Honolulu Condos: September 2009

Trump International Hotel & Tower - Waikiki, Honolulu, Hawaii

Did I say hot?  This hot, hot condo property in Waikiki, Hawaii, Trump International Hotel & Tower, not only sold out in less than a day, when plans were disclosed nearly two years ago to build this luxury, high-rise condo tower and hotel in the heart of Waikiki, but buyers are clamering today for what few resales are to be found in the building and a few other units that are currently for sale as a result of initial buyers backing out of sales or not closing for various reasons.

Completion of construction is just weeks away.  Many are excited to see the property first hand.  Hotel Management is first class and many of the units can be included in the hotel rental pool for income purposes.

Detailed information about Trump International Hotel & Tower:

We have detailed information about Trump International Hotel & Tower on our website, www.HNCondos.com.

Current Listings: Current listings of condos for sale at Trump International Hotel & Tower.  There are currently, as of this writing, 26 cWaikiki ondominium properties for sale, ranging from studios, one bedrooms, two bedrooms and penthouse units, with prices starting around $638,000 and topping $4 million.

If you are interested in purchasing a fine, luxury condo in this world class property, Douglas/Christoper, Realtors, would be pleased to assist in any way.  And, if you are interested in other Waikiki Condos and Featured Condo Buildings, please visit our Honolulu Condos website.

Mahalo for reading.

There are many Hawaiian proverbs and sayings that have been fun learning and even more entertaining trying to speak and pronounce correctly, but more importantly convey real wisdom and spiritual value. 

Here is another one of my favorites (especially because I enjoy eating):

E 'Ai I Ka Mea I Loa'a.

Which translates as:

What you have, eat. (Be satisfied with what you have.)

You may often hear in Hawaii, "We don't eat until we are full, we eat until we are tired!"  Food is a gift from the earth, so to share food with family, at luau, or with strangers is sacred.  The mana (spiritual energy) of the land goes inside people to continue the exchange of life energy.

For more cultural information about Hawaii, please feel free to visit our website, Honolulu Condos.

Mahalo for reading

Waikiki natatorium should be torn down, task force decides

Accdording to the "Honolulu Star",  "A city task force voted yesterday to recommend a dramatic change to Waikiki's shoreline: The demolition of the 82-year-old Waikiki War Memorial Natatorium and creation of a beach in its place."

"The recommendation will go to the mayor, who has supported demolition."

"If it goes forward, the plan would end a 30-year back-and-forth over what to do with the crumbling natatorium, which has long been called a collapse hazard. But natatorium supporters said they are not ready to call it quits and pledged yesterday to use legal or other means to try to save the historic site."

What a shame.  As a historical landmark, it's disappointing to hear that a decision has been made to tear it down, just to add 90 some yards of beach, in an area that offers literally miles of beach.

With local governments struggling with finances, the decision seems logical, given the large expense to restore it.  But it steel feels like a big disappointment to lose such an interesting landmark.

Rest of the story.......

More details about Waikiki Beach and Honolulu Real Estate can be found at our website, www.HNLCondos.com

Mahalo for reading.

Waikiki Natatorium

The 82-year-old Waikiki War Memorial Natatorium is crumbling and has been closed for years. The city is deciding whether to restore it or turn the site into a beach.

A 17-member task force formed to help the city decide the future of the Waikiki War Memorial Natatorium remains highly divided going into its final meeting today, in which members will vote on whether the 82-year-old landmark should stay or go.

The fate of the war memorial natatorium, with its swimming pool, bleachers and arched facade, has been in limbo since 1979, when it was shut down because of safety concerns. Since then, the site has continued to deteriorate, creating a multimillion-dollar problem for the city.

Today, the natatorium's deck has massive holes where concrete has corroded or fallen away. The city has also warned for years that the deck and perimeter walls are collapse hazards.

The landmark is on the national and state registers of historic places.

For details on this story about the Waikiki Natatorium and ultimate decision, please read the complete story as published in the "Honolulu Advertiser".  (Please note, newspaper article links often expire or are moved after 30 days).

To learn more, please visit the Waikiki Natorium War Memorial Organization's website.

Please feel free to visit our website, Honolulu Condos, read about various neighborhoods, such as the Waikiki area, or view featured Honolulu condos for sale.

Mahalo for reading.

Even though we have undoubtedly gone through one of the worst recessions and price adjustment cycles (translation: burst bubble) in history, and many doubt the value of their real estate today, especially those who are upside down, owing more than their home is worth, I still find this statement about real estate to be of value.  I have had it posted on my websites for over ten years.  It's good food for thought.

