FAIR SCHEDULE AND MAP
S U N D AY 9 / 2 9 / 1 3
PAGES 18-19
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Hawaii Homebuyers Fair
INDEX Waikiki units in high demand
NEW HOME OPTIONS ABOUND ACROSS OAHU Buying a home is the biggest purchase most people will make in their lives. It’s important to go into the process armed with as much information as possible. There are thousands of websites, books and even cable channels devoted to educating homebuyers. Most of that information is aimed at a national audience. With this guide to home-buying and the Hawaii Homebuyers Fair this Saturday, we hope to add to your Hawaii-specific knowledge. The Hawaii Homebuyers Fair will be held at the Hawai‘i Convention Center on Saturday from 8:30 a.m. to 3 p.m. The fair, which is sponsored by the Star-Advertiser and Sunetric, is free to the public. For more information, visit hawaiihomebuyersfair.com or call 538-6397. This special section includes articles on Oahu’s hottest markets for new home development and a Q-and-A with the executive director of a nonprofit that helps educate Hawaii residents on buying a home. There are a variety of new home options on Oahu. Kakaako is booming with nine condominium towers under construction now or soon to be under construction. Those towers will have about 4,000 units ranging from penthouses with ocean views fronting Ala Moana Boulevard to affordable housing with income limits for buyers. The state and city have been pushing development in Kakaako as a way to bring housing closer to the two main employment centers: downtown and Waikiki. With the addition of an elevated rail line, the neighborhood is being designed as a place where you can live, work and play without having to get in your car. Kapolei, Oahu’s second city, continues to grow with 550 new homes being built this year. The city is adding more shopping and employment opportunities every year and will also benefit from the new rail line that runs from East Kapolei to Ala Moana Center. Waikiki is the heart of tourism in Hawaii, but it is also home to thousands of yearround residents. At least two new condo projects are underway in Waikiki, giving homebuyers the option of owning a new home in the center of all the action. David Butts Honolulu Star-Advertiser, Business Editor
Regional zoning changes have some analysts predicting a new wave of residential development. PAGE 10
Kakaako’s condo boom Four towers to date have begun selling units, while another five are in various stages of planning. PAGE 13
‘Second City’ years in making A number of communities — some of which have been planned for decades — are under construction in and around Kapolei. PAGE 21
Be akamai when shopping Dennis Oshiro of the Hawai‘i HomeOwnership Center offers advice on how to prepare for buying a home. PAGE 26
PUBLISHER
Dennis Francis EDITOR
Frank Bridgewater BUSINESS EDITOR
David Butts REPORTERS
Andrew Gomes Allison Schaefers Erika Engle
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H O N O L U L U S TA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
30 YEAR 5/1 ADJUSTABLE RATE MORTGAGE for Owner Occupied Properties
2.75% Interest Rate* fixed for the first 5 years then adjusted annually thereafter.
3.125% Current Fully Indexed Variable Interest Rate as of 9/20/13
3.035% APR*
JOIN US for ou r Mortgage Workshops at the
Check out these low rates from Hawaii’s #1Residential Lender. 1
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#
# †
In total dollars by a local bank.†
†
In number of loans made by a local bank.†
Homebuyer Fair 9:30am & 1: 30pm ROOM 31 5
Want to take advantage of our lowest rates ever? Well, now’s the time. Because rates on our Bank of Hawaii 5 Year Adjustable Rate Mortgage are at an all-time low. So let Hawaii’s # 1 residential lender get you into the home of your
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Downtown 694-4786
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Kapolei 694-1444
Merchant St. 694-8505
Pearlridge 694-6090
Kahului 856-2510
Kihei 856-2520
Lahaina 856-2530
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©2013 Bank of Hawaii boh.com Member FDIC *Annual Percentage Rate (APR) is 3.035%. Based on a loan amount of $100,000 after a 20% down payment. Initial monthly principal and interest payment is $408.24 for the first 5 years. The current fully indexed variable rate is 3.125% that would correspond to monthly principal and interest payments of $428.38 for the remaining 25 years. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. The index is the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published daily in The Wall Street Journal. Since the index in the future is unknown, the $428.38 monthly principal and interest payment is based on the current index plus a margin of 2.50% (fully indexed rate) as of 9/20/13. The lifetime adjustment cap is 6% over the initial interest rate. Monthly payments do not include additional costs such as taxes and insurance. The actual monthly payment will be greater. Maximum loan amount is $625,500. Interest rates and payments may increase after loan consummation. Certain requirements and conditions apply. Other rates and terms available for loans not meeting the required conditions. Interest rates effective as of 9/20/13 and can change at any time. Subject to loan approval. † #1 ranking is for number of loans made and for total dollars by a local bank. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data for 2012. Information is deemed reliable but not guaranteed. SUNDAY 9/29/13 >> HONOLULU STAR-ADVERTISER
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Aloha!
Aloha and welcome to the Hawaii Homebuyers Fair! It is a pleasure to co-sponsor this inaugural event. At the Honolulu Star-Advertiser, we strive to keep our community informed. And there are few areas in our daily life where being well informed is more helpful than in home-buying and homeownership. It is a fact that for most people, buying a home is the single largest financial investment they will ever make. That's why homebuyers and homeowners need to be especially well informed. And that is the purpose of this fair: to give people the best, latest and most Hawaii-focused information on buying a new home. So visit the booths, take part in the workshops being offered, talk to the experts and learn everything you can about home-buying, homeownership and home renovation. You will find Realtors, mortgage companies, renovation and home improvement specialists, and nonprofit assistance providers all in one place and ready to answer your questions.
