I can't believe it's April already! I'm seeing a definite shift in market activity here on Oahu. At least we are getting faster responses from sellers on offers we put in representing the buyers. The sellers are realizing that the market is still sluggish and if they don't want to hang on to their property for several months (while inventory is high and better priced properties are selling)...they need to jump on it.

With so much inventory on the market the sellers don't have the luxury of overpricing their properties.

March numbers are in and we still have a lot of single family homes and condos on the market, 1,901 and 2,582 respectively for a total of 4,483 units. That is a total of 15.5 months of inventory if no new homes come on the market, and last month another 489 SF and 709 condos joined the party. Only 188 homes and 248 condos sold. Homes are sitting on the market for less time than the first two months of '09 which reflects pricing more appropriate to market demand as opposed to being overpriced.

Sales are up over the first two months of the year. This indicates to me that buyers who have been sitting on  the fence to see how low the market will go have realized that if they can qualify and are ready to buy, THEY need to jump on it.

What buyers REALLY need to jump on right now is the First Time Homebuyer Tax Credit of $8,000. Buyers must not have owned a home for the past three years to qualify as a "first time buyer" and they are entitled to an $8,000 ( or 10% of the homes value, whichever is less) refund on their 2008 or 2009 taxes. To qualify, the purchase must be made between January1, 2009 and November 30, 2009. Some people think it's December 31 but that is incorrect.

Over on the Commercial leasing side office vacancy continues to rise Downtown to around 10%. Any time you have a vacancy rate close to 10% and up you have a tenants market. And the tenants are certainly calling the shots these days! Depending on the building, I'm seeing free rent, build out allowances and all sorts of goodies tenants were not able to get since the mid 1990s.

Class A office space is running around $1.30-$1.80 per square foot per month plus Common Area Maintenance. Average CAM charges rose by 4 cents to $1.18 per square foot, from $1.14 per square foot three months ago, a 3.5 % increase. Parking runs anywhere from $135 unreserved to $300 reserved per stall per month. I'm seeing some bargain basement prices on some nice subleases as companies are reducing their square footage or simply closing their doors.

Retail is very soft; there are a lot of vacancies. Small strip malls across the state have an average vacancy rate of 9 %. Retailers are continuing to struggle with losses and many are going out of business entirely. Some are just walking away from their leases and letting the chips fall where they may, particularly in the big malls that charge high overhead.

Even some of the Big Dogs are biting the bullet: Niketown in Waikiki is selling its flagship building and Chicago-based General Growth Properties just filed Cahpter 11. In Hawaii, General Growth owns Ala Moana Center, the largest open-air shopping mall in the world, and Ward Centers. These are two of the largest shopping centers in the state. And if you stroll around either one of them, you'll see quite a few empty stores...

Industrial is always a winner here because we don't have much land to sprawl out on, and really tight zoning keeps growth to a minimum. So we are getting roughly $.85- $1.50 per square foot. Some a little lower, some a little higher depending on the property and the use.

That's all for now. It's too nice a day here is beautiful Hawaii to be at  a computer!

Aloha,

Biz

The numbers are in for 2008 Annual Residential Sales on Oahu. So the overall numbers are down from 2007. Well, to me that just means people that had unreasonable expectations about what they can get for their homes $$ wise did not sell. I'll be posting the February Sales data soon and you will see there is a LOT of inventory on the market. This is a good thing if you are buying, you have a lot of properties to chose from. If you are a seller, you need to make sure your home is priced right and in excellent condition to make your property stand out! Aloha from Hawaii, Biz 2008 Oahu Hawaii Annual Residential Real Estate Sales by Neighborhood

Aloha from Biz on Lanikai Beach!

Well, if people didn’t believe it last quarter, they can't ignore it now. Oahu is totally a Buyer's Market right now! If you've got money there are some great deals out there.

January Oahu Home sales came in at 281 closed and recorded; that breaks down to 122 single family and 159 condos. That’s out of an inventory of 1,903 SF and 2,494 condos (4,397 total homes) on the market in the Multiple Listing Service. We now have around 10 months of inventory remaining. And to top it off 496 single family and 674 condos came on the market to add another 1,170 to the inventory. So yes, there is a huge amount of property on the market right now.

 

However, when I look in the Multiple Listing service I see that the vast majority of these have been on the market over 60 days! Looking at the data of sold and recorded homes since the beginning of February, those that closed in under 45 days were priced correctly to begin with and sold for almost full list price. Some even higher! The ones that closed in that time period for far less than asking sat on the market for longer than 60 days. Why? Because they were not priced correctly to reflect the market to begin with!

