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Brewbaker says median price of an Oahu single-family home may hit $1M by 2018

August 21, 2014 By idx guys Leave a Comment

Paul Brewbaker

Paul Brewbaker

Paul Brewbaker is the go-to economist for several Realtors’ organizations in Hawaii, and five years ago, he predicted that the median price of a home on Oahu would hit $1 million by 2017.

His prediction was based on the projection that homes prices would appreciate by 15 percent each year.

Instead, he said, home prices have appreciated by 5-10 percent year-over-year, so now, his current timetable for hitting the $1 million mark is between 2018 to 2022.

In June, the median price of a single-family home on Oahu hit a record $700,000.

“We’re not getting as strong a signal from home-price appreciation, and that is part of the reason why new home production is less robust than I anticipated a few years ago,” he said. “Still, I think that supply constraints are more of an issue than lack of housing demand.

“Either way there is less energy in the housing market today than I imagined would be characteristic of the housing market at the end of the recession five years ago,” he said.

Brewbaker made the comments in a Q&A with PBN in which he calls out the state of Hawaii for making bad business decisions, such as obstructing development. He also says the state’s energy policies have led to high electricity rates and calls the state of Hawaii an “idiot” for providing equity to film and television shows without getting residuals in return.

Read more about what Brewbaker has to say about the Hawaii economy here and in Friday’s print edition of Pacific Business News.

Filed Under: Featured Blog, Oahu home sales, Oahu Island, Pacific Business News, real estate in the news Tagged With: market statistics

Hawaii real estate outlook for 2014: Sunny with a chance of rain

February 4, 2014 By idx guys Leave a Comment

Jan 22, 2014, 2:21pm HST
Duane Shimogawa Reporter – Pacific Business News

Some 700 people from Hawaii's real estate industry turned out for a 2014 forecast that was mostly positive.

Some 700 people from Hawaii’s real estate industry turned out for a 2014 forecast that was mostly positive.

The 2014 Hawaii Real Estate Forecast on Wednesday at the Hawaii Convention Center saw the return of the “wizard,” some amazing photos of a Japan ski trip and mostly positive predictions for this year’s industry outlook.

On hand were some of the biggest names in Hawaii’s real estate industry, including panelists from Jones Lang LaSalle, Colliers International Hawaii, Ambard & Co. Commercial Real Estate, Prudential Locations and Bishop Street Commercial.

Wendel Brooks III, who recently left CBRE Hawaii to head up rival Jones Lang LaSalle’s retail operation, kicked the event off with a retail forecast that looks mostly sunny with a possibility of rain in 2014.

“Plan on delays,” he said in his presentation. “Construction will cripple parts of Oahu [and] rents will continue a slow upward trend. We have seen the bottom.”

Brooks also said that retailers and restaurants Hawaii should soon expect to see include Sonic Drive-In, Olive Garden, H&M, Bloomingdale’s, Ulta Beauty, Urban Outfitters, Sport Chalet, Dick’s Sporting Goods, DSW Inc. and Uniqlo.

Additionally, he pointed out that Hawaii should expect the expansion of retailers and grocery stores such as Safeway, Target and T.J. Maxx.

Bishop Street Commercial’s Matt Bittick took to the podium next but not before taking a “selfie” with Hawaii News Now’s Howard Dicus, who also was the moderator for the event, attended by some 700 people.

Bittick predicted that by the end of this year, the office market vacancy rate in Honolulu will hover around 13 percent, which is slightly lower than what CBRE Hawaii reported in the fourth quarter of 2013.

A year ago, nearly 15 percent of Honolulu’s office space sat empty, CBRE Hawaii said.

Whatever the case, Bittick noted that office space in Honolulu is still cheaper when compared to other markets such as San Francisco.

For Mark Ambard of Ambard & Co. Commercial Real Estate, who made sure to show the audience some of his recent Japan ski trip photos during his presentation, the industrial market will require lots of patience.

“Space is available, but not abundant [and] business growth is still relatively slow [with] current spaces often not matching current users,” he said in his presentation. “Develop now if you can find land. Rents will go up [so] tenants should lock in now. Land is gold, get now, develop now.”

From one colorful presentation to the next, Mike Hamasu of Colliers International Hawaii didn’t forget to bring his popular wizard hat to the podium.

His investment report encompassed some positive numbers for 2013 with $3.9 billion in sales, a 78 percent jump from the $2.1 billion recorded in 2012.

