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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Oahu home prices up in May but sales fall

Graphic by Honolulu Board of REALTORS

May 2018 data from the Honolulu Board of REALTORS show a 5.8% increase in the median price for a condo to $430,000 as compared to May 2017. While prices were up, closed sales were down 8.3% from last year.

Read more from the Honolulu Star-Advertiser, below:

Oahu housing prices moved up slightly in May but sales continued to lag during the prime spring homebuying season.

The median price for single-family homes rose 4.4 percent to $778,000 from $745,000 in the year-earlier period while condo prices increased 5.8 percent to $430,000 from $406,500, according to data released today by the Honolulu Board of Realtors. The data covers previously owned homes and condos but not new properties.

Sales fell 8.3 percent in both categories. Single-family home sales declined to 332 from 362 while condo sales dropped to 495 from 540.

“The Oahu market experienced a very deep trough with sales in January and February and we continue to slowly trend upwards,” Darryl Macha, president of the Honolulu Board of Realtors, said in a statement. “Pending sales are also experiencing a slow climb and we’re anticipating sales to peak in late summer.

Pending sales of single-family homes rose in May for the third straight month to 502 while the 751 pending sales for condos was down from April after three straight months of increases. Pending sales are signed purchase contracts that have not closed escrow.

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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.

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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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Waikiki, Kakaako condominium sales up by more than 30 percent in August

Photo: Property of Jack Tyrrell and Company, Inc.

Photo: Property of Jack Tyrrell and Company, Inc.

Waikiki and Kakaako condo markets continue to perform well, with sales jumping 40 percent and 33 percent, respectively. With an average of 26 to 30 days on market, it's more important than ever to select the right agent to find the best home or investment property for you, and to close the deal quickly!  

Read the full report from Pacific Business News, below:

Condominium sales in Waikiki jumped 40 percent in August, while Kakaako condo sales increased 33 percent, according to a local market update by the Honolulu Board of Realtors.

There were 109 condominiums sold in Waikiki last month for a median price of $412,000, 2 percent less than last August. Units were on the market for an average of 30 days, selling 17 days faster than in August 2016. New listings and overall inventory increased 32 percent and 17 percent, respectively.

“Waikiki was a popular option for those in the market for condominiums,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “The area is a great central location in urban Honolulu and offered local homebuyers and investors a wide selection of inventory from studios to luxury vacation condos.”

Kakaako condo sales increased 33 percent in August to 60, brining year-to-date sales up 19 percent to 377. The August median price in the area was $443,500, up 10 percent from last August, while the year-to-date median price decreased 4 percent to $495,000. The percentage of original price received increased 8 percent from last August, with sellers receiving 102.1 percent of the listing price on average. Also, days on market dropped 40 percent to 26 in August.

For single-family home sales, Makakilo experienced a 35 percent bump in August to 23, while the median sales price increased by 82 percent from the same period last year to $750,000. New listings increased by 29 percent and overall inventory rose by 32 percent, while median days on market decreased 17 percent to 24 in August.

“Makakilo was a popular neighborhood for single-family houses as demonstrated by the decrease in days on market and increase in closed sales,” Lee said. “The spike in median sales prices for single-family houses in Makakilo clearly shows the high demand for affordable housing and homebuyer’s willingness to explore options outside the metropolitan Honolulu area.”

In Hawaii Kai, single-family home sales increased 40 percent to 14, while the median price was flat at $1.24 million. Year-to-date sales increased 6 percent to 115 with the median price increasing 7 percent to $1.14 million

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Industry News: ​Kakaako condominium prices soar 88 percent in July

Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

This article originally appeared in Pacific Business News:

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47, according to a local market update released by the Honolulu Board of Realtors.

Homes also moved quicker, selling after an average of 12 days on the market, a 37 percent decrease from last July.

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47.

Waikiki had a 21 percent drop in condo sales last month, decreasing to 78 from 99 last year. The median price paid for those condos was $367,500, a 6 percent drop from $390,000 last July.

For single-family homes, Hawaii Kai and Kaneohe saw double-digit increases in the median price last month, increasing 18 percent to $1.2 million for Hawaii Kai and 13 percent to $964,350 for Kaneohe.

Closed sales, meanwhile, decreased 6 percent and 12 percent, respectively.