Some agents play the game of taking the home off the market after it has been sitting for a long period of time then re-list it so it appears to be a new listing and generate interest, but those kinds of games do not do justice to the seller. Cute tricks in this market do not sell homes, aggressive pricing sells homes.

In the Commercial sector the “Experts” are finally admitting what I’ve been talking about for months: the Tenants are in charge! The tenants have more options open to find multiple move alternatives if they are unhappy with their current space or the landlord is asking for too much rent when the lease comes up for renewal. By forcing the landlords to compete for tenancy they can negotiate better base rent, and I am seeing more free rent and build out allowances in my commercial tenants. Keep in mind that if you don’t have to move, work with your existing landlord to get a win-win situation. Moving to a new office or warehouse is costly for a tenant, including downtime.

This time of year in Hawaii is known as Hurricane Season and we all need to remind ourselves to be prepared. Not only with sufficient food and water supplies and emergency evacuation plans; a key component many people don’t think about is light. Yes, emergency lighting.

I was prepared for the Christmas Blackout with no power for 18 hours at my house. I had plenty of batteries, radio and lighting to keep me cozy. A solar charger for my cell phone and an old fashioned chorded phone for my landline. After the power came back on I made sure everything was recharged, replenished and replaced if necessary. What I didn’t have was a full tank of propane for the BBQ..I do now!

So when a car hit a Hawaiian Electric pole in my neighborhood a few weeks ago I was ready for another night without power. Not so two of my neighbors: they didn’t even have flashlights! I lent them each one of mine and I don’t expect to get them back. I just want to remind everybody to be prepared, as we never know when we may be stuck in the dark!

Upcoming Bizness: Century 21 Paradise International is hosting a First Time Buyers Seminar at 10:00AM , Saturday, March 14th. If you or anyone you know is interested, register by calling my office at 521-4200. We have Mortgage and Title people there to get you heading in the right direction to purchase a home.

I will be giving a Commercial Tenants Seminar, “Care and Feeding of your Commercial Lease”, at the Hawaii Women’s Business Center later in March. This will be an overview of how to lease Commercial Property and how to protect yourself as a Tenant. The date is not firmed up yet but I will keep you posted as that firms up. Aloha and have a GREAT day! Biz

 

 

 

 

 

 

 

Well, C21 Homefiders of Hawaii split into two divisions.

Our Office along with Aiea and Kailua Kona is now "Century 21 Paradise International".

I actually like it better becasue when I was introducing myself in a Commercial situation, "Homefinders" implies strictially residential...

Nothing else has changes, contact info wise. Our office is still in the same place, Bank of Hawaii Bldg. on Ward.

Aloha from Hawaii,

Biz

On a bright Hawaiian Christmas Day

That's the island greeting that we send to you

From the land where palm trees sway

Here we know that Christmas will be green and bright

The sun to shine by day and all the stars at night

Mele Kalikimaka is Hawaii's way

To say "Merry Christmas to you."

 “Mele Kalikimaka”
--R. Alex Anderson

Welcome to the Holidays in the Islands, an experience like no other you’ll have anywhere else in the World. People in Hawaii love their decorating for the season, as ornaments start showing up in stores before Halloween! Fresh Christmas trees imported from the mainland go on sale on Thanksgiving Day and if you don’t get yours by the first week of December you are usually out of luck.

Honolulu is a city that dresses up all the municipal vehicles; buses, garbage trucks, cranes and just about anything with wheels in the municipal fleet gets draped in thousands of lights for an electric lights parade through downtown. Local boaters vie for First Place Awards in several lighted Boat Parades and many ordinary folk dress up their personal cars, motorcycles and mopeds for the Holiday Season.

The traditional drive to see the decorations around town is an annual event for all to enjoy. Each year it draws hundreds of thousands of people to Honolulu Hale (City Hall) and the Civic Center grounds.  On opening night alone, 75,000 guests join in to kick-off the holiday season to gaze in wonder at the spectacular show. Starting from the “City Lights” at Honolulu Hale and winding through the downtown area, the business buildings are decked with garlands, wreaths, trees, and hundreds of thousands of white lights. Keep driving into Waikiki and see how the dazzling display of decorations line Kalakaua Avenue. Every Hotel tries to outdo each other on their facades and in their lobbies with extravagant displays of trees, flowers and animated characters delighting resort guests and locals alike.

