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Ricky
Cassiday has developed the most functional database
of real estate transactions for analyzing the
residential market across the state of Hawaii. The data
draws upon both public and private data sources
(realtor, developer and tax assessment), and goes back
to 1985, encompassing 2 major market cycles. It
encompasses all islands and all residential property
types, including leasehold, for the following market
segments:
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Single
family, primary, affordable (income restricted) and
resort housing;
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Home
site sales, primary, agricultural and resort;
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Condominium
for-sale housing, primary, restricted (age and
income) and resort;
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Condominium
rental housing, primary, restricted (age, income,
and profession, i.e., military end-user), investor
and resort;
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Condotel
units, timeshare units, and hotel room units;
Builder parcels, individual and bulk; and
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Master
Plan Community sales and development, primary and
resort.
He
has produced over 160 different studies (project
feasibility, pricing programs, absorption projections,
marketing strategy, product development, market entry
and positioning) as well as long-term demand forecasts
and models for specific markets and master planned
developments.
His
work has informed every major Hawaiian developer,
financing institution, residential design firm and most
landowners and construction companies. He has been a
featured public speaker at the Hawaii Developer’s
Council, the ULI Hawaii Chapter, the Society of
Corporate Planners, Hawaii State Association of
Counties, the Hawaii Association of Mortgage Brokers,
the BIA Hawaii chapter, Association of Realtors for all
the islands plus numerous private groups (including his
annual resort residential client gathering, plus MBA
Income Property Committee, Investment committee).
He has been quoted in the Wall Street Journal, New York
Times, San Francisco Chronicle, and Inman News.
Over
15 years ago, Cassiday began collecting new home sales
information directly from developers for Gentry Homes,
as well as buyer demographics and psychographics. He provided
senior management and colleagues with colleagues with
quantitative data on the reservations, closings, pricing
and inventory in the new homes market, as well as
related data for the resale market. He continued that
work with Castle & Cooke, Prudential Locations
research & Consulting and then on his own.
Today,
the practice is focused only on the residential market,
and can be broken down as follows:
-
A
90%/10% split between private and public agencies
(including the US Army, US Navy, State of Hawaii,
and Hawaii Housing Development Corp.):
-
A
55%/45% split between Hawaiian and Offshore based
clients;
-
A
40%/60% split between primary and secondary/investor
target markets;
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A
72%builder/17% lender/11% research aggregator split
amongst end-users; and
-
A
57%Oahu/18% Big Isle/11% Kauai/10% Maui/4% Statewide
split amongst the islands.
There
have been over 100 specific study clients, the top five
of which were DH Horton, Stanford Carr, Centex,
Alexander & Baldwin and Hearthstone Advisors (23% of
the work was concentrated in these five). In essence, he
provides third party outside validation and verification
to private and public entities.
The
scope of work ranges from market entry by a national
builder, master plan validation for zoning applications,
market validation for property acquisition, product
planning and development research, specific unit
pricing, project absorption forecasting and market
positioning and marketing messages. Some of the
specifics addressed in his work include the regulatory
and political environment vis-à-vis product and
project, the product design vs. construction cost issue,
and the marketing and sales channel opportunities and
pitfalls.
It
draws on the principal's 15 years in the residential
development business, as well as his father’s and
family's (seven generations) of owning land (Niu Valley,
Kilauea, Kauai), supplying building materials and
contracting (Iolani Palace, the Moana Hotel) and
developing residential communities (Royal Kunia,
Mililani, Ewa by Gentry).
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Paul
Richard Kaunahoakalani Cassiday, Jr. (Ricky) was
born on Oahu in 1952, small part Hawaiian (2% rounded
up), large part Austrian – English – Scottish –
Irish (haole). He grew
up in Niu Valley, land given to his great great
grandfather, Alexander Adams, by Kamehameha the Great
for services to the crown (he led an expeditionary force
against Russian colonialists on Kauai, started the
sandalwood trade for the king, designed the Hawaiian
flag, and was the first harbor master of Honolulu).
Ricky
attended Hawaii Preparatory Academy, graduated from
Punahou and entered University of Hawaii, where he was
an occasional student, due to a passion for surfing.
From 1970-1974, he made surfboards, surfed in
professional and amateur contests (ranked #2, Hawaii
Surfing Association, Men’s Division 1973) and marketed
several surfing movies in Hawaii and California. Tired
of suffering for art, he transitioned out of surfing by
transferring out of UH and into George Washington
University, not known for it’s beach culture. On the
other hand, it was great for discussing politics, so he
worked part-time for Hawaii Congressman Cecil Heftel.
Upon
graduation, he moved to England and worked at HandMade
Films, a joint venture of George Harrison OBE, and Monty
Python. While there, the company produced or distributed
over a dozen films, including MONTY PYTHON’S LIFE OF
BRIAN. After 5 years, he returned to Washington DC to
work in lobbying and public relations (Hill &
Knowlton, and the Heritage Foundation) before returning
to Georgetown University to take a master’s degree
(Master of Science, International Relations).
While
studying, he went to the Philippines in 1985 at the
invitation of the Marcos government and did a summer
internship, and met his future wife, Maite Brias. In 1986, he became a trustee
of the Henry Luce III Trust, replacing his mother, who
passed away. He also got married and moved to Menlo
Park, CA to do market research in the electronics field.
He returned to Hawaii in 1990 and continued doing market
research (expanding into consumer research and
competitive intelligence) for housing developers and a
consulting firm. In 1997, he started his own firm, first
focused on Oahu and then on the other islands.
He
got his first exposure to real estate and resorts,
thanks to his father, Paul Cassiday, who was involved in
resort and housing developments while at Amfac and later
the Estate of James Campbell (Kaanapali, Whaler’s
Village, Princeville, Ko Olina and Kapolei). And thanks
to his mother, he got a good grounding in interior
design and decoration (her houses had been featured in
many national publications, from a Hawaiian beach house
in Sunset Magazine in 1960 to a summer home on
Fisher’s Island, NY in Architectural Digest in 1985).
He
has been blessed by great mentors (Clare Boothe Luce,
Bob Panero, Harry Saunders, Walter Hahn, Harvey Goth,
Jimmy Pflueger), supporters (Henry Luce III, Derek
Taylor, Howard Hamamoto, Bert Kobayashi) and friends
(Tom Zimmerman, Stanford Carr).
He
is a member of the Hawaii Developer’s Council, the
Urban Land Institute, the Outrigger Canoe Club, the
Manila Polo Club and the Pacific Club. His wife, Maria
Teresa Brias, is from the Philippines, where her family
has a beachfront residential development, Bamboo Beach,
outside of Manila in Batangas. His oldest son, Paumalu,
is in Brent International High School in Manila and into
Rugby. His youngest, Henry, is at Punahou, and is
active in varsity volleyball and basketball. His
stepson, Joey Manahan is a member of the State
Legislature, representing the Kalihi district. |
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