Auction set for Kawamoto’s Kahala Avenue statues, furnishings

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Nov 18, 2013, 7:30am HST
Staff  |  Pacific Business News

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

The dozens of statues that once adorned Japanese billionaire Genshiro Kawamoto’s Kahala Avenue properties in East Honolulu, as well as the furniture and decor found in some of the mansions, are being sold at auction this weekend.

The Honolulu Star-Advertiser reports Alexander & Baldwin (NYSE: ALEX), which bought Kawamoto’s Hawaii properties for $98 million, has hired Oahu Auctions to conduct the sale, which will be held on Saturday at one of the former Kawamoto properties at 4631 Kahala Ave. The newspaper reports Oahu Auctions is selling the items as is, in lots with no reserves or upset pricing.

A&B, meanwhile, is in the process of selling off the 27 Kahala properties.

Developer gets $120M loan for Kakaako high rise

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By Associated Press

POSTED: 12:27 p.m. HST, Nov 11, 2013

A developer planning a high-rise project near downtown Honolulu says it has secured a $120 million construction loan and plans to start building this month.

Developer gets $120M loan for Kakaako high rise

Developer gets $120M loan for Kakaako high rise

Developer Oliver McMillan said today it secured the loan for its 3.5-acre Symphony Honolulu project from lenders including First Hawaiian Bank. Three other lenders are also involved.

The project is in Kakaako, east of downtown Honolulu. Plans call for a tall, glass skyscraper with 288 market-priced condominiums and 100 lower-priced units for buyers who meet certain conditions set by the Hawaii Community Development Authority.

Officials say the project will generate about 400 construction jobs for the next two years and about 100 permanent jobs.

The project is expected to be completed in 2015.

HONOLULU HOME AND CONDOMINIUM SALES REMAIN STABLE, ACCORDING TO THE HONOLULU BOARD OF REALTORS

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HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of October. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
October 2013290$640,000
October 2012282+2.8%$625,000+2.4%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
October 2013
419$325,000
October 2012425-1.4%$325,0000%

*Median price means half the prices were above and half below the given price.

 During October, sales of single-family homes increased by 2.4 percent and condominiums decreased by 1.4 percent from October 2012. The median price paid for single-family homes in October increased 2.4 percent from the same month last year to $640,000. The median price for condominiums was flat from October of last year at $325,000. According to the Days on Market indicator, single-family homes were on the market for an average of 22 days and condominiums for 19 days.

“October was relatively flat for both sales and the median price of single-family homes and condominiums, which is typical of this time of year,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Of note, median days on market have flattened out the past five months, and the number of new listings is increasing, so we’re slowly adding into inventory.”

Download the November 2013 Report Here

MPR-October2013-ClosedSales-thumbMPR-October2013-MedianSales-thumbMPR-October2013-AverageSales-thumb

 

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, 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.)

Kaka’ako has always been about change

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HONOLULU —Kaka’ako is bounded by Ward Avenue, Punchbowl Street, King Street and the waterfront.

Kaka’ako is on the verge of change, but if you look back over the centuries, it has always been about change.

In the mid-1800s, salt production was a big business.  It’s a past that surprised many we talked to, like Kaka’ako resident Marcus Peng.

“I know this whole block will be redeveloped, will be called salt.  That’s what it is!” said Peng.

A photograph shows Aliiolani Hale, the building that stands behind the King Kamehameha statue on King Street, and how close the ocean is to it.


So what happened to the water?

It began in the mid-1850s with the deepening of Honolulu Harbor.  Over the decades, the dredge material and incinerated waste was used to fill in reef tidelands and salt ponds throughout Kaka’ako.

This created dry land allowing the building of Aloha Tower, the historic pumping station and so much of Kaka’ako.

Looking at Kaka’ako and Honolulu of old with its reefs and water with an overlay of today’s buildings show all of the reclaimed land makai of Ala Moana.

With more dry land, Kaka’ako welcomed businesses and a melting pot of island residents.

Former University of Hawaii president Fujio “Fudge” Matsuda was born and raised in Kaka’ako.  He was born on the Magoon block that once stood along Queen Street.

The Matsuda family would move to a home across from Mother Waldron Park.  His parents ran Matsuda Saimin, selling a bowl of their famous saimin for a dime.

“They moved here and started the saimin stand, the saimin business, and they rebuilt from there,” said Matsuda.  “We lived upstairs and the houses were old then.  By the time we moved in, you could see through the cracks in the wall and see outside.  But, it was home.”  Comfortable.”

The house is long gone and so is the unobstructed view of the mountains Matsuda had right outside his front door.

It was a bustling neighborhood with a reputation for being a tough place to live.

“But for those of us who lived there, it was paradise,” said Matsuda.  “Because in our enclave here, we all knew each other.  We were safe.”

