Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.


Pacific Business News Tours Ward Warehouse Demolition

If you have driven along Ala Moana Boulevard lately, the mauka side is starting to look a lot different.  Not only is Waiea now the dominant presence, with its sweeping architecture hard to ignore, but an old, familiar landmark is now gone: Ward Warehouse.  The Howard Hughes Corporation began their demolition of the Ward Warehouse earlier this July in order to make way for its Gateway Towers development.  The redevelopment of the parcel will feature a park in between two towers, creating an improved mauka to makai connection from Kewalo Harbor to Ward Village.

Read more updates from Pacific Business News' tour of the current state of the Ware Warehouse demolitions, below. And view more photos online on Pacific Business News' website, here.

It’s a matter of weeks now before Honolulu’s Ward Warehouse becomes just a memory, as The Howard Hughes Corp. clears the land to make way for a future mixed-use tower under its Ward Village master plan.

Re-use Hawaii spent this week salvaging old-growth Douglas fir beams, fixtures and other building materials from the site, as Layton Construction worked to demolish the areas where salvaging had already taken place.

Quinn Vittum, executive director of Re-use Hawaii, said the work to salvage material from the retail and restaurant center, which closed on July 31, is taking place in two phases. The first phase, which started in August, recovered such interior items as doors, cabinets, plumbing fixtures and lights from retail stores and the Old Spaghetti Factory, Kincaid’s and Stuart Anderson’s Cattle Co. restaurants. 

The second phase is to recover the large beams and other lumber from the structure.

Vittum said the lumber is clear vertical grain Douglas fir that was milled from trees harvested in northern California or the Pacific Northwest in the mid 1970s.

Vittum said Re-use Hawaii expects to be finished in early January. After that, it’s off to salvage items from Ward Plaza, and then the warehouses across Auahi Street before they are also demolished for future phases of Ward Village



Construction Update: Aeo at Ward Village

Photo: Ward Village, Howard Hughes Corporation

Photo: Ward Village, Howard Hughes Corporation

Development at Ward Village is non-stop. With Anaha officially open as of November 2017, we now turn our eyes to the progress on the Howard Hughes Corporation's next condo project, Aeo. The streetscape at Kamakee has changed dramatically already. From new crosswalks added to the street to the state's flagship Whole Foods quickly rising up, Howard Hughes provides an update to the highly anticipated Aeo, which is slated to open in August 2018:

Since breaking ground last year, significant progress has been made to bring the building to life. When completed, Ae'o will raise the collective bar when it comes to residential amenities, giving homeowners an unparalleled opportunity to experience a new standard of living in urban Honolulu.

If you've driven down Kamake'e street recently, you may have noticed that Ae'o's signature wind patterns have quickly taken shape. The sweeping metallic design paints a picture of modernity and sophistication, all the while paying homage to the natural wonders that have shaped these treasured islands. But its signature trade-wind pattern is hardly the building's sole nod to nature. In fact, its very namesake is derived by looking toward the past.

For hundreds of years, the Ae'o, or Hawaiian stilt bird, once inhabited this swath of Honolulu. An area once rich with salt ponds taro fields, the land that constitutes present-day Ward Village was once known as the 'ili of KukuluAe'o. In an effort to integrate the deep-seeded stories and forces that gave life this special land, the famed architectural and design team from Bohlin Cywinski Jackson (BCJ) worked with Hawaiian culture experts and historians to create a building that melds its history with a 21st-century residential living experience second to none.

"Like the prevailing trade winds that frequent the islands and gave the Ae'o flight, the design of this building is meant to honor the wind," said Race Randle, VP of Development at Ward Village. "The shape and design of the building is a reflection of that lightness and flow. Given the bird's history to this land, it felt like a way for us to pay tribute."

Since first ground was broken last year, the team of frame workers, plumbers, carpenters, electricians, and masons, have recorded enormous progress. As you might imagine, it takes a mind-numbing amount of concrete, sweat, rebar, and thought to sculpt this type of residence in the heart of Honolulu.

"To date, we've poured 32 floors of concrete, completed the shell for Whole Foods, and have created four levels of parking. We've also glazed (added glass to the building's exterior) up to the 26th floor. It's really coming together nicely," said Rob Centra, Ward Village's Senior Vice President, Design & Construction Management. "Each of the towers we've worked on feels very distinct, but I think that's especially true of Ae'o. It's really gratifying seeing the building take shape. Currently, we have about 400 people working on the job, but that should expand up to 600 after the holidays as we gear up for opening in August of 2018."

