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

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Luxury condo sales in Honolulu outpace houses in November

Photo: Jack Tyrrell and Company

Photo: Jack Tyrrell and Company

Sales of luxury condominiums outpaced sales of luxury single-family homes in November 2018. .“For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement.

These numbers show that demand and interest for luxury condominiums continue to remain high. We continue to stay ahead of and on-trend in this market, and would love to talk real estate with you about what to look forward to in 2019!

Read more from Pacific Business News, below:

Sales of luxury homes on Oahu were relatively flat overall in November, compared to last year, but sales of high-end condominiums outpaced sales of single-family homes for $1.5 million or more, according to a report by Coldwell Banker Pacific Properties.

Overall, there were 39 residential properties sold for $1.5 million or more, compared to 38 sold in November 2017, an increase of 3 percent. The median price of those single-family homes and condos was $1.98 million, an increase of 9 percent from $1.8 million last year.

Of those, 11 sales were for luxury condos, with the highest sale being for $11.07 million on Nov. 29 for a three-bedroom, 3.5-bath unit at Park Lane Ala Moana. That’s compared to nine luxury condos sold during the same month last year, an increase of 22 percent.

There were 28 single-family homes sold for $1.5 million or more in November, compared to 29 sold in November 2017, a decline of 3 percent. The highest prices last month were $9.88 million for a seven-bedroom, five-bath house in Lanikai that sold before it was listed and $7.2 million for a five-bedroom, 5.5-bath home on Kahala Avenue.

“Single-family home sales in the lower price range of $1.5 to $2 million were down by 24 percent, 16 compared to 21 last November, mainly attributable to a lack of desirable inventory in that price range,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement. “For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year.”

The report noted that escrow activity for luxury properties at the end of November was 10 percent lower than the same time a year ago.

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Real Estate News: Oahu Single-Family Homes Sales Price Sets New Record in August

Photo: Property of Jack Tyrrell and Company, Inc.

Photo: Property of Jack Tyrrell and Company, Inc.

The Honolulu Board of REALTORS released August 2018 sales statistics for the island of Oahu. Read more on the findings, below:

The median price for single-family homes on Oahu reached an all-time high in August, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, offer the following statistics:

Source: Honolulu Board of REALTORS

In August, the median price for single-family homes increased by 3.0 percent to reach a new record of $810,000, which was previously set in June 2017 at $795,000. The median price for condominiums rose by 1.9 percent to $427,000. Sales for single-family homes dipped by 2.2 percent and condominium sales also decreased by 9.4 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 15 and 18 days for condominiums.

“While the median price for single-family homes has been pushed to a new high, homebuyers are also finding properties at or below the $600,000 price range,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent, Central Oahu. With the decline in pending sales for both single-family homes and condominiums, buyers may be experiencing a bit of ‘fatigue’ in a market where multiple offers have been common and are taking a pause in their home search. It’s something that other markets are also seeing.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

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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.”

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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.

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Industry News: Condo sales hit decades high in August 2017

Photo: Waiea at Ward Village, as viewed from Ala Moana Beach Park. Photo is property of Jack Tyrrell and Company.

Photo: Waiea at Ward Village, as viewed from Ala Moana Beach Park. Photo is property of Jack Tyrrell and Company.

Honolulu condo sales do not show signs of slowing down. Last month, condo sales in Honolulu hit its highest level in more than a decade, jumping 20% as compared to August 2016.

Read the article from the Honolulu Star Advertiser, below:

Oahu’s condominium market stayed hot in August, as buyer demand for condos hit its highest level in more than a decade after a price record set in July.

The Honolulu Board of Realtors said in a report released Wednesday that the number of condo sales on Oahu jumped 20 percent to 575 last month compared with 481 a year earlier.

There hadn’t been as many sales for a single month since August 2006 when 580 condos were sold in the midst of the prior housing market boom on the island. The all-time monthly record was set in August 2005 at 831 sales.

“Although this August’s condo sales did not break the record-high of 831 … it is still the highest we’ve seen in 11 years,” Sue Ann Lee, president of the Board of Realtors and a broker with Properties of the Pacific, said in a statement.

