April 2011

There are 7 blog entries for April 2011.

"Hawaii Renovation" Magazine Online

I was just surfing online at the "Honolulu Star Advertiser", our local newspaper and ran across a link to an online version of "Hawaii Renovation" magazine.

"Hawaii Renovation" magazine is published every week and is a great resource for those homeowners interested in redmodeling, home improvements and other related projects.

Now you can access the magazine online here!

Mahalo For Reading.

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 360-residences-pic4_220    I am so happy to report that today the new owners of the 360 Residences in downtown San Jose have been given the green light to become rental units. This should bring in a slew of about 350 to 400 residents to the downtown area. As predicted by the company present at todays city hall meeting. There was not much hesitation to make this gorgouse highrise complex into rentals for the time being since the city will be getting about $790k in instant cash from the new owners to help pay some of the old owners bills. They have also agreed to pay the $1.7M if they ever convert them back to for sale condo units. There is no expectation of this happening for at least the next 3 to 5 years but the new owners could never turn them into for sale if they like

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While making my way to take pictures of the San Jose Penthouse in Axis High-rise I found a new restaurant that had great food. If you like Pasta Pamodoro or the Spaghetti Factory you will love Paesano Ristorante Italiano! 

This great eats is located next to the Hi-Life BBQ spot in one of the newly renovated historical homes, or the corner of Julian.It has a wide, wraparound front porch with seating on warm days and nights. Inside, the look is classy with dark wood floors, white tablecloths and black-and-white photos adorning the walls, showing people on Vespas and men in bowler hats playing bocce.

They were busy when I went but it was a lunch rush and the location to downtown makes it convenient for the central San Jose office workers. 

This

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Great Sales History for Keola Lai Luxury Condos in Kakaako Neighborhood of Honolulu

Here are the latest statistics for sales for the last Quarter for Keola Lai, Honolulu Luxury Condominiums.

Number of Units Sold:  8

Price Range:  $464,500 to $1,810,000

Average List Price:  $799,600

Average Selling Price:  $769,562

Percent of Asking Price:  89%

Average Cost per Square Foot:  $683.45

Average Days on the Market Before Sold:  89

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Allure Waikiki Condos - Renovations?

Although this new condo building, Allure Waikiki, located in west Waikiki was just completed a little over a year ago, after buying bought out by a private equity group, I've been reading "rumors" concerning planned renovations.

I say "rumored" because I have not been able to verify it through the Allure website or sales office, but have read news reports about it online.

Evidently, not only is the luxury Waikiki condo building, Allure Waikiki, going through some price restructuring, but may be planning a reported $3 million in renovations to help move the remaining 100 or more unsold condo units there.

Renovations could inlude lobby, community rooms, pool deck and the BBQ areas.

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Honolulu Luxury Condos - What's the Luxury Home Story of 2011?

In a recent blog, "Luxury Insights", writer Laurie Moore answered a question about what was the luxury home story of the year.  Here is what she had to say:

"China! China! China!  The growing number of very affluent Chinese already makes them significant players in the luxury travel and high-end consumer goods categories.  Watch for them to move into U.S., Canadian, and other luxury home markets in a bigger way in 2011.  While this obviously won't affect every community, major markets which attract international buyers may see increasing numbers of Chinese prospects."

Chinese buyers from Taiwan and Singapore have always played a big role in the purchase of luxury properties in Hawaii,

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International Buyers in Hawaii

Hawaii purchases by international buyers will be important in 2011.  The growth in wealth around the world will help fuel demand for foreign buyers to purchase in Hawaii and the U.S. in general. The U.S. is still viewed as a safe haven for investment.  

Visa challenges and other governmental issues may moderate international demand, but the potential is strong.  

The U.S. second home market will benefit from this.  Some foreign second home markets are still overbuilt (Dubai) or dealing with ownership issues (Spain).  Economic problems in Europe and the resulting austerity problems will dampen recovery in 2011.

Prime property in prime locations (especially waterfront with private docks or marina access) will lead

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