Honolulu Condos: December 2009

Listing Alerts - Honolulu Condos

Aloha!

Please view the links below for this week's Listing Alerts.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as:

• Lender Owned Property Listings
• Foreclosure Property Listings
• Short Sale Property Listings

Also, please feel free to visit our website, one of the most complete Honolulu Condominium Directories available online at www.HNLCondos.com.

NEW CONDO LISTINGS

These condo listings are new listings that have come on the market for sale, since last week's newsletter.

ALA MOANA NEW CONDO LISTINGS - No New Listings This Week

DIAMOND HEAD NEW CONDO LISTINGS

DOWNTOWN/CHINATOWN NEW CONDO LISTINGS

KAKAAKO NEW CONDO LISTINGS

KAPIOLANI NEW CONDO LISTINGS

MAKIKI NEW CONDO LISTINGS

WAIKIKI NEW CONDO LISTINGS

To view all Honolulu condo listings please visit the MLS Search page on our Website or set up your own Listing Manager Account.

DISTRESSED CONDO LISTINGS - HOT LINKS

Distressed Bargain Properties for December 30th, 2009

These distressed Honolulu condo listings include REO, or lender owned properties, foreclosures and short sales. New Listings are new this week, since last week's newsletter.

Please click here to read a complete definition or description of Lender Owned, Foreclosure and Short Sale Properties .

LENDER OWNED PROPERTY LISTINGS - ALL

LENDER OWNED PROPERTY LISTINGS - NEW - No New Listings This Week

FORECLOSURE PROPERTY LISTINGS - ALL

FORECLOSURE PROPERTY LISTINGS - NEW - No New Listings This Week

SHORT SALE PROPERTY LISTINGS - ALL

SHORT SALES $0 - 200,000

SHORT SALES $200,000 - 400,000

SHORT SALES $400,000 AND OVER

SHORT SALE PROPERTY LISTINGS - NEW - No New Listings This Week

2009 and 2010 Forecast Comparison for Honolulu, Hawaii and Real Estate in Oahu

Just for fun, let's review the forecast for 2009 and compare it to the actual numbers.  It's interesting to see what was predicted a year ago and what actually happened.

Source: University of Hawaii Economic Research Organization (UHERO), Bureau of Labor Statistics, Bureau of Economic Analysis, Economagic.com, First Hawaiian Bank Economic Forecast
Unemployment:

The unemployment rate for 2009 was actually worse than predicted.  It will remain at the same level in 2010 with a slight increase.

Real Personal Income (inflation-adjusted):

Personal income will show a smaller loss this year than what was predicted for 2009.  This may be because there were large gains in public sector earnings, especially large military pay increases in 2009.  Total private sector labor and proprietor income will continue dropping, and it will appear as another loss in 2010.

Visitor Arrivals:

The number of visitors in 2009 were about the same as predicted so far.  According to UHERO, we are very likely past the bottom of the tourism downturn.  There will be more visitor arrivals in 2010.

It is predicted that gradual improvement will begin to occur in early 2010.  However, recovery will likely be slower because of lingering weakness in the US and Japan and the disastrous State budget picture.  Key for 2010 is "patience." 

What about the real estate in Oahu? 

As personal income becomes stable, affordability is more likely to improve.  Some experts predict there will be a smaller drop in 2010 before prices stabilize in 2011.  There could be more foreclosures in the first quarter, and more short sale listings in hotel condominiums and vacation properties. 

It appears good values would still be available in market the first half of 2010.

Quick Market Stats:

Number of Sales

Condominium:   407 (6.8% UP from last month)

Single Family:   249 (11.4% DOWN from last month)

Median Sales Price

Condominium:   $320,000 (8.5% UP from last month)

Single Family:   $590,000 (2.5% DOWN from last month)

Days on market

Condominium:   32 days (5 days LESS than last month)

Single Family:   42 days (10 days LESS than last month)

Inventory

Condominium:   1,749 (4.3% DECREASE from last month)

Single Family:   1,199 (6.5% DECREASE from last month)

That's all the forecasting for 2009........Happy New Year!

Privacy, privilege reign at new Trump hotel in Waikiki, Honolulu, Hawaii

Some very famous people own units at the Trump International Hotel Waikiki Beach Walk.

If management has its way, however, the hoi polloi will never know who they are.

