Million Dollar Home Sales on Oahu Took a Big Hit in 2009

If you are a homeowner looking to sell your luxury home on Oahu, you should be thankful 2009 is behind us 🙂 Sales of Million Dollar homes on Oahu were down 27% from 2008. There were 273 homes on Oahu that sold over $1 million compared to 374 in 2008. Good news is if you’re a buyer of homes over $1 million, now is the time for bargain hunting! There were two recent sales in Diamond Head where a buyers buyers picked up some great buys:

• 3721 Poka Place sold for $3,050,000 on 10/2/2009. The previous owner paid $4,100,000 on 5/15/2007!
• 669 Hakaka Place sold for $3,373,000 on 10/20/2009. The previous owner paid $4,200,000 on 8/30/2004!

In my opinion, it’s the higher price point that has suffered the most. It’s still hard to find a nice home in a good neighborhood around $1 million, however once you get in the $3-5 million range, there are bargains galore out there. Sales above $5 million got hit even harder, down 50% in 2009 with only 10 sales all year vs. 20 in 2008. Meanwhile, there are 54 active listings on Oahu over $5 million as of today…

View my favorite Oahu luxury homes for sale →

The highest sale on Oahu also came down dramatically from 2008. 3239 Noela Drive sold for $8,750,000 which is a small fraction of a $22 million sale in Kailua and a $13 million sale in Aina Haina in 2008. Kauai may have taken the title of the highest luxury home sale in Hawaii for 2009, however I have a feeling Oahu will be working its way back to the top in 2010!