In the 1940s, 5,000 people called Kaka’ako home.  Following the war, most moved out and industry moved in.

By 1970, fewer than 850 people lived there.

Mixed in with the warehouses and apartment buildings, there are a few reminders of the past.

The Royal Brewery building still stands, sans the beer.  And the old Kewalo Theatre with its beautiful details — state-of-the-art when it opened in 1937.  Today, it’s a dive shop.

And now Kaka’ako prepares to change again in a very big way, and will soon welcome a whole new generation to call it home.  Peng says he’s glad he’s there.

“I enjoy it quite a bit, actually.  It’s a very comfortable place to live,” said Peng.  “It’s close to the water.  It’s really up-and-coming, is how I feel about it.”

Read more: http://www.kitv.com/news/hawaii/where-you-live/where-you-live-kakaako/-/22719250/22862874/-/wfn34u/-/index.html#ixzz2kJZ2DD33

Honolulu home prices the third-costliest

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With a median home price of $679,800, Honolulu is the third-most expensive housing market in the U.S. behind San Jose and San Francisco, Calif., according to the National Association of Realtors.

Median prices are $805,000 in San Jose and $705,000 in San Francisco.

Ranked at Nos. 4 and 5, respectively, are two additional California markets: Anaheim-Santa Ana, at $670,700; and San Diego, at $485,000.

The Realtors group studied third-quarter closings and compared them with the third quarter of 2012 and found that the median existing single family home price increased in 88 percent of measured markets.

The five most affordable metro areas in the U.S. were Toledo, Ohio, with a median price of $87,500; Rockford, Ill., at $88,900; Decatur, Ill., $91,000; Ocala Fla., $103,600; and Topeka, Kan., where the median price was $106,900.

The national median existing single-family home price was $207,300 in the third quarter, a 12.5 percent  increase from $184,300 in the second third of 2012. The jump is the strongest year-over-year increase since the fourth quarter of 2005 when it shot up 13.6 percent.

http://www.staradvertiser.com/news/breaking/20131106_Honolulu_home_prices_the_thirdcostliest.html?id=230840301

Sales of apartment buildings in Hawaii top $100M so far this year

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Nov 5, 2013, 6:45am HST
Duane Shimogawa  |  Reporter- Pacific Business News

Driven by low inventory, investor confidence and favorable interest rates, sales of apartment buildings in Hawaii posted strong results in the third quarter of this year with more than $34 million in sales, according to a new report.

The report by Apartment Advisors LLC said the total sales volume of multifamily properties for 2013 has now eclipsed the $100 million mark and is expected to continue to climb throughout the fourth quarter.

The median price of apartment buildings jumped to $1.85 million, a $400,000 increase from last quarter, with the average price-per-unit also increasing to an estimated $194,000 for a one-bedroom, one-bathroom apartment unit, the report said.

Small- to mid-sized apartment properties continue to dominate the market and account for more than 87 percent of apartment sales under $3 million, the report said.

The average number of days that properties have stayed on the market spiked to 124 days per transaction but this was due to investors buying properties that had been on the market for longer periods due to the lack of new inventory, the report said.

Jared Ikeda, owner of Apartment Advisors, said in the report that he’s been tracking apartment sales since the early 1990s and that prices per unit for multifamily properties are at the highest they’ve ever been in the past 20 years.

He pointed out that the current level of pricing won’t continue much longer. He noted that as rents for properties increase and interest rates for loans decrease, it creates a larger surplus or cash flow for investors, thus allowing them to pay higher prices.

“If you factor in the low inventory of apartments with no new supply being built, we have a perfect environment for an owner wanting to sell,” Ikeda said. “However, we have already seen signs of this trend changing.”

For example, although interest rates are still comparatively low, they have already risen more than 100-plus basis points since the beginning of last quarter and they will likely continue to rise moving forward, he said.

“Furthermore, apartment rents have also been slowly reaching a tipping point and won’t continue without significant upgrades to properties to justify the increase,” Ikeda said. “For apartment owners who are thinking about selling at the peak, the window of opportunity is closing and coming to an end.”

Home prices rise on Oahu, condo sales soar 20%

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Oct 7, 2013, 7:25am HST Updated: Oct 9, 2013, 1:48pm HST
Janis L. Magin  |  Managing Editor- Pacific Business News

Home prices on Oahu rose last month, as the median price for single-family homes and condominiums moved within striking distance of breaking previous records, according to statistics released Monday by the Honolulu Board of Realtors.

The median price of a single-family home on Oahu rose to $675,000 in September, according to the Honolulu Board of Realtors.

The median price of a single-family home on Oahu rose to $675,000 in September, according to the Honolulu Board of Realtors.