Aloha, Dennis Francis Honolulu Star-Advertiser, President and Publisher Welcome, homebuyers and homeowners! Thank you for joining us at the first annual Hawaii Homebuyers Fair hosted by the Honolulu Star-Advertiser. Whether you’re considering purchasing your first house or you’re seeking ways to improve your current homeownership, the Hawaii Homebuyers Fair provides invaluable resources and support to help you succeed as a homeowner. With visions of master-planned communities moving forward and transforming neighborhoods like Kakaako, staying informed on upcoming developments and how these changes affect homeownership will be key to realizing your dream home. From real estate agents to Sunetric solar installers, the participating professionals at the Hawaii Homebuyers Fair are here to guide you through your homeownership journey and answer all your questions. We encourage you to stop by the wide range of service providers’ booths and workshops to find out more about the exciting opportunities available for homebuyers and homeowners. For those of you interested in home solar solutions, please visit one of our solar consultants at our booth or workshop to learn how you can significantly reduce your electricity bill, add value to your home and provide clean energy for future generations.
Mahalo, Aaron Kirk Sunetric, Chief Operating Officer
H O N O L U L U S TA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
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Ward Village is a proposed planned master development in Honolulu, Hawai‘i that does not yet exist. Photos and drawings and other visual depictions in this advertisement do not represent the amenities or facilities in Ward Village and should not be relied upon in deciding to purchase or lease an interest in the development. This is not intended to be an offering or solicitation of sale. The Howard Hughes Corporation Copyright © 2013.
HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13
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Guests and prospective buyers attended a private sales event in June for the Ritz-Carlton Residences Waikiki luxury condos. A video screen displayed sales activity. Nearly 90 percent of the 309 units have been sold.
BRUCE ASATO / BASATO@STARADVERTISER.COM
SUNRISE ON THE BEACH Zoning amendments renew interest in development of time shares and hotels in tourism’s commercial core By Allison Schaefers aschaefers@staradvertiser.com
t was relatively easy for Yas Saotome, a Connecticut-based biotechnology industry vice president, and his wife to choose Oahu as the place where they eventually plan to live out their retirement. Finding the right condominium in the right neighborhood was
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more challenging. The couple looked at about a dozen properties from Kakaako, where nine new towers with 4,000 units are in the pipeline, to Waikiki, where only five new fee-simple condominium projects representing about 1,323 units have come available since 2005.
H O N O LU LU STA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
The couple ultimately chose to buy in Waikiki despite the limited inventory of new condominiums. “It’s rare to find a beach destination with an urban feel,” said Saotome, who fell in love with the area during his first visit. “It’s very international as well. There aren’t too many cities like that.”
The couple made an offer on a unit in the Waikiki Landmark, which came to market in 1993 at the tail end of the Japanese investment boom in Hawaii and was meant to be the start of luxury residential condominium development in the resort district. However, it stood alone for years
due in part to the economic downturn, a lack of available land for development and strict Waikiki Special District zoning requirements, which stood in the way of large and small developments. Amendments made to Waikiki zoning last year have renewed residential developer interest in the destination, allowing for new development and redevelopment of time shares and hotels in Waikiki’s commercial core. “The (Honolulu) City Council did an exceptional job working with the residents and businesses in Waikiki to develop a new set of zoning guidelines that encouraged responsible but economically viable development,” said Jason Grosfeld, senior managing member of PACREP LLC, developer of the 37-story Ritz-Carlton Residences Waikiki, which broke ground on Aug. 29. Waikiki Neighborhood Board member Jeff Merz, who works as an urban planner, said his oncetired neighborhood is on the upswing. “Waikiki went through a wall with locals and tourists. It didn’t have the best reputation for living or visiting. But a few years ago, Waikiki started getting back the cool factor that it had lost. While the stock in Kakaako will be newer and better planned, we’ve got the name recognition in Waikiki. When you get high-end brands like the Ritz and Trump, people start viewing the neighborhood on another level.” It’s not a mystery why some are
Waikiki
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Ave n
Kuhio Avenue
Bo u
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$467K AVERAGE CONDO PRICE IN 2012
$1.27M
na Ala
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Kaioo Drive
Hobron La
predicting a wave of new residential development in Waikiki. “We work with a lot of Japanese buyers but we are seeing more Chinese and Korean buyers and some Canadian,” said Patrick McMillen, principal broker of Waikiki-headquartered CENTURY 21 Hawaiian Style. “We’re also seeing more local people, especially young urban professionals, empty nesters or retirees, considering Waikiki. But there simply isn’t enough inventory to satisfy the demand. We need more two-bedroom condominiums in the $600,000 to $1 million price range. If they were new, we could move them quick.” McMillen may get his wish. Independent housing consultant Ricky Cassiday predicted Waikiki will account for more than 12 percent of the 10,823 condominium units that he expects will come to market on Oahu between this year and 2018. Cassiday’s forecast for new condominium development in Waikiki comes close to matching his projections for development in Ala Moana and downtown. “I think Waikiki will be as attractive, if not more, than Kakaako,” said Cassiday. “Kakaako is a dirt town that will be like Miami downtown glint whereas Waikiki is richer and more diversified.” By 2022, Cassiday said he expects demand for Waikiki residential condominiums will
OAHU Lewers Street
Al
Ala Wai Boulevard
Kalaimoku Street
aW ai
Bl
vd .
