Business / In Brief • Mar. 8, 2013

Median home price down in Honolulu

HONOLULU – The Honolulu Board of Realtors said the median price of single-family homes on Oahu was down 4 percent to $600,000 in February, compared with the same month a year ago.

The board said in monthly statistics Thursday that there were also fewer sales last month than in February 2012.

The condominium market, however, is up. The median sales price of condos in Honolulu was up nearly 8 percent in February to $340,000, with nearly 23 percent more sales.

Oahu has seen 12 percent more condo sales for the first two months of 2013, with median sales prices up 6.6 percent to $330,000. The median price of single-family homes is down 2.6 percent for the year.

Board President Kevin Miyama said February is typically a down month in Honolulu.


Big Island hotel likely to be sold

KAILUA-KONA – A resort hotel on the Big Island likely will be sold in a few weeks.

Marriott Vice President Darryl Franklin has informed state labor officials that the Waikoloa Marriott could be under new ownership as early as May 3. The prospective buyer has not been revealed.

Officials say most of the 315 employees are covered by union membership but 49 are not. That leaves those employees at risk of losing their jobs if the new owner does not keep Marriott on as operator. It is not known at this time if Marriott will continue to manage and operate the resort.

The resort is owned by a Delaware limited liability company with a Boca Raton, Fla., address. It had taxable value of $54.5 million in 2012.