, a famous overlook and just a short distance from Liliha up the Pali Highway, was an infamous battleground for the fight which occurred between the warriors of King Kamehameha I (who reigned over the Big Island) and Chief Kalanikupule (who oversaw Oahu and Maui). Today, the site remains a favorite of visitors to the island, as the lookout provides a stunning bird’s eye view of the windward side of the island. Parking is free for kamaaina guests with a Hawaii state drivers license. It is always windy, so pack a jacket.

Though not a park, another local favorite is walking or running the Old Pali Road. It’s a scenic detour that parallels Pali Highway for about two miles. The road was originally commissioned in the late 19th century, and functioned as the primary mode of traffic for trips to and from the windward side of the island. While being constructed, skulls and bones from nearly 800 fallen warriors during the Kamehameha and Kalanikupule battle were found.

Nuuanu Valley Park is home to a playground, tennis and basketball courts and plenty of grassy areas to run around on. The official address is 2925 Pali Highway, but access it by turning onto Puiwa Road. Additionally, Liliha Road, when headed toward mauka, eventually intersects with Puunui Community Park.

Schools

Liliha schools are housed within the Roosevelt Complex of the Hawaii School District. There are six elementary schools, two middle schools, and one high-school within the Roosevelt boundaries. For the Hawaii State Department of Education School Finder tool, click here. For a full listing of all schools, click here.

Shopping & Restaurants

Liliha is within close proximity to some of the major shopping centers on Oahu, including Ala Moana Shopping Center and Victoria Ward Centers. For small kine errands, check the Nuuanu Shopping Plaza where you’ll find a laundromat and dry cleaners, floral shop, and the requisite sushi joints. Two fan favorite Liliha eateries are located close by: Bangkok Chef and Liliha Bakery.

Other Neighborhood Links

Queen Emma Summer Palace: “Built in 1847, the restored and furnished home of Queen Emma and King Kamehameha IV offers a glimpse into the lifestyle of the Hawaiian monarchy.”

Consular Row: learn more about the consuls in Hawaii, many located along Pali Highway close by. I Love Liliha is an organization that puts on an annual Liliha neighborhood festival in August.

Learn more about living and working in Honolulu. Visiting the islands on vacation? John Fischer has some excellent ideas for you here.

Liliha Area Active MLS Listings