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

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hawaii real estate

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Jack Tyrrell recognized as Distinguished Agent by Hawaii Business magazine

Mahalo to Hawaii Business Magazine for recognizing me as a Distinguished Agent as a part of their annual Top 100 Realtors! The Top 100 Realtors were recognized last week at a gala held at the Royal Hawaiian Hotel. The event featured the state’s top real estate agents based on sales in 2017 and honored Eddie Flores Jr. with the Real Estate Lifetime Achievement Award.

I am grateful to again be recognized on Hawaii Business Magazine's list. I could not do it without my fantastic and intelligent wife and teammate, May, and our incredible team that supports us. It is an honor to serve my clients and friends, and I am humbled by the trust they place in me. 

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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.

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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.

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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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Bikeshare Hawaii Biki stop coming to Kolowalu Park

Project Area

This article originally appeared in the July 2017 edition of the Hokua Resident Newsletter, Ahailono. Written content is attributed to Hokua staff.

Within the next two weeks, Bike Share Hawaii with the approval of the HCDA will install a 23 dock bike rack at the makai corner of Kolowalu Park, at the corner of Queen’s Lane and the Hokua garage entrance (as depicted on the right). The proposal was approved by the HCDA Board at its June 7, 2017 regular meeting and grants Bike Share Hawaii a right of entry to use this location for the installation, operation and maintenance of a bike share pro- gram for a term of 5-years. Landscaping will be modified and surface improvements made before the rack is installed. Manage- ment has been advised that the rack will initially be stocked with 14 bikes but inventory will rotate and fluctuate based on actual usage. All residents should be aware of the additional bicycle traffic in this area and be alert when entering and exiting the garage entrance driveway.

Bike Share Hawaii is a not-for-profit 501(c)3 organization that manages a bike sharing system in the State of Hawaii. The initiative is supported by the Department of Transportation, Department of Health, City and County of Honolulu, and numerous public and private organizations. Currently bike racks have been installed throughout the downtown, Kaka’ako, and Waikiki areas (as noted on the map to the right) with the intent that residents and visitors will use the bikes as an alternative mode of transportation. Bicycles are rented for short periods and may be returned to any rack. A credit card or Biki Pass is necessary to rent bicycles.

For more information regarding the Bike Share Hawaii program and to view available plans go to their website, https://gobiki.org/. 

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Hollywood's Hot Hawaiian Getaways: An Island-by-Island Guide

Photo: Ward Village, Howard Hughes Corporation

Photo: Ward Village, Howard Hughes Corporation

The Hollywood Reporter published an island-by-island guide on some of the most luxurious experiences A-listers flock to when they visit the Hawaiian islands. From adventure experiences like zip-lining to outdoor beach activities to the most luxurious accommodations, the article is a short, succinct list of must-sees. Featured in the article is Ward Village's Waiea 36th-Floor Penthouse:

In Honolulu's Ward Village community, a new 36th-floor penthouse is on the market for $36 million and boasts more than 10,000 square feet of interiors and a private rooftop infinity pool. Owners can order room service from Nobu Honolulu on the ground floor. "A lot of my clients or their money managers are inquiring," says Burns. "The pool pours over the top of the building — going in it is nuts."

Ward Village continues to get international and national attention and press, and for good reason. With its prime location in urban Honolulu and within dynamic Ward Village, Waiea continues to be one of my favorite real estate investments in Honolulu right now.

Regarding the island of Oahu, the article adds,

Barack Obama's childhood home and the occasional residence of Brian Grazer and Dwayne Johnson — also has hosted Iger, Will Smith, Emma Stone, Amy Adams and Justin Timberlake. The Pacific Beach Hotel's $115 million reimagining is transforming the iconic Waikiki Beach property into Alohilani Resort Waikiki Beach (the presidential suite costs $979 a night) for a fall opening and will feature a pair of restaurants from Iron Chef Masaharu Morimoto.

The Ritz Carlton Residences, Waikiki Beach claims the only four-bedroom suite in Waikiki (up to $12,000 a night) and the exclusive 10-seat omakase restaurant by Tokyo’s acclaimed sushi chef Keiji Nakazawa ($300/person excluding beverages). “Old Hollywood loves that Waikiki/Kahala area because you wake up and see Diamond Head as your backdrop — that postcard view in front of your windows every day,” says Burns.