Privacy is a watchword at the 462-room Trump Waikiki, which opened softly Nov. 16 and plans the real thing in February.

One month after opening, the interior is mostly complete, save for work on six penthouses, while Kalia Road will soon accommodate two-way traffic where it meets Saratoga Road.

A second restaurant, In-Yo, serving American and Japanese cuisine (for lunch) and Japanese and Italian (for dinner), opens this week.

What is not settled, however, is persuading a majority of owners to place their units into the hotel rental pool.

At present, fewer than 100 are available for hotel use, and executives say they need 250 to 300 to run an economical operation.

But management is patient, understanding that when owners have paid on average $1.5 million for a unit in the Trump Waikiki, they might like to enjoy it before anyone else does.

"I was a little surprised to learn that," admitted John Votsis, director of sales and marketing at the property. "It was a revelation, and even a little charming. But it's up to the owners, and we hope to have the rooms for the pool next year. The closing process is a process, and there is a natural progression for conditions to unfold."

"Some just want to be the first in the units, the first in the beds," said Managing Director Scott Ingwers. "They own a piece of Waikiki history."

The 38-story Trump Waikiki is the first new luxury property to open in Waikiki in a quarter century.

The 38-story, $350-million Grand Waikikian, a time-share property that opened a year ago at the nearby Hilton Hawaiian Village Beach Resort & Spa, while gorgeous and classy, is not in the same league. (The cost of the Trump project has never been disclosed.)

For one, Trump Waikiki represents a new level of luxury for Oahu's hospitality industry. Its neighbors include the Halekulani and the Outrigger Waikiki Beach Walk complex.

Assets include unobstructed ocean views that also overlook Fort DeRussy, a green-and-grassy expanse that is likely to remain that way in perpetuity.

And then there is the Trump name, a brand that screams privilege.

Every one of the five-star luxury property units, which range in price from $500,000 to $9 million and required a 20 percent nonrefundable deposit, sold in a single day three years ago.

Forty percent of the owners are from Japan, and some own more than one unit. The six penthouses are unfinished, allowing the owners to use their own architect and designer.

Trump Waikiki is the fourth in the Trump portfolio, after properties in New York City, Chicago and Las Vegas. A second Big Apple hotel opens next year, and others are planned for Fort Lauderdale, New Orleans, Toronto, Panama, Dubai, Scotland, and Cap Cana in the Dominican Republic.

Donald Trump, the American business magnate and media celebrity, is likely to attend the Waikiki hard opening in February, along with sons Eric and Donald Jr. and daughter Ivanka. But that's only if they can line up all their busy schedules.

Liana Mulleitner, director of residences and public relations, said Trump Waikiki was shooting for a January opening, but Ivanka could manage only a one-day window to fly in and fly right back out.

All current listings of Trump Tower Waikiki condos and additional photos of Trump Tower Waikiki can be found at our website, www.HNLCondos.com.

Sales Restarting - Pacifica in Honolulu, Hawaii, formerly Moana Vista

Pacifica in Honolulu, Hawaii, formerly Moana Vista, set to restart sales

Sales for a Kakaako condominium project that stalled last year are set to resume next month as the new owner gets ready to restart construction.  Sales are expected to begin around January 15, 2010.

San Diego-based developer OliverMcMillan plans to give the first opportunity to buy to the 175 original buyers who had their purchase contracts canceled by the project's original developer, KC Rainbow II, in September.

Architects Hawaii, which designed the original building, will continue to work on the project, along with Baldridge and Associates and Lincolne Scott.

OliverMcMillan also brought on New York-based architecture firm Gensler to redesign the public and common element spaces and exterior of the building.

The redesign includes a large motor court entry and a wood and glass lobby space for residents facing the Waimanu Street side of the building.

The 15,000 square feet of retail space facing Kapiolani Boulevard has been redesigned with large glass windows. The exterior of the concrete building, which was originally designed to be painted white, will be painted shades of metallic blue and silver instead, Oliver said.

The recreation deck, which had been designed with only a swimming pool, will also have green space, a large gym, barbecue areas, two small movie theaters, and a party room - a total of 4,000 square feet of extra floor space the developer purchased from the HCDA.

The finishes inside the units will also be upgraded; the firm plans to donate bathroom tile and fixtures and other materials that were already purchased to local charities.

OliverMcMillan is spending about $5 million for the additional amenities, and $1 million on the lobby but Oliver said the firm feels the additional design elements are worth the added expense.