Neighbors try and outdo each other with opulent decorations of their own. Palm trees are frequently decorated for Christmas, especially in outdoor displays and neighborhood yards. They nicely complement displays of Santa riding an outrigger canoe rather than a sleigh, dolphins in place of reindeer, and elves laboring in aloha shirts. Santa doesn’t visit department stores here as much as he does on the Mainland. Instead, the "Ku'u Home" (Our Home) plantation house in the Honolulu Hale Courtyard serves as "Santa's House" when he's in residence listening to wishes of island children. Because this is a tropical Santa, he'll be in shorts, of course.

Shopping in Hawaii isn’t just limited to the Malls. Hawaiians love their Craft Shows and Christmas sees each weekend from Halloween on jam packed with events all over the Islands. Usually there are quite a few going on the same day, so crafty shoppers are known to caravan from place to place to get the best deals. From hand made pot holders in traditional Hawaiian Quilt patterns to ornate Koa Wood carved furniture, from delicate beaded bracelets to artisan blown glass…you can surely find something to please everyone on your gift list and never even step into a store!

Christmas has not always been here in the Islands. In 1820, Protestant missionaries came to Hawaii from New England and brought their Christmas tradition with them. In ancient times a traditional Hawaiian festival called Makahiki was celebrated at this time. During this time, wars and conflicts were strictly forbidden and the Hawaiian’s celebration lasted for four months. Tributes and taxes were paid by each district to the ruling chief, sporting competitions and contests between villages were organized. Storytelling, feasting, and dancing were held in honor of the god Lono.

Captain George Dixon, docked the Queen Charlotte in Waimea Bay on Kauai in 1786, and commanded his crew to prepare a Christmas dinner that included roasted pig, pie and grog mixed with coconut milk. This is thought by many historians to be the first official “Christmas in Hawaii”.

In 1856, Alexander Liholiho (King Kamehameha IV) declared December 25 to be his kingdom’s national day of Thanksgiving. Two years later, Santa Claus made his first appearance in Hawaii, arriving at Washington Place (now the governor’s residence) to deliver gifts for the children.

Fast forward to today: Christmas morning is typically spent at a religious service followed by a large gathering of family and friends. Just like anywhere else you say? Guess again; Christmas carols are sung in Hawaiian and accompanied by ukulele or guitar by choirs and bands while ohana (extended families) celebrate luaus and picnics on the beach or in their backyards. Those who head to the beaches wear Santa hats and leis to go with their shorts and bathing suits. Even Santa Claus is a barefoot big man wearing an Aloha shirt and full white beard, who arrives in Waikiki by outrigger canoe.

From Christmas Day to New Years work pretty much grinds to a halt here. If you want to make friends with municipal employees now is the time to bring them manapua (barbecued pork-filled steamed dumplings) during this week and your permits will be expedited in the coming year…And New Years is all about the food. Our melting pot of different cultures has brought together a variety of different foods and they are especially abundant during the Holidays. Celebration foods include smoky, roasted Hawaiian-style kalua pork, and lechon, the crispier Filipino version. From Japan we have Mochi. This steamed glutinous rice pounded to a smooth, chewy consistency, and shaped into small round cakes is traditionally served in ozoni (soup). Eaten for breakfast on New Year’s Day, Mochi symbolizes wishes for long life and prosperity in the New Year.

One food that has become everyone’s New Year tradition is sashimi, or raw fish, usually ahi or tuna, prized for its red color, a symbol of good luck. Everyone seeks out the freshest and best fish they can find, keeping local fishermen busy and prices sky high. Sliced and dipped in a little soy sauce mixed with wasabi (Japanese horseradish), sashimi is more prized than caviar for the New Year celebration.

New Years Eve in Hawaii brings out the fireworks displays bigger than the Fourth of July. People gather early in the morning on Magic Island to stake out their claim for space to watch the pyrotechnics put on by the City and County of Honolulu. Kaneohe Marine Corps Base also puts on a spectacular show. Firecrackers are a strong cultural tradition in Hawaii and newcomers should prepare themselves for some loud and explosive action. Permits to purchase fireworks are mandatory and Aerial fireworks are outlawed for private use. Neighbors string 10,000 firecrackers together, hang them over the branch of a tree, and set the whole thing on fire!

When the smoke clears, and you wade through early-morning, ankle-deep firecracker papers in the streets of Waikiki on New Year's Day on your way to the beach, you know you have just celebrated the Holidays “Hawaiian Style”.

 

 

Byline:

Elizabeth “Biz” Kellam is a Realtor Associate with Century 21 All Professional in Honolulu, Hawaii.

