Aloha, this is David Buck with Harcourts Island Real Estate here to report on the local market update for August of 2023. I'm a little late to bring you up to speed as we're rounding out the tail end up September. However, there's some exciting news about some of the neighborhoods here on Oahu.
Local Update for Homes
Downtown to Nuuanu saw the largest increase in single family home sales year over year. That was going from 3 to 7 sales. However, across the board 12 of the 21 major neighborhoods here on Oahu saw a slump in sales. Downtown to Nuuanu definitely was an outlier.
Moanalua to Salt Lake saw the largest appreciation for single family homes and there we saw a 22% increase. That was going from $1,100,000 in August of 2022 to now $1,339,500.
Local Update for Condos
The North Shore of Oahu continued to show strength and year over year it took the cake for the highest increase in the number of sales. In August of 2022, we only saw 4 transactions take place and we saw 8 this past month. That's a 100% increase. However, similar to the single family homes, the rest of the neighborhoods, 13 of the 21 to be accurate saw a dip in the number of sales. That's over half of the major neighborhoods saw sales decrease year over year.
Waialae Kahala saw the largest appreciation year over year for condos here on Oahu. That was going from $337,500 a year ago to $659,000 this year. That's a 95% increase in median condo price here in Waialae Kahala. Most likely the reason why was we saw a lot of trades a year ago at Kahala Beach Apartments. Because, at under $400,000, you're not going to find a fee simple condo here in Kahala. I hope that helps. If you have any questions about your particular neighborhood or building, every one is different and they're all going through different scenarios now in this market. So, feel free to reach out to us to see how we can help. Mahalo!
If you're in the market for a Penthouse at the Ritz Carlton Waikiki, now could be a great time to be in the market as there's 7 to chose from. Prices range from just under $6 million to over $16 million. Two are resales in Tower 1, while the other 5 are developer units in Tower 2. Here's a breakdown starting from the highest to the lowest priced Penthouse available:
1. Penthouse #DE in Tower 1 Listed at $16,995,000
Penthouse #DE in the first tower and originally sold for $15,570,700 in February of 2017. This 4 bedroom, 5.5 bathroom unit features over 4,200 square feet of living area and over r1,600 square feet of lanai space. The 25' ceilings are something else when taking in the views of the ocean off Waikiki and Ft. DeRussy.
2. Penthouse E in Tower 2 Listed for $16,800,000
Penthouse #E is the priciest of the developer units available and is just slightly smaller at 4,157 square feet and the lanai is roughly the same size over 1,600 square feet. This one is a 3 bedroom, 4.5 bathroom layout and also boast high ceilings at 16' high.
3. Penthouse F in Tower 2 Listed for $11,300,000
This penthouse is also a 3 bedroom, 4.5 bathroom like penthouse #E, howewver it's almost 1,000 square feet smaller with 3,244 square feet and the lanai is almost half the size at 882 square feet. Perhaps it's worth it though to save $5 million?
4. Penthouse A in Tower 2 Listed for $10,300
For $1 million less than Penthouse #F, you can get penthouse #A, which is a 3 bedroom, 5 bathroom unit with over 3,000 square feet of living area. It also has a plunge pool and BBQ.
5. Penthouse D in Tower 2 is Listed for $6,400,000
Penthouse D is a bit more modest with 2,245 square feet of living area. Even though there's only 2 bedrooms, there's 4.5 bathrooms. It also has a private lanai and plunge pool.
6. Penthouse G in Tower 1 is listed for $6,200,000
This is the 2nd penthouse listed in Tower 1. It originally sold for $5,795,387 in 2017. They also initially tried to sell this for $9.2 million in 2021! With a $3 million discount, someone should step up to the plate soon. By the time this owner factors in the real estate commissions and taxes, they won't be making much money after a 6 year hold. This 3 bedroom, 3.5 bathoom unit features 2,386 square feet of living area and also features a plunge pool and hot tub.
7. Penthouse C in Tower 2 is Listed for $5,900,000
Penthouse C is the lowest priced penthouse on the market. This 2 bedroom, 4.5 bathroom unit (similar to PH D) can be that starting point for anyone that wants to jump in and claim their ownership on aa Ritz Carlton Waikiki Penthouse. You can also enjoy that private lanai with your own dipping pool and spa...
