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Recently posted or modified blog postshttps://www.hiestates.com/blog/Copyright HiEstates.com2024-03-18T08:27:19-07:00tag:hiestates.com,2012-09-20:33523Making a Powerful Offer in Oahu without Offering Above Asking<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Making_an_Offer_in_Oahu_without_Offering_Above_Asking.jpg" width="900" height="550" alt="Making an Offer in Oahu without Offering Above Asking" title="Making an Offer in Oahu without Offering Above Asking" />
Buying a home in a competitive real estate market like Oahu can be intimidating, especially if you want to stick within a strict budget. If you're looking for ways to make a powerful offer without offering above the asking price, either because you cannot or because you do not prefer to, there are other things you can use to negotiate and make your offer stand out.
We can help you <a href="https://www.hiestates.com" target="_blank" rel="noopener">find homes for sale on Oahu</a> that meet your needs and your budget, and guide the process of crafting an offer that is attractive to the seller. <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to learn more, and keep reading for our tips to negotiate effectively to <a href="https://www.hiestates.com" target="_blank" rel="noopener">buy your home in Oahu</a>.
The key to making an offer that stands out to the seller without offering a higher purchase price is understanding what other bargaining chips you have at your disposal. Consider whether any of these might be something you can include in your offer.
Flexible Timelines
One effective strategy to strengthen your negotiation position is to offer flexibility in the closing date. Sellers sometimes have specific timelines, whether they're relocating or looking to secure their next property. By accommodating their schedule, you demonstrate your willingness to make the process as seamless as possible, potentially giving you an edge over other buyers who want a strict 30 day escrow period.
This might also look like offering a rent-back agreement. If you want to close after a certain period of time but don't need to move in, and the seller needs a long period or time before moving out, you may be able to come to a mutually beneficial agreement that is convenient enough for the seller to concede in other areas.
Earnest Money
Increasing the amount of your escrow deposit or earnest money demonstrates your commitment to the purchase. A higher deposit provides the seller with confidence in your seriousness and financial capability. It also acts as a tangible indicator of your dedication to the transaction, potentially making your offer more attractive despite not exceeding the asking price.
While it will require a bit more cash upfront, this won't actually increase the cost of your investment at all. If you're in the financial position to do so, consider offering this bargaining chip that will give the seller confidence in your solid financial standing.
Bob Jamison, a <a href="https://www.tuscanaproperties.com/" target="_blank">Realtor at Tuscana Properties</a>, offers these insights:
"As a Realtor, I often advise my clients that increasing their escrow deposit or earnest money is a powerful strategy to demonstrate their commitment to a purchase. This move not only showcases their seriousness and financial capability but also significantly boosts the seller's confidence in the transaction.
Although it requires a bit more cash upfront, this approach doesn't increase the overall cost of the investment. For buyers who are financially able, offering this bargaining chip can make their offer stand out, providing a clear signal of their dedication without necessarily having to exceed the asking price. In today's competitive market, such strategies can be the difference between securing your dream home and missing out."
Waiving Contingencies
Are there any typical contingencies that you may be willing to waive? While it's essential to protect your interests, your might consider waiving certain contingencies, such as home sale or appraisal contingencies, if possible. This signals to the seller that you are confident in the condition of the property and committed to closing the deal without unnecessary delays. However, it's important to exercise caution with this strategy. We can consult with you to help you determine whether these are risks worth taking in your unique situation.
Personalized Letters
While not always effective, sometimes a personal letter will make your offer stand out in a multiple-offer scenario. Craft a heartfelt letter to the seller, explaining why you love their home and how it fits perfectly with your family's needs. Establishing a personal connection can make the seller more inclined to choose you over other potential buyers. Sharing a bit about yourself and your plans for the property can humanize the transaction, potentially swaying the seller in your favor.
Successfully negotiating the purchase of a home in Oahu without offering above asking requires a strategic approach that goes beyond the monetary factors. By leveraging other bargaining chips, such as flexible closing dates, solid financing, and personal connections with the seller, you can enhance the appeal of your offer without exceeding the asking price. Ready to <a href="https://www.hiestates.com" target="_blank" rel="noopener">find your home in Oahu</a>? We are here to help, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to get started.2024-03-18T08:21:52-07:002024-03-18T08:27:19-07:00Scott Startsmantag:hiestates.com,2012-09-20:27896New Condo Development Information For Melia And Ilima - Ward Village Towers
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#info">Development Information</a> | <a href="https://www.hiestates.com/#timeline">Development Timeline</a>
The Howard Hughes Corporation submitted exhibits to the HCDA in mid 2023 indicating their intention to develop two new front-row towers in the master-planned Ward Village neighborhood. Once referred to as ‘Block D Ward Village’ and ‘Block E Ward Village,' these towers are now known as <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia</a> and <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village">Ilima</a>. If all goes well, they are expecting to submit further permit applications mid 2024 and start construction mid 2025.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Block_D_Block_E_Ward_Village/Future_Auahi_Street.JPG" width="775" height="434" alt="Rendering of a redesigned Auahi Street" title="Rendering of a redesigned Auahi Street" style="vertical-align: baseline;" />
These towers will be located between Auahi Street and Ala Moana Boulevard, next to the IBM Building and replacing the current Ward Center. The development of the towers will bring an estimated 390 residences to the neighborhood. Given the front-row positioning, <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> and <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a> are expected to have a luxurious theme.
Images used on this page are early renderings, are the property of the developers, and may not accurately represent the completed project.
<a id="info"></a>Development Information For New Towers In Ward Village
As of the permit applications, neither tower will contain reserved housing units. This is because the current reserve housing requirements for <a href="https://www.hiestates.com/kakaako/ward-village/" title="Ward Village main page">Ward Village</a> have already been met with other developments.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Block_D_Block_E_Ward_Village/Ward_Village_Development_Map_6_2023.JPG" width="775" height="429" alt="June 2023 Development Map Ward Village" title="June 2023 Development Map Ward Village" style="vertical-align: baseline;" />
Current permit applications indicate that both towers intend to have similar L-Shaped designs, harmonizing with each other to create an iconic sight along a redesigned walkway. <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> and <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a> will have ample off-street parking, public short-term bicycle parking stalls, and resident long-term bicycle parking stalls.<br /><br />Melia Ward Village
<a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> will be located to the west of <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a>, between Auahi Street to the north and Ala Moana Boulevard to the south. Current permits indicate it will contain:
242 Units
Appx. 65,615 Sq Ft of Recreational Area
Appx. 8,289 Sq Ft of Ground Floor Commercial Space
Appx. 5,049 Sq Ft of Additional Open Space
Juliet Balcony-Style Lanai in Select Units
Along the street-facing siding of the parking levels, <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> intends to maintain the look of smaller-scale architecture along Auahi Street. The intention is to create a street environment that accommodates cars while also accommodating walking and socializing.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Block_D_Block_E_Ward_Village/Block_D_Front_Rendering.JPG" width="775" height="489" alt="Block D Early Development Plans" title="Block D Early Development Plans" />
The rooftop recreation deck of <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> is being designed with gardens, lawns, and pools.
Ilima Ward Village
<a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a> will be located to the east of <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a>, between Auahi Street to the north and Ala Moana Boulevard to the south. Current permits indicate it will contain:
148 Units
Appx. 81,077 Sq Ft of Recreational Area
Appx. 7,461 Sq Ft of Ground Floor Commercial Space
Appx. 709 Sq Ft of Additional Open Space
Juliet Balcony-Style Lanai in Select Units
Along the street-facing siding of the parking levels, <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a> intends to continue with maintaining the smaller-scale architectural style along Auahi street.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Block_D_Block_E_Ward_Village/Block_E_Front.JPG" width="775" height="474" alt="Block E Early Development Plans" title="Block E Early Development Plans" />
The large amount of Recreational area in comparison to the smaller number of units indicate that this recreational space may be luxurious or resort-level in nature.
<a id="timeline"></a>Block D & Block E Development Timeline
Current submitted applications are proposing a modification or exception to current rules for planned developments. These are not the final permits required for construction of the towers. Building permit applications are expected to be submitted for both towers in mid-2024, with construction estimated to start in late 2025.
This timeline is an early estimate from permit applications and is subject to change based on sales and market trends.
All information from this post was derived from public information submitted to the HCDA by the developers, who we are not associated with. This information is representative of an early state of planning. These projects may change heavily over the course of their development cycles.
<a id="contact-form"></a>Ask About Block D & Block E In Ward Village
Interested in learning more about <a href="https://www.hiestates.com/new-developments/melia-ward-village/" title="Melia Ward Village Main Page">Melia (Block D)</a> and <a href="https://www.hiestates.com/new-developments/ilima-ward-village/" title="Ilima Ward Village Main Page">Ilima (Block E)</a> in Ward Village? Interested in learning more about other new developments on Oahu?
We specialize in helping buyers connect with new development projects on Oahu while providing the complete concierge service. Reach out at <a href="tel:+18084357754">1-(808) 435-7754</a> or fill out the form below to request a consultation and we'll get back to you as quick as we can. We have decades of experience assisting with buying in new development projects - and we love putting that experience to work helping people get settled in their perfect Oahu home.2024-03-16T15:36:00-07:002024-03-17T16:05:48-07:00Scott Startsmantag:hiestates.com,2012-09-20:33378How to Make a Competitive Offer on a Home in OahuIt's no secret that Oahu is a consistently competitive real estate market, with an inherently imbalanced supply-demand dynamic thanks to the desirability of the island and its limited space. If you are preparing to<a href="https://www.hiestates.com" target="_blank" rel="noopener"> buy a home on Oahu</a>, there are a few things you can do to be prepared to make a competitive offer that stands out in a multiple-offer scenario (which are common in this market).
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Competitive_Offer/How_to_Make_a_Competitive_Offer_on_a_Home_in_Oahu_HI.jpg" width="1640" height="924" alt="How to Make a Competitive Offer on a Home in Oahu" title="How to Make a Competitive Offer on a Home in Oahu" />
First, you need a real estate team with local expertise and a strong professional network. We bring that and more to the table, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale in Oahu</a> and how we can help you find yours.
There are also some things you can do to prepare yourself for Oahu house hunting.
Mortgage Pre-Approval
Before embarking on your homebuying journey, obtaining pre-approval for a mortgage is crucial. This not only demonstrates your seriousness as a buyer but also gives you a clear understanding of your budget. We never recommend searching for a home without pre-approval in hand because even if you are confident you can qualify for it, the time it takes to do so may be long enough that another buyer is able to get their offer accepted first.
Choosing a local lender with experience in the Oahu market is advantageous. Local lenders often have a better understanding of the intricacies of the island's real estate market and can provide personalized guidance. We can help connect you with local experts that can help.
Before we begin the search for your home, build a relationship with your lender. Work closely with your lender to prepare a strong pre-approval letter. This document shows sellers that you are a qualified buyer, giving them confidence in your ability to secure financing.
Tap Into Local Expertise
There is a long list of reasons that it matters to have a real estate agent with local expertise on your side. We can provide valuable insights, identify emerging opportunities, and guide you through the complexities of the island's real estate landscape. Hawaii has its own unique laws and culture, so real estate transactions here may be different from what you expect. For example, we are one of the few states that offers both <a href="https://www.hiestates.com/blog/understanding-leasehold-and-fee-simple-properties-in-hawaii-real-estate/" target="_blank" rel="noopener">leasehold and fee simple real estate transactions</a>.
Additionally, we often have access to off-market listings or upcoming properties. This gives you an advantage by allowing you to explore options before they are widely available to the public. We also understand the nuances of Oahu's real estate market, enabling us to negotiate effectively on your behalf. We can help structure a compelling offer that stands out in competitive situations.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Competitive_Offer/How_to_Make_a_Competitive_Offer_on_a_Home_in_Oahu.jpg" width="1640" height="924" alt="How to Make a Competitive Offer on a Home in Oahu" title="How to Make a Competitive Offer on a Home in Oahu" />
Know Your Non-Negotiables
In a competitive market, it's essential to set realistic expectations and identify your non-negotiables early in the process. This clarity will help streamline your search and make it easier to act decisively when the right property comes along.
Clearly define your must-haves and prioritize them. Understanding your non-negotiables allows you to focus on properties that align with your essential criteria, making the decision-making process more straightforward.
And remember, while it's crucial to have non-negotiables, it is also helpful to be flexible on minor details. In a competitive market, being open to compromise on less critical factors can give you a broader range of options.
Act Quickly and Strategically
In a competitive market like Oahu, properties often receive multiple offers in a short timeframe. Acting quickly is crucial, but it's equally important to approach the process strategically. Regularly monitor new listings and be prepared to schedule showings promptly. When we know what you are looking for, we will stay in close communication to ensure you are aware of potential opportunities as soon as they arise.
We can also work together to strategize the timing of your offer. Understanding the seller's preferences and market dynamics can help you submit an offer at a time that maximizes your chances of acceptance.
Crafting an Offer the Seller Will Notice
When making an offer on a home in a competitive market, it's not just about offering the highest price. Crafting a competitive offer involves considering various factors that may appeal to sellers. Depending on the details of the property, these are some things we might suggest:
Write a heartfelt letter to the sellers, expressing your genuine interest in the property. Personal connections can make a significant impact for some sellers, especially those with a sentimental attachment to the property.
Offer flexibility in your closing timeline. If possible, align your closing date with the seller's preferences. This can make your offer more attractive to some sellers.
An escalation clause allows your offer to automatically increase in increments up to a specified limit if competing offers are present. This demonstrates your willingness to be competitive without overshooting your budget.
Consider offering a larger earnest money deposit. A substantial deposit signals your commitment to the purchase and may make sellers more confident in your ability to secure financing.
Successfully making a competitive offer on a home in Oahu requires a combination of strategic planning, local expertise, and a proactive mindset. Ready to learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a> or begin house hunting? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to get started.2024-03-11T07:47:31-07:002024-03-11T07:51:09-07:00Scott Startsmantag:hiestates.com,2012-09-20:28716A Guide to Grocery Costs in ParadiseHawaii is a tropical paradise with breathtaking landscapes and a vibrant culture. This exceptional diversity extends to the produce as well, since the many communities living here require different ingredients for their unique cuisines. While there’s incredible local produce, a lot of the stuff also has to be shipped in from the mainland, and there’s obviously a higher cost associated with that.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/Farmers_Market_iStock-694234470_1_s.jpg" alt="Man and woman shopping for fruit on Oahu" title="Oahu grocery guide" width="1600" height="1065" />
That’s why it’s common for many newcomers to wonder how much the cost of groceries in Hawaii is. It’s typically on the higher end when compared to the mainland so keep that in mind when planning a grocery budget in Hawaii. It’s important to be mindful of what’s available to you out here on the island state and how the prices of these daily necessities will impact your budget.
If you’re thinking about moving to Hawaii, let’s take a more holistic look at why the prices are what they are, instead of simply comparing grocery costs in Hawaii without understanding how things work here.
Related: <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii/" target="_blank">Our Cost Of Living In Hawaii Guide For 2024</a>
What types of groceries does Hawaii have and not have that you have on the mainland?
All of your typical groceries that you’d expect to see in any other place are easily available in Hawaii. This includes staples such as bread, eggs, cheese, milk, different kinds of meat, etc. Produce that’s exotic or unique to your area may not be readily available, but it’s not uncommon to find these items at specialty stores.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/Farmers_MKT_iStock-472130093_1_s.jpg" alt="Kings Village Farmers Market" title="Kings Village Farmers Market Oahu" width="1600" height="1067" />
What makes grocery shopping in Hawaii so fun is the fact that Hawaii is very culturally diverse. You have people from many different cultures living here and they contribute to the eclectic mix of cuisines and foods that you can enjoy. To that end, you’ll find a lot of specialty stores that bring together products from a specific region or culture.
For example, H Mart is your destination for all things Korean. From gochujang to ramyeon and everything in between, you’ll find it there. The markets in Chinatown are a treasure trove of flavors from China and you can find everything from fresh produce to Philippine-branded goods at Jimmy's Produce & Filipino Store. Don Quixote and the Thai food markets are also great places to get affordable diverse groceries in Hawaii. There’s even an Indian Mart that has every type of Indian spice that you can possibly imagine.
Related: <a href="https://www.hiestates.com/blog/grocery-shopping-in-hawaii/" target="_blank">Grocery Shopping in Hawaii</a>
Hawaii has a unique tropical selection & specialty cuisines
Hawaii’s tropical climate and year-round moderate weather is great for growing many different types of fruits and vegetables. You can head to one of the many farmers’ markets in Hawaii to pick up produce from the farm every week. Some of the unique homegrown produce that you can sample includes pineapples, papaya, lilikoi, dragonfruit, breadfruit, lychee, coconuts, guava, soursop, and more.<br /><br /><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/fiona-smallwood-iUxjs-F0voI-unsplash_s.jpg" alt="Pineapples stacked together" title="Oahu pineapple store" width="1600" height="2134" />
A wide variety of produce is grown on the island state and since it doesn’t need to be shipped in from the mainland, this helps expand the cost-effective grocery options in Hawaii. From avocados to mangos, there's a lot that grows here, even macadamia nuts, which happen to be some of the most popular crops in Hawaii.
