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California developer Franco Mola plans to build workforce housing in Kakaako

April 3, 2013 By idx guys Leave a Comment

Duane Shimogawa  |  Reporter- Pacific Business News
Apr 2, 2013, 1:54pm HST

A California-based real estate developer is planning to demolish several existing single-story industrial buildings and develop a 20-story, 217-unit workforce housing condominium project with ground-floor retail space in the Kakaako neighborhood in Honolulu.

The property, at 803 Waimanu St., encompasses a little more than 21,000 square feet.

It was once on the market for $4.8 million, according to the commercial real estate property website LoopNet.

The planned project also includes parking for 245 vehicles.

According to the plans, there will be no amenities and the ground floor may include a convenience store such as a 7-Eleven.

“It seems like these types of projects are catching on,” Hawaii Community Development Authority Director of Planning and Development Deekpak Neupane told PBN. “I think as far as affordable housing goes, it’s a good project.”

It will include studio, one-bedroom and two-bedroom units. Neupane says that a two-bedroom unit would go for about $350,000.

Construction is slated to begin in the first quarter of next year and be done in 24 months.

The HCDA has scheduled a public hearing at which the developer, Franco Mola’s MJF Development Corp., will present its plans on May 1 with decision-making scheduled for June 5.

MJF Development could not be reached for comment.

Mola is no stranger to the Hawaii market, as he once had plans to redevelop the former Honolulu Advertiser property on Kapiolani Boulevard into a two-tower commercial and residential complex, which is now a project headed up by Hawaii developer Marshall Hung.

Kakaako Properties For Sale

Filed Under: Ala Moana - Kakaako, Condos for sale Oahu, Kakaako, Pacific Business News Tagged With: condos for sale, Kakaako, new condo construction, New Condos

The most expensive real estate markets in the world

March 28, 2013 By idx guys Leave a Comment

The most expensive real estate markets in the world
CNBC.comBy Bianca Schlotterbeck | CNBC.com

The number of high net worth individuals – people with more than $30 million in investable assets – is forecast to rise by 95,000 over the next decade, according to Wealth-X, a wealth intelligence firm. The result is that each year there are more people who want, and more important, can afford, luxury properties.

While demand is ever-rising, the stock of desirable locations remains virtually static, meaning capital inflows concentrate on a few hotspots, pushing prices upward.

Knight Frank found locations in Asia-Pacific tended to be the biggest gainers, but old favorites such as London continue to perform well. Meanwhile, the biggest threat to property markets is their own popularity, as the lack of local affordability can become a political issue, prompting governments to impose cooling measures. Consequently, several areas in the top 10 were subject to new regulations in 2012.

Click ahead to see the world’s top five most expensive property markets in 2012, and find out how much prices rose or fell during the year.

5. Paris

$2,350–$2,600 per sq. ft. ($25,300-$28,000 per sq. m)

ParisAverage price change in 2012: -4.0%

Experts say Paris is the city with the most potential to compete with London for foreign property investors. However, it was dealt a dual blow in 2012 by the euro zone crisis, and the new socialist government’s proposed 75 percent wealth tax. As a result, property prices fell by 4 percent.

President Francois Hollande’s proposals caused more than a few potential buyers to reconsider, and some owners to leave the country. The market saw buyer interest shift to Monaco, the Italian Riviera and Switzerland, according to Knight Frank.

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4. Geneva

$2,720–$3,010 per sq. ft. ($29,300-$32,400 per sq. m)

Average price change in 2012: -6.0%

Prime property prices fell by 6 percent in Geneva in 2012, due in part to stricter mortgage policies and uncertainty regarding a new set of laws and taxes.

However, Knight Frank said prices in Switzerland are set to rise again, as the country is forecast to see a 27 percent rise in its high net worth population between 2012 and 2022. Strict planning regulations will also curtail new developments in hotspots like Cologny in Geneva, where the house pictured is located.

Geneva’s on-going popularity is explained by its position as a global financial center, its excellent schools, safe environment and the Alpine ski resorts on its doorstep, plus Switzerland’s political stability.

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3. London

$3,890–$4,300 per sq. ft. ($41,900-$46,300 per sq. m)

Average price change in 2012: +8.7%

One of the most renowned safe haven markets in the world, London property prices increased by 8.7 percent in 2012, despite a new stamp duty tax on properties worth over 2 million pounds ($3 million).

The London property market was fueled by money from continental Europe in the first half of 2012. Then as fears the euro might collapse dissipated during the summer, Europeans buyers were increasingly replaced by those from the Middle East, Asia, Africa and Russia.

The property boom looks set to continue in 2013, with the average price of prime central London property rising by 0.9 percent in February, the highest rate in 10 months, according to Knight Frank. Prices have risen every month since November 2010, and are now 55 percent above the March 2009 market low.

“London is like a separate economic zone, it is the global investment destination of choice among global investors at the moment and I think that will continue,” Richard Tice, CEO of property investment company CLS Holdings, told CNBC.

