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| Hawaii Real Estate News | |
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December 17, 2009 Oahu Home Prices Dropped 6.7% O'ahu property assessments are down about 6.7 percent from a year ago, according to notices being mailed out this week to 284,000 property owners islandwide. The 6.7 percent is less than the 10 percent drop in assessments that had been projected by budget officials just last week. A 10 percent drop in assessments would amount to an $85 million loss in revenues, city officials said. By geographical district, the Wai'anae Coast's 13.3 percent drop in values was the biggest decrease. The 'Ewa-Waipahu area, Wahiawa, Windward and Central O'ahu all saw residential valuations drop by more than 6 percent. |
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September 30, 2009 One Million Foreclosures in Progress Nearly 1 million homes nationwide are in the process of foreclosure, according to a U.S. Department of the Treasury report covering banks and loan servicers that make up 64 percent of all outstanding mortgages. As of June 30, there were 992,554 homes in the process of foreclosure, up 15.3 percent from March 31 and up 79.4 percent from the same period a year ago. While the rock-bottom sales of foreclosed properties are dragging real estate prices down, what’s on the market now is the just tip of the iceberg. The report said that 106,007 foreclosures were completed as of June 30. For every bank-owned property, there were nine more homes in the process of foreclosure. Source: Pacific Business News |
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September 21, 2009 The median value for an owner-occupied piece of paradise is $560,200, according to the Census Bureau's 2008 American Community Survey one-year estimates released yesterday. That's $86,100 more than in the District of Columbia, which ranks second in owner-occupied unit values. The value is based on the price the homeowner would put on the property if it were for sale, and median means half the values gathered in the survey fall below the median and the other half exceed it. The national median value is $197,600, with monthly housing costs for owner-occupied units with a mortgage at $1,514, according to the survey, which is based on a sampling of the population. The 2008 American Community Survey set Hawai'i's gross rent, including utilities, at $1,298 a month, highest in the United States. A little more than half of renters are spending 30 percent or more of their household income for rent and utilities, third-highest in the nation behind Florida (53.7 percent) and California (52.1 percent). Source: Honolulu Advertiser |
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September 12, 2009 Moana Vista, a half-completed high-rise condominium tower in Kakaako, is scheduled to go on the auction block in two weeks after the general contractor foreclosed on the developer for not paying a $29.5 million construction tab. Source: Pacific Business News |
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September 3, 2009 A master plan by Kamehameha Schools to remake 29 acres of its land in Kaka'ako into a largely high-rise residential community was approved yesterday by the state agency that oversees the area. The approval will allow Hawai'i's largest private landowner to break ground as early as next year, possibly starting with a Safeway store on the site formerly occupied by CompUSA. Overall, the buildout of the nine blocks between Restaurant Row and Ward Centers mauka of Ala Moana is anticipated to take 15 years and produce up to 2,750 homes with seven towers as well as low-rise buildings, some retail and park space. Approval of the plan followed a highly publicized public hearing held in May that attracted mostly support for the project called Kaiaulu 'o Kaka'ako, or Kaka'ako Community. The HCDA in January approved a similar application from General Growth Properties to redevelop 60 acres under its Ward Centers shopping complex into a dense urban village of largely residences and retail that could include 20 high-rise buildings.
Source: Honolulu Advertiser |
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September 3, 2009 The sales of single family homes deccreased from 255 to 247 from a year ago, which represents a 3.1 percent decline, according to the Honolulu Board of Realtors. The median home price, which is the point at which half the sales were for more and half for less, fell 10.9 percent to $566,000 in August from $635,000 a year earlier.In the condominium market, sales were up 1.7 percent, to 351 last month from 345 a year earlier. The last time condo sales rose year-over-year was in March 2006. However, the median condo sale price in August fell 11.6 percent, to $290,000 from $328,000 a year ago.
Source: Honolulu Advertiser |
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August 4, 2009 Sales of single-family homes on Oahu were up in July over the same month a year before, and median prices also rose over the previous month’s prices. There were 265 single-family homes sold in July, a 5.6 percent increase over July 2008 when 251 homes sold, the Honolulu Board of Realtors reported. The median price was $595,000, down 4 percent from $620,000 in July 2008. But it was up almost 5 percent over the median price of $569,000 in June. Source: Pacific Business News |
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July 31, 2009 The dollar volume for commercial real estate investment in Hawaii for the first six months of 2009 dropped by nearly half from the first half of 2008, according to a new report. There were 57 transactions valued at $1 million or more that closed between Jan. 1 and June 30, for a total of $302 million, according to the mid-year investment report from Colliers Monroe Friedlander.
