COVID19 UPDATE
Oahu

Hawaii Kai Real Estate Market Update October 2020

Strong Market!

The Oahu real estate market doesn’t seem to have been hurt by COVID. Sales slowed in March and April but picked back up to normal levels. Island-wide, prices continue to rise. In Hawaii Kai, single family home and condo/townhome prices in the middle and lower end have continued to increase but the high end has been flat or declined slightly over the last few years. Homes are selling quickly. Interest rates are extremely low. Great time for an investment property for your retirement or that would pay for the grandchild’s college years from now.

Single Family

The top line in this chart is for the 7 “very very expensive” Hawaii Kai/Portlock neighborhoods (Koko Kai, Portlock, Triangle, Peninsula Executive Residences, Le’Olani & Napali Haweo). The second line is Marinafront homes from 9 neighborhoods. The third line is for the 12 “very expensive” neighborhoods (Mariner’s Ridge, Koko Villas, Queen’s Gate, Mariner’s Cove, Peninsula Carriageways, Anchorage, Kealaula Kai, Kai Nui, Marina West, Spinnaker Isle, Upper Hahaione Valley, West Marina and Luna Kai). The fourth line is for the 8 “expensive” neighborhoods (Laulima, Kalama Ku’u, Kalama Valley, Kamehame Ridge, Kamiloiki, Mariner’s Valley, Lower Hahaione Valley & Koko Head Terrace).

SINGLE FAMILY

NEIGHBORHOODS

Built         Total

        Homes

Homes Sold(Fee Simple Sale Price in Thousands & Number Sold)

        2017                      2018                   2019                  2020

Years       #       $          #     $         #     $        #     $        #
“very very expensive”
Koko Kai                              (ocean-front) ‘66-‘77 201   2660     5   2025    12 2905     6 1975     2
Portlock                               (ocean-front) ’36-‘64 122   2650     5    1525     3 2950     5 2817     3
Triangle ’61-‘72 316   1568   11   1640    16 1727    11 2490     1
Exec Residence Peninsula           (mf) ’01-‘02 27
  •   –
  •   –
  •   –
  •   –
Le’Olani ’03-‘05 60   1645     4   1700     1 1585     2 1525     4
Na Pali Haweo ’92-‘03 164   1900     9   1710     5 1415     2
  •   –
                                      sub-total (13%) 890 1900    34 1750    37 2169    26 2099     10
very expensive”
Koko Villas                           (golf course) ’05-‘06 70   1249     7   1470     5 1575     1 1530     3
Queen’s Gate                        (golf course) ’78-‘80 147   1238     8      1243     8 1075     8 1182     4
Mariner’s Cove                 (marina-front) ’69-‘71 414   1150   15   1257     4 1378    11 1432     3
Carriageways Peninsula        ’02-‘03 69   1225     4   1285     3 1260     1 1320     1
Anchorage                         (marina-front) ’79-‘86 108   1645     5   1870     3 1269     5 1550     2
Kealaula Kai                      (marina-front) ’85-‘87 64   1500     1   2800     1 1513     3 1444     1
Mariner’s Ridge ’72-‘86 429   1237   16   1278    12 1182    10 1182     2
Kai Nui                                (marina-front) ’00-‘01 37   1225     1
  •   –
1340     3 1455     1
Marina West                     (marina-front) ’71-‘80 114
  •   –
  1160     3 1156     3
  •   –
Spinnaker Isle                  (marina-front) ’68-‘70 92   1300     1   1225     1 1395     3 1600     1
Hahaione Valley (upper) ’74-‘88 278   1140     4   1113   11 1058     4 1115     6
West Marina                     (marina-front) ’62-‘71 184   1400     6   1178     6 1343     5 1453     3
Luna Kai                             (marina-front) ’63-‘70 195   1290     4   1550     2 1365     3
  •   –
                                    sub-total (31%)   2201 1249    72 1285     59 1265     60 1332    27
expensive”
Laulima                                 (golf course) ’86-‘88 115   1010     2   1200     4 1030     4 1092     3
Kalama Ku’u ’01-‘02 17
  •   –
    873     2   911      1
  •   –
Kalama Valley ’73-‘86 1088     868   28     987    29   973     35     941     8
Kamehame Ridge ’81-‘90 87   1114     2   1453      2 1349     2 1930     1
Kamiloiki ’80-‘95 273     955      5     840      7     909     4     912     3
Mariner’s Valley ’69-‘72 526     995    13   1060      8 1052     6 1072     4
Hahaione Valley (lower) ’63-‘73 363     930      3   1050      7 1054     6 1070     1
Koko Head Terrace ’65-‘72 1543     875     18     895    21     875   23     969     9
                                    sub-total (56%)   4012   913    71   989     80 977     81 1019    29
            {MARINA-FRONT} {527} {1600     13} {1663    10} 1574    13 1612     7
TOTAL  7103   1179    177 1186    176 1091   167 1175    65