When Ae'o is completed, the tower will feature 466 stunningly designed residences and more than 60,000-square feet of retail space, in addition to some of the most impressive amenities you'll find anywhere in Honolulu. (Be prepared: you're going to see a lot of pool and sunset terrace photos on your feed as residents move in.) To boot, a flagship Whole Foods Market will also be housed in the building's ground floor and will serves a hub for the surrounding community.

"We're so excited to bring the community the best that Whole Foods Market has to offer with our newest Hawai'i store," says Whole Foods Market's Roger Fawcett. "The market will not only create new local jobs, but it will introduce more customers to the amazing local products we source from nearly 300 suppliers from the Hawai'i an Islands."

It can't be denied that Ward Village is truly a community on the rise. Much like the Ae'o of the past used the prevailing trade winds to take flight, Ward Village is using its reverence for the history to propel it toward future. "We believe that it's our responsibility to preserve the stories behind the land. It should be a requirement to honor the past at every opportunity," adds Ward Village's Race Randle. "And we're thrilled with the way Ae'o has accomplished that."



State of Hawaii Department of Business, Economic Development and Tourism predicts stable economic growth

1118 Ala Moana Blvd Unit 1702-print-047-44-AerialWaieaPool1 copy-4200x3149-300dpi.jpg

HONOLULU—The Department of Business, Economic Development and Tourism (DBEDT) released its fourth quarter 2017 Statistical and Economic Report, which shows that the overall economic condition of Hawaii remains stable into the next few years and economic growth will be steady, around 1.5 percent.

During the first 10 months of 2017, the tourism industry has been performing better than expected. Visitor arrivals increased 4.9 percent and visitor spending increased 7.1 percent during the first nine months this year. According to the daily passenger data published by DBEDT, October’s passenger count increased 4.2 percent, which indicates the October visitor count will be an increase. For the first 20 days of November, passenger count increased 5.7 percent. In terms of visitor arrivals, it is on track towards another record level of visitors this year.

“We are happy to learn that scheduled air seats, the supply side of the tourism industry, will increase by 8.5 percent during the first three quarters of 2018,” said DBEDT Director Luis P. Salaveria. “Based on the current trend, there is the potential that we may be welcoming more than 9.5 million visitors in 2018.”

“It is a positive sign that direct flights to the neighbor islands during the next three quarters is expected to increase by more than 20 percent,” explained State Economist Dr. Eugene Tian. “That will help to ease the inter-island flight shortage due to Island Air ceasing operations on November 10.”

The labor market condition in Hawaii has been one of the best in the nation in the last few years. In October 2017, unemployment rate registered a record low rate of 2.2 percent, seasonally adjusted rate, and was the lowest rate in the nation for October. Year-to-date, Hawaii’s unemployment rate ranked the third lowest in terms of seasonally adjusted rate and ranked the lowest in terms of not seasonally adjusted rate.

Through October, the state gained 7,800 additional payroll jobs as compared with the same period last year. The increase in jobs mostly occurred in tourism-related industries. Retail trade and food services each added 2,500 jobs during the first 10 months, and accommodations added 1,100 hotel jobs, however, there are a few industries which lost jobs. Wholesale trade lost 600 jobs, financial activities and government sectors each lost 500 jobs, manufacturing and construction each lost 400 jobs during the first 10 months of the year.

There were 12,850 people looking for jobs in October, the lowest level since January 2007. During the first 10 months of 2017, average labor force and employment reached historic record high levels.

The value of private building permits increased 2.8 percent during the first nine months of 2017. The value of residential permits increased 14.7 percent, commercial and industrial permit values increased 119.4 percent, and value of additions and alterations decreased by 22.6 percent. The increase in building permit values will be reflected in construction activities next year.

The most recent economic forecast for the U.S. and the world indicates that most of the economies of the world, especially those our visitors are coming from, will experience continued economic growth in 2017 and 2018. The U.S. economy is expected to grow by 2.2 percent in 2017 and 2.5 percent in 2018, both are higher than the growth rate of 2016.

DBEDT revised the visitor industry forecast upward again with visitor arrivals now growing at 4.6 percent for 2017, 2.3 percent for 2018 and 1.5 percent for 2019 and 2020. Visitor expenditures will be at 6.7 percent for 2017, 3.9 percent for 2018, and 3.6 percent for 2019 and 2020.

