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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

The most expensive real estate markets in the world

March 28, 2013 By idx guys Leave a Comment

The most expensive real estate markets in the world
CNBC.comBy Bianca Schlotterbeck | CNBC.com

The number of high net worth individuals – people with more than $30 million in investable assets – is forecast to rise by 95,000 over the next decade, according to Wealth-X, a wealth intelligence firm. The result is that each year there are more people who want, and more important, can afford, luxury properties.

While demand is ever-rising, the stock of desirable locations remains virtually static, meaning capital inflows concentrate on a few hotspots, pushing prices upward.

Knight Frank found locations in Asia-Pacific tended to be the biggest gainers, but old favorites such as London continue to perform well. Meanwhile, the biggest threat to property markets is their own popularity, as the lack of local affordability can become a political issue, prompting governments to impose cooling measures. Consequently, several areas in the top 10 were subject to new regulations in 2012.

Click ahead to see the world’s top five most expensive property markets in 2012, and find out how much prices rose or fell during the year.

5. Paris

$2,350–$2,600 per sq. ft. ($25,300-$28,000 per sq. m)

ParisAverage price change in 2012: -4.0%

Experts say Paris is the city with the most potential to compete with London for foreign property investors. However, it was dealt a dual blow in 2012 by the euro zone crisis, and the new socialist government’s proposed 75 percent wealth tax. As a result, property prices fell by 4 percent.

President Francois Hollande’s proposals caused more than a few potential buyers to reconsider, and some owners to leave the country. The market saw buyer interest shift to Monaco, the Italian Riviera and Switzerland, according to Knight Frank.

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4. Geneva

$2,720–$3,010 per sq. ft. ($29,300-$32,400 per sq. m)

Average price change in 2012: -6.0%

Prime property prices fell by 6 percent in Geneva in 2012, due in part to stricter mortgage policies and uncertainty regarding a new set of laws and taxes.

However, Knight Frank said prices in Switzerland are set to rise again, as the country is forecast to see a 27 percent rise in its high net worth population between 2012 and 2022. Strict planning regulations will also curtail new developments in hotspots like Cologny in Geneva, where the house pictured is located.

Geneva’s on-going popularity is explained by its position as a global financial center, its excellent schools, safe environment and the Alpine ski resorts on its doorstep, plus Switzerland’s political stability.

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3. London

$3,890–$4,300 per sq. ft. ($41,900-$46,300 per sq. m)

Average price change in 2012: +8.7%

One of the most renowned safe haven markets in the world, London property prices increased by 8.7 percent in 2012, despite a new stamp duty tax on properties worth over 2 million pounds ($3 million).

The London property market was fueled by money from continental Europe in the first half of 2012. Then as fears the euro might collapse dissipated during the summer, Europeans buyers were increasingly replaced by those from the Middle East, Asia, Africa and Russia.

The property boom looks set to continue in 2013, with the average price of prime central London property rising by 0.9 percent in February, the highest rate in 10 months, according to Knight Frank. Prices have risen every month since November 2010, and are now 55 percent above the March 2009 market low.

“London is like a separate economic zone, it is the global investment destination of choice among global investors at the moment and I think that will continue,” Richard Tice, CEO of property investment company CLS Holdings, told CNBC.

A recent Vanity Fair article on the owners of London apartments, such as the 6,000 ($9000) per sq. ft. one pictured here, read like a cross-section of some of the world’s richest people, including Arab sheikhs, Nigerian oil billionaires, and supermodel Naomi Campbell’s Russian oligarch boyfriend, Vladislav Doronin.

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2. Hong Kong

$4,570–$5,050 per sq. ft. ($49,200-$54,400 per sq. m)

Average price change in 2012: +8.7%

The Hong Kong property market is so hot the government is fighting to cool it down. Despite new restrictions – notably an extra 15 percent stamp duty for foreign buyers, including those from mainland China – the rate of price increase almost doubled in 2012 to 8.7 percent, up from 4.6 percent in 2011.

