Developer must revise design of proposed Ritz-Carlton Waikiki project

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Developer must revise design of proposed Ritz-Carlton Waikiki project
Staff Pacific Business News  |   Mar 20, 2013, 7:16am HST

This rendering shows Pacrep LLC's proposed 2121 Kuhio project, which will be branded The Ritz-Carlton Residences Waikiki Beach. The Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project but told the developer it must make significant design changes.

This rendering shows Pacrep LLC’s proposed 2121 Kuhio project, which will be branded The Ritz-Carlton Residences Waikiki Beach. The Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project but told the developer it must make significant design changes.

California developer Pacrep LLC has been told to make significant design revisions to a proposed $275 million 350-foot hotel condominium in Waikiki that will be branded as The Ritz-Carlton Residences Waikiki Beach before proceeding with construction.

The Honolulu Star-Advertiser reports the Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project, but said the developer must make changes to the 37-story tower known as 2121 Kuhio to reduce its “apparent mass” which has drawn protests from the community for its wall-like appearance. The newspaper reports the developer was ordered to consider adding such architectural features as graduated, stepped forms, and told to reduce the height of the entry along Kuhio Avenue and increase the commercial space on the ground floor.

The Honolulu City Council gave its approval to the project, which would exceed current height limits by 50 feet, in January.

Pacrep has already revised its plans for the project once before to reduce the width of the building. In December, the developer filed an environmental assessment with the state that proposed changing the original 34-story tower to a 350-foot, 37-story tower, which reduced the width by 48 feet.


Oahu Real Estate Market Update – February 2013 – CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

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CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of February. 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
February 2013201$600,000
February 2012217-7.4%$625,000-4.0%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
February 2013
279$340,000
February 2012227+22.9%$315,000+7.9%

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

 

During February, sales of single-family homes decreased by 7.4 percent and condominiums increased by 22.9 percent from February 2012. The median price paid in February was $600,000 for single-family homes, a decrease of 4.0 percent, and $340,000 for condominiums, an increase of 7.9 percent, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums occurred at a faster pace last month compared to a year ago, single-family homes were on the market for 25 days and condominiums for 34 days.

“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu. We anticipate the numbers wills start to climb from now until July, which is the high point in the market,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “For single-family homes, we’re continuing to see limited inventory and fewer new listings. On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”

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.)

MPR February 2013 Closed SalesMPR February 2013 Median Sales PriceMPR February 2013 Average Sales Price

Hot streak continues for Oahu condo market, single-family-home sales dip slightly

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Hot streak continues for Oahu condo market, single-family-home sales dip slightly

hawaiioahucondos 900

The number of condominium units sold on Oahu in February was 23 percent higher than the number of units sold in the same month last year, according to the Honolulu Board of Realtors.

Janis L. Magin Managing Editor of Digital Content- Pacific Business News | Mar 7, 2013, 11:46am HST

Oahu’s condominium market continued its hot streak in February, with sales increasing by 23 percent and prices rising 8 percent compared to the same month a year ago, according to the Honolulu Board of Realtors.

The median price of an Oahu condo rose to $340,000 last month, from $315,000 in February 2012. That was based on sales of 279 condo units last month, compared to 227 units sold in February 2012.

Single-family home sales, meanwhile, declined 7 percent to 201 sales, from 217 sales in February 2012. The median price of a single-family home in February was $600,000, down 4 percent from $625,000 in February 2012.

“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu,” Kevin Miyama, president of the Honolulu Board of Realtors, said in a statement. “We anticipate the numbers will start to climb from now until July, which is the high point in the market.”

Meanwhile, other measures of Honolulu’s real estate market indicate fewer listings that are selling faster.

Inventory — which is the amount of time it would take for all listings to sell if there were no new listings — dropped by more than half for both categories. There were 2.3 months of inventory for single-family homes, 55 percent lower than the 5.1 months of inventory remaining in February 2012.

The 2.6 months of inventory for condos in February represented a 51 percent drop from a year ago, when there were 5.3 months of inventory.

The median number of days it took for a single-family home to sell in February also dropped 22 percent, to 25 days, from 32 days a year ago, while the median days on market for condos fell 21 percent to 34 days, from 43 days a year ago.

