A new forecast released by the University of Hawai'i Economic Research Organization says some smaller Asian economies are leading a rebound, but that larger nations, notably the U.S. and Japan, will have less growth.
"The anticipated slow pace of global growth will likely mean a sub-par recovery for Hawai'i," said the report being released today. The forecast concentrates on global economics and is a predecessor to one focusing solely on Hawai'i that will be released next month. One positive is the stronger yen against the dollar, which might result in higher Japanese tourist spending.
Experts agree that Hawaii's rebound from the economic doldrums will depend on the state's leading industry, tourism. "Growth has also returned to the U.S. and Japan, but the depth of the decline, lost household wealth, and lingering credit problems mean that full recovery will take a number of years," the UHERO forecast said.
With the tax incentives for buyers and homeowners just passed into law, it's a great time to take advantage of our high inventory and reduced prices. It's only a matter of time before our economy - and housing prices - recover. Don't lose this opportunity.
Google announced that O'ahu and Maui are the latest venues covered by Street View, which allows Web users to go from a map view of a spot on Oahu or Mau to zoom in and see what it looks like from ground level. Hawai'i is the 50th state to get the Google Street View technology (the the year of its 50th anniversary of statehood).
The Hawai'i images were captured this summer by a car rigged with an 8-foot-tall stalk topped with a ring of cameras. Now you see your own house, and can rotate the image to see houses on the other side of the street.
Laura Melahn, Google product marketing manager, said in the Google blog, "Being born and raised on O'ahu, I like to think we saved the best for last. With our imagery of O'ahu and Maui, you can now take a virtual vacation to white sandy beaches, revisit special places from your honeymoon, or plan your next getaway. We've worked with the Hawai'i Visitors and Conventions Bureau to create collections in our new Street View Gallery featuring Hawaii's best beaches and hometown favorites of President Obama."
To use the feature on Google maps, drag the orange man icon on the upper left corner onto the spot on the map you'd like to see from ground level. When you open Google Maps, click on "Welcome Hawaii" and the Gallery opens. You can enjoy photos of Sandy Beach (see my earlier post on the high surf there this weekend), Hanauma Bay, Makapuu, and more. To use Google Earth, download Google Earth 5 or open the program. Then zoom in to your favorite Oahu or Maui location, visit Hawaii Kai, and you'll see why it is such a special place. Call or email for "on location" 1st hand information about life in our beautiful Islands.
We often think of Maunalua Bay as Hawaii Kai's main water resource, but Sandy Beach is also in Hawaii Kai, and a rare combination of a strong high pressure to the north and low pressure to the west caused strong surf yesterday all along Oahu's eastern shores. (photo courtesy of Honolulu Advertiser)
Waves of 5 feet inside Hanauma Bay were reported. At Sandy Beach, only the most experienced surfers braved the surf yesterday. Lifeguard Lt. J.R. Sloane said, "It's very rare that we get a swell like this out of the northeast direction."
Lifeguards closed Makapu'u to swimmers. The National Weather Service issued a high surf warning through 6 p.m. today for east-facing shores of O'ahu and Kaua'i. Surf is expected to be 12 to 18 feet and will gradually decrease, but will remain elevated through the weekend, according to the weather service.
All islands are affected. The surf kept a Young Brothers barge from docking at Kahului Harbor on Maui. The ship will try again today after it attempted to enter the harbor twice yesterday. In Hilo, on the Big Island, Bayfront Highway was closed in both directions near Hilo Bay from Waianuenue Avenue to Pauahi Street because of high surf. The high surf prompted Kaua'i officials to issue a warning to beachgoers not to go near wet sand or in the water at all north or east side beaches from Ha'ena, Hanalei and Ke'alia where surf was reported at 15 to 25 feet.
Watch a short video of the surf in Kailua Bay in the Honolulu Advertiser report, and see more photos.
These conditions remind us we live on an island in the middle of lots of water, but it's still beautiful, and gives our surfers plenty of challenges. Contact me for Relocation Information for Hawaii Kai, or if you are on Oahu visiting, let's talk about buying opportunities.
