Over the past month we have listed and sold a home in Kahala Kua, which is one of east Oahu's exclusive gated communities. Considering there's been very little inventory selling there over the years, it really says a lot.

Recent Kahala Kua sale where we represented the Buyer

Since there is only a little over 120 homes in this gated community, there isn't a whole lot of turnover each year. Since 2008, there have only been anywhere from 1-4 home sales per year.

Home Sales in Kahala Kua over the past 10 years

So far in 2015 YTD, there have only been 2 sales, 1 in escrow and another listing. We're directly a part of half of those:

• April 17, 2015 - 5439 Kuaola St. Sold for $1,410,000
• July 22, 2015 - 5328 Kahalakua St. Listed for $1,678,900 (In Escrow)
• August 14, 2015 - 5257 Kuaiwi Pl. Listed for $1,728,000 - We Represent the Seller
• August 19, 2015 - 5209 Kuaiwi Pl. Sold for $1,328,000 - We Represented Buyer

5257 Kuaiwi Place (MLS # 2015141568) we have listed for $1,728,000

On 5209 Kuaiwi, we got a client a great buy! The home was originally listed for $1,895,000 earlier this year. The appraisal also came in much higher that the sales price. On 5257 Kuaiwi, we've got it at a great price considering the home on Kahalakua St. went into escrow very quick. In addition, both sales in the neighborhood in 2014 went over $2 million.

Average sales price in Kahala Kua over the past 10 years

To learn more about this exclusive neighborhood, contact us for more information. 

This evening I attended a special Cinco De Mayo Brokers Open at the Ilikai in Waikiki. This great building has come full circle out of the recession and come back even stronger than before.

The Ilikai is an Iconic Building in Waikiki that recently celebrated it's 50th Anniversary

It's been over 5 years since I wrote an article about Ilikai condos selling for bargain prices. After the foreclosure, iStar took the block of units back went through a complete renovation. This past fall, the started selling the block of units they had on the 22nd-25th floors. I've been fortunate enough to bring in several buyers during this period. After a flurry of activity, heaps of Buyers have been snapping them up. Unlike the bottom of the market when banks weren't lending on the project, today a handful are and roughly 30% of the recent sales have had financing. Here's what is remaining as of earlier today:

Remaining developer units as of May 5, 2015

By this evening, roughly only 15 were left. Just prior to getting there this afternoon, one of the featured marina facing units (2510) asking $1.7 million went under contract! Now is the time to pick up one of these units before they are gone. These units can be placed in the hotel pool with Aqua Hotels and Resorts and they have a few programs available to owners. Some even offer guaranteed income! I know my clients have been happy thus far. Here's a general floor plan to give you a better idea of where the units are located:

Iliaki floor plan on floors 22-25

To learn more about what's for sale at the Ilikai (both in this block of units and the others below), feel free to contact us for more information.

Executive Centre is a mixed use condominium building in Downtown Honolulu. It has nearly forever been known as a Leasehold Building, with the land lease owned by Kamehameha Schools. Well, that is no longer the case!

Executive Centre units now available for Fee Simple through the AOAO

Late last year, the AOAO announced to the homeowners that they have quietly negotiated the purchase of the Fee interest from Kamehameha Schools for $74,981,138.71. They are now passing that opportunity along to the owners to purchase their interests individually. Here's a breakdown of the prices as of November, 2014:

Going Forward

While nobody can predict the future, my guess is these units will significantly increase (over time). If history repeats itself, the combined values of the Leasehold + the Fee Simple Interest with be worth even more than the sum of its parts in the years to come. To learn more about purchasing or selling a unit at Executive Centre, feel free to contact us for more info.

Castle Surf is one of the best values on the Gold Coast and can often be seen as a sleeper of a building. 

Castle Surf is directly across the fountain at Diamond Head

With only 38 units, seldom do they come up for sale. With covered parking, low maintenance fees and a 30 day rental minimum the building has a lot going for it others do not on the Gold Coast. It's also a condo vs. a co-op, so it's easier to get financing.

