Luxury Home Sales in 2013

2013 witnessed the rebound of the luxury real estate market on Oahu. At the bottom of the market in 2009, the record home sale on Oahu was just $8,750,00. In 2012, the record sale was $10,950,000. This past year, 7 homes sold at $10,000,000 or higher. Out of the top 10, it was no surprise that 9 of them were oceanfront. As the high end market picked up, the sales took place in the usual suspects of neighborhoods known to demand the highest prices. Here's a summary of the top 10 luxury home sales on Oahu in 2013:

  1. 503 Portlock Road Sold on December 2, 2013 for $19,650,000
  2. 100 Royal Circle Sold on November 12, 2013 for $16,500,000
  3. 72 S. Kalaheo Ave. Sold on May 17, 2013 for $12,000,000
  4. 3125 Diamond Head Road Sold on May 20, 2013 for $11,250,000
  5. 112A S. Kalaheo Ave. Sold on June 13, 2013 for $10,150,000
  6. 1133 Ikena Circle Sold on September 30, 2013 for $10,001,000
  7. 1002 Mokulua Dr. Sold on July 30, 2013 for $10,000,000
  8. 1600 Mokulua Dr. #A1 Sold on March 11, 2013 for $8,000,000
  9. 3047 Kalakaua Ave. Sold on February 25, 2013 for $6,375,000
  10. 4162 Black Point Road Sold on April 22, 2013 for $6,200,000

 2013 Luxury Home Sales on Oahu

What was really interesting to see was Lanikai making the list. Although the neighborhood has always been synonymous with luxury, there were some record sales that took place that finally put it on the map. There's been years where asking prices have been in the eight figures, however now some are actually selling there. What was even more shocking is Kahala didn't have a single sale in the top 10. I suspect that will change in 2014 as Alexander and Baldwin has started to fix up and list some of the homes they bought from Genshiro Kawamoto.

Luxury Condo Sales in 2013

On the condo market front, Diamond Head once again took the top spot with a record $7.5 million sale at Kuu Makana, which seldom come on the market with only 4 units in the complex. The next highest was a Nauru Tower Penthouse. What was interesting to notice was the number of resales finally taking place at Trump Tower Waikiki (#3701 actually sold twice). This is a positive sign of absorption as lots of inventory was sitting there for years. Here's a summary of the top 10 luxury condo sales on Oahu in 2013:

  1. Kuu Makana @ Diamond Head Sold on August 19, 2013 for $7,500,000
  2. Nauru Tower #4302 Sold on April 15, 2013 for $5,020,000
  3. Diamond Head Apts. #501 Sold on July 22, 2013 for $3,950,000
  4. Trump Tower Waikiki #3701 Sold on March 12, 2013 for $3,600,000
  5. Trump Tower Waikiki #3701 Sold on January 17, 2013 for $3,500,000
  6. Hokua #28A Sold February 5, 2013 for $3,118,000
  7. Trump Tower #2803 Sold on August 23, 2013 for $3,050,000
  8. Trump Tower #2319 Sold on June 28, 2013 for $2,988,000
  9. Waikiki Shore #400 Sold on November 6, 2013 for $2,905,000
  10. Trump Tower #2703 Sold on April 9, 2013 for $2,790,000

2013 Luxury Condo Sales by Neighborhood

As you can see, Waikiki is slowly starting to get its share of the luxury condo market that's been dominated by Diamond Head and Kakaako the past decade. With the Ritz Carlton coming online, there are already sales under contract there that have shattered previous Oahu records. There's definitely some excitement and upward mobility in this segment for the next few years ahead...