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Latest News and Articles from Harcourts Island Real Estate

Jan. 26, 2023

Central Oahu Led Oahu Home Sales in December

Spoiler Alert! Central Oahu led the single family home market for this past month on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the local market update for for December of 2022.

Local Update for Homes

As you can see from the backdrop behind me with the beautiful pineapple fields, Wahiawa led that single family home market with a 17% increase year over year. That was going from 6 transactions to 7. Now, the scary part is Wahiawa is the only neighborhood on Oahu that actually saw an uptick in the number of sales. There were 3 neighborhoods where there was zero change whatsoever, but the remaining neighborhoods on Oahu actually saw a decrease in single family home sales. This is a trend we've been seeing across the board with transaction volume down. We talked about it earlier in the month, but prices are holding.

Keeping on that Central Oahu theme, Mililani saw the largest uptick, which was up 34% (year over year). That was going from $950,000 to $1,275,000. Once again, Central Oahu is leading the pack for resilience in single family homes.

Local Update for Condos

The current backdrop is Makaua Village in Kaaawa and the Windward Coast of Oahu saw the largest increase by far with the number of transactions for condos. That was going from 1 sale in December of '21 to 5 sales this year and that was a 400% increase year over year! There were only 2 neighborhoods on Oahu that had an uptick in transaction volume for condos (which was better than the homes, which only had 1). Makakilo was also up 25% and that was going from 12 sales in December of '21 to 15 sales this past month.

Our last topic we're going to cover in our local market update for December is condo appreciation. Diamond Head-Kapahulu saw the largest increase in median sales price, which was up 122%. That was going from $553,000 a year ago to $1,225,000. Most likely the reason for that was there were a lot more sales taking place on the Gold Coast (which is right behind me) vs. across the Kapiolani Park at Pualei Circle. There's a pretty big difference between those two segments of Diamond Head. Both are great locations. Just a little bit different price point.

That's a recap for December of '22. We're well into January with just another week to go. I hope you're having a great 2023 and feel free to reach out to us. Every local market is different. Some are up and some are down, but across the board we are continuing to see that trend of less sales volume, but prices holding a bit stable. Mahalo!

Jan. 23, 2023

Puupanini Ossipoff Home on Market for First Time in Decades

A Vladimir Ossipoff home on Hopeloa Place in Puupanini hit the market recently. This is the first time this home has been for sale in many decades. Situated on a cul de sac, this architectural treasure is a decent price, considering the last few sales in the neighborhood.

Ossipoff Great Room in Puupanini

Great Room in Ossipoff Puupanini home (MLS # 202300182)

Here's some examples of some recent sales in Puupanini:

  • 4349 Puu Panini Ave. Sold for $4,350,000 on May 11, 2021 (House Since Torn Down)
  • 3258 Puu Panini Ave. Sold for $3,025,000 on February 4, 2022
  • 4320 Puu Panini Ave. Sold for $4,650,000 on October 28, 2022

The great room in this Ossipoff home features an open beam, high ceiling and traditional thin cmu brick wall indicative of Hawaii mid century modern architecture. Ossipoff also was a fan of natural lighting and ventilation. Here are some of the other cool features:

Porte Cochere to Ossipoff Home Entry to Puupanini Ossipoff Home

Mid Century Porte Cochere and Entry to Ossipoff Home

The covered porte cochere driveway and stairway are also cool mid century modern features of this Ossipoff home. 

Galley Style KitchenGalley Style Kitchen

The home also features a galley style kitchen with lots of built in cabinets and storage.

Swimming Pool Area on Ossipoff Home

Covered Lanai w/ Circular Posts

There's a nice covered lanai space by the swimming pool with metallic circular posts that were seen in the mid century style of the 1950's. With an over 12,000 square foot lot, there's a lot of space for indoor/outdoor living, which Ossipoff incorporated into his architecture.

More on Mid Century Modern on Oahu

To learn more about this home or other mid century modern homes on Oahu, feel free to contact David for more information.

Jan. 19, 2023

Mahalo for Your Business in 2022

Thank you for our success in Real Estate. We could not have done it without you!