I am Real Estate

What is Real Estate? 

I am the basis of all wealth, the heritage of the wise, the thrifty and the prudent. 

I am the poor man's joy and comfort, the rich man's prize, the right hand of capital, the silent partner of many thousands of successful men.

I am the silent solace of the widow, the comfort of old age, the cornerstone of security against misfortune and want.

I am handed down to children through generations, as a thing of greatest worth.

I am the choicest fruit of toil.  Credit respects me.  Yet I am humble.  I stand before every man bidding him know me for what I am and possess me.  I grow and increase in value through countless days.  Though I seem dormant, my worth increases, never failing, never ceasing; time is my aid and population heaps up my gain.  Fire and the elements I defy, for they cannot destroy me; invariably I become envied.  While all things wither and decay, I survive.  The centuries find me younger, increasing in strength.  The thriftless speak ill of me.  The charlatans of finance attack me. 

I am trustworthy.  I am sound.  Unfailing I triumph and dectractors are disproved.  Minerals and oils come from me, I am producer of food, the basis of ships and factories, the foundation of banks.  Yet I am so common that thousands unthinking and unknowing pass me by.

I am real estate.

In Honolulu, Hawaii, land is precious.  This is an island, and there's only so much land.  One of the reasons we have not seen large price drops is because demand almost always exceeds supply.  That is especially true for Honolulu, where there is very little space left, or vacant land on which to build.

If you are interested in Honolulu Real Estate, especially condos, please don't hesitate to visit our Honolulu Condos website.

Mahalo for reading.

Found in an old file.  I ran across this as I was going through old files and cleaning house.  Many, many years ago, I posted it to my website.  Many real estate agents, I'm sure have seen it already, or even use the code, some with great skill.  For the rest of the general public, the code is now available for your eyes too.

Real estate advertising makes fascinating reading. It always seems to describe your dream home- until you stop by the Open House. Many real estate ads then show themselves for what they really are: exercises in creative writing with a little little adventure-action flair. At times you may find yourself to double-checking the address. This is a'"Paradise??".

Real estate agents sometimes have a tough job to do. As commissioned sales persons, they have to make the best of a less-than-perfect product. Many home features are quite subjective, and beauty is in the eye of the beholder. Still, some really step over the line into fantasy.

Here is a twisted look at some of the real estate terms you might encounter- and another reason to call your real estate professional if you want the truth about property you see advertised!

Perimeter Lot:  On the edge of the cliff, but it didn't used to be. Bring rope and wear a harness!
Breathtaking:  And that's just the price.' You'll need oxygen after you see the inside.
Friendly Neighborhood:  You'll love the Casserole of the Month Event . Attendance is mandatory.
Pet-Friendly Neighborhood: Bring your own guard dog. Everyone else has one.
Handyman Special:  Earth moving equipment required to get to front door.
Fixer-upper:  Quick, before it falls down.
Income Opportunity: The yard is piled high with old cans and bottles, and you get to keep any deposit money you earn!
Convenient:  Located on freeway entrance ramp.
Mint condition:  Someone has spilled mouthwash on the carpet.
Completely renovated: All cats have been found and removed; toilets now flush
Natural decor: Beach mats stapled to walls cover murals of nudes and Elvis.
Move in easy:  Front door missing.
Walkout:  Back door missing.
Tudor Style:  Has back door and front door. Windows have wood frames.
Really plush:  Wall-to-wall shag carpeting that would make Austin Powers feel right at home.
Bachelor pad:  Gold-veined mirror tiles in the master bedroom; smells gamey.
Stunning View: The sight of the neighbors below will require some recovery time, so brace yourself.
WOW!:  Inspires shock and awe. Do not go in alone!
Curb appeal:  Only the front of the house is painted. Has a porch.
Doll's house:  Shack with 6 foot ceilings on lot the size of a postage stamp.
Water Feature: You can hear the neighbor's flushing their toilet.

