TripAdvisor names Lanikai best beach in the U.S.

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Lanikai Beach is the best beach in the United States and the eighth best in the world, according to a new ranking by TripAdvisor.

The website just released its 2014 Travelers’ Choice rankings for top beaches.

Ten of TripAdvisor’s top 25 beaches in the U.S. are located in Hawaii, with Kaanapali, Hanalei, Waianapanapa State Park, Wailea, Maniniowali and Hanauma Bay joining Lanikai in the top 10.

Lanikai was the only U.S. beach to make TripAdvisor’s top 25 world ranking.

http://khon2.com/2014/03/18/tripadvisor-names-lanikai-best-beach-in-the-u-s/

 Available Lanikai LUXE Estates

New report addresses Hawaii’s housing crisis, saying prices are out of reach for many

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A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

The Hawaii Appleseed Center for Law and Economic Justice released a report Wednesday on Hawaii’s “affordable housing crisis,” saying that rents increased by 45 percent between 2005 and 2012, while wages increased by just 21 percent.

Affordable housing, the report says, is defined by spending 30 percent of an income or less on housing.

That means in order to afford the $1,640 fair-market rent for a two-bedroom apartment in Hawaii, one would need to make at least $65,600 per year, or $31.54 per hour.

However, the report says that mean hourly wage for renters in Hawaiian is just $13.86.

The report notes that Hawaii residents pay the highest electric bills in the country — 37 cents per kilowatt hour, three times the national average. Housing and transportation costs combined account for 61 percent of the average income and nearly 100 percent of Hawaii “moderate income” households are “cost burdened” by these expenses.

The report goes on to say that Hawaii has the country’s highest rate of homelessness and that homeownership is out of reach for many Hawaii residents.

“A lack of affordable housing affects not only households living close to poverty— many of Hawaii’s essential workers struggling to find affordable rentals, let alone purchase a home,” the report says. “Many professionals such as teachers and police officers cannot afford fair market rent for a two-bedroom apartment, while those in the service sector earn less than half of the housing wage.”

Earlier this week, the Honolulu Board of Realtors released figures showing that the median price for a single-family home reached a record $700,00 on Oahu in May. Board President Julie Meier warned that the high home prices would have a trickle-down effect and cause rents to rise even higher.

You can check out the full report here.

Bill Cresenzo Reporter – Pacific Business News

Home Valuation

 

 

Oahu single-family home price hits record $700k

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June2014_MarketHome prices on Oahu set records in June, with the median price of a single-family home cracking the $700,000 mark for the first time despite lower sales, according to statistics released Monday by the Honolulu Board of Realtors.

The median price of $700,000 for a single-family home on Oahu was 3.4 percent higher than the median price of $677,250 set in June 2013, and 2 percent higher than the previous record of $685,000 set in December.

The median price of a condominium also reached a record in June, $360,000, which was 9.1 percent higher than the median price in June 2013, which was $330,000, and just $1,000 higher than the previous record of $359,000 set in February.

“June was a remarkable month, both single family homes and condominiums shattered the previous records for median sales price,” Julie Meier, president of the Honolulu Board of Realtors. “This shows the very strong demand we’re currently seeing for housing.”

Condo sales increased by 4.8 percent in June to 411 units sold, from 392 sold during the same month last year, but sales of single-family homes declined 1.6 percent to 303, from 308 sales in June 2013.

“That demand, coupled with low inventory, is what’s causing the continued growth in median sales prices,” Meier said. We do see inventory rising, but not enough to offset the demand, especially for single-family homes.”

Staff Pacific Business News

June2014_Market_01

Priceline.com says Oahu second most popular summer beach destination

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Tourists crowd Waikiki Beach in this undated file photo. Priceline.com says Oahu is the second most popular beach destination for summer travel this year.

Tourists crowd Waikiki Beach in this undated file photo. Priceline.com says Oahu is the second most popular beach destination for summer travel this year.

Hawaii has made Priceline.com’s list of top summer destinations, with Oahu rated as the second most popular beach destination and the 10th most popular summer destination of all.

Oahu, home to the world famous Waikiki Beach, was second only to San Diego for top beach destinations, while Maui took the No. 6 spot, after such Mainland beach destinations as Myrtle Beach, S.C., Miami and Virginia Beach, Va.