A million dollars will only get you about 200 square feet (19 square meters) in Hong Kong, with a villa on The Peak, such as the one pictured here, costing considerably more.

Knight Frank put the city’s popularity down to strong demand from both local and international owners, and investors who see the city as an international financial hub with a strategic geographic location and a liberalized economy.

Nevertheless, the government cooling measures are expected to impact property prices and Knight Frank forecast prices will move up or down by 5 percent.

1. Monaco

$5,350–$5,920 per sq. ft. ($57,600–$63,700 per sq. m)

Average price change in 2012: 2.0%

The principality of Monaco has a reputation for being a playground for the super-rich. With only 36,000 people, it is renowned for its casinos, yacht-filled marinas and the Formula One Grand Prix.

The price of its property reflects this. A million dollars will buy you only about 170 square feet (16 square meters) in prime central Monaco, with housing developments such as the Tour Odeon, pictured here, going for roughly €60 ($77.90) per sq. m.

Top-end real estate in Monaco has benefited from a shift away from Paris, with prices up 2 percent in 2012 after France proposed a 75 percent top rate of tax. In addition, neither individuals nor companies resident in Monaco pay income or business tax, making it likely to remain a favorite destination for investors looking for safe haven assets.

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Filed Under: Condos for sale Oahu, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Hawaii luxury real estate, Honolulu luxury condos, Honolulu luxury properties, luxury, luxury properties in Hawaii

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

Howard Hughes Corp. expects to make $66M profit from luxury Hawaii condo ONE Ala Moana

March 5, 2013 By idx guys Leave a Comment

One_Ala_Moana_View-12-Nordstrom-01_press

Howard Hughes Corp. CEO David Weinreb told shareholders Tuesday that the developer expects to make a profit of $66 million from the ultra-luxury ONE Ala Moana condominium tower being built next to Nordstrom at Ala Moana Center, seen in this rendering.

Howard Hughes Corp. expects to make $66M profit from luxury Hawaii condo ONE Ala Moana

Janis L. Magin Managing Editor of Digital Content- Pacific Business News
Mar 5, 2013, 12:57pm HST

The Howard Hughes Corp. expects to make a profit of $66 million from the ONE Ala Moana ultra-luxury condominium tower under construction behind Hawaii’s Ala Moana Center shopping mall, the developer’s CEO told shareholders on Tuesday.

Howard Hughes Corp. (NYSE: HHC) CEO David Weinreb said in a letter to shareholders that the units at the building, which is being developed in a partnership with Hawaii developers the Kobayashi Group and The MacNaughton Group, sold out for an average of $1,170 per square foot.

The cost of the project, including the value of Howard Hughes’ air rights, is about $900 per square foot, which means the developer expects to make a profit of $66 million, Weinreb said.

Mark Zuckerberg, founder, chairman and CEO of Facebook Inc. (Nasdaq: FB), is reportedly one of the buyers of several multimillion-dollar units in the 23-story ONE Ala Moana project, which is being built atop a parking garage adjacent to the Nordstrom department store.

Weinreb also told shareholders that he expects condo units in Howard Hughes’ Ward Village master plan will command premium prices, based on resale values of another ocean-view condo in Honolulu’s Kakaako neighborhood.

The company expects Ward Village to “capture premiums” in the same way buyers have paid premium prices to live in the company’s Summerlin development near Las Vegas or The Woodlands near Houston.

Weinreb noted that the Ward properties it had acquired from General Growth Properties (NYSE: GGP) generate about $23 million a year in net operating income. Howard Hughes has plans to build about 500 market-rate units and at least 125 work-force units as part of the Ward Village master plan.

“While we have not yet determined pricing for our first phase towers, market data suggest that comparable existing ‘front row’ product with unobstructed ocean views resold in 2012 at an average price of approximately $1,400 per square foot,” Weinreb wrote. “Hokua, which is the condominium tower adjacent to Ward, resells at the highest average price per foot of any condominium tower in Honolulu, approximately $1,400 per square foot.”