Led by hotel and apartment sales, the investment market is as active as it has been since the Great Recession.

And Hamasu, who jokingly mentioned that he is accepting donations for a new wizard hat, said he projects to see more of the same in the investment market in 2014.

Filed Under: Commercial Real Estate, Featured Blog, Honolulu Board of Realtors, Oahu home sales, Oahu Island, Oahu real estate, Oahu real estate sales, Pacific Business News Tagged With: commercial real estate, market update, real estate forecast

One third of Oahu homes sold for more than asking price in 2013

February 1, 2014 By idx guys Leave a Comment

Jan 21, 2014, 1:42pm HST
Bill Cresenzo Reporter – Pacific Business News

One-third of single-family homes on Oahu sold for above their asking prices in 2013, setting a record for the island, according to a report.

The previous record was set in 2005, when bid-ups stood at 23 percent.

Around 20 percent of condominiums sold for prices higher than their listing prices.

For example, a home in Diamond Head sold for $2.51 million, when the asking price was $1.98 million. A condo in Waikiki’s Island Colony sold for $244,000 when the asking price was $199,000.

“Homes that sell for more than the listing price, or bid-ups, are the surest indicator that prices will continue to rise.”

The Honolulu Board of Realtors reported earlier this month that the median price of single-family home hit $685,000 in December, which tied with the record set in June 2007.

Filed Under: Featured Blog, Honolulu Board of Realtors, Honolulu Board of Realtors Market Reports, Oahu home sales, Oahu Island, Oahu real estate, Oahu real estate sales, Pacific Business News Tagged With: market reports, market updates

Oahu home sales rise by double digits in April

May 7, 2013 By idx guys Leave a Comment

Duane Shimogawa  |  Reporter- Pacific Business News
May 7, 2013, 11:48am HST

The number of single-family homes sold on Oahu in April was 29 percent higher than the same month a year ago, according to the Honolulu Board of Realtors. Tina Yuen PBN

The number of single-family homes sold on Oahu in April was 29 percent higher than the same month a year ago, according to the Honolulu Board of Realtors.
Tina Yuen PBN

The Oahu housing market continued to shine in April with double digit percentage increases in both the number of sales of condominiums and single-family homes, according to statistics from the Honolulu Board of Realtors.

The number of single-family homes sold in April jumped 29 percent to 280 homes, when comparing the same month last year, when there were 217 sales.

The median sales price of a home last month was $625,000, a 4 percent increase from April 2012, when the median sales price was $600,000.

Meantime, there were 33 percent more condos sold last month, compared to the same time period last year. In April, there were 457 sales, compared to 343 units sold in April 2012.

The median sales price of a condo last month was $335,000, 5 percent higher than April 2012, which had a median sales price of $319,000.

The brisk pace of homes and condos sold last month also outpaced last year, with homes on the market for an average of 23 days and condos on the market for an average of 19 days, according to the board’s days on market indicator.

“Compared to this time last year, the tremendous jump in total number of sales and a rise in median price for both single-family homes and condominiums shows the market is poised to make a strong comeback,” Honolulu Board of Realtors President Kevin Miyama said in a statement.

 

Filed Under: Featured Blog, Oahu real estate, Oahu real estate sales, Pacific Business News, real estate in the news

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

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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Filed Under: Featured Blog, Kahala, Luxury Condos for sale, Luxury real estate, Pacific Business News Tagged With: Hawaii luxury real estate, Honolulu luxury condos, luxury properties in Hawaii

Hawaii’s 14.6% home price increase makes it fourth-highest in U.S.

April 5, 2013 By idx guys Leave a Comment

Hawaii’s 14.6% home price increase makes it fourth-highest in U.S.
Staff Pacific Business News | Apr 3, 2013, 12:59pm HST

Hawaii had the fourth-highest home price appreciation in the nation in February, with prices increasing by nearly 15 percent year over year, according to a report by CoreLogic.

Nevada had the highest year-over-year home price appreciation for February, when distressed sales were included, with a 19.3 percent increase, followed by Arizona at 18.6 percent, California at 15.3 percent and Hawaii at 14.6 percent, according to the report by Irvine, Calif.-based CoreLogic (NYSE: CLGX).

Excluding distressed sales, Hawaii moved up to third-highest price appreciation at 15.5 percent, following Nevada and Arizona.

Nationally, home prices increased by 10 percent compared to February 2012, the largest year-over-year increase since March 2006, CoreLogic said. March prices are expected to rise by 10.2 percent year over year, the report said.

