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Oahu luxury home sales rise 8% in July

September 3, 2014 By idx guys Leave a Comment

Sales of luxury homes on Oahu — those that sold for more than $1 million — increased 8 percent in July, when compared with teh same month last year.

The report says that 67 luxury homes with a median price of $1.4 million were sold in July 2014, up from 62 homes sold in July 2013.

On the higher end, four sales of more than $6 million have closed since January.

Hawaii Kai had nine sales of more than $1 million in July, while Kailua had seven sales of homes for more than $1 million.

The most expensive home sold in July was a four-bedroom, four-bath, 5,168-square-foot home in Diamond Head that sold for $6 million.

Most of the homes — 52 — sold in the $1 million to $2 million range, the report says. Twelve sold in the $2 to $4 million range, while three sold in the $4 million-and-higher range.

Bill Cresenzo Reporter – Pacific Business News

ONE Ala Moana luxury high-rise expects 2014 completion date

March 6, 2014 By idx guys Leave a Comment

Feb 28, 2014, 10:33am HST UPDATED: Feb 28, 2014, 11:16am HST
Duane Shimogawa Reporter – Pacific Business News

The ONE Ala Moana ultra-luxury condominium tower being built atop the Nordstrom parking garage at Ala Moana Center is expected to be completed by the end of this year with units selling for an average of $1.6 million, according to the Howard Hughes Corp., one of the development partners.

The Texas-based developer, part of HHMK Development, which also includes The MacNaughton and Kobayashi Group, provided additional details in its annual report this week.

The developers expect to invest a total of $265.1 million in the project, including construction, sales and financing costs. As of Dec. 31, they had spent $109.4 million, the Howard Hughes Corp. (NYSE: HHC) said.

The project is being financed by a $132 million construction loan, along with two $20 million mezzanine loans from List Island Properties and A&B Properties, a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX).

In December 2012, all of ONE Ala Moana’s condo units sold within the first two days on the market for an average price of $1.6 million. As of last July, the developers had collected $66.2 million in buyer deposits, representing 20 percent of contracted sales prices.

Among the amenities in the 23-story, 206-unit building are a wine-tasting room, a chef’s kitchen where residents can bring in their personal chefs, and a private salon where personal shoppers from Ala Moana Center stores can bring items to residents.

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Luxury_Oahu_Estates_$8M – 10M

Luxury_Oahu_Honolulu_Condos

Second tower next to Ritz-Carlton, Waikiki Beach, project clears EA

March 3, 2014 By idx guys Leave a Comment

Feb 24, 2014, 3:12pm HST
Duane Shimogawa Reporter – Pacific Business News

California-based Pacrep LLC’s plan to build a second condo-hotel tower in Waikiki that would be next door to its The Ritz-Carlton Residences, Waikiki Beach project currently under construction on Kuhio Avenue, cleared a key environmental hurdle with the City and County of Honolulu determining that no environmental impact statement will be needed for the development.

The city also said that the $159.5 million, 39-story project at 2139 Kuhio Ave. should pose no significant impact to the environment, according to a recently filed final environmental assessment for the project, which was posted in the most recent edition of the Hawaii Office of Environmental Quality Control’s Environmental Notice.

The project, which includes up to 280 units with support facilities, resident services, recreational amenities and commercial uses, is expected to share an eight-story building podium with the nearby Ritz-Carlton Residences.

The project, which is expected to be completed over a two-year period with a tentative start date in April and a finish date of June 2015, expects to create about 275 jobs during the construction period and projects more than $174 million in on-site sales that would generate about $1.16 million in conveyance tax revenues for the state, the developer said.

Pacrep said that there’s a great need for this project, especially considering that there has been a significant reduction in hotel units in the area since 2003, including the Ohana Hobron conversion of 596 hotel rooms to a 181-unit condo and the net loss of 1,300 hotel rooms at the Waikiki Beach Walk redevelopment, totaling 1,896 units.

Additionally, the proposed redevelopment of the Sheraton Princess Kaiulani hotel will result in a net loss of 430 hotel units with the International Market Place redevelopment resulting in a loss of 358 hotel units at the Miramar Waikiki hotel, bringing the total hotel units lost and to be lost at 2,684 units.

Jason Grosfeld, managing member of Pacrep, also recently purchased property at 258 Beach Walk and 260 Beach Walk in Waikiki for $9 million. It’s still unclear as to what the plans are for this property.

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Luxury_Oahu_Estates_$8M – 10M

Luxury_Oahu_Honolulu_Condos

Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales

January 8, 2014 By idx guys Leave a Comment

Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales
Oahu’s luxury home market experienced strong sales of single-family homes priced between $1 million and $3 million.

