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Hawaii developers council discuss state of Hawaii real estate


HONOLULU (KHNL) - The current state of the economy and cooling real estate market leave people who live here in the islands wondering about the market's future direction. Hawaii's real estate market is in a downward trend but experts say it's a normal part ...


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By Tracy Gladden - bio | email HONOLULU (KHNL) - The current state of the economy and cooling real estate market leave people who live here in the islands wondering about the market's future directionHawaii's real estate market is in a downward trend but experts say it's a normal part of the business cycle in Hawaii Harvey Shapiro is the Research Economist for the Honolulu Board of Realtors "The poor economic conditions, what's going on on the mainland but in Hawaii, we've been relatively solid, we don't have the sub prime problem that they are seeing on the mainland," he said In the next 18 months, tourism will be effected by the consolidation of airline routes which make it more difficult for visitors to make it to Hawaii Joe Toy is the President of Hospitality Advisors "We're definitely seeing a decline in occupancy our busy seasons are much more shallower and our off seasons will be much more steeper in terms of loss of occupancy," he said Helping to cushion the loss of visitors, is less hotel roomsToy says over the past five years more have transferred to condos or timeshares "I think were going to be seeing some major discounts and a lot of dealsYou stay five nights get two nights free," Toy said Because of the reduced demand for housing people aren't bidding so high, and sellers are concerned "We just have to wait and see what happens with the national as well as Hawaii economy," Shapiro said He says the reduced demand for housing is nothing to be worried about just yetPanel experts say the real estate market in Hawaii is more balanced between buyers and sellers than it is on the mainland. wnad_52.load(); if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol2done'); if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol23done'); wnad_43.load(); Worldnow.Helpers.debug('UB 4C Job Block 080715(95397)', 'UB_95397'); Job Link 8 Featured Jobs Worldnow.Helpers.debug('UB 4C Job Block 080715(95397)', 'UB_95397'); Hawaii News Now headlinesNewsMore>> City must reimburse homeless for illegally destroyed propertyCity must reimburse homeless for illegally destroyed propertyUpdated: Saturday, September 10 2016 12:55 AM EDT2016-09-10 04:55:43 GMT(Image: Hawaii News Now)Twice on the streets, crews tossed Naomi Mokuahi's belongings in a garbage truckMore >>Twice on the streets, crews tossed Naomi Mokuahi's belongings in a garbage truck.More >>Planned makeover of Ala Moana neighborhood spurring debatePlanned makeover of Ala Moana neighborhood spurring debateUpdated: Saturday, September 10 2016 12:53 AM EDT2016-09-10 04:53:17 GMT(Image: Manaolana Partners)Developers say a luxury highrise planned for the block across from the Hawaii Convention Center will revitalize the neighborhood.More >>Developers say a luxury highrise planned for the block across from the Hawaii Convention Center will revitalize the neighborhood.More >>Hawaii gets $8.4M grant to train doctors on signs of addictionHawaii gets $8.4M grant to train doctors on signs of addictionUpdated: Saturday, September 10 2016 12:50 AM EDT2016-09-10 04:50:51 GMT(Image: Hawaii News Now/File)Hawaii has received an $8.4 million federal grant aimed at training doctors to better help patients suffering from alcohol or substance abuse.More >>Hawaii has received an $8.4 million federal grant aimed at training doctors to better help patients suffering from alcohol or substance abuse.More >>New affordable complex in Kakaako accepting applicationsNew affordable complex in Kakaako accepting applicationsUpdated: Friday, September 9 2016 11:27 PM EDT2016-09-10 03:27:53 GMT(Image: Locations Property Management)Applications are now being accepted for a new affordable rental apartment complex in KakaakoMore >>Applications are now being accepted for a new affordable rental apartment complex in Kakaako.More >>Stadium seeks to ease gridlock for UH Warriors season openerStadium seeks to ease gridlock for UH Warriors season openerUpdated: Friday, September 9 2016 11:18 PM EDT2016-09-10 03:18:32 GMT(Image: Hawaii News Now)About 22,000 fans are expected to attend the UH Warriors football home opener Saturday against Tennessee Martin at the Aloha Stadium.  More >>About 22,000 fans are expected to attend the UH Warriors football home opener Saturday against Tennessee Martin at the Aloha Stadium. More >>   var ds = new Worldnow.CustomizedBlock('DisplaySizeId78'); Worldnow.EventMan.event('displaysizeloaded',ds) if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol4done');

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