Hawaii’s commercial real estate market expected to remain strong

Hawaii's commercial real estate market is expected to fare better than the national average in 2008 even as economists predict a 50 percent chance of a nationwide recession.

The nation's retail market has the highest risk, followed by multifamily, suburban office and industrial space, according to a 2008 commercial real estate forecast by Colliers International.

However, the subprime lending fallout is not expected to affect the national economy or pull down the profitability of the commercial real estate markets, the report said.

Hawaii is among the states expected to dodge a significant downturn resulting from the credit crunch, said Mike Hamasu, director of consulting and research for Colliers Monroe Friedlander Inc.

While job growth locally -- following the national trend -- is forecasted to slow next year, along with retail and consumer spending, it is expected to remain positive.

Commercial real estate transactions in Hawaii are expected to total more than $2.3 billion this year, a 40 percent decline from 2006, but double the commercial sales volume recorded five years ago at less than $1 billion. Moreover, the state's commercial transactions are expected to weaken even more in 2008.

"As a result of the credit crunch, that impacted the velocity of transactions," Hamasu said. "We're seeing a lot of re-trade --- sellers and buyers rethinking what the sales prices should be and extending the timing of sales. What would've sold in 2007 will probably roll over to 2008."

Colliers predicts national growth in 2008 will include exports, health care, education, telecom/multimedia and hospitality and tourism. Foreigners are expected to invest heavily in real estate, consumer goods and colleges, according to the report.

While a decrease in demand is projected next year, absorption of commercial space will not go negative, the report said.

"Everybody's predicting a plateau or slowing in growth pace ... but we're not going to sink into any recession," Hamasu said.

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Gripes against Hawaii real estate agents rise

Complaints filed with the state against Hawai'i real estate agents in the last fiscal year rose to a six-year high, while the number of fines issued was the highest in at least a decade.

The state Real Estate Commission reported that there were 122 complaints filed against real estate agents during the 12 months ended June 30. That was up from 95 complaints in the prior fiscal year and was the highest since 140 complaints were filed in 2001. In the last decade, complaints reached a low in 2003 at 64.

The recent rise could suggest that more agents are running afoul of professional standards or displeasing consumers during the cooling housing market, especially considering that the number of home sales this year are expected to be the lowest in five years.

But Jo Ann Uchida, complaints and enforcement officer for the Regulated Industries Complaints Office of the state Department of Commerce and Consumer Affairs, said there is no clear indicator as to why complaints are up.

"This is not an aberration or a significant spike," she said. "It is trending upward, but we aren't seeing anything that is cause for alarm."

A TINY FRACTION

Last year there were about 14,800 active real estate agents licensed in Hawai'i — including sales agents and property managers of residential and commercial property — so the number of complaints represents a tiny fraction, 0.8 percent, of those in the business.

Calvin Kimura, executive officer of the Real Estate Commission, recommends that consumers review complaint histories and disciplinary records for real estate agents on file with the state, especially considering that buying or renting property is usually a major life decision involving substantial money.

The Regulated Industries Complaints Office receives, investigates and prosecutes complaints against real estate agents. The Real Estate Commission, which is also attached to the Department of Commerce and Consumer Affairs, takes disciplinary action against licensees based on RICO hearings results or settlement agreements.

Of the 122 complaints filed in the last fiscal year, 101 cases were still pending as of June 30. Another 21 cases were resolved mostly with a mix of warning letters and legal action. Five cases produced insufficient evidence to pursue.

The Real Estate Commission during the fiscal year took disciplinary action against 36 agents, including some whose complaint cases dated back to 2001.

Most of the discipline involved cases where licensees failed to disclose prior professional discipline or criminal convictions, including one agent who had a real estate license revoked in California and another agent who had 30 criminal convictions in Alaska.

Kimura said that past criminal convictions typically don't disqualify someone from being a real estate agent, but that lying about a criminal or disciplinary record usually does.

