How does Hawaii’s real estate market compare to what is going on nationally? Who is buying on Oahu? We hear statistics everyday about the real estate market and how bad it is, but in real estate, it is very much neighborhood based. Some neighborhoods are selling faster and for higher prices than others. Sometimes, you will have no activity for weeks and then all of a sudden, several homes get snatched up quickly.
On Oahu, our real estate market really is a world unto its own. It is the melting pot of the world and our market is like no other. We have a large and thriving local economy as well as year-round tourism and foreign investment to stimulate our economy. That being said, Hawaii real estate loosely follows the trend of the mainland U.S.
Even in our industry of real estate, where we are dealing with buyers and sellers everyday of every month of every year, we are sometimes taken a back by the weekly trends that seem to occur in our market.
Take a look at these luxury properties that recently went into escrow—they are all above $5,000,000 and all went into escrow fairly quickly—15-75 days—that is darn good for this market. Looking at these price points, it is apparent that money is flowing into real estate more and more.
2549 Tantalus Drive
2549 Tantalus Drive—priced at $9,900,000 (MLS# 1104054). This enchanting estate went into escrow very quickly—75 days. It is perched on one of our most treasured hilltops, Tantalus, and is an impressive 63,854 sq. ft. of land with an equally awe inspiring 11,323 square feet of interior living space.
The gorgeous pool looks over the entire south shore of Oahu. It has the feel of a secluded island estate, but is literally 5 minutes from town. This is one of the most intriguing hilltop estates I have seen and it didn’t last long.
1586 Mokulua Dr. 1
1586 Mokulua Dr. 1 is listed at $6,500,000 (MLS# 1107392) and went into escrow very quickly—within 25 days. This property is on the north side of the island in the premier neighborhood of Lanikai. It was just completed in 2007 and is the perfect island-style home with a touch of modern elegance.
It has open beam rafters and sliding glass walls that can bring the outdoors in, creating a breezy island atmosphere. It has a large 18,211 square foot lot with an in-ground swimming pool and spa. The best part, of course, is the sandy beach and clear waters stretching out to the Mokulua Islands. This is a comfortable island estate with privacy and luxury.
1830 Makiki St.
1830 Makiki Street, listed at $5,250,000 (MLS# 1003310), is a very unique property because of its size and location. It consists of 4 lots in one of the most desirable locations near town. It is 5 minutes from everything and this area tends to be more densely populated due to its location.
It is a rarity at 9,600 sq. ft. of interior living space on 37,400 sq. ft. of land in an R-5 zoned neighborhood. It is a developers dream location. It currently has 2 homes on it with a total of 26 bedrooms and 16 bathrooms. It has lots of open space and tall trees. It is a very rare find. It went into escrow immediately—15 days.
Since these are all under contract, you may want to look at this great property:
604D N. Kalaheo Ave.
604D N. Kalaheo Ave, listed at $9,800,000 (MLS# 1108079), is a Kerr-Michael beachfront estate completed in 2004 fronting a white sandy beach. It has been on the market for only a couple of months.
It has 6,802 square feet interior and sits on a 21,080 square foot lot. Its best feature, in my opinion, is the use of glass to expand the gorgeous ocean views. There is nothing more wonderful than waking up to the scent and sounds of the waves lapping at the shore. Simply gorgeous.
Kelly A. Lee, (R) 808-225-0349
Kelly A. Lee, (R) e-PRO, CHMS
Hawaii Life Real Estate
4614 Kilauea Avenue, Ste. 206
Honolulu, HI. 96816