Honolulu named 9th top U.S. destination this summer by Adobe

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Honolulu named 9th top U.S. destination this summer by Adobe

Honolulu named 9th top U.S. destination this summer by Adobe

Honolulu was named the ninth top leisure destination based on bookings and social media mentions, according to a new study by Adobe.

Adobe (Nasdaq:ADBE) recently published its 2015 Adobe Digital Index Summer Travel Report based on aggregated and anonymous data from Adobe Marketing Cloud. It found that January was the best month to fly to to Honolulu and while hotel room rates were cheapest in September.

The top five domestic leisure destinations this summer are Washington D.C., Los Angeles, New York, Las Vegas and San Francisco.

In a separate report based on the responses of 1,000 U.S. consumer who have travel plans this summer, it found 7 percent year-over-year growth in online travel bookings, with overall spending for summer topping $65 million. It said the average consumer will spend $2,788 on their summer travel with 57 percent of that being online.

It said this would be the first year that purchases on smartphones will surpass purchases on tablets, and says $1 our of every $5 spent on summer travel will come from mobile devices.

Jason Ubay
Pacific Business News

Chinese investor buys 11 lots in Oahu North Shore subdivision for $6M

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Nearly half of the lots in a 25-lot residential subdivision on Oahu’s North Shore overlooking the famed Waimea Bay have been purchased for $6 million from a Hawaii family by a Chinese investor.

The 11 lots, which total a little more than two acres, at The Bluffs at Waimea were sold to an entity called Dhara LLC by the Burger family, according to public records.

Hawaii businessman D.G. “Andy” Anderson was a consultant on the project

Dhara, which was formed in July and lists Shaoxiong Huang as its manager, recently bought the 11 lots, including one with a home on it, from the Burger family, which is keeping two of the lots.
Deborah Macer Chun, a partner with Honolulu-based Chun Kerr LLP, who is listed as the attorney representing Dhara, declined comment.

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.

The purchase represents another example of Chinese investors’ appetite for Hawaii real estate.

Another example included Thai-Chinese businessman Chanchai Ruayrungruang’s Reignwood Group.

As PBN first reported, the group became Hawaii developer Jeff Stone’s financial partner for 1,103 acres, including the Prince Golf Course at the Princeville Resort in Hanalei on Kauai’s North Shore, in a deal worth $343 million.

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

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

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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

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

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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.

Hawaii included on Travel + Leisure World’s Best list

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Hawaii included on Travel + Leisure World’s Best list

Aulani, a Disney Resort and Spa Hawaii in Ko Olina, ranked as the best hotel for families in the United States, according to the annual Travel + Leisure World’s Best list, released Wednesday morning.

The 19th annual World’s Best list is compiled based on a survey of T+L readers and includes every type of visitor experience, from hotels and spas to cruise lines and safaris.

Maui is the best Hawaiian island, according to poll participants, while Hawaii’s top hotel or resort is Four Seasons Resort Hualalai on Hawaii island, and Fairmont Kea Lani, Maui has the best hotel spa.

The magazine has posted its lengthy, multi-category list online.

http://www.travelandleisure.com/worlds-best-2014-hp

Currently Available Ko Olina Residential Properties

Waikiki Landing developer loses $25M loan commitment for Ala Wai redevelopment

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The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The developers of the Waikiki Landing project, a redevelopment of the commercial and boating services at Hawaii’s Ala Wai Small Boat Harbor, are working to find new funding after losing a $25 million loan commitment for the project.

The Honolulu Star-Advertiser Honolulu attorney Keith Kiuchi took over as the Honey Bee USA Inc. project as project developer in March after learning that that a Singapore-based hedge fund had renegged on a $25 million loan commitment to Kiuchi’s client, former Honey Bee principal Hide­­aki Shi­ma­­kura, a Japan-based developer and yacht racer.

The newspaper reports Kiuchi is optimistic that he will have a $24 million loan commitment by the end of this month, and is working with the state Department of Land and Natural Resources on keeping the project’s 65-year lease on the land near Waikiki.

Staff Pacific Business News

New report addresses Hawaii’s housing crisis, saying prices are out of reach for many

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A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

The Hawaii Appleseed Center for Law and Economic Justice released a report Wednesday on Hawaii’s “affordable housing crisis,” saying that rents increased by 45 percent between 2005 and 2012, while wages increased by just 21 percent.

Affordable housing, the report says, is defined by spending 30 percent of an income or less on housing.

