Today’s Real Estate Report: Hawaii

Kauai Real EstateToday, in our ongoing series about local real estate markets, we’ll take a look at home and condo sales and trends in Hawaii:

Hawaii News Now chronicles the big jump in commercial real estate deals and prices in the state in 2012:

Economic recovery is under way in earnest in the Hawaii commercial real estate market. There are a lot more deals, and the price tags are bigger. The total value of such deals in 2012 was $2.21 billion, up 81 percent from 2011, Colliers Hawaii said Friday. In the last peak year, 2005, transaction value reached $4.3 billion. There were 182 deals over $1 million in value in 2012, up 34 percent from the previous year. Hotel deals accounted for only about 10 percent of the sales activity. Retail deals made up 42 percent of the total.

The Hawaii Reporter has the scoop on Hawaii, the Bg Island:

We’re seeing the same low inventory levels on the Big Island and the demand has boosted prices from the low levels of a year ago. Even thought prices have come off their lowest levels, they are still way down from the height of the market 6 years ago. That, along with historically low interest rates, still means a great opportunity for buyers of Big Island property.

On Kauai, a story that’s close to our own hearts (having lived there for a year in 2000) – the Coco Palms Resort, Elvis’s favorite Hawaiian haunt, may get a long-promised make-over and re-opening, according to BizJournals.com:

Kusaka told PBN in an email that the development team has been working hard to get the project moving ahead but said that in November, it hit a roadblock after the owners, Coco Palms LLC Ventures, did not accept the offer from Duddy’s group. “So we are back to the drawing board, drumming up new interests,” she said then. “It has been a slow and difficult road to salvaging the aura that is Coco Palms [and] it seems that no matter how hard we try, something always stands in the way.”

On Oahu, the Honolulu Star Advertiser reports that Honolulu foreclosures dropped last year:

Foreclosures in Honolulu dropped 34.49 percent in 2012 from 2011, according to real estate data tracking company RealtyTrac Inc. The company ranked Honolulu at No. 11 among its 20 worst U.S. markets in which to buy a foreclosed home, citing a 50-month supply of foreclosure inventory and the 5.17 percent of all sales which are foreclosure properties, among other factors.

On Maui, Maui TV News reports that prices and home values climbed last month:

The number of single-family homes sold in Maui County soared 26 percent in January compared to a year ago, while prices shot up 38 percent, according to the Realtors Association of Maui. There were 63 single-family homes sold last month — 62 on Maui and one on Lanai — compared to 50 homes sold during January 2012.

And the state’s real estate executives thing 2013 will be even better than 2012, BizJournals.com reports:

“It’s still brutal for buyers,” said Myron Kiriu, president of Prudential Advantage Realty. “You’re having properties, priced right, with between six and 20 offers now and only one person gets the property. “There’s tons of demand but not enough inventory,” Kiriu added. “Most guys I talk to think there will be a price increase.”

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