Now is Your Chance to Own at Ritz Carlton Waikiki
It's definitely a buyer's market today at Ritz Carlton Waikiki. Outside of the 7 penthouses, there are over 50 other active listings to chose from! If you're thinking about owning a high end luxury product you can rent out when you're not in town, perhaps the Ritz Carlton is the place for you? Contact our team for more information.
This week in "We Need inventory", we are going to talk about Honolulu Park Place. We're currently working with a buyer that's in dire need of a mauka (mountain) facing unit in the building. Although there are 8 current listings in Honolulu Park Place, there are none that are on the mauka side, which would be the '06, '08 and '10 stacks in the building. In general, you'd normally get people looking on the oceanfront side. However, the buyer we're working with wants a mauka facing unit.
For those that aren't familiar with Honolulu Park Place, it's located at 1212 Nuuanu Ave. in Chinatown, adjacent to Downtown Honolulu. It's a great building. Once again, we have a buyer that's looking for a mauka facing unit, so if you know of anybody that owns one of these units at Honolulu Park Place, we need inventory.
Just to recap our last week's episode, we're still working with those 3 buyers looking for Ossipoff homes. So, if you know anyone looking to sell an Ossipoff home, feel free to reach out and give me a call at 808-371-3509. Mahalo!
As the summer sun begins to mellow and the crowds thin out, September is an ideal time to visit Waikiki. The vibrant neighborhood on the island of Oahu, Hawaii, offers a plethora of exciting activities and experiences. In this article, we'll explore some of the top things to do in Waikiki in September 2023, ensuring you make the most of your island getaway.
Surfing Lessons
Waikiki is renowned for its gentle waves, making it an ideal spot for beginners to catch their first wave. Several surf schools offer lessons, and September's smaller crowds provide the perfect opportunity to learn to ride the waves like a pro.
Explore Diamond Head
Hiking up Diamond Head Crater is a must-do activity in Waikiki. The cooler September weather makes this hike more comfortable, and you'll be rewarded with panoramic views of the island and Pacific Ocean.
Attend the Waikiki Hoolaulea
If you're visiting in September, don't miss the Waikiki Hoolaulea on September 23rd, Hawaii's largest block party. Enjoy live music, dance performances, local cuisine, and a vibrant atmosphere that celebrates Hawaiian culture.
Relax on Waikiki Beach
Waikiki Beach is famous for its golden sands and gentle waves. September provides the perfect conditions for sunbathing, swimming, and beachcombing without the summer crowds.
Explore the Honolulu Zoo
Located in Waikiki, the Honolulu Zoo is home to a diverse range of animals from around the world. It's a fantastic family-friendly activity, and September's weather ensures a pleasant visit.
Sunset Catamaran Cruise
Experience the magic of a Hawaiian sunset with a catamaran cruise. Relax on deck, sip a tropical drink, and watch the sun dip below the horizon, creating a mesmerizing palette of colors.
Attend a Luau
A trip to Hawaii wouldn't be complete without experiencing a traditional luau. Enjoy a feast of Hawaiian dishes, live music, hula dancing, and immerse yourself in the aloha spirit.
Why September?
September is a fantastic time to explore Waikiki, Hawaii. With pleasant weather, fewer crowds, and a wide array of activities, you're sure to have an unforgettable experience. Whether you're into water sports, hiking, cultural events, or simply relaxing on the beach, Waikiki offers something for everyone. Start planning your trip to this tropical paradise now and make the most of your September getaway.
Waikiki House Hunting
From a real estate perspective, there's also less buyers in the marketplace, which equals less competition when searching for the right condo in Waikiki. If you're in the market for an investment property or 2nd home here, feel free to contact our team for more information. Aloha!
Pacific Business News just ran an article sharing how BlackSand Capital, along with American Savings and Central Pacific Bank have funded a loan for the HOA of Discovery Bay to own the beneficial interest in the trust that owns the land.
Discovery Bay Condos in Waikiki
This is HUGE for those that already own at Discovery Bay if/when this goes through. Currently, the owners of these leasehold condos are encumbered by a land lease that is going to expire in 2039.
The HOA has engaged Peter Savio to assist with offering the fee interest to the individual lessees that currently own at Discovery Bay. According to the article, an informational meeting will take place later this year. This is HUGE for those that already own at Discovery Bay. Most likely, these current owners of the improvements will be offered the fee first before it's offered to 3rd party investors. At least that's how the last major fee conversion took place in Waikiki with the Liliuokalani Trust. I covered this back in 2018, when the trust simultaneously offered the the fee interest to owners in Foster Tower, Waikiki Banyan and Waikiki Sunset.
