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Stanford Carr to develop $300M Makaha Valley resort project

February 1, 2016 By Mark G. Howard Leave a Comment

Hawaii developer Stanford Carr will develop a $300 million golf resort community with a four-star hotel on the site of the former Makaha Resort for landowner Pacific Links International as part of a joint venture that aims to create some 500 jobs for residents of the Leeward Oahu community.

The resort master plan for the property, which was acquired by Pacific Links last year through foreclosure, was developed with members of the community, Pacific Links and Honolulu-based Stanford Carr Development said in a joint statement released on New Year’s Day.

Pacific Links initially planned to spend some $200 million to develop a 483-unit resort with 250 hotels rooms, 88 luxury villas and 145 luxury time-share units, Pacific Links board advisor Micah Kane, then the company’s chief operating officer, told PBN in May.

The Friday announcement did not detail the number of units now planned, but did mention the resort’s golf course, the former Makaha West Golf Club, which is undergoing a $30 million redesign by PGA Tour legend Greg Norman, who’s known as The Shark, and a four-star hotel “focused on providing a Neighbor Island experience on Oahu.”

The Makaha Valley resort property was initially developed by the late Hawaii financier Chinn Ho in the late 1960s, and was managed by Sheraton until 1999.

It’s located about 12 miles up the Leeward Coast from Ko Olina Resort — home of Aulani, a Disney Resort & Spa, and where the Four Seasons Resort Oahu is opening in April— and about 35 miles from Downtown Honolulu and Waikiki, the state’s main resort district. It is more than 50 miles from Turtle Bay Resort, the only resort on Oahu’s North Shore.

“As the last of four master-planned destination resort communities on the Island of Oahu, Mākaha Valley has an incredible opportunity to retain its rugged beauty while providing a welcoming and eco-friendly environment for residents and visitors,” Carr, president of Stanford Carr Development, said in the statement. “We look forward to continuing to work with the community to create a neighborhood that everyone is proud to call home.”

An integral part of the Makaha Valley master plan is to restore the watershed and native environment while creating jobs for a community with a high unemployment and poverty rates. The site’s former hotel, the Makaha Resort & Golf Club, closed in late 2011 after Canada-based Northwynd Properties Ltd. acquired the property, leaving 95 employees out of work. Northwynd had plans to upgrade the property and convert the hotel into time-share units, but was unable to secure financing.

“Our hopes and aspirations for the Makaha ahupuaa reflect the vision this community has expressed to us, which is to strengthen the area overall, both now and into the future,” Kane said in the statement. “We consider this a three-way partnership with the Makaha Community, Pacific Links and Stanford Carr, bringing together the team needed to make this joint vision for Makaha Valley a reality through a very local perspective.”

Janis L. Magin
Managing Editor
Pacific Business News

Filed Under: Blog, Featured Blog, Oahu Island, Oahu real estate Tagged With: Makaha Resort, Stanford Carr

Chinese investor to build home on Oahu North Shore property by Waimea Bay

October 15, 2015 By Mark G. Howard Leave a Comment

A Chinese investor who purchased nearly half of the lots in a 25-lot residential subdivision on Oahu’s North Shore overlooking famed Waimea Bay now has plans to build a new home on one of those properties, according to public records.

The 11 lots, on a little more than two acres, at The Bluffs at Waimea were sold to Dhara LLC by the Burger family for $6 million last year, as first reported by PBN.

Dhara was formed a little more than a year ago, and lists Shaoxiong Huang as its manager.

The company was recently issued a $515,000 building permit for a new single-family home with a retaining wall at the rear of the property, according to the City and County of Honolulu’s Department of Planning and Permitting.

Lancor Architects Inc. and Kingdom Builders are listed as the architect and general contractor, respectively, for the project.

The Bluffs at Waimea Bay is located on a hillside between Waimea Bay and Haleiwa town. The 23 lots being sold range from 7,500 square feet to 15,630 square feet, and homes have already been built on five of the lots.

Chinese investors are expected to spend more than $175 billion during the next few years acquiring real estate around the world, including Hawaii.

Duane Shimogawa
Reporter
Pacific Business News

 

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Luxury_Oahu_Estates_$8M – 10M
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Filed Under: Blog, Featured Blog, Luxury real estate, luxury real estate Oahu, Oahu real estate, Oahu real estate sales Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Hawaii putting up $10M to acquire 500 acres of ag lands in Central Oahu

July 15, 2015 By Mark G. Howard Leave a Comment

Hawaii lawmakers have allocated $10 million for the acquisition of an additional 500 acres of agricultural land in Central Oahu that will be used for a major project aimed at revitalizing the local agriculture industry. The plan is to bring farmers and the state together to increase local food production, create jobs and provide affordable housing.

