Aloha, this is David Buck with Harcourts Island Real Estate and today we're going to cover another episode of We Need Inventory. This is a segment we do on segments of the market where there's little to no inventory for sale. Today's feature is the Ocean Villas at Turtle Bay. About 2 years ago in October of 2022, I did an article about how it's the one outlier in our marketplace here on Oahu. We saw an appreciation rate of 32% at the time. Believe it or not, prices have gone up since then. Here's a chart of what's been happening since COVID:
Average Sales Price at Ocean Villas Since 2021
There were zero sales in the year 2020. As you take a look here, you'll see that prices have steadily crept up and the reason why is it's one of the few places you can do legal vacation rentals on the North Shore of Oahu. It was just recently announced this past summer that the Ritz Carlton bough the hotel next door at Turtle Bay from Blackstone for roughly $700 million. There's a lot of money being pumped into the area. This is a great project. There's a reason why not many people do want to sell. If you know someone that owns a place at the Ocean Villas at Turtle Bay and are thinking about selling, now can be a great time. If so, feel free to contact us at 808-371-3509. Mahalo!