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Ewa Real Estate - Ewa Beach, Hawaii is located at the southern end of the island of Oahu and just to the west of Pearl Harbor and Hickam Air Force Base. Ewa Beach is a very popular location with homeowners due to the affordability of property and the availability of brand new or newer homes that were built within the recent past

Approx. driving time to Downtown during non-primetime hours: 40 min
Approx. driving time to Airport during non-primetime hours: 35 min

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Originally a plantation town, the quaint buildings of the original town center is being preserved for future generations. Newer neighborhoods have been built at the entrance to the Ewa area. The Ewa-Gentry subdivision began development in 1988 with the Soda Creek single-family home project and will eventually have a total of 8,000 units of single and multi-family projects. Palm Villa and Palm Court subdivisions are townhouses, some with grassy courtyards, and others with decks. All have detached parking stalls for each unit. The Arbors subdivision has larger townhouses that include attached garages and an attractive recreational center with a swimming pool for each large group of townhouses. Sunrise is a 3-story condominium subdivision with desireable floorplans and spacious lanais. Sun Terra project offers single-family homes with glass block windows and bay windows. Westloch is a master planned neighborhood with the emphasis on cul-de-sac streets to enhance neighborhood identity. Most houses are grouped in clusters around common courtyards and tot lots. The single-family homes were incorporated in 1988. Some of the homes were sponsored by the City to allow some families to purchase below the market price. Some of the houses border the West Loch golf course. Two of the projects in this neighborhood are West Loch Fairways and West Loch Estates. The newest development in Ewa is Ocean Pointe. This master planned community includes both single family homes and spacious 2 and 3 bedroom townhomes. What makes this development special is the fact that steel framing, central a/c and two car garages are included in all of their standard packages which makes it very tough to beat for the price. Add the future sites of a brand new golf course and the state’s largest boat harbor and you have a very desirable up and coming neighborhood.

Comparative Market Analysis for OCEAN POINTE , EWA BEACH 7/25/2008

( ListPrice / LivSqFt ) : ( Average 593770 / Average 1901 ) = $ 312.35

( SalePrice / LivSqFt ) : ( Average 566251 / Average 1800 ) = $ 314.58

It seems the Hawaii economy is tougher than anticipated.  The recent spate of airline bankruptcies and employee layoffs has been shocking for the state, but doesn't signal a steep downturn in the economy.

That's the upshot of a new state Department of Business, Economic Development and Tourism economic forecast, which revises downward economic expectations for this year and next year, but sees a brightening of prospects in coming years.

"Some people are panicking, but the numbers aren't that bad," said Pearl Imada Iboshi, state economist. "People forget that the economy generally goes in cycles."

Hawai'i's economy has appeared shaky in recent months, starting with Aloha Airlines' demise at the end of March and followed by the shutdown of ATA Airlines and Molokai Ranch, the loss of two of NCL America's Honolulu-based cruise liners and, more recently, Maui Land & Pineapple Co.'s layoff of 274 workers. Rising prices and economic worries about surging crude oil prices have also weighed on the economy. These and other events have resulted in:

·  More than 5,200 people being laid off from jobs in the state this year.

·  July's seasonally adjusted unemployment rate rising to 3.9 percent, a five-year high.

·  June visitor arrivals dropping by 14.2 percent, the biggest decline since January 2002.

·  The state Council on Revenues lowering its state revenue collection forecast for growth from 2 percent to 1 percent for the fiscal year.

·  Inflation in Honolulu rising by 4.9 percent during the first half of the year compared to the same period a year earlier, driven by higher electricity, gasoline and housing costs compared with the same period a year earlier.

The numbers have led some to wonder if the state is experiencing a major setback and whether it may take years to reverse the loss. But Iboshi's forecast points to more of a cyclical downturn.

Hawaii's real estate community expects to see more activity as a result of a new housing package signed yesterday by President Bush that makes it easier for homeowners to refinance their loans into affordable loan products and eases access to the market for first-time homebuyers.  The package will allow Hawaii's first-time buyers to receive a tax refund worth up to 10 percent of a home's purchase price, up to a maximum of $7,500. The refund, which serves as an interest-free loan that must be repaid in interest-free equal installments over 15 years, will help more first time homebuyers get into the market said Scott Higashi, executive vice president of sales for Prudential Locations LLC.

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