The Obamas and Zuckerberg have checked out Surfjack Hotel & Swim Club (room rates go up to $500), which recently opened and has "a lot of experiential takeaways," such as a music series, says Christian Schulz, co-founder of L.A. design firm Studio Collective (projects include The Bungalow Santa Monica). After the former POTUS and FLOTUS dined at its Mahina & Sun's restaurant from acclaimed chef Ed Kenney and ordered a Grey Goose martini — shaken with extra olives — the Presidential Martini ($14) was added to the menu.

The 2016 opening of Four Seasons Resort Oahu at Ko Olina brought attention to the west side of the island, which marketing director Nelson Hilton says is gaining prominence in the film industry, with Marvel filming down the road at the old Naval airport Kalaeloa. The Snatched crew, including Amy Schumer, enjoyed the pool and private sections during shooting. Hilton admits that Kourtney Kardashian's spring visit challenged discretion: "It's obvious when you have bodyguards surrounding you." The reality star stayed in the 17th floor's three-bedroom penthouse suite ($18,000 a night), where, from the roof, one can watch whales jumping.

Enjoying a surge is the North Shore, a sleepy surf town known for having some of the best swells on the planet and where sports stars and tech players are buying oceanfront estates for $3 million to $15 million. “I find a lot of our friends in the entertainment industry are drawn to the North Shore," with its "horses on the side of the road, acres of lush grass, rolling hillsides and crystal clear blue water with shell-lined shores,” says Oleema Miller, creative director and co-founder of MIKOH, which Jessica Alba wears on her Hawaiian vacations. Celine, Chanel and numerous restaurants are just one hour away in Waikiki, but she’s usually on the sand at Ehukai: “The stretch of beach is incredible — houses from Ke Iki beach to Sunset Beach are all stunning.” 

A popular elite venue for weddings, wellness retreats and private dinners is Sunset Ranch Hawaii, which has hosted several films, castmembers from Hawaii Five-0, Jack Johnson and most recently Hailey Baldwin. With its helipad, the 27-acre property gets guests making the hop from other islands.

Burns has rented to Bradley Cooper (Aloha); rentals now hit $10,000 a night. Grazer surfs the Banzai Pipeline, and Hawaii Five-O's Scott Caan grabs takeout with his family at Waialua Bakery or Storto's Deli for a beach day, which includes a visit to the tide pools at Shark's Cove and drinks at Haleiwa Joe's — "the jam," says Caan. He also likes Pupukea Grill for "some of the best food on the island." For cold coconuts and local treats, stop at the fruit stands at Kahuku; insiders also adore Hamachi Ponzu at Banzai Sushi and Elephant Thai, a food truck across from Shark's Cove. Payne's favorite lunch in Hawaii is the all-you-can-eat vegetarian buffet at ISKCON Hare Krishna Temple near Honolulu. "It's exquisitely clean food in a tranquil spot," the director says. "A friend turned me on to it."

Read the full article on the Hollywood Reporter here.

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6 Key People for Your Real Estate Investing Dream Team, Creonline.com

When you want to start investing in real estate, it can be overwhelming to think of where to start.  In my opinion, it all starts with a great team you can trust.  This is a great article breakdown from Creonline.com on who you need for your real estate investing team, but I would like to expand on the Realtor's role.  As a realtor with decades of experience, it has always been important to me to really sit down and learn more about what my client needs, find the best opportunities they may not be finding themselves, and to get them the best.  What you really want from your Realtor, and what I pride myself on, is serving the customer fully. Read more below:

You know the old saying, Behind every great leader is a great team… Well, it’s true.

Ask the world’s most successful business people – including real estate investors – for their secrets and there’s a huge chance that all of them will list “the right team” as one of the biggest factors to their success.

No one who’s truly successful does it all himself.

If you want to catapult your real estate investing business to the next level and find the kind of financial and professional success you’re looking for, you need to assemble a team of experts to support you on the way.

Here are the six people you need to hire to assemble your real estate investor’s dream team and put you on the path to real success…

Realtor

The first person you’ll need to assemble your real estate investor’s dream team is a Realtor. Your Realtor (or Realtors, depending on the size of your operation) is the person at the front lines of your business. She will manage the acquisitions and sales of properties within your investment portfolio.