Discovery Bay #1818 Sale Ocean Ridge at Makakilo #503 Ocean Ridge at Makakilo #204 Terraces at Launani Valley H102

Upper Makakilo Sale Allure #2508 Sale 2465 Kuhio Sale Colony Surf #901 Sale

Diamond Head Sale Kalama Valley Sale in Hawaii Kai Discovery Bay #1408 Buyer Side Discovery Bay #1408 Seller Side

Country Club Village Sale in Salt Lake Waiholo Home Sale in Waialae Golf Course Allure Waikiki #3409 Sale Pacific Grand Sale

Koko Kai Sale in Hawaii Kai Niihau Apts Sale in Waikiki Napali Haweo Sale in Hawaii Kai Harcourts Island Real Estate

The photos above represent each one of the properties we were able to help our clients buy or sell in 2022. THANK YOU..

Jan. 13, 2023

2023 Sony Open: Only 1 Golf Course Home for Sale

The 2023 Sony Open is underway again this week at Waialae Country Club. I took 2022 off covering this topic since there weren't any homes for sale on the golf course last year. Whereas in years past, there'd at least be several. In 2021, there were 4 homes for sale fronting Waialae Golf Course. This year there is one listing for sale that just fell out of escrow:

Waialae Golf Course across Kealaolu Ave.

951 Kealaolu Ave. (MLS # 202221213) is listed for $3,295,000

Although you technically can't walk out on to the golf course, the views are amazing. There's a canal buffer for both privacy and stray balls. This is also a nice value in that the original list price was $3,800,000. It's also priced over $300k less than a home I sold in September that wasn't on the golf course for $3,600,000.

1044 Waiholo Sale for $3.6 Million

Home on Waiholo St. Sold in Sept. '22 for $3.6 million

Unlike in 2021 when the listings were in Waialae Golf Course and Kai Nani neighborhoods, this home is technically in Kahala in MLS. What's nice about this location, is you don't have to get onto Kalanianaole Hwy. You can also stroll down Kealaolu Ave. to Kahala Beach Park and Waialae Country Club from here.

As we head into the weekend, we're blessed to have wonderful weather on Oahu this week. I hope you enjoy the tourney and it will be interesting to see who comes out on top. If you're looking for a golf course frontage homes on Oahu, feel free to contact us for more information.

Jan. 12, 2023

Oahu Median Home Price Down .05% in December

Aloha, this is David Buck with Harcourts Island Real Estate. I hope you're having a great 2023 so far and I'm going to start off with jumping into the home stats for this past month, in December.

Single Family Home Stats

We finally saw a little downside to the median sales price for single family homes. It was down a whopping .05% or roughly $500 year over year. That was going from $1,050,000 for the median sales price in December of '21 to $1,049,500. So, prices are holding, dropping $500 across the board on Oahu. .

However, we're seeing that same trend we saw over the last several months where we saw a big drop in the volume in the number of home sales. That was down 46.6%. In December of 2021, there were 378 home sales on Oahu and just this past month there were 202 on the entire island. I was just fortunate enough to participate in 2 (both in Hawaii Kai) of those 202. I'm glad to see that our office is being consistent. 

The median Days on Market are picking up. It's taking homes longer to sell. The median Days on Market is now at 25 Days, which is still really great for sellers. But, it was just 11 Days in December of '21. That's 127.3% increase. We are seeing an influx in inventory this month, but we'll jump into that in February because we're now talking about December. 

December 2022 Market Snapshot

Condo Stats

Well, condos, contrary to single family homes were up as far as the median sales price goes. It was up 3.6% and that was going from $485,000 in December of last year to now $502,500. However, we're also seeing a dip in condo transactions. They're not as bad as homes, but they were down 39.3% from a year ago. In December of '21, there were 593 condo sales on Oahu and now it's down to just 360. So, once again, less trades taking place. Also, a similar trend we saw with single family homes in that the median Days on Market is increasing, going from 13 to 21 Days. That's a 61.5% increase.

This is a trend we've seen over the past 3 or 4 months. Prices are holding, but we're seeing a lot less trades taking place because there's a lot of sellers out there that aren't budging on their prices. They don't really want to sell because of the higher interest rates. Say, if they sell (even if they're making money) say they locked in at a 3% interest rate a year ago and now they're going to have to go buy something at 7%.