Ala Wai Canal
IN HIGH DEMAND One analyst believes local and offshore buyers will push up residential condo prices over the next decade:
ESTIMATED AVERAGE CONDO PRICE IN 2022
Ritz-Carlton condominum
Source: Ricky Cassiday, independent housing consultant
The Cove Waikiki Ala Wai Yacht Harbor
STAR-ADVERTISER
push the average price up by 272 percent to $1.27 million from $467,000 in 2012. Local and offshore buyers already are scooping up the latest Waikiki condominium developments. All of the 117 units in The Cove Waikiki, which is expected to open in June 2014, have already been sold to a mix of buyers, including 46 percent from the local market.
“The appeal has been pretty even amongst local and offshore buyers,” said Chris Deuchar of Form Partners LLC. “We already have seen the interest from local buyers growing over the last 10 years and think that will continue to grow as they want to be centrally located and have close access to activities and amenities.” Grosfeld, with PACREP, said his company has sold nearly 90
percent of the 309 Ritz-Carlton Waikiki units. Ritz-Carlton is exploring buying adjacent land and developing a second condo tower that could be annexed to the first tower. “There are not many firms that have bet as heavily as we have in Waikiki,” Grosfeld said. “We definitely agree (the area is hot) and we are voting with our time and with our wallets.”
S U N DAY 9/2 9/13 > > H O N O LU LU S TA R-A DVE R T I S E R
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HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13
94-539 Puahi Street, Waipio, HI 96797
Waihonua at Kewalo, on Queen Street at the base of Pensacola Street, was the first tower project in the recent Kakaako boom to launch sales. Of the 341 units priced between $375,000 and $1.9 million, 321 have been sold.
the first tower over the last three to four months. A third project where sales have begun is Symphony Honolulu, a project by San Diego-based OliverMcMillan with units priced from $500,000 to about $3 million. Sales began in July and buyers claimed about 200 of 288, or 70 percent, of market-priced units. Another 100 moderate-priced units under a state program are scheduled to be CINDY ELLEN RUSSELL / CRUSSELL@STARADVERTISER.COM sold via lottery today. Most recently, sales began last month for 397 units in a tower that’s the focus of a condo complex called The Collection on the former site of a CompUSA store. Unit prices range from $380,000 to $1 million. Prospective buyers reserved 250, or 63 percent, of the units, though the reservations have yet to be converted to binding sales. Three other towers with development approvals, planned by Howard Hughes Corp. at Ward Centers, have yet to start sales but are expected to do so by the end started sales and construction late of the year. Construction is proEwa Beach and Ka Malanai in jected to begin early next year. last year, and has sold 321 of 341 Kailua — are ongoing. One of the three Hughes Corp. The boom in Kakaako is filling a units priced between $375,000 and projects is a 177-unit luxury tower $1.9 million. void of homebuilding elsewhere overlooking Ala Moana Beach Park The next Kakaako tower to that has been constrained by the at the corner of Kamakee Street launch sales was 801 South St., a availability of suitable land and a and Ala Moana Boulevard. Ten project by local developer Marmore difficult permitting process shall Hung. Buyers snapped up al- townhomes are also part of the to covert farmland for urban decomplex, nicknamed the “Fish most every one of the 635 units velopment. Net” tower. priced between $253,200 and So far, buyer demand is strong. The other two Hughes Corp. The first Kakaako tower project to $501,300 in March. Hung recently announced plans projects are a 424-unit tower with launch sales was Waihonua at Kemoderate-priced units on Ward Avfor a second adjacent tower with walo, on Queen Street at the base 410 units and said about 6,000 peo- enue just ewa of Sports Authority, of Pensacola Street. Local develand a somewhat more upscale ple had visited the sales office of oper Alexander & Baldwin Inc.
RACING TO NEW HEIGHTS A high-rise condominium boom in Kakaako fills a void of homebuilding limited elsewhere by a lack of land By Andrew Gomes agomes@staradvertiser.com
igh-rise condominiums dominate the options today for buying a new home on Oahu, and Kakaako between downtown Honolulu and Waikiki is ground zero for this market. The area bounded by Ala Moana Boulevard and King, Punchbowl and Piikoi streets has been envisioned by state planners for decades to become a dense core of condo towers. Now that vision appears to be turning into a reality. Unit sales are ongoing at four Kakaako tower projects, two of
H
which are under construction. Three more towers have development permits but have yet to start sales. And two other towers have been announced but still need permits. In all, nine towers with a total of about 4,000 units are in this development pipeline. Far fewer homes are on the market or under development elsewhere on the island, where a handful of single-family house and townhouse projects — including Mehana in Kapolei, Hoakalei in
S U N DAY 9/2 9/13 > > H O N O LU LU S TA R-A DVE R T I S E R
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Kakaako
Area of detail OAHU Sou th K ing Stre et
et re St e ok Co
Pen sac ola Stre et
e aw Ke
et re St
et re St
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Ka pio lan iB ou lev ard
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Towers with sales underway Approved towers yet to begin sales Announced but not yet approved
also aware that unexpected shocks to the economy, significantly higher interest rates or a longer-term slowdown can hurt buyer demand. “The market’s only going to last so long before it tips again,” Paul Kay, director of real estate development for Kamehameha Schools, said in July during an event announcing a Kakaako project called Keauhou Place. The project is designed with
H O N O LU LU STA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
9 TOWERS BEING BUILT
4,000 UNITS
2016 FULL COMPLETION
Kewalo Basin
Piik oi S tr