Recent Sales

Over the past 6 months, there have been two 1 Bedroom unit sales:

• September 11, 2014 Castle Surf #28 Sold for $759,000
• October 29, 2014 Castle Surf #48 Sold for $855,000

The building is numbered starting with units on the ocean being the '01 stack working back towards the street to the '09 stack. Both units were one off the street.

New Opportunity

I'm proud to announce I've recently listed Castle Surf #23. It was completely remodeled in 2009 and is only 2 units back from the ocean.

Castle Surf #23 (MLS # 201423279) just 2 back from the ocean is priced under $800,000

Completely Remodeled in 2009 with New Kitchen and Bathroom

Spacious living, walk in closet and ability to partition the bedroom from the living area

Oceanfront Living

I saved the best for last. Castle Surf is an oceanfront building at the foot of Diamond Head on the Gold Coast. You could not ask for a better location on Oahu. Imagine coming home to his out your back door....

To learn more about this or other Diamond Head Condos, feel free to contact us for more information.

Luxury Home Sales in 2014

Luxury single family home sales on Oahu in 2014 were lower in the upper echelon when compared to 2013, which saw 7 sales over $10 million. 2014 had just 3. 2013 also had a higher standard where $6.2 million was necessary to be in the top 10. This past year took only $5.5 million to reach the top. What was also unique is not only did the neighborhood of Kai Nani make the list, it finished off the year with the highest sale at $17 million! In addition, Lanikai had 4 of the top 10. Here's a summary of the top 10 luxury home sales on Oahu in 2014:

1. 1025 Kaimoku Place Sold on November 26, 2014 for $17,000,000
2. 5415/5435 Kalanianaole Hwy. Sold on September 8, 2014 for $13,500,000
3. 974 Mokulua Dr. Sold on June 10, 2014 for $11,845,000
4. 572C N. Kalaheo Ave. Sold on November 7, 2014 for $9,500,000
5. 1562 Mokulua Dr. Sold on February 6, 2014 for $9,350,000
6. 3157 Noela Dr. Sold on June 30, 2014 for $7,650,000
7. 4447 Kahala Ave. Sold on November 26, 2014 for $7,300,000
8. 1226 Mokulua Dr. Sold on October 14, 2014 for $6,800,000
9. 637 Pana Pl. Sold on July 3, 2014 for $6,000,000
10. 1456 Mokulua Dr. Sold on December 12, 2014 for $5,500,000

Luxury Condo Sales in 2014

On the condo front, the bar was raised in 2014 as $3 million was the prerequisite to make the top 10 list. However, the highest sale of the year was for $4,650,000 at Waikiki Beach Tower. This was far less than 2013's Diamond Head sale for $7.5 million. Here's a summary of the top 10 luxury condo sales on Oahu in 2014:

1. Waikiki Beach Tower #PH3901/3902 Sold on April 14, 2014 for $4,650,000
2. Hokua #32D Sold on February 18, 2014 for $4,300,000
3. Hokua #20D Sold on September 8, 2014 for $4,288,000
4. 3003 Kalakaua #6B Sold on March 14, 2014 for $4,250,000
5. 3019 Kalakaua #5 Sold on February 27, 2014 for $4,200,000
6. Diamond Head Apts #1001 Sold on June 27, 2014 for $3,788,888
7. The Watermark #3405 Sold on May 15, 2014 for $3,500,000
8. Hokua #24A Sold on October 14, 2014 for $3,190,000
9. Hokua #26E Sold on July 29, 2014 for $3,150,000
10. Colony Beach #8 Sold on June 10, 2014 for $3,140,000

Unlike the previous year where Waikiki held 6 of the top 10 spots, this year saw Diamond Head and Kakaako each have 4 sales in the top 10 and Waikiki had 2. As a lot of the new projects trigger in Ala Moana, Kakaako and Waikiki over the next few years, I expect these numbers to change.