It's great to see that restaurants, both fine dining and your local hole in the wall, make it a point to use local ingredients that highlight the best of what Hawaii has to offer. The local produce is seamlessly integrated into different cuisines, taking advantage of the diversity of crops to deliver an elevated farm-to-table experience.
Grocery costs in Hawaii
I visited four of the biggest grocery retailers on Oahu to provide you with a realistic assessment of Hawaiian grocery store prices. Prices for dozens of essential items available at Costco, Whole Foods, Times, and Foodland have been compiled in a comprehensive document available below.
<a href="https://assets.site-static.com/userfiles/2805/file/Grocery_List_2024_Q1_Final.pdf" title="Q1 2024 Grocery Costs In Oahu" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/HiEstates_Website_graphics_-_Grocery_Costs.jpg" width="775" height="393" alt="Q1 2024 Grocery Cost Comparison In Oahu" title="Q1 2024 Grocery Costs In Oahu" style="vertical-align: baseline;" /></a>
<a href="https://assets.site-static.com/userfiles/2805/file/Grocery_List_2024_Q1_Final.pdf" title="View Grocery Price Comparison Stores In Q1 2024" target="_blank">Click here to view a PDF Of Q1 2024 Price Comparisons</a>
Where to buy groceries
From local chains to nationwide retailers and specialty markets, there’s no shortage of places to buy all of the groceries you need. Here are some of the most popular places to buy groceries in Hawaii.
1. Whole Foods
If you are looking for a full grocery store experience with some local items, <a href="https://www.wholefoodsmarket.com/stores/queen" title="Whole Foods Market In Honolulu">Whole Foods Market</a> will be one of your best options. They are known for their impressive variety, with a full butcher, salad bar, deli, and juice bar so you can select specialty items to go with your grocery staples.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/Kaka_ako-Ward-11_s.jpg" alt="Ae'o Whole Foods" title="Whole Foods anchor store" width="1600" height="1067" />
Whole Foods also tends to carry options from local providers, like coffee roasters or farms, so you're always bound to find something that you can create amazing meals with.
2. Times Supermarkets
<a href="https://www.timessupermarkets.com/">Times Supermarket</a> is a local chain that has been operating in Hawaii since 1949. It has since grown to 24 locations across the state, providing customers with fresh produce from local farms, Hawaii-made products, a full-service deli, and even a full-service pharmacy in selected locations on Oahu.
3. Foodland
<a href="https://foodland.com/">Foodland</a> is another long standing Hawaii institution. Its first store was opened back in 1948 in Honolulu and now happens to be the largest locally-owned supermarket chain in the state. Customers can shop a wide range of products, both local and imported.
4. Safeway
<a href="https://local.safeway.com/safeway/hi.html">Safeway</a> is a popular national grocery chain operating multiple stores in Hawaii since 1963. It focuses on providing organic fruits and vegetables in the produce section under its "O Organics'' label. Many stores also have a Starbucks, a meat and deli counter, a bakery, pharmacy, liquor section, etc.
5. Costco and Sam’s Club
A membership to <a href="https://www.costco.com/warehouse-locations/hawaii-kai-honolulu-hi-120.html">Costo</a> and <a href="https://www.samsclub.com/club/honolulu-hi-sams-club/4755">Sam’s Club</a> is a must for keeping a tight Hawaii grocery budget, particularly if you like buying in bulk. The store-brand products at these chains deliver a great bargain without compromising on quality. You can find everything from groceries to electronics, household essentials, and even furniture at these stores.
6. Down to Earth
<a href="https://www.downtoearth.org/">Down to Earth</a> has been a leading retailer of organic and natural foods in Hawaii for almost 50 years. It was established with the vision of providing high quality organic products at affordable prices.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/332492137_939358213911748_2981664352413757817_n_s.jpg" alt="Down to Earth store" title="Oahu Down to Earth chain" width="1600" height="1689" />
That mission is still very much being carried out through its six locations across Hawaii. A long standing local favorite, Down to Earth has won the People’s Choice Award for Best Health Food Store 16 years in a row!
7. Hmart
H Mart is a popular Asian grocery store chain that stocks imported produce and packaged foods from the region. Given the diversity in Hawaii's population, H Mart's niche products have made it a permanent fixture on the grocery runs of Hawaii residents.
8. Specialty stores
Head to one of the many specialty markets if you're looking for specific produce and foods from a particular region. Jimmy's Produce & Filipino Store is your spot for anything from the Philippines.
Don Quixote will get you sorted with Japanese goods while the many Thai markets across Oahu will have everything you need to whip up a great Thai meal at home. Head to the bustling Chinatown district near downtown Honolulu not just for some of the best dim sum and noodle shops but also for unique produce from the region.
For a typical grocery store experience, many people living in Hawaii like to shop at the grocery stores listed above. You will find all of your staples for some of the best prices, with some uniquely Hawaiian flair like the option to buy fresh poke bowls from the deli.
9. Farmers Markets
<a href="https://www.hiestates.com/blog/farmers-markets-in-honolulu-oahu-map-of-active-farmers-markets-in-2023/">Oahu's farmers markets</a> are a class apart. You can find some of the best local produce there straight from the people who grow it. These markets are about so much more than just produce.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/Fruits_iStock-598567262_1_s.jpg" alt="Fruits in crates at an Oahu farmers market" title="Oahu grocery shopping guide" width="1600" height="1148" />
They serve as community hubs, bringing together people from all walks of life. There's also a thriving food truck scene in these markets where you can sample many local and exotic cuisines.
Related: <a href="https://www.hiestates.com/blog/how-to-budget-for-living-in-hawaii/" target="_blank">How to Budget for Living in Hawaii</a>
How to save money when grocery shopping in Hawaii
1. Shop around for the best prices
The biggest tip for saving money on groceries in Hawaii is to shop around to see where you can get the best price. There are plenty of options to choose from. You can head to national chains such as Whole Foods, specialty stores, membership clubs, farmers markets, etc.
Many grocery store chains also have discounts and rewards that you can take advantage of. For example, Amazon Prime members are often provided additional discounts on products in Whole Foods stores. Chains like Times Supermarkets, Foodland, Safeway, etc have weekly advertised specials that provide you extra bang for your buck.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/143296037_909880073088442_3449163081233276658_n_s.jpg" alt="Times Supermarket store sign" title="Times Supermarket Store on Oahu" width="1600" height="1600" />
There’s great value to be had at each of these places while also having access to a unique and wide selection of products. For example, Whole Foods often sells peppers for $3.99/lb whereas Times sells peppers for $6.59/lb. Shopping around for prices helps you stretch your dollars much further.
2. A big box store membership is a must
A membership to a big box store like Costco or Sam’s Club provides great benefits. Since they sell in bulk quantities, you'll already be saving money, but often their prices are unbeatable. This effectively doubles the benefit and you'll soon see that the savings more than make up for the initial membership cost. It’ll help you save a lot of money in the long run and you can also take advantage of the promotions and deals they often run to save some extra cash.
3. Sign up for all of the rewards cards
Most major grocery chains offer rewards cards to customers. It's a way for them to ensure that customers keep coming back. You should sign up for these cards as you'll get access to big savings and rack up loyalty points whenever you make a purchase. The grocery stores often have the same items for sale for rewards customers and the savings are often significant. That item you like that is regularly $4.99 can be on sale most times with the rewards card for up to 30% off. Those kinds of savings add up when purchasing groceries for your entire family.
4. Military families save big at NEX
Members of the military have another great option in the NEX or Navy Exchange. It offers great prices on groceries in addition to many other products for military families.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/A_Guide_to_Grocery_Costs_in_Paradise/US_Navy_021029-N-3228G-011_Front_view_of_the_Pearl_Harbor_NEX-Commissary_s.jpg" alt="Navy Exchange on Pearl Harbor" title="NEX Oahu" width="1600" height="1066" />
Limited access may also be allowed for others. It's best to check up on the access requirements ahead of time.
5. Buy fresh local produce at farmers markets
Farmers markets in Hawaii are a great place to find unique and super fresh items, from produce to prepared foods. This is also a great place to meet other members of the community and settle into your new culture. Unlike many markets on the mainland, farmers markets in Hawaii can stay open all year long so you can count on them for your grocery needs in any season.
6. Visit specialty shops in diverse areas
Navigating Hawaii's grocery costs can even become a fun cultural experience. Expand your horizons by visiting one of the smaller markets in places like Chinatown or visit H-Mart for your Korean grocery needs or a Thai specialty shop. You can not only find some amazing, exotic produce there but also try new foods. It’s like taking a mini-vacation every time you go out to shop for groceries!
Related: <a href="https://www.hiestates.com/blog/10-ways-you-save-money-by-living-in-hawaii-vs-the-mainland/" target="_blank">10 Ways You Can Save Money By Living in Hawaii vs the Mainland</a>
Budgeting for groceries in Hawaii isn’t going to feel all that difficult once you realize how things work here, and that the various options available to you can ultimately help bring the overall cost of groceries down. We’d also recommend checking out <a href="https://www.hiestates.com/blog/how-to-keep-a-grocery-budget-in-hawaii/" target="_blank">our guide on how to keep a grocery budget in Hawaii</a> to ensure that your every dollar stretches just a little bit further.2024-03-10T15:00:00-07:002024-03-15T15:32:21-07:00Scott Startsmantag:hiestates.com,2012-09-20:33363Oahu Real Estate Market Report For February 2024<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-2/Monthly_Stats_-_February_2024.jpg" width="1225" height="689" alt="Oahu beachfront aerial shot with mountain in background and market report text on bottom" title="Oahu Real Estate Market Report - February 2024" style="vertical-align: baseline;" />
Aloha, Welcome to the February 2024 Market Report with List Sotheby's International Realty!
As expected, the number of sales was up slightly in February for both Single Family Homes (SFH) and Condos, but the significant increase was in prices. The median price for an SFH was $1.075 million, up 8.9%, while the median price for a condo was $512,500, up 6.8%. It seems this strong price appreciation is based on a 1% drop in mortgage interest rates that occurred towards the end of last year.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2024-02FEB.pdf" title="Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
In February 2024 single-family home sales in Oahu saw an increase of 3.5% compared to the same month in 2023. The median sales price also climbed to $1,075,000, an 8.9% rise from February 2023. Single-Family homes spent fewer days on the market, with the median days decreasing from 47 to 30 days. Notably, 97.8% of sellers received their original list price or more.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-2/Monthly_Stats_-_February_2024_-_SFH_1.jpg" width="1225" height="689" alt="Open floor plan living room with upper level on right side, market stats on left" title="Oahu Market Stats February 2024 - SFH Slide 1" style="vertical-align: baseline;" />
Homes priced at $1,000,000 and above showed the most significant growth in sales, making up almost 60% of sales for February - a trend likely driven by Oahu's appeal to high-end buyers. New listings in the single-family home sector increased by 26.6% year-over-year, with 295 homes added to the single-family home market in February. New listings were especially high in the $800,000 to $899,999 price range, up 88% compared to last year with 47 new listings for February 2024.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-2/Monthly_Stats_-_February_2024_-_SFH_2.jpg" width="1225" height="689" alt="Palm trees against sky on right side market stats on left" title="Oahu Market Stats February 2024 - SFH Slide 2" style="vertical-align: baseline;" />
Oahu Condos | Market Stats
Condo sales in Oahu for February 2024 also witnessed positive changes, including a 2.8% increase in closed sales compared to February 2023. The median sales price also rose by 6.8% to $512,500 during this period. This growth in sales and prices suggests a stable demand for condos, particularly in certain price ranges. The $500,000 to $699,999 bracket experienced the most significant sales increase, up 43.3% in February 2024 compared to February 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-2/Monthly_Stats_-_February_2024_-_Condos_1.jpg" width="1225" height="689" alt="Condo living room on left side, market stats on right" title="Oahu Market Stats February 2024 - Condo Slide 1" style="vertical-align: baseline;" />
Condo listings saw a 15.1% increase in new properties hitting the market, expanding choices for buyers. The Metro Honolulu region experienced the largest increase in listings, up 14.8% compared to February 2023. Despite the growth in sales condos stayed on the market longer than last year, with the median days on market increasing to 39 days. However, 97.9% of condos for February 2023 sold at or near their original list price, signifying a still-healthy market.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-2/Monthly_Stats_-_February_2024_-_Condos_2.jpg" width="1225" height="689" alt="Aerial shot of Oahu beach on left with market stats on right" title="Oahu Market Stats February 2024 - Condo Slide 2" style="vertical-align: baseline;" />
Inquire Now
Interest rates did move up slightly in February, and I felt a slight cooldown in the market, so let's keep an eye on how that impacts sales going forward. As I mentioned before, the market will move as interest rates move this year. Rates are currently around 7% and are anticipated to be just below 6% by year's end. If so, we should see more strength in the market in the coming months.
If you're considering buying or selling a home or condo in Oahu, fill out the form below. Our expertise in the Oahu real estate market can guide you through this dynamic landscape. Contact us today to explore your options in this evolving market!2024-03-09T15:49:54-07:002024-03-09T16:30:16-07:00Scott Startsmantag:hiestates.com,2012-09-20:33210Oahu Short-Term Vacation Rentals - An Overview Heading Into 2024Owning a vacation rental on Oahu can be a very sound investment. Not only can you capitalize on the incredible demand for short-term housing on the island from visitors and tourists alike, but you also have the flexibility to live in the unit and enjoy life in Hawaii. It all sounds great in theory but like any investment, you must approach it with a clear plan in mind.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/waikiki-resort-zone-oahu.jpg" width="1600" height="1067" alt="Overhead view of Waikiki, Oahu" title="Waikiki Resort Zone" />
Short vacation rentals work a bit differently on Oahu than on the mainland. They’re only allowed in very specific areas. If you buy a property anywhere else, you may not be able to offer short-term rentals. That’s why it’s important to work with professionals with knowledge of the market, so that you can best navigate all the rules and regulations that affect Oahu vacation rentals now and in the future.
Figuring out financing for buying one of these properties can present some challenges as well. There will also be tax considerations to be kept in mind when buying a vacation rental on Oahu. We’ll touch on that later on, so that you’re well-prepared for maximizing the return from your investment.<br /><br />What are STR’s on Oahu?
Vacation rentals on Oahu are also called STR’s or Short-Term Rentals. These lodgings provide accommodation to guests for less than 30 consecutive days. STRs are only allowed in resort-zoned areas on Oahu and a few apartment-zoned areas. These regulations are in place to preserve housing for long-term residents.
Rules & Regulations
STR’s must not provide guest accommodation for more than 30 consecutive days in eligible areas. There are two main types of STR’s that are allowed under the current regulations:
Bed and breakfast homes (B&Bs) - The permanent resident or homeowner is present on the property during the short-term stay. They’re only allowed to rent up to two rooms with a maximum of two adult occupants per room.
Transient vacation units (TVUs) - These are unhosted or whole home rentals where the homeowner isn’t present on the property. There can only be a maximum of two adult occupants per soon.
There also exist "Grandfathered" STRs, properties outside the resort-zoned areas, that have been in operation since before October 22, 1986, when rental restrictions were first imposed in the city. They’ve been issued a nonconforming use certificate (NUC) that must be newed every year to continue short-term renting under their grandfathered rights. No new NUCs are being issued now.
You can buy a vacation rental on Oahu that has grandfathered rights. Just check if the property has a valid certificate through the <a href="https://www.honolulu.gov/rep/site/dpp/dpp_docs/nucs-by-tmk.pdf" target="_blank">NUC database</a>. You can assume that NUC upon purchase of the property, and continue short-term rentals under similar terms.
AirBnB / VRBO
Short-term rental booking platforms like AirBnB and VRBO are strictly regulated on Oahu. The City and County of Honolulu actively issue Notices of Violation to illegal short-term rentals. Operating one illegally can lead to serious trouble and significant fines, running from $1,000 to $10,000 per day. You can rent out an eligible property based on the conditions highlighted above if it’s located in one of the resort-zoned areas, like Waikiki, or has a grandfathered STR. If your property doesn’t meet these prerequisites, you can only rent it out through AirBnB or VRBO for a minimum of 30 days.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/Waiea_living_room_2-2_s.jpg" width="1600" height="1027" alt="Waiea Living Room" title="Waiea Condo, Oahu" />
Ordinance 22-7 was introduced in 2022 to increase the minimum rental period for these properties from 30 days to 90 days. This meant that property owners outside resort-zoned areas would only be able to rent their units for a minimum of 90 days through AirBnB or VRBO. However, a federal judge has granted a permanent injunction after the Hawaii Legal Short-term Rental Alliance challenged the ordinance. Short-term rentals outside resort-zoned areas can rent for a minimum of 30 days as before, as long as they opened before the ordinance was put in place in 2022.
Related: <a href="https://www.hiestates.com/blog/oahu-luxury-condos-lifestyle-guide/" target="_blank">Oahu Luxury Condos | Lifestyle Guide</a>
Resort Zones On Oahu
The vast majority of short-term rental properties are confined to the four designated resort zones on Oahu, each with its own distinct character. From the bustling, metropolitan streets of Waikiki to the picturesque serenity of Ko Olina and Turtle Bay, there’s enough variety here to suit every lifestyle.
