OAHU LOCAL MARKET UPDATE – June 2014
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Oahu home sales, prices rise in July
Aug 7, 2013, 5:58am HST Updated: Aug 7, 2013, 7:27am HST
Duane Shimogawa | Reporter- Pacific Business News
The Oahu housing market remained positive in July, especially with it came to the number of sales for both single-family homes and condominiums, according to statistics released Wednesday by the Honolulu Board of Realtors.
The median price of a condominium on Oahu in July rose 8 percent year-over-year to $345,500, according to the Honolulu Board of Realtors.
There were 290 home sales last month, a 9 percent increase from 265 sales in July 2012. The median sale price of a home last month was $647,500, which was 2 percent higher than the median price of $635,000 during the same time period last year.
Condo sales soared 17 percent last month to 426 sales, compared to 364 sales in July 2012.
The median sales price of a condo in July was $345,500, an increase of 8 percent from $320,000 in July 2012.
“Realtors are reporting that properties are selling quickly, making it more important than ever for buyers to be prepared by being pre-qualified for a loan, so when they are ready to make a purchase — they can act fast,” Honolulu Board of Realtors President Kevin Miyama said in a statement. “With the median sales prices rising compared to this time last year, especially for condominiums, on-the-fence sellers should consider listing their properties now to take advantage of the shortage of inventory on the market.”
Single-family homes were on the market for an average of 17 days and condos for 20 days, according to the days on market indicator.
While the market remains hot, it wasn’t as active and prolific as in June, when the Oahu housing market hit a new high with the highest median sales price — $677,250 — for single-family homes in more than five years.
CommonWealth REIT rejects $2.9B takeover offer from Corvex and Related Cos.
CommonWealth REIT, the majority shareholder of a real estate investment trust that is Hawaii’s largest owner of industrial land, has rejected a $2.9 billion buyout offer from Keith Meister’s Corvex Management LP and the Related Cos.
The Boston Business Journal reports Newton, Mass.-based CommonWealth REIT (NYSE: CWH) — which owns a 56 percent controlling interest in Select Income REIT (NYSE: SIR), which owns more than 400 acres of industrial land in Mapunapuna, Sand Island, Kalihi and Kapolei…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/0OsXvCHD3EM/commonwealth-reit-rejects-29b.html
Safeway subsidiary makes it official: Target is coming to Maui
Property Development Centers, the real estate arm of Safeway Inc., made it official on Thursday: Maui is getting its first Target store.
Pacific Business News first reported Thursday that an agreement had been reached between Property Development Centers and landowner Alexander & Baldwin Inc. (NYSE: ALEX) in which the California-based company would develop the 24-acre Puunene Shopping Center in Kahului.
Plans have been in place for about a year but the deal hadn’t been made official until Thursday.
A…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/8KOVnHY7urg/safeway-subsidiary-makes-it-official.html
Target to open first Maui store in 2014
Target Corp. has reached an agreement to build its fifth Hawaii store — and first on Maui — in a shopping center being built by a subsidiary of Safeway Inc.
The Target store, scheduled to open in 2014, will serve as the anchor tenant of a Central Maui shopping center being developed by Property Development Centers, the wholly owned real estate subsidiary of Safeway Inc. (NYSE: SWY).
The 24-acre Puunene Shopping Center in Kahului, the most densely populated area on Maui, will include a mix of…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/vthu9goEZBY/target-to-open-first-maui-store-in-2014.html
Hawaii properties vulnerable if Kawamoto is convicted on Japan tax evasion charges
Japanese real estate investor Genshiro Kawamoto’s more than two dozen properties in Hawaii could be subject to seizure by Japan’s government if the billionaire is convicted on tax evasion charges, according to attorneys.
Hawaii News Now says Nippon Television Network in Japan is reporting that Kawamoto was denied bail after his arrest in Tokyo on on charges of failing to pay nearly $9 million in taxes and could spend four weeks in custody.
Hawaii News Now reports attorneys say Kawamoto’s 27 houses…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/fyRitfXwSOw/hawaii-properties-vulnerable-if.html
Sale of lots at Hokulia to investment firm affiliated with Walmart chairman closes
The sale of 52 lots at The Club at Hokulia luxury subdivision on Hawaii’s Big Island to SunChase Holdings, a real estate firm affiliated with the son of Walmart founder Sam Walton, has closed for an undisclosed price.
West Hawaii Today reports John Shaw, general manager of The Club at Hokulia, said the purchase agreement included infrastructure work and amenities that the SunChase Holdings entity, Sun Kona Properties LLC, agreed to fund.
The newspaper reports Shaw said that work on amenities such…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/oRjqAM4LcEk/sale-of-lots-at-hawaiis-hokulia-to.html
Japanese real estate tycoon Kawamoto’s tax evasion arrest tied to Hawaii property
Japanese real estate tycoon Genshiro Kawamoto has been arrested in Tokyo on suspicion that he evaded paying more than $8.5 million in corporate taxes on commercial buildings he owns in Japan and reportedly used the money to fund a project at one of his more than two dozen homes in Hawaii.
Kyodo News reports Kawamoto, 81, was arrested for hiding some 2.9 billion yen in revenue over a three-year period ending in December 2011, and avoiding paying some 862 million yen in taxes. Kyodo reports Kawamoto’s…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/9paj4zEkA3M/japanese-real-estate-tycoon-kawamotos.html
Lanai owner Larry Ellison moves up to No. 5 on Forbes’ billionaires list
Lanai majority owner Larry Ellison is the world’s fifth-richest person with a net worth of $43 billion, according to Forbes magazine’s 2013 list of billionaires.
Ellison moved up one place on the list since 2012, when he was No. 6, and increased his net worth by $7 billion.
Ellison, the CEO of Oracle Corp. (Nasdaq: ORCL) and the third richest person in the United States, went on a real estate buying binge in 2012, purchasing 98 percent of Lanai for an estimated $500 million as well as a couple…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/u68Jc8wY210/lanai-owner-larry-ellison-moves-up-to.html
Robertson Properties Group’s Aiea project being reviewed by city planners
Robertson Properties Group’s plans for a $767 million, 1,500-home mixed-use project on the site of the former Kamehameha Drive-in across from Pearlridge Center in Aiea are currently being reviewed by the City and County of Honolulu’s Department of Planning and Permitting.
The project, called “Live, Work, Play Aiea,” also includes 143,000 square feet of retail and restaurant space and 80,000 square feet of office space.
The Los Angeles-based real estate developer is requesting the rezoning…
via Honolulu Business News – Local Honolulu News | Pacific Business News of Honolulu http://feeds.bizjournals.com/~r/bizj_pacific/~3/zEDN-OgfroQ/robertson-properties-groups-aiea.html