Lots of built-ins:  Previous owner nailed furniture to the walls.
Tenant wants to stay:  Evicting tenant is your problem.
Cute: Three tiny rooms, each with different flowered wallpaper. Hello Kitty would be right at home.
Move in Condition: You, not the house. Unless you are in top condition, you won't make it up the flight of stairs in front door.
Close to Bus Lines: No garage, and the bus line is right in front. Ear plugs are included in the price.
Make an Offer: If this sounds like a desperate seller, they are.
Development Potential: Fixing it up is your problem, owners gave up.
Motivated Seller: Seller will throw in the kids and grandma.
Expansion opportunity:  Upstairs bedroom can double as a bowling alley.
Euro kitchen:  Smells of garlic and cabernet.
Hawaiian living: Land has been claimed for traditional hunting and gathering rights. Thatch roof.
Close to beach:  Impossible to park on the street on weekends and holidays.
Picturesque setting:  View of abandoned cars and waist-high weeds on neighboring lots. See "Secluded Back Yard"
Wide-open floor plan:  Previous owner removed supporting walls.
Updated bath:  Tub no longer overflows. Hot and cold water.
Updated kitchen:  Sink no longer overflows.
Country kitchen: Neighbor's chickens wander in and out. Convenient gun rack.
Move right in:  Has been unoccupied for 5 years, except for vagrants, vandals and bats.
Security system:  Neighbor has loud dogs.
Updated security system:  Neighbor has loud dogs and open window.
Secluded back yard:  Landslide just outside the back door eliminated of all the neighboring houses.

On a serious note, real estate advertising is highly regulated but difficult to enforce, and truth in advertising has apparently not made a big impact. Many owners have an exaggerated view of their own properties and fail to see their shortcomings. And when it's your property being described, don't you want only the best features to be mentioned, and maybe even puffed up a bit?

Mahalo for reading.

One of the hottest properties in the Honolulu area is the Ala Moana Hotel Condominium. Recently I've been receiving alot of inquiries from buyers looking for "income" properties or condo units that can be rented out seasonally, to offset some ownership expenses, as well as leave some "vacant" time for personal use.  There are many units that lend themselves well to seasonal rental, many are hotel managed, and some are required to be a part of a Hotel "pool" of rooms that rent out as any hotel room.  These are sometimes referred to as Condo Hotels or Condotels.

The Ala Moana Hotel Condo is in a prime location because it is adjacent to the biggest shopping center in the State (Ala Moana Shopping Center), down the block from a beautiful sandy beach and only a half of block from the Hawaii Convention Center.  The building was converted from a hotel to a condominium in 2005.  The fully-furnished newly renovated units were offered for sale in July 2005.  The price for studio units in November 2005 when the market peaked ranged between $220,000 - $395,000 and the one-bedroom units sold between $390,000 - $770,000.

Today it is a different story which may mean you can by at a bargain. The average price for studio units sold in 2009 is $139,000 and units are available for as low as $82,500.  It is a great opportunity to get a piece of paradise at the biggest hotel-condo conversion project in the State of Hawaii!

To see current listings of condominium or apartment units, you may search the MLS on our website.

Here are a Few Examples of Units Priced Below Market (Lited by other Brokerage Firms):

Unit   657 - Smaller Studio @ $82,500 (Peak-a-boo ocean view, Kona Tower)

Unit   756 - Smaller Studio @ $85,000 (Peak-a-boo ocean view, Kona Tower)

Unit 2029 - Studio with lanai @ $100,000 (Mountain view, Waikiki Tower)

Unit   923 - Studio with lanai @ $110,000 (Ocean/Waikiki/Mountain view, Waikiki Tower)

Unit 1819 - Studio with lanai @ $130,000 (Ocean/Waikiki view, Waikiki Tower)

Unit 1926 - One-bedroom with kitchen @ $370,000 (Mountain view unit in Waikiki Tower)

Please note that some of the listings above are short sales.

Learn more about the Ala Moana neighborhood, adjacent to Waikiki, by visiting our Honolulu Condos website.

If you'd like to learn more about Condo Hotels, or CondoTels, stay tuned.  We'll have an informative blog on the topic posted soon.

Mahalo for reading.

A Tax Credit, increased to $15,000, has been proposed for any and all home buyers.  I think I recall this being discussed during the Presidential Elections and thought it was a great idea then.  I still think it's a great idea.

There is legislation in both the Federal Senate and the House that would expand the current tax credit for home buyers. A proposal by Sen. Johnny Isakson, R-Ga., would raise the credit amount to a maximum of $15,000 for any buyer of any home over the next year.

The proposed legislation would also remove the income caps that currently apply (those limits are now $75,000 for an individual and $150,000 on couples).

The Senator proposing the legislation in the Senate, Johnny Isakson, says, "I think we've got a realistic chance of doing this. Our problem is not with the first-time home buyer, it's the move-up buyer."

Lawrence Yun, chief economist at NAR, says extending or raising the tax credit would spur the housing recovery, which in turn would help bolster the economy.

I think one of the key points made by Senator Isakson in the quote above is creating an incentive, or stimulus, for the "move-up" buyer.  I am all for this!

I'm not a huge polictical activist, but if you are in agreement with this newly proposed legislation, write or email your representatives now.