Because they work in a commission-driven business, your Realtor will work harder for you knowing there’s a handsome commission coming her way at the end of the deal. Offering competitive commissions will ensure that you’ll be the first to hear when she has an amazing property or investment opportunity.

Contractors

The next person – or in this case, people – you need on your dream team are contractors. Contractors are the people who are going to, quite literally, build your business from the ground up, handling all the construction, design, and renovations of your properties.

Having a talented and reliable team of contractors can be a game-changer for a real estate investor – they can help you demand higher rents, flip properties quickly, and protect the value of your investment.

Even if you have the skills, trying to handle the work of a contractor yourself is time consuming.

It will end up pushing back the timelines for all your investments, so it’s definitely something you’ll want to hire out.

Ask colleagues for recommendations. You want to find someone who’s reliable, does high-quality work, and with whom you can build a long-term relationship. Typically, contractors will offer deals to owners and investors that give them a steady stream of projects.

Attorney

In a perfect world, you wouldn’t need any legal advice or protection. But we don’t live in a perfect world, so it’s essential that you have an attorney on your team to handle all the legal matters related to your properties and investments.

You’ll want to hire an attorney that specializes in real estate. He’ll be able to handle the ins-and-outs of the buying and selling process, handle joint ventures with partners, and implement the proper legal structures and processes you need for your business to run smoothly. A great real estate attorney will be able to advise you on how to best protect your assets.

Lender

It goes without saying that in order to assemble a real estate investor’s dream team, you need a lender. Unless your bank account rivals Bill Gates’, you’re going to need to a lender to put up the capital you need to purchase your properties.

Depending on your needs, there are a few types of lenders to choose from. You can go with a traditional lender, like a mortgage representative at a major bank (think Chase or Wells Fargo), which might have some corporate hoops to jump through but can offer really competitive rates on your loan.

You can use a hard money lender, someone who specializes in working with investors to flip properties. Hard money loans are usually a lot faster and easier to secure, but they have higher interest rates and are generally more expensive.

Your last option is to go after a private lender. This is basically someone who’s looking to get his foot in the door with investing and wants to loan you the money to get your project off the ground.

A private lender could be a friend, a family member, a colleague or just a person you know who has extra money they’re looking to invest.

Whatever the case, it can be easier to negotiate with private lenders since there’s no company red tape to get through.

Just make sure that if you’re borrowing from someone you have a personal relationship with, you’re both clear on the terms of the loan and the date by which you need to pay the money back. You don’t want to risk losing a relationship over an investment.

Mentor

If you want to get from where you are to where you want to be quickly and (relatively) painlessly, it’s in your best interest to find a guide to show you the way. Working with a mentor can save you huge amounts of time, energy, and money as you’re launching your real estate investing business.

Working with an investor who’s been in your shoes and has successfully navigated his way through the sometimes tumultuous waters of the real estate investment game is invaluable. He or she can save you from making costly mistakes and give you insights into things you didn’t even know you needed to know.

Identify someone in your niche who’s built the type of business you aspire to have, and ask him out to coffee to see if he’d be willing to let you pick his brain.

Property Manager

Finally, if you decide you’re going to hold onto your investments as rental property, you’ll want to hire a property management company. Having the right property manager is invaluable, and will make property ownership immeasurably easier and less stressful.

Property management is incredibly time consuming and trying to manage the process yourself will inevitably lead to things falling through the cracks and tenants becoming disgruntled or dissatisfied.

Property managers handle all the details related to your tenants and property, so you can focus on the big picture – your investment portfolio.

Just like any other leader or business owner, you need a solid team behind you in order to take your real estate investment business to new heights.

With these six members, you’ll be well on your way to dominating the real estate investment industry.

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Wall Street Journal: Honolulu’s Kakaako District Is at the Center of a Building Boom

The Wall Street Journal did an excellent feature on Honolulu's Kakaako district here.  The article highlighted Waiea as the premiere example of luxury condo development underway in Honolulu.  The story not only shared the story of Waiea, but also touched on the greater Ward Village community, The Howard Hughes Corporations's dedication to respecting Hawaiian culture, and its contribution to building affordable housing.

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