State Sen. Donovan Dela Cruz, D-Mililani Mauka-Wahiawa, who is helping to lead the $200 million effort, confirmed the deal to PBN.

Additionally, another $500,000 was appropriated to investigate the feasibility of exchanging state land for agricultural parcels currently owned by Dole Food Co., which is looking to liquidate 15,000 acres, of which more than 5,000 acres are agriculture land, he said.

About a year ago, the state acquired a warehouse from Tamura’s Market in Wahiawa in Central Oahu for $4.3 million, which set in motion The Whitmore Village Agricultural Development Plan.

The plan also includes thousands of acres of farmlands, an agricultural hub that has an ag technology park and ag foreign-trade zone; workforce housing; the College of Tropical Agriculture and Human Resources at University of Hawaii Manoa; and the former Tamura’s warehouse.

The state’s Agribusiness Development Corp., along with Dela Cruz, are leading the charge to help bring to life the Whitmore Project.

So far, besides the warehouse, the plan has completed several steps, including the purchase of 1,700 acres of Galbraith Estate land and a 24-acre parcel formerly owned by Castle & Cooke, as well as securing public-private partnerships with the High Technology Development Corp., the Hawaii Housing Finance Development Corp., Agribusiness Incubator Program, Hawaii Department of Education and the Wahiawa Community Based Development Organization.

Duane Shimogawa
Pacific Business News

Filed Under: Blog, Featured Blog, Oahu, Oahu real estate Tagged With: Agribusiness Incubator Program, Dole Foods, Hawaii Department of Education, High Technology Development Corp., State Sen. Donovan Dela Cruz, the Hawaii Housing Finance Development Corp., Wahiawa Community Based Development Organization.

Oahu luxury home sales soar by 54% in April,

May 27, 2015 By Mark G. Howard Leave a Comment

The number of luxury homes and condominiums that sold for at least $1 million on Oahu rose by 54 percent last month compared to the same time last year, according to a monthly analysis.

In all, 83 luxury homes, defined as those that sold for $1 million or more, changed hands in April — a jump from 54 in April 2014.

The median sales price for those luxury properties dropped to $1.31 million last month compared to $1.4 million in 2014.

“Year-to-date sales of single-family homes over $1 million indicate a strong performance compared to the same period a year ago,”. “Specifically, sales in the $1-million to $2-million price range are up 40 percent while the $2-million to $6-million price range are down by 45 percent.”

In all, a total of 72 homes were sold in the $1 million to $2 million price range. Nine more, meanwhile, were sold in the $2 million to $4 million price range. Only two Oahu properties were sold last month for at least $4 million.

Kakaako led the island in luxury property sales last month with eight closed sales, followed by Diamond Head with five closed sales, and Lanikai and Waikiki with four closed sales for each neighborhood.

“Based on the current rate of sale, we only have four months of inventory remaining for single-family homes in this segment — a balanced market is six months of inventory,” Nakagawa said. “Meanwhile, the higher price ranges in the luxury market have not been selling as briskly. The units in escrow (or forward sales) for single-family homes show that this trend will keep going.”

More luxury properties in $1 to $2 million price range, she explained, would have to be put up for sale to balance out the market and keep up with the “very, very high demand for these properties.”

Though she has seen more of those homes come on the market over the past few months, the number of those selling for at least $4 million has been building over time as fewer sales for those properties take place, Nakagawa said.

The most expensive home sale recording by Multiple Listing Service data last month was a six-bedroom, four-bath, 3,055-square-foot home in Kailua for $10.5 million.

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Filed Under: Blog, Featured Blog, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu, Oahu real estate, Oahu real estate for sale, Oahu real estate sales Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Hawaii to receive $9M HUD grant for affordable housing

February 18, 2015 By Mark G. Howard Leave a Comment

This 630 Cooke St. lot in Kakaako will be home to a future affordable housing project.

This 630 Cooke St. lot in Kakaako will be home to a future affordable housing project.

The Hawaii Public Housing Authority will receive a $9 million grant from the U.S. Department of Housing and Urban Development as part of its Capital Fund Program for Public Housing Agencies, the state’s congressional delegation said Friday.

“The lack of affordable housing is an issue that is reaching a critical point in Hawaii,” U.S. Rep. Mark Takai, D-Hawaii, said in a statement.