Waikiki
<a href="https://www.hiestates.com/honolulu-neighborhoods/waikiki/" target="_blank">Waikiki</a> is the beating heart of Oahu. Located on the southern shore of Oahu, it's densely packed with modern high-rises and swanky hotels. This is the place to be for the best retail and dining experiences on the island. There are plenty of attractions to keep visitors busy as well. Pop into one of the many globally renowned art galleries or be amazed by the aquarium and zoo.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/map-of-waikiki-resort-zone.jpg" width="1600" height="1184" alt="Satellite Map of Waikiki Resort Zone" title="Waikiki Resort Zone Areas" />
Resort Zoned Areas in Waikiki as seen on the <a href="https://cchnl.maps.arcgis.com/apps/webappviewer/index.html?id=ed2eec39157f41d3a27901de4b3f7530" target="_blank">Short Term Rentals Area map</a> from <a href="https://www.honolulu.gov/dpp/permitting/short-term-rentals.html" target="_blank">Honolulu.gov</a>
Waikiki provides a great blend of city life with access to nature at a relaxed pace. Despite being the center of the action on Oahu, Waikiki never lets you forget that you're in one of the most beautiful places on the planet. Your vacation rental will be walking distance from lush green parks, golden sand beaches, and enviable ocean views. Spend your mornings enjoying water sports, days at one of the many fine retail establishments, and evenings at some of the best restaurants and bars on the island.
Turtle Bay
<a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041972" target="_blank">Turtle Bay</a> is the gateway to Oahu’s world-famous <a href="https://www.hiestates.com/north-shore/" title="North Shore Area Page">North Shore</a>. Located about an hour’s drive from the urban core of Honolulu, it’s spread across 1,300 acres and boasts wild coastal beaches and incomparable rock formations. It’s paradise for nature enthusiasts, with some of the best surfing spots on the island located here.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/map-of-turtle-bay-resort-zone.jpg" width="1600" height="928" alt="Satellite Map of Turtle Bay Resort Zone" title="Turtle Bay Resort Zone, Oahu" />
Resort Zoned Areas in Turtle Bay as seen on the <a href="https://cchnl.maps.arcgis.com/apps/webappviewer/index.html?id=ed2eec39157f41d3a27901de4b3f7530" target="_blank">Short Term Rentals Area map</a> from <a href="https://www.honolulu.gov/dpp/permitting/short-term-rentals.html" target="_blank">Honolulu.gov</a>
The <a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041972" target="_blank">vacation rentals here</a> are part of the luxury Turtle Bay oceanfront resort. It feels like every unit is on the beach itself, providing unobstructed views of the ocean as far as the eye can see. Lounge in your lanai and hear the waves wash up on the shore. With top-notch resort amenities at your disposal, Turtle Bay provides one of the finest luxury tropical lifestyles.
Ko Olina
<a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041969" target="_blank">Ko Olina</a> provides the ideal Hawaii oceanside lifestyle. While not as far as Turtle Bay, it’s far enough removed from the hustle and bustle of Waikiki that it feels like the perfect getaway even for those in the urban core. You have miles of white sand beaches, a championship golf course, easy access to Kapolei for retail, dining, and big box stores.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/map-of-ko-olina-resort-zones.jpg" width="1600" height="1096" alt="Satellite Map of Ko Olina Resort Zone" title="Ko Olina Resort Zoned Areas" />
Resort Zoned Areas in Ko Olina as seen on the <a href="https://cchnl.maps.arcgis.com/apps/webappviewer/index.html?id=ed2eec39157f41d3a27901de4b3f7530" target="_blank">Short Term Rentals Area map</a> from <a href="https://www.honolulu.gov/dpp/permitting/short-term-rentals.html" target="_blank">Honolulu.gov</a>
Enjoy memorable experiences with your family at Disney’s Aulani resort, located right here on Ko Olina, or just walk over to the Four Seasons and Marriott to be pampered by their world-class service. It feels as if the clock ticks ever so slowly here, enabling you to soak in the sights and sounds of oceanside living. Walk the long and winding seaside pathways to explore the four jewel-like lagoons, play a round of golf, enjoy 5-star service, or just wind down on your lanai with a good book as the sound of the waves gently soothes you. Getting away from it all has never felt so good.
Makaha
Situated on Oahu’s western coast, <a href="https://www.hiestates.com/leeward-coast/" target="_blank">Makaha</a> is a surfer’s paradise. The waves here are the stuff of legends for surfers. Makaha is highly regarded in the surfing world and is the favorite spot of many experienced surfers. The beauty of its beaches is second to none and Makaha also remains a popular spot for other ocean activities like diving and snorkeling.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/map-of-makaha-resort-zone.jpg" width="1600" height="1028" alt="Satellite Map of Makaha Resort Zone" title="Makaha Resort Zoned Areas, Oahu" />
Resort Zoned Areas in Makaha as seen on the <a href="https://cchnl.maps.arcgis.com/apps/webappviewer/index.html?id=ed2eec39157f41d3a27901de4b3f7530" target="_blank">Short Term Rentals Area map</a> from <a href="https://www.honolulu.gov/dpp/permitting/short-term-rentals.html" target="_blank">Honolulu.gov</a>
Makaha is also loved for its remote and secluded location. It lets you escape the crowds and immerse yourself in Oahu’s pristine natural beauty. If you prefer being away from touristy areas, prefer less crowded environments, and want a more relaxed living experience with gorgeous views and great surfing, you can’t go wrong with Makaha.
Related: <a href="https://www.hiestates.com/blog/are-there-downsides-to-owning-oahu-vacation-rentals/" target="_blank">Are There Downsides to Owning Oahu Vacation Rentals?</a>
Financial Planning
There are financial considerations to be mindful of when buying a vacation rental on Oahu. You'll typically be required to pay a higher down payment when buying a vacation rental compared to a primary home loan. Lenders may have different terms for loans on second homes and investment properties. Some may even prohibit rentals, so it's important to pick lenders that don't restrict your ability to rent the property.
Lenders will also weigh the higher risk you're taking on an investment property. They may require that you retain up to six months of living expenses in addition to the payment on the second property before approving. Such conditions can considerably limit the properties that you may consider buying.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Vacation_Rentals_-_Rules_Zoning_And_More_Heading_Into_2024/Victoria_Place_club_amenities_5.jpg" width="1600" height="842" alt="Amenities at Victoria Place" title="Victoria Place Condo, Oahu" />
The financial planning for an investment property doesn't end here. You're also responsible for the utilities, maintenance and upkeep costs. Whether that’s preparing the unit for the next guest or fixing up one of the many issues that will inevitably come up during your ownership of the property. Do you have enough financial runway to keep up with those expenses, even during periods of low demand? Do you have a team in place that can handle maintenance issues even when you’re off island? Take your time to deliberate on these matters so that you can make an informed investment decision.
Related: <a href="https://www.hiestates.com/blog/financing-options-for-hawaii-real-estate-investments/" target="_blank">Financing Options For Hawaii Real Estate Investments</a>
Tax Considerations
While property taxes are one of the few certainties in life, vacation rental owners on Oahu are also required to pay specific taxes on the rental income that their property generates. However, these taxes are typically baked into the rental fees paid by guests. Hosts are also required to obtain a Certificate of Registration from the Hawaii Department of Taxation. The Tax ID must be posted on the online listing for short-term rentals. Taxes on income generated by investment homes are primarily of three types:
General Excise Tax: This is also referred to as the Hawaii Sales Tax. The <a href="https://tax.hawaii.gov/geninfo/get/" target="_blank">General Excise Tax</a> (GET) has a base rate of 4% with a 0.5% additional surcharge on Oahu. You’ll thus be required to pay a total GET of 4.5% on the gross rental income of your vacation rental.
Transient Accommodations Tax: The <a href="https://files.hawaii.gov/tax/legal/brochures/TAT_brochure-23.pdf" target="_blank">Transient Accommodations Tax</a> (TAT) is charged on short-term rentals with a rental period of fewer than 180 days. The TAT is charged at 10.25% of the gross rental income.
Oahu Transient Accommodations Tax: Lastly, homeowners on Oahu who provide short-term rentals are also required to pay the <a href="https://www.honolulu.gov/budget/oahu-transient-accommodations-tax.html" target="_blank">Oahu Transient Accommodations Tax</a> (OTAT) on all income generated from rental periods of fewer than 180 days. OTAT is lived at a rate of 3%.
Related: <a href="https://www.hiestates.com/blog/abcs-of-oahu-real-estate-investing/" target="_blank">ABC’s of Oahu Real Estate Investing</a>
Reach Out
Short-term vacation rentals on Oahu can be a great investment, provided that you do your due diligence and remain on the right side of the law. They’re only allowed in specific areas on the island with strict conditions on occupancy limits and the duration of rentals. Property owners must also comply with all regulations concerning short-term rentals as well as pay the relevant taxes.
Finding the right property that makes guests want to book your place over hundreds of others requires careful consideration of locations, amenities, lifestyle activities, and access to nature. It can also be tough to navigate the regulatory landscape on Oahu vacation rentals on your own. We’ve helped clients make sound investments in short-term vacation rentals on Oahu for more than two decades. Let our experience be your guiding light. Fill out the form below for a free consultation or give us a call at <a href="tel:+18087451602">1-(808) 745-1602</a>. Let’s discuss how we can make your Oahu investment journey successful.2024-03-01T05:30:01-07:002024-03-12T09:40:27-07:00Scott Startsmantag:hiestates.com,2012-09-20:1544013 Things No One Tells You About Living in HawaiiHawaii… Land of paradise, beautiful weather year-round, the spirit of Aloha, what could possibly go wrong?
But, it may not be for everyone. While it is beautiful and the weather is practically perfect in every way, there are a few downsides and things that are not necessarily a disadvantage, but just stuff you should probably know. We want to be honest with people that are moving to the Hawaiian Islands.
Before moving from the mainland or anywhere else in the world, here are 13 things no one tells you about Hawaii.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/13_things_no_one_tells_you_hawaii/living_hawaii_canva.jpg" alt="13 Things No one tells you about living in Hawaii" title="13 Things No one tells you about living in Hawaii" style="margin: 11px; vertical-align: baseline;" width="775" height="436" /><br /><br />#1. More people move out than move in
Yes, it’s true. Hawaii is among the top states where more people move out rather than actually come in.
Because of the recent pandemic, a lot more people have been moving to the islands than in years past. Those working from home and telecommuters can really find a great spot in which to enjoy year-round vacation-style weather and ambiance all by doing the same job that they were doing perhaps in a big city or in an apartment building.
#2. It’s expensive
Hawaii is one of the highest cost of living states in the United States. Unless you are moving from some place like New York City, Los Angeles, or San Francisco, chances are your cost of living will be higher. Housing and electricity are some of the highest in the country.
However, given just a few weeks, you’ll fit right in and find where you can buy the cheapest gas, the best place to buy your groceries, where to shop, and you’ll probably adapt to the items that you can get on the islands easier rather than spending more for items from the mainland.
Related: <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii/" title="Cost Of Living In Hawaii">Cost Of Living In Hawaii</a>
#3. It’s hot
Now, I’m not talking Death Valley hot or <a href="https://homeswithjean.com/home-buyers/can-you-afford-to-live-in-two-places-every-year/" target="_blank" title="Can You Afford To Live In Two Places Every Year?">Arizona in August</a>, but it is hot here and it’s pretty much the same temperature year-round. You’ll likely experience temperatures around 80° to 90° during some of the hotter days and as low as 60° on some of the cooler days and evenings. This is the perfect temperature for a lot of folks.
If you’re planning on living at sea level or at least under 2000 feet elevation, you’ll experience warm weather year-round. If you want snow, you can head to the mountains of Mauna Kea, Mauna Loa, or Haleakala on Maui.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/13_things_no_one_tells_you_hawaii/AdobeStock_206919565.jpg" alt="13 Things No one tells you about living in Hawaii" title="13 Things No one tells you about living in Hawaii" width="775" height="517" />
#4. You won’t be road tripping very far
If you like getting in the car and heading out on the open road for hours and hours, chances are you’ll be right back where you started within about two or three hours. Depending on which island you choose, you can’t really go very far so if you love long, drawn-out road trips. Try to shift your thinking to more day trips to adventures such as <a href="https://www.hiestates.com/north-shore/" title="North Shore Area Page">North Shore</a>, museums, or explore a new beach. But, you won’t be crossing any state lines with a Hawaii road trip.
#5. You are a minority… And so is everyone else
Hawaii is truly the ultimate melting pot and there’s no one major ethnicity or race. So basically, the minority is the majority in Hawaii, which is a fabulous realization. Everyone gets along with everyone and respects each other’s culture, diversity, and what they can bring to the table. You’ll experience new tastes, unique traditions, and maybe develop some of your own.
<a href="https://www.hiestates.com/communities/">Browse Oahu Communities</a>
#6. You must respect the ocean.
You are probably moving to Hawaii because of the tropical weather and of course, the ocean. You can’t live in Hawaii if you hate the ocean because it’s literally all around you.
But, it is extremely dangerous and you must have a healthy level of respect for it. Currents can change in a heartbeat. Rip tides are especially dangerous. There are a lot of injuries that can happen around the ocean and it’s usually tourists that just aren’t aware of the severe power that the ocean emits.
<a href="https://www.hiestates.com/blog/best-neighborhoods-for-surfing-oahu/" title="Best Neighborhoods For Surfers On Oahu">Where to live on Oahu if You're a Surfer</a>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/13_things_no_one_tells_you_hawaii/AlaMoanaMagicIsland.jpg" alt="13 Things No one tells you about living in Hawaii" title="13 Things No one tells you about living in Hawaii" width="775" height="554" />
#7. You’ll have less food variety
Remember what I mentioned about changing what you buy based on price? That will happen a lot, especially with food. Sure, you could probably pick up a Washington State Apple - but it’s going to cost more than that local pineapple, papaya, or bag of Macadamia nuts. Having access to some of the freshest fruit on the planet will definitely up the nutritional value of your diet so enjoy it and try not to get too discouraged if you can’t get this or that.
Related: <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii/" title="Cost Of Living In Hawaii">Cost Of Living In Hawaii</a>
Your diet will probably change dramatically. I don’t know if it’s the weather, the feeling of being healthy, the opportunity to move more, or just the choice of more fresh fruits and vegetables. Embrace what you can get and make the most of every meal. Remember, we have some of the best seafood on the planet.
#8. You may lose touch with mainland friends
Some may hate you for having the courage and guts to actually move to Hawaii - but others may just forget about you.
Good friends will still come to visit, maybe knocking on your door within a year - but you might be surprised at how many people slowly drift away from your general sphere of influence. Even with social media these days, those on the mainland tend to forget that you live in paradise now. You may be left with only those mainland friends that love Hawaii as well.
#9. Little seasonal weather
If you love snow for Christmas, you may not love Hawaii in December. Hawaii doesn’t have any distinctive seasons. The weather from December to July only varies by about 10 to 15°. It’s pretty much the same temperature year-round.
If you love to garden year-round, Hawaii is where it’s at but, you will need to shift the type of gardening that you might be used to. No more cold weather spinach and peas but if you want to grow guava, basil, peppers, cantaloupes, and watermelon, Hawaii is the place to do it.
#10. Locals are wary of newcomers
Many mainlanders that move here end up leaving within a year. When you prove that you're here to stay, locals might start warming up to you. But you will always be an outsider. Even folks that have lived here for 20 years tend to face this.
There’s a little bit of a stigma surrounding mainlanders that move here, so it is something you just have to get over. Don’t stress out about it too much - try to be friendly and remember that everyone has a spirit of Aloha somewhere deep down inside.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/13_things_no_one_tells_you_hawaii/alex-bertha-Jyg7xHRmXiU-unsplash.jpg" alt="13 Things No one tells you about living in Hawaii" title="13 Things No one tells you about living in Hawaii" width="775" height="517" />
#11. It might not be the best place to start a business
Construction and remodeling might be some of the better business opportunities on the Hawaii and islands but taxes, the housing market, and all the fees that go along with starting and owning a business can be rough. This is probably why big-time executives and corporate moguls move here and start a food truck.
#12. Hawaiian wildlife is mild - but wild
There are no venomous snakes in the Hawaiian Islands - but, you might have to deal with the centipede from time to time.
There are a lot of wild chickens on the Hawaiian Islands and they typically take care of a lot of pests. The Scolopendromorpha centipede can be a little tricky if it gets underneath the sheets, but the little geckos and lizards help keep them in check. They won’t bother you even if you see one crawling up the wall.
Like a lot of places in the world, we always have ants, beetles, mice, flying cockroachers, and spiders. The black widow is just about the deadliest species we have.
#13. You won’t want to leave
Regardless of the bad, the good, the ugly, and the squeamish, you probably won’t want to leave the Hawaiian islands once you are here. It’s simply the ultimate paradise. I know a lot of folks that decided to leave everything on the mainland and move to Hawaii and they have never regretted it.
Recent friends of ours lived in <a href="https://snohomishland.com/" target="_blank">Washington state</a> for years but with frequent trips back and forth to Maui and Oahu, their love for the islands grew stronger. Each trip solidified the need to be a more peaceful, warm environment. And why not!? Don't we all want to be? Well, there is a special reason for it. You see, my friend has Lupus and with dangerous blood clots, he may not have long to live. He's only in his late 40s but with the knowledge that 10-30% of patients die in the first year of being diagnosed with the complication DVT, he said that waiting was not in his mindset. Why wait?
