After four years of running the Oahu office of Hawaii Life Real Estate Brokers, I've decided to go back in to sales full time.

I've learned a lot over the course of the last four years. From humble beginnings, I saw the future of where Hawaii Life was headed early on. I had the rare opportunity to work with the company on a referral basis while still selling real estate with RE/MAX here on Oahu. A year after the financial crisis of 2008, I joined Hawaii Life in the summer of 2009 when I realized half of my eight escrows at the time were coming from Hawaii Life. I was the first agent hired on the ground on Oahu and got my Broker's license shortly thereafter. The original "office" was my home (literally). We actually didn't open an office here on Oahu until February of 2011 once we had over 10 agents. This week as I stepped down from the helm, we've just about tripled in size with nearly 30 agents. We're also on track to quadruple our 2010 production.

We have an ongoing saying within the company to "buckle up your seat-belts" for the rocket-ship type of a ride Hawaii Life has been. Last year Hawaii Life was the #3 fastest growing company in Hawaii according to Pacific Business News. We are also now the #4 Residential Real Estate company in the state. Oh... and we have a show on national TV. Unfortunately, all the growth does not come without "growing pains". I've sacrificed family time, family travel and most recently lost touch with my own personal clients. I was so busy running the office and managing agents that I had less time devoted time to spend with friends, family, clients and really getting out to enjoy my Hawaii Life.

I have no regrets. I've grown a lot personally and as a Realtor. I've managed and will continue to work alongside some awesome people. I've been through the Hawaii Association of Realtor's Leadership Academy and currently serve on HAR's Education Committee. I'm looking forward to what lies ahead as I've created the space and energy to spend more time with family and my clients that entrust me to help them with their real estate needs.

Nohona Kahala is a gated community of 55 homes on the mauka (mountain) side of Kahala Mall, most of which were completed in 1991. Although many would consider it a "Kahala" address, you won't find it on your Kahala home search as it happens to fall under the Wilhelmina neighborhood of our MLS. Given the exclusivity of the area, it's not too often one of these comes on the market. We're fortunate enough to see today though that one is available.

This Nohona Kahala home (MLS # 201329874) recently came available for $1,375,000

Although priced above the last few sales within Nohona Kahala, I can see why this seller is asking what they are. We recently sold a newer DR Horton home in Kuhina at Kahala for $1,380,888. It was similar dimensions and newer, however it was not in a true "gated community" for that extra security or peace of mind when traveling. As far as recent sales in Nohona Kahala, here are the two most recent sales:

• 4063 Keanu St. sold for $1,289,000 on August 27, 2012
• 1006 Kiionioni St. sold for $1,040,000 on September 21, 2012

Both of those were 2,146 square feet under roof, whereas the active listing is 2,237. In addition, the one that sold for $1,040,000 had a lot that was over 20% smaller than the other sale and active listing. Given the market, it appears this home is ripe for a new owner. Remember now, there are only 55 of them.  If you're looking for a gated community near Kahala and access to great amenities and H-1 for commuting, this is the place.

I recently listed a Banyan Tree Plaza unit here in Honolulu. It's a building as old as I am, built in 1974 (oops - I gave away my age). There's a great mix of units in the building with 1,2,3 and 4 bedroom units. The 3 and 4 bedrooms are a little more rare however. 

Banyan Tree Plaza seen from Punahou Street

The one we have available is a 3 bed, 2.5 bath, 1420 sq. ft. unit, which is larger than a lot of single family homes in Honolulu.  It's also on the 29th floor I might add, which provides for some incredible views.

Welcome home to your 2 story home in Honolulu with awesome views

This building was considering an icon for luxury in its day. Considering most of today's luxury buildings are sellling north of $1,000/sq. ft. I feel Banyan Tree Plaza is a great value play for someone looking to find something in the heart of Honolulu. Listed at $680,000 we are priced at $478/sq. ft. The most recent 2 bedroom, 2 bathroom sale in the building sold for $503/sq. ft.

If you're loooking for a great value in Honolulu, this is the place. Another product in comparison shopping in the area could be a single family home in Manoa, where prices start higher and rapidly climb from there. Although this unit is well kept, it could use some updates. That's where the value comes in. Once you fix this up, the maintenance of a condo this size will be quite different than a single family home. With the master bedroom and bath on the main floor, you can just come home relax on your lanai and enjoy the views...

