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Hawaii real estate news

Homebuyer Tax Credit - The Basics and The Details

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Note the title to this blog is not "First Time Homebuyers Tax Credit."  That's because the new credit allows for current homeowners to get in on this deal too.  Current homeowners can get up to a $6,500 tax credit.  Current homeowners must have lived in their current or former home for five out of the last eight years.  The five years must have been consecutive (all in a row, not two years, move somewhere else for a year and then move back for thr...

Oahu home sales October 2009

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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 2...

Oahu Home Sales August 2009

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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  200...

Moana Vista construction update July 2009

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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 ...

Oahu Real Estate Report May 2009

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Oahu's median home prices took a big hit last month.  The median price of a single family home declined to $550,000, from  $649,500 in May 2008.  That's a 15.3% drop islandwide. Median condo and townhome prices fell too.  The May 2009 median sale price was $305,000 versus $337,000 in May 2008. Home Sales Volume on Oahu May 2009 had 225 single family home sales, down 10.7% from the 252 homes sold in May 2008.  For condos and townhomes, there...

Honolulu sandy beach frontage homes are not easy to find

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A customer made an inquiry about buying property at Diamond Head and Kahala.  He wants a property with sandy beach frontage.  The property can be either vacant land or land with an older house, ready for a remodel. I drive along Diamond Head Road and Kahala Avenue nearly every day.  There are numerous homes along the beach and several undeveloped land parcels too.  It first seemed like an easy task to find a suitable beachfront property for this person.  Not ...

Oahu Home Sales Picked up in March 2009

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After two very slow months at the beginning of the year, March 2009 showed some signs of recovery for Hawaii's housing market.  The median price of a single family home climbed back up to $600,000, from February's $555,000 median. Single family home prices were down from a year earlier, approximately 4.5% island-wide.  Condo and townhome prices were down 7.4% in March 2009, versus a year earlier. Home Sales Volume on Oahu March 2009 had 188 single family hom...

Oahu Home Sales Plummeted in January 2009

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Many have wondered when and if Oahu's housing market would be hit the way mainland markets have been crushed.  In the fourth quarter of 2008 Hawaii had a significant decline and some neighborhoods lost value. In January we saw many new prospective buyers enter the market, lured by weak sales and low interest rates.  Some have made offers on properties and others are watching to see what happens with an eye on 30-year mortgage rates. Meanwhile, sales in January tanked.  T...

Moana Vista sales picking up

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Last week I spent time looking at properties with a hui of motivated buyers.  We looked at a variety of residential properties to determine what would best fit their intended use as a vacation retreat in Hawaii. Moana Vista is currently under construction at 1015 Kapiolani Boulevard.  It's convenient location in town and elegant design caught the interest of these buyers.  We stopped by the project and checked it out. ...

Oahu home sales December 2008

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The last month of 2008 was surprisingly steady for homeowners on Oahu.  Sales volume of homes and condos was way down from 2007.  Oahu's median sales prices held steady though.  It seems like prices throughout the U.S. have plunged, how can Hawaii's prices be holding steady?  Part of the answer is- location, location, location. Affluent people are still buying homes, resulting in price stability and even price increases in certain neighborhoods!  Ye...