We're seeing some stagnation in the market. However deals are taking place. There's just less of them, but prices have still been holding and we'll see what happens as we roll into 2023. In the meantime, once again, I hope you had a great holiday season and feel free to reach out to us if there's anything we can help with regarding your real estate needs here on Oahu. Mahalo!

Dec. 22, 2022

Aina Haina to Kuliouou led Oahu Home Sales in November

Aloha, this is David Buck with Harcourts Island Real Estate. I'm here to report the local market update of November of 2022. We're in full swing gearing up for Christmas, just a few days out. The stats were released a few days back and I wanted to share with you some insightful throughs of what areas were showing strength here on Oahu, as well as what's going on in the overall market. 

Local Neighborhood Report for Homes

First off, we're going to talk about Moanalua-Salt Lake. There, we saw the largest increase in sales year over year. That was up 75%, going from 4 transactions a year ago to 7 sales this year. Aina Haina-Kuliouou was the runner up. There was a 67% increase, going from 6 yo 10 sales. Overall on Oahu (transaction wise), 16 of the 21 neighborhoods we track with the Honolulu Board of Realtors were actually down for numbers of transactions. So, those 2 neighborhoods I just shared were kind of outliers in a sense. Then, 3 neighborhoods were unchanged with no change in sales volume. Across the board, almost every neighborhood you look at, we're seeing a drop in transactions, which we covered earlier in the month with the general market. There, single family home sales were down nearly 50%.

Not only did Aina Haina-Kuliouou see the 2nd largest gain in transactions this past month, it also the largest increase in median sales price. That was up 110% year over year. That was going from $1,263,500 to now $2,647,500. That's more than doubling in the median sales price. We talked about this in the past, however most likely the reason for that is between Aina Haina and Niu Valley is Hawaii Loa Ridge, where you have a median sales price north of that $2.6 million range. That brings up the area as a whole when you see more transactions taking place on Hawaii Loa Ridge.

Regarding prices on Oahu, it's a different trend than numbers of sales. Actually, prices were up in 9 of 21 neighborhoods. So, it's quite a different story compared to sales transactions. Prices are holding like we talked about earlier in the month. Actually, across the board, the median sales price for homes was up on Oahu in November, compared to last year. However prices were down in 8 of those 21 neighborhoods. So, more neighborhoods were up than down, but we were seeing a drop in some prices in some neighborhoods. There were also 4 neighborhoods that were unchanged.

Local Neighborhood Report for Condos

Regarding the condo market on Oahu, Wahiawa and the Windward Coast were in a tie for the increase in numbers of sales, year over year. They were both up 50%. That was pretty simple with them both going from 2 transactions last year to 3 transactions this year. Diamond Head-Kapahulu was the runner up. There we saw a 20% increase in transaction volume year over year. That was going from 5 transactions to 6 transactions. The remainder of all the neighborhoods were down, following a similar trend we saw with the single family homes. In 18 of the 21 neighborhoods on Oahu, we saw transaction volume on condos dropping from November of last year. So that's a trend we're seeing across the board. Just a lot less transactions taking place. Next, we'll jump into some condo neighborhoods that were outliers and saw an uptick in pricing year over year.

The North Shore of Oahu, this is a trend we've been talking about, basically all year - "bucking the trend" - we're seeing a huge increase in the median price, which was up 74%. That was going from $417,000 to $725,000. I talked about it maybe a month or two back in how Ocean Villas at Turtle Bay and both Kuilima East and West that are these outliers setting their own trends as far as prices go on Oahu. Meanwhile, condos were up in more neighborhoods than single family homes with 10 of 21 neighborhoods being up with median sales price year over year. Prices were down in 9 of the 21 neighborhoods. So, similar to the single family market, we're seeing more neighborhoods with up pricing than down pricing. There were 2 neighborhoods unchanged.

Merry Christmas from Harcourts

I just wanted to wish everyone out there a Merry Christmas as we head into Christmas in a few days. Give all your loved ones hugs and we'll be back early next year, if not sooner. Aloha!