Lanai View of #2907 (MLS # 201326925) which you can access from either the living room or master bedroom

As I said earlier, these 3 bedroom units are rare and won't be around forever...

This past week, the Outrigger Canoe Club listed one of it's major assets for sale - two contiguous oceanfront parcels totalling over 2.6 acres.

The "Alii Estate" (MLS # 201327172) off Kalanianaole Hwy. is one of East Honolulu's last treasures

What is very special about this property is it is one of the last large tracks of oceanfront residential land in Honolulu. Most of the once larger parcels have been subdivided and sold off over the years. This one could end up going down that same path. Zoned R-10, this has the potential for further development. Currently, there is a modest structure on the property that was previously used as a corporate retreat by a Japanese company prior to the club's aquisition.

Situated on Aina Haina Beach, I've been told this once home to Alii or chiefs. I'm not surprised as much of what is currently around here can be considered regal in nature to this day. One of the neighboring estates was once home to the Sullivan Family (Foodland Supermarkets). Up the hill, you have Hawaii Loa Ridge a gated community of luxury homes. Right now, the only product I can find similar to this is listed for nearly three times the price.

2.7 Acres of Land in Kahala (MLS # 1303602) can be yours for only $45 million

Granted, Kahala has traditionally fetched the highest prices when it comes luxury real estate on Oahu. However, if you're willing to drive another 5-10 minutes east, you can have something pretty spectacular for roughly 1/3 of the price. The Kahala one also has the potential to be subdivided. It will be interesting to see future the outcomes of these two trophy properties. Will they remain intact and house a large estate or will they follow a similar path of so many properties on Oahu that were subdivided for profit? Only time will tell... All I do know is that something will be built on both at some point in time and the opportunity to be a part of it won't be around forever.

In the past week here on Oahu, we've seen two luxury sales surpass the highest sale we had last year.

Kailua is the frontrunner for the highest sale on Oahu this year with last week's $12 million sale

The highest sale on Oahu last year was an oceanfront home on Diamond Head Road for $10,950,000. On Monday, a similar one built by the same developer two doors over recorded even higher! Here's what we've seen this past week:

• May 17, 2013 - 72 S. Kalaheo Ave. in Kailua closed for $12,000,000
• May 20, 2013 - 3125 Diamond Head Road in Diamond Head closed for $11,250,000

Given that 5 out of the 6 highest sales on Oahu in 2012 recorded between October and December, 2013 is off to a great start. With 8 single family homes currently listed above the $12 million mark today, it'll be interesting to see if the prices go even higher. It's been 5 years since Oahu's last sale above $20 million. Here are 3 listings that could potentially fetch above that mark:

210 N Kalaheo Ave. in Kailua (MLS # 1212126) is listed for $24,000,000

503 Portlock Road in Hawaii Kai (MLS # 1212372) is available for $23 million

61785 Papailoa Road on the North Shore (MLS # 1303369) is listed for $22,000,000

With less than half the year under our belt, I'm optimistic about the future of luxury real estate here on Oahu for the rest of this year. Consumer confidence is coming back and the wealthy are looking to sink their money back into real estate. Take note, all the sales and listings were of oceanfront homes here on Oahu. As far as supply and demand goes, there is just so much oceanfront land in Hawaii to go around... I'll bet that the next sale to break the $10 million mark on Oahu will also be on the water. Want to bet?

With all things being equal, I typically advise my clients to purchase fee simple as opposed to leasehold property here in Hawaii. Not all leasehold purchases are that bad however. You always want to look at the terms of the lease. 

Executive Centre in Downtown Honolulu is an example of a long term lease expiring in 2053

One positive thing I read about recently in a Naitonal Association of Realtors publication was that owning leasehold property may not be that bad after all. According to the article, the Taxpayer Relief Act of 2012 offers some tax relief for owners of leasehold property. Owners were allowed to depreciate improvements on a straight line basis for 15 years through 2011. The reilef act now extends that ability through 2013 and also made it retroactive to 2012. 

What does this mean? If you're a high income earner, it could provide some depreciation to offset your income. In addition, leasehold property can potentially cash flow better than fee simple ones and they also offer a signficant discount in the purchase price. I would advise discussing your own situation with your CPA to see whether or not investing in leasehold property is right for you. In addition, every leasehold property on this island most likely has a different term to the lease, so I also advise working with a good Realtor to provide you with the terms of the lease so that you know what you are getting in to.