Why wait to live the life you want to live? What are we waiting for? A death sentence before we really start doing what we want to do in this life?
That's why he moved to Hawaii. After his last trip with his beloved girlfriend, he said that's it, next time, it's a one-way ticket. And that's just what he did. Threw caution to the wind and moved.
How do you do it?
You simply minimize. Yes, it can be spending moving here if you want to bring everything but this is the freedom we have; sell what doesn't matter; donate it, heck, give it away and then only take the necessities. In my friend's case, this was his Harley. Was it a hard decision for him? Nope. Because he had nothing to regret, nothing to leave behind, and everything to live for by doing his dream. He is settling in quite nicely in paradise.
Related: <a href="https://www.hiestates.com/blog/moving-to-hawaii-make-the-dream-come-true/" title="Moving To Hawaii - Make The Dream Come True">Moving To Hawaii - Make The Dream Come True</a>
Ever thought you couldn't move here because of this or that? Yeah, so do a lot of people. Will you be the one that drops everything and moves because you've always wanted to and why wait? When you're ready, and maybe even before you're a little ready, we will be there to help you find the right little piece of paradise for you. Come on... Hawaii is calling.<a href="https://www.hiestates.com/about/the-hiestates-team/"> Meet the Team</a> and Start Today!2024-02-23T13:00:00-07:002024-02-23T14:43:30-07:00Scott Startsmantag:hiestates.com,2012-09-20:15323The Ward Village Master PlanWard Village is the premier, hip, up and coming master-planned community in the urban core of Honolulu, located on the southern shore of Oahu next to the golden sands of Ala Moana Beach.
<a id="top"></a>Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#location">Location & Map</a> | <a href="https://www.hiestates.com/#now">Ward Village In 2024</a> | <a href="https://www.hiestates.com/#condos">Condo Towers</a> | <a href="https://www.hiestates.com/#future">Future Plans</a>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/Kakaako_Aerial_Shot.jpg" alt="Kakaako Aerial Shot" title="Kakaako Aerial Shot" style="vertical-align: baseline;" width="775" height="517" />
Developed by the Howard Hughes corporation, this Master Planned Community is a key element of the Kakaako area plans over the coming years. Ward Village is being designed with a goal promoting a health and wellness based lifestyle that harmoniously mixes urban and island life.
With an eye towards that goal, this urban core community is being developed (and redeveloped) for pedestrians from the ground up. At the spine of it all lies the redevelopment of Auahi Street as the pedestrian-friendly promenade, leading into both lush green spaces and trendy restaurants. Ward Village is creating a strong identity for itself over the course of its development.
Most residential units in Ward Village lie in the form of high-rise towers. The neighborhood is currently home to 6 residential towers that range from mixed-use to ultra luxury, with another six in varying stages of planning and development. The most recent tower to break ground was Kalae in January, while the most recent to start sales is The Launiu in February. The units throughout the neighborhood range from ultra-luxury penthouses with resort-style amenities to small studio units overlooking Victoria Ward Park.
<a id="location"></a>Located In Kaka’ako
Ward Village is a driving factor in Kaka’ako’s ongoing transformation into one of the hippest areas in Honolulu, filled with boutique shops and restaurants. While it is actively being developed, this master planned community is already a thriving neighborhood that is actively growing. Ward Village is doing this by granting its residents a unique blend of the urban core and the island lifestyle.
Ward Village today has welcomed over 1,000 residents to its pedestrian-friendly streets. They support a thriving local community that includes local farmers at the Ward Village farmers market and local designers at the South Shore Market. For all other grocery needs, the residential tower <a href="https://www.hiestates.com/kakaako/aeo/" title="Ae'o Main Page">Ae’o</a> has a Whole Foods built right into its base - a popular destination throughout kakaako.<br /><br /><a id="now"></a>Ward Village In 2024
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#retail">Retail & Restaurants</a> | <a href="https://www.hiestates.com/#parks">Open Spaces</a> | <a href="https://www.hiestates.com/#finishedcondos">Completed Condo Towers</a> | <a href="https://www.hiestates.com/#newdevcondos">New Development Condo Towers</a> | <a href="https://www.hiestates.com/#top">Jump To Top</a>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/Waiea_tower.jpg" alt="Waiea Tower In Ward Village" title="Waiea Tower In Ward Village" class="img_box_left" width="400" height="533" />Ward Village today stands as a pedestrian oriented neighborhood full of boutique restaurants, shops, and lush green open areas that encourage a health and wellness-based attitude for residents and visitors alike. Between the completed towers, Ward Village has welcomed over 1,000 new residents home. Throughout the neighborhood, options are available for a wide variety of palates and cuisines - showing off the cultural melting pot that is Hawaii.
At the heart of it all is a desire to support the local community. One example can be found at <a href="https://www.wardvillage.com/centers/south-shore-market/" title="South Shore Market in Ward Village" target="_blank">South Shore Market</a>, where residents can find a diverse mix of retailers that showcase talented entrepreneurs in Hawaii. There are three distinct shopping districts within Ward Village that provide a variety of shopping and dining options.
<a id="retail"></a>Retail & Restaurants
Foodies of all kinds will love the restaurants available in Ward Village - ranging through a melting pot of cultures from Vietnamese, Chinese, Japanese, Turkish, and more. One such example is <a href="https://www.istanbulhawaii.com/" title="Turkish Cuisine in the heart of Honolulu" target="_blank">Istanbul Hawaii</a>, born out of love for a homeland dearly missed. The dishes bring the flavors of 30 years of experience in Turkish cuisine to the retail space of Anaha.
<a href="https://www.wardvillage.com/dining/coffee-desserts/island-brew-coffeehouse/" title="Island Brew Coffeehouse - locally grown and roasted coffee" target="_blank">Island Brew Coffeehouse</a> hopes to bring 100% locally grown and roasted coffee to Anaha’s shops in the near future, helping to support Oahu’s local community. As development continues, Ward Village will have even more retail and restaurant spaces open along the Auahi promenade.
You can check out the full directory of shopping locations in the Ward Village <a href="https://www.wardvillage.com/shopping/" title="Official directory for retail shopping venues in Ward Village" target="_blank">shopping directory here</a>, and the <a href="https://www.wardvillage.com/dining/" title="Official directory for restaurants in Ward Village" target="_blank">restaurant directory here</a>.
<a id="parks"></a>Open Spaces
Throughout its ongoing development, the Ward Village master plan calls for enhancing the walking experience of residents and visitors alike. In this spirit, Auahi will be redeveloped into a pedestrian oriented promenade that connects planned large green spaces across the entire neighborhood. Victoria Ward Park is one of these green spaces, with planned renovations over the next several years alongside construction of The Park.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/VictoriaWardPark-Mock-Up.jpg" alt="Victoria Ward Park Mock-Up" title="Victoria Ward Park Mock-up" width="775" height="499" />
Victoria Ward Park is named in honor of Victoria Ward and carries forward her vision of creating a modern-day haven in the urban core of Honolulu. The renovations will include both mauka and makai sections of the promenade, with landscaping intended to help promote the calm island atmosphere of the neighborhood and provide multiple view corridors.
To learn more about the Ward Village neighborhood, check out our <a href="https://www.hiestates.com/kakaako/ward-village/" title="Ward Village Neighborhood Page">page dedicated to it</a>!
<a id="condos"></a>Condos
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As it continues its development, the Ward Village Master Plan indicates a main focus on the redevelopment of Auahi Street as a pedestrian-oriented urban promenade and completing the Ala Moana Elevated Walkway. Another major focus is the addition of future park space, which is being added during the development of condo towers in the neighborhood.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/Potential-Auahi-Street-Promenade-Plans.jpg" alt="Auahi Street Redevelopment Plans" title="Auahi Street Redevelopment Mock-Up" width="775" height="342" />
There are currently six completed high-rise towers in Ward Village, with another four under construction and two in the planning stages. The towers in development range in their estimated completion date, with the next finished expected to be <a href="https://www.hiestates.com/new-developments/victoria-place/" title="Victoria Place Condo Tower - Main Page">Victoria Place</a>. In addition, there are two projects that still remain unnamed - Block E Ward Village and Block D Ward Village. You can read more about these <a href="https://www.hiestates.com/blog/permits-submitted-for-new-front-row-ward-village-towers/" title="Blog Post On Two Latest Ward Village Projects">latest projects here</a>.
Ward VIllage is being developed to provide its residents a calm island neighborhood within the urban core.
<a id="finishedcondos"></a>Completed Condo Towers
There are currently six high-rise towers completed in Ward Village, with a seventh nearing completion. Units in these towers range from studios to luxurious penthouse suites. Each tower has been developed to fill a specific role within the neighborhood, incorporating unique design elements that reflect Kakaako’s past.<br /><br /><a id="newdevcondos"></a>Towers In Development
<br /><br />The above information and associated pages are concerning project that has not yet been completed. The images, where applicable, are the intellectual property of the developers of the project. The information is subject to change at any time by its developers, who we are not affiliated with. All information is subject to verification.
<a href="https://www.hiestates.com/new-developments/" title="New Condominiums In Honolulu">Click Here</a> to check out new condo developments and home construction in other areas across Oahu.
<a id="future"></a>Ward Village Tomorrow
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#finishedcondos">Completed Condo Towers</a> | <a href="https://www.hiestates.com/#newdevcondos">New Development Condo Towers</a> | <a href="https://www.hiestates.com/#top">Jump To Top</a>
In addition to the current roster of residential towers being built, there are ongoing permits and planning for new ones. As the development of Ward Village moves forward, the Ward Village Master Plan calls for four design strategies to guide it.
Connected Public Spaces
The Ward Village Master Plan provides for the development of three significant and connected open green spaces for pedestrians. This involves the Victoria Ward Mauka and Victoria Ward Makai parks, split by the Auahi promenade as it links to proposed parks on both Diamond Head and Ewa ends of Ward Avenue.
Ward Village Elevated Walkway
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/elevated-walkway-ward-village.jpg" width="1200" height="675" alt="Ward Village Walkway" title="Elevated Walkway Ward Village" />
A new pedestrian bridge will make it much easier to access Kewalo Basin Harbor and Ala Moana Beach Park as residents won't have to cross the busy Ala Moana Avenue. This bridge is a State of Hawaiʻi Department of Transportation (“State DOT”) safety project and is estimated to be completed in Summer 2024.
Auahi Street as a Pedestrian Promenade
The Auahi Street redevelopment goes hand in hand with the development of The Park Ward Village, anchoring the ‘town center’ of the neighborhood. On either end, it’s lined with boutique shops, restaurants, and condo towers as it ties together with the proposed parks on either end. This redevelopment intends to bring a landscaped spine of activity and character to the neighborhood, and encourage a lifestyle oriented around health and wellness.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/Planned-Mauka-Makai-View-Corridors.jpg" alt="Planned Mauka Makai View Corridors" title="Planned Mauka Makai View Corridors" width="775" height="345" />
Mauka-Makai View Corridors
The Ward Village Master Plan calls for the introduction of an additional view corridor between Ward Avenue and Kamake’e Street. The intent behind this is to provide a window to see into Ward Village from Ala Moana Boulevard, and further out to the ocean.
Streetscape Design
The master plan calls to establish an identity for Ward Village around three key intersections along Ala Moana Boulevard. These intersections serve as gateways into Ward Village and Central Kakaako - the landscapes should provoke a sense of arrival into the Ward Village neighborhood.
The Ward Village master plan intends to bring the perfect blend of urban and island lifestyles in a way that promotes a health and wellness lifestyle.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Ward_Village_Master_Plan/Auahi-Street-Promenade-Mock-Up.jpg" alt="Promenade Mock Up Plans" title="Promenade Mock Up Plans" width="775" height="436" />
<a id="contact-form"></a>Inquire About Ward Village
Interested in Ward Village? You can reach out by filling in the contact form below, or giving us a call at <a href="tel:+18084357754">1-(808) 435-7754</a>. We’d love to introduce you to a new Ward Village home.
The above information is concerning a project that has not yet been completed. The images, where applicable, are the intellectual property of the developers of the project. The information is subject to change at any time by its developers, who we are not affiliated with. All information is subject to verification.2024-02-22T15:00:00-07:002024-03-17T15:00:50-07:00Scott Startsmantag:hiestates.com,2012-09-20:32894How to Get the Best Deal Buying New Construction Projects on OahuThere’s a reason why you’ll find some of the best new development projects in Hawaii on Oahu. It’s a great place to live, work, and raise a family. You’ve got a bustling metropolis with every modern convenience imaginable, an international airport with direct links to major destinations, great schools, and some of the most pristine beaches on the planet with year-round tropical weather.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_to_Get_the_Best_Deal_Buying_New_Construction_Projects_on_Oahu/Victoria_Place_living_room_new.jpg" width="1600" height="904" alt="Living room of Victoria Place" title="New development condo deal on Oahu" />
It’s this perfect blend of modern living with the island lifestyle that makes so many people want to call Oahu their home. Developers are stepping up and catering to that demand with incredible new construction projects that offer the latest designs, finest materials, and world-class amenities.
Looking to buy a new development condo? Here’s what you need to know if you want to get the best deal on new development projects on Oahu.
Related: <a href="https://www.hiestates.com/blog/what-are-new-development-projects-on-oahu-and-how-do-they-work/" target="_blank">What are New Development Projects on Oahu and how do they work?</a> <br /><br />Get informed about Oahu New Development projects
Position yourself for success by getting educated and informed on how the process works. You can do that by visiting our <a href="https://www.hiestates.com/new-developments/" target="_blank">dedicated New Developments page</a> where we have curated all of the information on the current and upcoming condo projects on Oahu in one place for you. You’ll also find more useful information in this article about how the process works.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_to_Get_the_Best_Deal_Buying_New_Construction_Projects_on_Oahu/Aalii_living_room_2.jpg" width="1600" height="983" alt="Aalii living room" title="Oahu new development deals" />
Set up a consultation
Thereafter, simply set up a consultation with us by filling out the <a href="https://www.hiestates.com/#ContactForm">contact form</a> below to learn more about the projects that interest you. We’ll set up a time to go over your preferences and suggest best options based on your price range, lifestyle requirements, preferred locations, etc. You’ll benefit from our over 2 decades of experience helping people buy in new development projects and our strong network of relationships with the developer. In doing so, you’ll be in a position to get the best pricing and the greatest selection of choices of properties to choose from.
Related: <a href="https://www.hiestates.com/blog/pros-cons-of-buying-in-new-development-projects-on-oahu/" target="_blank">Pros & Cons Of Buying In New Development Projects On Oahu</a>
Get your financing in order
Time is of the essence when buying a unit in a new development project on Oahu. The demand is usually very high and it’s important to have all of your ducks in a row so that you’re able to capitalize on the opportunities quickly.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_to_Get_the_Best_Deal_Buying_New_Construction_Projects_on_Oahu/Koula_living_room.jpg" width="1600" height="901" alt="Koula Hawaii" title="Koula new development condo" />
This requires being pre-approved for financing, either from a lender of your choice or the developer’s preferred lenders, so that you’re ready to go when the project is released for sale to the public.
Related: <a href="https://www.hiestates.com/blog/financing-for-new-development-projects-on-oahu/" target="_blank">Financing for New Development Projects on Oahu</a>
Get in on the ground floor
The benefits of getting in on the ground floor of a new development project are immense. That’s when you have the most options and the best options at competitive prices. The best units always get picked up first. Not buying when the project is first announced means that you’ll have fewer options to choose from at potentially higher prices as the developers raise prices.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_to_Get_the_Best_Deal_Buying_New_Construction_Projects_on_Oahu/Koula_exterior_mockup.jpg" width="1600" height="1000" alt="Exterior of Koula Oahu" title="Koula Oahu new development project" />
As more units sell, developers raise the prices and fewer options remain to choose from. Working with us helps avoid that outcome. We have our finger on the pulse of what’s going on and what projects are coming up. We can get you primed and ready to execute before the launch.
Related: <a href="https://www.hiestates.com/blog/11-step-process-for-buying-in-a-new-condo-development-project-on-oahu/" target="_blank">11 Step Process for Buying in a New Condo Development Project on Oahu</a>
Get started, give us a call
Helping clients find the best new development options that suit their lifestyle is our speciality. We’ve helped buyers purchase in new development projects for over two decades and have cultivated strong relationships with leading developers on Oahu. We remain in constant contact with them and that means we typically find out about new projects before they’re released to the general public. We can get you prepared and have you ready to go so that when the project is released, you’re well positioned to execute quickly, getting the best deal.
Give us a call at <a href="tel:+18084357754">1-(808) 435-7754</a> or fill out the form below to request a free consultation. We’ll put our expertise to good use and answer any questions you may have so that you can get the best deal on your favorite new development project on Oahu. <a id="ContactForm"></a>2024-02-14T15:00:00-07:002024-02-14T14:59:17-07:00Scott Startsmantag:hiestates.com,2012-09-20:32829Buying a Home in Oahu to Rent to FamilyWith steady demand from both tourists and long term tenants, and a historically strong real estate market, Hawaii is a strong option to buy a property for generating income. One popular strategy is buying an income property with the intention to rent out to family. For many, this seems like a great way to know who your tenant will be and avoid the potential pitfalls from renting out to someone who won't respect the lease agreement or the property itself. While this scenario combines the benefits of real estate ownership with the opportunity to provide a home for loved ones, it also comes with unique considerations.