DBEDT revised its projection of Hawaii’s economic growth, as measured by the real gross domestic product (GDP), upward from the third quarter projection to 1.7 percent for 2017, 1.5 percent for both 2018 and 2019, and 1.4 percent for 2020.

“The overall economic condition is good. We have one of the best labor markets in the nation, tourism is performing well, our real estate market continues to be strong, and more building permits are being issued,” said State Economist Dr. Eugene Tian. “The challenge is that not all the industries are performing well, some industries continue to lose jobs.”

DBEDT kept its projection on non-farm payroll job count unchanged at 1.0 percent in 2017 and falling to 0.8 percent in 2020. The unemployment rate projection now is lower for 2017 at 2.6 percent and will gradually increase to 3.4 percent by 2020.

DBEDT kept the nominal personal income growth rates unchanged from the previous quarter forecast in the neighborhood of 3.3 and 3.5 percent. Real personal income projections were also kept the same as the previous quarter forecast at rates below 2 percent for the next few years.

DBEDT kept its projections for the Honolulu consumer inflation rates unchanged from the forecast in the previous quarter at 2.5 percent for 2017, and 2.3 percent for the outer years. Consumer inflation rate for Honolulu during the first half of 2017 was 2.5 percent.

The DBEDT Quarterly Statistical and Economic Report contains more than 120 tables of the most recent quarterly data on Hawaii’s economy as well as narrative explanations of the trends in these data.

The full report is available at: dbedt.hawaii.gov/economic/qser.



Howard Hughes Corp. says 89% of Honolulu condos are sold

1108 Auahi St Honolulu HI-print-002-10-Auahi St Honolulu HI  96814 -4200x2800-300dpi.jpg

Read the full article, below:

The Howard Hughes Corp. has sold nearly 90 percent of the 1,381 condominium units the developer is building at its Ward Village community in Honolulu and last month repaid a $195.3 million construction loan on the Waiea and Anaha towers there, the company said Monday in its third quarter earnings report.

The Howard Hughes Corp. (NYSE: HHC) reported third quarter net income of $10.5 million, or 24 cents per diluted share, compared to net income of $8 million, or 19 cents per diluted share for the same quarter last year.

CEO David Weinreb, who inked a new 10-year agreement with the Dallas-based company, noted that the Hawaii properties contributed to gains in the quarter.

“In our strategic developments segment, we had our strongest quarter of sales at Ward Village without the launch of a new building as our vision for the community increasingly becomes a reality,” Weinreb said in a statement. “We are now approximately 89 percent sold on our four buildings currently under construction.”

Of the total 1,381 units in Waiea, Anaha, Aeo and Ke Kilohana, 1,227, or 88.8 percent, were closed or under contract as of Sept. 30, the company said.

Howard Hughes is still selling units at Waiea, which cost $417.3 million and was completed in November 2016. The company said it had closed on 158 of the 174 units there as of last week.

The developer had closed on 207 of a total 317 units at Anaha, which cost $401.3 million and opened last month.

Two other buildings, the Whole Foods Market-anchored Aeo, which is expected to cost $428.5 million and will have 466 units, and Ke Kilohana, which is expected to cost $218.9 million and will have 424 units, are under construction and are expected to be completed in the fourth quarter of 2018 and in 2019, respectively.

The company noted that it has started sales for the first tower of the Gateway Towers project but offered no other details.

Howard Hughes also noted that it began demolition of the Ward Warehouse shopping center during the quarter, which removed 115,191 square feet of “old retail space” from Ward Village, the company said.



Industry News: Oahu condo sales rise 14% in October 2017, Honolulu Board of Realtors says

DN-RTbCVwAAMxcp (1).jpg

The Honolulu Board of Realtors has released Oahu real estate sales statistics for October 2017, finding a 0.4% increase in the median price for a condo as compared to October 2016. There was a 14.3% increase in closed sales in October 2017, signaling the continued demand for condo properties.

Read more from Pacific Business News, below: 

Oahu’s residential real estate market saw single- and double-digit increases in sales of single-family homes and condominiums last month, compared to October 2016, while median prices for both categories posted only slight gains, according to statistics released Monday by the Honolulu Board of Realtors.

Sales of condominiums rose 14.3 percent in October to 489 units, from 428 units during the same month a year ago.