The firm has also hired local interior design firm Philpotts & Associates, which will work with San Diego-based Jules Wilson ID on the interior spaces.

Oliver noted that the market was probably at its worst when the firm started looking at what he called a "broken real estate project" about nine months ago.

"We were able to see there was a viable business opportunity," he said. "We saw an opportunity to come in with some aloha spirit and solve some problems."

The company, which has promoted its development Managing Director Dan Nishikawa to run the Hawaii office, sees a future with urban mixed-use projects in Honolulu.

It has already had discussions with the Queen Emma Land Co., which is choosing a master developer for its International Marketplace redevelopment in Waikiki, and also with Kamehameha Schools, which plans to redevelop its Kakaako mauka land into an urban village.

Aloha!

Welcome to this month's issue of "Honolulu Condos - Real Estate News & Trends", provided by Douglas / Christopher Realtor Associates with RE/MAX Honolulu. This newsletter is published monthly and contains time sensitive information about the Honolulu Real Estate Market. It also combines the weekly newsletter, "Honolulu Condos - Listing Alerts" which includes current new condo listings and distressed property listings.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as:

• Lender Owned Property Listings
• Foreclosure Property Listings
• Short Sale Property Listings

Also, please feel free to visit our website, one of the most complete Honolulu Condominium Directories available online at www.HNLCondos.com.

Honolulu Market Update for 12/23/09

Overall, for the seven neighborhoods in Honolulu we are monitoring, the Honolulu Condo market has shown a decrease of 87 new listings compared to a decrease of 75 last month. This is the seventh consecutive month of decreased listings, meaning inventory is shrinking.

Honolulu Condo Sale Activity by Neighborhood* for December 23rd, 2009

ALA MOANA

These condo listings are new listings that have come on the market for sale, since  last week's newsletter.

ALA MOANA NEW CONDO LISTINGS

DIAMOND HEAD NEW CONDO LISTINGS - No New Listings This Week

DOWNTOWN/CHINATO WN NEW CONDO LISTINGS

KAKAAKO NEW CONDO LISTINGS

KAPIOLANI NEW CONDO LISTINGS - No New Listings This Week

MAKIKI NEW CONDO LISTINGS

WAIKIKI NEW CONDO LISTINGS

To view all Honolulu condo listings please visit the MLS Search page on our Website or set up your own Listing Manager Account.

Distressed Condo Listings - Hot Links!!!

These distressed Honolulu condo listings include REO, or lender owned properties, foreclosures and short sales. New Listings are new this week, since our last week's newsletter.

Please click here to read a complete definition or description of Lender Owned, Foreclosure and Short Sale Properties.

LENDER OWNED PROPERTY LISTINGS - ALL

LENDER OWNED PROPERTY LISTINGS - NEW - no new listings this week

FORECLOSURE PROPERTY LISTINGS - ALL

FORECLOSURE PROPERTY LISTINGS - NEW - no new listings this week

SHORT SALE PROPERTY LISTINGS - ALL

SHORT SALES $0 - 200,000

SHORT SALES $200,000 - 400,000

SHORT SALES $400,000 AND OVER

SHORT SALE PROPERTY LISTINGS - NEW

Happy Holidays to you and your family and best wishes for health, happiness and prosperity in 2010.

If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be our pleasure to help.

For a webpage view of this newsletter, Click here

 Access the Newsletter Archive for back issues.

Nauru Tower Chosen as Hawaii's Building of the Year

Nauru Tower, located in the Ala Moana neighborhood, was chosen as Hawaii's Building of the Year by the Institute of Real Estate Management for its efforts to create a more sustainable living environment for the building's residents and businesses.

In the past 18 months, the luxury condominium building at 1330 Ala Moana Blvd. has been transformed to include the latest environmentally friendly equipment and make more efficient use of common areas. These improvements have helped to cut costs, conserve natural resources and reduce waste and energy.

New initiatives include the use of biodegradable cleaning products free of phosphates and other chemicals; the installation of low-energy light bulbs throughout the residential building structure, common areas and service rooms; and window glass tinting for the expansive 4,000-square-foot makai lobby.

Future plans include researching the use of solar panels to meet the building's hot-water needs, as well as the installation of timed drip irrigation and low-energy lighting throughout the main lobby gardens. Major 2009 environmental initiatives included putting in new cooling towers, repainting the building and upgrading ventilation.