<img src="https://assets.site-static.com/userfiles/2805/image/Buying_a_Home_in_Oahu_to_Rent_to_Family.jpg" width="800" height="400" alt="Buying a Home in Oahu to Rent to Family" title="Buying a Home in Oahu to Rent to Family" />
If you are looking for <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a> that can become your rental property, we can help. <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to get started.
Before you buy a home to rent to a family member, check out these tips based on experience.
Clearly Define the Rental Agreement
One of the most common mistakes people make in this type of rental scenario is not putting things in writing. Depending on your family dynamic, it may feel overly formal to put the rental agreement into writing with a formal lease, but neglecting to do so nearly always results in misunderstandings or one party taking advantage of the other.
We get it, it's tempting to keep the arrangement informal and feels awkward to ask your family member to sign a contract. However, it's crucial to have a clearly defined rental agreement that outlines the terms, rent amount, payment schedule, and other important details. This written agreement helps set expectations and minimizes the potential for misunderstandings in the future.
Striking a balance between being a landlord and maintaining personal relationships with family members can be challenging. It's essential to establish clear boundaries and separate the business aspect of the rental agreement from personal interactions. Open communication about expectations and responsibilities at the beginning can help avoid potential conflicts or damage to the relationship.
Fair Market Valuation
In most cases, it is best to charge a fair rental rate for the property. While the property may be intended for family members, it's advisable to determine a fair market rent for the area. This not only ensures that the rent aligns with the property's value but also helps in establishing a transparent and reasonable financial arrangement with your family members.
There may be some scenarios in which a steep discount is worth it for you, and that's fine. Make sure you can comfortably afford the investment and won't be secretly frustrated at the income potential of the property. If you're going to offer your family a great deal, make sure you can do so without any resentments or regrets.
If you choose to rent to family members at a rate below the market value, be aware of potential implications. This can impact your ability to deduct certain expenses for tax purposes. Consult with a tax professional to understand the tax implications of renting below market value and to optimize your financial strategy.
Talk About Future Plans
First, figure out your future plans for the property. Are you hoping to hold on to it for 5 years and then sell to access the equity? Or maybe you want to move into the home as your own residence when you retire. Perhaps you are hoping your family members will continue to rent it for the foreseeable future.
Whatever your future plans, take the time to clearly communicate with each other so that both parties have a good understanding of the expectations and future timeline. There is a tendency to make assumptions when the relationship is personal, but this can result in major family conflict or missed opportunities in the future.
Plan for the long term and consider your exit strategy. If circumstances change, having a well-thought-out plan ensures that you can adapt to evolving situations while safeguarding your investment and relationships with family members.
Property Management
Decide whether you will manage the property yourself or hire a professional property management company. While managing the property independently may be feasible with local family members, professional management becomes crucial if you are renting to family members living elsewhere or if the property requires extensive maintenance. It is not recommended to expect the tenants to manage the property themselves just because they are family.
Implement a schedule for regular property inspections to ensure that the rental unit is well-maintained. This proactive approach allows you to address any potential issues promptly and maintain the property's condition.
Investing in a property on Oahu with the intention of renting it to family members involves a delicate balance between business considerations and personal relationships. By being proactive, transparent, and well-informed, you can navigate the complexities to benefit both yourself and your relatives. Ready to <a href="https://www.hiestates.com" target="_blank" rel="noopener">find your Oahu investment property</a>? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time.2024-02-12T07:56:59-07:002024-03-12T09:42:30-07:00Scott Startsmantag:hiestates.com,2012-09-20:15426Your Guide To Moving To Hawaii With Pets
<a id="top"></a>Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#planning">Planning</a> | <a href="https://www.hiestates.com/#preparing">Preparing</a> | <a href="https://www.hiestates.com/#comforting">Acclimating Pets To Travel</a> | <a href="https://www.hiestates.com/#final">Final Steps</a>
Moving overseas with pets doesn't have to be difficult. For many, pets are furry members of the family. We want to subject them to as little stress as possible and minimize our time away from them. To that end, it’s important to learn about moving to Hawaii with a pet in a way that helps ease the transition.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Puppy_In_Hawaii.jpg" alt="Puppy In Hawaii" title="Puppy In Hawaii" style="vertical-align: baseline;" width="775" height="581" />
Hawaii is a rabies-free state. To keep it that way, any pets that are moving from the mainland have to go through a flurry of tests and have full documentation. Hawaii Pet Quarantine can last up to 120 days - a stressful experience for your furry family member. It doesn’t have to be that way.
<a href="https://www.hiestates.com/buyers/moving-to-oahu-hawaii-relocation-assistance/" title="Check out our top tier relocation services!" target="_blank">Planning a move to Hawaii? Check out our relocation services!</a><br /><br />Most of the clients we’ve worked with have been able to move their pets through quarantine within a week using the Direct Airport Release or 5-Day Or Less programs. There are multiple checklists, running through all of the processes and documentation required to get your dog or cat through and minimize their stress.
The steps below guide you through the general process of moving to Hawaii with pets, but remember - every situation is different. If you have a service animal, there are some other <a href="https://hdoa.hawaii.gov/ai/aqs/animal-quarantine-information-page/guide-service-dogs-entering-hawaii/" title="State Of Hawaii Service Animal Statement" target="_blank">things you should know</a>. Unfortunately for snake enthusiasts, absolutely no snakes can be brought into the state as pets.<br /><br /><a id="planning"></a>Start Planning Early
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#community">Choose A Community</a> | <a href="https://www.hiestates.com/#pets">Pet Planning</a> | <a href="https://www.hiestates.com/#preparing">Pet Preparation</a>
We always advise that people start planning a year or more in advance of making the actual move to Hawaii. This especially applies to pet owners. Don't expect to just move here and rent a home with your pet until you buy. In fact, many rentals don't even allow pets.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Dog_In_Sunglasses.jpg" alt="Dog In Sunglasses" title="Dog In Sunglasses" class="img_box_left" width="400" height="533" />
Every community has different rules regarding pets, and every community has different feelings about different types of pets. While condo life in a high-rise may work with a cat or a small dog - you might run into issues trying to live there with your Great Dane.
<a id="community"></a>Choose A Community
Related:<a href="https://www.hiestates.com/blog/what-is-the-best-hawaiian-island-to-live-on/" title="What Is The Best Hawaiian Island To Live On?"> What Is The Best Hawaiian Island To Live On!</a>
Come up with a list of communities that you think will match what you want, then plan to scout out your chosen communities in person before moving there with your pet. That doesn’t just mean visiting for a few days out of your vacation - spend serious time there, observing the community. Are they friendly to animals similar to yours? Is there ample space for your furry family member?
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Woman_and_Dog_On_Paddleboard.jpg" alt="Woman And Dog On Paddleboard" title="Woman And Dog On Paddleboard" width="775" height="517" />
Cat or small dog owners looking for an exciting life in the urban core can often find a tower that suits their needs in <a href="https://www.hiestates.com/kakaako/ward-village/" title="Ward Village Condos and Information">Ward Village</a>. Great Dane owners, on the other hand, may be better suited looking at neighborhoods like <a href="https://www.hiestates.com/diamond-head/kahala/" title="Kahala - Luxury Neighborhood On Oahu">Kahala</a> and <a href="https://www.hiestates.com/diamond-head/diamond-head-neighborhood/" title="Diamond Head Hawaii Homes & Real Estate">Diamond Head</a> in Honolulu, or <a href="https://www.hiestates.com/kailua-neighborhoods/beachside/" title="Beachside Kailua Homes and Information">Beachside</a> and <a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" title="Lanikai Kailua Neighborhood Info & Homes For Sale">Lanikai</a> in Kailua.
<a id="pets"></a>Pet Planning
Once you’ve got a neighborhood in mind, it’s time to start planning for the long process of preparing your pet.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Puppy_In_Vets_Office.jpg" alt="Puppy In Veterinarian's Office" title="Puppy In Veterinarian's Office" width="775" height="518" />
This involves moving them through a checklist of vaccinations, vet appointments, and document checks. It’s important to take your time with every step - one mistake and they could face Hawaii pet quarantine until the paperwork is cleared up. Start working on the checklist about 5-7 months before you plan on making the move.
If done correctly, you and your pet could spend less than a week separated.
Related: <a href="https://www.hiestates.com/blog/moving-to-hawaii-make-the-dream-come-true/" title="Moving To Hawaii - Make The Dream Come True">Moving To Hawaii - Make The Dream Come True</a>
<a id="preparing"></a>Preparing Your Pets
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#quarantine">Avoiding Pet Quarantine</a> | <a href="https://www.hiestates.com/#oahu">Checklist For Oahu</a> | <a href="https://www.hiestates.com/#other">Checklist For Other Islands</a> | <a href="https://www.hiestates.com/#comforting">Acclimating Pets To Travel</a>
While working on the checklist, research various airlines on their policies for bringing pets to Hawaii. Don’t limit it to just reading the policies - check out recent reviews from other pet owners to make sure you’re keeping your pet safe.
Remember, this is a marathon and not a sprint. Spend time between research and appointments to mentally prepare your pets and help minimize their stress when the real move actually comes.
<a id="quarantine"></a>Avoiding Pet Quarantine
If everything is done correctly, most pets can be reunited with their owners in less than a week. If done incorrectly, animals can spend up to 120 days in quarantine. This is done to ensure Hawaii remains a rabies free state.
To participate in Direct Airport Release or the 5-Days Or Less programs, a form must be submitted and procedures followed that depend on the ultimate destination of your furry family member. There are multiple checklists, running through all of the processes and documentation required to get your dog or cat through and minimize their stress.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Dog_Near_Airplane.jpg" alt="Dog Near Airplace" title="Dog Near Airplace" class="img_box_left" width="375" height="413" />
This blog post covers general information from the <a href="https://hdoa.hawaii.gov/ai/aqs/aqs-info/" title="State of Hawaii Animal Industry Animal Quarantine Information" target="_blank">State of Hawaii Animal Industry Division Animal Quarantine Information page</a>, and is aimed towards individuals moving to Oahu with their pets. Each island has different procedures - if you’re moving elsewhere in Hawaii, make sure you follow that checklist.
<a id="oahu"></a>Oahu Checklist
Moving from the mainland to Oahu with your cat or dog involves <a href="https://hdoa.hawaii.gov/ai/files/2023/06/Checklist-1-06.13.2023.pdf" title="Checklist For Moving To Oahu With Pets" target="_blank">checklist 1</a>. Hawaii pet quarantine is set up to make sure that rabies never catches hold in Hawaii - and is taken very seriously. I recommend you start working on the checklist at least 5 months before moving to Hawaii.
The checklist is outlined below, but the document should be read in full and referred to when completing the steps to ensure compliance and minimum stress to the pets involved.
Documents and a cashier’s check or money order for each pet for $185 for Direct Airport Release in Honolulu or $244 for the 5 Days Or Less program should be submitted over 10 days before arrival, otherwise there may be delays. Make the payments payable to the Department of Agriculture and include the pet’s microchip number with the payment.
All pets must meet the requirements of the checklist and all required documents must be received by the Animal Quarantine Station (AQS) at least 10 days before the intended date of arrival to qualify for Direct Airport Release (DAR) in Honolulu.
All pets must have a working electronic microchip implanted that must be scanned to verify it is in working order, with a correct microchip number. Write down the microchip number and keep it somewhere safe. This MUST be done before the FAVN rabies antibody blood test is performed.
All pets must have been vaccinated at least twice for rabies in their lifetimes, with the vaccines administered more than 30 days apart. These should come with rabies vaccination certificates listing the date and type of vaccine used. The most recent rabies vaccine MUST have been administered more than 30 days before the pet arrives in Hawaii AND not past the expiration interval of the most recent vaccine booster, or they will be subject to quarantine.
All pets must receive a FAVN Rabies Antibody Test, with Hawaii listed as the destination on the lab submission form. The approved testing labs (Auburn University (AU), Kansas State University (KSU), University of Missouri (MU) and the DOD Food Analysis and Diagnostic Laboratory in Texas(DOD) are currently experiencing longer than usually processing times, so test results could be delayed between 1 and 2 months. Hawaii officials must receive the sample at least 30 days prior to the date of arrival in Hawaii, and no more than 3 years beforehand. It is important that you do NOT do a RFFIT test, as it will not be accepted.
All pets must have a passing antibody test result and must pass a 30-day waiting period from the date of their blood sample arriving at the laboratory. This wait period must be completed BEFORE the pet arrives in Hawaii, or the pet will face disqualification from the program and quarantine.
All pets must be treated by a veterinarian with a long-acting tick killing treatment at least 14 days prior to arrival. The product name and date of treatment must be recorded on the health certificate. Revolution products are not acceptable treatments, according to the checklist.
All pets must have the following documents, received at least 10 days before arrival in Hawaii. If the documents are not received 10 days or more before your pet arrives, you can incur extra costs and your pet may face additional time in quarantine:
<a href="https://hdoa.hawaii.gov/ai/files/2024/01/form_AQS279-2024.01.17.pdf" title="Dog & Cat Import Form AQS-279" target="_blank">Dog & Cat Import Form AQS-279</a>
Two original rabies vaccination certificates with vaccine name, lot or serial number, booster interval, vaccination date, and vaccine lot expiration date listed. They must be signed in ink by a licensed veterinarian.
An original health certificate in English, done at least 14 days prior to arrival in Hawaii. It must include rabies vaccine name, lot or serial number, booster interval, vaccination date, and expiration date. If the original is not sent ahead of time, it must be provided upon arrival. Failure to do so will result in your pet being held in quarantine.
All documents must be sent in a set along with a money order for the fees incurred. They must be received at LEAST 10 days before your pet arrives in Honolulu. It is recommended that they are sent by mail with return receipt to verify delivery or by an overnight carrier that provides tracking of the documents. In addition to sending the originals, you should retain copies of all documents for your files and to accompany your pets as a backup.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Grumpy_Cat.jpg" alt="Grumpy Cat With Greenery Behind" title="Grumpy Cat With Greenery Behind" width="775" height="517" />
The above steps are a summary of the steps outlined in the checklist, to give you an idea of the timeline required. Before starting, read through the full documentation of the checklist on the official website to make sure the full process is understood.
<a id="other"></a>Other Islands
A Neighbor Island Inspection Permit (NIIP) is required if your pet is flying direct to Kona International Airport (KOA), Kahului Airport (OGG), or Lihue Airport (LIH). This permit is not required for flying into Honolulu at the Daniel K. Inouye International Airport (HNL) on Oahu.
Although the rest of the steps are similar to the steps outlined above, refer to <a href="https://hdoa.hawaii.gov/ai/files/2024/01/Checklist-2_01.17.2024.pdf" title="Moving To Another Island With Pets" target="_blank">checklist 2</a> prior to beginning the checklist to ensure full compliance.
<a id="comforting"></a>Acclimating Pets To Travel
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#carrier">Carrier Comfort</a> | <a href="https://www.hiestates.com/#pets">Final Tips</a> | <a href="https://www.hiestates.com/#final">Completing The Plan</a>
While you’re working whichever checklist applies to you and your pets, there are a few things you can do to help prepare them mentally. The flight to Hawaii can be a long and scary one if they’ve never traveled long distance before. There are ways to get them used to the journey and comfort them on the way there.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Airplane_Window.jpg" alt="Airplane Window" title="Airplace Window" class="img_box_left" width="375" height="563" />
<a id="carrier"></a>Carrier Comfort
To start, get your pets used to travel carriers. Set it up in a regular place for the pet to visit in your house, as far in advance of the trip as you can. Put a comfortable pet bed, pile of rags, or favorite toy inside, to make the carrier feel comfortable. The idea here is to make it a familiar place, so that even when the pet is surrounded by other unfamiliarity - it’s still comforted within the carrier.
Once your pet gets used to the carrier as a comforting place (which can vary from pet to pet), start taking it for rides in your car. Try to end every trip with a reward when possible - like with trips to the park or special treats. This helps further associate being in the carrier with good things, helping to minimize their stress as they go through the process.
As the pet grows more comfortable with the carrier, it may even be beneficial to put them in the carrier overnight. Don’t force this though, and reward them with affection or treats the next morning. The carrier has to be a place of comfort for them, not a place of fear.
<a id="tips"></a>Final Tips
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Moving_To_Hawaii_With_Pets/Puppy_With_Shoes_And_Greenery.jpg" alt="Puppy With Shoes And Greenery In Background" title="Puppy With Shoes And Greenery In Background" class="img_box_left" width="375" height="500" />
The final steps to getting your pet ready involves getting them comfortable. Do they have a favorite toy? Make sure they have it nearby. Prepare your pet’s travel carrier for the flight by using either their usual bedding or an old piece of clothing - something that smells like home. Whatever bedding you use, be prepared for it to either need heavy washing or to be trashed after the flight.
Don’t leave any food or water in the pet carrier - it will most likely make a mess long before the pet arrives. Pets travel best on an empty stomach to avoid accidents and vomiting, but bring a snack in your carry-on in case of delays. As with people, some pets are inherently more prone to motion sickness. Your veterinarian may be able to recommend medication that can help.
Make sure that your pet is wearing a tag that shows your most current contact information.
