COM 1042.000 2006-2008 - Laserfiche WebLink

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"Reviewing the data for the County of Hawaii from 1990 to the present, it is clear that several trends have shaped the market: • Moderate increases in production of for sale housing units, responding to the mid-market demand that was so strong in the early 1990s; • Major decreases in pent-up demand during the nineties as population growth rates slowed; • A residual willingness of Hawaii residents to consider moving out of state to areas with a lower housing costs; • Increased interest by upper-income mainland US residents in Hawaii as a second home, and perhaps retirement, location; • Low mortgage rates, spurring booms in refinancing and home ownership; • Decreasing household sizes, due in part to an aging population; and • Very low or no production of new rental units, even though demand is increasing. "Taken together, these trends have led to a very active real estate market and, in recent years, sharply increasing prices. Over the long term, prices should level off again, in pmt because mortgage rates will stabilize, in part because of the historical pattern of price increases and plateaus due to the small inventory in Hawaii markets. The longer-tam issue of rental supply remains. In 2003, the excess of demand over supply was evident in dramatically decreased availability and skyrocketing rents. Most portents for the fixture suggest those conditions will not change soon 15) Land use: The project area is predominantly single family residential in character. Nevertheless there are a wide variety of laud uses within a % mile radius of the subject property including churches, schools, gas stations, restaurants, fast food outlets, convenience stores, personal service providers and government offices. 16) Zoning: The majority of the parcels on Kehaulani Strcet.are zoned Single Family Residential 15,000 (RS-15). Two parcels, situated less than 1,000 feet from the subject property, were rezoned from RS-15 to RS-10 on Kehaulani Street. Ordinance no. 864 was adopted on March 16, 1983 and rezoned TMK: 24-10: 49 and the property was subsequently subdivided into two parcels with a single family dwelling on each lot. Ordinance no. 843 was adopted on February 1, 1984 and rezoned TMK: 2-4-10: 33 allowing the property to be subdivided into two lots with a single family dwelling on each lot. D) PUBLIC FACILI IUS AND SERVICES 1) Description of mess: Access to the subject property is provided by Kehaulam Street which is a County road with a right-of-way width of 40 feet and pavement width of 16 feet with 3 foot wide shoulders..