complex with 230 units in a tower and 82 low-rise condos on the site of Pier 1 Imports on Kamakee Street. Nine towers with close to 4,000 units sounds like a lot, raising questions about whether enough demand exists. A recent report by commercial real estate firm Colliers International said Oahu’s market for multifamily housing is on the defining line between expansion and hypersupply phases. “Concerns are being raised that the considerable amount of new residential development in the Kakaako area will result in an oversupply situation without the level of demand needed to absorb the number of units planned,” said the report, released last month. Local economist Paul Brewbaker of TZ Economics said such concern is off base because of the relative dearth of new housing being built elsewhere on Oahu amid a rising economy. Brewbaker said that even 5,000 new homes is not a huge supply when considering it was a little more than what was produced in half a year on average from 1950 to 1974. “(Five thousand new homes) would seem to so many people as if it’s a lot of units when it really isn’t in any meaningful context,” he said in an email. Developers cite the high response to date from buyers as evidence supporting Brewbaker’s view. However, they are
HIGH-RISE HOPE State planners have envisioned the area bounded by Ala Moana Boulevard and King, Punchbowl and Piikoi streets as a dense core of condo towers. Projects by the numbers:
S STAR-ADVERTISER TAR-A D V E R T I S E R
450 moderate-priced units in a condo tower and 150 low-rise homes including rental apartments on a South Street parcel owned by the trust. Brewbaker agrees that while current demand supports the volume of new home development in Kakaako, whether demand lasts until all the tower projects are completed is another question. It typically takes two years to
build a high-rise, at which point unit sales are completed. During Oahu’s previous real estate boom, developers failed with two towers — Moana Vista in Kakaako (now known as Pacifica Honolulu) and Allure Waikiki. Other developers took over and finished the projects. The nine Kakaako towers in the works now are projected to be completed between 2015 and 2016.
Source: Star-Advertiser research
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DO YOU WANT TO OWN YOUR OWN HOME? We Can Help You! The Hawaii HomeOwnership Center has been helping people get into homes in Hawaii for the past 10 years. We are a non-profit organization set up specifically to provide education and assistance to individuals and families so they may realize their dream of homeownership.
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Hawaii Homebuyers Fair Event Map
Open to the public
Tradeshow Room 316
313 A & B
Concession Stand
Presented by:
Tradeshow Room & Concession Stand
Workshop Room: Developer’s Panels
316 A, B, & C
Personal Consultation Tables 35
41
Saturday, October 5, 2013 Schedule of Events Solar Energy Solutions
8:30am–3:00pm
9:30-10:30am & 1:30-2:30pm Hosted by Sunetric
Come and meet Hawaii’s real estate and homeownership community! Get pre-qualified for a home mortgage, meet a REALTOR®, assess your home’s current value, and check out our custom home builders, building suppliers, and home renovation experts.
Developer’s Panel: Master Planned Communities 10:45-11:45am Discover what’s going on with Hawaii’s premier master planned communities! Learn about new homes on the market and the homes of the future! Featuring presentations by The Howard Hughes Corporation, DR Horton-Schuler Homes, and Kamehameha Schools.
Developer’s Panel: Affordable Homes For Sale 12:15-1:15pm Get information from Hawaii’s leading homebuilders on what it means to purchase an affordable home in Hawaii. Featuring presentations by Stanford Carr, Peter Savio, and OliverMcMillan on their upcoming projects!
Workshop Room: First Time Homebuyers
Workshop Room: Solar Energy Solutions
There’s no better time to go solar! Join us for an educational hour to find out about how solar works, the benefits of a PV system, the current tax incentives, and how to choose the best financing options available for your needs.
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First Time Homebuyers Workshop 1
9:30-10:30am & 1:30-2:30pm Hosted by Coldwell Banker Pacific Properties Are you a first time homebuyer? Attend this seminar to meet our team and discover information about special programs, incentives, loans and credits!
Mortgage Basics 9:30-10:30am & 1:30-2:30pm Hosted by Bank of Hawaii Learn how your credit affects your home buying power! Get pre-qualified for a mortgage by our expert team & find out how income like overtime and part-time work is documented.
www.hawaiihomebuyersfair.com HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13
Workshop Room: Mortgage Basics
314
Tradeshow
312
Hawaii Convention Center
315
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FREE
Real Estate Developers & Companies Century 21 All Islands........................ 7 Certified Residential Specialists.........................................21 Coldwell Banker Pacific Properties ........................................27 D.R. Horton/Schuler Homes ......... 14 Help-U-Sell Honolulu Properties ....................................... 30
Horita Realty LLC .............................25 Howard Hughes Corporation .......26 Island Style Realty, Inc. ..................39 Jeffrey Samuels Real Estate........... 5 Keller Williams Honolulu.................41 Savio Realty, Ltd. ...............................12 Stanford Carr Developmpent ......34 Title Guaranty ....................................24
Mortgage Companies American Home Loans...................28 Bank of Hawaii .................................... 2 Central Pacific Bank ....................... 20 First Hawaiian Bank ........................... 6 HawaiiUSA Federal Credit Union ..................................................16 Honolulu HomeLoans .....................35 Meyers Capital Hawaii ....................33 Pacific Rim Mortgage ....................... 9 Smart Money, Inc. ............................... 4 Veterans United Home Loans of Hawaii ............................ 40
Home Improvement Solutions & Custom Building Akamai Pest Solutions ..................... 8 Diamond Head Windows ..............38 Homeworks Construction .............32 Honsador Lumber ............................. 1 1 Kapili Roofing .....................................17 Sunetric ................................................... 1 Windows Hawaii ................................. 3
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Non-Profit & Other Organizations City & County of Honolulu, Rehabilitation Loan Branch ........... 19 Consumer Credit Counseling Services of Hawaii ............................ 38 Hawaii Homeownership Center .......10 Honolulu Board of REALTORS® ....... 13 Honolulu Star-Advertiser ................... 15
SUNDAY 9/29/13 >> HONOLULU STAR-ADVERTISER
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The Ewa by Gentry community expects to build 130 to 150 new homes this year at two phases, with prices starting in the low $400,000s. Builders work on homes in one of the phases, Sandalwood.