The median price of a single-family home in September was $675,000, a 6 percent increase from $637,000 in September of last year, and closer to the record, for any month, of $685,000 set in June 2007. That price was based on sales of 303 homes, which was virtually unchanged from the 304 home sold during the same month.

The number of condo units sold, however, jumped 20 percent to 421 units sold last month, compared to 350 units sold in September 2012.

The median price of a condominium on Oahu in September was $348,000, which was 8.9 percent higher than the median price of $319,500 set during the same month last year. It was also very close to the record $350,000 set in August, and 4 percent higher than the record of $334,000 set in June 2007.

“While it was a relatively positive month for Honolulu’s residential market, we are seeing the effects of low inventory,” said Kevin Miyama, president of the Honolulu Board of Realtors. “Potential sellers interested in listing their properties should consider taking advantage of current market conditions, especially if they are interested in buying-up before interest rates rise, which is expected to happen in 2014.”

Larry Ellison brings Stevie Wonder to Waikiki to entertain Oracle Corp. clients, employees

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Oct 4, 2013, 2:56pm HST

Stephanie Silverstein  |  Reporter- Pacific Business News

The University of Hawaii was scammed out of $200,000 for a Stevie Wonder concert last year, but Oracle Corp. CEO Larry Ellison pulled the right strings for the artist to perform in a private concert for his company employees that will take place in Waikiki on Saturday night.

The outdoor concert will only be open to Oracle Club Excellence 2013 members, but anyone in the area should be able to enjoy the sounds of Stevie Wonder, although they might not be able to catch a glimpse of him on stage.

The Kuroda Field perimeter of Fort DeRussy was barricaded Friday afternoon as preparations for the concert took place. A large stage and several tents were set up throughout the field. A Shock Top truck on the field suggested what the beer of choice will be.

I was told that Ellison himself, who owns most of the island of Lanai and interisland airline Island Air, will also be attending the concert.

Oracle Club Excellence is an incentive recognizing Oracle’s customers and partners that have excelled in driving business value together. Incentives are big business for Hawaii’s visitor industry, a segment of the market I wrote about in detail in August.

Hale Koa Hotel Director of Marketing Lucy Lau said Hale Koa will be providing the catering for the event, but she was careful not to say who the client or performer would be.

But the word is already out.

Veteran Hawaii concert Promoter Tom Moffatt, of A Tom Moffatt Production, wrote in Midweek on Wednesday that Stevie Wonder is performing a private show at the field on Saturday.

Oracle employees have also been buzzing about the performance on Twitter. According to their tweets, and conversations I’ve had in Waikiki, Counting Crows performed for Oracle Thursday, and Train is performing a private show on Friday night at a hotel.

The University of Hawaii Athletics Department fell for a $200,000 scam when it attempted to hold a Stevie Wonder fundraiser concert last year.

Alexander & Baldwin removing, selling Kawamoto’s Kahala Avenue statues

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Sep 30, 2013, 2:54pm HST Updated: Sep 30, 2013, 3:26pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

The dozens of statues that once covered Japanese billionaire Genshiro Kawamoto’s Kahala Avenue properties in East Honolulu are being removed and will be sold, according to a source close to the situation.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Alexander & Baldwin Inc., which is buying Kawamoto’s Hawaii properties for $98 million — including 27 along Kahala Avenue, known by some as the Beverly Hills of Hawaii — said that it is proceeding with the cleanup of the properties, but has no further comment at this time on the progress of those activities.

The source also told PBN that the Honolulu-based high-end landscaping company called Performance Landscapes has been contracted by A&B to do the clean-up work, which includes dropping trees, clearing rubbish as well as removing those highly visible statues.

“They sold some statues and they donated some of the money,” the source said. “Right now, they’re being moved to another property.”

The source also pointed out that some people have shown interest in purchasing the statues, mainly wanting a piece of Kawamoto history to add to their collections.

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Hawaii mansion once owned by TV producer Al Masini sells for $10M

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Sep 30, 2013, 10:24am HST

Duane Shimogawa  |  Reporter- Pacific Business News

A Honolulu mansion once owned by the late television producer Al Masini has been sold for about $10 million to a Japanese business owner, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

Known as “Hiilani,” which means “in the arms of heaven” in Hawaiian, the property, built in 1996 and located at 1133 Ikena Circle, was listed in 2012 for an asking price of $12.5 million.

It consists of three adjoining parcels of land and encompasses 16,000 square feet of indoor/outdoor living space on a 30,000-square-foot lot that has sweeping views of Kahala and Diamond Head.

Masini, a recipient of an unprecedented 33 Emmy Awards, was responsible for such shows as “Entertainment Tonight,” “Lifestyles of the Rich and Famous” and “Star Search.”

The sale of 1133 Ikena Circle marks the seventh property in two years to sell for more than $10 million on Oahu.

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