We had a great turnout the other evening at Pearl Ultra Lounge in Ala Moana where we had a live private screening of Hawaii Life Oahu episodes on HGTV.
Some of the clients we had on the show showed up as well as other great Hawaii Life Realtors from Oahu and the neighbor islands. With Season 1 wrapping up soon, we're excited about Season 2.
Caron Ling, Katie Minkus, Matt Beall and I with Sandra Sagisi Moser
A year after the financial crisis of 2008, I wrote an article about how Ilikai condos were selling for bargain prices. Although there has been ongoing litigation, it wasn’t enough to scare investors away. In 2008, there were only 15 sales in the building with a median price of $360,000. In 2009, the median price dropped to $280,000, however, investors jumped in to close on 35 sales.
Views from an Ilikai Penthouse (MLS# 1211596) which is 1 of only 5 active listings today
Fast forward to today – there are only five available listings at the Ilikai with another one in escrow. In 2012, there were 51 sales for a median sales price of $433,368! This is a 54% increase in median sales prices from 2008!
Do you think the market has recovered yet? For the Ilikai, it sure has. If you’re looking to jump in on what the Ilikai has to offer, feel free to visit my page of Ilikai listings. Here are my thoughts for the jump in prices:
The Ilikai has a special place in my heart. For those looking to take advantage of the strength of the market and cash in on the recent ride, there is a lack of inventory now at the Ilikai. As much as I’d hate to see you depart with your asset, our Oahu crew can bring a lot to the table with our Smart Marketing and Solid Representation to help get your Ilikai condo sold if that’s something you’re entertaining.
When you think about luxury real estate on Oahu, Kahala always comes to mind for most. It's where oceanfront homes have fetched over $20 million as far back as 1990. Most tear down homes anywhere in Kahala start just over $1 million. Did you know that you can get fee simple condos for under $500,000? Well you can....
Here's a photo I shot last week. Guess what is at the other end of that rainbow?
Kahala Towers is a sleeper of a building not many people think about. Although you can't miss it (it's right next to H-1 Freeway), it is in a super convenient location - across from Kahala Mall, walking distance to several public and private schools, a swimming pool, and ocean views from the higher floors are just some of the perks.
As of today, there are 4 on the market, with one having an accepted offer. In the past 6 months, 4 have sold. Prices of the 2 bedroom sales ranged from $394,000 - $442,000 and a 3 bed unit B1201 went for $580,000. If you're looking for a great location, Kahala is hard to beat.
Where is your Pot of Gold at the end of the rainbow?
I wrote an article just after this summer about the Tropic Seas and how sales were on fire there. Well, that trend is continuing with the sales of #1205 that sold on December 11 for $1 million! Keep in mind, this unit had no parking and was 700 square feet.
The painting and spalling repair wrapping up at the Diamond Head Ambassador
The Diamond Head Ambassador that has been under the radar the past few years is getting some attention. With a recent building makeover with spalling repair and new paint, the Diamond Head Ambassador is coming back to life. There was a period of no sales and limited inventory. The last sales were:
Now, all of the sudden #102 at the Ambassador is in escrow. I see the Tropic Seas as a comparable product to the Diamond Head Ambassador for two reasons:
1. They are both co-ops
2. They don't come with parking
Here's where those similarities differ - the Diamond Head Ambassador has a swimming pool, whereas Tropic Seas does not. While they both have storage, the units at the Diamond Head Ambassador come with a much larger storage locker. Here are some current listings at the Ambassador that offer great value:
Considering the last sale at Tropic Seas went for over $1,400/square foot, the Ambassador is looking very attractive...
Hau'oli Makahiki Hou! Wishing you a Happy New Year and looking forward to an awesome 2013.
Here are some of the highlights of 2012:
1. We've increased our office production by 42%
2. We've increased our office listings by 300%
3. Hawaii Life Real Estate Brokers was ranked #5 for sales volume in the state for 2011 (after 3 years in business).
4. Hawaii Life Real Estate Brokers was the 3rd fastest growing company in Hawaii by Pacific Business News
With the launch of our show Hawaii Life on HGTV, we are looking forward to some exciting things in 2013!
I had the opportunity to go skiing in Beaver Creek, Colorado with my family over the Christmas holidays. It was my first time ever skiing (on two skis that is). Growing up in Hawaii, I never had the opportunity to be in the snow until I went to college in southern California. It was there that I took up snow boarding, which seemed to be a natural transition from surfing.
