________________________________________________________________________________ Summer Season in Oahu, Hawaii
June Housing Statistics May Housing Statistics 
A beautiful place to own real estate all year long! The Seattle Times, July 19th: Disney will open Oahu Resort in 2011: In a move that sends either shivers of delight or shudders of loathing among fans of Hawaii, Disney is set to open its first resort in Oahu next year. The 800-plus-unit property, dubbed "Aulani, a Disney Resort & Spa," is designed as a Polynesian village (albeit one with high-rise towers) that will include hotel rooms and two-bedroom Disney Vacation Club Villas. The 21-acre resort is being built in Ko Olina, a golf and vacation development that already has a Marriott resort and a man-made beach carved out of the rocky coastline. Aulani is a different kind of development for Disney, the first that isn't linked to a theme park or its cruise line. The hotel will be far from the famous tourist areas and beaches of Waikiki, which is on the other side of Honolulu, to the east, near Diamond Head. Ko Olina is the kind of self-contained environment Disney likes for many of its developments. In a video presentation posted on YouTube, Joe Rohde, Disney's "executive designer and vice president, creative," explained the thinking behind the new resort. "Now the word 'aulani' specifically means a messenger of a chief ... but when you use it to apply to a place like we are making, it means the place is going to speak, to speak on behalf of something greater than itself. In this case, that greater thing is Hawaiian culture." The YouTube video is typical of the buzz-building word-of-mouth campaign Disney has put together for Aulani. Members of D23, the Disney super fan club, were invited to preview the project at a presentation June 30 in Anaheim, Calif. Word was released through a Disney blog that it would begin accepting reservations for the as-yet-unfinished hotel beginning Aug. 2. Customers will have to wait awhile to actually visit - the resort isn't going to open its doors until Aug. 29, 2011. I have to wonder why a family-oriented product like a Disney resort would open just as the school year is resuming. The images and video show a resort that will include an A-frame entryway that echoes the Polynesian resort at Disney World in Orlando, Fla. A centerpiece of the Hawaii project will be a large fake volcano designed by Disney's "imagineers" to be embedded with subtle images of culturally significant Hawaiian animals and legends. It's the centerpiece of the water park portion of the property. There will representations of menehune, the mythical small people of Hawaiian culture who were said to come out at night to build structures (the Menehune Ditch on Kauai is the most famous example). The menehune will be the Hawaiian resort's version of "hidden Mickeys" - tucked away in spots around the property where children can find them in a kind of hide-and-seek visual treasure hunt. The hotel will have a pool and water play area, a "lazy river" for tubing, a snorkeling lagoon, a children's club, restaurants and perhaps the key - a convention center. The Hawaii property also makes sense because the islands are popular vacation destinations for two of Disney's most loyal clienteles - the West Coast of the United States, and Japan (which has two Disney theme parks). The Aulani website has pages in English and Japanese. Disney is reliably sure-footed with its plans, though its success is usually in building a fantasy world removed from reality. An African adventure park in Florida or a lodge in Anaheim that looks like it was teleported from Yellowstone National Park. Its one certifiable dud - the original version of Disney's California Adventure in Anaheim - represented California culture to a California audience. Much of Rohde's Imagineering work has been in Disney's Florida properties, where over-the-top design is a welcome part of building fantasy worlds. He grew up in Hawaii, so he knows Oahu isn't Orlando. A resort that incorporates Polynesian design is a welcome addition to the soulless tower blocks that have marked much of hotel development in recent decades. But Rohde is upping the stakes, and Disney could be in danger of overreach by, as Rohde put it, speaking "on behalf of something greater than itself." An overblown, pretentious presentation of Hawaiian culture would attract a lot of criticism. Disney has shown its ability to go the extra mile for authenticity when dealing with Hawaii, sending a team of artists to research the plantation-era buildings in Hanapepe on Kauai to use as a model for the town in its "Lilo & Stitch" movies and series. The danger here is that Disney will create a cartoonish version of Hawaii - in Hawaii. We'll stay tuned to see how the property shapes up. Will it be creative or kitschy? Disney is hoping for big things. In the video, Rohde says