KRYSTLE MARCELLUS / KMARCELLUS@STARADVERTISER.COM
WEST SIDE STRIDES Master-planned community projects spanning decades make Kapolei a viable option for a wide range of buyers By Andrew Gomes agomes@staradvertiser.com
or more than 20 years, Kapolei has been one of the most concentrated areas of suburban housing development on Oahu, and home construction continues to chug along in the re-
F
gion stretching from Ewa Beach to Ko Olina. Several developers are churning out phases in master-planned communities that date back decades, in the effort to create a
“Second City” on Oahu from what used to be thousands of acres of sugar cane. For the most part, new homes in Kapolei are priced for entry-level and move-up buyers, though lux-
ury and resort homes also are in the mix. One of the region’s oldest communities, Ewa by Gentry, expects to produce 130 to 150 new homes this year at two phases, Trades
and Sandalwood, where prices start in the low $400,000s. Bob Brant, Gentry Homes Ltd. president and chief executive officer, said the company has built about 7,300 homes in the community that began in 1988. This year, production was ramped up somewhat in response to the growing economy and buyer demand. “The market’s improved,” he said. Another major Kapolei project with old roots is Ocean Pointe, which broke ground in 1997. To date, project developer Haseko Hawaii has completed about 3,300 homes, including 750 at the resort side of the community called Hoakalei launched in 2008. About 1,500 homes at Hoakalei have yet to be built. Haseko declined to project sales this year, but has sold close to 130 homes annually on average since 2008. Earlier this month, the newest phase of Hoakalei called Kipuka began sales at prices ranging from the low $600,000s to the mid-$800,000s. A more recent addition to Kapolei is Mehana, a project planned for 1,150 homes below the city of Kapolei. Developer D.R. Horton began producing homes at Mehana in 2008, and this year expects to produce and sell about 100 homes starting in the $300,000s. Bob Bruhl, executive vice president of Horton’s local Schuler Division, said the market this year has been steady. “The past couple
S U N DAY 9/2 9/13 > > H O N O LU LU S TA R-A DVE R T I S E R
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Kap ol ei
Area of detail H1
n to ng rri a F
Highway
OAHU
550
Kahiwelo years have been consistent, and that’s been welcome,” he said. Another Horton project in the region is Kahiwelo in Makakilo, where the developer began work in 2008 on the subdivision of 472 single-family homes. This year, Bruhl said 60 to 70 new homes should be available for sale at base prices ranging from the high $500,000s to mid-$600,000s. In the state’s Villages of Kapolei affordable-housing community, Castle & Cooke Homes Hawai‘i plans to finish delivering the last 104 homes for sale this year at the 645-unit project that included for-sale homes and rentals. Prices for the homes in the Kealakai, Nohona III and Makali‘i II neighborhoods range from $227,000 to $462,000. In total, around 550 new homes are expected to be produced this year in Kapolei. Production, however, will continue to stretch out over many more years as some communities are completed and developers try to start new ones that are approved, in permitting phases or in conceptual formation. The biggest of these potential future projects is Ho‘opili with 11,750 homes on the Ewa Plain where Horton still needs city zoning approvals after receiving permission from the state Land Use Commission last year to urbanize the 1,554-
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HOMES BEING BUILT THIS YEAR
Kualakai Parkway
Nohono Makalii
31,730
rkway polei Pa Ka ue ven elt A v e oos
KAPOLEI
Ewa Gentry
nD nkli Fra
TOTAL HOMES IN 2010
36,290
.R
Mehana
MAKING ROOM Potential residential development could produce close to 20,000 more homes over the next 12 years:
TOTAL HOMES IN 2015 Hoakalei/ Ocean Pointe
KALAELOA
51,500 TOTAL HOMES IN 2025 Source: Decision Analysts Hawaii Inc.
STAR-ADVERTISER
acre site. One permitted project that has no definite timetable is Makaiwa Hills with 4,280 homes next to Makakilo. Plans recently floated also include 4,000 homes proposed by Hunt Cos. at Kalaeloa on part of the former Navy base, and four condo towers, rising as high as 150 feet, in the city
H O N O LU LU STA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
of Kapolei proposed by Franco Mola of Coastal Rim Properties. One other long-envisioned project called Kapolei West was originally envisioned as a second phase to Ko Olina Resort & Marina with 2,500 homes. Landowner James Campbell Co. has applied to subdivide the property and is looking for a developer to
carry out a development plan. All the potential residential development could produce close to 20,000 more homes in Kapolei by 2025, according to an assessment by Decision Analysts Hawaii Inc. that projects the number of homes in Kapolei will rise from 31,730 in 2010 to 36,290 in 2015 and 51,500 in 2025.