“For single-family homes, we’re continuing to see limited inventory and fewer new listings,” Miyama said. “On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”

Oahu tops global list of island destinations for best hotel occupancy

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Oahu tops global list of island destinations for best hotel occupancy

Staff Pacific Business News | Feb 25, 2013, 9:52am HST

Oahu ranked No. 1 among the world’s island and sun destinations last year for hotel occupancy, while Maui came in third, and Kauai and the Big Island of Hawaii each made the top 10, according to a report by Hospitality Advisors LLC and Smith Travel Research.

Hotels on Oahu had the highest occupancy rate among other global island destinations in 2012, according to a report by Hospitality Advisors LLC and Smith Travel Research.

Hotels on Oahu had the highest occupancy rate among other global island destinations in 2012, according to a report by Hospitality Advisors LLC and Smith Travel Research.

Hawaii as a whole was ranked third, behind comparable international destinations Singapore and South Korea, for occupancy rates in 2012, and second after Singapore in average daily room rate and revenue per available room, according to the report.

Among other island destinations, Oahu, Maui, Kauai and the Big Island ranked in the top 10 for all three categories in 2012 and appear to be headed for another strong year, said Joe Toy, president and CEO of Hospitality Advisors LLC.

“Hawaii is having an exceptionally strong winter season thus far,” Toy said in a statement. Although concerns over the economy are starting to be heard, advanced hotel bookings continue to point to a very busy summer.”

Oahu hotels were 84.7 percent full in 2012, which was 4 percentage points higher, and nearly 12 percentage points higher than Puerto Rico, which was in the No. 2 spot with an occupancy rate of 72.9 percent, according to the report.

Maui’s occupancy rate for 2012 was 72.6 percent, ranking the island third, while Kauai was ranked No. 6 with a rate of 68.8 percent and the Big Island was 10th with a 62 percent occupancy rate. Other island destinations on the list were Phuket, Thailand; Bali, Indonesia; Aruba; the Maldives; and the Bahamas.

The four Hawaiian islands also ranked among the top 10 island destinations for average daily room rates and revenue per available room.
Maui was third highest among its global competitors for average daily room rates in 2012 at $257.95, a 4.5 percent increase from the previous year, after No. 1 Maldives, where the average daily room rate shot up 17.5 percent to $606.22 and hotels in French Polynesia, where the average daily room rate rose 8.2 percent to $329.38.

Kauai was No. 6 with an average daily room rate of $212.85, followed by the Big Island at No. 7 with $192.57 and Oahu at No. 8 with $174.37.

Maui also had the strongest RevPAR among Hawaii’s islands, and was ranked third among its global competitors with RevPAR of $182.27, an 8 percent increase from 2011.

Oahu was ranked fifth with RevPAR of $155.43, but that was a 16.8 percent increase from the year before, while RevPAR at seventh-ranked Kauai hotels rose 12.7 percent to $146.44. Big Island hotels were ranked ninth with RevPAR of $119.39, which was a 10.1 percent increase from last year.

Oahu Real Estate Market Update – January 2013 – SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY

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FOR IMMEDIATE RELEASE
February 7, 2013MEDIA CONTACT:
Caroline Witherspoon
Becker Communications, Inc.
(808) 533-4165

SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of January. 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
January 2013227$595,000
January 2012175+29.7%$618,900-3.9%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
January 2013
286$315,000
January 2012270+5.9%$305,000+3.3%

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

Download January 2013 Press Release
Download January_Local Market Update_2013
Download January_Market Historical Stats_2013

During January, sales of single-family homes and condominiums increased by 29.7 percent and by 5.9 percent, respectively, from January 2012. The median price paid in January was $595,000 for singlefamily homes and $315,000 for condominiums, a decrease of 3.9 percent and an increase of 3.3 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 23 days and condominiums listing for 36 days.

“Overall, January’s numbers are good with sales of single-family homes and condominiums continuing to be strong,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “The median sales price for single-family homes dropped due to the higher volume of sales this year over last in the lower price ranges. This means there were fewer high priced homes sold compared to the mid- and low-priced, which bumped the median price down, due to the high number of first time homebuyers getting into the market. There is a lot of activity in the market and we’re optimistic low interest rates and reasonable prices will continue to fuel the positive trend we’ve been seeing these past few months.”

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.)

December 2012 Residential Resales Statistics – During December, sales of single-family homes and condominiums increased by 8.6 percent and by 20.4 percent, respectively, from December 2011

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MSRCover_2007.inddDuring December, sales of single-family homes and condominiums increased by 8.6 percent and by 20.4 percent, respectively, from December 2011. The median price paid for island properties in December was $605,000 for single-family homes and $335,000 for condominiums, a decrease of 0.8 percent and increase of 17.5 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 30 days and condominiums listing for 26 days.