“This funding will help replace distressed units, support jobs in our community, and bring quality affordable housing within reach for many Hawaii families,” U.S. Rep. Tulsi Gabbard, D-Hawaii, added. “With this grant, the Hawaii Housing Authority will be able to improve housing units across our state.”

The HUD Capital Fund program supports more than 3,000 public housing authorities across the nation to build, repair, and modernize public housing projects.

Energy efficiency and large-scale improvement projects may be supported by the fund as well.

Lorin Eleni Gill Reporter – Pacific Business News

Filed Under: Blog, Featured Blog, General Real Estate, Oahu Island, Oahu real estate Tagged With: affordable housing, HUD Capital Fund

Hawaii apartment rental portfolio sale goes for $300M

January 16, 2015 By Mark G. Howard Leave a Comment

The entrance to Kalaeloa, where part of Hawaii's largest apartment rental portfolio sale in 2014 is located.

The entrance to Kalaeloa, where part of Hawaii’s largest apartment rental portfolio sale in 2014 is located.

California-based Carmel Partners’ recent portfolio sale of nearly 1,000 apartment rental units on Oahu for $300.5 million is the largest multi-family project sale in Hawaii in 2014.

As PBN first reported, Carmel Partners sold its 520-unit Kalaeloa Rental Homes portfolio in West Oahu to a joint venture between the Boston-based real estate private equity firm, Rockpoint Group, and the California-based real estate investment firm, DiNapoli Capital Partners, for $154.5 million.

A few days later, the California-based real estate investment trust, Douglas Emmett Inc., announced that it purchased the 468-unit Waena Apartments in Honolulu for $146 million from Carmel Partners.

Located at 1320 Aala St., the property consists of 24 buildings on 12 acres and is about 97 percent leased.

Douglas Emmett’s total multifamily portfolio now consists of 10 properties totaling 3,336 units in West Los Angeles and Honolulu. Douglas Emmett also owns 61 office properties in Los Angeles and Honolulu, including Bishop Square, totaling about 15.3 million square feet.

David Asakura, partner and principal broker of Honolulu-based Commercial Asset Advisors, who represented the seller in this 988-unit portfolio, told PBN Friday that between 50 and 100 entities showed interest in the portfolio, although there were between five and 10 entities that showed serious interest in the properties.

“Multifamily apartment properties of this magnitude do not come to market often in Hawaii, and we had strong interest in the portfolio from a variety of mainland-based institutional investors, as well as a few local groups,” he said. “I believe the timing of these acquisitions will prove to be excellent for both buyers in the coming years. Kalaeloa should benefit from its proximity to Debartolo’s Ka Makana Alii regional mall project, as well as the numerous other commercial projects currently in development that will drive job growth in the Kapolei area. Similarly, Waena should enjoy an uplift from new projects in its surrounding area such as American Savings Bank’s new corporate campus, which will be just down the street, and Hunt Companies’ redevelopment of the Mayor Wright Homes site, which is just across the street.”

Chris Beda, senior managing partner and chief investment officer of Carmel Partners, previously told PBN that it sold the apartment portfolio as part of its overall investment strategy.

In 2012, the San Francisco-based private real estate investment firm specializing in multifamily transactions, purchased The Waterfront at Puuloa oceanfront rental community in Ewa Beach in West Oahu, now known as Kapilina Beach Homes, for $311 million from Hunt Cos., which was one of the biggest multifamily property transactions in the United States that year.

Beda said that the company is open to acquiring all types of apartment projects with at least 100 units on Oahu.

Carmel Partners has looked at some projects on Maui but most of its business will be done on Oahu, Beda said.

Rockpoint Group, which is familiar with the Hawaii market, with transactions involving the Four Seasons Hualalai Resort on the Big Island and the Courtyard by Marriott Waikiki Beach Hotel, couldn’t be reached for comment.

DiNapoli Capital Partners, which also is familiar with Hawaii, with such transactions involving the Aloha Beach Hotel on Kauai, declined comment.

Douglas Emmett did not respond to a message left by PBN on Friday.

Duane Shimogawa Reporter – Pacific Business News

Filed Under: Blog, Featured Blog, General Real Estate, Oahu real estate Tagged With: Carmel Partners, DiNapoli Capital Partners, Rockpoint Group

O’ahu 7 Year and 2014 Median Condo / Home Sales

January 15, 2015 By Mark G. Howard Leave a Comment

OahuCondo_2014 OahuSFR_2014

Filed Under: Blog, Featured Blog, Oahu home sales, Oahu real estate, Oahu real estate sales Tagged With: Oahu market update

Honolulu’s home price appreciation among nation’s highest

December 1, 2014 By Mark G. Howard Leave a Comment

Honolulu has one of the highest home price appreciation rates in the country, real estate data tracking service RealtyTrac said.