The condo market in Hawaii Kai adjusted downward slightly in October, from 21 sales to 16. Low sale was $365,000 for a 1 bedroom/1 bath in the Heritage House on the 10th floor, and high sale, $615,000 for a 2 bedroom/2 bath in Plaza Hawaii Kai on the 9th floor.
For single family in Hawaii Kai, 26 sales closed both in September and October. This past month, the low sale was a 3/2 zero lot line detached home in Kalama Valley, and the high sale a $2,500,000 sale of a view home on almost .5 acre in Triangle.
To learn more about these condo complexes and neighborhoods, request the free reports for each on my site. I can give you current sales statistics on any community in Hawaii Kai.
Wouldn't you like to wake up to one of these views every day?
EBay founder Pierre Omidyar and his wife, Pam, have given the Hawaii Community Foundation a $50 million gift, believed to be the largest single gift from a living donor in the state's history.
The money will be used to start several community initiatives over six years, as well as support Pierre and Pam Omidyar's ongoing interests through the foundation's Omidyar Ohana Fund.
"Pam and I are privileged to call Hawaii home," Omidyar said in a statement. "Given the economic crisis and hardships throughout the state, we felt it was especially important at this time to expand our philanthropy in the islands."
The couple has supported several local causes and organizations in the Islands. They helped to launch Kanu Hawaii, backed the expansion of Mao Organic Farms in Waianae and most recently launched the Ulupono Initiative, which makes nonprofit grants and for profit investments aimed at sustainability.
Pam grew up in Hawaii Kai and attended Iolani School. She said, "That experience was a strong reminder of the important role community plays in every aspect of life here in the islands." Pierre attended Punahou School in the 8th and 9th grades, from 1979 to 1981. They moved back to Oahu in 2006.
1. The Omidyar Ohana Fund will provide a $4 million grant toward the Community Stabilization Initiative, an $8 million, six-year plan to help families and individuals get through the recession through use of government resources, credit counseling and mortgage prevention services. The balance of the cost must be matched by other donors, foundations and government agencies over the next six years.
2. $6 million over six years will go to the Omidyar Innovation Fund, a grant program to be launched next year that will seek to spur innovation in Hawaii's social sector and will provide matching funds for qualifying organizations.
3. The third initiative is a $6 million, six-year challenge grant, to be matched by other donors, for building a sustainable complex at Punahou School to be named the Omidyar Kindergarten-First Grade Neighborhood.
All three of the first initiatives have a matching component. Punahou School will do its own fundraising for the K-1 campus, while the foundation will work on raising donations to match the others.
The Hawaii Community Foundation, a statewide grantmaking organization that works with local nonprofit organizations, has provided more than $160 million in grants and contracts between 2000 and 2008.
The Omidyars have been very active and generous in philanthropy work. They have founded the Omidyar Network, Humanity United and HopeLab. The Omidyar Network plans to spend $30 million over three years to support global entrepreneurship, especially in India and sub-Saharan Africa.
All of Hawaii will benefit for years to come from the gifts by the Omidyars. Mahalo nui loa for your Aloha.
Contact me to learn about our island lifestyle and to consider a real estate purchase while our prices and rates are low. When folks like Pierre and Pam Omidyar choose to make Hawaii home, to come back home, we must have somethng special to offer.
A recent poll released by Gallup and the Knight Foundation found several qualities which create a passion for the community by its residents, and Hawaii Kai fits them all.
The study, "Soul of the Community," looked at 26 places and surveyed a random sample of more than 10,000 people (Hawaii Kai wasn't included - I guess the study heads didn't want a vacation on our islands). They found that residents are most attached to their communities when they have fun places to gather (the ocean, the beach, the marina), there's a welcoming atmosphere (Aloha), and there are beautiful and green spaces (the ocean, the beach, the marina, the parks) to enjoy.
As reported by RisMedia, "'While the pain from the recession is deep, other factors far outweigh economics when it comes to determining how emotionally attached people are to their communities,' said Warren Wright, managing partner for Gallup, in a news release. Positive feelings about a community, however, do have a connection to local GDP growth over a longer-term period, according to the report.
"The study, in its second year, explores the connection between economic growth and residents' emotional attachment to their communities. Gallup has shown that increasing an employee's emotional connection to his or her company leads to better financial performance of the organization."
