According to the Honolulu Board of Realtors, there were 291 closed housing sales in Oahu during December 2012, representing an increase of 8.6%, and 401 closed condo sales representing an increase of 20.4%. The median housing sales price was $600,000, down .08%, and the median condo sales price was $393,083, up 19.3%.
Tips to Finding the Right Oahu Neighborhood
Since statistics don’t really help buyers choose the right neighborhood to purchase a home or condo in, it is recommended that you work closely with an Oahu Realtor. Your Oahu real estate expert understands today’s market conditions and can help you find the right property at the best price, as well as get you in touch with a reputable mortgage broker or lender if you need financing for your purchase.
Here are some tips to help you get started in the right direction. If you are looking for higher end properties, there definitely is more inventory around the Island. However, there are a couple areas in particular that are worth investigating that offer good value as well as amenities that are in stages of development. So you may just want to check these out. Many real estate experts will tell you that these are the next up and coming real estate hot spots:
Kapolei and Ewa Plain
According to statistics released by Data Analysts Hawaii Inc., housing availability has nearly tripled in Kapolei since the year 1990, with 11,722 units to approximately 31,730 in 2010. There are 16 master-planned communities planned for the area, some offering luxury homes, including golf course amenities, at a fraction of the price compared to Kahala Avenue. This area has become popular with mainland buyers relocating to the Island looking for brand new construction. There are also several new attractions and many family oriented shops and restaurants for residents and visitors across the Ewa Plan. Businesses and professionals have also relocated to the area looking for affordability, comfort and convenience. Retirees are also flocking to this destination to get away from the noise and congestion of metropolitan Honolulu.
Kakaako and Ward Area
Kakaako is the next hot spot to buy and invest in. With urban trendy businesses developing in the area and social events like Pow Wow Hawaii and Eat the Street, this area has become one of the most popular places to hang out, live and work in. There are condos avaliable here and more residential and condo developments coming. It is certainly an area you should keep your eye on and thinking about investing in while prices are affordable.
Contributed by Jeff Manson from www.adrhi.com/oahu-real-estate/