Transcript for Stunning First Look at Howard Hughes's Luxury Condo's in Honolulu
Hello and welcome to real is I'm Rebecca Jarvis here in New York City here's what's on our radar today developers are banking billions. -- land in America and new homebuyers are paying with cash also America's obsession with yoga. And it should you bet your hard earned money on financial pundits on TV a new book says. Be aware of that expert advice -- want to get right to -- low interest rates are creating a treasure trove for real estate developers. Multi billion dollar properties are popping up. All over America and get this some of buyers a lot of them actually -- paying with cash. My next guest is none other than David Weinrich he is CEO of the Howard Hughes corporation ticker symbol. Is HHC. And your stock is surging it's up almost 50% in the year David. Tell me. What's the outlook. Not just -- -- stock -- have to go there but for the overall market. Well thanks for having me today. We're very pleased with where the markets are right now. As I mentioned to you when we were talking earlier we've got one of the more prolific master planned community businesses in the country. With land in Houston at the woodland slammed in Las Vegas. And some Roland and then are very very exciting project in Honolulu -- village. Yes Honolulu than it was projects that you take -- -- under way. What markets do you like best right now for real estate obviously the -- one of them. Hawaii we like again Houston's been very strong. Nevada surprisingly has come back -- a big way. And of course New York we've got big plans for our seaport district. About Honolulu I mean besides the fact that people like to go there on vacation what is it about Honolulu that makes Hawaii attracted to you. Well first -- in the middle of the Pacific it's a gateway. Market from Asia. And it's a great spot for people from the West Coast to go. On vacation to have second homes and this property that we own in Honolulu -- is very unique sixty acres. Right next to -- on a mall which is one of the great shopping experiences. Where we recently got. Entitlements to build over nine million feet vertically so -- we typically build. Our housing on a horizontal line we're building here vertically and when it's all said and done over the next decade we'll have -- -- 4000 condos. On that site in about 22 buildings. Over a million square feet of retail. And some other uses as well. Our viewers -- getting -- taste of these pictures that that looks stunning some of the re creations of what -- -- look like when all is said and done thank you Houston. I heard now from a lot of people in real estate this this market keeps coming up what's what's driving that. Well the woodlands is really unlike any other master planned community anywhere in the world we actually have. Over 50000 people that commute into the woodlands daily which is very usual typically when you have a master planned community people -- living there commuting out to work. In this case we have over seven million feet of class a office space. With a 1% vacancy rate so it's very unusual to to have this much office. In an area where. People are are living. So they're able to work and potentially walk to work. From their houses which are very -- work. Playing live and have an environment really that sustainable. When it comes to you to the investments that you're looking at in real estate what are some of the biggest things for anybody to think about out there whether they're buying a house or there. Investing in real estate stocks what is important metrics that you're looking. Well again getting decked -- Hawaii I think that this is a great example we try to do things on a scale. To create opportunities that other people can't compete with. So in this case we're gonna have 22 buildings were bringing in world class architecture from all over the world. We actually recently converted a six story office building to our sales centering gallery and created a sales experience that's. Completely unique not just -- Hawaii but anywhere in the world. We you can go and actually see the unit that that you can -- And on multiple floors we've created alumni. On the seventh forces people to really experience what it was like -- To be in their units. Looking out the ocean and all the other beautiful I think she'll have -- in. It's what some people on the that this was a real estate porn because it's you just want to look at it it's so stunningly beautiful. Bill lacked -- huge fan of your company big investor in your company. And and I wonder in terms of your outlook overall. What if it -- in the future the next ten years of the real estate market and in particular the US domestic real estate market what does -- Look it's hard to predict. A long time into the future we believe that if you on the best properties. The best assets and a market that they'll always be runway. And if you look at places like the woodlands even. When times were depressed we were still selling land to -- because people recognize that there was a limited supply of it. So I think if you've got best of class assets like we do in Houston. In Honolulu. In Las Vegas you're creating -- demand that. In some ways is protected by. Economic. Swings. David when are we really appreciate it. Thank you for having me the CEO -- Howard Hughes corporation thanks so much have a great one.
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