One of the purposes of the study was to help local planners idenitfy what residents want from their communities. Katherine Loflin, lead consultant on the project, said, "Have you ever gone somewhere and said ‘I could live there?'" I have to add, have you visited Hawaii Kai? That's about the first thing you will think of when you come.
She continued, "What keeps residents passionate about their communities are some of the things they'd show off to visitors: elements that make for a fun social life, beautiful features, or the historic town square-things that root people in a community." Hawaii Kai offers the opportunities for social life - mainly water sports, but many other activities from bridge to dog walking in our new Dog Park to running the Honolulu Marathon. We have the beauty - no one will argue that. And we have the Hawaii Kai Towne Center and the Koko Marina Center. So we fit all the requirements of a great place to live and call home.
Other findings of the survey include:
*Residents more satisfied with their jobs are more likely to have an emotional connection with their community. *The community should be open and welcoming to college graduates. *Having fun places to gather help community attachment. *A creative and diverse workforce is a positive attraction.
If you are looking for a place to grow roots, for a community with a distinct and very strong Sense of Place, come visit Hawaii Kai. Now is the time to consider a real estate investment - we have a Buyer's Market here just like the rest of the country. You can find some great bargains. Contact me to discuss our community - I've lived and worked here for more than 20 years and wouldn't go anywhere else - or to get a free Relocation Package for Hawaii Kai.
Secondary schools in Hawai'i were cited in a new national report as the leaders in cutting back on sales of junk foods and beverages, such as candy and soda. The report, "Availability of Less Nutritious Snack Foods and Beverages in Secondary Schools," was published this week in the U.S. Centers for Disease Control and Prevention's Morbidity and Mortality Weekly Report. Data were collected from 40 states from 2002 to 2008.
Last year, the report says, 88.2 percent of students in Hawai'i secondary schools could not buy candy or salty snacks from vending machines or at a school store or snack bar. By comparison, only 18.2 percent of secondary school students in Utah could not buy candy or salty snacks at school.
In Hawai'i, Dave Randall, education specialist for health and physical education for the state Department of Education, attributed the high percentage of schools not offering junk food to the state's stringent wellness policy, which was developed according to nutrition guidelines from the Institute of Medicine. A 2004 federal law required school districts to implement a wellness policy, but gave wide latitude in how strict the guidelines should be, Randall said. "As a department, we wanted to aim high," Randall said. "The group that was brought together to put together the wellness guidelines wanted to do what was best for kids."
The guidelines for the Wellness Policy should be fully implemented by 2011, and include requiremens for physical education and school lunches.
Come join our healthy Island lifestyle. Contact me for information about how you and your family can enjoy Hawaii Kai.
The Honolulu Board of Realtors has released sales figures for September, which show a positive trend upward.
Total number of single family sales for the island were 244, compared to 215 in Sept. 2008. Median sales price was $600,000, vs. 590,000 a year ago. Total sales for the first nine months on Oahu were 1,788, a decrease of 16.2% over 2008. Median price year-to-date was $575,000 for single family, a decrease of 8%.
For the condo market, 345 sales recorded in Sept., compared to 305 last year. Median sales price for the condos was $305,000, vs $296,000 a year ago. Total sales of condos for the first nine months on Oahu were 2,338, a 26.32% decrease from last year. Median price was $300,000, a decrease of 7.7% from 2008.
Lawrence Yun, chief economist for the National Association of REALTORS®, provided the following commentary on Oahu's housing market:
"Home sales in 2009, to-date, were essentially at a 10-year low. One reason for the much lower sales can be explained by stricter mortgage underwriting guidelines. In addition, Hawaii suffers from the credit freeze that is taking place in the jumbo market and for second home purchases. However, the biggest reason for such low sales activity is likely due to fear of further home price declines.
"Consumer psychology appears to be decisively turning for the better as the housing market has been showing signs of bottoming, if it is not already past a bottom point. Affordability conditions are now at multi-year highs thanks to lower home prices and very low mortgage rates on conforming mortgages.
"The first-time homebuyer tax credit is also helping. It is no surprise, therefore, that home sales have begun to rise nationally for 5 straight months. The increases were beyond the normal seasonal uptick in spring and summer."