“December was another great month for the local real estate market, with the number of closed sales and the median sales price for condominiums experiencing double-digit growth,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “While the median sales price for single-family homes was relatively flat, the number of overall sales increased in what is typically a slower time in the real estate market. All of these are great indicators of our continued recovery.”

Download December Press Release

Use the following form to contact us about a custom market report for your neighborhood

[contact-form subject=’Market Information’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]

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.)

The 10 Most Expensive Cities to Buy a Home

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The U.S. home prices have begun to rebound in the past year. And in the most expensive markets, where the average home sells for well over $1 million,  recoveries are among the strongest, increasing between 20% and 50% in most cases.

Income in the expensive housing markets is among the highest in the country. According to U.S. Census Bureau data, median household income in these cities far exceeds the U.S. median income by at least $20,000. In Saratoga, California, one of the cities on our list, median income is nearly triple the U.S. figure of $51,914.

The two cities not in California on this list are Kailua, Hawaii, and Rye, New York. In the case of Rye, the city is located within the expensive Westchester County, within commuting distance from New York City. According to Huskey, desirable communities with access to New York City have remained stable and high-priced.

In Kailua, located on the island of Oahu — the same island as Honolulu — high prices are reflective of most of the real estate market in Hawaii. The state has limited available property, explained Huskey, which drives up prices. “While there’s only one particular market in Hawaii that reached the top ten, Hawaii proved the most expensive on an aggregate measure.”

#8. Kailua, Hawaii
> Avg. listing price: $1,238,208
> Median household income: $91,082
> Pct. households $200,000+ income: 14.7%

 

Kailua is one of just two cities on this list not located in California. The O’ahu Island city is 12 miles northeast of Honolulu, which had a vacancy rate of 2.7% — better than most areas but considerably worse than the other areas on the list. As of October, the median price per square foot for a home in the Honolulu area was $398, more than in any other metro except for San Francisco. According to Trulia, a 0.75 acres plot of land, which includes 128 feet of beachfront, is currently for sale for $16 million in Kailua.

Read more: The 10 Most Expensive Cities to Buy a Home – 24/7 Wall St. http://247wallst.com/2012/11/28/the-10-most-expensive-cities-to-buy-a-home/

Luxury_Oahu_Estates_8M_10M

10 tips about mortgages and refinancing in 2013

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By Polyana da Costa | Bankrate.com – 8 hours ago

If you’ve been sitting on the sidelines, waiting for the best time to refinance or get a mortgage to buy a home, think of 2013 as your last chance to act.

With good credit, persistence and some shopping skills, you can still snag phenomenal deals this year — even if you are underwater on your loan.

Here are 10 mortgage tips to help you with your mortgage decisions in 2013.

Tip 1: Stop procrastinating and refinance

If you haven’t refinanced recently, you’re probably paying a higher interest rate on your mortgage than you should. Take advantage of today’s record-low mortgage rates while they last. Rates are expected to remain low during the first few months of the year, but they should gradually increase. When they do, many borrowers will regret having missed the opportunity to grab the lowest mortgage rate in history.

Tip 2: Buyers, get moving

With rates near the bottom and home prices on the rise, it’s still a perfect time to buy a house. If you can afford a home and qualify for a mortgage, this may be your last chance to take advantage of the market and own a home for less. To speed up the homebuying process, get a mortgage preapproval before you start shopping.

Tip 3: Compare FHA vs. conventional loans

Many homebuyers opt for a Federal Housing Administration mortgage because it allows them to buy a home with as little as 3.5 percent down. But the already costly FHA fees that are added to your loan will increase again in 2013. As the costs of FHA mortgages rise, some buyers may consider saving a little extra for a conventional loan. Buyers need at least 5 percent down to get a conventional mortgage, depending on their credit. If you can afford the slightly higher down payment, get quotes for FHA and conventional loans, and compare the costs.

Tip 4: Ensure that your credit is golden

Credit standards remain tight. As new mortgage rules are unveiled in 2013, the standards are not expected to loosen. If you plan to get a mortgage anytime soon, you must treat your credit as one of your most valuable assets. Most lenders want to see a spotless credit history of at least a year on your credit report. You’ll need a credit score of at least 720 to get the best rate. Borrowers with a credit score of 680 or more can still get a good deal, but the lower your score, the harder it will be to get approved.

