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/
The Princeville real estate market, a part of the Kauai housing market, rallied according to some indicators in the month of May, although in other respects it showed continued weakness. According to a June 7, 2010 article from Pacific Business News, “Single-family home sales on Kauai were up by 80 percent in May, while condo sales were up 38 percent compared to the same month last year. There were 27 homes sold on the Garden Isle last month, up from 15 in May of 2009, according to statistics from Hawaii Information Service.” The piece went on to state that “The median price for a single-family home, however, fell 30 percent in May to $420,000, down from $600,000 in May 2009. Condo sales were up last month, with 18 units sold compared to 13 units sold in May 2009. But the median price dropped 50 percent to $164,000, down from $330,000 in 2009.”
The number of distressed properties in the Princeville real estate market increased in the month of May, although the number of foreclosures seemed to be declining. According to a June 10 2010 article in the Honolulu Star Advertiser, “The figure was 29 percent higher than the 816 filings in May 2009, and though the increase was significant, it represented the smallest percentage-point rise for any month in more than a year. ‘The pace of increase appears to be slowing,’ said Daren Blomquist, marketing communications manager for California-based RealtyTrac.” The piece, composed by Andrew Gomes, went on to say that “Hawaii’s rate was one foreclosure filing per 486 households…Kauai had the next-best rate atone filing per 372 households, based on 80 total filings.”
If the rate of foreclosures did indeed slow in the most recent tracking period, Princeville homes for sale are likely to be sold for higher (non-foreclosure) prices in the future. According to a June 9, 2010 article from Pacific Business News, “The number of Hawaii homes receiving foreclosure filings in May was on the rise, but the rate of increase slowed from the month before. The number of foreclosure filings in Hawaii, which include default notices, public foreclosure auctions scheduled and bank repossessions, was up by 29 percent in May…”
With all the incentives being offered these days in the United States to buy a new home, many people are thinking about taking the opportunity and moving to another area or buying new homes. If you are one of those people, you may want to consider Hawaii Real Estate. Consider the main island of Hawaii, or the others next to it – Oahu, Kauai, or Maui. Since the prices for Real Estate in Hawaii fluctuate, this offers an excellent opportunity for investment. Hawaii has many good points to make it your next home. Some of the best characteristics of this Island Paradise will help you make the decision.
Hawaii has the best climate and weather. The weather is warm, pleasant year round and the skies are clear. The beaches are pristine and the natural beauty of the island is breathtaking. You will have perpetual summers in Hawaii and will feel that you are on vacation permanently.
If you are a nature lover, Hawaii will capture your soul. Hawaii Real Estate is perfect for nature lovers and people who like the outdoors. The most beautiful beaches in the world, gorgeous mountain views, and lush and green forests that invite you to explore them will surround you. You will also enjoy a variety of activities such as hiking, surfing, snorkeling, body boarding, and much more. You will enjoy the city life and nightlife as you will find some of the best nightclubs in the city. Shopping will be a rich and diversified experience as you will find upscale malls, but also downtown areas where you can find small markets with special treasures and items that are special to the culture and made by local artisans.
The people of Hawaii are diverse and you will find a rich culture with many roots. If you love diversity, Hawaii will give you that as it attracts people from all over the world and with different backgrounds. You may say that the population is eclectic at this point, and the natives are proud of their heritage and willing to share it with newcomers. You will experience different beliefs, races, cultural backgrounds, ethnicity’s, as well as many tourists from all over the world who are on vacation, or that come to visit often. Many people have second homes in Hawaii too – people from many other countries. You will have the opportunity to enrich your knowledge of different cultures as well.
The Hawaii Real Estate Market offers you the opportunity to buy a home to live there, but also an investing opportunity as well. You can buy land for future use, or to rent it. You can also buy a second home for vacations, or to rent it when you are not occupying it. The possibilities are countless, and the best thing is that the prices have come down in this paradise destination due to the recent economic changes in the United States and abroad.
Think Hawaii for your next home or investment opportunity. It has much to offer and it is a desirable real estate market.
Hawaii beach vacations, put simply, miles of Hawaiian coastline are pristine sandy beaches and sunny shores. The number one reason visitors travel to the islands is to experience the wonderful beaches and cool oceanic waters. For people on a limited stay in Hawaii, selecting the best beaches might be one of the hardest decisions to make. Lanikai Beach, a small stretch of thing white, sandy beach on the windward side is known for its two spectacular and gorgeous offshore islands, known as the Mokuluas. Sunset Beach, named so for its beautiful sunsets, has one of the island’s longest running white sand beaches and is one of the best surfing spots on the island. Perhaps the most well-known beach in Hawaii is Waikiki Beach, literally “sprouting water.” Often filled with tourists, the beach is known for its exciting catamaran rides, beach boys, calm surf, and shallow waters that are perfect for first-time and experienced beachgoers.
Kailua Beach Park is located on the windward side of Oahu and is famous for its excellent swimming, wind surfing, kayaking, and relatively calm waters to enjoy. Kahana Bay Beach Park is across from Ahupua’a O Kahana State Park on the windward side and is quite popular with those beachgoers who’d like to avoid the crowds. The secluded beach cove is one of Oahu’s best kept secrets for its calm waters and plenty of sandy beach. Ehukai Beach Park is home to the famous Bonzai Pipeline on the North Shore and in the winter months hosts some of the best surfing competitions.
Contributed by www.hawaiianrealestate.com a Oahu realtor.
Diamond Head is one of Hawaii’s most prolific icons and graces the island of Oahu’ssouth shore. Known to Native Hawaiians as Leahi, the volcanic tuff cone received its current name after British sailors noted calcite crystals embedded in the mountainside and mistook them for diamonds. Part of the Koolau Volcanic eruptions that created the eastern half of Oahu, Diamond Head today is a defining feature of the Waikiki shoreline and is preserved as a United States Monument. Fort Ruger , the first United States military reservation in the state, is located inside of the Diamond Head crater.
A beautiful hike will take tourists to the peak and affords those who make it to a top a gorgeous 360-degree panoramic view of the deep blue seas below, the green mountains to the north, and sometimes long-distance vistas as far as the islands of Molokai and Lanai. A lot of real estate in Hawaii takes advantage of this natural beauty, making for an immeasurable island living experience. No where else in the world can one climb dried out mountain cliffs, swim in the warm blue seas, sun on sandy beaches, and explore green forests within such a small area. Diamond Head, one of the most recognizable places in Hawaii, truly graces the sights of Hawaii with its beauty and prestige.
The real estate found throughout Hawaii is just amazing. You will find a wide variety depending on what your looking for. For example if your looking for vacation rental homes you will most likely find something within your budget with most of the amenities that you desire. Depending on the which island you are looking at will depend on the price that you will spend.
If you are looking to move to Hawaii indefinitely you will be able to browse through a variety of online virtual tours to get an idea of what houses look like and their price ranges. Hawaii is a popular and highly desirable place to live so regardless of where you choose to move to it will be expensive.
Most of Hawaii is a tourist destination but this only adds to the growth of the economy there. Locals in Hawaii spend their days enjoying the serenity that it offers. Purchasing a home in Hawaii would be like purchasing your own small piece of paradise.