SUNDAY 9/29/13 >> HONOLULU STAR-ADVERTISER
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Buying a home
RISING TREND Oahu home and condominium sales in August were higher than a year ago: SINGLE-FAMILY HOMES
366 SALES
+24.9% PERCENTAGE CHANGE COMPARED TO AUGUST 2012 CONDOMINIUMS
460 SALES
+12.5% PERCENTAGE CHANGE COMPARED TO AUGUST 2012
PROFILE DENNIS OSHIRO >> Title: Executive director >> Organization: Hawai‘i HomeOwnership Center, a U.S. Housing and Urban Development-approved education and counseling agency >> Address: 1259 Aala St., #201, Honolulu >> Phone: 523-8115 or 877-523-9503 >> Email: dennis@hihomeownership.org >> Online: www.hihomeownership.org >> Classes: For a one-time membership fee of $60 family members are welcome to attend homebuyer classes. Live sessions are scheduled at the agency’s offices on Aala Street on the grounds of HawaiiUSA Federal Credit Union or online.
The bottom line is: Why wait until you’re out shopping for a home? Get the facts early, get qualified, before you begin to shop.” Dennis Oshiro On how and when to begin the home ownership process
H O N O LU LU STA R-A DVE R T I S E R > > S U N DAY 9/2 9/13
P
SHOPPING WITH SAVVY
Prospective owners should turn to experts for financial and market guidance early in the home-buying process
Star-Advertiser staff
STAR-ADVERTISER: What sorts of questions should people ask themselves before they consider buying a home? OSHIRO: What’s their purpose in buying? Homeownership isn’t for everyone, but studies have shown that over time, families of equal income who buy their own home accumulate over 12 times the net worth than their counterpart family who chooses to rent. How much are they willing AND able to put down toward their purchase, then how much each month toward a mortgage payment and maintenance costs? STAR-ADVERTISER: As a prospective first-time homebuyer, where does someone start the process? Does one have to wait until they have saved up for a down payment? OSHIRO : We always recommend that prospective buyers begin their quest for homeownership with an HUD-approved education and counseling agency such as Hawai‘i HomeOwnership Center. In this way, families can begin to address various areas needing attention simultaneously — aside from down payment funds, is a low credit score an issue? How much financing can they qualify for? How much income will they need to have? The bottom line is: Why wait until you’re out shopping for a home? Get the facts early, get qualified, before you begin to shop. You’ll save yourself a lot of unnecessary visits to homes which you may not want to pay a high mortgage payment for.
STAR-ADVERTISER: As someone who has never bought a home before, how can someone know the right kinds of questions to ask before, during and after the process? Where does one look for this sort of guidance? OSHIRO A: Four areas of concern for first-time buyers are: >> Budgeting. We’ve found that no two families of equal income end up with the same amount of money at month-end. Neither’s right or wrong, it’s just a function of planning and goal-setting. >> Credit. What is a credit score, and how does it impact the ability to get a mortgage loan at the best rate? >> Shopping for a loan. Which is better, fixed-rate or adjustable-rate mortgages? How can you tell which one costs more? Does my credit score affect the cost of my loan? >> Shopping for a home: How to view homes and inspect neighborhoods, consider commuting time and cost.
riods before being able to apply again for traditional mortgage financing. Typically, the bankruptcy waiting STAR-ADVERTISER: Can a person still period is four years, a short sale or qualify for a mortgage if he or she deed-in-lieu is two to four years depreviously filed for bankruptcy or pending upon your down payment had an otherwise troubled financial percentage, and foreclosure is typipast? cally four years. That said, there may OSHIRO : Good question, as there be extenuating circumstances and are many families who through no fault of their own suffered life events lender requirements which fresuch as job loss or medical emergen- quently change. Basically, this is another good reason to get cies which severely impacted their prepurchase advisement for current ability to keep up with their credit obligations. Regarding mortgage pay- qualification before you go shopping. ments, there are several forms of remedies being used which, once setSTAR-ADVERTISER: Should a single tled, result in mandatory waiting peparent, widow or widower even
bother trying to buy a home or are they destined to be a renter the rest of their lives? OSHIRO : One of our best stories involved this situation: single mom with her son, one income. The short story is that she was able to use a state agency’s special mortgage program coupled with our down payment second mortgage. The result: three percent down payment and two mortgages, both for 30 years at 2.95 percent interest rates. I’m not saying that’s available every day, but this is what can happen. ——— Interviewed by Erika Engle
S U N DAY 9/2 9/13 > > H O N O LU LU S TA R-A DVE R T I S E R
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Stop by the information booth for an entry form.