<a id="final"></a>Complete The Plan
Alright - you’ve submitted your paperwork (and confirmed its arrival) months ahead of time. Your pets have grown to love their travel carriers and take long trips in stride. The next step is picking them up from the airport in Honolulu. If you’re continuing on to another island, you may need to refer to <a href="https://hdoa.hawaii.gov/ai/files/2024/01/Checklist-2_01.17.2024.pdf" title="Moving To Other Hawaii Islands With Pets" target="_blank">checklist 2</a> for airport hours and additional fees.
Depending on whether you’re participating in the Direct Airport Release or the 5-Day Or Less program, there may be additional fees incurred. The best way to participate in the Direct Airport Release program is to arrange for your pets to arrive during normal inspection hours between 8 AM and 4:30 PM.
Are you ready to make the move to the perfect neighborhood for you and your furry family members? Request a consultation below or give us a call at <a href="tel:+18084270867">1-(808) 427-0867</a>! We’ll help you get your family settled - furry members included.2024-02-10T15:00:00-07:002024-02-11T13:21:37-07:00Scott Startsmantag:hiestates.com,2012-09-20:32793Oahu Real Estate Market Report for January 2024<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-1/Monthly_Stats_-_January_2024_-_Banner.jpg" width="775" height="436" alt="Aerial shot of Oahu coastline and a neighborhood" title="Oahu Real Estate Market Report - January 2024" style="vertical-align: baseline;" />
Aloha and welcome to the Oahu Market Report for January 2024, brought to you with List Sotheby's International Realty. As we start the year, we're already witnessing a significant uptick in market activity. Let's delve into the numbers and discuss what's happening in the marketplace.
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#sfh">Single-Family Home Stats</a> | <a href="https://www.hiestates.com/#condos">Condo Stats</a>
There's been a noticeable shift in the market, primarily driven by the recent decrease in mortgage interest rates. Over the last two months of the previous year, rates fell from 8% to just under 7%. This change has spurred a considerable increase in buyer activity, making our January and February particularly busy with new clients, offers, and general real estate transactions. The impact of these changes isn't uniform across all sectors. For example, single-family homes priced around $3 million and below have seen a significant increase in demand. My recent listing in <a href="https://www.hiestates.com/kailua-neighborhoods/" title="Kailua Area Page">Kailua</a> is a testament to this, having received multiple offers well above the asking price. However, this level of competition is not the same for every property. The market is performing much better in certain sectors, with little to no change in others. For example, the high-end resale condo market has seen little to no impact as of now.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2024-01JAN.pdf" title="See the full market report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
The key points are, firstly, that interest rates have dropped, leading to a 22% increase in mortgage applications and a significant boost in buyer confidence and activity. Secondly, it's crucial to understand that the housing data we're discussing lags slightly due to the typical 45-day transaction period. Many of the properties in the data first entered escrow in mid-November and December. This means we're only now beginning to see the real impact of these changes in our market statistics.
<a id="sfh"></a>Single-Family Homes
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-1/SFH_Slide_1.jpg" width="775" height="436" alt="A living room in an open floor plan home on right side, SFH market stats on left" title="January 2024 - Single Family Homes Slide 1" style="vertical-align: baseline;" />
Let's look at some specifics. The median sales price for Single Family Homes in January was an impressive $1,021,016 million, marking a 5.3% increase from last year. Sales numbers are also up, with a 22.7% increase compared to January of the previous year. These strong numbers are largely attributed to the recent positive news from the Federal Reserve and the subsequent decrease in mortgage interest rates. However, while both numbers are strong, I don't place much emphasis on a single month's data, especially holiday data. But, as mentioned, activity has increased at the start of the year, so I expect the next few months' sales numbers to show increases in both the number of sales and prices.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-1/SFH_Slide_2.jpg" width="775" height="436" alt="Image of mountains and the bank along a canal in Hawaii on right side, SFH stats on left" title="January 2024 - Single Family Homes Slide 2" style="vertical-align: baseline;" />
Housing inventory remains significantly restricted, with currently 607 homes actively for sale on the market. For perspective, I often reference pre-pandemic inventory levels; in 2019, the lowest number of homes actively for sale in any month was 1,641. Consequently, sellers are receiving, on average, 98.3% of their asking price, and 23% of homes sold for at or above their asking price. Homes sold in January spent an average of 29 days on the market before going into escrow.
<a id="condos"></a>Condos
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-1/Condos_Slide_1.jpg" width="775" height="436" alt="Condo balcony on left side of image, Condo stats on right" title="January 2024 - Condos Slide 1" style="vertical-align: baseline;" />
For condos, the median sales price for January was up 1.5% to $502,500. The number of sales increased by 6.2% compared to the same month last year, indicating more modest activity in the condo market over the holiday period. The median days on market for condos matched single-family homes at 29 days.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2024-1/Condos_Slide_2.jpg" width="775" height="436" alt="Image of mountains and a bay in Hawaii on left side, stats on right" title="January 2024 - Condos Slide 2" style="vertical-align: baseline;" />
Inventory levels also grew in the condo market, but inventory remains restricted with 1,348 condos actively available for sale. Compared to the pre-pandemic market, inventory is down by 53%. This has led to sellers receiving 97.5% of their list price, with 17% of condos sold last month fetching full price or more.
<a id="contact-form"></a>Contact Us
The inflation figures are significant news. As inflation cools and mortgage rates drop, we should expect more buyers to enter the marketplace. If you wait for rates to decrease before buying, competition will likely continue to increase and drive prices up. The longer you wait, the more you may end up paying for the home you're seeking.
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2024-02-09T09:13:19-07:002024-03-01T14:08:47-07:00Scott Startsmantag:hiestates.com,2012-09-20:17402Moving To Hawaii With A Car - Questions To Ask And Shipping BasicsIf you’ve been developing an interest in moving to Hawaii, a natural early step to feel curious about is the process of shipping your vehicle or vehicles. This blog post will cover the basic steps involved in shipping a car to the Hawaiian Islands, such as shipping options (such as port-to-port or door-to-door), the essential items allowed in the vehicle, and some of the paperwork required. We'll also touch on the reasons why you might consider selling your car before you move instead of shipping your car to Hawaii, such as with a vehicle ill-suited for your new Island lifestyle.
<a id="top"></a>Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#questions">Questions To Ask Yourself</a> | <a href="https://www.hiestates.com/#shipping">The Shipping Process</a>
Moving to any new location comes with a list of to-dos, like getting your utilities set up, changing your address with the Postal Service, securing a new driver’s license, finding your new go-to grocery store, and, of course, making new friends to enjoy your new locale with.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/shipping_car_to_hawaii/car-factory-industry-automobile-new-import-export-shipping-dealer_t20_kz8XKK.jpg" alt="What to Know About Shipping Your Car to Hawaii" title="What to Know About Shipping Your Car to Hawaii" style="margin: 11px;" width="1112" height="625" />
Hawaii is no different, and there’s one thing that will make most of these to-dos easier: Having a car to get you around. If you already own a car, you’ve probably already thought about some of these questions. We’ve got the answers you need.
<a href="https://www.hiestates.com/buyers/moving-to-oahu-hawaii-relocation-assistance/" title="Check out our top tier relocation services!" target="_blank">Planning a move to Hawaii? Check out our relocation services!</a>
It’s important to note: If you bought the car with a loan, you’ll need to obtain permission from the loan originator before you ship it.<br /><br /><a id="questions"></a>Question 1: Do I Need A Car?
As we discussed in our article about <a href="https://www.hiestates.com/blog/what-can-you-get-rid-of-before-moving-to-hawaii/">downsizing to save on your move</a>, there are some things that you may want to sell, rather than move to Oahu. One of those things could be your car, depending on your particular circumstances and vehicle.
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#replacement">Replacement Timeline</a> | <a href="https://www.hiestates.com/#usage">Planned Vehicle Usage</a> | <a href="https://www.hiestates.com/#pricing">Vehicle Pricing</a> | <a href="https://www.hiestates.com/#Top">Jump To Top</a>
Life in Hawaii can often mean living in close proximity to beaches, shops, and amenities, reducing the need for frequent, long-distance driving. If your lifestyle in Oahu is going to be centered around a specific area, like a walkable urban neighborhood or a beachside community, the necessity of a personal vehicle decreases.
If you do need a car for your daily life, downsizing is another option. Large trucks and SUVs that are common on the mainland might find it a challenge to navigate and park in the tight spaces on Oahu. Selling such a vehicle before moving and then purchasing a smaller, more manageable car suited to Oahu's driving conditions can save you a lot of daily hassle.
Past that, the cost of shipping a car to the island and maintaining it can be substantial, especially for older vehicles. If you are a multiple-vehicle household, you may want to plan for the possibility of reducing down to one vehicle.
To help you with this important decision, we suggest that you ask yourself a lot of questions. Here are just a few:
<a id="replacement"></a>Will My Car Need Replacing Soon?
Is this a car you’ll be driving for years to come? Or is a replacement just around the corner?
Hawaii's unique climate and terrain can be challenging for older vehicles. High humidity, salt air, and volcanic terrain can affect an older car's performance and longevity, increasing the likelihood of extra maintenance/repair costs.
If you plan to replace it in a couple of years, you may want to consider selling it before you move to save yourself the cost of the shipping. This can be particularly applicable on islands like Oahu where public transportation is readily available to and from most areas. A car with sentimental value, like a gift or an inheritance, might be worth the cost and effort of shipping and maintaining.
If you do want to bring a vehicle, it might still be worth replacing to get one that matches your new lifestyle. If you’re moving to the urban core of Honolulu, a heavy-duty SUV might not be ideal for narrow, crowded city streets.
<a id="usage"></a>What Kind Of Vehicle Matches My Dream Island Lifestyle?
The car that may have served you well in Texas may not be the right car for your new island life. The island of Oahu can feature heavy traffic, especially in and around Honolulu, with limited parking options in popular areas. If your current vehicle is a large SUV or a truck, you might find it challenging to navigate and park in these tight spaces.
Selling such a vehicle before moving and then purchasing a smaller, more manageable car suited to Oahu's driving conditions could save you a lot of hassle. That’s why it’s important to plan ahead and ask yourself what your dream island lifestyle will include - the nitty gritty details of daily life.
What kind of driving will you be doing? Commuting to work? Driving paved roads to the beach? Off-roading on the weekends? Can public transportation offset this?
If you're moving into the urban core of Honolulu or the surrounding neighborhoods, many homes have everything in easy walking distance. As a single person or a couple, it may be better off renting for those rare occasions you need to drive. But your needs will be different if you have kids that need a ride to school every day.
Related: <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii-transportation-commuting-on-oahu/" title="Transportation & Commuting On Oahu">Transportation & Commuting Costs On Oahu</a>
<a id="pricing"></a>What Is Vehicle Pricing Like On The Island I’m Moving To?
As you decide between options, it's a good idea to research vehicle prices and availability on the island you're moving to. You'll find that most islands host a range of dealerships offering new and used cars, and their pricing information is usually accessible online or through a phone inquiry.
For those considering a pre-owned vehicle, platforms like Craigslist or Facebook Marketplace are potential sources - but exercise caution and beware of scams. Even with legitimate private sales, they are usually sold "as is" and lack the warranty security that dealerships provide.
Regardless of which method is chosen, don't forget to request any available maintenance records and consider using services like CarFax to find a detailed vehicle history.
To help you make your final decision, you’ll probably want to do some research on how much cars cost on your chosen island. Most of the islands have major dealerships that sell both new and used cars, with access to their prices online or via phone call. If you’re looking to buy a used car, you can check out for-sale sites like Craigslist.
However, you’ll want to be cautious when buying a car in a private sale. Unlike dealers who offer warranties, these “as is” sales can either offer you a major deal or a major headache. In the best-case scenario, the seller will let you have an independent mechanic check out the car before purchasing.
You should also ask for any maintenance logs the seller has, and you can further check the background information on the car on sites like CarFax.
<a id="shipping"></a>Shipping Your Current Vehicle
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/shipping_car_to_hawaii/license-plate-from-hawaii_t20_LzJWEP.jpg" alt="What to Know About Shipping Your Car to Hawaii" title="What to Know About Shipping Your Car to Hawaii" style="margin: 11px; float: right;" width="440" height="363" />
As with so many other aspects when you’re deciding how to move to Hawaii, you should plan well ahead to best prepare yourself.
Drop It Off Then Pick It Up
The cheapest and most common way to ship your car is to drive it to a port where a shipping company like Matson or Pasha will put it on a ship for you. <br />Most shipping companies will ask you have less than 1/4 of a tank of gas, otherwise they will have to siphon it out and that could delay the process.
You drop your car off at the port, roll it onto the ship, strap it down and secure it. Then the ship goes to its destination port, where they roll it right off the ship and park it so you can pick it up. If you live near a West Coast port on the Mainland, like Long Beach or San Diego, this is a pretty simple task.
However, if you don’t live near one of these ports, it adds significant time and difficulty to the whole process.
Be prepared for a lot of activity
Typically there are a lot of people shipping at the same time so the dock can get a little crazy. Customer service can be lacking as they are dealing with a lot of people all needing answers to their questions. Most companies have heard all the questions and are quick with a response. This is what we have found from Matson, anyway.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/shipping_car_to_hawaii/Untitled_design_16.jpg" alt="What to Know About Shipping Your Car to Hawaii" title="What to Know About Shipping Your Car to Hawaii" style="float: left; margin: 11px;" width="440" height="248" />Don't stress but get answers
Sometimes customer service can be rough but push through and ask the questions you need to feel safe and secure that you understand the process.
Shop Around For The Best Value
Most companies require a down payment before the vehicle ships, and the final payment when you pick up in Hawaii - but verify this in the contract ahead of time. Companies have been known to take a down payment but then require the final payment upfront at the dock, rather than at the destination. Shipping cost will vary based on the type of vehicle and where you’re coming from, but you can expect to pay between $2000 and $5000 to ship a vehicle to Hawaii.
Regardless of the method, there are a few things that stay the same. The vehicle can only contain certain items during shipping - infant car seats, a spare tire, car jack, floor mats, and a set of jumper cables - and the gas tank needs to be a quarter full or less due to safety regulations.
How long does it take?
Most shipping containers take about 14 days to travel and will likely come to Honolulu first. From there it can be shipped to other islands in 5-10 days. You will be notified when your car arrives. Some companies offer a dock-to-door service for an additional charge, driving the vehicle to your new home for you, but otherwise you will need to pick your own car up from the port.
Side Note: Also make sure to have all the documents for your car with you when traveling. This way, you have it in hand when doing the transfer to Hawaii and registering. It's important to again note that if you bought the car with a loan, you’ll need to obtain permission from the loan originator before you ship it.
As with all things relating to moving - be prepared for delays every now then. Hawaii is an island state and subject to a lot of uncontrollable factors that can impact shipping. Set up all your appointments as soon as possible before moving.
More Blog Posts About <a href="https://www.hiestates.com/blog/category/moving-to-hawaii/">Moving to Hawaii</a>
-<a href="https://www.hiestates.com/blog/guide-to-moving-to-hawaii-with-pets/"> Guide to Moving to Hawaii with Pets</a>
- <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii-transportation-commuting-on-oahu/">The Island Commute - Navigating Oahu's Transportation Landscape</a>
- <a href="https://www.hiestates.com/blog/cost-of-living-in-hawaii/">Cost Of Living In Hawaii Heading Into 2024</a>
<a id="contact-form"></a>When you're ready to make the move - request a consultation for your next home! Reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or email me at scott@hiestates.com and we'll help find the right home for your needs.2024-02-04T15:00:00-07:002024-02-04T17:05:13-07:00Scott Startsmantag:hiestates.com,2012-09-20:17115The Island Commute - Navigating Oahu's Transportation Landscape<article>
When it comes to commuting on Oahu, there's more than meets the eye. Whether you like living mid-city or prefer to be out in the country, you have to know how you’re going to get from place to place. Oahu offers a complex transportation network that spans both urban density and remote beauty. In this blog post, we break down some of the costs and practicalities of getting around this island paradise.
<a id="top"></a>Jump To | <a href="https://www.hiestates.com/#ownership">Private Vehicle Ownership</a> | <a href="https://www.hiestates.com/#other">Other Options</a>
Planning how to get around once you live here is an important part of the moving process. What transportation methods best suit you depends on your needs - are you going to live alone, or will you be driving your kids to school? Will you work at home or need to commute to the office?
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-516635347.jpg" alt="Cars driving down a hill in Hawaii" title="Hawaii Transportation Costs" style="vertical-align: baseline;" width="1600" height="1067" />
As different answers apply to different situations, this guide runs through the various costs and considerations of the most popular transportation options for residents of Oahu.
Private Vehicle Ownership
While owning a private vehicle offers the convenience of personal mobility, it also brings a few unique challenges when it comes to getting them here and maintaining them.
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#carCosts">Associated Costs</a> | <a href="https://www.hiestates.com/#traffic">Traffic</a>
To start, if you already fully own one or more cars on the mainland then shipping them here might seem like the obvious answer. There are a few things to keep in mind though, including necessary maintenance checks, documentation requirements, and guidelines on how to secure or remove accessories and personal items - and that’s all before you ship it. If you bought the car with a loan, you’ll need to obtain permission from the loan originator before you ship it.
