Japanese investor Genshiro Kawamoto says he plans to sell 80 of his 160 residential properties in Hawaii and all of his 642 residential properties in Northern California so he can pursue unspecified investment opportunities in the United States and Japan. Kawamoto sales
are to fund other
investmentsStaff and news services
Kawamoto has already listed more than 60 of his Hawaii properties for sale. Over the weekend, hundreds of Sacramento-area residents received 30-day eviction notices from Kawamoto, drawing the ire of California lawmakers.
Kawamoto appears to be within his legal rights in demanding that renters on month-to-month leases get out. But California legislators and local officials said they would try to appeal for more time and a chance for the tenants to buy their homes, according to the Sacramento Bee newspaper.
In a statement released yesterday, Kawamoto did not directly mention whether he would give the residents more time, but his decision seemed firm. "Time is of the essence so I do not lose these tremendous investment opportunities," Kawamoto said.
Kawamoto said he still wants to build a 25-story high-rise condominium on a 1.65-acre property he owns in Kakaako, bordered by Queen, South and Keawe streets. Kawamoto bought the land for $14.8 million in 1989, and lost a deal to sell it for $5.3 million to the Word of Life Christian Center in 1999, records show. He also wants to revive an affordable housing development in Kihei that he proposed a decade ago but abandoned. His application to the state for a land-use change was recently returned, however, because of defects.
Kawamoto proposed several affordable housing projects a decade ago to deflect criticism about Japanese investors, but the developments have never gotten off the ground.
On Oahu, Kawamoto has listed the cheaper segment of his properties for sale. The response has so far been overwhelming, with buyers submitting bids for homes they've never seen, said Cathy George of real estate brokerage Cathy George & Associates. The offering ranges from older single-family homes in Kailua to units in the Royal Capitol Plaza high-rise. George expects several properties will sell for more than the listing price.
"It's in a very popular price range," said George, who plans to represent potential buyers.