- Homeownership in the US fell to 62.9% in Q2 2016, which is the lowest level since 1965, driven by high home prices.
- Oahu lacks sufficient new housing for its residents, notably on the affordable end. A major reason for the lack of new housing is the high level of regulations in Honolulu County, which means higher costs to developers and ultimately higher home prices.
- Developer Peter Savio has bought Niu Valley Shopping Center (east Honolulu) for $18.5M and reportedly plans to sell individiual spaces back to tenants in a condo conversion effort.
- Check out our article on Oahu's top 10 oceanfront single-family homes neighborhoods
- Oahu real estate market outlook June 2016
- Chinese investing in Hawaii real estate has increased significantly over the past couple of years, especially in the commercial and residential development space.
- ~29,400 people work in the construction industry in Honolulu, up from ~24,400 1 year ago.
- Turtle Bay Resort on Oahu's North Shore
is in early stage planning to expand the resort with an additional hotel, new golf courses & more.
- Hawaii (all islands) needs close to 66,000 housing units over the next decade to keep up with expected demand, with close to 26,000 of the units needed on Oahu - see full report on the State's website here
- A Chinese investment company is in discussions with James Campbell Co. to purchase the entire 516 acre 'Kapolei West' land, connecting Ko Olina to Kapolei, and create a master-planned residential community.
- The Dept. of Planning & Permitting in Honolulu appears to be cracking down harder on vacation rentals (rentals less than 30 days) in residential neighborhoods with about 40 citations so far this year compared with just 35 citations total year 2015.
- Hawaii has the lowest property tax rate of all US states and the typical homeowner pays about 50% less than a homeower in Alabama, which is the state with the 2nd lowest property tax rate - see article on Civil Beat
- A gated project - consisting of 6 homes - is in the planning in Kailua's Maunawili neighborhood.
- Hoopili, a D.R. Horton-Schuler master planned community of close to 12,000 homes, is expected to start construction this summer. It will be a city in itself and it is expected to take 20 to 25yrs to comlete the entire plan.
- 7 incredible brand new Grand Penthouses for sale in Honolulu - see details here
- The ultimate real estate tax benefit guide
- a must read for anyone who owns real estate in the US.
- Californians purchased more than 1,500 properties in Hawaii year 2015. Read more about who purchased how much in this PBN article
- Honolulu HI 5's pet policy guide
is a central piece in today's (Sunday) paper, Honolulu Star-Advertiser.
- A $2BL Atlantis aquarium resort is in the planning - would be located in Ko Olina.
- Rental rates in Honolulu are estimated to be up ~15% Q4 2015 vs Q4 2014, which is based on data from 3BR single-family homes, compiled by Real Property Management Alliance. Nationwide rates are up ~3.1% in the same period.
- 2 brand new single-family homes developments coming to Hawaii Kai
- Almost 7,500 solar photovoltaic permits were issued on Oahu year 2015 - a significant increase from the ~6,500 permits issues year 2014.
- Effective 2/16/2016 FIRPTA withholdings will increase from 10% to 15% of the sales price for sellers who are non-US residents. Only if the buyer intends to occupy the property as their residence, the withholding is reduced for certain price parameters: a) 10% of the sales price for properties sold between $300,001 to $1M and b.) 0% of sales price for properties sold up to $300,000. Note: This is not an increase in the actual capital gains tax, but only an increase in the withholdings.
- Robertson Properties Group - LA based developer - has purchased the old King Kalakaua Plaza lot in Waikiki (previous tenants Nike Town, Banana Republic). We suspect something is in the works (maybe a residential tower).
- Chinese investment company purchased 23 acres of land in Ko Olina - Oahu's west coast - and is planning to develop a 150 unit luxury condo and a connecting 150 unit luxury hotel.
- 17 new retail developments are currently in the making on Oahu, expected to create 4 million sqf more retail space over the next 4 years.
- Federal solar tax credit has been extended for another 5 years, which is great news for Oahu homeowners.
- US homeownership rate is the lowest since 1967 and the share of income spent on rent is at an all time high (Hawaii ranked 3rd) - these details and more described in this excellent article on Apartment List
- Foreign buyers represent a fairly small overall percentage Hawaii real estate buyers - see this in-depth article on Civil Beat
and the Governor's website
, analysing resale data from year 2008 through September 2015.