Aulani will be a place where "people will come back again and again." RISMEDIA, July 16, 2010-The screaming and cursing you hear in unit 404 isn't coming from Mr. Armbrister's television-Armbrister has just learned that another potential sale of his condominium unit fell through due to the buyer's inability to obtain financing. In this case, the buyer wanted to purchase Armbrister's condo unit with an FHA loan-Armbrister's homeowners association, however, had neglected to obtain FHA approval. FHA loans, which are mortgages insured by the Federal Housing Administration, accounted for a mere 1.7% of new mortgages as recently as 2006. Today, almost half of all new mortgages are FHA-yet there are still many misconceptions associated with their use and their benefits. Due to the elimination of ‘spot approval' in February 2010, an entire condominium development must now apply to the Department of Housing and Urban Development (HUD) and be granted FHA approval before someone can purchase or refinance a unit using an FHA loan. Before its elimination, spot approval allowed an FHA buyer or refinancer to conduct a transaction in a specific condominium unit located in an unapproved complex. Management companies and homeowners associations constantly ask why their condominium developments should seek FHA approval. A recent survey of more than 12,000 home buyers conducted by the Home Buying Institute indicated that the vast majority of respondents (87%) planned to use an FHA loan for their purchase. Given the prevalence of FHA loans in today's housing market, the simple answer is that unit sellers in an association without FHA approval are severely limiting the pool of potential buyers. Thanks to the law of supply and demand, fewer possible buyers mean units will often sit on the market for longer periods and sell for lower prices. Even non-sellers are affected as lower sales prices for neighboring units often result in lower appraised values for all units. Why have we seen such a surge in FHA borrowing? First, the general unwillingness of today's lenders to extend credit and an almost complete withdrawal of private capital from the home mortgage sector forced HUD and FHA to take action. They ultimately crafted policies to increase FHA availability in order to help stabilize the housing market. FHA loans encourage lenders to lend, assuring them that they will be paid back by the federal government in case of default. Second, as many residential real estate agents know all too well, the sudden and inevitable collapse of the high-risk subprime mortgage industry left a tremendous void in the marketplace for those buyers that did not have the 20% downpayment typically required when obtaining a conventional loan. This void is nicely filled by FHA loans, which require as low as a 3.5% down payment. Finally, the significant increase in the maximum FHA loan limits from $362,790 to $793,750, means that an FHA loan is now relevant and appropriate for a much greater percentage of home purchases and refinances than ever before. In addition to the benefits discussed above, there are other features inherent to FHA loans that help explain their newfound popularity. Credit requirements are less stringent than is the case with conventional loans. Also, FHA loans are fully assumable, meaning that a seller with a current FHA loan can offer the financing and terms to a buyer during resale. Assumability will be a great benefit to a future seller when interest rates turn higher. Despite FHA's easier down payment and credit qualifying guidelines, associations should not fear that FHA loans are risky and real estate agents should feel comfortable suggesting them as an option to their clients. "Full documentation" requirements ensure borrowers are fully vetted for their ability to afford the property in question. With the required income and asset reporting demanded by FHA, foreclosure rates have been historically lower than for those with any other type of loan-a fact that should give homeowners associations peace of mind. Associations and management companies should further investigate and consider all of the benefits that FHA loans provide. Real estate agents should be prepared to help their clients navigate the process, as it will only help increase sales in a tricky market. RISMEDIA, July 13, 2010-Travel Ticker, a leading inspirational travel website announced the results of its 2010 Summer Travel Intentions Survey. This year, the travel bug seems to be back as 75% of respondents are planning to travel the same amount or more as compared to 2009. And this summer, vacationers are most interested in hitting the sandy beaches, having plenty of sightseeing/cultural experiences and swinging a date with lady luck. When asked what type of dream summer getaway is the most desired this year, it's no surprise that a resounding majority chose beach getaways (37%) and cultural/sightseeing excursions (33%). To help the team at Travel Ticker continue to handpick just the right deals, they also found out specific destinations that summer travelers are aiming to visit most. Coming in at number one is sunny Las Vegas, followed closely by locales sure to please beachgoers or culture lovers. Top 10 summer destinations chosen by survey respondents: 1. Las Vegas