A recent Vanity Fair article on the owners of London apartments, such as the 6,000 ($9000) per sq. ft. one pictured here, read like a cross-section of some of the world’s richest people, including Arab sheikhs, Nigerian oil billionaires, and supermodel Naomi Campbell’s Russian oligarch boyfriend, Vladislav Doronin.

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2. Hong Kong

$4,570–$5,050 per sq. ft. ($49,200-$54,400 per sq. m)

Average price change in 2012: +8.7%

The Hong Kong property market is so hot the government is fighting to cool it down. Despite new restrictions – notably an extra 15 percent stamp duty for foreign buyers, including those from mainland China – the rate of price increase almost doubled in 2012 to 8.7 percent, up from 4.6 percent in 2011.

A million dollars will only get you about 200 square feet (19 square meters) in Hong Kong, with a villa on The Peak, such as the one pictured here, costing considerably more.

Knight Frank put the city’s popularity down to strong demand from both local and international owners, and investors who see the city as an international financial hub with a strategic geographic location and a liberalized economy.

Nevertheless, the government cooling measures are expected to impact property prices and Knight Frank forecast prices will move up or down by 5 percent.

1. Monaco

$5,350–$5,920 per sq. ft. ($57,600–$63,700 per sq. m)

Average price change in 2012: 2.0%

The principality of Monaco has a reputation for being a playground for the super-rich. With only 36,000 people, it is renowned for its casinos, yacht-filled marinas and the Formula One Grand Prix.

The price of its property reflects this. A million dollars will buy you only about 170 square feet (16 square meters) in prime central Monaco, with housing developments such as the Tour Odeon, pictured here, going for roughly €60 ($77.90) per sq. m.

Top-end real estate in Monaco has benefited from a shift away from Paris, with prices up 2 percent in 2012 after France proposed a 75 percent top rate of tax. In addition, neither individuals nor companies resident in Monaco pay income or business tax, making it likely to remain a favorite destination for investors looking for safe haven assets.

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Filed Under: Condos for sale Oahu, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Hawaii luxury real estate, Honolulu luxury condos, Honolulu luxury properties, luxury, luxury properties in Hawaii

Howard Hughes Corp. expects to make $66M profit from luxury Hawaii condo ONE Ala Moana

March 5, 2013 By idx guys Leave a Comment

One_Ala_Moana_View-12-Nordstrom-01_press

Howard Hughes Corp. CEO David Weinreb told shareholders Tuesday that the developer expects to make a profit of $66 million from the ultra-luxury ONE Ala Moana condominium tower being built next to Nordstrom at Ala Moana Center, seen in this rendering.

Howard Hughes Corp. expects to make $66M profit from luxury Hawaii condo ONE Ala Moana

Janis L. Magin Managing Editor of Digital Content- Pacific Business News
Mar 5, 2013, 12:57pm HST

The Howard Hughes Corp. expects to make a profit of $66 million from the ONE Ala Moana ultra-luxury condominium tower under construction behind Hawaii’s Ala Moana Center shopping mall, the developer’s CEO told shareholders on Tuesday.

Howard Hughes Corp. (NYSE: HHC) CEO David Weinreb said in a letter to shareholders that the units at the building, which is being developed in a partnership with Hawaii developers the Kobayashi Group and The MacNaughton Group, sold out for an average of $1,170 per square foot.

The cost of the project, including the value of Howard Hughes’ air rights, is about $900 per square foot, which means the developer expects to make a profit of $66 million, Weinreb said.

Mark Zuckerberg, founder, chairman and CEO of Facebook Inc. (Nasdaq: FB), is reportedly one of the buyers of several multimillion-dollar units in the 23-story ONE Ala Moana project, which is being built atop a parking garage adjacent to the Nordstrom department store.

Weinreb also told shareholders that he expects condo units in Howard Hughes’ Ward Village master plan will command premium prices, based on resale values of another ocean-view condo in Honolulu’s Kakaako neighborhood.

The company expects Ward Village to “capture premiums” in the same way buyers have paid premium prices to live in the company’s Summerlin development near Las Vegas or The Woodlands near Houston.

Weinreb noted that the Ward properties it had acquired from General Growth Properties (NYSE: GGP) generate about $23 million a year in net operating income. Howard Hughes has plans to build about 500 market-rate units and at least 125 work-force units as part of the Ward Village master plan.

“While we have not yet determined pricing for our first phase towers, market data suggest that comparable existing ‘front row’ product with unobstructed ocean views resold in 2012 at an average price of approximately $1,400 per square foot,” Weinreb wrote. “Hokua, which is the condominium tower adjacent to Ward, resells at the highest average price per foot of any condominium tower in Honolulu, approximately $1,400 per square foot.”

Hokua was also developed by a partnership of the Kobayashi Group and The MacNaughton Group, along with A&B properties, the real estate arm of Alexander & Baldwin Inc. (NYSE: ALEX).