And, of course, please feel free to visit our website any time for complete information about Honolulu Condos for sale.

Mahalo for reading.

There are many Hawaiian proverbs and sayings that have been fun learning and even more entertaining trying to speak and pronounce correctly, but more importantly convey real wisdom and spiritual value. 

Here is another one of my favorites:

Ho'okahi No La'au Lapa'au O Ka Mihi.

Which translates as:

The first remedy is foregiveness.

The first medicine is forgiveness.  Before anyone of us can heal ourselves we need to have forgiveness.  We need to have pono (balance).  If we cannot forgive ourselves, we cannot heal others, we cannot heal anyone.

For more cultural information about Hawaii, please feel free to visit our website, Honolulu Condos.

Mahalo for reading.

I read a lot of blogs, news reports and articles about real estate and especially about our local real estate market here in Honolulu, Hawaii.  Yesterday, I ran across a blog post written by "Howzit" Howard of KGMB9.  I thought some very interesting and strong points were made.  Here are some "snippets"

"Honolulu has one of the more resilient economies in America right now."

"An economy does not run on numbers. It runs on human needs, human desires and human emotions. I will explain to you why the faintest signs of economic bottoming out have enormous import for the Hawaii economy."

"As you have heard, Honolulu has one of the more resilient economies in America right now."

"The Brookings Institution puts Honolulu among the top 20 best-performing metro economies in America, based on second quarter data on employment and economic output."

"Honolulu has indeed enjoyed a shallow recession even by comparison with the state's other islands. Its home prices fell less, and" the Honolulu MLS "reports that in August the average time it took to sell a home fell to 51 days (condos: 48 days)."

Please forgive me for quoting the rest of his article here.  Since many articles and blogs get archived, with dead or changed links, I didn't want to link to the rest of his story here.  He has made some interesting observations, though, and I wanted to share them:

"Of the 21,000 people receiving unemployment checks across Hawaii, fewer than 11,000 are in Honolulu, though Honolulu has three quarters of the state population.

But it's still a recession and people are still losing their jobs and signs of the recession bottoming out are meaningless unless they lead to actual increased economic activity. Which is where I'm going with this. First, more indicators.

Fed Chairman Ben Bernanke, speaking to the aforementioned Brookings Insitution Tuesday, said the recession was "probably" over. Bank of America's CEO made a similar comment Tuesday. Hawaii economists see resumption of growth by year's end.

I have emphasized that the end of a recession is not the end of slump. Clawing our way back from the bottom to the next peak will take years. A University of the Pacific forecast Tuesday says California's recovery will lag the nation, and that could mean an even slower rebound in visitor traffic than we now expect. Japan Airlines is losing millions a month and needs to cut back.

The thing is, a lot of Hawaii businesses that are still doing okay have been holding back on spending, beyond necessity, because they wanted to be cautious and they weren't sure how long the economy would keep shrinking.

This is critical. Healthy businesses, weathering the downturn with reasonable aplomb, delayed expansion, suspended advertising, left vacant jobs unfilled, and otherwise contributed to the recession because they wanted a sense, before spending money on these things, that the downturn wasn't going to last forever.

For these businesses, clear evidence that the recession is over and a recovery, however slow, is underway, will trigger fresh consideration of ways to harness that recovery and expand market share.

A parallel phenomenon has been going on with consumers. We understandably forget it when focusing on people losing their jobs or having their hours cut back, but most people will come through this recession never having lost their job. And they've curbed their spending, too, because they were waiting to see how they would fare.

The simple fact of the recession ending - I mean when it is really clear that we've stopped descending - no matter how slow the return to the surface - will trigger spending by households that have had the money to spend all along but were exercising reasonable prudence during the descent.

A notable example of business people recognizing this and preparing for it is the people who sell cars. The Hawaii Auto Dealers Association sees pent-up demand spurring sales in 2010, because cars don't last forever and you have to have a car. But this is an extreme case. If your car breaks down you'll replace it if you can, even if the economy is still shrinking.

What I'm talking about is more discretionary spending that consumers can undertake now but won't undertake until they feel the worst is over and they probably will get to keep their job.

This is why, though the recovery may indeed take years, the discernible, demonstrable bottom of the recession will itself trigger spending by businesses and consumers alike. Businesses will not only feel more comfortable proceeding with projects that they wisely put on hold, they will also want to spend to make sure they get their share of the pent-up consumer spending that is waiting for the same good news they are."

Mahalo for reading.

Special thanks to Howzit" Howard of KGMB9.  Please give his blog a visit at http://kgmb9.com/howard/category/sunrise-on-kgmb9/