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

Hawaii included on Travel + Leisure World’s Best list
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Hawaii included on Travel + Leisure World’s Best list
Aulani, a Disney Resort and Spa Hawaii in Ko Olina, ranked as the best hotel for families in the United States, according to the annual Travel + Leisure World’s Best list, released Wednesday morning.
The 19th annual World’s Best list is compiled based on a survey of T+L readers and includes every type of visitor experience, from hotels and spas to cruise lines and safaris.
Maui is the best Hawaiian island, according to poll participants, while Hawaii’s top hotel or resort is Four Seasons Resort Hualalai on Hawaii island, and Fairmont Kea Lani, Maui has the best hotel spa.
The magazine has posted its lengthy, multi-category list online.
http://www.travelandleisure.com/worlds-best-2014-hp
Currently Available Ko Olina Residential Properties
 
Waikiki Landing developer loses $25M loan commitment for Ala Wai redevelopment
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The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.
The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.
The developers of the Waikiki Landing project, a redevelopment of the commercial and boating services at Hawaii’s Ala Wai Small Boat Harbor, are working to find new funding after losing a $25 million loan commitment for the project.
The Honolulu Star-Advertiser Honolulu attorney Keith Kiuchi took over as the Honey Bee USA Inc. project as project developer in March after learning that that a Singapore-based hedge fund had renegged on a $25 million loan commitment to Kiuchi’s client, former Honey Bee principal Hide­­aki Shi­ma­­kura, a Japan-based developer and yacht racer.
The newspaper reports Kiuchi is optimistic that he will have a $24 million loan commitment by the end of this month, and is working with the state Department of Land and Natural Resources on keeping the project’s 65-year lease on the land near Waikiki.
Staff Pacific Business News
As Oahu home prices rise, so does the need for affordable housing
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Julie Meier, the president of the Honolulu Board of Realtors, said Monday that while she isn’t surprised the median price for a single-family home on Oahu hit a record-breaking $700,000 in June, she is somewhat surprised that it has happened so fast.
A lack of inventory coupled with high demand sent home prices through the roof in June, according to the board.
Oahu has 2.8 months worth of single-family homes on the market and a condo inventory of 3.3 months, meaning that’s how long it would take to sell every property if no new listings were to come on the market.
Those numbers mean it’s a seller’s market, because a balanced market has about six month’s worth of inventory, said Meier, who’s also a Realtor with Prudential Locations.
Inventory increased by 4 percent in June, to 1,200 active single-family home listings, from 1,153 in June 2013. Condominiums fared better, with the inventory increasing 19 percent to 1,749 listings from 1,473 units listed during the same month last year.
“We do have projects in the works, but most are a long way from completion and they cater to a more affluent [clientele],” she said.
The latest figures confirm Oahu’s need for housing at the other economic spectrum, Meier said.
And Meier said that the rising home and condo prices will have a ripple effect, so expect rents to rise, too.
Julie Meier, president of the Honolulu Board of Realtors.