Hawaii real estate by Bonnebaker

February 13, 2005

Honolulu: Ala Moana Hotel is the newest condotel

Crescent Heights, the luxury condominium builder will be converting the 1,150 room hotel into a luxury condominium to be sold individually to investors.

The Miami developer purchased the underperforming hotel in October for $85 million. And the rooms will go on sale in the next several weeks with beginning prices at a low of $100,000.

The units can be residences or placed in a hotel pool with on-site management.

August 16, 2005
Honolulu: Lower inflation for first half of 2005

Rising housing and energy costs continue to erode incomes and caused the inflation rate to dip down for the first half of this year. The cost of living increase of 3.1% is lower than the first half of 2004 which was 3.3% according to the Department of Labor.

Construction, Real Estate, and tourism increased the number jobs and this brings a new stability to Hawaii but also increases the cost of living. In Honolulu, housing costs rose by 4%, which is below last years 4.6% growth. Gasoline prices increased by 13.9% this year and 13.8% last year.

August 1, 2005

Plans for the new Waipi’o Point project presented by developer Castle and Cooke before the neighborhood board would create new homes on a site adjacent to the Waipahu High School. The old Brown estate consisting of 13.2 acres purchased from the Queen Emma Foundation would be the site for the sixty-six new home subdivision.

The average lot size for these homes will be about 5,000 square feet and the style of the homes should be not unlike those of Castle and Cooke’s Renaissance project. Steel framed construction will be used as well as central air conditioning. Square footage of the homes will range from 1,3250 to 2,400 along with a front porch and rear lanai in most of the models.

The average price for the homes will be around $550,000 fee simple. Castle and Cooke will have a lottery in February 2006 and the homes should be available to move into next summer.