Dec. 7, 2022

Oahu Median Home Price up 9.5% in November

Did you know that home prices were up again last month? This is David Buck with Harcourts Island Real Estate here to give the market update for November of 2022. First off, I want to say I hope you all had a great Thanksgiving. We're now in the first week of December. Today is December 7th, which is a big historic day here on Oahu, with the bombing of Pearl Harbor. It was wonderful to see all of those vets out there in town and the parade here this afternoon. Now, let's jump into the stats.

Single Family Home Stats

We hit another month where the median sales price was up. It was actually up 9.5% and that was going from a median sales price in November of '21 of $1,050,000. Now, we're at $1,149,500. So, with all the doom and gloom you hear in the news, not everything is bad. Also, you'll see in a second not everything is so rosy either.

Home sales were down 48.2%. That was going from 371 sales a year ago to 192 sales this year. Median Days on Market are up quite a bit, up 63.6%. That was going from 11 Days a year ago to 18 Days. Active Inventory is up 86.3%. So, if you're a home buyer in the market, there's a lot more to choose from.

November 2022 Market Snapshot

Condo Stats

The median condo price on Oahu saw a little dip. It was down 4%, year over year. That was going from $500,000 in November of last year to now $480,000. Condo sales were also down quite a bit, down 43.4% from a year ago. A year ago, there were 601 trades on Oahu. Now there's 340 condo sales.

Median Days on Market were up 100%, matching the single family home Days on Market at 18 Days. A year ago it was taking just 9 Days to sell condos. Last, but not least, inventory for condos didn't shoot up as much as the single family product. There's 20.4% more condos on the market now then there was a year ago.

To find out more about what's going on in your particular neighborhood or if you want to talk about the market, give us a call. Otherwise, we hope you're enjoying this first week or two of December. Mahalo!

Nov. 21, 2022

The North Shore led Oahu Home Sales in October of 2022

Aloha, this is David Buck with Harcourts Island Real Estate and I'm here to give you the local market report for October of 2022. The North Shore stood out among the rest of the neighborhoods on Oahu.

Single Family Home Report

First off, we're going to talk about single family homes and the North Shore was the only segment of the market (of the 23  neighborhoods we track on Oahu) that was up regarding the numbers of sales. There was a 25% increase, which was going from 4 sales in October of '21 to 5 sales in October of this year. 

Jumping into appreciation, the North Shore was one of a handful of neighborhoods that were up. It was actually up the most significant. It was up 64% regarding the median sales price for single family homes. That was going from $962,000 a year ago to $1,580,000 this year.

Condo Report

Regarding the condo market on Oahu, the North Shore also saw the most strength. Condo sales were up 40% going from 5 sales to 7 sales. However, unlike the single family home market (where every other market was down - transaction wise), there were a couple of other markets that had an uptick in transactions and those were Makakilo and Hawaii Kai.

Now, the North Shore didn't take out every category. The last remaining category is appreciation for condos on Oahu and Ala Moana-Kakaako saw the largest increase. That was up 76%, going from a median sales price of $500,000 a year ago, to $880,000 this year

Happy Thanksgiving

As we always talk about, every market is local and if you want to find out what's going on in your market, feel free to give us a call. In the meantime, I hope you have a great Thanksgiving. Mahalo!

Nov. 14, 2022

Home Sales Down Nearly 40% While Prices were Up

Single Family Home Update

Can you believe that home sales were down over 40% last month, yet prices were up? This is David Buck with Harcourts Island Real Estate and I'm here to give you the monthly market update for October of 2022. So, as I started off, I'd mentioned home sales were down over 40%. To be specific, it was actually 41.7%. We had 381 trades a year ago in October and just this past month we had only 222. Now, that's not great news for Realtors, however it's great new for Buyers. 

With that said, prices were actually up 5% from a year ago. That's pretty simple math. In October of '21 the median sales price was $1,000,000 and now it's $1,050,000. Meanwhile another thing working in Buyers' favor is median Days on Market are up 90%. That's going from 10 to 19 Days. 

Active Inventory is actually up 63.6%. A year ago, there were 401 homes on the market on Oahu. Now, there's 656. So, things are trending towards a Buyer's Market. However, with that said, what defines a "Buyer's Market" by the National Association of Realtors is Days on Market of 60 Days and we're still just at 19.  There's a little more opportunities out there. Rates are taking effect on the market.