Please feel free to visit our website, www.HNLCondos.com and view Nauru Tower Condos Current Listings and more photos of Naura Towers.

Hawaii among states with the happiest residents

According to the "Honolulu Advertiser", people in sunny, outdoorsy states - Louisiana, Hawaii, Florida - say they're the happiest Americans, and researchers think they know why.

A new study comparing self-described pleasant feelings with objective measures of good living found these folks generally have reason to feel fine.

The places where people are most likely to report happiness also tend to rate high on studies comparing things like climate, crime rates, air quality and schools.

The happiness ratings were based on a survey of 1.3 million people across the country by the Centers for Disease Control and Prevention. It used data collected over four years that included a question asking people how satisfied they are with their lives.

Economists Andrew J. Oswald of the University of Warwick in England and Stephen Wu of Hamilton College in Clinton, N.Y., compared the happiness ranking with studies that rated states on a variety of criteria ranging from availability of public land to commuting time to local taxes.

Probably not surprisingly, their report in Friday's edition of the journal Science found the happiest people tend to live in the states that do well in quality-of-life studies.

Yet Oswald says "this is the first objective validation of 'happiness' data," which is something he says economists have been reluctant to use in the past.

"Very loosely, you could say that we prove that happiness data are 'true,' - such data have genuine objective informational content," he said.

"Moreover," Oswald added, "it is interesting to uncover the pattern of life-satisfaction across one of the world's important nations."

Ranking No. 1 in happiness was Louisiana, home of Dixieland music and Cajun/Creole cooking.

Oswald urged a bit of caution in that ranking, however, noting that part of the happiness survey occurred before Hurricane Katrina struck the state, and part of it took place later. Nevertheless, he said, "We have no explicit reason to think there is a problem" with the ranking.

Rounding out the happy five were Hawaii, Florida, Tennessee and Arizona.

At the other end of the scale, last in happiness - is New York state.

As if to illustrate the problem, residents attending a meeting Wednesday in rural Queensbury unleashed their anger and cynicism at a state government they described as corrupt, self-dealing and too quick to increase taxes. It was a tirade that had one lifelong resident saying he was ready to flee "this stinkin' state."

Oswald suggested the long commutes, congestion and high prices around New York City account for some of the unhappiness.

He said he has been asked if the researchers expected that states like New York and California, which ranked 46th, would do so badly in the happiness ranking.

"I am only a little surprised," he said. "Many people think these states would be marvelous places to live in. The problem is that if too many individuals think that way, they move into those states, and the resulting congestion and house prices make it a non-fulfilling prophecy."

Besides being interesting, the state-by-state pattern has scientific value, Oswald explained.

"We wanted to study whether people's feelings of satisfaction with their own lives are reliable, that is, whether they match up to reality - of sunshine hours, congestion, air quality, etceteras - in their own state. And they do match."

Oswald and Wu used data from CDC's Behavioral Risk Factor Surveillance System collected from 2005 to 2008. The survey, launched in 1984, collects information on a variety of health measures.

Nicely Upgraded Condo at Villa on Eaton Square for $285,000, Fee Simple - Waikiki, Honolulu, HI

This mixed Leasehold and Fee Simple condominium building is located in the Eaton Square shopping complex where there are twenty-seven commercial shops located in an open-air shopping center with a major bank, supermarket, post office, dry cleaning and restaurants.  The building is 36 stories with 425 units consisting of studio and one bedroom/one bath layouts.  Nice mountain and ocean views can be seen from many units as well as views of the Ala Wai Canal as it heads out to the Marina.  An expansive rooftop recreation area provides everyone with incredible 360 degree views.  Amenities include a large rooftop recreation area, swimming pool, exercise room, sauna, barbecue grill and recreation room. 

You may find details about the Villa on Eaton Square, configuration and floor plans, additonal photos and all current Villa on Eaton Square listings on our comprehensive website, Honolulu Condos.

Upgraded and Remodeled Studio Condo on the 26th floor with gorgeous marina, park and downtown Honolulu views.  This building and unit is very popular for long term rentals with central air conditioning and electricity included, your own washer and dryer in the unit, as well as covered parking. 