NOTES: DAN developed this table to show all 26 Hawaii Kai single family neighborhoods: broken down by sale price into 6 “very very expensive” neighborhoods, 13 “very expensive,” and 8 “expensive;” original year built; total number of homes; and the median fee simple sale prices and number sold in 2017 to 2020 (YTD).

The 9 marina-front communities have 527 homes on the marina and 703 homes off-marina. Hawaii Kai Marina Association dues is $475 per year; for details see www.hawaiikaimarina.com. Portlock and Koko Kai have 85 ocean-front homes. The 3 golf course communities, Queen’s Gate, Laulima, and Koko Villas, have homes on & off golf course. Hahaione Valley has been broken down into two sub-groups. Upper Hahaione is generally newer and has larger lots and custom homes.

Some have association dues, as low as $19 per month on Mariner’s Ridge, up to around $400 per month at the Peninsula Executive Residences. Sewer fee is $67 per month for all Hawaii Kai single family homes. Taxes range from approximately $200 to $5000 per month, depending on size and home exemption; averaging around $300 to $400 per month.

Condo/Townhome

The top line in this chart represents Marinafront Townhome sales and includes Kuapa Isle and Koko Isle as being representative. The second line is luxury 2 bedrooms in Kalele Kai and Mount Terrace and 3 bedrooms in the Colony at the Peninsula. The third line is off-marina townhomes and includes 3+ bedrooms in Kalama Ku’u, Mariner’s Villages 1/2/3, Lalea, Moana Kai, and Nanea Kai. The fourth line is 2 bedrooms, less than 1400 square feet, in Esplanade, Colony, Plaza Hawaii Kai, Naniwa Gardens, Heritage House, Mauna Luan, and Commodore. The bottom line is 1 bedrooms in the same seven buildings.

   

CONDOMINIUMS &

TOWNHOMES

(On & Off Marina)

Year Built Bedrooms Total

Homes

Homes Sold

(Fee Simple Sale Price in Thousands & Number Sold)