SOME SPECIFIC CASES

A few other disciplinary actions involved agents doing business with licenses the agents said they didn't realize had expired.

One agent lost his license for five years after failing to make a timely disclosure that an oceanfront home he marketed for sale on the Big Island violated county permitting rules. The disclosure was made after a buyer agreed to a purchase, which later fell through.

In one alarming case, independent agent William L. Stedman had his license revoked by the commission for threatening a Mainland couple who agreed to buy a time-share in 2004.

The commission said Stedman bought a helicopter tour for the couple as a sales incentive, but that the couple afterward canceled their purchase within a 7-day period allowed by law.

The commission said Stedman, after initially trying to persuade the couple to reconsider their purchase or pay him back for the tour, made repeated telephone calls to the couple's Mainland home after the couple asked not to be contacted.

Part of one recorded Stedman voice message cited by the commission said: "More than likely, I am never going to get the money back that I had given you and I just want to let you know that you are a coward! You and your wife don't deserve something as special as this, and just to let you know that if I ever saw you again, I'm going to mop up the floor with you! You and your wife shouldn't even bother having kids cause if they're going to (expletive) act like you guys, you are polluting the world."

Stedman is also alleged to have indicated to the couple that he had their credit card numbers and other personal information. The couple said they canceled their credit card accounts because of Stedman's action.

According to the commission, Stedman insisted his behavior was out of character and caused in part by personal problems. The commission fined Stedman $5,000 and suspended his license for two years with a provision that he undergo a psychiatric assessment before the license can be reinstated.

MORE FINES ISSUED

In another matter, Steven J. Gines of Maheda Realty Inc. in 2003 allegedly accepted $1,550 from a tourist to buy a time-share that the buyer said he never delivered. The commission fined Gines and his company $80,000 each, revoked their real estate licenses and ordered $1,550 in restitution. Maheda Realty is no longer in business, according to state business registration records.

Of the disciplinary actions taken in the last fiscal year, the commission issued $109,500 in fines against 42 licensees, mostly ranging from $1,000 to $5,000.

The 42 fines, which included some issued to agents and the firms they worked for, was a 10-year high, up from 33 fines in 2006. Uchida said the rise may be due to the Regulated Industries Complaints Office recently developing more staff specialties focused on the real estate industry.

There were seven license revocations, which was within the 10-year range of four to eight annually. Only two licenses were suspended, which was within the 10-year range of zero to five annually.

