I had the opportunity to go skiing in Beaver Creek, Colorado with my family over the Christmas holidays. It was my first time ever skiing (on two skis that is). Growing up in Hawaii, I never had the opportunity to be in the snow until I went to college in southern California. It was there that I took up snow boarding, which seemed to be a natural transition from surfing.
My wife grew up skiing and I knew she was an excellent skier from previous trips of ours. I always said that once our kids were old enough to ski, I would give it a try… So, there I was taking "baby steps" and got pretty comfortable after my first two days without falling (beginner's luck). After the third and fourth days, I had more and more fun, however also had a few falls. Needless to say, we had great conditions with fresh powder each day!
After four days of skiing, my feet needed a break. I took a day off and stumbled upon a local real estate office of Slifer Smith & Frampton in the Hyatt, where we were staying. From what I could tell, they dominated the Beaver Creek/Vail area with market share. It was there that I had a nice chat with Tisa Olsen. I was curious what the condos we were staying in at the Hyatt Village Hall were selling for. She made it real simple. She fired of price per square feet of projects all within the village. In a nutshell, it sounded like the ones at the prime real estate at the base of the mountain were around $2,000/sq. ft. Then, some nearby condos still within the village were more like $1,000/sq. ft. At that point, it dawned on me the similarities with our condo luxury condo market in Honolulu.
You can get something on the water at Diamond Head for close to around $1,000/sq. ft. Although the buildings are older than Beaver Creek, the iconic location of Diamond Head is hard to beat in my opinion. Also, within that same range in Honolulu, you can find nicer/newer condos in Kakaako for around $2,000/sq. ft. Don't get me wrong, Honolulu condos aren't necessarily a bargain compared to Beaver creek. We do have our trophy properties on the Gold Coast at Diamond Head that are remodeled and fetch those prices or more. We also have some at Hokua or Trump Tower Waikiki that approach those numbers as well. The tough part about both of those projects is they are not oceanfront like the Gold Coast at Diamond Head. They do however have shops and restaurants nearby that will definitely rival (if not beat Beaver Creek). They also do have some nice ocean views.
Whether surfing, snowboarding or skiing are your passion, Honolulu and Beaver Creek both have some great products within a budget of $1,000-$2,000/sq. ft. I look forward to seeing you on the water or the snow…