That was down 44 percent from $536 million during the same period last year, and down a staggering 88 percent from the market’s peak during the first half of 2006, when the sales volume reached $2.5 billion. And the commercial real estate market is not likely to improve before 2012, according to the report’s forecast. Source: Pacific Business News |
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July 12, 2009 In a further sign of the struggling economy, the developers of the upscale Trump International Hotel & Tower Waikiki have been hit by two lawsuits by buyers wanting to get out of their purchases.
The first suit, filed in state Circuit Court yesterday morning on behalf of 11 Mainland and local buyers, alleged that California-based Irongate Capital misled buyers by describing mega dealmaker Donald Trump in its press releases as a co-developer of the 464-room condotel even though he is only licensing his name to the project. A separate lawsuit, which was filed in Honolulu federal court about an hour after the first, nine other buyers accused Irongate of defrauding buyers by misleading them about who is going to manage the rentals of condotel units to tourists. Promotional material stated that rentals are supposed to be managed by a third party when Irongate "will, in fact, control and administer the rental program." Source: Honolulu Advertiser |
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June 19, 2009 Declines in construction, wholesaling and manufacturing have pushed the vacancy rate in Honolulu’s industrial real estate market to its highest point in more than 10 years, according to a new report. The rise in vacancy also has pushed rents down by more than 7 percent in the past six months alone, according to the quarterly industrial report by Colliers Monroe Friedlander.
The vacancy rate for industrial property on ahu rose to 5.13 percent during the second quarter, up slightly from 5.09 percent during the first three months of the year. There was 20,519 square feet of occupied space lost during the quarter, which, when added to the 293,572 square feet of negative absorption in the first quarter, pushed the tally to 314,091 square feet for the first half of the year. Source: Pacific Business News |
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June 7, 2009 For the first time in more than a decade, Honolulu home prices are once again the most expensive in the nation. It means the Oahu real estate market is relatively stable compared to the wasteland of Mainland cities where new subdivisions sit empty, and foreclosures have driven down prices by as much as 40 percent in California. Job losses and income declines in the private sector, and the proposed furlough of state employees, will drag on the local economy and pull down prices as cash-strapped home-owners look to get out from under mortgages they can no longer afford. In the early 1990s, Honolulu’s median single-family home price was higher than in the San Francisco, San Jose, Anaheim and Santa Ana markets. But Hawaii’s economy suffered a nearly decade-long downturn at the same time California’s was rising because of the dot-com boom, especially in the Bay Area and Silicon Valley. That trend began to reverse last year, and was evident in the first-quarter numbers showed that Honolulu’s median single-family home price of $570,000 was far above the San Jose market’s median price of $450,000. Source: Pacific Business News |
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June 7, 2009 Weakness persisted in the housing market on the Big Island and Kaua'i last month, as the number of sales and median prices fell.
According to Hawai'i Information Service data, the biggest hit occurred in Kaua'i's condominium market, where sales fell 32 percent to 13 in May from 19 in the same month last year.
The number of single-family homes on Kaua'i sold last month was 15, down 29 percent from 21 sales a year earlier. The median price dropped 15 percent to $600,000 from $705,000 in the same period. On the Big Island, there were 100 single-family homes sold in May, down 7 percent from 107 a year earlier. The median price was down 27 percent to $303,000 from $415,000. Big Island condo sales were down 21 percent to 31 units last month from 39 a year earlier. They sold for a median $309,000, which was down 31 percent from $450,000. - Honolulu Advertiser June 3, 2009 The median price of previously owned single-family homes sold on O'ahu in May suffered its biggest decline in the current market slowdown, falling 15.3 percent to $550,000 from a $649,500 year earlier, according to the Honolulu Board of Realtors. The nearly $100,000 drop, reported by the Honolulu Board of Realtors, continues a slide in O'ahu median home resale prices that began as a small one last year but has grown close to 10 percent this year through May. For all of last year, the median price dipped just 3 percent.
The median condo price was also $305,000 in December, January and March, helping put the median for the first five months of this year at $305,000, down 7.6 percent from the same period last year. - Honolulu Advertiser April 16, 2009 Foreclosure filings in Hawai'i rose to their highest level of 503 percent to 724 from 120 in the same month last year, real estate research firm RealtyTrac reported. A decline in property values and continued constriction of home sales have made avoiding foreclosure harder for many people who can't pay or refinance their mortgage in a poor economic climate that has included widespread cuts in wages and jobs. Based on RealtyTrac's count of total filings, Hawai'i's 503 percent increase in March was second only to a 563 percent increase for North Dakota. There was one foreclosure filing for every 700 households in Hawai'i. There were 29 states with a better ratio, which sharply contrasts with the position Hawai'i consistently had enjoyed before the middle of last year — among the 10 best states. The national average was one filing per 375 households. Nationally, there were 341,180 foreclosure filings in March, up 46 percent from a year earlier. - Honolulu Advertiser |
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