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Hawaii real estate sales

Property Date Price
Aiea / Halawa
99-040 LOHEA PL 11/23/2007 $1,240,000
99-637 POHULI ST 11/23/2007 $730,000
239 MANANAI PL #U 11/23/2007 $423,000
Airport/Mapunapuna
975 ALA LILIKOI ST #204 11/23/2007 $285,000
861 ALA LILIKOI ST #861 2 11/20/2007 $338,000
3045 ALA NAPUAA PL #1818 11/20/2007 $270,000
2888 ALA ILIMA ST #1511 11/21/2007 $186,000
Ala Moana
88 PIIKOI ST #2911 11/21/2007 $675,000
731 AMANA ST #801 11/21/2007 $350,000
410 ATKINSON DR #2804 11/23/2007 $230,133
Ewa, Kapolei
91-957 MAILANI ST 11/21/2007 $405,000
91-2074 KAIOLI ST #3901 11/21/2007 $422,100
91-1109 NAMAHOE ST #1C 11/21/2007 $330,000
91-1058 M KEKUILANI LP #1204 11/23/2007 $350,000
91-325 PUPU PL 11/23/2007 $185,000
91-654 KILAHA ST #B7 11/21/2007 $199,000
91-1301 HOOPIO ST 11/19/2007 $415,000
91-919 PUAMAEOLE ST #6U 11/23/2007 $311,000
91-103 OMILU PL 11/23/2007 $430,000
92-1039 KOIO DR #M25 11/20/2007 $584,000
92-1520 ALIINUI DR #2307 11/21/2007 $550,000
92-1520 ALIINUI DR #2308 11/19/2007 $599,000
92-1495 B ALIINUI DR #22B 11/23/2007 $425,000
91-534 PUAMAEOLE ST #48B 11/21/2007 $279,000
91-1046 LAAULU ST #22B 11/23/2007 $335,000
91-110 AUHOLA PL 11/19/2007 $515,000
91-1018 AUKAHI ST 11/20/2007 $426,933
91-1025 KAILEOLEA DR #J3 11/20/2007 $358,000
91-217 LOULUHIWA PL 11/19/2007 $580,500
91-238 LOULUHIWA PL 11/23/2007 $592,000
91-6504 KAPOLEI PKWY 11/20/2007 $490,000
91-1429 HALAHUA ST 11/23/2007 $830,000
91-1022 KAIAPELE ST 11/21/2007 $670,000
91-1028 KAI KUKUMA ST 11/20/2007 $480,000
1911381220000 11/20/2007 $650,000
Haleiwa
66-924 KUEWA DR 11/21/2007 $525,000
Hawaii Kai
436 KEKUPUA ST 11/20/2007 $565,266
1169 MOKUHANO ST #D101 11/21/2007 $600,000
1017 HANOHANO WAY 11/23/2007 $1,190,000
1020 HOA ST 11/21/2007 $1,288,000
Heeia
46-102 HEEIA ST 11/21/2007 $699,000
46-232 KAHUHIPA ST #E103 11/21/2007 $290,000
46-1012 EMEPELA WAY #23A 11/21/2007 $365,000
Kahaluu
47-420 HUI IWA ST #B304 11/21/2007 $303,000
47-739 KAMEHAMEHA HWY 11/20/2007 $407,000
Kahuku
56-103 MAKAIAU PL 11/20/2007 $424,000
Kailua
350 AOLOA ST #A229 11/20/2007 $340,000
952 HOLOHOLO ST 11/20/2007 $795,000
Kaimuki
1120 KOKO HEAD AVE #203 11/21/2007 $175,000
945 10TH AVE 11/21/2007 $788,000
Kakaako
1288 KAPIOLANI BLVD #I2701 11/20/2007 $485,000
Kalihi Valley
1818 MANAIKI PL 11/21/2007 $485,000
Kaneohe
45-535 LULUKU RD #A72 11/23/2007 $270,000
Kapahulu
3336 A HINANO ST 11/21/2007 $695,000
Kawela Bay
57-077 ELEKU KUILIMA PL #127 11/19/2007 $293,000
Kuliouou
431 KULIOUOU RD 11/21/2007 $500,000
605 PUILI PL 11/21/2007 $600,000
Laie
55-620 IOSEPA ST 11/19/2007 $750,000
Lower Kalihi
738 KALIHI ST 11/23/2007 $932,000