The next step would be getting it from the mainland to Hawaii - which can vary widely depending on your starting location. Shipping from the west coast is relatively easy compared to shipping from Texas or New York, for example.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-476510015.jpg" alt="Ship being unloaded" title="Shipping A Car To Hawaii" width="1600" height="1068" />
It costs roughly $1,500-3,000 per vehicle to ship it to Hawaii, depending on how involved in the process you are, the location you’re coming from, and the vehicle in question. The vehicle can only contain certain items during shipping - infant car seats, a spare tire, car jack, floor mats, and a set of jumper cables - and the gas tank needs to be a quarter full or less due to safety regulations.
Once a vehicle has arrived, weatherproofing and maintaining it are important. The salty air blowing in off the ocean and constant sunlight can cause damage to the interior and corrosion to the exterior. It sounds scary, but protecting your car isn’t hard - it mostly involves being proactive. Get your car washed and waxed often and buy a car cover for when the vehicle isn’t in use or in the garage.
Gas, Registration, & Parking Costs
As of this writing in January 2024, the average gas price in Hawaii is about $4.681 per gallon. On Oahu, gas at my local station is $4.539/Gal for Regular, $4.739/Gal for Plus, and $4.989/Gal for Super Premium. This is about comparable to California’s gas prices, but a good deal higher than somewhere like Washington or Texas. Even though the island of Oahu isn’t that large, you can still end up spending a lot of time in your vehicle so it’s important to be aware.
</article>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/January-29-2024-gas-prices.jpg" alt="Gas Prices On Oahu in January 2024" title="Oahu Gas Prices" width="775" height="581" style="vertical-align: baseline;" />
If you’re planning on parking your car in Honolulu regularly, be aware that parking spaces are often more compact than the mainland and parking fees can build up quickly. There are a variety of resources out there to help find parking spaces in Honolulu, such as <a href="https://en.parkopedia.com/parking/honolulu/" title="Parkopedia - Parking Spot Finder In Honolulu" target="_blank">Parkopedia</a>.
Hawaii vehicle registration cost tends to be fairly high too - a light truck can easily be $450 or more annually. The cost depends on the county you’re in and the weight of the vehicle. In Oahu, it’s calculated based on a few factors that you can <a href="https://www.honolulu.gov/csd/mvinformation.html//" title="Honolulu Government - Motor Vehicle Registration Information" target="_blank">learn about here</a>.
Some that move here choose to switch to a one-vehicle household to help cut transportation costs.
Traffic
Commute times are a major factor that many people overlook. Oahu has a few major choke points in its road system that can greatly delay traffic across the island during peak hours in the morning and evening, when workers head into the city.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-1205393332.jpg" alt="A bridge with a harbor in the background" title="Bridge in Hawaii" width="1600" height="1144" />
The best way to beat traffic is to choose a home based on the distance you most regularly need to travel. A 30-minute drive to school might not seem bad on paper - but that’s two hours of driving out of every school day.
In some situations, private vehicle ownership is likely your best bet due to the sheer convenience of it. If you’re planning to move to a prestigious neighborhood outside of Honolulu, such as to <a href="https://www.hiestates.com/diamond-head/kahala/" title="Kahala Neighborhood Page">Kahala</a>, <a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" title="Lanikai Neighborhood Page in Kailua">Lanikai Kailua</a>, or <a href="https://www.hiestates.com/hawaii-kai-neighborhoods/koko-kai/" title="Koko Kai Neighborhood Page">Koko Kai</a>, but still need to commute to the city regularly, for example.
Owning a car isn’t the only way to get around Oahu, however.
Other Options
If you prefer a home closer to the urban core, <a href="https://www.hiestates.com/ala-moana/" title="Ala Moana Neighborhood Page">Ala Moana</a>, <a href="https://www.hiestates.com/kakaako/" title="Kakaako Neighborhood Page">Kakaako</a>, or the <a href="https://www.hiestates.com/diamond-head/" title="Diamond Head Area page">Diamond Head Area</a> can vastly reduce the need for a private vehicle. In areas like these three, walking, biking, and public transportation can get you most places you need to go and renting the occasional car can get you the rest of the way.
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#theBus">TheBus</a> | <a href="https://www.hiestates.com/#biki">Biki Bikes</a> | <a href="https://www.hiestates.com/#rail">Honolulu Rail</a> | <a href="https://www.hiestates.com/#rentals">Car Rentals and Rideshare</a>
Car rental costs vary depending on the time of year though and can rocket in price when the island is busy. TheBus is another option, Honolulu’s public bus system. It routes throughout the island, with plenty of stops within Honolulu itself. Taxis, Uber, and Lyft are all services that need no further explanation and are available throughout Urban Honolulu.
TheBus
The public bus on the island of Oahu is called <a href="http://www.thebus.org/" title="Honolulu Government - TheBus official website" target="_blank">TheBus</a>, and has routes throughout Oahu with options for many of the most popular destinations and beaches.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-1302759705.jpg" alt="A bus in the middle of the street with greenery all around" title="Honolulu Public Transportation - The Bus" width="1600" height="1067" />
Adult fare is $3.00 per person, with a maximum cap of $7.50 per day. When the cap has been reached, there are no additional payments required for the rest of the day. A monthly pass is $80. Most routes are wheelchair friendly and have fees capped at lower prices for those with valid Disability Cards. Further pricing information <a href="https://www.thebus.org/Fare/TheBusFares.asp" title="Honolulu Government - TheBus Pricing" target="_blank">can be found here</a>.
Oahu also has a public transit service known as <a href="https://www.honolulu.gov/cms-dts-menu/site-dts-sitearticles/1881-thehandi-van.html" title="Honolulu Government - TheHandi-Van Website" target="_blank">TheHandi-Van</a>, with wheelchair-accessible vehicles to provide curb-to-curb service for $2.25 per one-way passenger trip.
Biki Bikes
For short distance travel in Urban Honolulu, the <a href="https://gobiki.org/" title="Biki Bike official website" target="_blank">Biki Bike</a> service offers a healthy way to get around.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-1279211826.jpg" alt="Biki Bike Station with large building in background" title="Biki Bike Station" width="1600" height="1200" />
You purchase a subscription or a duration of usage through the website or mobile app, then gain access to bikes at 130 Biki Stations located throughout Urban Honolulu. It has several subscription tiers, offering plans for both locals and visitors.
The visitor plans range from $4.50 to $30 one-time payments, while the Kama’aina plans range from $15 per month to $25 per month or $25 for 300 minutes of usage (within a one year period). This is the perfect option for people that want to keep it healthy while they move about in the area from downtown Honolulu to Diamond Head.
Honolulu Rail
The <a href="https://www.honolulutransit.org/" title="HART Official Website" target="_blank">Honolulu Area Rapid Transit</a> project is a long-running construction project in Honolulu that began in 2006. It aims to establish a railway between East Kapolei and Ala Moana Center with multiple stops in between, easing traffic congestion throughout Honolulu. The following graphic shows the railway broken into four segments.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/HART-Q1-2024.JPG" width="775" height="377" alt="Map of the Honolulu Area Rapid Transit construction progress" title="Honolulu Area Rapid Transit Q1-2024" style="vertical-align: baseline;" />
The Honolulu Rail Project has been on and off since 2006. <a href="https://honolulutransit.org/construction/" title="Honolulu Area Rail Project Official Website - Construction Updates" target="_blank">Current estimates</a> indicate that Segment 2 should finish construction work on the four stations, Makalapa, Lelepaua, Āhua, and Kahauiki, by the end of Q1 2024.
Car Rentals and Rideshare
If you don’t anticipate longer distance travel from your new home much, abstaining from car ownership and sticking to rentals for long trips is a good way to cut down on costs. The exact cost for rentals will always depend on location and time of year, so it’s best to plan ahead. Rent the car well ahead of the date that you’ll need it, especially if you have special requirements.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-516409959.jpg" alt="Guys resting on cars" title="Traffic can slow to a crawl if there's an accident" width="1600" height="1067" />
Taxi cabs, Uber, and Lyft are all options within Urban Honolulu, but it gets harder to find rides the further out you get.
Wrapping Up
It’s important to properly estimate the cost of living in Hawaii before you move, and that includes transportation costs - both in time and in money. After all, who wants to move to paradise only to spend 10 hours per week commuting?
That’s why you should pick out the neighborhood where you want to live as early as possible in the process. To help narrow it down, check out our fun interactive quiz for <a href="https://www.hiestates.com/learn/what-oahu-neighborhood-best-suits-you/" title="Fun interactive quiz to help find what Oahu neighborhood best suits you">neighborhoods that fit your lifestyle</a>.
When you’re finished with that, check out our <a href="https://www.hiestates.com/blog/moving-to-hawaii-make-the-dream-come-true/" title="Moving To Hawaii - Make The Dream Come True">guide to Moving To Hawaii here</a>!
If you’re ready to take the next step and request a consultation, reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or fill out the form below and we'll get back to you as quick as we can.
2024-01-31T19:45:00-07:002024-02-02T09:50:16-07:00Scott Startsmantag:hiestates.com,2012-09-20:32572Why Do I Need an Inspection to Buy a New Construction Home?<img src="https://assets.site-static.com/userfiles/2805/image/Why_Do_I_Need_an_Inspection_to_Buy_a_New_Construction_Home.jpg" width="900" height="600" alt="Why Do I Need an Inspection to Buy a New Construction Home" title="Why Do I Need an Inspection to Buy a New Construction Home" />
Hawaii is a great place to <a href="https://www.hiestates.com/new-developments/" target="_blank" rel="noopener">buy a new construction home</a>. While the idea of purchasing a brand-new home may lead some buyers to assume that inspections are unnecessary, the reality is quite the opposite. Having a comprehensive inspection conducted on a new construction home is a critical step in the home-buying process.
To learn more about new builds for sale on Oahu, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time. We have years of experience on the island and great relationships with many of the developers in the area. Before you buy a new construction home, make sure you understand the importance of an inspection even when you're looking at a brand new property.
Revealing Construction Defects
It is a common misconception that home inspections exist to discover problems caused by damage or normal wear and tear, which take time to occur. However, even a brand new home is likely to have an issue here or there. Even the best construction team will have a margin of error.
New construction homes are not immune to potential defects or construction issues. Inspections can reveal hidden problems such as structural flaws, electrical issues, plumbing discrepancies, or issues with the HVAC system. Identifying these problems early allows for rectification before they escalate into major concerns, and on the builder's dime.
Quality Assurance and Code Compliance
An inspection acts as a quality assurance measure, ensuring that the builder has adhered to construction standards and regulations. Even reputable builders can overlook details, and having an independent inspector evaluate the property provides an unbiased perspective on the overall quality of the construction.
Building codes and regulations are in place to ensure the safety and structural integrity of homes. Inspections verify whether the new construction adheres to these codes, guaranteeing that the home meets the required safety standards set by local authorities.
Safety Concerns
Safety is paramount in any home, and inspections play a crucial role in identifying potential safety concerns. This includes ensuring that electrical wiring is safe, stairs are secure, and all components of the home meet safety standards to protect the well-being of the occupants.
New construction homes come equipped with various systems, such as plumbing, electrical, and HVAC. Inspections verify that these systems are installed correctly and function as intended. Detecting any issues early ensures that potential problems are addressed before they impact the home's livability.
Protecting Your Investment
The home inspection is your opportunity to discover problems before they become your responsibility. Protect your investment by making sure it is handed to you in optimal condition. A new construction home in Hawaii is a significant investment, and an inspection helps protect this investment. By identifying issues before closing the deal, you can negotiate with the builder to address any concerns or, in extreme cases, reconsider the purchase based on the inspection findings.
Identifying and addressing issues early through an inspection can also result in long-term cost savings. Timely repairs or corrections can prevent problems from escalating into major issues that may be more expensive to fix down the line.
Taking Full Advantage of the Warranty
Most builders offer warranties on new construction homes, covering certain components for a specified period. An inspection before the warranty expires allows buyers to identify and address any issues covered under the warranty, ensuring that they take full advantage of the builder's warranty offerings. Don't miss an opportunity to have the builder solve a problem that will otherwise become your own issue to resolve.
Enhancing Negotiation Power
Armed with inspection findings, buyers have the advantage of negotiating with the builder. Whether it's addressing necessary repairs or negotiating the purchase price based on the inspection results, having this information empowers buyers to make informed decisions. We will help every step of the way to make sure you are getting the best deal you can.
Education and Peace of Mind
A home inspection is an opportunity to provide you with more confidence in your purchase. Inspections serve as an educational tool for homebuyers. During the inspection process, buyers can learn about the various components of their new home, understand maintenance requirements, and gain insights into potential upgrades or improvements they may want to consider in the future.
Inspections also provide peace of mind for homebuyers. Knowing that a qualified professional has thoroughly examined the property and validated its quality and safety features instills confidence in the purchase decision. This peace of mind is invaluable for buyers transitioning into their new homes, especially if they are buying a property from the mainland or are investing in a property that will not be a full time home.
From uncovering potential issues to ensuring quality construction and enhancing negotiation power, inspections contribute to the overall success and satisfaction of the homebuying experience. Ready to find <a href="https://www.hiestates.com/new-developments/" target="_blank" rel="noopener">new construction developments on Oahu</a>? We can help you find your ideal home, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2024-01-29T08:41:59-07:002024-01-29T08:43:37-07:00Scott Startsmantag:hiestates.com,2012-09-20:13608Cost Of Living In Hawaii 2024Hawaii is a paradise and a dream destination for many, boasting idyllic landscapes and a melting pot of diverse cultures. In general the cost of living in the paradise state matches that, it can vary highly depending on location. Hawaii is made up of eight major islands - Ni’hau, Kaua’i, O’ahu, Moloka’i, Lana’i, Kaho’olawe, Maui, and Hawai’i (island).
<a id="top"></a>Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#cost-of-living">Cost Of Living Data</a> | <a href="https://www.hiestates.com/#taxes">Taxes</a> | <a href="https://www.hiestates.com/#other">Other Expenses</a> | <a href="https://www.hiestates.com/#income">Median Income Data</a>
Last year as inflation increased it definitely impacted Hawaii's cost of living in several ways. We really felt the numbers in our, food costs with groceries and eating out rising significantly. Rents and electricity costs increased, while gas prices moderated and home prices pulled back slightly by the end of the year. Going forward for 2024 we expect costs to level out in most areas as inflation eases. Electricity costs are expected to increase due to a different cost structure by HECO, and home prices will follow as interest move. As rates come down, prices should move up.
HiEstates is based on Oahu, where I live, so that’s where this blog post will be focusing. Some of the most coveted homes in the world reside here, with prestigious neighborhoods like <a href="https://www.hiestates.com/diamond-head/Kahala/" title="Kahala Neighborhood Page" target="_blank">Kahala</a> being called the “Beverly Hills of Hawaii.”
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/O_Palm_Trees__Sky.jpg" alt="Palm Trees & Sky" title="Palm Trees & Sky" style="vertical-align: baseline;" width="775" height="497" />
Hawaii consistently ranks as one of the most expensive states to live in the United States due to limited real estate, the need to ship goods from the mainland, and the desirability of living here. The median home cost is significantly higher than the national average, and rent can run steep depending on the location and type of accommodation.
The first step to living here is being well informed on what your future costs will be. Below, I break down a few of the most important factors to consider in cost of living.
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<a id="cost-of-living"></a>Cost Of Living - The Data
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#housing">Housing</a> | <a href="https://www.hiestates.com/#groceries">Groceries</a> | <a href="https://www.hiestates.com/#utilities">Utilities</a> | <a href="https://www.hiestates.com/#taxes">Taxes</a> | <a href="https://www.hiestates.com/#top">Jump To Top</a>
The annual average from the entirety of last year is showing Hawaii with a composite <a href="https://meric.mo.gov/data/cost-living-data-series" title="Cost Of Living Index" target="_blank">cost of living index of 180.3</a>, with 100 being the average across the entire country. This information was gathered by the Council for Community & Economic Research (C2ER) and seems to show that, relative to the rest of the United States, Hawaii’s cost of living has gone down over time. While Hawaii maintains its position as the most expensive state overall, data shows that Alaska has more expensive healthcare, utilities, and grocery costs.
<a id="housing"></a>Housing
As we head into 2024, data is showing Hawaii with a housing index of 313.1 annual average for last year - meaning that Hawaii housing costs are just over three times the average for the USA. This is to be expected, given the state’s location and limited land-mass.
Anchoring that housing index into reality, let’s look at the median sale prices from <a href="https://www.hiestates.com/blog/oahu-real-estate-market-report-for-december-2023/" title="December 2023 Real Estate Market Report" target="_blank">our last report of last year</a>. Single-family homes on Oahu had a median sale price of $996,500, with condos having a median sale price of $510,000. When compared to Seattle, Washington, this could be seen as a modest upgrade. But if you’re coming from New Mexico, the price of homes and what you get for the money may give you sticker shock!
Related: <a href="https://www.hiestates.com/blog/category/market-stats/">Click here to check out the latest market stats!</a>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/Luxury_Single_Family_Home_On_Oahu.jpg" alt="Luxury Single Family Home With Wide Open Lawn On Oahu" title="Oahu Luxury Single Family Home" style="vertical-align: baseline;" width="775" height="517" />
Other than the sticker price, the main difference between a home here and on the mainland is the amount of space that the money buys you. Hawaii homes tend to be smaller, with yards and open spaces dictating a premium price.