Sales of homes priced $1 million to $2 million increased nearly 50 percent from July through September, compared to the third quarter of 2012. Year-to-date, 330 homes were sold in this price range through the end of September, which was nearly double the number sold in all of 2012, the report said.

Additionally, the number of homes priced between $2 million and $3 million sold during the quarter rose 33 percent compared to the same time period last year. Year-to-date sales in this price range were about 70 percent of 2012 sales.

Even some higher price ranges performed well, according to the report, which pointed out that the $5 million-and-above range saw sales rise 10 percent above 2012 levels.

Meantime, sales of condominiums in the $800,000 to $1 million range were 78 percent higher in the third quarter than during the same time period last year, and have already exceeded the number of sales in 2012 by 12 percent.

The number of condos sold for more than $1 million was 62 percent higher when comparing year-over-year totals, surpassing overall 2012 sales by 4 percent.

In terms of foreign real estate investment on Oahu so far this year, Japan remained in the top spot for both the $1 million to $2 million segment, and the $2 million-and-above price range with triple the number of homes sold as well as triple the dollar value of sales of other countries on the top four list combined, the report said.

Brazil made the list for the first time in the $1 million to $2 million category. In the $2 million-and-above segment, Hong Kong came in second with two homes sold and China joined the list for the first time since 2010.

“The second-home market on Oahu has returned, as evidenced by increased sales activity, particularly among single-family homes priced between $2 million and $3 million as well as the many new luxury condo units that are sold out,” Kahala Associates Broker-Owner Myra Brandt said in a statement. “We have seen stable demand and a declining inventory for single-family homes and condos, resulting in stiff competition and sometimes multiple offers. This puts pressure on home values, and it has been forecast that the median single-family home price is heading toward the $1 million range.”

But not all luxury market price ranges fared well in the third quarter, the number of sales in the $3 million to $5 million range declined by 10 percent, when comparing year-over-year numbers.

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Luxury_Oahu_Estates_$8M – 10M

Luxury_Oahu_Honolulu_Condos

Developer gets $120M loan for Kakaako high rise

November 20, 2013 By idx guys Leave a Comment

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 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.

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

October 9, 2013 By idx guys Leave a Comment

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.

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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Luxury_Oahu_Estates_$8M -_&10M

Luxury_Oahu_Honolulu_Condos

Japanese billionaire Kawamoto may be selling — or has sold — his Hawaii properties

September 3, 2013 By idx guys Leave a Comment

Sep 3, 2013, 7:23am HST

Staff Pacific Business News

Japanese billionaire Genshiro Kawamoto may be preparing to sell — or has already sold — some of his more than two dozen properties in the upscale oceanfront Kahala neighborhood in Honolulu.

Japanese real estate investor Genshiro Kawamoto

Hawaii News Now reports Richard Turbin, a local attorney and Kawamoto neighbor, said he was told a large Japanese corporation based in Tokyo has purchased the Kawamoto properties and plans to put them on the market.

Hawaii News Now reports that preliminary title reports have also been pulled on a majority of Kawamoto’s 27 Kahala properties, which real estate agents say its a first step in a sale.

Kawamoto has been fined thousands of dollars this year for allowing his properties to deteriorate, under a new law that requires homeowners to clean up their properties or pay stiff fines. Earlier this year, Kawamoto was jailed for three weeks in Tokyo after being arrested on tax evasion charges tied to his Japan real estate holdings.

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Luxury_Oahu_Honolulu_Condos

Ritz-Carlton Waikiki project 85 percent sold

June 30, 2013 By idx guys Leave a Comment

Stephanie Silverstein | Reporter- Pacific Business News

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach are sold, following a private, invitation-only weekend sale event, developer Pacrep LLC announced Tuesday.

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach, seen here in this rendering, are sold, following a private, invitation-only weekend sale event.

The Ritz-Carlton Residences, Waikiki Beach is a 38-story hotel condominium project at 2121 Kuhio Ave., under development by Pacrep LLC with an expected completion date in early 2016.

The sale event was held simultaneously on Saturday in Waikiki, Tokyo and Shanghai, and broadcast through a live webcast, making it possible for potential buyers across the world to participate. More than 8,500 people participated in the webcast.

“We are very pleased with the positive response we have received in such a short time period,” Jason Grosfeld, Pacrep LLC representative said in a statement. “The success of this weekend’s event further reinforces that, for our buyers, Ritz-Carlton is by far their top choice.”

The units range from studios to three bedrooms and penthouses. Amenities include resort pools, a spa and a fitness center.

The remaining units available for purchase through the Pacrep’s sales team range in price from $750,000 to $15 million.

