Market Intelligence

Where’s the Hawaii Kai Market Going?

Hawaii Kai Prices have flattened or gone down a bit recently. With rising interest rates, the balance between prices and affordability is strained. Comparing the last 6 months to the previous 6 months, East Oahu home prices have decreased by around 2%; islandwide, around 5%. Though Hawaii Kai inventory is the lowest in 10 years, the number of monthly sales has decreased from around 35 to 17; and the time to sell has risen from around 30 days to 50 days. Though Hawaii is somewhat insulated from mainland trends, Fannie Mae is calling for price decreases nationally of around 4.2% this year and 2.3% next year.

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Market Price Correction

Oahu Home Prices rose for 11 years, until peaking last year, the longest increase in memory. Compared to last year, Hawaii Kai single family home prices have decreased by around 6%; island wide, also around 6%…condos & townhomes, up 1/2% in Hawaii Kai, down 2% island wide. The Question: how long will the correction period last…in the past, three to five years. Even with higher interest rates, the very low inventory is giving support to price stability.

Single Family Median Sale Price

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 7 “expensive” neighborhoods (Laulima, Kalama Valley, Kamehame Ridge, Kamiloiki, Mariner’s Valley, Lower Hahaione Valley & Koko Head Terrace).

Condo and Townhome Median Sale Price

The top line in this chart represents Marinafront Townhomes 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 town homes 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.

Single Family Homes Sold

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 2020 to 2023.

The 9 marina-front communities have 527 homes on the marina and 703 homes off-marina. Hawaii Kai Marina Association dues is $525 per year; for details see 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 $79 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.

Condos and Townhomes Sold

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 2020 to 2023. 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 at 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 $820 in Heritage House to a high of approximately $1,670 in Mt Terrace; for Townhome three bedrooms from a low of approximately $495 in Nanea Kai to a high of approximately $1,561 in Kalele Kai Townhomes; averaging around $750. Sewer fee is $67 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 for details.

Hawaii Kai Map

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