October 2022 Market Snapshot

Condo Update

As we jump into the condo stats on Oahu, the condo market was a little more healthy. Sales weren't down north of 40%. They were down 28.8%, which is a trend we've been following over the last several months. That was going from 611 condos sales in October of '21 to 435 sales this past month.

Meanwhile, the median condo price was up. Similar to single family homes, up single digits, up 4%. Once again, pretty simple math. A year ago, it was $500,000 median sales price and now we're at $520,000. 

Inventory, meanwhile is not up as dramatic as the single family home market. Inventory is up just 14.9% and that's going from 1,039 active listings a year ago to 1,194. Meanwhile, Days on Market are similar to single family homes in the sense that they're up 72.7%, going from 11 to 19 Days. Matching that 19 Days for both homes and condos. 

As I had mentioned in the previous segment, interest rates are having an effect on the market. We'll see if they cool off and if that will have an effect on our market, which I'll bet money it will. Traditionally, as we go into the holidays, it is a little bit slower. But, if you're a Buyer, now is the time. because on the single family home front, there's 40% less competition out there and there's quite a bit less competition on the condo front. There's nearly 30% less competition. 

If you're a Buyer in this marketplace and you're financing, you are going to pay a little more money. However, if rates do come down, you can always refinance later. I can't guarantee that will happen, however if you have any specific questions to you about what's going on in this market, feel free to give us a call at 808-777-4880. Mahalo.

Oct. 31, 2022

Happy Halloween: Red Guardian and Oahu Real Estate

Alright, look - it still fits! I hope so happy girls that you bring the family back together. We have Mom, Melina here and look, she good new animal! No longer training pig. She training dog now... good dog, good dog... and I have Natasha, the Black Widow and so happy you're with your sister again. We are now secret location (shhhh....). We came to Aspen, Colorado to kind of "blend in" with other people in the community.  Doing secret work for The Avengers. Shhhh... don't tell anybody.

Pumpkins Carved by Super Soldier

Pumpkins Carved by Super Soldier

I'm going to talk about a little spy trip I made to Hawaii real quick. I went to look at beautiful properties for Harcourts.  Super Soldier gave it a shot to make pumpkin and see what I have done. First off, we are going to talk about property for Harcourts in Honolulu.

Makaha Oceanfront Condo

Hawaiian Princess #1004

Hawaiian Princess #1004 for $250,000 LH

First one is Makaha - 1 bedroom, 1 bath at Hawaiian Princess, beautiful oceanfront.  i had to go scout out this property because all the other Avengers were going to Hawaii (Wolverine ini 2017, Captain America in 2019, Dr. Strange ini 2020 and Spiderman in 2021) and I didn't want to feel left out. I am back here in Aspen at secret hiding place with family, however I wanted to tell you. So 1 bedroom, 1 bath. They have this funny thing called leasehold, so you don't own the land, you own the building. It's beautiful, right on the ocean for $250,000.

Kaneohe Condo

Hale Anaole Tennis Court

Hale Anaole #A301 w/ Tennis Court for $520,000

The next property is in Kaneohe. That's on the opposite side of the beautiful island of Oahu. Kaneohe has beautiful green, tropical everywhere. This is in a building called Hale Anaole, and there we have a 3 bedroom, 1.5 bath condo with view of ocean. it also has a tennis court. As a super soldier I cannot play because I beat everybody. That is Hale Anaole and the price is $520,000.

Maili Home

Maili Home

Maili Home for $740,000

On the west side of Oahu, we have a home in Maili. This one is 5 bedroom, 3 baths, very close to the ocean and good sized space in the house. This one is $740,000.

Diamond Head Home

Diamond Head Home on Papu Circle

Diamond Head Home for $3,300,000

Last, but not least, we have beautiful home in Diamond Head. Close to the ocean, Kaikoo's very famous surf spot, close to Cromwells, other famous surf spot. This home is 5 bedrooms, 6 baths and almost 4,000 sq. ft. under roof. At $3,300,000 it is the lowest priced home in Diamond Head. Best value out there!

To find out more, contact Harcourts Island Real Estate at 808-777-4880.