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


Industry News: Multimillion-dollar sales push Honolulu condo prices to new high

 Photo property of Jack Tyrrell and Company, Inc.

Photo property of Jack Tyrrell and Company, Inc.

The Honolulu Board of Realtors has released its monthly sales reports, finding that median sales price for a condo reached $435,000 in March 2018, a 8.8 percent gain from $400,000 in March 2017. The median price for condos reached a new record of $435,000, which was previously set in January 2018 at $430,000.

Resales of luxury units in the newly completed Anaha at Ward Village and Park Lane Ala Moana contributed to the higher median sales price for a condo last month.

Read the full report from Pacific Business News, below:

The median price of a condominium reached a new high in March, compared to last year, driven by the sales of nearly two dozen multimillion-dollar units, while sales declined slightly, according to statistics released by the Honolulu Board of Realtors.

The median price of a condominium last month was $435,000, an increase of 8.8 percent from $400,000 in March 2017. That was based on sales of 485 units, which was 2 percent fewer than the 495 units that sold in March 2017.

The number of single-family homes sold declined 1.3 percent to 305 homes sold, from 309 homes sold in March 2017. The median price of single-family homes in March was $760,000, an increase of 1.1 percent from $752,000 in March 2017.

“The March condominium figures were impacted by the resales of 20 luxury and multimillion-dollar units. Consumers should remember that half of sales were below the median price,” Darryl Macha, president of the Honolulu Board of Realtors, said in a statement.

“The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available. However, it’s encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market.”


The number of homes sold in March with the median price and percentage change from the same month last year.

March | Sales | Median price
2018 | 305 | $760,000
2017 | 309 | $752,000
Change | -1.3% | 1.1%

March | Sales | Median price
2018 | 485 | $435,000
2017 | 495 | $400,000
Change | -2.0% | 8.8%

Source: Honolulu Board of Realtors



Jon Matsubara to lead new Merriman’s at Anaha

 Photo:  Honolulu Star-Advertiser

Photo: Honolulu Star-Advertiser

Merriman's at Anaha has named Jon Matsubara its Executive Chef. With his years of experience and success in starting high-end restaurants in Honolulu, we look forward to seeing what Chef Matsubara brings to Merriman's. The restaurant at Anaha is slated to open June 2018.

Read more from the Star-Advertiser, below:

Jon Matsubara has opened three high-end Honolulu restaurants — Stage at the Honolulu Design Center, Azure at the Royal Hawaiian and Forty Carrots at Bloomingdale’s. He’s adding a fourth: Merriman’s Honolulu, set to open in June in the new Anaha complex in Ward Villages.

“I enjoy the energy,” Matsubara said. “It’s always a different concept. When I open a restaurant I always say, ‘I’m going to reinvent myself.’”

The restaurant will be the first on Oahu directly owned by Peter Merriman, an original Hawaii Regional Cuisine chef. Merriman’s more casual Monkeypod Kitchen and Moku Kitchen are partnerships with Handcrafted Restaurants.

“Many people in Honolulu have admired Jon’s cooking for years, myself included,” Merriman said. “Jon shares our vision of minimalist cooking that showcases Hawaii’s great products.”

Matsubara left Blooming­dale’s in January to be Merriman’s executive chef.

The challenges of a restaurant opening teach lasting lessons, he said, comparing those challenges to mishaps in the kitchen. “I always believe the best cooks make the most mistakes. Then you know how to fix everything.”

Matsubara described the new restaurant as a bistro, casual but with a modern elegance. The menu is still in the works, he said. “I see it as presenting local ingredients and turning it into magic.”

The dish he hopes will find a home on the menu is his bouillabaisse, which has taken many forms as he has brought it from dinner at Stage to lunch at Forty Carrots. “I can see that working.”

Matsubara, 45, was on his way to a law degree in 1995, when he decided he had no passion for that and turned instead to cooking. He took a job as a dishwasher at both Roy Yamaguchi’s and Alan Wong’s restaurants, coming in early for his shifts to learn the cooking basics.