400 Hobron Ln 2606
Honolulu, HI 96815

Price: $285,000

1 Bathrooms
462 Square Ft

Listing # 2914805

Basic Features: Acres: 2.276
Region: Metro
City Name: Honolulu
County Name:
Neighborhood: WAIKIKI
Schools: Jefferson
State: HI
Sub Area:
Subdivision:
Type:
Zip: 96815
Bathrooms: 1
Bedrooms:
Partial Baths:
Square Ft: 462
Additional Features: Amenities: BBQ,Exercise Room,Heated Pool,Patio/Deck,Pool,Recreation Area,Recreation Room,Resident Manager
Building Name: Villa On Eaton Square
Building Style: High-Rise 7+ Stories
Floor Covering: Marble/Granite,W/W Carpet
Interior Living Area: 462
Land Area: 104710
Maintenance Fee Includes: AC Central,Electricity,Hot Water,Sewer,Water
Monthly Maintenance Fee: 386
Parking Spaces: 1
Parking: Covered1,Garage,SecuredEnt,Unassigned
Prop Condition: Excellent
Property Type: Condo
Unit Features: Bedroom on 1st Level,Central AC,Even# Unit,Full Bath on 1st Floor,Single Level,Storage
View: Marina/Canal,Mountain,Ocean,Sunset
Year Built: 1974
Land Tenure: Fee Simple

Please feel free to view details on Unit #2606 at Villa on Eaton Square including additional photos.

Oahu, Hawaii - Tax Assessment Down 6.7%

The assessed value of property on Oahu fell 6.7 percent in the past year, which could lead to lower property tax bills in 2010 if the city maintains its present tax rates.

The City and County of Honolulu began mailing out tax statements to about 284,000 property owners this week and said that the total gross assessed valuation of property on Oahu declined by $12.9 billion in the past year.

The total valuation stands at $178.3 billion, down from $191.2 billion in 2008, reflecting lower commercial and residential real estate prices. That will mean millions less in revenue for the city in the budget year starting July 1, 2010.

So city officials will be forced to choose between cuts to services and increases to tax bills.

Residential property values fell about 8 percent, hotel/resort properties were down 13 percent, commercial was off about 2 percent and industrial fell just under 4 percent.

Analysis of property sales are the basis for the city's tax assessments.

Lower assessments could theoretically lead to lower tax bills, but only if the City Council maintains the present tax rates for the new fiscal year.

The commercial and industrial rate has been stable for two years and the residential rate rose only slightly as part of the city's $1.8 billion operating budget in 2009-10.

Listing Alerts - Honolulu Condos

Aloha!

Please view the links below for this week's Listing Alerts.

Don't miss the HOT LINKS at the bottom of this newsletter for such distressed property listings as:

• Lender Owned Property Listings
• Foreclosure Property Listings
• Short Sale Property Listings

Also, please feel free to visit our website, one of the most complete Honolulu Condominium Directories available online at www.HNLCondos.com.

NEW CONDO LISTINGS

These condo listings are new listings that have come on the market for sale, since last week's newsletter.

ALA MOANA NEW CONDO LISTINGS

DIAMOND HEAD NEW CONDO LISTINGS

DOWNTOWN/CHINATOWN NEW CONDO LISTINGS

KAKAAKO NEW CONDO LISTINGS

KAPIOLANI NEW CONDO LISTINGS

MAKIKI NEW CONDO LISTINGS - No New Listings This Week

WAIKIKI NEW CONDO LISTINGS

To view all Honolulu condo listings please visit the MLS Search page on our Website or set up your own Listing Manager Account.

DISTRESSED CONDO LISTINGS - HOT LINKS

Distressed Bargain Properties for December 16th, 2009

These distressed Honolulu condo listings include REO, or lender owned properties, foreclosures and short sales. New Listings are new this week, since our last week's newsletter.

Please click here to read a complete definition or description of Lender Owned, Foreclosure and Short Sale Properties .

LENDER OWNED PROPERTY LISTINGS - ALL

LENDER OWNED PROPERTY LISTINGS - NEW

FORECLOSURE PROPERTY LISTINGS - ALL

FORECLOSURE PROPERTY LISTINGS - NEW - No New Listings This Week

SHORT SALE PROPERTY LISTINGS - ALL

SHORT SALES $0 - 200,000

SHORT SALES $200,000 - 400,000

SHORT SALES $400,000 AND OVER

SHORT SALE PROPERTY LISTINGS - NEW