If you're interested in getting in on the action of buying or selling at Discovery Bay prior to the conversion, feel free to contact me for more information.
Aloha and Happy Wednesday everyone. Today, we're going to be starting a segment called We Need Inventory, featured on Wednesdays. Although the market is slowing down here in Honolulu, there's always a segment of the market that is different, that has less inventory than others.
Ossipoff Homes Wanted
Right now, I personally have 3 separate buyers looking for a Vladimir Ossipoff home. There's 2 homes on the market currently, that don't check the boxes. One of those is up on Waialae Nui Ridge and there's another oceanfront home in Kahala. Of those 3 buyers I'm working with...
3. Is looking for an Ossipoff home which is very unique, kind of similar to the Liljestrand House. Although, we know that's obviously not for sale. But, something on a ridge with killer views and killer mid century lines.
If you know someone out there with an Ossipoff home looking to sell, contact me at 808-371-3509. Mahalo!
It's a been over a year since an Alfred Preis home sold in Makiki Heights and almost 3 years since the last one sold in Manoa. In general, most of the ones in Manoa over the years have been located on Melemele Place. This past week, one hit the market on Huelani Drive in Manoa.
Alfred Preis Home (MLS # 202400774) at 3200 Huelani Drive in Manoa
Built in 1956, this 3 bedroom, 2 bathroom home was done during the classic mid century modern era of Alfred Preis' work. In addition to the open beam ceiling, what's nice about this one is the original woodwork is still exposed and not painted or drywalled over. Similar to Ossipoff, Alfred Preis was conscious of natural air flor through a home and jalousie windows were strategically used. Air Conditioning was not as common back then and Manoa in particular is naturally a bit cooler.
Mid Century Modern Lines Typical of Alfred Preis Homes
What I love about the exterior of this home is the mid century modern lines. This style is harder to find around Honolulu these days. Given the architecture, style, location and price, I don't anticipate this listing sitting on the market long.
Contact a Mid Century Modern Agent
For more information on this Alfred Preis home or other mid century modern homes on Oahu, feel free to contact me for help with buying or selling one of these treasures.
Well, I can't believe summer is already in the rear view mirror. This is David Buck with Harcourts Island Real Estate, here to report on the sales stats for homes and condos on Oahu in August of 2023. First, we're going to dive into the single family home stats.
Single Family Home Stats
We saw the numbers of transaction for homes were down 19.7% from a year ago. That was 314 sales in August of 2022 and this past month, we only saww 252 sales. Once again, that's a 19.7% drop. Meanwhile, the median sales price was down 1.4%. A year ago, the median sales price for a home on Oahu was $1,125,000 and now it's at $1,110,000.
In the meantime, it's taking things a bit longer to sell. The median days on market are up over 38%. That was going from 13 days a year ago to 18 days. It's still not bad. It's not "doom and gloom", but things are definitely slower. This is compounded on this time last year, which was slower than the year before.
Condo Stats
The transactions taking place diipped by 16.9% for condo sales on Oahu. A year ago, we had 508 sales. This past month, we only saw 422. Meanwhile, we saw an increase in median sales price for condos, which was up 3.3%. A year ago, that median sales price was $498,500 and today it's at $515,000.That's a slight bump up in median sales price.
The median days on market followed the exact same trend as the houses. There, we saw a 38.5% increase as well, going from 13 days on market to 18 days on market. To find out what's going on in your particular neighborhood, because this is all across the board on Oahu. Every neighborhood and every building is different. Give us a shout and we'd love to help. Mahalo!
It's been a little over 2 years since Kamehameha Schools had their grand opening for Ku'Ono Marketplace in Kahala. Since then, this has become a vibrant center on the mauka side of H-1 and Kahala Mall. With Kahala Market by Foodland, I think the only complaint is that it's not large enough. The commentary on the quality of produce and offerings has been very positive from everyone I've talked to. Et Al has also become a great option for those in Kahala looking for something a little more upscale.
J Dolan's has also been a winner for the locals with an affordable option of dining and an incredible selection of drinks. It's definitely giving another option to CPK and giving it a run for its money. Purve has also been a unique draw with donuts that are out of this world. Additional eateries include BB.Q Chicken, Daiichi Ramen, Lanikai Juice and Coffee Bean and Tea Leaf.
For health and beauty needs, there's a Straub Clinic and Urgent Care, Drybar and Kahala Nails and Lash. You also can't forget Wholesale Unlimited for all your favorite local snacks. One of the later tenants was bringing back Kahala Shell to give locals another option for filling up their tank.