These statistics from the Board do not reflect sales for new construction, but only existing properties.
For Hawaii Kai, 25 single family homes sold in September with a median sales price of $830,000, compared to 7 sales last year, and a median price of $665,000. Year-to-date, 127 homes have sold in Hawaii Kai, vs. 121 last year. In 2009, median price has been $766,000 vs. $830,000 last year.
For condos, 21 sales closed in September vs. 15 last year; the median price hardly changed, $510,000 in 2009 vs. $511,000 in 2008. Year-to-date, 133 condos have sold, with a median price of $489,000, vs. 152 sales in 2008, and a median price of $541,500.
Inventory has declined from a year ago. There were 74 single family homes active in Hawaii Kai in September, vs 101 last year, and 46 condos vs. 59 last year.
Island-wide, median sales prices have risen for single family homes from $539,500 in January to $600,000 in September; for condos, there has been no change, $305,000. Median days on market has decreased for single family from 71 in January to 54 in September; condos from 59 to 51.
There are many positive signs in the Hawaii Kai and Oahu real estate markets. For a more detailed review of the September or year-to-date sales, or for a community analysis, please contact me for an in-depth report.
Most states are facing big problems as they draft their budgets for the next fiscal year, and Hawaii is no exception. The state has had to impose employee furloughs, pay adjustments, and given state agencies much smaller budgets to work with. This has certainly meant readjustments in state services, but also - not surprisingly - an outpouring of help and Aloha from our residents.
For instance, several libraries have had to reduce hours and even faced closure. But 2 fundraising drives, aimed at helping to keep them open, have collected more than $130,000 in the last month, and already have lifted the "closed" sign off one Big Island library.
The state Public Library System's "Keep Your Library Open!" campaign had taken in $59,884 as of Friday. A companion drive, "Keep the Doors Open!," administered by the Friends of the Library of Hawai'i, has collected $71,776. Donations have come from a variety of sources, from anonymous individuals who dip into their own wallets to preschool classes and cafeteria workers who have organized their own fund drives. The money will be used for basic necessities, from buying books to paying utility bills.
Friends of the Library of Hawai'i Executive Director Byrde Cestare said her organization undertook the fund drive as a separate initiative from its ongoing efforts to raise money for library programs not otherwise included in the operating budget. "In normal times, we would not be supplanting state funds," said Cestare. "But these are extraordinary times."
Other examples of folks working together to find solutions to our budget shortfall have been seen in our schools. Teachers have been given furlough days, but the YMCA has promised child programs all day for those days, parents have offered to pay teachers separately to teach on those days - and there have been many more ideas considered.
Hawaii Kai does have public schools, and a very cohesive community. It is heartwarming to see the spirit of Aloha truly at work throughout the state, as we work together to support our community services. Contact me for real estate opportunities on our island, and to learn more about our Hawaii Kai lifestyle.
Most runners on Oahu know the Honolulu Marathon (in December) out and back course turns around in Hawaii Kai, and our weather favors all outdoor activities. Running is one of the major ones in our islands. But the sport also brings financial results, as well as physical ones.
The 10th Anniversary of the Nike 5K Run for Kids in Waikiki this week raised $150,000 for Oahu schools. 100% of the entry fees for the run and 1 Mile walk will be donated to schools to support their play, physical education and athletic programs and to purchase play equipment. More than half of the entrants were younger than 18.
The top five fundraising schools were:
• Ma'ema'e Elementary School's 560 runners raised $8,400 for their school.
• Kapolei High School's 325 runners raised $4,875.
• St. Andrew's Priory had 263 runners, raising $3,945.
These results are pretty amazing. In a year of teachers facing pay cuts and furloughs, and libraries open fewer hours, and more state budget restrictions, residents getting together to help our schools and get exercise at the same time is a great example of our island Aloha. Contact me to learn more about our Oahu lifestyle and ask for your free Relocate to Hawaii Kai Package.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
EBay founder Pierre Omidyar and his wife, Pam, have given the Hawaii Community Foundation a $50 million gift, believed to be the largest single gift from a living donor in the state's history.
A recent poll released by Gallup and the Knight Foundation found several qualities which create a passion for the community by its residents, and Hawaii Kai fits them all.
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