After three years he entered the French Culinary Institute in New York and then went to work for some of the biggest names in the business: Daniel Boulud, Jean-Georges Vongerichten and Floyd Cardoz. He returned to Hawaii as chef de cuisine at the Mauna Lani Bay Hotel & Bungalows on the Big Island.

Matsubara views his current gig as about the most exciting he could ask for.

“Kakaako is going to be the future,” he said. “The energy is incredible. It’s not something I’ve seen anywhere before in Honolulu.”



Anaha Glass-Bottom Pool Featured in National Publication, Travel + Leisure

Anaha's iconic glass-bottom pool has been featured in national Travel + Leisure Magazine. 15 feet of the pool overhangs from the building approximately 80 feet from the ground, creating a "floating in air" effect.

We have a handful of listings for sale and for rent available now, so that you can experience the famous pool for yourself! Contact me for details or visit my website.

Read the full feature by Andrea Romano, below (originally published March 7, 2018), and watch a video above or on Travel + Leisure's website here:

 Photo: Travel + Leisure Magazine

Photo: Travel + Leisure Magazine

Are you brave enough to swim in a pool suspended 80 feet in the air?

Anaha, a new 40-story residential building in Honolulu, on Oahu, features artfully designed public spaces, shops, restaurants, and entertainment — but there's one feature that stands out from the rest: a glass-bottom pool 80 feet in the air.

The pool, designed and planned by Surface Design, juts out 15 feet from the side of the building, giving swimmers a beautiful view and a feeling of floating in air. (It’s probably not the best for people with a fear of heights.)

Meaning “reflection of light,” Anaha is designed with curved floor plates and a curtain-wall façade that give the entire building the appearance of a wave of water, glistening in the sun.

The building was designed by Chicago-based Solomon Cordwell Buenz, in partnership with Benjamin Woo Architects, and features an 80-feet by 15-feet “living wall” with 8,000 tropical plants that greets anyone who comes through the front doors.

Next to the pool is the building’s amenity deck, where residents can sit in the sun on relaxing chairs and loungers.

Anaha offers 244 studios and one-, two- and three-bedroom tower residences as well as 73 low-rise flats and townhomes. Residents can enjoy views from the beachfront to Diamond Head, and from Kewalo Harbor to the gorgeous sunset.



Industry News: Oahu condo sales, prices post gains in February, Locations report says

 Photo: property of Jack Tyrrell and Company

Photo: property of Jack Tyrrell and Company

The condominium market remains busy, as sales on Oahu rose 50 percent in February 2018 as compared to February 2017. 395 units were sold last month, compared to 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February 2018, from $390,000 during the same month last year.

Read more from Pacific Business News, below: 

Sales of condominiums on Oahu rose 5 percent in February, as prices rose by the same percentage point, while single-family home sales recorded a slight decline in sales and a slight increase in prices, according to a report from Hawaii real estate firm Locations.

The median price of a single-family home on Oahu last month was $770,000, a 1 percent increase from $760,000 in February 2017, based on Locations’ summary of Multiple Listing Service data. Sales of single-family homes in February dipped 1 percent to 225 homes sold, from 230 homes sold last year.

Sales of condominiums, however increased by 5 percent to 395 units last month, from 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February, from $390,000 during the same month last year.

“February was another solid month for Oahu’s housing market,” Scott Higashi, president and CEO of Locations, said in a statement. “Rising mortgage rates have not yet reached the point of impacting affordability; however, we do expect rates to move up this year.”

Single-family homes spent the same amount of time on the market in February, 23 days, as last year, but condos sold faster — days on market were 18 compared to 24 days in February last year.

“The increase in condo sales, coupled with low days on market, indicates that climbing interest rates have not yet lessened demand; rather, they may have heightened urgency among future homeowners,” Higashi said. “Those in the market for a new home would be wise to get prequalified and be ready to act when the right home comes on the market.”

The Honolulu Board of Realtors will release its February market report next week.



