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Honolulu Rail Transit (Scheduled to open in 2020)
Living in Hawaii,
one of the best resorts in
the worldWhy is Hawaii ideal for real estate investment?
Hawaii is considered to be one of the most attractive resorts,
not only by Japanese people, but by people from all over the
world.
First and foremost, Hawaii’s best asset is its year round warm
climate. In addition, not only is it one of the safest places in
the U.S., in its typical island style, time moves slowly and
relaxed and people are friendly. While the ocean expands in
front of us and the mountains curtain us from behind, any modern
home comfort is available, including a collection of world
famous fashion brands that line the malls, making Hawaii the
perfect balance between island and urban life.
Because we have a long history of immigrants from Japan, the
culture they brought with them has now become a common place in
the Hawaiian culture; you will find shrines in town, Japanese
diet with rice, among other things, making it very easy and
comfortable for the Japanese people to live here. You can pick
up your Japanese life style and place it right in the ideal
resort. The distance between Japan and Hawaii makes traveling
easy and the culture is a great mix of both countries.
Being an island State, there is limited land space available
for the development of real estate (single family homes and
condominiums). The supply of properties is so limited for
this highly popular resort that it is unlikely that the
value of these properties will make a drastic drop. As you
can see in the attached graph, historically the value of
properties has been rising. Furthermore, recently an upward
trend has picked up its speed. For those considering
rentals, demand from the number of people seeking extended
stay, exchange students, people in the military is so strong
and keeps the occupancy rates high, posing very little risk
for vacancies.
For those considering investment in overseas real estate,
there is no other place that meets these desirable
conditions.
Hawaii is comprised of eight islands but is generally known
for the six main islands. The Island of Oahu is the core
island with its politics and economy, while the Island of
Hawaii is known for its biggest land area. The other islands
are Maui, Kauai, Lanai and Molokai. Each island is blessed
with year round warm weather, various activities such as
golf and marine sports, and of course the abundance of
nature, and all attract very large numbers of tourists.
The Island of Oahu, with a variety of properties, is most
popular among Japanese buyers. Waikiki, located in the
southern part of the island, is the center of tourism and
areas next to it are Ala Moana and Kakaako where new
constructions of condominiums are booming. Kailua and
Lanikai, North-East of the island, are also becoming popular
among tourists. Ko-Olina, located in West Oahu, and North
Shore, known as the surfer’s mecca, have their own unique
characters as well. “The Ritz Carlton Residence- Waikiki
Beach” is a new condominium project, an example of new
phenomena in Waikiki where they have been lacking in new
construction projects for a very long time.
Hawaii real estate – hotter than ever
One of the characteristics of Hawaii real estate is that it offers a variety of unique attractions. Demands are so strong from buyers, that the time between listing and closing is becoming shorter and shorter. In these circumstances, it is important to make a quick decision; it is the time to buy when you think "I like it".
“Kakaako” district and its new condos
“Kakaako” is a hot topic of conversation in the real estate world. It is the area between the west end of the well-known Ala Moana Shopping Center and downtown. The ocean spans the south side of the district. Several luxury condominium projects such as Hawaiki Tower, Hokua, Waihonua, Ko-Olani have already been built in this area and this district is developing into a new “town”. The development, backed by the State of Hawaii, is a plan to make this area the second city center after Waikiki. The attempt is to attract all aspects of activities such as “living, entertaining, studying, working” to this area by providing residences, parks, facilities for different kinds of activities, schools, and offices. A part of The University of Hawaii has already relocated to this area.
There is a slew of condominium projects such as “Waiea” and “Anaha” in the Ward Center, “Ae`o” that is to be built over “Whole Foods”, an organic super market (which is under construction), “Gateway” to be built next to the harbor, “Keauhou Place” to be directly connected to the future monorail station, and other projects such as “Symphony” and “Collection”, all scheduled to be completed during 2016 ~2019. All projects have the latest facilities designed by famous architects and commercial amenities such as cafés and restaurants on the ground floor providing a perfect living environment.
The Ala Moana Center also has installed the “Ewa Wing” on the west end adjacent to the Kakaako district. Bloomingdale‘s and other stores are continually being opened and the area is gaining popularity. Two new condominium projects directly connected to The Ala Moana Center, “One Ala Moana” , built over the (former) Nordstrom building, and a low-rise luxury project “Parklane Ala Moana” also come up in conversation often.
Kakaako district is often featured in Japanese magazines and television as a trendy area for its collection of fancy interior shops, restaurants and cafés. No doubt it will continue to entertain us with a multitude of topics.
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