My wife grew up skiing and I knew she was an excellent skier from previous trips of ours. I always said that once our kids were old enough to ski, I would give it a try… So, there I was taking "baby steps" and got pretty comfortable after my first two days without falling (beginner's luck). After the third and fourth days, I had more and more fun, however also had a few falls. Needless to say, we had great conditions with fresh powder each day!
After four days of skiing, my feet needed a break. I took a day off and stumbled upon a local real estate office of Slifer Smith & Frampton in the Hyatt, where we were staying. From what I could tell, they dominated the Beaver Creek/Vail area with market share. It was there that I had a nice chat with Tisa Olsen. I was curious what the condos we were staying in at the Hyatt Village Hall were selling for. She made it real simple. She fired of price per square feet of projects all within the village. In a nutshell, it sounded like the ones at the prime real estate at the base of the mountain were around $2,000/sq. ft. Then, some nearby condos still within the village were more like $1,000/sq. ft. At that point, it dawned on me the similarities with our condo luxury condo market in Honolulu.
You can get something on the water at Diamond Head for close to around $1,000/sq. ft. Although the buildings are older than Beaver Creek, the iconic location of Diamond Head is hard to beat in my opinion. Also, within that same range in Honolulu, you can find nicer/newer condos in Kakaako for around $2,000/sq. ft. Don't get me wrong, Honolulu condos aren't necessarily a bargain compared to Beaver creek. We do have our trophy properties on the Gold Coast at Diamond Head that are remodeled and fetch those prices or more. We also have some at Hokua or Trump Tower Waikiki that approach those numbers as well. The tough part about both of those projects is they are not oceanfront like the Gold Coast at Diamond Head. They do however have shops and restaurants nearby that will definitely rival (if not beat Beaver Creek). They also do have some nice ocean views.
Whether surfing, snowboarding or skiing are your passion, Honolulu and Beaver Creek both have some great products within a budget of $1,000-$2,000/sq. ft. I look forward to seeing you on the water or the snow…
Keith T. Reiling, Olympia, Washington
In our 34 years in the U.S. Air Force we feel David is the most thorough and accomplished Realtor we have EVER used, in either buying or selling a home (over 40 properties bought or sold).
We did not purchase right away - nonetheless David kept us up to date on the properties we were interested in - with absolutely no hassle. He handled the entire transaction while we were off island and the Seller of the Makaha Valley Towers condo was in Japan. He negotiated a super deal for us and we will gladly use him in the future!
Executive Centre in Downtown Honolulu is a leasehold building that hasn't had many sales since the market started turning a little over five years ago. Considering there are 510 units in the building, not much has been moving.
We are proud to say that we represented the Sellers on 3 out of the last 4 sales in Executive Centre:
If you own a unit at Executive Centre and want to learn more about how we list Property Properly, feel free to contact me for more information.
If you've driven down Kahala Ave. lately, you may have noticed several oceanfront parcels where statues have been erected over the last few weeks.
Statues at the end of Kahala Ave. on the Old Hemmeter Estate
Kahala Avenue has been know to fetch some incredible real estate prices over the years as it is know as one of the luxury real estate meccas in Hawaii. With number that have sold above $20 million over the years, many historic residences have been torn down in recent years. The one above is the site of the old Hemmeter Estate that sold for over $12 million in 2005. There are others undergoing similar transformations and are hard to miss. For better or worse, beauty is in the eye of the beholder. However many local residents have started to complain.
Although Kahala still has a reputation for luxury real estate, it will be interesting to see where this goes... In the past 6 months, there have been 2 homes that have sold on Kahala Ave. for $3.2 and $4.4 million. Both were on the mountain side of the street. Although there aren't many oceanfront homes currently on the market in Kahala, most of the inventory is now owned by the same owner transforming these once pristine estates like the ones above. Only time will tell..
As of today, there are less than 45 new construction homes at Ka Makana in their 20, 30, 40 ad 50 series.
Come and get your Ka Makana Home before they are all gone...
The majority of this remaining inventory of new homes to be built are not in MLS, so feel free to contact me if you have any questions. If you need something immediately, you can always consider a resale at either Hoakalei or Ocean Pointe in Ewa Beach.