Maui also topped the list of bargain destinations for summer, because of a 10 percent year-over-year decrease in the average daily rate for hotels on the island. A recent report by Hospitality Advisors LLC and STR Inc., however, found that the average daily rate on Maui rose 7.6 percent during the first quarter compared to last year.

Priceline.com (Nasdaq: PCLN) also note that national airfare averages are running about the same as last year, making it more affordable for travelers to book vacations.

“Consumers who shop carefully will find that, for many destinations, summer 2014 is a buyers market for travel, Brian Ek, travel editor for Priceline.com, said in a statement. “This past winter’s ‘polar vortex’ effect kept many would-be travelers at home, and now many destinations are working extra hard with amazing deals to lure spring and summer tourists.”

Janis L. Magin Managing Editor – Pacific Business News

CoreLogic says Hawaii among states with highest home price appreciation

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Hawaii was among the states that saw the highest home price appreciation in April, compared to a year before, and was No. 1 in the nation when distressed properties were factored out of the equation, according to a new report by CoreLogic.

Excluding distressed sales Hawaii saw home price appreciation of 13 percent, which was more than 1.5 percentage points higher than the No. 2 state, California, which had 11.4 percent appreciation, according to the April Home Price Index from Irvine, Calif.-based CoreLogic (NYSE: CLGX). Nevada was third with 11.1 percent appreciation, followed by New York with 10.3 percent and Florida with 10.2 percent. The national home price appreciation rate, excluding distressed sales, was 8.3 percent in April

When distressed sales were included in the data, Hawaii was ranked third, with 14.1 percent appreciation, behind No. 1 California with 15.6 percent appreciation and No. 2 Nevada with 14.8 percent. Nationally, home prices, including distressed sales, increased 10.5 percent in April, compared to April 2013, according to CoreLogic.

Janis L. Magin Managing Editor – Pacific Business News

Korean developer plans 234-unit condo behind Hawaii’s Ala Moana Center

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Korean developer plans 234-unit condo behind Hawaii’s Ala Moana Center

The South Korean developer that purchased a 1.4-acre lot behind Ala Moana Center in Honolulu in 2007 told the Hawaii Community Development Authority that it plans to build a 234-unit condominium tower on the site that would integrate with the city’s planned rail station.

The Honolulu Star-Advertiser reports a consultant for SamKoo Development Co. Ltd. told the HCDA this week that the developer is offering the city a narrow piece of its property along Kona Street for the rail line and wold like to incorporate commercial and public space on the tower site at 1391 Kapiolani Blvd. to blend with the rail station, which will be the terminus of the 20-mile line that starts in Kapolei.

T he newspaper reports that within the next few months, SamKoo plans to submit a permit application under interim transit-oriented development rules pending before the Honolulu City Council.

The South Korean investors paid $26 million — or $417 per square foot, a record at that time— for the former Motor Supply Ltd. lot in 2007, but never built a planned luxury condo tower.

 

Staff Pacific Business News

New mixed-use residential project planned for “Gateway to Kapolei”

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A new mixed-use housing project is being planned by Hawaii housing officials for a 26-acre parcel across from Walmart at the so-called gateway to Kapolei.

The Hawaii Housing Finance and Development Corp., the state’s housing finance and development agency, said that it would be issuing a request for proposals this summer for the development of the state-owned parcel at Farrington Highway and Fort Barrette Road that could possibly include residential and commercial developments.

Rick Prahler, development branch chief for the Hawaii Housing Finance and Development Corp., said in a recent meeting with the Makakilo/Kapolei/Honokai Hale Neighborhood Board, that several developers have expressed interest in developing the parcel.

The housing mix may include affordable and fee-simple units for sale with the commercial component maintained by the state.

Prahler told the board that once a developer is selected for the site, he would be able to come back to the board for an update.

The Hawaii Housing Finance and Development Corp. did not immediately return a message left by PBN.

Kioni Dudley, first vice chair of the board, noted that he would like to see a church or museum on that parcel.

“That’s the gateway to Kapolei,” he told PBN. “I’ve been looking at the property for years. A Catholic church would be perfect [or] some kind of nice building, a landmark for Kapolei.”