1536 A AMELIA ST 11/23/2007 $450,000
1589 ELUA ST 11/20/2007 $711,400
Lower Manoa
1226 ALEXANDER ST #605 11/23/2007 $322,000
Makaha
84-664 ALA MAHIKU ST #189B 11/20/2007 $175,000
84-965 FARRINGTON HWY #216 11/21/2007 $295,000
Makakilo, Ewa Beach
92-1331 PUEONANI ST 11/20/2007 $657,650
92-710 MEHANI ST 11/23/2007 $380,000
92-685 MAKAKILO DR #58 11/23/2007 $336,000
92-779 MAKAKILO DR #7 11/21/2007 $345,000
KAI NANI AT MAKAKILO #602 11/21/2007 $458,000
92-960 MAKAKILO DR #58 11/21/2007 $295,000
Makiki
1048 KINAU ST 11/23/2007 $343,000
1025 MAUNAIHI PL #201 11/20/2007 $160,000
1036 GREEN ST #205 11/21/2007 $227,000
1138 HASSINGER ST #203 11/21/2007 $255,000
1127 DAVENPORT ST #306 11/20/2007 $280,000
1201 WILDER AVE #2903 11/21/2007 $370,000
1717 MOTT-SMITH DR #1009 11/23/2007 $263,000
McCully
2333 KAPIOLANI BLVD #3203 11/21/2007 $121,300
931 COOLIDGE ST 11/21/2007 $2,200,000
555 UNIVERSITY AVE #2806 11/21/2007 $380,000
2499 KAPIOLANI BLVD #2805 11/21/2007 $470,000
2522 DATE ST #1603 11/23/2007 $445,400
2522 DATE ST #1702 11/21/2007 $472,066
Mililani, Waipio
95-312 KAHIKINUI CT #213 11/19/2007 $365,000
95-664 WIKAO ST #L304 11/20/2007 $279,000
95-188 KIPAPA DR #80 11/21/2007 $294,000
95-321 LONOMEA ST 11/20/2007 $590,000
95-1019 AINAMAKUA DR #92 11/20/2007 $297,000
Nanakuli, Maili
87-1008 KAIAMEKALA ST 11/21/2007 $365,000
Nuuanu
66 QUEEN ST #2602 11/20/2007 $675,000
66 QUEEN ST #3004 11/19/2007 $732,000
55 S KUKUI ST #D2102 11/23/2007 $595,000
801 S KING ST #1506 11/20/2007 $400,000
801 S KING ST #4010 11/21/2007 $454,000
425 S ST #503 11/21/2007 $462,500
2453 A PAUOA RD 11/21/2007 $350,000
Pearl City
1060 KAMEHAMEHA HWY #1803B 11/23/2007 $220,000
1060 KAMEHAMEHA HWY #2303B 11/21/2007 $215,000
1060 KAMEHAMEHA HWY #3406B 11/21/2007 $220,000
2252 AMOKEMOKE PL 11/23/2007 $599,000
2459 AKEPA ST 11/20/2007 $349,666
Pearl Ridge, Aiea Heights
98-450 KOAUKA LP #804 11/19/2007 $197,500
98-450 KOAUKA LOOP #1904 11/20/2007 $199,933
98-487 KOAUKA LP #B403 11/21/2007 $375,000
98-351 KOAUKA LP #C1805 11/20/2007 $465,000
98-945 MOANALUA RD #1103 11/21/2007 $360,000
98-402 KOAUKA LP #1101 11/20/2007 $345,000
98-1038 MOANALUA RD #1608 11/21/2007 $289,900
98-690 LANIA PL #85 11/21/2007 $585,000
Puunaluu
53-567 KAMEHAMEHA HWY #REG#4 11/23/2007 $355,000
Sand Island Access
1514 DILLINGHAM BLVD #307 11/23/2007 $260,000
Sunset Beach, Pupukea
59-756 KAMEHAMEHA HWY 11/20/2007 $605,000
59-756 KAMEHAMEHA HWY #59-756A 11/20/2007 $605,000
Wahiawa
1383 MANUA ST #A 11/23/2007 $560,000
Waialae, Kahala
4132 1 KEANU ST #17 11/20/2007 $465,000
1318 AINAKOA AVE 11/21/2007 $670,000
2241 AHA NIU PL 11/19/2007 $384,000
Waianae
85-156 F ALA WALUA ST 11/23/2007 $130,000