Year-to-date median prices for the neighborhoods are up 8 percent to $1.1 million and $857,250, respectively.

Kahala experienced a 12 percent drop in median price for single-family homes in July, decreasing to $1.5 million from $1.7 million in July 2016. Year-to-date prices are down 4 percent to $1.7 million.

In the Ewa Plain, closed sales increased 28 percent to 73 in July, with the median price inching up 2 percent from last July to $660,000. New listings in the area increased 23 percent to 95.

This area remains popular due to its lower price points and varied options, according to Sue Ann Lee, president of the Honolulu Board of Realtors.

“For homebuyers willing to look outside Urban Honolulu, Leeward and Central Oahu neighborhoods like Wahiawa and Makakilo offer a wide selection of options that fall at or even below the island-wide median sales price of $750,000 for single-family houses and $425,000 for condos and townhouses,” Lee said.

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Real Estate News: Oahu condo prices climb

Photo: Jack Tyrrell & Company, Inc.

Photo: Jack Tyrrell & Company, Inc.

The Honolulu Star-Advertiser's Monday, August 7, 2017, front-page story reported on the continuous climb in condo prices seen on Oahu. The report looks at data from the Honolulu Board of REALTORS, which shows record high median sales price of $425,000 for Oahu condos in July 2017. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016 to $695,000 in July 2017. Prices will only continue to climb, as demand outweighs supply, making it more important than ever to find the right Realtor to help you find the best location and unit, and to guide you through the negotiation process to ensure the unit doesn't slip away.  

Read the Star-Advertiser's report, below:

Oahu’s more affordable option for homeownership is climbing in cost as median sales prices for condominiums hit historic highs, as evidenced in July.

Previously owned Oahu condos sold for a median $425,000, increasing 6.3 percent from $400,000 in July 2016, according to resale figures released Sunday by the Honolulu Board of Realtors. The July median sales price for Oahu condos exceeded the previous record high of $415,500, set in April.

“Median sales prices for condominiums are the highest we’ve seen as prices have continued to soar,” Sue Ann Lee, president of the local Realtors trade association and a broker with Properties of the Pacific, said in a statement. “Condos and townhouses at midrange price points are a likely alternative when there is a lack of affordable single-family home inventory, causing the median sales price to shift up.” 

The median sales price for Oahu condos, which also include town homes, has been at $400,000 or above for five straight months. The median price is a point at which half the homes sold for a higher price and half for a lower price.

In July the sales of 475 Oahu condos closed, a 7 percent increase from 444 in the same month last year. As the number of sales rose, median days on the market declined. Sales of condos closed after 14 days on the market, a 22.2 percent decrease from 18 days on the market in July 2016.

Year-to-date, condos make up 60 percent of home sales, with 3,272 sales closed on condos, compared with 2,124 single-family homes.

The area with the most condo sales in July was Waikiki, with 77 sales, followed by Ewa, with 55. There were 45 condos sold in Ala Moana-Kakaako, according to a Wednesday report released by Locations, a major Hawaii residential real estate brokerage firm.

The median price of those sales in Waikiki was $370,000; in Ewa, $387,000; and in Ala Moana-Kakaako, $695,000, according to Locations. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016.

As Oahu’s median sales prices for condos broke records, median sales prices of single-family homes saw a modest change. Single-family home prices rose slightly over the same month last year but came in below recent highs.

Single-family houses on Oahu sold for a median $750,000 in July. The July median price inched up 0.5 percent from July 2016’s $746,000.

“It’s like an escalator. It’s going up and up and up at a really constant rate. It has been doing that for about five years here on Oahu,” said Paul Brewbaker, principal of TZ Economics. “These numbers don’t seem to be that much out of bounds with what we’ve seen for a long time, at least since the summer of 2011.”

Despite increasing over the year-ago price, July’s median sales price of $750,000 pales next to the record $795,000 hit the month before. June’s record median sales price was $35,000 higher than the previous record of $760,000 exactly a year earlier. Brewbaker said the difference fits with current seasonality patterns, noting June prices are higher than July and May prices.

The number of single-family homes sold was up 4 percent, with 335 homes sold in July and 322 a year prior.

In July the area with the most single-family home sales was Ewa, with 70, followed by Mililani with 25. Tied for third was Pearl City-Aiea and Leeward with 22, according to Locations.