 

Duane Shimogawa Reporter – Pacific Business News

HOME SALES ON OAHU SEE HEALTHY RISE IN MAY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

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CaptureSales of single-family homes rose by 14.7 percent in May 2014, while condominium sales rose by 1.1 percent from May 2013. The median price paid for single-family homes in May increased by 8.3 percent from the same month last year to $682,000. The median price for condominiums increased by 12.7 percent from May of last year to $355,000. According to the Days on Market indicator, single-family homes were on the market for an average of 20 days, while condominiums were on the market for an average of 21 days.

“These robust numbers point to a very active market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Even though inventory has been increasing, it’s been outpaced by demand. People are snapping up properties as soon as they hit the market creating more demand and competition among buyers, which in turn raises prices. With median prices at a near all-time high and strong demand, we may see more homeowners putting their properties on the market.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation, and, with over 5,300 members, it is one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

Honolulu condominium project revived after seven years on the shelf

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photo3-600xx390-585-70-0Honolulu condominium project revived after seven years on the shelf

Duane Shimogawa Reporter – Pacific Business News

Plans for a nearly 140-unit mid-rise residential condominium called Skyline Honolulu, to be built on the slopes of Punchbowl crater on Prospect Street in Honolulu, have been revived after about seven years on the shelf by the developer, an affiliate of Honolulu-based Form Partners LLC confirmed to Pacific Business News.

Form Partners is the same developer for several Hawaii projects including The Vanguard Lofts in Honolulu and Robertson Properties’ $767 million planned mixed-use project on the former Kamehameha Drive-in Theater in Aiea, which was just approved this week by Honolulu Mayor Kirk Caldwell.

Bill Deuchar, a partner of U.S. Pacific Development LLC, an affiliated company of Form Partners, for which he is also an advisor, told PBN that a much improved economy today is the main reason why the project has been revisited.

Additionally, he pointed out that Skyline Honolulu has been scaled back to offer a lower price point, although no price points have been set yet.

“[The project] may wind up being a rental apartment building or we may put it up as a for-sale project,” Deuchar said. “The way I see the market, I see so much high-end stuff. I’d rather be fighting it out in the lower-end rather than the higher-end. Our project is more community-oriented.”

He did not specify a cost to develop the project, although he noted that if it sells all of the units, it could fetch about $60 million.

The five-story project, which will include studio, one- and two-bedroom apartments, is anticipated to start construction in the first quarter of 2015 with a completion scheduled for 14 to 16 months after that.

Honolulu-based Richard Matsunaga & Associates Architects Inc. and U.S. Pacific Development were chosen to design and build the project, Deuchar said.

He estimated that it should create up to 200 construction jobs, but that some entitlements are still needed to get the project going.

Prospect Properties LLC, an affiliate of Form Partners, bought and consolidated 1.6-acres of land on the slopes of Punchbowl in 2007.

But since then, the project has not made any major moves towards development.

The consolidated purchase included five different owners/sellers of nine separate parcels made up of 12 single- and multi-family structures with nearly 20 tenants.

U.S. Pacific Development handled the acquisition, financing and the design of what was then a 95-plus unit, four-story mid-rise building made up of one-, two- and three-bedroom residences with a pool, recreation room, rooftop decks, a community rooftop deck, recreational areas and underground parking.

The company, at that time, estimated that the total project sales were expected to exceed $80 million.

U.S. Pacific Development said that it has secured agreements with the Punchbowl Special Design District, addressing community concerns and attaining all required impact studies necessary to get the special design district permit for the area.

HO’ONANI CONDOMINIUM HOMES COMING SOON!

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HO’ONANI CONDOMINIUM HOMES COMING SOON!
Contemporay Living in Ewa Villages

Here are some highlights of these brand new homes.
• 3-4 Bedroom Floor Plans
• Starting from $460,000’s
• Amenities Include:
o Central Air-Conditioning
o Free standing gas range with self-cleaning oven and built in automatic dishwasher
o Tankless Gas Water Heating System
o Low E Windows
o 10-year Homebuilders Warranty
o And Much More

HO'ONANI CONDOMINIUM HOMES COMING SOON!

HO’ONANI CONDOMINIUM HOMES COMING SOON!

HO'ONANI CONDOMINIUM HOMES COMING SOON!

HO’ONANI CONDOMINIUM HOMES COMING SOON!

HO'ONANI CONDOMINIUM HOMES COMING SOON!

HO’ONANI CONDOMINIUM HOMES COMING SOON!

 
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