Review your credit report before you apply for a mortgage. Sometimes, paying part of your credit card balances can boost your credit score quickly. Generally, if you are using more than 30 percent of the available credit on your cards, you may be hurting your score. Also, check for credit errors and have them corrected before you apply for a loan.

Tip 5: Want to pay off your mortgage earlier?

If you are one of those homeowners who dream about being mortgage-free, the low-rate environment may be a good opportunity to refinance your 30-year mortgage into a 15- or 20-year loan. But make sure you can really afford the slightly higher payments on the shorter loan and that you have some money saved for emergencies.

Tip 6: Underwater refinancers: Don’t take ‘no’ for an answer

If you owe more than your home is worth and have tried and failed to refinance, why not give it another shot in 2013? The Home Affordable Refinance Program, or HARP 2.0, was revamped to allow homeowners to refinance regardless of how deeply underwater they are.

Even after revisions to the program, many borrowers still found obstacles when refinancing. But the situation is improving. Lenders are much more open to HARP 2.0 refinances these days than they were a few months ago. If one lender says you don’t qualify for a HARP refi, don’t take “no” for an answer, and try to find a lender willing to do it.

Tip 7: Give your lender a chance

If you have trouble paying your mortgage, don’t ignore your mortgage servicer. There are new programs available for borrowers who struggle to keep up with their mortgage payments, including forbearance for those with FHA mortgages. Lenders have been more willing to work out delinquent loans through loan modifications and even short sales for homeowners who can’t afford to stay in their homes. It can be a frustrating process to deal with your lender, but communication is still your best tool.

Tip 8: Shop for a low rate and good service

Even with rates hovering near record lows, you should still shop for the best mortgage deal. Get quotes from at least three lenders and compare not just the interest rate but closing costs and the quality of their service. Favor lenders that have a reputation of closing on time. Start with referrals from friends and relatives when shopping for a lender and read online reviews from other borrowers about the particular lender or mortgage broker you are considering.

Tip 9: Approved for a mortgage? Leave your credit alone

Most lenders order a second credit report for the borrower a few days before closing. Don’t open new accounts or charge up your credit cards at the furniture store while you wait for closing day. New credit lines and maxed-out cards may hurt your score. If you were on the edge when you qualified, your mortgage loan could be rejected at the last minute.

Tip 10: It’s not over until the loan closes

You’ve submitted your mortgage application and locked a rate. The race has just begun. Submit any documents requested by your loan officer or mortgage broker within 24 hours, if possible. Any delays in responding to the lender or in letting the appraiser into your house are wastes of valuable time. Lenders will remain overwhelmed with the large volume of refinance applications at least through the first few months of 2013. It doesn’t take much more than lost paperwork or last-minute requests from your lender to delay your closing. If that happens, you risk losing the locked rate. Follow up with your lender or mortgage broker at least once a week to ensure the process goes smoothly.

http://finance.yahoo.com/news/10-tips-mortgages-refinancing-2013-100000813.html

 

November 2012 Residential Resales Statistics – “During November, sales of single-family homes and condominiums increased by 15.5 percent and by 9 percent, respectively”

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During November, sales of single-family homes and condominiums increased by 15.5 percent and by 9 percent, respectively, from November 2011. The median price paid for island properties in November was $640,000 for single-family homes and $325,000 for condominiums, increases of 10.3 percent and 10.2 percent, respectively, compared to the same month last year.

According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 29 days and condominiums listing for just 22 days.

“The local real estate market has been picking up momentum over the last few months, and the month of November continued the trend with increased property sales and prices on Oahu,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “As 2012 comes to a close, we can be extremely optimistic about the strength of the market going into 2013.”

Download November Market Press Release

 

Use the following form to contact us about a custom market report for your neighborhood

[contact-form subject=’Market Information’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]

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.)

Hilton Hawaiian Village reopens pool in Waikiki after $4.3M upgrade

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Hilton Hawaiian Village Waikiki Beach Resort reopened its Tapa Pool on Saturday after completing a $4.3 million renovation project.

The renovation expanded the pool’s deck space by more than 20 percent, retiled the existing pool and added fountain water features. There are now 127 chaise lounges and 3.000 square feet of natural stone surrounding the pool.

The pool was retiled with Oceanside Glasstile, a sustainable product that uses more than 86 percent recycled material.

The renovation designer…