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Economy: Real Estate / Hawaii #117739

ABC Evening News for Wednesday, Aug 31, 1988
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(Studio: Barry Serafin) Report by National Association of Realtors on high cost of home ownership detailed. Report introduced.

(Honolulu, Hawaii: Gary Shepard) Buying up of real estate in Hawaii by Japanese featured; details given, scenes shown. [Honolulu mayor Frank FASI - says speculators will make Oahu a suburb of Tokyo.] Buying frenzy by investors from Japan reviewed. [Resident Sharon HOFFMAN - says average person is now priced out of market] Impact of skyrocketing real estate values on taxes of long-term residents noted. [Resident Mrs. Alan HAYIOU - says she can't afford taxes.] Role of Japanese billionaire Jenshiro Kowamoto, who owns 160 homes in Hawaii, discussed. [Residents Mary and Dan NOWICK - call Kowamoto their "Japanese Santa Claus" for meeting their selling price.] [Real estate BROKER - says Japanese pay cash.] Concern over future for Hawaii reiterated.

Serafin, Barry;
Shepard, Gary

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