The median price of a home, which includes condominiums, was $480,000 in October, giving Honolulu an annual Home Price Appreciation rate of 10 percent, RealtyTrac says.

The top market for HPA is the Toledo, Ohio market, where the median price of a home is $100,000 and the HPA rate is 33 percent.

Nationally, the median price of a home was $193,000 in October, an increase of 16 percent over October 2013.

Filed Under: Blog, Featured Blog, Oahu home sales, Oahu real estate, Oahu real estate sales Tagged With: Honolulu market, Oahu market update

BIA-Hawaii’s Parade of Homes a reflection of inventory-strained housing market

October 30, 2014 By Mark G. Howard Leave a Comment

The BIA-Hawaii Parade of Homes grand champion winner is “Kipuka at Hoakalei Golf Series, Plan 5” by Haseko Development, Inc.

The BIA-Hawaii Parade of Homes grand champion winner is “Kipuka at Hoakalei Golf Series, Plan 5” by Haseko Development, Inc.

The Building Industry Association of Hawaii’s annual Parade of Homes, which at one time had as many as 40 entries, was canceled last year and has just seven entries in 2014, a reflection of the inventory-strained housing market in Hawaii, especially on Oahu.

The Parade of Homes, which is in its 57th year in Hawaii and happening this month on Oahu and Maui, is a showcase of new homes on the market.

But Gladys Quinto Marrone, the new CEO of the BIA-Hawaii, told PBN this week that there’s just not enough product on the market these days.

“Our big picture goal [at BIA-Hawaii] is finding a way to encourage the building of housing at all levels,” she said. “There’s not a whole lot of housing for the middle class. People can’t sell because there’s really no place to go.”

For Marrone, the concern is personal — she and her husband, who live in a condominium in Makiki, are currently looking to upgrade, but just can’t find what they’re looking for.

“I’m driven because I feel the direct impact of the housing situation, and having lived in the Mainland and seeing the different costs up there and having come back here and seeing what it costs here, is just not fair,” she said. “I’m motivated to make it better. Education is key, to both policy makers and consumers.”

With thousands of residents moving to the Honolulu neighborhood of Kakaako in the next decade or so in one of at least a dozen new condos to be built, and with the master-planned communities of Hoopili in Ewa and Koa Ridge in Central Oahu set to add some 15,000 homes, the product seems to be there, but just not built out yet.

Marrone wants BIA-Hawaii to be able to be the organization that helps with Hawaii’s housing issue.

“We are home builders and we want to encourage that,” she said. “We have to be able to educate legislators about why home prices are so high and of all the lack of supply issues. Hopefully going into the next session, they will be more supportive of our proposals or at least refer to us for information.”

Duane Shimogawa Reporter – Pacific Business News

Filed Under: Featured Blog, Oahu real estate, real estate in the news

Oahu Real Estate Market Update

September 10, 2014 By idx guys Leave a Comment

August_2014The median price of a single-family home on Oahu fell last month, two months after hitting a new record price, as sales in August dropped by 12 percent when compared to last year, according to statistics released Sunday by the Honolulu Board of Realtors.

The median price of a single-family home in August was $650,000, which was 2.3 percent below the median price of $665,000 in August 2013. The median price in June set at record at $700,000.

Sales of single-family homes on Oahu fell 11.7 percent to 323 homes sold, from 366 homes sold in August 2013.

Condominium sales in August declined by 3.5 percent to 444 units sold, from 460 units sold during the same month last year. The median price of a condo on Oahu was unchanged at $350,000.

“August was an interesting month for the Oahu housing market, Julie Meier, president of the Honolulu Board of Realtors, said in a statement. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year.”

The number of sales in August 2013 was 25 percent higher than August 2012, when 293 homes sold. Last month’s sales were 10 percent higher than the 2012 level. The median price a year ago was 9 percent higher than the median price set in August 2012, which was $609,000. Last month’s median price of $650,000 was nearly 7 percent higher than the price from two years ago.

“Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold,” Meier noted. “Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Staff Pacific Business News

Filed Under: Featured Blog, Honolulu Board of Realtors Market Reports, Oahu home sales, Oahu real estate, Oahu real estate sales Tagged With: Honolulu market, market statistics

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