October 5, 2013 • Hawaii Convention Center FREE to the public! Doors open at 8:30am Visit our real estate and home specialists at the Tradeshow from 8:30 am – 3:00 pm See pages 18-19 for more details hawaiihomebuyersfair.com
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BRANDON E. KIM
(R) PB, CRS, GRI C: 808-224-6577 keith@sakodarealty.com SAKODA REALTY LLC
R, CRS, BIC, Broker-Owner B: 808-735-7500 C: 808-383-7603 brandon@kahalaassociates.com KAHALA ASSOCIATES
CAROL T. IMAINO
KACY CHATFIELD
(R) CRS, GRI C: 808-228-2800 KChing@castlecooke.com CASTLE & COOKE HOMES HAWAII
(R) CRS, SFR, SRES C: 808-398-2022 arakawaa004@hawaii.rr.com ANN M. ARAKAWA, REALTOR®
(R) ABR, CIPS, CRS C: 808-927-7177 LisaH@cbpacific.com COLDWELL BANKER PACIFIC PROPERTIES
(R) CRS, CIPS, SRES, GRI C: 371-0711 F: 808-732-8430 KUMIKO.BURNS@pruhawaii.com PRUDENTIAL LOCATIONS LLC
(R) B, CRS, GRI, SRES (RA) CRS, ABR, GRI, ECO-BROKER®, e-PRO B: 808-524-1900 C: 808-258-2220 C: 808-635-5426 F: 866-510-8028 carolimaino@hawaii.rr.com www.servicefromtheheart.com IMAINO REALTY LLC HAWAII LIFE REAL ESTATE BROKERS
WENDY WATANABE
BOBBIN TABALNO
SHELLY NAKASONE
CAROL M. PARIS
MICHELLE ANNE LYNCH LORRAINE MONDO FUKUMAE ®
(RA) CRS, ABR, SRES, CDPE (RA) ABR, CRS, MPA, SFR, SRES (RA) CRS, GRI (RA) ABR CIPS CRB CRS GRI SRES WCR C: 808-520-6188 C: 808-295-4538 C: 808-284-3878 C: 808-224-7071 Wendy.watanabe@pruhawaii.com bobbin25@gmail.com NakaShellyHomes@hawaii.rr.com carolparis@hawaii.rr.com COLDWELL BANKER PACIFIC PROPERTIES RE/MAX HONOLULU KELLER WILLIAMS HONOLULU PRUDENTIAL LOCATIONS LLC
HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13
REALTOR CRS (R) VP, CRS, e-PRO C: 808-864-1534 C: 808-223-9931 Michelle.Lynch@pruhawaii.com lorraine@realtor.com/www.lorrainefukumae.com MARCUS & ASSOCIATES, INC. PRUDENTIAL LOCATIONS LLC
CRS stands for “Certified Residential Specialist” Only one in every 25 REALTORS® has the advanced training, experience, and commitment to call themselves a Certified Residential Specialist. Hawaii Aloha Chapter of CRS (808) 733-7060 • HawaiiCRS.com • CRS.com
The Proven Path To Success
CAROL ISERI
JULIE A. MEIER
CHRISTINA NISHIYAMA
KELLY ANN CHANDLER ®
JOYCE R. TSUBOTA
DEBBIE L. YOUNG
SANDRA L. (SAM) BANGERTER
NANCY D. METCALF
DANNETTE L. LEE
BOB ALLEN
(R) BIC, CRB, CRS C: 808-371-5804 caroliseri@primaryhawaii.com PRIMARY PROPERTIES, INC
DENISE L. MIYAHIRA
GARY ALAN S. TANAKA
RUTH H. KAM
CINDY REES-OUCHI ®
(R) CRS, ABR, GRI (R) Broker-in-Charge, ABR, AHWD, CRS, GRI, SRES (R) CRS C: 808-371-3221 B: 808-550-0818 C: 808-479-3915 C: 808-722-0176 julie.meier@pruhawaii.com F: 808-550-0819/www.ChristinaNishiyama.com Denise.miyahira@irhawaii.com PRIMARY PROPERTIES, INC PRUDENTIAL LOCATIONS LLC ISLAND, REALTORS®
(RA) CRS, CIPS, SRES C: 808-226-5038 RuthK@cbpacific.com COLDWELL BANKER PACIFIC PROPERTIES
REALTOR CRS, SRES C: 808-687-8012 cindy@cindyreesouchi.com ISLAND, REALTORS®
HANNE LA RUE
WILLIAM AHANA
MARY TESS F. EDU
D'ARCY S.®KERRIGAN
ANITA BRUHL ®
REALTOR-ASSOCIATE CRS (R) ABR, CIPS, CRS, e-PRO, GRI, SRES (R) CRS, GRI C: 808-222-3352 C: 808-358-8821 B: 808-377-1200 C: 808-228-0661 kchandler@castlecook.com joyce@primaryhawaii.com debbyoung@gmail.com HELP-U-SELL HONOLULU PROPERTIES CASTLE & COOKE HOMES HAWAII PRIMARY PROPERTIES, INC
(R) PB, ABR, CRB, CRS, GRi, SRES (RA) GRI, CRS, e-PRO, ABR, SRES, GREEN REALTOR® CRS (R) CRS, GRI B: 808-738-9315 C: 808-561-6758 B: 808-738-3907 C: 808-223-9246 B: 808-447-3613 C: 808-479-9218 B: 808-791-2257 C: 808-225-0466 alohasamb@rxkl.com F: 808-748-8060 / nmetcalf@cbpacific.com F: 808-676-6824 / hannelarue@aol.com william.ahana@gmail.com RE/MAX KAI LANI COLDWELL BANKER PACIFIC PROPERTIES CENTURY 21 HOMEFINDERS OF HAWAII EAST OAHU REALTY, INC.
(R) BIC, CRS, GRI, e-PRO®, SRES (R) BIC, ABR, AHWD, CRB, CRS, e-PRO, GRI, SFR, SRES B: 808-593-8811 C: 808-722-4183 C: 808-497-8537 allencrs@hawaiiantel.net Dannette@leerealtyhi.com HELP-U-SELL HONOLULU PROPERTIES LEE REALTY LLC
REALTOR® CRS C: 808-227-0866 garytanaka1@gmail.com REALTY EDGE, INC.
REALTOR CRS, GRI C: 808-371-5123 darcy@homesbythesea.com ISLAND, REALTORS®
REALTOR CRS C: 808-295-5545 Anita.bruhl@pruhawaii.com PRUDENTIAL LOCATIONS LLC
JOY YONEMURA ODA
KAY MUKAIGAWA
(R) VP Residential, CRS, SRES, GRI C: 808-226-0332 joyy@marcusrealty.com MARCUS & ASSOCIATES, INC.
