The Benn Pacific Blog

Sort by Month: February 2015

Monday, February 23, 2015

Foreign investors in Hawaii.

Great statistics in PBN today by Duane Shimogawa! 
Feb 23, 2015

Duane ShimogawaReporter-
Pacific Business News

Japanese residents were the top foreign buyers of Hawaii real estate in 2014 with 291 purchases for a total of $278 million, according to Title Guaranty.  Mike Imanaka, senior vice president of data services for the Honolulu-based title services company, told PBN that the Japanese continue to value Hawaii real estate, especially in Waikiki, with its proximity to the beach and shopping.  The Japanese also are interested in Kakaako, Imanaka said.  “When the ONE Ala Moana [luxury condominium] was developed, it provided the perfect opportunity for continued value-based investment and proximity to shopping,” he said. “Japanese investment will likely continue in the Kakaako area.”

Rounding out the top five purchases by foreign investors last year were Canada (213 purchases, $165 million); Singapore (15 purchases, $57 million); China (15 purchases, $25 million); and Hong Kong (13 purchases, $14 million).  Korea, Australia, Germany, Guam and New Zealand rounded out the top 10 among foreign investors, Title Guaranty said. 

Investors from Canada topped the list for buying property on Maui (94 purchases, $84 million); the Big Island (55 purchases, $52 million); and Kauai (12 purchases, $7 million). The Japanese were the biggest foreign buyers of property on Oahu (260 purchases, $254 million).

Despite the interest by foreign investors, domestic investors dominate the market. Title Guaranty reported 13,457 purchases by Hawaii investors for a total of $7.2 billion last year. They were followed by California (1,462 purchases, $1.2 billion); Texas (313 purchases, $205 million); Washington state (306 purchases, $227 million); and Colorado (156 purchases, $144 million).

Duane Shimogawa covers energy, real estate and economic development for Pacific Business News.

Posted by Trevor Benn on February 23, 2015 at 08:32 AM
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Tuesday, February 10, 2015

We Go Buy: Being Prepared

We Go Buy: Being Prepared
written by Ryan Oda, RA, MAT (.(JavaScript must be enabled to view this email address))

Searching for a home can be an emotional roller coaster. Honolulu’s real estate market is competitive. Prices are increasing and good properties are scarce. This is creating overbid situations. During my last transaction, I asked myself, “What can I do to help my buyer get that extra edge?”

Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” Think of this like taking a test. The more one studies, he or she will probably score well. If that person were to wing-it, he or she will probably fail. The same applies to purchasing a home.

Being prepared includes the following:

1. Getting prequalified. “Luck” can be defined as, “preparedness meets opportunity.” If you are looking at properties you are not qualified for, you are preventing yourself from finding your luck.
2. Knowing exactly what type of home you want. Clearly defining what you want will allow our team to better tailor your search.
3. Understanding the market. What are the trends?

How do we prepare for you? Benn Pacific Group’s agents are active real estate practitioners in this market. The reputation we have developed with other fellow Realtors can be the difference in getting the deal or not.

Posted by Trevor Benn on February 10, 2015 at 11:01 AM
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