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Oahu home prices fall to 48th in U.S.

Honolulu has moved out of the top 10 of most expensive markets for home sales, falling to 48th on the recently released Home Price Comparison Index.

According to the annual study, which compares home sale prices in 317 U.S. markets and in Canada, Honolulu homebuyers can expect to pay an average of $515,947 for a four-bedroom, two-and-a-half bath, 2,200-square-foot home with a two-car garage. The same home would cost about $1.4 million in top market La Jolla, Calif., or $121,400 in Binghamton, N.Y., which ranked last on the list.

Overall, the average national home sale price rose 9 percent to $318,172 from $291,097 a year ago.

The new price study brings good news for Hawaii's real estate community, said Herb Conley, managing director of Coldwell Banker Pacific Properties.

"As prices went up at the end of the '80s, many of our residents were forced to move to the mainland," Conley said. "Today we are actually seeing them come back-- and fewer leave -- based on home prices."

HiTech Quest event set for March

The fifth annual HiTech Quest Competition, a scholarship contest, will take place March 9 at the Ala Moana Hotel and March 23 at the Kapalama campus of Kamehameha Schools.

Entries from K-12 students from public, private and home schools are welcome.

For more information, call Ryan Kusuda at 356-5434, e-mail him at rkusuda@hitechquest.com, or visit www.hitechquest.com.

Lockheed Martin unit to aid UH

Lockheed Martin Orincon Defense Hawaii Operations will provide financial support, guest lecturers and review student projects for the University of Hawaii College of Engineering under a new agreement.

Lockheed Martin Orincon, a diversified systems integration and information technology company, said the educational partnership will strengthen the bonds between it and the university.

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[Hawaii Inc.]

PROMOTIONS

>> Dick Pacific has promoted long-time Senior Vice President of Finance Jeffrey Konn to chief financial officer and Marketing Coordinator Maude Omai to marketing manager. Konn will handle the company's financial affairs, its corporate strategic management and general administrative activities. Omai is responsible for the company's internal and external marketing and public relations initiatives and assisting the preparation of new project proposals for government and private markets.

RECOGNITION

>> Mufi Hanneman and Doreen Higa were inducted as honorary members of Rotary Club of Pearlridge in September. Hanneman is a self-employed business consultant and founder of Pacific Century Fellows program, which selects individuals in the early or midlevel stages of their careers with the potential to contribute to the community. Higa is Momilani Elementary School's principal and recently celebrated Momilani's fourth-place standing in Hawaii Business Magazine's list of Hawaii's outstanding schools.

>> Vector Marketing Corp.'s Honolulu office Division Manager Ian Fitzpatrick has reached his $8 million career sales milestone. He joined the company as a sales representative in June 1994 and was previously promoted to field sales manager, assistant manager, branch manager and then district manager. Pennsylvania-based Vector is the exclusive marketer of Cutco cutlery directly to consumers via sales representatives.