Ward Village condo sales aid developer’s profit, The Honolulu Star-Advertiser

 Photo: Property of Jack Tyrrell & Company

Photo: Property of Jack Tyrrell & Company

Howard Hughes Corporation has reported that it has sold 93%, or 1,286 of 1,381 condo units, across its Waiea, Anaha, Aeo, and Ke Kilohana condominium projects in Ward Village. The update was a part of the company's Fourth Quarter and Full Year 2017 results, released on Monday, February 26, 2018. Investors and the public can read the financial report on their website here.

With 93% of condos already sold, inventory is tight. However, we currently have three beautiful units at Waiea and eight in Anaha. Plus, there are still great available units in Aeo and Ke Kilohana. Please contact me to learn more!

Read the full Star Advertiser report, below:

The Texas-based developer of Ward Village signed 55 more sale contracts for condominiums in its Ae‘o tower in the fourth quarter, bringing total sales to 91 percent of the project scheduled for completion by the end of this year.

Howard Hughes Corp. gave the sales update Monday as part of announcing its financial results for the last three months of 2017.

The company also said that in the recent quarter it sold two condos in its recently finished Anaha tower, two units at its Ke Kilohana tower that is on pace for completion next year, and no units at its Waiea tower that opened at the end of 2016.

Total revenue recognized from Ward Village condo sales in the fourth quarter was $122 million, which compared with $123 million in the same quarter the year before.

Hughes Corp. “recognizes” revenue from condo sales for accounting purposes even though buyers have not completed their purchases, as allowed under federal tax regulations that permit developers to count a certain percentage of revenue in reflection of how much construction of a tower is completed.

For all of last year, Hughes Corp. recognized $464 million in revenue from Ward Village condo sales, compared with $486 million the year before.

At Waiea, 165 of 174 condos have been sold, or 95 percent of the “ultra-luxury” tower where the average unit price is $3.6 million.

At Anaha, 309 of 317 condos have been sold, or 98 percent of the luxury building where unit prices average $1.2 million.

Ke Kilohana is 92 percent sold, with 390 of 424 units under contract in the “workforce housing” tower where most units are priced between roughly $300,000 and $600,000.

The 55 additional sales at Ae‘o bring pending sales in the upscale tower to 422 out of 466 units priced at $1 million on average.

Overall, Hughes Corp. has sold 1,286 of 1,381 condo units in the four towers, or 93 percent of the total.

Besides Ward Village, Hughes Corp. is developing several master-planned communities and large commercial real estate projects on the mainland. The company said it earned $147 million in the fourth quarter on $301 million of revenue, up from a $44 million profit on $279 million of revenue in the same quarter the prior year. Profit for all of last year was $167 million on $1.1 billion of revenue, down from $202 million on $1 billion of revenue in 2016.



Neighborhood News: New Whole Foods store to open in Kakaako by June

Whole Foods as of February 13, 2018. Photo: Jack Tyrrell & Company, Inc.

Photo: Jack Tyrrell & Company, Inc.

The Honolulu Star-Advertiser reports on the highly anticipated Whole Foods Market in Kakaako below:

Whole Foods Market will open its largest Hawaii store by early summer in Kakaako after a dozen years of planning and setbacks.

Photo: Jack Tyrrell & Company, Inc.

The health food giant that specializes in organic and natural products will begin operations at its fourth Hawaii location by June, the company said Monday.

The latest Whole Foods will occupy the first two floors at the $429 million Ae‘o condominium at 1001 Queen St., part of the master-planned community of Ward Village.

The 72,000-square-foot, two-story store will be more than twice the size of its second-largest Hawaii store in Kailua. The new store will sell locally grown products — including produce, seafood and meats — as well as its popular natural body items, and will offer indoor and outdoor seating.

“We are thrilled to be opening our third store on Oahu and to serve as a new gathering place for the local community,” said Marci Frumkin, a company spokeswoman, in an emailed statement.

The company would not say how many employees it will be hiring or give an exact opening date. It also didn’t disclose future expansion plans for the islands.