2. New York
3. Caribbean
4. Europe
5. Hawaii
6. San Francisco
7. San Diego
8. Chicago
9. Boston
10. Washington D.C. Wednesday July 7th, The number of Oahu home and condominium sales increased in June when compared to the same month last year, but median prices for condos were down in June. The number of single-family homes sold on Oahu was up 8.4 percent in June, from 263 to 285, according to figures released Wednesday by the  Honolulu Board of Realtors. The median price for those single-family homes sold last month was up 0.9 percent to $575,000 from $570,000 compared to the same month last year, according to HBR data. Condominium sales saw the most dramatic increase - up 38 percent to 396 compared to the same month last year. But the median price was 3.2 percent lower than a year ago, settling at $300,000. "The June statistics show that Honolulu's real estate market continues to recover," said Brian Benton, president of the Honolulu Board of Realtors. "Median prices for both single-family homes and condominiums are higher than this time last year, and pending sales for single-family homes are also up and should be reflected in the sales numbers over the next couple of months." Sales in June also closed faster this year than they did last year, with single-family homes listing for 32 days, down from 48, and condominiums listing for 31 days, down from 47. ~Pacific Business News
Friday July 2nd, Delta Air Lines plans to expand its service between Hawaii and Japan starting Dec. 22. The Atlanta-based airline (NYSE: DAL) is awaiting government approval for daily, nonstop service between Nagoya, Japan, and Honolulu International airport, according to a company statement Friday. If approved, the flights would depart Nagoya at 7:50 p.m. and arrive in Honolulu at 8:05 a.m. the same day, crossing the International Date Line. Return flights would depart Honolulu at 10:40 a.m. and arrive in Nagoya at 4:20 p.m. the next day. The airline also announced plans to add daily flights between Tokyo and the Pacific island of Palau.
Read more: Delta plans to add Honolulu-Japan flights - Pacific Business News (Honolulu)
June 9th, 2010: Home sales on Oahu rose considerably in May, while prices for single-family homes and condominiums posted modest gains compared to the same month last year. The median price of a single-family home in May was $606,000, which was a 12 percent boost over May 2009, when the median price was $542,000, according to statistics from the Honolulu Board of Realtors. That was based on 284 home sales, which was a 31.5 percent increase over 216 sales in May 2009. Condo sales on Oahu soared 35.5 percent in May to 355 units sold, up from 262 units sold in 2009. The median price of a condo rose 4 percent to $312,500, up from $300,000 in May of 2009. "May's sales figures and median prices are certainly encouraging for Honolulu's real estate industry," board President Brian Benton said in a prepared statement. "The pent up demand for residential properties are now being met with homes and condos being priced right for first-time homebuyers, those wanting to trade up to a larger home or individuals wanting to purchase investment property." Year-to-date sales rose by at least 40 percent in each category. There were 1,183 sales of single-family homes during the first five months of the year, which was a 40 percent gain over the same period in 2009. Condo sales totalled 1,605 during the January-May period, a 47.5 percent gain over 2009. Year-to-date prices were also up slightly. The median price of a single-family home for the first five months of the year was $585,000, a 3 percent increase over the same period in 2009, while the year-to-date median price of a condo was $305,000, a 1.5 percent gain over the same period in 2009. 05/17/2010 Pacifica Honolulu All the single ladies... 03/02/2010 Oahu homes sales continue fast pace-Pacifc Business News 02/02/2010 2010 Oahu home sales off to fast start-Pacific Business News 12/07/2009 Hawaiian Traffic up 5.7% in November-Pacific Business News 11/08/2009 New Tax Credit Approved this week- Honolulu Advertiser 11/04/2009 Oahu home sales reach 19mo high.. Honolulu Advertiser 11/03/2009 October Home Prices-Pacific Business News 11/03/2009 Oahu home and condo sales climb in October - Star Bulletin 10/6/2009 Honolulu Homes Sales Climb-Star Bulletin 10/5/2009 Oahu September home sales, prices rise Pacific Business News Sony Open: January 11-17, 2010 - Waialae Country Club!
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