Can you guess which neighborhoods or areas saw the largest residential sales on Oahu in 2023?
Highest Oahu Sales
The largest home sale on Oahu took place on Kahala Avenue. It was an oceanfront estate for $15 million.
4505 Kahala Ave. Sold for $15 Million
However it was surpassed by far with the largest residential sale on Oahu. It was actually a penthouse condo at Park Lane that went for $27.5 million.
Penthouse #3800 @ Park Lane Sold for $27.5 Million
That was almost double the sales price of the highest home sale on Oahu, which was $15 million. That's phenomenal in my opinion because growing up on Oahu (back when i was in high school) there were home sales taking place all along this strip in Kahala Beach in the $20 million range. That would have been around 1990 at the peak of the Japanese Bubble. Fast forward 33 years and we still have sales trading under what they were back then.
In my opinion, Honolulu is still a good value. Especially if you're looking for trophy properties oceanfront homes in the sense that the highest sale on Oahu was actually a condo, not even a house. Furthermore, I'm going to talk a little more about what's going on across the country.
Largest Home Sales in the U.S.
Outside of of Hawaii, Inman News reported on the 31 largest single family home sales across the country in 2023. Just to make that list of 31, you had to be north of $50 million. It's kind of funny, because if you were to break down those 31 sales, they basically fall in general into 7 major cities or areas.
First off, let's start with the West Coast. You've got Malibu, which was the highest sale. Jay Z and Beyonce paid almost $200 million for a single family home. That took the cake for the highest sale of the year. Then, there were a handful in Beverly Hills. Then, working your way west, there were at least 3-4 in Aspen, CO, a ski town and a beautiful place. I've spent a lot of time there.
Then, working back east, there were several in Florida, both in Palm Beach, which has been in the news with Mar a Lago. There were big trades that took place in Palm Beach as well as Miami. Then, you hump up to Manhattan with a number of high end condo sales there. The last was the Hamptons with a number of sales. That's basically 7 cities or neighborhoods across the country where all these wealthy people are gravitating towards to pay these high end values for homes.
Oahu is a Bargain
Once again, this is making our island look like a discount. There were some larger trades on the neighbor islands. However, once again Kahala is still a bargain with $15 million being the biggest sale of the year for a house. Just in the last few years, we had several trades in Lanikai in the $20 million range or over in Beachside in the past.
Beachside, Kailua Home Listed for $50 Million (MLS # 202327941)
With that magic number of $50 million number in mind (to make the national list), there is a current listing for sale in Beachside for $50 million and that will be by far the largest sale in Hawaii. The highest sale we've seen on Oahu was north of $40 million for the old Kaiser Estate (in Portlock). Once again, that was back in 1990.
Once again, Hawaii is on discount if you're in that high end multi-million dollar budget. We're also still a bargain when it comes to owner occupants. We've got one of the lowest property tax rates throughout the country. So, if you're in the market for a luxury home or if you need some help selling your trophy property on Oahu, we'd be glad to help. Mahalo!