Hokua was also developed by a partnership of the Kobayashi Group and The MacNaughton Group, along with A&B properties, the real estate arm of Alexander & Baldwin Inc. (NYSE: ALEX).

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Filed Under: Ala Moana - Kakaako, Condos for sale Oahu, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu, Pacific Business News Tagged With: Honolulu luxury condos, Honolulu luxury properties, Kakaako, luxury condos, luxury properties in Hawaii

Allure Waikiki – New Pricing

June 3, 2011 By idx guys Leave a Comment

Great things are happening at The Allure Waikiki!

 
Our new price release generated ten sales in the first week! Consequently, the developer has released fifteen more units. I have attached the new pricing for your review.
 
Please call me to schedule a showing or for additional information. 

 

Download Allure Sales Pricing 5.30.11[1]

Allure_waikiki_exterior_lo A striking addition to the island skyline, the 35-story Allure Waikiki marks the gateway to Waikiki with a prominent Kalakaua Avenue address. With stunning residences, gorgeous common areas indoors and out, and a state-of-the-art fitness center with an overall wellness program for residents, Allure Waikiki isn’t just a plac e to live; it’s a lifestyle.

The Grand Lanai elegantly welcomes guests with modern tropical design, two “Living Walls” lined with native Hawaiian plants, and luxurious lounging areas. Striking open-air design and elevated ceilings create a seamless entry from outdoors to inside.

To secure your 30% commission rebate – contact us now

The residences at Allure Waikiki feature floor-to-ceiling windows showcasing spectacular
views of the urban beach community, from the surrounding ocean and Diamond Head to
the lush mountains. Ranging from 833 square feet to 1,633 square feet, Allure Waikiki offers an array of spacious one, two and three bedroom floor plans, each with a private lanai. Environmentally friendly features at Allure Waikiki include high-efficiency premium appliances, energy efficient low-E windows and more.

Allure_waikiki_lanai_lo The expansive 19,500-square-foot recreation deck frames a resort-style infinity-edge swimming pool and spa with a waterfall. Private barbecue areas and a club room complete with a catering kitchen and comfortable rattan furniture make Allure Waikiki an ideal setting for entertaining.

A lush park is situated just outside the Grand Lanai, where native Hawaiian landscaping and a pond offer a serene setting for residents.

 

Community Features • 30 floors of upscale residential living • Parking in the building • Grand Lanai/Lobby —18’ high ceilings. A sophisticated open-air lobby with modern tropical design and an indoor/outdoor feel • Rich, warm woods complement the contemporary art • 32,000 square feet of lush landscaping, including a 12,000- square-foot park with a pond • 24-hour private entry system • Bike and board storage • Controlled access to garage common areas and elevators • Residential management services provided by a professional general manager • Exclusive resort-style infinity-edge pool and outdoor spa and deck with wi-fi access • 2,200-square foot fitness center with a yoga room and views of the pool and garden • Club room with fully-appointed kitchen that opens to the beautifully landscaped recreation terrace

To secure your 30% commission rebate – contact us now

Allure_waikiki_gardens_lo Allure Waikiki is home to multiple Green Living Wall installations which showcase several
thousand plantings grown locally specifically for Allure Waikiki. A focal point of the Grand Lanai at Allure Waikiki, the Living Walls showcase a variety of tropical and Native Hawaiian plantings and help improve indoor air quality while bringing agriculture into an urban space. Allure will be the first Waikiki  condominium to feature large-scale tropical living walls for residences and visitors to enjoy. 1st Look Exteriors’ award-winning  designers Greg and Terri Lee designed and will install the living walls for Allure Waikiki.

To secure your 30% commission rebate – contact us now


"Don't forget about our special Buyer Rebate Program that we offer – which is 30% of our commission is paid back to you the Buyer, as a rebate – in other words if you purchase a property for $500,000 you would receive $4,500.00 back to use for your closing costs, new carpet or paint, furniture or anything you like even cash if your lender approves"


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