Released: Monday, December 3, 2007 HONOLULU - The Honolulu Board of REALTORS® released resale figures for the month of November today. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are: November 2007 Residential Resales Statistics for Oahu Single Family Home Resales   Number of Sales This Month Compared To   Median* Sales Price This Month Compared To November, 2007 245     $ 610,000   October, 2007       $ 655,000 dn 6.9% November, 2006 293 dn 16.4%   $ 610,000 No Change Condominium Resales   Number of Sales This Month Compared To   Median* Sales Price This Month Compared To November, 2007 379     $315,000   October, 2007       $322,500 dn 2.3% November, 2006 421 dn 10.0%   $310,000 up 1.6%   *Median price means half the prices were above and half below the given price. During November, sales of 245 single-family homes and 379 condominiums were reported through the Board's MLS, a decrease of 16.4 percent for single-family homes and 10.0 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,387 for the first eleven months of 2007, a decrease of 8.3 percent over the same time period one year ago. Total condominium sales through October were 5,146, a 13.1 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eleven months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 4.8 percent over the 2006 prices of $630,000 and $310,000. The total dollar sales volume generated in the housing market for the first eleven months of the year was $4.650 billion, a decrease of 7.5 percent or $376 million, compared to the $5.026 billion produced one year ago.

If you collect any info from people on your website you really need a privacy policy so here is a good one to use . Just insert you company/site name in the blanks and enjoy!

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This blog is provided by the BIZ KELLAM to provide visitors and members with information about Hawaii Residential and Commercial Real Estate. BIZ KELLAM disclaims responsibility for any of the content or opinions expressed on this blog, including, but not limited to content or opinions regarding any products or service mentioned on the blog. BIZ KELLAM disclaims liability for any damages or losses, direct or indirect, that may result from use of or reliance on information contained in the blog. This blog may contain links to other Web sites operated by third parties. These links are provided as a convenience to access the information contained therein. BIZ KELLAM has not reviewed all of the information on other sites and disclaims any responsibility for the content of any other sites or the products or services that may be offered on or through those sites. Inclusion of a link to another site does not indicate any endorsement or approval of the site or its content. BIZ KELLAM reserves the right to edit, remove or deny access to individuals or content that it determines to be unacceptable, including, but not limited to, any abusive, profane, rude, defamatory, or anonymous comments. This blog is provided by BIZ KELLAM to provide visitors and members with information about Hawaii Residential and Commercial Real Estate. BIZ KELLAM disclaims responsibility for any of the content or opinions expressed on this blog, including, but not limited to content or opinions regarding any products or service mentioned on the blog. BIZ KELLAM disclaims liability for any damages or losses, direct or indirect, that may result from use of or reliance on information contained in the blog. This blog may contain links to other Web sites operated by third parties. These links are provided as a convenience to access the information contained therein. BIZ KELLAM has not reviewed all of the information on other sites and disclaims any responsibility for the content of any other sites or the products or services that may be offered on or through those sites. Inclusion of a link to another site does not indicate any endorsement or approval of the site or its content. BIZ KELLAM reserves the right to edit, remove or deny access to individuals or content that it determines to be unacceptable, including, but not limited to, any abusive, profane, rude, defamatory, or anonymous comments Help yourself fellow Bloggers. Just take my name out and put yours in.

During June, sales of 338 single-family homes and 547 condominiums were reported through the Board's MLS, decreases of 8.2 percent for single-family homes and 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,902 for the first six months of 2007, a decrease of 5.7 percent over the same time period one year ago. Total condominium sales were 2,978, a 15.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first six months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 5.7 percent over the 2006 prices of $630,000 and $307,500. The total dollar sales volume generated in the housing market for the first six months of the year was $2.642 billion, a decrease of 5.9 percent, or $167 million, compared to the $2.809 billion produced one year ago.

There is a 8.2 decrease in Single Family Homes Sales Volume from last year; and, a 14.7% decrease in Condominium Sales Volume in June 2007 compared to the same month last year.

"The Oahu housing market achieved new records in June with the median price paid for a single-family home at $685,000, exceeding the previous record of $668,300 in May 2006, and condominium prices at $334,000, surpassing the prior peak of $329,000 set last July," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand."
"Oahu residential markets have been pushing the price envelope in recent years, including this June," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "Of the seventeen single-family home neighborhoods tracked for research purposes by the Board, sales of over $1 million occurred in ten or more of them every month since last year. Last month, there were even three neighborhoods registering sales of more than $3.8 million. These high-end sales confirm the opinion held by many REALTORS® that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all."

*Source: The Honolulu Board of REALTORS®