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

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Oceanfront East Honolulu estate sells for $16M: Slideshow

We are proud to have partnered with Tracy Allen of Coldwell Banker Pacific Properties as the co-listing agent of this stunning property, Hale Hoolai. The oceanfront East Honolulu property sold for $15.845 million. Mahalo to Pacific Business News for covering the sale. Read more below:

The sale of an oceanfront estate in East Honolulu near the base of Hawaii Loa Ridge closed on Wednesday for $15.845 million to an unnamed buyer, the highest price ever for the Aina Haina Beach-Niu Beach area.

The 11,940-square-foot home at 5403 Kalanianaole Highway, named Hale Hoolai, has seven bedrooms — including three master suites, three bedrooms and a caretaker suite with a private kitchen and private entrance — 8.5 bathrooms and a three-car garage. It also has a pool and a tennis court.

The estate, which was listed for $17.95 million, had been featured on the NBC "Open House” program.

The seller was 5403 Kalanianaole Hwy LLC, whose owner is Morris Stoebner, owner of Honda Windward in Kaneohe.

Tracy Allen, independent agent with Coldwell Banker Pacific Properties, represented the seller. Jack Tyrrell & Co. was the co-listor, and Loren Graham of Graham Properties Inc. represented the unnamed buyer.

The most recent large sale along that stretch of Kalanianaole Highway was the sale of a home and two parcels just Koko Head of the estate for $13.5 million in September 2014.

Allen also represented Stoebner in the highest sale to date in the Honolulu Multiple Listing Service, two homes at 145 Kailuana Loop that sold for $24 million in July 2006. That property, named Kai Moena, is currently listed with Brandon Kim of List Sotheby’s International Realty.

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Ward Village tower developer can post first ‘sold out’ sign

Photo: Howard Hughes Corporation

Photo: Howard Hughes Corporation

Ae‘o is officially Howard Hughes Corporation’s first sold-out tower! The developer confirmed that as of late September, contracts for all 464 units had been signed. Waiea and Anaha are also very close to being sold-out, with 167 of 174 units of Waiea sold and 314 of 317 units of Anaha as of September 30. These impressive statistics show that the demand for a diversity of units in Ward Village is consistently strong. Ward Village offers a unique mix of urban living on an island due to its close proximity to the ocean and shops and dining. It seems that this type of mixed-use development is what Honolulu’s residents are craving, and the sales at Ward Village prove this.

For more information on Ae`o units for sale, visit my website.

Read more from the Honolulu Star-Advertiser, below:

The developer of Ward Village in Kakaako took the tiniest of steps recently to reach a major milestone: declaring its first “sold out” condominium tower.

Texas-based Howard Hughes Corp. noted the last sales contract being signed for its nearly finished Ae‘o high-rise in a quarterly financial report Tuesday.

Hughes Corp. said it had signed contracts for all 465 units in the tower as of Sept. 30. The project contains a recently opened Whole Foods and is on schedule to finish residential area construction by the end of the year so buyers can complete their purchases and move in.

Up through June 30, there had been 464 Ae‘o sales. The one additional sale during the July-September period made Ae‘o the first tower at Ward Village to sell out.

However, three other towers — Anaha, Waiea and Ke Kilohana — are very close.

At Anaha, 314 of 317 units had been sold as of Sept. 30, Hughes Corp. reported. And at Waiea, 167 of 174 units had been sold as of the same date, the company said.

Waiea was finished about two years ago and Anaha opened a year ago.

At Ke Kilohana, which is under construction and projected to open next year, Hughes Corp. reported having signed sales contracts for 395 of 423 units through Sept. 30. The company also said it made 18 more sales in October to make the tower 98 percent sold.

Hughes Corp. started construction on a fifth tower, ‘A‘ali‘i, last month after offering units for sale in January. In Tuesday’s report, the company said it had sold 77 percent of the ‘A‘ali‘i units, or 579 of 771, through the end of October. That was up from 67 percent, or 500 units, through July.

The company described continued Ward Village condo sales as a “robust” response from buyers wanting to live in the growing neighborhood of residential towers, retail stores and restaurants mauka of Kewalo Harbor.

“In Honolulu, the extraordinary pace of sales in Ward Village continued in the third quarter,” Hughes Corp. CEO David Weinreb said in a statement.

The developer plans to follow ‘A‘ali‘i with a sixth tower called Ko‘ula, for which it received state approval in August. Sales have yet to start.

Since the company began Waiea, it said it has sold 1,905 residential units in five towers with units available for sale, or 89 percent of all units.