(R) PB, CRB, CRS, GRI, SRES C: 808-479-9090 kay@primaryhawaii.com PRIMARY PROPERTIES, INC
KARYL W. FUJII
JONI SHIRAISHI
(R) CRS, Fine Homes Specialist (R) CRS, GRI, e-PRO, CNHS C: 808-754-1080 B: 808-637-8899 C: 808-479-8035 KARYL.FUJII@pruhawaii.com F: 808-637-5888 / jonihawaii@hotmail.com MOKULANI PROPERTIES, INC. PRUDENTIAL LOCATIONS LLC
(R) CRS, GRI, SRES C: 808-221-3680 MARY.EDU@pruhawaii.com PRUDENTIAL LOCATIONS LLC
(R) CRB, CRS, GRI, SRES B: 808-687-8028 C: 808-954-1148 Dale.Bordner@IRHawaii.com ISLAND, REALTORS®
DALE K. BORDNER
SUSANA “SUZY” T. UCOL-CAMACHO
SHELLY CAMPBELL
NANCY YOUNG-VIEIRA ®
STEPH CHAN ®
(R) CRS, ABR, GRI, SRES, e-PRO C: 808-478-2082 F: 866-760-1961 www.shellysellshawaii.com RE/MAX HONOLULU
REALTOR CRS B: 808-263-5900 nancyyv@gmail.com CARVILL & COMPANY
RA, CRS, SRES C: 808-258-4465 F: 808-356-0303 suzyucol@gmail.com WATANABE INTERNATIONAL, INC.
REALTOR CRS B: 808-738-3945 C: 808-351-1893 success@alohasteph.com COLDWELL BANKER PACIFIC PROPERTIES
SUNDAY 9/29/13 >> HONOLULU STAR-ADVERTISER
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Building Peace of Mind One Roof at a Time • Roof Replacement • New Roof Installation • Expert Repairs
ROOFING SERVICES: ✔ Shingles ✔ Metal
✔ Built-Up ✔ Coatings
PAINTING SERVICES: ✔ Interior/Exterior Painting ✔ Wall Covering Removal & Replacement ✔ Drywall Repairs
Honored by Building Industry Magazine as #1 of the Top 5 Most Improved Roofing Contractors and ranked #14 in the 50 Fastest Growing Companies in the state.
For a FREE Estimate, Call
621-7663
96-1217 Waihona St., 1st Floor, Pearl City www.kapiliroof.com HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13
LIC# C-28938
HOME PURCHASE LOANS WITH NO MONEY DOWN CREDIT SCORE AS LOW AS 580!
-X[TM 4[YQNaeQ^_ BUY OR SELL A HOME WITH CENTURY 21 ALL ISLANDS AND RECEIVE A
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You can purchase your next home with no money down with the Guaranteed Rural Housing Loan Program. These loans are eligible in a wide range of non-metropolitan statistical areas, including many suburbs.
G3/@ 6=;3 E/@@/<BG Buying a home is exciting and we would like to make your home buying experience even more amazing!
• Finance up to 100% of the appraised value, including all recurring and non-recurring costs, in some circumstances • Credit scores as low as 580 (conditions apply) • No minimum asset/reserve requirements • Little to no out-of-pocket costs (conditions apply)
Code: C21AIBUYHOME
Present this code to your agent to qualify for this offer.
Call us at (808) 447-1850 or email us at customercare@smihi.com
www.hawaiimoves.com 1600 Kapiolani Boulevard, Suite 705 | Honolulu | HI | 96814 | NMLS273384 www.smartmoneyinc.com
Toll Free: 1-800-735-2100
*Home warranty will be presented at closing of home purchase.
This is not a commitment to lend and this is for informational purposes only.
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$200 closing cost credit* with automatic payment of your mortgage loan from your &3% FKHFNLQJ DFFRXQW
*…œ˜i\ĂŠnän‡ÎxĂˆÂ‡{äääÊÊÊÊUĂŠĂŠĂŠĂŠ/ÂœÂ?Â?‡ Ă€ii\Ê£‡nää‡Î{Ӈn{Ă“Ă“ >ÂˆÂ˜ĂŠ"vwVi\ÊÓä£Ê iĂ€VÂ…>Â˜ĂŒĂŠ-ĂŒĂ€iiĂŒ]ĂŠ-Ă•ÂˆĂŒiÊ£ÇääÊÊÊUĂŠĂŠĂŠ œ˜œÂ?Ă•Â?Ă•]ĂŠ ĂŠÂ™ĂˆnÂŁĂŽ Apply online at www.centralpaciďŹ cbank.com/homeloans Oahu Maui Hawaii Kauai *Offer of credit subject to application and credit approval. Other restrictions and fees may apply. Not valid with any other offer. Limited-time offer, subject to change or cancellation without notice. SUNDAY 9/29/13 >> HONOLULU STAR-ADVERTISER
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The Real Estate Firm People Trust
Coldwell Banker Pacific Properties We believe in home and all the magical things that come with it….
We believe in Friday night sleepovers
And that the sun recharges your soul
We believe that your home really is your castle and that our calling in life is to help find the one that’s perfect for you.
For the expert representation you deserve, contact Coldwell Banker today.
www.CBPacific.com CBP f | 808-597-5550 1314 S. King St. 2nd Fl. | Honolulu, HI 96814 ©2013 Coldwell Banker Pacific Properties. All Rights Reserved. Coldwell Banker Pacific Properties fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker® and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.
HONOLULU STAR-ADVERTISER >> SUNDAY 9/29/13