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

Viewing entries tagged
property

Comment

Sales prices rise for Oahu homes, condos during October

Photo property of Jack Tyrrell and Company, Inc.

The Honolulu Board of REALTORS has released its monthly statistics on median sales prices for both single-family homes and condominiums sold on Oahu.  Prices in October 2016 are once again up from 2015.  Read more from Pacific Business News, below:

Median sales prices for both single-family homes and condominiums sold on Oahu increased during October, according to the Honolulu Board of Realtors’ monthly analysis of data collected from its Multiple Listing Service system.

The median price of a home sold last month was $742,000, up 3.1 percent from $720,000 in October 2015, while the median condo price rose 7 percent to $396,000 from $370,000.

Median sales prices for both single-family homes and condominiums sold on Oahu increased during October.

Although the number of homes sold on Oahu increased 7 percent to 335 from 313, there was a 5.7 percent drop in condo sales to 428 from 454.

The median days on market for single-family homes and condominiums was 19 and 20, respectively.

“Despite heading into what traditionally is a slower time for sales, demand for single-family homes was robust,” Kalama Kim, board president, said in a statement. “This could be an indication that buyers are trying to find a home to purchase before mortgage interest rates rise.

“Condos did not do quite as well as far as the number of sales is concerned, but the 7 percent spike in median price also is an indication that demand for the units that are available was strong. We are encouraged that there was a sharp rise in new condo listings in October, as more inventory is still needed to satisfy the demand for housing.”

The number of new listings for condos on Oahu rose 16 percent in October to 588, up from 507 in the same month last year. For single-family homes, there were 376 new listings, up 2.2 percent from 368.

Comment

Comment

Council approves Mayor Kirk Caldwell’s bill for accessory dwelling units

Last week, the Honolulu City Council approved Mayor Kirk Caldwell's bill that is expected to help ease the affordable housing crunch on Oahu. For homeowners, the changes to current zoning present an opportunity to increase your income on your property through rentals. Read more about it from KITV 4 below:

HONOLULU —Hawaii’s housing crunch is legendary, and according to a recent state report, Oahu alone needs an additional 26,000 to 30,000 units over the next decade.

Click here to watch Andrew Pereira's report.

A bill passed unanimously Wednesday by the City Council is expected to help. Under Bill 20, homeowners with lots of 3,500 square feet or more would be allowed to build an accessory dwelling unit on their property. So-called ADU’s could only be built in areas where sewer connections, water supply and transportation facilities are adequate.

"We think it provides a tremendous potential source of reasonably affordable rental housing," said Harrison Rue, the city’s Transit Oriented Development Administrator, who was hired by the mayor, in part, to help craft the legislation.

The city estimates as many as 105,000 additional rental units could be created under the bill, however ADU’s are not permitted in neighborhoods controlled by homeowners associations, for example, Mililani. Also, if your home is outside of a TOD zone, you must provide at least one parking spot on your property.

Under the bill, lots between 3,500 square feet to just under 5,000 square feet can build an ADU of 400 square feet in size. Lots larger than 5,000 square feet can build an ADU as large as 800 square feet. The measure could be a benefit not only to those looking for housing, but also homeowners looking for some extra income.

"I think there's ample room with most of the communities to expand,” said Council Chairman Ernie Martin. “I can see that once the bill is adopted and enacted into law, there will be a few neighborhoods that will take advantage of this."

Although only a small number of people expressed opposition to the bill, those who did are concerned ADU’s will strain infrastructure and lead to an increase in short-term vacation rentals. Jeanne Ohta, president of the Aina Haina Community Association, expressed pessimism regarding the Department of Planning and Permitting’s ability to enforce the bill.

“We are not confident that DPP will be able to enforce zoning codes and regulations on the new ADU's,” said Ohta written testimony to the City Council. “What is going to change in the way they enforce the rules?”

DPP Director George Atta said the greatest change under the ADU bill is that his inspectors are allowed to use advertising on the Internet or elsewhere to determine if an accessory dwelling unit is being used as a vacation rental.

"In the past we had to prove that they were being used that way,” said Atta. “This gives us a stronger enforcement tool and the burden of proof is on the homeowner, not on us."

An additional safeguard against ADU’s becoming vacation rentals is a provision in the bill that units must be rented for at least six months. Once the initial six month period is over, landlords can switch to a month-to-month lease as long as the same occupant is in the unit.

For more information on ADUs, check out the Hawaii Appleseed Center's fact sheet here.

Comment