The median price of those sales in Ewa was $681,875. The median price in Mililani was $731,500. In Pearl City-Aiea it was $745,000, and in Leeward it was $517,500.

While the number of single-family home sales saw a slight increase in July, the number of days a home was on the market during that time surged. The number of days a home was on the market spiked 25 percent in July, with sales closing in an average of 20 days, compared with 16 days in July 2016.

In July, 481 new listings of single-family homes were added to the market. Only once in the last 24 months has the number of new listings been higher: in March, when there were 492 new listings. In comparison, the condo market last month saw 674 new listings.

According to Locations’ Wednesday report, the firm said it expects Oahu condo and single-family home prices to continue a steady climb as demand continues to outpace available supply.

“An uptick in new listings for both single-family homes and condos is welcome news for prospective homeowners; however, demand continues to outpace available inventory,” Scott Higashi, CEO of Locations, said in the report.

HOME SALES
The number of homes sold on Oahu in July with the median price and percentage change from the same month last year:

  • SINGLE-FAMILY HOMES

    • SALES MEDIAN PRICE

    • July 2017 335 $750,000

    • July 2016 322 $746,000

    • Change 4% 0.5%

  • CONDOS

    • SALES MEDIAN PRICE

    • July 2017 475 $425,000

    • July 2016 444 $400,000

    • Change 7% 6.3%

Source: Honolulu Board of Realtors

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The No. 1 reason home inventory is so low, according to Trulia

Photo: Jack Tyrrell and Company, Inc.

Photo: Jack Tyrrell and Company, Inc.

In industry report by Trulia has found that the number one reason  home inventory on Oahu is low is due to the lack of inventory. This fact highlights why becomes increasingly important to find a Realtor working to ensure they utilize all of their resources to find you exactly what you need and make the deal quickly work in your favor.

Read the full report from Pacific Business News, below:

The low number of single-family homes and condominiums for sale has helped keep Oahu’s housing market hot this summer, but a new report by Trulia found the main influence on housing inventory may not be what most real estate experts think.

Trulia reports there are five theories as to why there are so few homes on the market — investors are holding homes as rentals, high prices have made buying unaffordable, owners are reluctant to sell if they can’t buy another home, baby-boomer homeowners can’t or don’t want to move and owners looking to trade up can’t find a home they can afford.

But the No. 1 impact on inventory: Homebuilding, and not enough of it.

Trulia says that every one percentage point increase in housing stock in a market between 2010 and 2016 correlated to a 13 percent increase in inventory.

Trulia also found that investor ownership correlates with lower inventory, with every one percentage point of housing stock owned by investors driving inventory down by 2.8 percent.

According to Trulia’s data, 46 percent of homes in Honolulu are owned by investors, the eighth-highest percentage among the cities in the study. That figure was higher than 53 percent in New York, Los Angeles and San Francisco.

Here on Oahu, the latest report by the Honolulu Board of Realtors found there was 2.7 months of remaining inventory for single-family homes and 2.8 months of remaining inventory for condos, meaning that if no more listings came on the market, the homes would sell out in that amount of time. Those numbers have been less than three months for nearly a year.

Economist Paul Brewbaker of TZ Economics has been saying for years that developers are not building enough new homes to keep up with demand.

He told Pacific Business News earlier this month that the supply of housing “is as constrained as ever” but also questioned whether the demand was as strong as commonly thought, since prices have not risen as high as they should in such a tight market.

Other common reasons often given for constrained inventory don’t correlate as much to actual low inventory, Trulia found.

For example, the share of homeowners in a market who are age 55 or older has some effect on inventory, but not nearly as much as adding new homes to the existing housing stock. For every one percentage point increase in the share of homeowners 55 and over, inventory increases 3.4 percent.

Honolulu’s share of baby boomer owners — 57.4 percent.

The price spread between a homeowner’s current home and the trade-up home has a negligible effect on inventory. For every one percentage point increase in the price spread, there is only a 0.2 percent increase in inventory.

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Brad Inman’s crystal ball: Real estate predictions for 2017

Photo: Property of Jack Tyrrell and Company, Inc.