86-227 KAWILI ST 11/21/2007 $350,000
Waikiki
2045 KALAKAUA AVE #1407 11/23/2007 $609,000
1850 ALA MOANA BLVD #209 11/23/2007 $175,000
1778 ALA MOANA BLVD #2511 11/20/2007 $440,000
411 HOBRON LN #606 11/21/2007 $348,000
343 HOBRON LN #2601 11/23/2007 $800,000
1717 ALA WAI BLVD #302 11/21/2007 $395,000
364 SEASIDE AVE #903 11/20/2007 $243,000
2240 KUHIO AVE #3603 11/20/2007 $500,000
2345 ALA WAI BLVD #2518 11/19/2007 $325,000
445 SEASIDE AVE #2710 11/19/2007 $195,000
445 SEASIDE AVE #3912 11/21/2007 $210,000
2410 CLEGHORN ST #702 11/21/2007 $317,500
2421 TUSITALA ST #1204 11/21/2007 $315,000
201 OHUA AVE #3106 11/21/2007 $310,000
2572 LEMON RD #906 11/21/2007 $105,400
229 PAOAKALANI AVE #3105 11/19/2007 $257,000
229 PAOAKALANI AVE #3107 11/20/2007 $245,000
Waipahu
94-620 LUMIAINA ST #L202 11/20/2007 $368,500
94-608 LUMIAINA ST #S202 11/19/2007 $328,500
94-203 LOAA ST 11/20/2007 $575,000
94-758 KAIAO ST 11/20/2007 $590,000
94-760 KAIAO ST 11/21/2007 $490,000
94-545 KUPUNA LOOP 11/20/2007 $494,000
94-1064 WAIOLINA ST 11/23/2007 $685,000
94-652 HIMENI PL 11/21/2007 $550,000
94-760 KAAHOLO ST 11/23/2007 $515,000
94-605 PALAI ST 11/20/2007 $555,000
94-1039 WAIAHU ST 11/20/2007 $670,000
County of Maui
Property Date Price
Kaanapali
134 PIHAA ST 11/21/2007 $1,700,000
Kahului, Spreckelsville
2380071370000 11/21/2007 $423,800
80 NANO ST 11/19/2007 $400,000
60 KUNIHI LN #331 11/21/2007 $239,000
Kihei
760 S KIHEI RD #212 11/20/2007 $525,000
2575 S KIHEI RD #Q205 11/23/2007 $412,000
2575 S KIHEI RD #T110 11/21/2007 $500,000
2936 S KIHEI RD #206 11/23/2007 $595,000
2747 S KIHEI RD #H109 11/20/2007 $290,000
2385 S KIHEI RD #L102 11/20/2007 $673,400
47 KAHELE ST 11/21/2007 $289,000
540 HALALAI PL 11/21/2007 $730,000
Lahaina
224 MALANAI ST 11/20/2007 $1,050,000
Napili, Kahana, Mahinahina
3723 L HONOAPIILANI RD #200 11/19/2007 $425,000
4007 L HONOAPIILANI RD #D113 11/23/2007 $1,085,000
Waihee
2320080130000 11/20/2007 $615,000
Wailea, Makena
KAI MALU AT WAILEA #49A 11/23/2007 $1,235,000
KAI MALU AT WAILEA #52A 11/21/2007 $1,975,000
KAI MALU AT WAILEA #52B 11/21/2007 $1,817,514
HO'OLEI #E5 11/19/2007 $3,052,000
HO'OLEI #F4 11/19/2007 $3,400,000
3505 MALINA PL 11/19/2007 $1,335,000
160 KAIMANU PL 11/19/2007 $6,000,000
Wailuku
70 WAIAKA LN #38 202 11/21/2007 $315,000
10 PIWAI LN #45 202 11/21/2007 $300,000
676 MEAKANU LN #1302 11/21/2007 $458,000
2350010790000 11/23/2007 $715,000
609 S ALU RD 11/21/2007 $695,000
750 KAKALINA PL 11/21/2007 $699,000
1876 MAKILA PL 11/21/2007 $600,000
28 W MAKAUKAU LOOP 11/21/2007 $293,400
36 KAIKAI ST 11/19/2007 $301,600
11 KAIKAI ST 11/23/2007 $248,800
Molokai
4322 POHAKULOA RD 11/20/2007 $1,375,000