The median price of an Oahu condo was $397,500 in October, which was just 0.4 percent higher than $396,000 in October 2016.

Sales of single-family homes rose 6 percent to 355 homes sold in October, from 335 sold during the same month last year.

The median price of a single-family home in October rose 1.3 percent to $752,000, from $742,000 last year.

“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” Sue Ann Lee, president of Honolulu Board of Realtors, said in a statement. “The fall is traditionally a slower time for home sales, but demand is still robust as there are double-digit increases in pending sales for single-family houses, as well as condominiums and townhomes.

"However, even with a rise in new listings, we still need more inventory to meet the pent up demand for housing,” she said.

The numbers differ slightly from those released last week by Honolulu real estate firm Locations LLC, which bases its monthly statistics on daily compilation of data from the Multiple Listing Service, while the Honolulu Board of Realtors takes a snapshot of the data following the end of the month.



Anaha at Ward Village Welcomes First Residents

Anaha has officially welcomed its first residents! It was an honor to join The Howard Hughes Corporation team, Anaha's new homeowners, and our friend and clients for the blessing ceremony, which was beautifully led by Kumu Hina.

97% of the 317 units in Anaha have already been sold, but please contact us for our listing, which are some of the best and most desirable in the building.

Read the full press release, below:

HONOLULU--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today that it has begun welcoming residents to Anaha®, the second residential tower to be delivered in Ward Village®, the 60-acre coastal master planned community located in the heart of Honolulu. Named “Best-Planned Community in the United States” by Architectural Digest, Ward Village includes a thoughtfully curated mix of retail and dining experiences set among dynamic public open spaces and walkable streets. The milestone was celebrated with a traditional Hawaiian blessing ceremony.

Upon completion, the community will supply over 4,500 new residences in a market where the availability of new housing continues to fall short of demand. To date, the community has contracted to sell more than 1,200 residences, including 97% of Anaha’s 317 homes.

“The completion of Anaha is another significant milestone for Ward Village as our vision for the community to become a vibrant live-work-play destination continues to come to life,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “With its striking architecture, the building is a transformational addition to the Kaka’ako skyline and, along with Waiea®, a symbol of the level of design and quality we aspire to bring to each residence at Ward Village.”

Designed by Chicago-based Solomon Cordwell Buenz in partnership with Honolulu-based Benjamin Woo Architects, the building is home to a diverse range of stylish residences and well-appointed amenities. Residents of Anaha will be able to enjoy an ocean-view glass bottom pool, state-of-the-art fitness center, a tennis court, a beach volleyball court, a library, an auditorium style movie theater, lounge areas, barbecue cabanas, private dining rooms, a wellness center, a putting green, a dog park, and a keiki play area.

“Anaha is not only a great addition to Ward Village, but furthers the establishment of an engaging, pedestrian-friendly neighborhood that will serve the broader Oahu community,” said Todd Apo, Vice President of Community Development for The Howard Hughes Corporation. “With the dynamic mix of dining, shopping, entertainment, and cultural offerings at Ward Village, such as the first Oahu location of highly-regarded Merriman’s restaurant that will open at the base of Anaha, the neighborhood will continue to attract and serve residents and visitors alike.”

The Information Center and Residential Sales Gallery is located at the iconic IBM Building at 1240 Ala Moana Blvd. For more information, visit www.wardvillage.com.

About Ward Village®

Developed by The Howard Hughes Corporation®, Ward Village is a new 60-acre coastal master-planned community in the heart of Honolulu between downtown and Waikiki in the Kaka'ako district that upon completion will include more than 4,500 homes and 1 million square feet of retail. Ward Village is at the forefront of sustainable community development, integrating architecture, local culture, and public space. New tree-lined sidewalks and bike lanes provide access to an over 100-acre public beach park and the Kewalo Harbor. Ward Village includes mixed-use residential towers—Waiea®, Anaha®, Ae`o®, Ke Kilohana, and Gateway Towers —that are transforming the popular shopping and dining district into a vibrant neighborhood that offers residences island and ocean views and a thoughtfully curated mix of retail experiences set among walkable open spaces. The most recently approved project, 'A'ali'i will continue to expand the selection of new homes at Ward Village and sit at the top of the Central Plaza which will serve as a key public gathering and activation space for the community. Art and culture play an integral role at Ward Village, home of the inaugural Honolulu Biennial, which launched in 2017. Public art is highlighted throughout the neighborhood, including large-scale wall murals, sculptures and locally-inspired exhibits. Ward Village is Hawai‘i’s only LEED-ND Platinum-Certified project and is the largest neighborhood development in the country to receive such a prestigious certification. For more information, visit www.wardvillage.com.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.