From the way technology continues to change the way we do business and our consumers' habits to political transition leaving policy unpredictable, 2017 is bound to be a year of change.  Amidst the change, it's prudent to be ready for some of the trends that may come about in the new year. Internet entrepreneur Brad Inman gives us his 2017 real estate predictions

Here were Inman's predictions for 2016.  Read his predictions for 2017, below:

2017 will be the year of the homeseller

The most profound real estate technology innovations in the last two decades have benefited homebuyers finding homes and agents becoming more efficient.

This coming year, technologists and venture capitalists will zoom in on homesellers, with the $60 billion commission pie up for grabs.

Opendoor, Knock and to a degree transparent bidding features are examples. Using technology, more companies will figure out how to give sellers more certainty around their home sale.

Don’t miss out on the homeseller innovation parade — your livelihood is at stake.

The housing market will soar (temporarily)

Boosted by the Trump confidence pop, mortgage money will be plentiful.

IRAs (individual retirement accounts) are already increasing in value, and job creation efforts will take hold as unemployment has already reached new lows. Both of these trends will give consumers a boost in the market.

This could be short-lived as robots steal millions of service jobs, middle managers included. This trend will make overseas offshoring seem like a pimple on our butt.

Enjoy the sunlight, but stash away some of your profits for dark clouds later.

NAR will pick a woman to lead the trade group

Though the old-guard will lobby hard for anointing one of its own, the National Association of Realtors will do what the country could not — make a woman the CEO.

Remember, your hard work funds NAR, so speak up in one way or the other. If you hold an opinion, email the search committee and give them a piece of your mind.

Zillow will expand overseas by acquiring a European portal

Zillow will cross international borders through an acquisition of some type, somewhere.

Growth opportunity in the U.S. is still strong, but to fill its valuation expectations globe trotting will be necessary.

Still avoiding Zillow as a source of business?  Think twice before you continue to dismiss the giant portal.

Footnote: dotloop (a Zillow company) will come out of the closet and do some interesting things on the back end that make life easier for brokers and agents.

Opendoor becomes second-biggest broker in the country by year’s end

One year from now, Opendoor will be the second-largest broker in the U.S., second only to NRT.

By unit count — and, most importantly, by revenue — the exchange platform will give a segment of the selling market the certainty they generally cannot get when unloading their homes the traditional way.

Remember, Opendoor still works with buyers agents, so when the company comes to your market, consider how to make it work for you.

Redfin files to go public

The 10-year old online plodder will take its story to Wall Street and file to go public.

Redfin will use its new funds to capture more share in its current markets and continue to innovate and make gains on the recruiting front and with its technology.

Lots to learn from Redfin — copying their best features is one strategy to compete with them.

Equity-sharing mortgages will spread

Wall Street will provide the funds, and homebuyers in pricey markets with a sparse down payment will be the beneficiaries, as equity sharing becomes widespread because of support by Freddie Mac, Fannie Mae and the big lenders.

Learn everything you can about this new loan so you can help your buyers who are scrambling to save their down payment.

Luxury housing market recovers, but tastes change

With a U.S. President who earned his billions in luxury real estate, the high-end market will have a revival as rich people who have been hoarding their cash and hiding out from the redistributionists will tiptoe back into the market.

But tastes will change. Walkable neighborhoods will become the Cartier wrist bands of real estate, guard dogs in tow.

Docusign IPO bigger than Zillow

The paperless cruasader, San Francisco-based Docusign will  go public, shining light on the real estate efficiency race. The company’s finances will look sterling and get the attention of Wall Street technology skeptics.  The IPO could be huge.

 Mars will be subdivided

A first step in creating a new civilized world on Mars will be a plan to subdivide the far-off planet. It could pay for space exploration. That is how we pay for infrastructure on planet earth.

Some of the smartest minds in the real estate industry will get involved. But don’t be bamboozled into investing in Mars property — yet.

The present and future will merge

Bots on your phone and on everything you own or drive will help you manage many functions of your life and will be automatically updated, taking you into the future every second, whether you like it or not.

Installation artist Douglas Coupland calls this phenomenon “accelerated acceleration.” Your challenge will no longer be keeping up with technology, because it has already kidnapped a big part of your life.

Instead figure out how to hold onto, restore and grow your humanness.

Bottom line: Enjoy 2017 — it will be a fun and exciting year.

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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.

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