251 SEASIDE PL 11/19/2007 $295,000
County of Hawaii
Kau
3920050370000 11/23/2007 $199,500
92-8648 REEF PKWY 11/21/2007 $220,000
3921510160000 11/23/2007 $183,000
North Kohala
NAKAHARA CONDOMINIUM PROJECT #2 11/20/2007 $317,000
55-510 HUALUA RD 11/21/2007 $350,000
North Kona
72-3043 ULUWEUWEU HEMA PL 11/21/2007 $10,585,428
72-124 KOOLOAULA PL 11/20/2007 $7,775,000
73-1385 KIPAPA PL 11/20/2007 $926,820
74-5220 KIHAWAHINE PL 11/21/2007 $315,900
KONA SEA VILLAS #K4 11/23/2007 $529,000
KONA BY THE SEA #109 11/21/2007 $394,066
75-6151 NAKUKUI DR 11/19/2007 $825,000
75-6102 KAANEE PL 11/21/2007 $460,000
75-6117 LEA PL 11/21/2007 $554,700
75-6121 LEA PL 11/21/2007 $476,400
75-6125 LEA PL 11/23/2007 $474,800
WHITE SANDS VILLAGE #206 11/21/2007 $438,000
77-360 PAULINA PL 11/20/2007 $679,000
KEAUHOU KONA SURF/RCQT CLUB UNT I #191 11/19/2007 $492,200
78-6721 ALII DR 11/20/2007 $750,000
78-7000 KEWALO ST 11/20/2007 $1,105,000
Puna
11-3844 12TH ST 11/21/2007 $265,000
3140010210000 11/21/2007 $300,000
14-877 KAPUNA RD 11/20/2007 $165,000
15-1818 32ND AVE 11/20/2007 $290,000
15-1483 11TH AVE 11/20/2007 $339,000
15-1823 10TH AVE 11/23/2007 $285,000
15-1741 1ST AVE 11/23/2007 $250,000
3150720450000 11/21/2007 $120,000
3160130570000 11/21/2007 $123,000
3160320290000 11/21/2007 $130,000
16-2094 KING KAMEHAMEHA BLVD 11/20/2007 $159,000
16-2058 LEHUA DR 11/23/2007 $199,000
17-538 N ALA RD 11/20/2007 $263,000
18-1230 VOLCANO RD 11/23/2007 $265,000
South Hilo
190 E KINAI PL 11/21/2007 $375,000
3240161530000 11/23/2007 $165,000
60 KAULIKE ST 11/23/2007 $455,000
205 S WILDER RD 11/20/2007 $345,000
South Kohala
MAUNA LANI POINT #A205 11/19/2007 $1,950,000
68-1122 NA ALA HELE RD #I1 11/21/2007 $900,000
WAIKOLOA BEACH VILLAS #P33 11/19/2007 $689,720
69-1029 NAWAHINE PL #6F 11/21/2007 $1,002,200
69-1029 NAWAHINE PL #6G 11/20/2007 $1,006,000
South Kona
82-5984 NAPOOPOO RD 11/23/2007 $575,000
82-317 MAMALAHOA HWY #A301 11/19/2007 $242,500
3830130450000 11/21/2007 $601,000
County of Kauai
Hanalei
2293 G KAHILI QUARRY #2 11/20/2007 $6,500,000
VILLAS OF KAMALI'I #41 11/20/2007 $829,000
Koloa
5532 TAPA ST 11/21/2007 $645,000
Lihue
2933 PIKAKE ST 11/21/2007 $475,000
4272 LAWEHANA ST 11/20/2007 $475,000
4694 LAUKONA ST 11/23/2007 $350,000
Waimea
4594 AWAWA RD 11/21/2007 $106,200
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City and County of Honolulu
Property Date Price
Aiea, Halawa
99-128 AIEA HEIGHTS DR #601 11/20/2007 $190,000
County of Kauai
Property Date Price
Lihue
4246 HANAHAO PL 11/21/2007 $450,000
4234 HANAHAO PL 11/21/2007 $500,000
4224 HANAHAO PL 11/21/2007 $500,000

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