As for prices, condos sold for a median $419,000 last month, up 5 percent from $398,000 a year earlier. The record was $425,000 in July.

In Oahu’s single-family house market, the number of sales rose 5 percent to 362 in August from 344 in the same month last year, while the median price also increased by 5 percent to $786,250 from $747,500 in the same period. The record was $795,000 in June.

Local residential real estate brokerage firm Locations described Oahu’s housing market in its own report this week as exhibiting “strong and steady growth” in August driven by buyers competing for relatively limited inventory.

Condos, which include townhouses and units in high-rise buildings, are generally more affordable than single-family homes and have been in more demand than single-family houses, though both segments in the market have had more sales during the first eight months of this year compared with the same period last year.

For condos, sales this year through August are up 6.2 percent compared with a 3.8 percent gain for single-family houses.

“Condos and townhouses are becoming an attractive alternative for homebuyers due to the affordable price,” Lee said.

A higher pace of condo sale growth also has been aided by developers completing several new condo towers last year that have added inventory to the resale market. Projects completed last year include The Collection, Symphony Honolulu, Waiea and 400 Keawe, with roughly 1,100 units between them. By comparison, developers built far fewer single-family homes on Oahu last year.

Locations said in its report that the 11-year high for condo sale volume was remarkable because the number of units on the market available for sale is relatively low. In August, there were 1,918 condos on the market. That’s the highest inventory for any month in nearly two years, but it compares with 2,707 units on the market in August 2006 when there were about as many condo sales as there were last month.

Because of relatively low inventory, as well as other factors that include low unemployment, record tourism and low interest rates, Oahu home prices are expected to continue rising this year and for the next couple of years, according to projections by the University of Hawaii Economic Research Organization.

This year through August, the median condo sale price is $401,000, up 3.2 percent from $388,500 in the same period last year. The single-family home median sale price is up slightly more, 3.7 percent, and rose to $757,000 from $730,000 in the same time frame.

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6 Reasons You Should Never Buy or Sell a Home Without an Agent

Photo: Credibly.com

Photo: Credibly.com

This article originally appeared on REALTOR.com.

It's a slow Sunday morning. You've just brewed your Nespresso and popped open your laptop to check out the latest home listings before you hit the road for a day of open houses.

You're DIYing this real estate thing, and you think you're doing pretty well—after all, any info you might need is at your fingertips online, right? That and your own sterling judgment.

Oh, dear home buyer (or seller!)—we know you can do it on your own. But you really, really shouldn't. This is likely the biggest financial decision of your entire life, and you need a Realtor® if you want to do it right. Here's why.

1. They have loads of expertise

Want to check the MLS for a 4B/2B with an EIK and a W/DReal estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently.

Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes that can seriously mess you up.

2. They have turbocharged searching power

The Internet is awesome. You can find almost anything—anything! And with online real estate listing sites such as yours truly, you can find up-to-date home listings on your own, any time you want. But guess what? Realtors have access to even more listings. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Have your eye on a particular neighborhood, but it's just out of your price range? Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.

3. They have bullish negotiating chops

Any time you buy or sell a home, you're going to encounter negotiations—and as today's housing market heats up, those negotiations are more likely than ever to get a little heated.

You can expect lots of competition, cutthroat tactics, all-cash offers, and bidding wars. Don't you want a savvy and professional negotiator on your side to seal the best deal for you?

And it's not just about how much money you end up spending or netting. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that's crucial to your particular needs.

4. They're connected to everyone

Realtors might not know everything, but they make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers—the list goes on—and they're all in your Realtor's network. Use them.

5. They adhere to a strict code of ethics

Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country.

What difference does it make? Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

6. They're your sage parent/data analyst/therapist—all rolled into one

The thing about Realtors: They wear a lot of different hats. Sure, they're salespeople, but they actually do a whole heck of a lot to earn their commission. They're constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you're selling). They're researching comps to make sure you're getting the best deal.

And, of course, they're working for you at nearly all hours of the day and night—whether you need more info on a home or just someone to talk to in order to feel at ease with the offer you just put in. This is the biggest financial (and possibly emotional) decision of your life, and guiding you through it isn't a responsibility Realtors take lightly.

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