If you're thinking about making a move to or from Kahala, feel free to reach out our team. Our office is just on the other side of Kahala Mall. We're in Kahala Korner, right above Olive Tree Cafe.
Aloha, I'm just going to take some time here to comment on the Maui fires, in particular in Lahaina. It's been a heavy couple of weeks and it has taken me awhile to take everything in. I've stayed off the internet and social media talking about this because it hits close to home.
David's Lahaina Connection
For those of you that don't know, I was born here on Oahu, but grew up in Maui for elementary school. I lived in Lahaina Town. I went to Sacred Hearts there in the town for elementary school and both Sacred Hearts and Kamehameha III (the two elementary schools in the town) are completely burnt to the ground. Our old home in Puamana Nui, where we used to ride bikes to school is completely leveled. That whole neighborhood is decimated. I've got countless, countless friends and family whose lives have been ruined by this fire... many without their homes and unfortunately some that have lost their lives.
In any event, you see everything that's happening on the news right now. Everyone is pointing fingers at each other. Whether it be the electric company, not releasing water. Having been a firefighter myself, I couldn't even imagine not being able to fight the fire, by having a lack of water. Everyone is talking about the civil defense people not doing the sirens... It's just awful.
Commercial Properties Destroyed
The town is not going to be the same. From a real estate perspective, a lot of that commercial real estate will most likely not be able to be rebuilt. I've heard some of it is uninsurable. It was not insurable prior to the fire. A lot of those trophy properties along the water like Kimo's and Lahaina Yacht Club. I highly doubt the state will let them rebuild with the new shoreline setback regulations. It's never going to be the same town. There's just so much history there. It's sad between the life, property and history that's no longer there...
Residential Real Estate Gone
Most of the residential single family home products, I've mentioned Puamana Nui is gone, most of Lahaina town and Wahikuli. As far as condominiums go, There's some that made it. Lahaina Shores along Front Street is still standing. However the retail property - 505 Front Street next door is completely gone. You've also got another concrete building along the water - Lahaina Roads is still standing from what I can see. I'm not boots on the ground. You've got some of the newer construction products that Standford Carr did recently with Kahoma Village. It looks like some of those made it through.
A lot of these condominiums, I couldn't even imagine. Being in real estate here, I could never in a million years picture an entire complex being decimated. People did have fear after that building collapse in Miami that happened a few years back. That's never happened here as far as a structural failure. Some of this stuff that happened (in Lahaina) was catastrophic and no one could have ever predicted.
Growing up in Lahaina, my first reaction to this was that we had fires ALL THE TIME, but they were controlled burn fires when they were burning the sugar cane fields. You'd see ashes in the sky and we had them all the time. If you recall back into the 1980's and into the 90's, you'd fly in over Lahaina and Kaanapali you'd have beautiful green AG land up in the hills and what's been happening since the AG is gone, it's just all this brush that's grown in.
It's just really sad as when I've been talking with people, everything that could go wrong did go wrong. Like, if you wanted to have a disaster on every level, unfortunately Lahaina has experienced it. With a heavy heart, I feel like I've had my hands tied from Oahu. There's a lot of change that's happening. I know some people that are migrating to Oahu from Maui. Some within my own family are talking about it now. Fortunately, my family members are safe, but it's been a heavy time.
How to Give
For those of you that can't make it there physically, because I'm not recommending people jumping on airplanes and adding chaos to the mix. However, some very reputable sites we've are donating through the Hawaii Community Foundation, the Maui Food Bank, the Red Cross, etc. Because, like we've. seen in the news it's taking the federal government forever to step in. Any kokua you can do that direction will be awesome!
Prayers and Hope
Mahalo to listening to my 2 cents on this and we continue to pray to God. Like I said early on, unfortunately Sacred Hearts School was demolished. The silver lining in all of this is that God does answer prayers and there are blessings in that Maria Lanakila Church is still standing there right in the heart of Lahaina Town. I've seen the photos and the videos and there's green grass all around it on top of that! It is a miracle. The church is saved.
Keep Maui in your prayers. There's over 2,000 students that are no longer enrolled in school due to the loss of both of these elementary schools in the town. There were 18 firefighters whose homes are completely gone and countless people lost their homes and businesses. So, please keep Lahaina in your thoughts and in your prayers and we're all going to work together to get through this. Mahalo!
