mikey's Blog: All Categories

During October 2009, Oahu's median home prices declined to $605,000, down 3.2% from October 2008's median of $632,000.  Median condo and townhome prices fell 9.2%, to $295,000 versus $325,000 in October 2008.

Oahu Home Sales Volume

In October 2009 Oahu had 281 single family home sales, UP 15.6% from October 2008's 243 homes sold. 

For condos and townhomes, there were 381 sales in October 2009 versus 316 a year earlier.  That's a healthy 20.5% increase in condos and townhomes sold. 

Here's how Oahu's home sales and median prices in October 2009 compared with the same period last year by neighborhood. 

Oahu home sales October 2009 vs. 2008      Homes Sold …

Oahu's median home prices declined to $566,000, down 10.9% from August 2008's median of $635,000.  Median condo and townhome prices fell too.  The August 2009 median sale price was $290,000 versus $328,000 in August 2008, an 11.6% decline .

Home Sales Volume on Oahu

August  2009 had 247 single family home sales, down 3.1% from August 2008's 255 homes sold. 

For condos and townhomes, there were 351 sales in  August  2009 versus 345 in August 2008.  That's a 1.7% increase in properties sold. 

Here's how Oahu's home sales and median prices in August 2009 compared with the same period last year by neighborhood. 

Oahu home sales August 2009 vs. 2008      Homes Sold …

We call it "Admissions Day" - on August 21, 1959 Hawaii became the 50th state!  Over the course of this week, local newspapers have included special sections about statehood and there are some TV specials being aired.

Today started like most any other day, except it's a state holiday.  State offices were closed and most state workers got to spend time in the sun or at home relaxing.  I was lucky enough to get a phone call, saying "surf's up" at Ala Moana and we headed to the beach for some waves.  By 8 a.m. the park was crowded, there were still a few parking spaces left and we paddled out to catch some good ones.

An hour later I was back out of the water and heading home, getting ready to meet a customer and look at properties.  Driving around…

Felicia was a tropical storm a week ago and became a category 3 hurricane on Wednesday the 5th of August.  The following day Felicia got stronger and became a category 4 hurricane.  By Saturday August 8th Felicia weakened to category 1.

Today Felicia is downgraded to a tropical depression, which is good news because it's making its way through the Hawaiian islands!  Local TV news shows the weather on the Big Island, with increased waves on the east side, rain and some wind.  Forecasts are for more rain, heavy at times and wind in the 40-50 mph range.  Not hurricane force for sure, still we need to prepare by having water and food handy. 

This afternoon the wind is picking up and we're getting more rain.  Our main concerns now should be:

- Watch out for…

We've been wondering what will happen to that partially finished condo in Honolulu.  On July 3rd the developer made its announcement.  KC Rainbow Development plans to sell the tower to an affiliate of San Diego-based OliverMcMillan, a California Development company.

If everything goes well, construction on the 46-story building should resume by the end of 2009 and the project will be completed in 2011.  KC Rainbow Development stopped work on the building at the end of 2008 as problems with obtaining financing emerged.

Prior to the Moana Vista project, KC Development successfully completed Moana Pacific, the twin towers at the corner of Kapiolani Boulevard and Pensacola / Piikoi Streets.  That was two years ago, when the economy and our real estate market…

We all know someone who wants a fixer upper right?  How about a fixer upper in Honolulu?  I can't even recall the number of people who've told me they want a fixer upper in Honolulu.  Well, here it is!

This is a two story home on the hillside in Kalihi Valley.  Total living area is approximately 1,670 square feet.  The house has three bedrooms, one bath upstairs and two bedrooms, one bath downstairs.  Upstairs there's a full kitchen and the downstairs has a kitchenette.  Three lanais extend from the bedrooms for residents of this home to enjoy.  It's possible to live on one floor and fix up the other, then switch sides and finish the remodel! This could be a great rental property. 

As you can see in the picture, the lot is steep terrain.  There are…

I met with a homeowner in Honolulu today, he's ready to sell and move somewhere else.  As we walked around the house I saw this chameleon, colors going full blast on a sunny day.  He stayed still long enough for me to get this closeup shot.

Hawaii is a tropical place and you can find chameleons, geckos and all sorts of other critters.  Most of them are not harmful.  We don't have snakes and other life-threatening creatures to worry about.

Just keep an eye out for centipedes and scorpions.  We don't see them often, but either can sting you and it hurts!

Have a great day in paradise!

Aloha, Mike

Oahu MLS

Jim Cramer is an interesting guy, some people love him and some hate him.  In September of 2008, Cramer said the housing market would recover from its freefall on June 30, 2009.  Many were pes-simistic, thinking it would take longer and some were optimistic, thinking June 2009 was too far away. 

On Tuesday June 16th, 2009 Jim Cramer declared the bust is over. Do you believe him?  If you missed his show, checkout the video. 

Note, Cramer's not predicting sudden appreciation of homes, rather he's saying the freefall is over and home prices are stabilizing.  Why does he feel the worst is over?  Housing starts and permits are picking up in a big way!  Housing was down for so long and he's now a real estate buyer.  As Larry Kudlow…