Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to report on the luxury market recap for 2024.
Highest Luxury Home Sales of 2024
First off, we're going to start off with the single family homes and there we saw 8 transactions on Oahu at $10 million or more. The highest home sale we saw on Oahu this past year was a home at 123 Kailuana Loop in Beachside for $26 million.
123 Kailuana Loop Sold for $26 Million
That was by far the highest home sales we saw on the island. Then, the 2nd highest home sale we saw on the island was right around the corner from there at 47 Kailuana Place. That went for $15,888,000.
47 Kailuana Place Sold for $15,888,000
Now, that's 2 sales that have eclipsed the 2023 highest sale on Oahu, which was an oceanfront home in Kahala. Keep in mind, both of those properties were in the stunning neighborhood of Beachside. I have a home right down the street from these currently listed for sale at just a mere $5 million, which is just a fraction of what those went for.
133 Kailuana Place at $5,000,000
This one is not on the water, but it's a beautiful home with a swimming pool, slide, 5 bedrooms, 4.5 bathrooms. It's roughly 4,000 sq. ft. of living area on a quarter acre. So, It's a great buy, especially on a price sq/ft. It's a great value for the neighborhood of Beachside in Kailua.
21 Homes for Sale Over $15 Million
Now, that we're in 2025, as of today, there are 21 homes on Oahu listed at $15 million or more and 7 of which are asking more than the highest sales price of $26 million last year. Three of those asking prices are $50 million or more. One of these we report on last year, which is in Beachside. Now, there's one in Diamond Head and Kahala asking north of $50 million.
508 N Kalaheo Ave (MLS # 202327941) Asking $50 Million
3735 Diamond Head Road (MLS # 202421173) Asking $55 Million
4823 Kahala Ave (MLS # 202427799) Asking $65 Million
The record home price on Oahu we talked about last year was $42 million way back in the year 1990 at the former Kaiser Estate in Portlock.
Highest Luxury Condo Sales of 2024
Park Lane #6305 Sold for $9.6 Million
The highest condo sale we saw on Oahu in 2024 was a Park Lane condo that went for $9.6 million. That's just a fraction of what the Park Lane Penthouse that went for $27.5 million, which was the record sale of 2023. After the Park Lane sale, the next 2 were 2 transactions that took place at Waiea in Kakaako.
Waiea #3301 Sold for $8 Million
Waiea #2201 Sold for $7.1 Million
11 Condos for Sale Over $10 Million
As of today, there are 11 condos for sale on Oahu priced at $10 million or more. One of them is actually under contract. That's going to be Penthouse B at Hokua, with an asking price of $15,888,000.
Hokua Penthouse B (MLS # 202427233) Asking $15,888,000
If that deal sticks, that's going to already surpass the highest deal of 2024.
Takeaways For 2025
The main takeaways regarding the luxury real estate market here on Oahu is that we see a lot of high asking prices, but very little deals taking place within those asking prices. I'm guessing like 10%. Like we talked about in the single family homes, there was just 2 deals that took place at $15 million or more while there's 21 listings at that price.
Then, on the condos, we have 11 listings at or above $10 million and we didn't have any that sold at that last year. Maybe, there's one that might stick right now (at Hokua). So, very little of these high end properties are actually transacting.
The takeaways in my opinion are twofold. One of which is if you're a buyer in this marketplace, it's a great time to buy because there's a lot of inventory on the high end to chose from. That's number one.
Number two is if you're a seller in this marketplace and you're looking to sell a high end property, why would you do what everyone else is doing and starting with a big number (asking price) and seeing if the market shows up? You've got a less than 10% chance of success.
Hoping to Sell Is A Bad Strategy
We, here at Harcourts can offer something that nobody else on Oahu can offer with our non-distressed luxury auction platform. Not many people are aware of it, but it's been a proven success all over the country and all throughout the world. Harcourts is in 10 countries and we've had a lot of success with this in the US.
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Harcourts Auctions and Global Reach
If you're curious about that process of if you're looking to buy luxury property here on Oahu, feel free to reach out and give me a shout at 808-371-3509. Mahalo!