Luxury Home Magazine

P R E S E N T E D B Y T I T L E G U A R A N T Y E S C R OW S E R V I C E S WHO IS BUYING HAW I’I PROPERTY? In 2014, local residents were the primary buyers of real estate in Hawai’i. Hawai’i residents’ purchase levels tend to be closer to the median price range of $700,000, while the mainland buyers’ price point is closer to the million-dollar and above level. These buyers were from California, Washington and Texas. U.S. Buyer investment is primarily directed into luxury areas, such as East Honolulu, Wailea, Lahaina, Princeville, Hanalei, Kukio and Hualalai. These areas typically have the following common denominators: oceanfront estates with access to pristine beaches, panoramic views of ridgeline development, and large homes with beautiful landscapes. U.S. Buyers “Kakaako, Urban Core Living.” Department of Business, Economic Development & Tourism: Research & Economic Analysis. State of Hawaii, 1 June 2014. Web. 3 Feb. 2015. http://files.hawaii.gov/dbedt/economic/reports/2014-06-kakaako-study.pdf “Outlook for the Economy.” Department of Business, Economic Development & Tourism: Research & Economic Analysis. State of Hawaii, 1 Jan. 2015. Web. 3 Mar. 2015. http:// dbedt.hawaii.gov/economic/qser/outlook-economy/ Sources: Hawai’i investment remains attractive to foreign buyers, in particular Japanese and Canadians. Despite serious fluctuations in price and activity, the Japanese buyer remains committed to Hawai’i real estate. Recent developments on O’ahu, and in particular the Kaka’ako Developments, showed continued Japanese interest. Japanese buyers who are interested in Hawai’i real estate, yet cannot afford the luxury market, are putting their money into timeshares and vacation rentals in Waikiki. Foreign Buyers H awai’i property has long been sought after by both domestic and international buyers. Title Guaranty (TG), Hawai’i’s local title and escrow company, has been closing title and escrow transactions for the people of Hawai’i, as well as domestic and foreign buyers, for over 115 years. Mike B. Pietsch, TG’s Chief Operating Officer, comments on Hawai’i’s recent trend in buyers, “In the last couple years we have been seeing million-dollar purchases driven by west coast U.S. buyers. Foreign buyers continue to be led by the Japanese investor, a trend that has remained strong since the 1970s as Japanese tourist visited Waikiki and desired ownership in paradise.” MIKE B. PIETSCH CHIEF OPERATING OFFICER TITLE GUARANTY