Whole Foods first announced its plans to open a Kakaako flagship store in 2006, as the anchor tenant at the site now occupied by TJ Maxx. The Austin, Texas-based retailer planned to open the store in early 2008, but walked away from the project after delays caused by the discovery of iwi, or Native Hawaiian remains, followed by the recession and later the bankruptcy of former developer General Growth Properties.

The new location, on the site of the former Office Depot and Nordstrom Rack, will be blocks away from local natural foods retailer Down to Earth, which is scheduled to open a 13,000-square-foot store in early April on the ground floor of Keauhou Lane, a new mid-rise apartment building at the corner of Keawe and Pohukaina streets.

Whole Foods first entered Hawaii in 2008 with its Kahala Mall store, which is just over 28,000 square feet. That was followed in 2010 by a 27,000-square-foot store in Kahului and a 32,000-square-foot Kailua outlet, which opened in 2012.

The store is part of Dallas-based Howard Hughes’ $7.5 billion master plan calling for 16 towers with as many as 4,300 residential units and 1 million square feet of retail space at the 60-acre Ward Village.



Industry News: Hawaii back among top 10 states for LEED for first time since 2014


LEED stands for "leadership and energy in environmental design," a concept created by the U.S. Green Building Council, and Hawaii has been recently named in the U.S. Green Building Council's top 10 States for LEED.

The concept of LEED has been particularly important for Howard Hughes as the developer designs Ward Village, with both Anaha and Waiea being LEED-certified. The entire neighborhood development achieving LEED Platinum-level certification, which is the highest standard.

Read more below from Pacific Business News, here:

Hawaii has been named to the U.S. Green Building Council’s top 10 States for LEED for the first time since 2014, with 16 projects, including the Moana Surfrider hotel in Waikiki, achieving certification in Leadership in Energy and Environmental Design in 2017.

As of last year, Hawaii had 4.5 million LEED-certified gross square footage, or 3.32 gross square feet per capita, ranking the state No. 4 behind No.1 Massachusetts, No. 2 New York and No. 3 Illinois.

Hawaii was ranked sixth in 2014, the last time it appeared on the top 10 list, and was ninth in 2013, according to the U.S. Green Building Council.

While Hawaii’s gross square footage per capita was the fourth-highest, the state had the fewest number of projects and the smallest amount of certified gross square footage of the 10 states on the list. California, which was ranked eighth, had the greatest number of projects at 475, followed by New York with 192. No. 6 Minnesota had the second-smallest number of projects at 47.

In addition to the Moana Surfrider, some of the other Hawaii projects that achieve LEED certification last year include:

  • Hookele Elementary School in Kapolei, a design-build project that achieved LEED silver;

  • Kapiolani Medical Center for Women and Children’s new neoonatal intensive care building, which also achieved LEED silver;

  • Sheraton Waikiki and The Royal Hawaiian, certified Gold, was the largest project in 2017 to certify and;

  • Symphony Honolulu, OliverMcMillan’s mixed-used condominium tower in Kakaako, which was LEED certified.

"With aggressive state policy goals, a leading tourism sector and a vibrant community of practitioners, Hawaii continues to show a deep respect for the aina through sustainable high performance buildings,” Brenden McEneaney, regional director of the USGBC, said in a statement. “LEED project teams across the state work hard to make green buildings accessible to everyone.

“The fact that Hawaii is in the 2017 Top 10 States for LEED proves that the efforts of our members, partners, and community leaders are paying off,” he said. “LEED is a proven tool for economic development and it supports state and local strategies to mitigate climate change.”



Industry News: Oahu condo price hits all-time high in January, Locations report says

 Photo: view of Waiea from Ala Moana Beach Park. Property of Jack Tyrrell & Company, Inc.

Photo: view of Waiea from Ala Moana Beach Park. Property of Jack Tyrrell & Company, Inc.

2018 is starting off with a bang, with median price for a condo on Oahu already hitting an all-time high this past January. January's median price of $439,000 beats the previous record set in July 2017, which was $425,000. Pacific Business News reports on data from Locations Hawaii, below:

The median price of a condominium on Oahu reached an all-time high of $439,000 in January, beating the previous record set in July, while the median price of a single-family home rose by 7 percent, according to monthly sales statistics from Honolulu real estate firm Locations.