Most Ward Village condos are million-dollar residences, though Hughes Corp. is required by a state agency regulating development in Kakaako to make 20 percent of residential units affordable and available to residents earning moderate incomes.

At the high end, the average original price at Waiea was $3.6 million. At the low end, the average price at Ke Kilohana was $510,776.

Hughes Corp. has a state-approved master plan to develop up to around 4,500 residential units planned in 16 towers, along with 1 million square feet of retail businesses.

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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.

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Howard Hughes hires BlackRock exec to oversee Hawaii development

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HONOLULU--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today that Simon Treacy has joined the company as President, Hawai’i. In this position, Mr. Treacy will be leading the development, sales and operations of Ward Village®, the acclaimed 60-acre master planned community recently named “Best Planned Community in the US” by Architectural Digest. Since beginning sales in 2014, Ward Village has sold more than 1,300 homes. At full build-out, the community will consist of more than 4,500 residences and approximately one million square feet of retail space.

Mr. Treacy has 20 years of global real estate experience across Asia, Europe and the US. He has lived in Australia, Singapore, Thailand, Hong Kong, Japan, and China, and spent the past four years in New York as BlackRock Real Estate’s Managing Director, Global Chief Investment Officer and Head of US Equity. Prior to BlackRock, Mr. Treacy was a Founding Shareholder and Global CEO of MGPA, which was acquired by BlackRock in 2013, and had $14 billion of funds under management in Asia and Europe. Mr. Treacy is also a global governing trustee in ULI and a leader in urban planning and land use.

“With his long and successful track record in real estate and urban planning, Simon is a tremendous addition to our senior team and well positioned to steer Ward Village as it continues to come to life as one of the leading urban master plans in the world,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “I am particularly pleased to have found a dynamic executive like Simon, who already calls Honolulu home, and who brings a variety of skill sets and experiences that can complement our existing deep bench of talent at Ward Village.”

“My family and I made the decision to move from the mainland to this beautiful and special place last year for personal reasons; I am excited that the opportunity presented itself to join this dynamic company which is transforming Oahu’s urban core,” said Simon Treacy. “I am looking forward to listening, learning, and finding the right ways to be of service in the community as I share my experiences and lead the continued development of Ward Village.”

Mr. Treacy is taking the helm at Ward Village as the community celebrates several recent milestones, including the successful delivery of Anaha®—the second mixed-use residential building in the community. Ward Village has also reached a near sellout of the first collection of homes from its four towers either delivered or under construction—Waiea®AnahaAe`o®, and Ke Kilohana—whose contracted sales have collectively exceeded 93 percent of available homes. Most recently, the launch of sales at ‘A‘ali‘iexpanded the selection of residences at Ward Village with the introduction of innovative smart-living homes. The strong market demand for new housing in Honolulu and the desire for an urban, walkable lifestyle have made Ward Village a sought-after destination for home buyers. The momentum is expected to continue to build throughout the coming years; openings slated for 2018 include the state’s largest Whole Foods Market, as well as the first O’ahu location of the acclaimed restaurant Merriman’s.

As the largest LEED-ND Platinum certified master plan development in the country and the only one in Hawaiʻi, Ward Village is at the forefront of sustainable community development, featuring public amenities at a scale not offered by any other urban development in the state.

About Ward Village®

Being developed by The Howard Hughes Corporation®, Ward Village is a 60-acre coastal master-planned community in the heart of Honolulu located between downtown and Waikīkī in the Kaka'ako district. Ward Village is at the forefront of sustainable community development, integrating significant 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. Since beginning sales in 2014, Ward Village has sold more than 1,300 homes. At full build-out, the community will consist of more than 4,500 residences and approximately one million square feet of retail space.

Ward Village includes four mixed-use residential towers—Waiea®, Anaha®, Ae`o®, and Ke Kilohana—that are transforming the popular shopping and dining district into a vibrant neighborhood that offers ocean views and a thoughtfully curated mix of retail experiences set among walkable open spaces. The most recently approved building, ‘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, which was the home of the inaugural Honolulu Biennial 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. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well operating properties and development opportunities including: The Seaport District NYC in New York; Columbia, Maryland; The Woodlands®, The Woodlands Hills, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes Corporation’s portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information 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.

Contacts

The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
VP, Corporate Communications and Public Relations
cristina.carlson@howardhughes.com
or

For HHC Investor Relations
David O’Reilly, 214-741-7744
Chief Financial Officer
david.o'reilly@howardhughes.com

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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.”

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