Howard Hughes sets date for Ward Warehouse buildings to come down

Photo: The Howard Hughes Corporation

Photo: The Howard Hughes Corporation

Ward Warehouse officially closed its doors on August 1, 2017 after four decades of business, and now Howard Hughes has announced that demolition work has officially begun! This is only the first step in what will be an exciting development for the Ward Village area. Gateway Towers is planned for the parcel, and sales have already begun. According the Master Plan, Gateway Park will run between the two towers, and a park will also be located across the street on the mauka side of the development.

Read the full report from Pacific Business News, below:

The Howard Hughes Corp. has started demolition work at the shuttered Ward Warehouse shopping complex in Honolulu and plans to tear the buildings down by the end of the year, but has yet to schedule construction of the Gateway Towers project that will replace it.

Re-use Hawaii is collecting salvagable materials to recycle and “remediation work” is being done to the 42-year-old complex, a spokeswoman for The Howard Hughes Corp. (NYSE: HHC) said in an email to Pacific Business News. The Honolulu Police Department and Honolulu Fire Department will also be using the site for first-responder training, she said.

If all goes as planned, the Ward Warehouse buildings will come down in November or December, she said. Layton Construction Co. is the general contractor overseeing the job.

Pre-sales for Gateway Towers, which is being designed by architect Richard Meier & Partners, began two years ago but the spokeswoman told PBN there is no “set date for the start of construction.” According to the Ward Village website, the units there will have one-, two- and three-plus bedrooms and be priced from $1.5 million to more than $20 million. The website also notes the “estimated move-in date” for the project is the fourth quarter of 2019.

Richard Meier & Partners designed the Gateway Towers mixed-use luxury condominium project, seen in this rendering, that will replace Ward Warehouse. The Howard Hughes Corp. began pre-sales on the units two years ago but has not set a start date for construction.

Richard Meier & Partners designed the Gateway Towers mixed-use luxury condominium project, seen in this rendering, that will replace Ward Warehouse. The Howard Hughes Corp. began pre-sales on the units two years ago but has not set a start date for construction.

Meanwhile, The Howard Hughes Corp. is also demolishing the low-rise warehouse buildings across the street to make way for its Aalii mixed-use project. That work will begin around the end of the year, too, and sales for the studio, one- and two-bedroom units there will begin by the end of the year.

The developer this week marked the completion of its second mixed-use tower in Ward Village, Anaha. Its two other Ward Village projects under construction, the Whole Foods Market-anchored Aeo and the Longs Drugs-anchored Ke Kilohana, will be completed in 2018 and 2019.



Industry News: Condo prices climb higher than forecasters predicted

Photo Property of Jack Tyrrell and Company: Anaha, October 2017

Photo Property of Jack Tyrrell and Company: Anaha, October 2017

As we have been preparing for Anaha's opening, news on the condominium market on Oahu continues to look strong. With the University of Hawaii Economic Research Organization (UHERO) predicting a 6.7 increase in the median price of a condo on Oahu in 2018, now is the time to buy.  Read more trends reported by Pacific Business News, below:

The median price of a condominium on Oahu tied for an all-time record last month, and is on pace to finish the year higher than forecasted by University of Hawaii economists, while single-family homes are on pace to see flat or slightly lower price appreciation than the year before.

Already, the year-to-date median price for a condo — $407,000 for the first nine months of the year according to the Honolulu Board of Realtors — is higher than the price for all of 2017 predicted by the University of Hawaii Economic Research Organization (UHERO) in its recent construction forecast, which was $405,600.

The year-to-date median price is 5.4 percent higher than it was at the same point a year ago, which was $386,000. The median price of a condo for all of 2016 was $390,000, which was an increase of 8.3 percent from all of 2015.

For single-family homes on Oahu, the median price from January through the end of September was $757,000, an increase of 3.4 percent from $732,000 at the same point last year, according the Honolulu Board of Realtors data.

For all of 2016, the median price of a single-family home was $735,000, and that was a 5 percent increase from 2015.

The rate of appreciation in Hawaii is actually slower than the national and regional figures.