Filed Under: Oahu home sales, Oahu real estate, Oahu real estate for sale, Oahu real estate sales, Pacific Business News Tagged With: market statistics, oahu home sales

California developer Franco Mola plans to build workforce housing in Kakaako

April 3, 2013 By idx guys Leave a Comment

Duane Shimogawa  |  Reporter- Pacific Business News
Apr 2, 2013, 1:54pm HST

A California-based real estate developer is planning to demolish several existing single-story industrial buildings and develop a 20-story, 217-unit workforce housing condominium project with ground-floor retail space in the Kakaako neighborhood in Honolulu.

The property, at 803 Waimanu St., encompasses a little more than 21,000 square feet.

It was once on the market for $4.8 million, according to the commercial real estate property website LoopNet.

The planned project also includes parking for 245 vehicles.

According to the plans, there will be no amenities and the ground floor may include a convenience store such as a 7-Eleven.

“It seems like these types of projects are catching on,” Hawaii Community Development Authority Director of Planning and Development Deekpak Neupane told PBN. “I think as far as affordable housing goes, it’s a good project.”

It will include studio, one-bedroom and two-bedroom units. Neupane says that a two-bedroom unit would go for about $350,000.

Construction is slated to begin in the first quarter of next year and be done in 24 months.

The HCDA has scheduled a public hearing at which the developer, Franco Mola’s MJF Development Corp., will present its plans on May 1 with decision-making scheduled for June 5.

MJF Development could not be reached for comment.

Mola is no stranger to the Hawaii market, as he once had plans to redevelop the former Honolulu Advertiser property on Kapiolani Boulevard into a two-tower commercial and residential complex, which is now a project headed up by Hawaii developer Marshall Hung.

Kakaako Properties For Sale

Filed Under: Ala Moana - Kakaako, Condos for sale Oahu, Kakaako, Pacific Business News Tagged With: condos for sale, Kakaako, new condo construction, New Condos

Kamehameha Schools, Foodland to reveal plan for Hawaii Kai project

March 28, 2013 By idx guys Leave a Comment

Kamehameha Schools, Foodland to reveal plan for Hawaii Kai project

Duane Shimogawa  |  Reporter- Pacific Business News
Mar 20, 2013, 1:54pm HST

Kamehameha Schools and Foodland are expected to unveil a plan to develop the 4.5-acre “Great Lawn” in Hawaii Kai across from Maunalua Bay into a grocery-anchored strip center at Thursday night’s East Oahu Town Hall Meeting,

The crane parked near the intersection of Kalanianaole Highway and Keahole Street in Hawaii Kai is there for dredging Maunalua Bay. However, Kamehameha Schools and Foodland are expected to unveil a plan for the 4.5-acre parcel that would include a Foodland-anchored shopping center.

The crane parked near the intersection of Kalanianaole Highway and Keahole Street in Hawaii Kai is there for dredging Maunalua Bay. However, Kamehameha Schools and Foodland are expected to unveil a plan for the 4.5-acre parcel that would include a Foodland-anchored shopping center.

Landowner Kamehameha Schools is expected to be represented by Susan Todani, the trust’s area development director, and Foodland’s vice chairman, Roger Wall, is expected to attend on behalf of the supermarket, which would be the anchor tenant of the proposed shopping center.

Spokespeople for Kamehameha Schools and Foodland did not immediately respond to requests for comment by PBN.

Recently, a construction crane in that area had some local residents wondering if it was there to start construction of the strip center at the corner of Kalanianaole Highway and Keahole Street.

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Many community residents are opposed to developing the land, which is adjacent to the Hawaii Kai dog park, for commercial purposes, but that is not what the crane was there for, said Beverly Liddle, manager of the Hawaii Kai Marina. Instead, it was part of a dredging project for the marina and entrance to the bay.

The town hall meeting is being held by area politicians such as Reps. Gene Ward and Mark Hashem, Sens. Sam Slom and Laura Thielen and Councilman Stanley Chang, as well as the Hawaii Kai Neighborhood Board.

“I hope some rational land use perspectives on what the community feels in regards to the proposal [from Kamehameha Schools and Foodland] come out of the meeting,” Ward told PBN. “If they are pursuing the proposal, the details should be forthcoming.”

In 2011, Foodland shut down its only Hawaii Kai store, at the Koko Marina Shopping Center. Walgreen Co. and Petco opened stores last year in the former Foodland space.