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Filed Under: Ala Moana - Kakaako, Condos for sale Oahu, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu, Pacific Business News Tagged With: Honolulu luxury condos, Honolulu luxury properties, Kakaako, luxury condos, luxury properties in Hawaii

JUST LISTED – 16th floor One bedroom, One bath with assigned parking in secured garage – $244,000 (fs) – SOLD

July 5, 2012 By idx guys 1 Comment

High floor one bedroom, one bath with assigned parking. Cool side of the building with mountain & city views.  Kapiolani manor is a secure building w/ roof top pool, storage & low maintenance fee which includes electricity & basic cable.  Conveniently located within walking distance to Don Quijote, Ala Moana shopping center, bus line and Ala Moana Beach Park  Schedule Your Visit Today  info@808broker.com 808-791-2923 Mark Howard, abrHigh floor one bedroom, one bath with assigned parking. Cool side of the building with mountain & city views.

Kapiolani manor is a secure building w/ roof top pool, storage & low maintenance fee which includes electricity & basic cable.

Conveniently located within walking distance to Don Quijote, Ala Moana shopping center, bus line and Ala Moana Beach Park

Schedule Your Visit Today

[email protected]
808-791-2923
Mark Howard, abr

 

Filed Under: Condos for sale Oahu, Featured Blog, SOLD Tagged With: condos for sale, Honolulu

Spike in Hawaii home prices on the horizon – Part 1

April 5, 2010 By idx guys Leave a Comment

Oahu_01 Hawai’i home sales volume has been rising for nearly a year, but the
pipeline to produce new homes is at a more than 30-year low, leading a
local economist to warn that a price spike could be in the making.

But 2012 or 2013
could be the beginning of the next significant rise, which has the
potential to be steep.

Several factors, such as interest rates,
credit availability, the depth of the foreclosure problem and growth in
jobs and personal income will play into whether home prices get pushed
up again and to what degree. So a run-up in prices isn’t certain.

Home
production, however, can be a major influence on prices, and
residential building permits statewide last year sank to their lowest
level since at least 1980, according to state statistics. Older
statistics weren’t available.

Paul Brewbaker of local consulting
firm TZ Economics said home prices could “light up” in two or three
years based on the dearth of residential building permits from
homebuilders last year.

According to the state Department of
Business, Economic Development and Tourism, there were 2,722 private
residential building permits last year. That compared with 4,768 the
year before and a recent peak of 9,706 in 2005.

Brewbaker said the
present pace of home production won’t keep up with natural household
formation, that is demand generated by the present population as young
adults form new families who seek their own housing.

Around 4,000
new homes are needed to satisfy household formation, the local economist
said, adding that if home construction doesn’t pick up it could lead to
a short supply that drives another spike in prices.

The last time
the number of residential building permits was under 4,000 was 1998 at
the tail end of the last housing market slump that lasted roughly a
decade. That year there were 3,356 permits.

“There are very few
houses being built,” said Carl Bonham, director of UH’s economic
research group. “We are setting ourselves up for a shortage down the
road.”

Relatively flat now

Many local real estate observers like to say that Hawai’i home
prices have had a historical tendency to move in a stairstep pattern —
up, flat, up, flat — over multi-year cycles.

O’ahu’s market is now
in its third or fourth year of more-or-less flattening, but high-volume
homebuilders with land to build on aren’t planning to ramp up
production soon.

Meanwhile, three master-planned communities
totaling up to almost 29,000 homes in Central and Leeward O’ahu have
been either derailed or delayed.

High-volume home builders active
in Hawai’i say they saw decreasing buyer demand unfolding about four
years ago, and began adjusting production so they didn’t have a glut of
unsold inventory.

Now homes are more or less being built to order,
with little or no speculative development.

A report released last
month by local real estate market researcher Ricky Cassiday noted that
Hawai’i homebuilders produced and sold the fewest new homes in at least
30 years.

Cassiday’s report said statewide sales of new homes
totaled 2,050 last year — fewer than half the recent peak of 4,842 in
2006, and a 40 percent decline from 3,071 sales in 2008.

The moves
by most Hawai’i homebuilders to avoid getting caught with lots of empty
homes have helped them survive and also helped overall home prices from
dropping more than a modest amount. But now that a market recovery
appears to be under way, builders are remaining cautious.

“The
strings are pretty tight with not getting exposed to the market,” said
Mike Jones, president of the local Schuler Division of residential
developer D.R. Horton.

Schuler’s pipeline for near-term production
includes about 60 homes at Sea Country in Mā’ili, 60 at Kahiwelo in
Makakilo and about 20 at Nanala in Kapolei, as well as three projects on
Maui and a couple on the Big Island.

Developing additional
subdivisions in Makakilo and Kapolei will require hefty investment in
infrastructure, and Jones said Schuler needs to see some signs that such
investment will pay off before it proceeds.

Another major Hawai’i
homebuilder, Gentry Homes, also dialed back production a few years ago
and isn’t projecting picking up its pace this year.

“We were very
careful with our spending and with our inventory levels so we didn’t
have the product sitting there,” said Bob Brant, Gentry president and
chief executive officer.

Brant and Jones said they are keenly
waiting to see what happens to the uptick in home sales after federal
tax credits for home purchases expire at the end of this month.

If
purchases stay healthy without the credit, it could encourage
developers to disengage the brakes on building.




Reach Andrew Gomes at [email protected].

Filed Under: Condos for sale Oahu

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