According to the Federal Housing Finance Agency’s Housing Price Index report for July, the most recent data available, home prices in the U.S. — the report does not distinguish between single-family and condo — rose 6.3 percent from July 2016 to July of this year, although for the Pacific region, which includes Hawaii, Alaska, Washington, Oregon and California, the median price increase over the one-year period was 8.2 percent.

Despite the slowed price appreciation, homes are still selling at a brisk pace. Sales of single-family homes during the first nine months of the year totaled 2,860, a 5 percent increase from 2,723 sales during the same period in 2016, and more than the number of homes sold in all of 2008 and 2009, during the Great Recession, as well as in all of 2011. The number of days those homes are on the market has gone down by one day over the past year to an average of 16 days.

Condos are selling even faster than they were a year ago. The average number of days on market for the first three quarters of 2017 was also 16 days, but that was three fewer days than at the same point last year, when it was 19 days.

Sales of condos totaled 4,373 units through the end of September, which was 5.8 percent more than the 4,133 that sold during the first nine months of 2016. The number of condos sold so far this year is also more than during each year from 2008 through 2012.

“Really, it’s affordability,” said Sue Ann Lee, a Realtor with Forward Realty and president of the Honolulu Board of Realtors. “When you think about there being so little inventory on the single-family side, what do you have left?”

But while condos may be affordable now for some buyers priced out of single-family homes, prices for those condos are forecast to rise at perhaps a faster clip over the next few years.

According to the UHERO forecast, the median condo price is expected to increase by 6.7 percent to $432,700 in 2018, 5.3 percent to $455,500 in 2019, and 3.5 percent to $471,500 in 2020.

For single-family homes, the forecast for the median price is $757,200 at the end of this year followed by an increase of 4.5 percent to $791,200 in 2018 and an increase of 3.8 percent to $829,900 in 2019.



Honolulu among top cities in new quality of life ranking

Residents of Hawaii enjoy great weather, the beach, and the mountains. Photo: Jack Tyrrell and Company

Residents of Hawaii enjoy great weather, the beach, and the mountains. Photo: Jack Tyrrell and Company

It's not unusual to surf before you go to work or take a mellow walk at the beach or in the mountains here in Honolulu. Many residents will agree that it is mixture of  great weather all-year round and plethora of outdoor, free activities to enjoy, plus the sense of community, that make Honolulu a great place to live. And, Nerdwallet agrees.

Honolulu has once again ranked in the top 20 cities across the country for Quality of Life. The annual Nerdwallet survey analyzes 177 U.S. cities with over 150,000 residents, and looks at indicators such as number of hours worked, commute times, percentage of income spent on housing, health insurance coverage, poverty levels, and unemployment rates.  The study uses data estimates from the 2016 U.S. Census Bureau American Community Survey. 

The survey found that citizens of Hawaii's capital work an average of 38.5 hours per work, travel an average of 23 minutes to work. However, residents spend about 46.5% of their income on rent, and 7.1% of residents live below the poverty level. 

Read the full report here.



Industry News: Oahu condos back up to record prices, single-family home sales take off

Photo Property of Jack Tyrrell and Company

Photo Property of Jack Tyrrell and Company

Read more about September's hot condo market, as reported by Pacific Business News, below:

Home sales on Oahu soared in September on slight price gains, compared to the same month last year, while the median price of a condominium jumped 11 percent to tie with the record set over the summer, according to statistics released Friday by the Honolulu Board of Realtors.

There were 374 single-family home sales on Oahu last month, which was 13.7 percent more than the 329 sales in September 2016. The median price of those homes sold rose to $760,000, which was 1.3 percent higher than the median price a year ago, which was $750,000.

The median price of a condominium, however, rose 10.9 percent to $425,000, tying with the all-time record price set in July, from $383,250 in September 2016. Sales of condos rose 2.7 percent in September to 526 units sold, from 512 units sold during the same month last year.

The number of days on market for single-family homes dropped by 12.5 percent to 14 days, while condos were on market an average of 19 days, compared to 20 days a year ago, a decrease of 5 percent.

“Despite sales prices hitting the record-high twice in one year, condos and townhouses are still proving to be a popular alternative for homebuyers as evidenced by the 11.6 percent increase in pending sales," Sue Ann Lee, president of Honolulu Board of Realtors, said in a statement. “The continued need for affordable housing and lack of sufficient inventory to meet this growing demand can be demonstrated by the decrease in new listings and 5 percent decrease in days on market.”