2017                  2018                    2019                   2020

Marina Front Townhomes Year     # #   $        #   $         #   $        #   $        #
Koko Isle              (marina-front prices) 1968 2,3,4 124 1060     8 1050    6 1067   15 1075    4
Kaimala Marina 1972 1-5 90     653     7     651    4   685      3     637   2
The Cottages at Peninsula 2003 3,4 123     996     9       887  10   907      5 1100    1
The Villas at Peninsula 2004 2,3 92     879     3     678    2   847      4     846   2
Mawaena Kai       1988 2,3 104     778     6     935    5   785      3     785   1
Kalele Kai Townhomes      (marina)   1993 3 10   1500    1
  •   –
1773     1
Kuapa Isle            (marina-front prices) 1970 3,4 234   1008    6   1000    9 1000   10 1008    2
Hale Makani Kai 1996 3 9     825    1
  •   –
    900     1
  • –   
Colony Marina 1969 4 26
  •   –
  1100    3     863     3     936   2
Hawaii Kai Condo Project 1964 2,3,4 138     815    2     845     1     798     3     810   3
Villa Marina 1970 3 19     680    1     760     1     730     2
  •   –
Marina Palms  1966 2,3 54     780    1     665     3     690     2     620    –
Koko Head Villas 1969 2,3 24     536    4     560     1     580     1
  •   –
Gateway Peninsula 1972 3 39     890    5   1000    1     863     3
  •   –
Moorings 1969 3 64     910    6     888    5     914     2
  •   –
Napua Point                    (ocean-front) 1980 2,3 18   1190   4   1175    2   1535    2  
  •   –
Off Marina Townhomes
Kalama Kuu 2002 2,3,4 64     740    1     800    3     710    2     715    2
Mariner’s Village III 1973 2,3,4 291     641   10     640    5     650   13
  •   –
Kaluanui 2001 2 29     628     2     718    1     695    1     689    1
Lalea  1998 1-4 289     640   11     740   13     678   14     677    5
Moana Kai 2005 2,3 84     805     5     844     6     804     4      859    3
Nanea Kai 2003 2,3 87     791     2     741     6     725     4     715    1
Mariner’s Village I & II 1972 2,3,4 74     617     4     552     4     544     7
  •   –
Village Green 1970 3,4 56     635     3     630     3       –        –     662    2
Kawaihae Crescent (E&W) 1973 3 121
  •     –
    685     3     681     5     668    3
Condos (Mid & High Rise)
Kalele Kai                      (marina-front)   1993 2,3 219     840   10     826     7     764   15     776    5
Hale Ka Lae 2016 1,2,3 269
  •     –
  •   –
    624   34     667  19
Mt Terrace 1974 2 126     650     9     710     4     582     5     444    2
Colony Peninsula        (marina-front)   2005 1,2,3 319     638   16     659    21     669   14      651    3
Esplanade                      (marina-front)   1973 1,2,3 208     705     4     669     6     670   11      643    4
Plaza Hawaii Kai 1974 1,2,3 146     573   14     612    12     562     6     590    1
Naniwa Gardens 1974 1,2 111     663   11     585     9     603     2     595    4
Heritage House 1974 1,2 135     536     8     539    10       –        –     629    1
Mauna Luan 1975 1,2 434     585   20     570    18     577   20     578    3
Commodore 1982 1,2,3 114
  •     –
    548      8     545     8     538    5
Total 4,075   650     197   667      190   695    224   659     83

NOTES: DAN MADDEN developed this table to show all 36 Hawaii Kai condominiums and townhomes: 15 marina-front townhomes, 11 off-marina townhomes, and 10 high-rise or mid-rise condominiums; year built; number of bedrooms available; total number of homes; and the fee simple sale prices and number sold in 2017 to 2020 (YTD). For Kuapa Isle and Koko Isle, only fee simple marina-front sale prices are used. For the High & Mid Rise CONDOMINIUMS only two-bedroom sale prices are used. In all cases, number of sales includes all sales in the complex. Most of the marina-front communities also have off-marina homes, however, all are members of the Hawaii Kai Marina Association, pay dues of $475 per year, have marina privileges, and many have boat dock access. See website for details www.hawaiikaimarina.com.

Kalele Kai, Colony, and Esplanade are also marina-front. Napua Point is ocean-front. Monthly maintenance fee for High & Mid Rise two bedrooms ranges from a low of approximately $676 in Heritage House to a high of approximately $1,415 in Mt Terrace; for Townhome three bedrooms from a low of approximately $390 in Nanea Kai to a high of approximately $1,337 in Kalele Kai Townhomes; averaging around $750. Sewer fee is $57 per month for all Hawaii Kai condos and townhomes; some include sewer in the maintenance fee. Taxes range from approximately $125 to $600 per month, depending on size and home exemption; averaging around $175. Most communities are pet-friendly but requirements vary; see house rules and www.hawaiianhumane.org for details.

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