Ward says that the next formal step in the process of development is scheduling a hearing with the Honolulu City Council, which has not been done yet.

The Great Lawn is of great importance to the Hawaii Kai and East Honolulu community. Many say it sets the ambience of the neighborhood and is a beloved piece of land.

The town hall meeting is being held at the Kamiloiki Elementary School Cafeteria from 7 p.m. to 8:30 p.m.

For more information, contact Ward’s office at 586-6420.

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Filed Under: Aina Haina, Hawaii Kai, Niu Valley, OAHU Business Listings, Pacific Business News, real estate in the news, West Marina

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

March 24, 2013 By idx guys Leave a Comment

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Duane Shimogawa | Reporter- Pacific Business News  |  Mar 22, 2013, 3:36pm HST

The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.

This rendering shows Downtown Capital LLC's 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu. Courtesy Downtown Capital LLC

This rendering shows Downtown Capital LLC’s 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu.
Courtesy Downtown Capital LLC

More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.

The results will be posted online at www.801southst.com.

“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”

All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.

The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.

The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.

The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

Filed Under: Featured Blog, Kakaako, New Condos for sale, Oahu condos for sale, Pacific Business News Tagged With: Kakaako, new condo construction, New Condos, Oahu affordable housing

Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’

March 21, 2013 By idx guys Leave a Comment

Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’

Janis L. Magin, Managing Editor of Digital Content- Pacific Business News  |  Mar 20, 2013, 4:45pm HST

This updated rendering shows some of the design revisions developer Pacrep LLC has made to the 2121 Kuhio condominium hotel project, which is being marketed as The Ritz-Carlton Residences, Waikiki Beach. Courtesy Pacrep LLC

This updated rendering shows some of the design revisions developer Pacrep LLC has made to the 2121 Kuhio condominium hotel project, which is being marketed as The Ritz-Carlton Residences, Waikiki Beach.
Courtesy Pacrep LLC

Some units in a proposed 37-story Waikiki condominium hotel tower that will be branded under The Ritz-Carlton Residences flag will go on the market this spring for more than $15 million, one of the highest asking prices ever for a new condominium unit in Hawaii.

The website for The Ritz-Carlton Residences, Waikiki Beach, says prices for the units, which range from a 401-square-foot studio on one of the lower floors to a 1,790-square-foot three-bedroom, three-bath unit on one of the top floors to a top-floor penthouse, start “from the $500,000s to over $15 million.”

In comparison, the penthouse units at the ultra-luxury One Ala Moana condo being developed atop the parking garage next to the Nordstrom department store behind Ala Moana Center by a partnership that includes the Howard Hughes Corp. (NYSE: HHC) are being marketed for around $9 million.

That building has drawn interest from some Mainland billionaires, including Mark Zuckerberg, founder and CEO of Facebook Inc. (Nasdaq: FB).

The sales office for the Ritz-Carlton project will open in mid-April in the Luxury Row retail complex on Kalakaua Avenue adjacent to the project’s site, which is also home to luxury retailers Tiffany & Co., Chanel, Gucci, Yves Saint Laurent, Coach, Tod’s, Bottega Veneta and Hugo Boss.

California-based Pacrep LLC, which is developing the Ritz-Carlton project that’s also known as 2121 Kuhio, expects to start construction on the building later this year, with a completion targeted for late 2015 or early 2016, Jason Grosfeld, principal of Pacrep LLC, told PBN.

Pacrep recently secured approval for a Waikiki Special District permit, although the Honolulu Department of Planning and Permitting attached conditions to the approval, including design revisions.

The developer’s current design already incorporates many of the revisions requested by the city, including an articulation to the building’s facade, Grosfeld said. Grosfeld is also a principal in Irongate, which developed the Trump International Hotel & Tower Waikiki Beach Walk and the Watermark Waikiki.

“We’ve already been addressing and satisfying some of these comments,” he said.

Grosfeld said Pacrep will apply for building permits once the design is completed.

Grosfeld is confident there will be strong demand for the units.

“We’ve had thousands of people contact us to get more information about the project,” he said. “We have hundreds of people who want to buy right now.”
 

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Filed Under: Featured Blog, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu, New Condos for sale, Oahu condos for sale, Pacific Business News, Waikiki Tagged With: Honolulu luxury condos, luxury condos, luxury properties in Hawaii, Waikiki, Waikiki condos

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