That means in order to afford the $1,640 fair-market rent for a two-bedroom apartment in Hawaii, one would need to make at least $65,600 per year, or $31.54 per hour.

However, the report says that mean hourly wage for renters in Hawaiian is just $13.86.

The report notes that Hawaii residents pay the highest electric bills in the country — 37 cents per kilowatt hour, three times the national average. Housing and transportation costs combined account for 61 percent of the average income and nearly 100 percent of Hawaii “moderate income” households are “cost burdened” by these expenses.

The report goes on to say that Hawaii has the country’s highest rate of homelessness and that homeownership is out of reach for many Hawaii residents.

“A lack of affordable housing affects not only households living close to poverty— many of Hawaii’s essential workers struggling to find affordable rentals, let alone purchase a home,” the report says. “Many professionals such as teachers and police officers cannot afford fair market rent for a two-bedroom apartment, while those in the service sector earn less than half of the housing wage.”

Earlier this week, the Honolulu Board of Realtors released figures showing that the median price for a single-family home reached a record $700,00 on Oahu in May. Board President Julie Meier warned that the high home prices would have a trickle-down effect and cause rents to rise even higher.

You can check out the full report here.

Bill Cresenzo Reporter – Pacific Business News

Home Valuation

 

 

Priceline.com says Oahu second most popular summer beach destination

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Tourists crowd Waikiki Beach in this undated file photo. Priceline.com says Oahu is the second most popular beach destination for summer travel this year.

Tourists crowd Waikiki Beach in this undated file photo. Priceline.com says Oahu is the second most popular beach destination for summer travel this year.

Hawaii has made Priceline.com’s list of top summer destinations, with Oahu rated as the second most popular beach destination and the 10th most popular summer destination of all.

Oahu, home to the world famous Waikiki Beach, was second only to San Diego for top beach destinations, while Maui took the No. 6 spot, after such Mainland beach destinations as Myrtle Beach, S.C., Miami and Virginia Beach, Va.

Maui also topped the list of bargain destinations for summer, because of a 10 percent year-over-year decrease in the average daily rate for hotels on the island. A recent report by Hospitality Advisors LLC and STR Inc., however, found that the average daily rate on Maui rose 7.6 percent during the first quarter compared to last year.

Priceline.com (Nasdaq: PCLN) also note that national airfare averages are running about the same as last year, making it more affordable for travelers to book vacations.

“Consumers who shop carefully will find that, for many destinations, summer 2014 is a buyers market for travel, Brian Ek, travel editor for Priceline.com, said in a statement. “This past winter’s ‘polar vortex’ effect kept many would-be travelers at home, and now many destinations are working extra hard with amazing deals to lure spring and summer tourists.”

Janis L. Magin Managing Editor – Pacific Business News

CoreLogic says Hawaii among states with highest home price appreciation

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Hawaii was among the states that saw the highest home price appreciation in April, compared to a year before, and was No. 1 in the nation when distressed properties were factored out of the equation, according to a new report by CoreLogic.

Excluding distressed sales Hawaii saw home price appreciation of 13 percent, which was more than 1.5 percentage points higher than the No. 2 state, California, which had 11.4 percent appreciation, according to the April Home Price Index from Irvine, Calif.-based CoreLogic (NYSE: CLGX). Nevada was third with 11.1 percent appreciation, followed by New York with 10.3 percent and Florida with 10.2 percent. The national home price appreciation rate, excluding distressed sales, was 8.3 percent in April

When distressed sales were included in the data, Hawaii was ranked third, with 14.1 percent appreciation, behind No. 1 California with 15.6 percent appreciation and No. 2 Nevada with 14.8 percent. Nationally, home prices, including distressed sales, increased 10.5 percent in April, compared to April 2013, according to CoreLogic.

Janis L. Magin Managing Editor – Pacific Business News

Oahu Real Estate Market Update – APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS

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APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of April. 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
April 2013280$625,000
April 2012217+29.0%$600,000+4.2%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
April 2013
457$335,000
April 2012343+33.2%$319,000+5.0%

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

 

During April, sales of single-family homes and condominiums increased by 29 percent and 33.2 percent, respectively, from April 2012. The median price paid in April was $625,000 for single-family homes and $335,000 for condominiums, increases of 4.2 percent and 5.0 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums sold faster last month compared to a year ago. Single-family homes were on the market for 23 days and condominiums for 19 days.

“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.” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Our members are excited about April’s strong showing, and look forward to building on this momentum as we head into the summer 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.)

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