The sales event kicked off with an announcement that sushi restaurant Sushi Sho will open its first location outside of Japan at The Ritz-Carlton Residences project, and that ESquared Hospitality will open BLT Market, a farm-to-table restaurant on the lobby level of the building.

New York-based gourmet market Dean & DeLuca also plans to open its first store in Hawaii in The Ritz-Carlton Residences.

“The addition of The Residences along with our exciting food and beverage partners will further secure Waikiki’s position as a world-class destination and establish this as the premier neighborhood within Waikiki,” Grosfeld said.

Three condo towers, 900 units, in first phase of Howard Hughes Corp.’s Ward master plan

May 25, 2013 By idx guys Leave a Comment

May 21, 2013, 9:44am HST Updated: May 21, 2013, 1:50pm HST
Duane Shimogawa | Reporter- Pacific Business News

The Howard Hughes Corp. plans to add more than 900 residential units in two market-rate condominium towers and one mostly affordable residential tower as part of the first phase of its Ward Village master plan in Honolulu’s Kakaako neighborhood.

This rendering shows The Howard Hughes Corp.’s planned market-rate condominium towers, which located diagonally across the street from each other at the corner of Auahi and Kamakee streets, part of the developer’s Ward Village master-planned community.

David Striph, senior vice president of Hawaii for Dallas-based Howard Hughes Corp. (NYSE: HHC) said Tuesday that the developer is in the process of renovating the iconic IBM Building into a new information center and sales gallery as part of its first phase of the 60-acre urban master planned community that would eventually double the retail, dining and entertainment space in Kakaako.

Ninety percent of the units in a 415-unit tower planned for 404 Ward Ave., which would include commercial space and parking, would be affordable, with the rest market rate.

Nick Vanderboom, senior vice president of development for The Howard Hughes Corp., said that the two market rate towers — one planned for a surface parking lot across from the Consolidated Theatres Ward Stadium 16 and the other at the current Pier 1 Imports location diagonally across the street — will have a total of 500 units. Pier 1 Imports (NYSE: PIR) will be relocated to another spot to accommodate the tower.

Vanderboom said that one tower will have 300 units and the other will have 200 units, but the price ranges for both are still being worked out.

Visit www.KakaakoProperties.com for more Kaka’ako information

The plan is to build the out the first phase concurrently with the affordable tower being the first application submitted to the Hawaii Community Development Authority. A hearing for the project is scheduled for next month.

Vanderboom says he expects that it will submit applications for the other projects some time this summer.

Groundbreaking for the first phase is scheduled for early next year with an expected finish date in early 2016, he said.

Howard Hughes Corp. has selected architects for the first phase, including an unidentified local firm, but has yet to choose general contractors for the first phase, Vanderboom said.

This first phase is expected to have an economic impact of $1.25 billion, create 9,000 direct and indirect jobs and add more than 1.5 million square feet as well as more than 900 residential units to Kakaako, which is being called “The Third City.”

Howard Hughes Corp. said that it has gone beyond many of the requirements for development under the master plan approved by the HCDA, noting that the towers in the first phase will have a mauka-makai orientation, which will showcase the views for residents while preserving the skyline for others.

The company also plans to build more than three times the required affordable housing in the first phase and new buildings along Ala Moana Boulevard will be set back to create a “greenbelt lined with townhouses.”

Ward’s approved master plan allows for up to 9.3 million total square feet of mixed-use development, including more than 4,000 residential units and about 1.5 million square feet of retail and other commercial space, said David Weinreb, CEO of Howard Hughes, in a letter to shareholders in March.

He noted that Ward Village has development rights for 22 high-rise towers in an urban master-planned community setting. Ward Village’s transformation is scheduled to happen throughout the next decade.

Visit www.KakaakoProperties.com for more Kaka’ako information

Kawamoto out on bail after being jailed on Japan tax evasion charges

April 17, 2013 By idx guys Leave a Comment

Staff Pacific Business News | Apr 17, 2013, 6:59am HST

Japanese real estate investor Genshiro Kawamoto

Japanese real estate investor Genshiro Kawamoto, who owns more than two dozen homes in Honolulu’s posh Kahala neighborhood, was released from a Tokyo jail nearly a month after being arrested on tax evasion charges tied to his commercial real estate holdings in Japan.

Japan Today reports Kawamoto was released on bail after posting about $5 million in cash on March 28, more than three weeks after he was arrested on charges that he spearheaded a plot to cover up some $35 million in rental earnings to avoid paying some $10 million in taxes over a three-year period ending in December 2011.

Hawaii News Now reports Kawamoto is accused of using some of that money to buy statues and other items for his properties in Kahala. Hawaii News Now reports that while on bail, Kawamoto is prohibited from leaving Japan.

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