Sales of single-family homes on Oahu reached a 12-year high for January of 258 houses sold, from 255 sold in January 2017. The median price of a single-family home rose to $779,000, from $730,000, the Locations report said.

The number of condos sold on Oahu last month declined by 4 percent to 382 units sold, from 399 units sold during the same month last year. The median price of $439,000 was a 12 percent increase from $393,000 in January 2018, and eclipsed the record of $425,000 set in July.

“The market is off to a healthy start in 2018,” Scott Higashi, President and CEO of Locations, said in a statement. “January single-family home sales were the highest we’ve seen in 13 years, and condo median prices reached an all-time high of $439,000.”

Homes sold more than 30 percent faster in January as well, with the number of days on market dropping to 21 for single-family homes and 20 for condos.

New listings for condos grew 13 percent last month to 763 units for sale, from 675 in January 2017, although new listings for single-family homes declined by 6 percent to 450, from 479 last year.

“With an increase in both new and active condo listings, we can expect to see more sales and increased prices throughout the spring,” Higashi said.  “Additionally, interest rates — while still historically low — are ticking up toward a three-year high.”

Locations compiles its figures by filtering data from the Multiple Listing Service daily. The Honolulu Board of Realtors will release its report this week, based on MLS statistics taken on the last day of the month of everything sold during that month.



Honolulu listed in National Geographic's Best Cities in the U.S. List



Honolulu has been named by the esteemed National Geographic as one of the Best Cities in the U.S. According to the publication,

"The Aloha State’s largest city also goes big when it comes to music venues, Instagrammable moments, and art galleries and art stores. An experience that encapsulates all of Honolulu’s chart-topping attributes? The artfully photogenic Surfjack Hotel and Swim Club recently launched a Sunday brunch that grooves with music sets curated by Oahu-based record label Aloha Got Soul."

National Geographic compiled their list using the following process:

For this story, we partnered with Resonance Consultancy, a global destination branding advisor, to identify the top U.S. small cities based on unconventional metrics that we think lead to happiness: green spaces, galleries, coffee shops, breweries, music venues, Instagrammable moments, and more.

Next we sorted U.S. cities into three groups based on their population: 40K-100K, 100K-200K, and 200K-600K.

Resonance combined core statistics with social media data (from YelpInstagram, and other sources) on nightlife, culture, restaurants, and the like to determine the city leaders for each population group in categories from meatiest (lots of steakhouses and delis) to greenest (most parkland), based on per capita results.

We also highly recommend taking a look at their article, "Finding Paradise on Oahu," which features some of the most beautiful island locations for you to check out on your next vacation or your next "holo holo" day!



Industry News: Oahu home sales rise 6% in 2017 as prices gain 3%

 Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

As we wrap up the end of 2017, we reflect on a big year in real estate. Read more from The Pacific Business News, below: 

Home sales on Oahu increased by more than 6 percent in 2017, while prices gained 3 percent, pushing the median price of a single-family home to $755,000 and a condominium over $405,000, according to the Honolulu Board of Realtors.

There were a total of 3,908 homes sold on Oahu last year, which was 6.3 percent more than in 2016. The median price of $755,000 was 2.7 percent higher than in 2016, when it was $735,000, the board said.

The median price of a condominium was 3.8 percent higher than in 2016, when it was $390,000, while the 5,824 sales represented a 6.9 percent increase from the 5,449 sales in 2016.

For December, however, sales fell 12.2 percent to 461 sales, compared to 525 sales in December 2016. The median price of a condo in December was $405,000, an increase of 3.8 percent from $390,000 in December 2016.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement.

Single-family home sales increased 5.9 percent in December to 361 sales, from 341 sales in the same month the previous year, while the median price increased 2.7 percent to $750,000, from $730,000 in December 2016.

“In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed,” Lee said. “While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”