What you get in exchange though is a life unlike any other. Some of the most luxurious and breathtaking neighborhoods in the world are on the island of Oahu, Hawaii. One such example is <a href="https://www.hiestates.com/diamond-head/kahala/" title="Kahala - Luxury Neighborhood On Oahu">Kahala</a> - world renowned as the ‘Beverly Hills of Hawaii.' Right next door is <a href="https://www.hiestates.com/diamond-head/diamond-head-neighborhood/" title="Diamond Head Hawaii Homes & Real Estate">Diamond Head</a> - an amazing neighborhood at the base of the Diamond Head crater, offering wide open streets and a family friendly community.
Related: <a href="https://www.hiestates.com/blog/should-i-buy-a-home-before-moving-to-hawaii/" title="Should I Buy A Home Before Moving To Hawaii?">Should I Buy A Home Before Moving To Hawaii?</a>
In Metro Honolulu, condo living is a more affordable alternative to purchasing a single-family property, and thus a common choice for many who want to live here. One of the latest up and coming areas on Oahu is <a href="https://www.hiestates.com/kakaako/ward-village/" title="Ward Village Neighborhood Page" target="_blank">Ward Village</a> - a 60 acre Master-Planned Community built with pedestrian access in mind. The main theme of this development is blending luxurious condo living in the Urban Core of Honolulu with the Island Lifestyle that Hawaii offers. These condos are perfect for low maintenance, high amenity living - as either a first or second home.
Long Term Renting
Long-term cost of renting is a crucial aspect of the cost of living that is especially important for those considering relocation without immediate plans to purchase a property. Rental costs are often subject to fluctuations due to a variety of factors, but they form an important snapshot of the whole.
As of early 2024, long term studio rentals could be found for an average of $1,893 for a year lease. From there it ranges up, with 1 Bedroom being an average of $2,400, 2 Bedroom being an average of $2,696, and 3 Bedrooms being an average of $3,200 (all for a 12 month lease). In general, the more desirable the area and more bedrooms you need, the higher the price will scale.
Income Requirements To Purchase A Home Or Condo
Home prices heavily depend on mortgage rates. As rates get higher, list prices generally get lower - but as they do, monthly payments rise alongside the interest rates. If you are prepared to purchase in cash, this gives you a leg up over competing buyers.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/HiEstates_Website_graphics_-_Income_needed_rev_020724.jpg" width="775" height="394" alt="Income needed to purchase a house under certain conditions" title="Oahu cost of living - income for housing" style="vertical-align: baseline;" />
While each situation will be different, with good budgeting and a down payment of 20%, an income of around $132,600 can be sufficient for a median priced home on Oahu. That was $996,500 as of the the beginning of January 2024. At 6.5% interest rates, the estimated monthly mortgage payment would be approximately $5,050 per month. Add in taxes, insurance, and mortgage and it comes to around $5,525 per month, or around $66,300 annually.
On the condo side, an income of around $84,000 should be enough to purchase a condo of around $500,000 with a down payment of 20%. At 6.5% interest rates, the estimated monthly mortgage payment and maintenance fees would be approximately $3,500 per month, or around $42,000 annually.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_8.jpg" width="775" height="431" alt="An image of day turning to night from a balcony" title="Cost Of Living Placeholder" style="vertical-align: baseline;" />
These estimates are based on the prevailing interest rate of around 6.5% and assuming that the transaction is made with 20% down and little debt. Each and every financial situation is different - reading a blog post is no substitute for building a full plan for every dollar. Planning ahead and making a big down payment can really help. The higher your down payment, the lower your monthly payment will be. The lower your debt, the more likely you are to get good financing terms.
<a id="groceries"></a>Groceries
As the nation as a whole has seen food prices go up over the past few years, Hawaii has gotten closer to the average with a <a href="https://meric.mo.gov/data/cost-living-data-series" title="Cost Of Living Index" target="_blank">grocery index of 116.7</a>. It no even longer holds the highest grocery cost index ranking - it now comes in at number two, behind Alaska.
Even so, most of the island’s supplies need to be brought in, making Hawaii quite an expensive state to buy groceries. While Hawaii is host to locally grown fruits, vegetables, and island grown coffee, we can’t grow enough to supply everything we need.
What I like to do is have a membership to Costco and a few other stores and check around to save on costs. Different stores have different baseline prices for certain items, as well as different periods at which those items go on sale.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/Coconuts-on-counter-with-straww.jpg" alt="Fresh Coconuts On Counter With Straw" title="Fresh Coconuts and Tropical Fruits" style="vertical-align: baseline;" width="775" height="517" />
To give you a better idea of grocery costs on Oahu, I’ve listed the prices of a few key goods below. This table is accurate as of early 2024, reflecting baseline <a href="https://www.hiestates.com/blog/a-guide-to-grocery-costs-in-paradise/" title="Grocery Prices In Honolulu" target="_blank">grocery prices in Honolulu</a>.
Product
Price
Price Per Unit
1 Gallon of Milk
$7.65
$7.65 Per Gal
12 Count Eggs
$6.46
$6.46 Per Dozen
1 Lb White Bread
$6.06
$0.38 Per Oz
1 Lb Bananas
$1.79
$0.11 Per Oz
1 Lb Tomatoes
$3.47
$0.22 Per Oz
1 Lb Potatoes
$2.07
$0.13 Per Oz
1 Lb Onions
$2.22
$0.14 Per Oz
1 Lb Chicken
$6.31
$0.39 Per Oz
1 Lb Beef Round
$9.97
$0.62 Per Oz
Dining Out
Eating out on Oahu is something I love to do. Since Hawaii is a cultural melting pot of Asian, mainland and Pacific Islander influences, you have a ton of different culinary options at your fingertips in all price ranges. Eating out will typically cost more than on the mainland since food items are more expensive because most of it has to be shipped into the State.
Hawaii is also a global tourist destination so there are plenty of amazing culinary restaurants, but those experiences can come with high prices. The current average plate lunch is between $12 and $20, with the average cost of a casual lunchtime in the business district running around $22, including a drink. In sit down restaurants, it can run up to between $30 and $50 per person or more. Of course, these are highly variable and will depend on restaurant.
To check out more grocery prices and find out more about how I grocery shop with a plan, you can check out my video below on grocery shopping tips.<br /><br /><a id="utilities"></a>Utilities
As of the <a href="https://meric.mo.gov/data/cost-living-data-series" title="Cost Of Living Index" target="_blank">latest data </a>Hawaii has a Utilities score of 151.3. This puts it as the second most expensive state in the country for utility costs, behind Alaska.
Which makes sense, as the price of electricity in Hawaii is much higher when compared to much of the mainland, with <a href="https://www.hawaiianelectric.com/billing-and-payment/rates-and-regulations/average-price-of-electricity" title="Electricity Costs " target="_blank">Oahu coming in at 0.43/kWh</a>. This is over double the national average of roughly $0.162/kWh.
Properties in Hawaii on the low end, such as small houses and condos, typically run about 500 and 600 kWh per month. This comes out to an electric bill between $150 and $250. In the more luxury focused areas, homes have an average usage of between 1400 and 1600 kWh. At 0.43/kWh, this can put the electricity bills over $600 per month. People in these neighborhoods often offset these costs by installing photovoltaic panels.
Related: <a href="https://www.hiestates.com/blog/hawaii-utility-costs-adding-up-the-cost-of-living-in-hawaii/" target="_blank">Hawaii Utility Costs - Adding Up The Cost Of Living In Hawaii</a>
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Am_I_Ready_For_Second_Home_In_Hawaii/St._Louis_Heights_-5_s.jpg" width="775" height="517" alt="A single-family home in St. Louis Heights" title="Cost Of Living Placeholder 2" style="vertical-align: baseline;" />
Natural gas is another area that comes at a premium compared to the mainland. If you only have a few natural gas services like a gas range, it can run very low - around $10 per month. For more luxurious properties with outdoor torches, natural gas bills can reach upper numbers of $250 per month or more, depending on the type of property and the amenities installed.
Water and sewage bills typicallly run between $90 and $140 on the low end, but for a property with a pool and nice landscaping that price can jump to between $200 and $300 or more.
Your cable and internet expenses will largely be dictated by where you live on the islands. In Honolulu, packages for fiber optic internet connections start at $39.99 for speeds of up to 300 Mbps, with cable TV packages starting at $59.99 per month. Pricing and availability tends to vary by neighborhood as you get further out so it’s important to check this for every home you look at.
If you’re a remote worker, rest assured that the internet on the island won’t let you down. Since our temperatures are very moderate throughout the year, you don’t even have to worry about losing access to the internet to severe weather events like an ice storm.
Overall, your utility bills can cost over $1,200 per month in addition to your mortgage payment. There are multiple ways to reduce these prices significantly. For example, you can install photovoltaic solar panels on your roof to reduce long-term electricity costs. Solar water heaters and other energy saving appliances can also be reduced to limit your electricity usage. HOA fees and maintenance fees need to be calculated for as well, which can be highly variable depending on the area.
And then we come to taxes.
<a id="taxes"></a>Taxes In Hawaii
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Taxes in Hawaii primarily consist of General Excise Tax (similar to sales tax), Income Tax, and Property Taxes.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/5_Easy_Tips_to_Budgeting_for_a_Move_to_Hawaii/5_Easy_Tips_to_Budgeting_for_a_Move_to_Hawaii_3.jpg" width="775" height="436" alt="Pictures of boxes" title="Cost Of Living Placeholder 3" style="vertical-align: baseline;" />
<a id="get"></a>General Excise Tax (GET)
There is no sales tax in Hawaii, rather the state charges General Excise Tax (GET) at 4%. County governments can impose a surcharge on the state GET. The City and County of Honolulu has a 0.5% surcharge, making the effective GET rate 4.5%. The General Excise Tax is charged on all goods and services, unlike a sales tax which is usually only charged on goods.
<a id="income-tax"></a>Income Tax
Income tax rates in Hawaii remain unchanged heading into 2024, with the marginal rates ranging from 1.4% to 11% depending on the tax bracket. For example, a single filer with income of $150,000+ and married filing jointly with income of $300,000+ are taxed at 9% for all income over $300,000.
See the table below for the tax brackets and their marginal tax rates.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_of_Living_in_Hawaii/HiEstates_Website_graphics_-_Income_tax_in_Hawaii2_1_s.jpg" width="1600" height="812" alt="2023 Income Tax Brackets in Hawaii" title="Hawaii Cost of Living 2023" />
<a id="property-tax"></a>Property Tax
On Oahu, property taxes are paid in two installments during the fiscal year, which runs from July 1 to June 30. The first installment is paid on August 20, and the second on February 20, barring holidays. Payments can be made online, over the phone, in person, or through the mail.
For the fiscal year of <a href="https://www.realpropertyhonolulu.com/media/1979/state-report-fy24-final-tax-rates.pdf" title="State report for fiscal year 2024 on property taxes" target="_blank">July 1, 2023 to June 30, 2024</a>, the owner-occupant residential property tax rate is $3.50 per every thousand dollars of assessed value. This means that if your home in Hawaii is your primary residence and the tax assessed value on that home is $1,000,000, then your property taxes for the year would be $3,500.If your home was assessed at $500,000 then your property taxes would be $1,750. It's possible to claim a <a href="https://www.realpropertyhonolulu.com/media/1398/bfsrpp3.pdf" title="Official form for homeowners' exemption in Honolulu" target="_blank">homeowner's exemption</a> if the property is your primary residence.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Understanding_Property_Tax_in_Oahu_in_2023/HiEstates_Website_graphics_-_Residental_property_tax_2023-2024_v2.jpg" width="775" height="394" alt="2023 - 2024 Property Tax Rates on Oahu - Cost Of Living" title="Taxes - Cost Of Living" style="vertical-align: baseline;" />
Owners below the age of 65 get a $100,000 exemption, while those above it get a $140,000 exemption which would help further reduce your property taxes.
Residential A categories are for non-owner occupant properties. Residential A properties assessed with values of up to $1,000,000 are taxed at the Tier 1 rate of $4.00 per thousand dollars of assessed value. Once they pass $1,000,000, the excess valuation is taxed at the Tier 2 rate of $11.40 per thousand dollars of assessed value.
Related: <a href="https://www.hiestates.com/blog/understanding-property-taxes-on-oahu/" target="_blank" title="Learn more about how property tax works in Honolulu County, Hawaii">Understanding Oahu Property Taxes</a>
<a id="other"></a>Other Costs
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Living in Hawaii can bring other costs with it that vary depending on your personal preferences, lifestyle, and family unit. Here are a few other things to keep in mind while you're building your budget.
<a id="education"></a>Education
Hawaii has great educational institutions for your children. The private schools on Oahu are particularly noteworthy, though there’s also a great selection of public schools. Private school tuition in Hawaii ranges from $12,280 to $60,000 plus, depending on the type of admissions and the school. Check out our <a href="https://www.hiestates.com/blog/private-schools-in-oahu/" title="Guide To Private Schools On Oahu Heading Into 2024">guide to private schools on Oahu</a> for a more in-depth look. Like the mainland, public education is generally free.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_of_Living_in_Hawaii/jeffrey-hamilton-jrRe6er0pY0-unsplash_1_s.jpg" width="1600" height="1067" alt="Classroom in Hawaii" title="Cost of education in Hawaii" />
College tuition and fees vary significantly from campus to campus, with further variation depending on the program. That said, the <a href="https://www.collegetuitioncompare.com/compare/tables/?state=HI" title="Hawaii college tuition comparison " target="_blank">average tuition & fees</a> for Hawaiian colleges is about $5,021 for in-state students and $18,751 for out-of-state students.
<a id="transportation"></a>Transportation
Transportation is a significant monthly cost for residents in Hawaii as the state has some of the highest gas prices in the country. That's due to its remote location as all of the gas has to be shipped in. The most recent gas price I saw at the pump on Oahu for Regular, Plus, Premium, and Diesel was $4.539, $4.739, $4.989, and $5.587 respectively.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living_Transportation/siStock-1302759705.jpg" width="775" height="517" alt="Image of TheBus in Honolulu" title="TheBus" style="vertical-align: baseline;" />
<a href="http://www.thebus.org/" title="TheBus official website" target="_blank">TheBus</a> is Oahu's primary public transportation system with other options such as shuttle services also available. It's not a massive system like you'd find in a major city but it gets the job done for shorter distances. Gas may be expensive in Hawaii, but distances are smaller so you'll be driving less here compared to the mainland. So unless you're putting in a lot of miles driving around the island, which you'll realistically have no need to do, the higher gas prices are offset by fewer miles driven.
Distances aren't significant here but traffic remains a reality. Commuting during rush hour will require some patience but it will largely depend on where you live and where you're driving to. That’s going to have an impact on what you spend on gas so take that into account as well.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_of_Living_in_Hawaii/cody-mclain-Dq5P6eWZXNY-unsplash_1_s.jpg" width="1600" height="1067" alt="Van with surfboard in Hawaii" title="Transportation in Hawaii" />
<a id="insurance"></a>Insurance
Homeowner's insurance will be a recurring expense but well worth it as it's going to cover damage from fires, natural disasters, theft, and other eventualities. It runs between <a href="https://www.nerdwallet.com/article/insurance/homeowners-insurance-hawaii-hi" title="NerdWallet insurance review" target="_blank">$490</a> and <a href="https://www.insure.com/home-insurance/average-home-premiums.html" title="Insure.com insurence comparison" target="_blank">$582</a> per year for a $250,000 baseline dwelling policy. This won't cover most homes in Hawaii, which are typically more expensive, so it's best to use it as a guideline - estimate roughly $1000 per $500,000 property value. Your final premium will vary based on several factors, and often hurricane insurance needs to be added in extra.
Healthcare insurance is a necessity and all employers are required to provide prepaid health care coverage to their eligible employees in Hawaii. This will typically include full-time employees and potentially some part-time employees as well. Check with your organization about eligibility. If you don't have coverage through an employer, you're able to purchase an individual health plan during the annual Open Enrollment period, with the average plan costing $400 per month.
<a id="income"></a>Income And Lifestyle Expectations
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Living in Hawaii requires the understanding that living here costs more than living on the mainland. Having a budget and a plan for every dollar spent is a good idea to start. If you can keep that in mind and stay open to the cultural differences, paradise has a place for you. Just keep in mind that Median Income data is just that - data. The more attention you pay to your finances, the better your chances of succeeding.
The Department of Housing and Urban Development (HUD) Guidelines reported that for Fiscal Year 2023, the Median Family Income for a 4 person family in Hawaii was $113,200. This ranges from $121,400 for families in Urban Honolulu on Oahu to $90,600 for families on Big Island in Hawaii County. The breakdown by county is below.
<a id="median"></a>Median Family Income By County
Hawaii County - $90,600
Honolulu County - $121,400
Kalawao County - $119,800
Kauai County - $102,200
Maui County - $105,800
It all comes down to spending with intention, not wasting money, and knowing what you want to spend your hard earned money. A single individual making $90,000 per year can probably lead a comfortable lifestyle in Hawaii, assuming they have health insurance through their employer. With an annual income of $100,000 or more, some of the more expensive areas open up.
Couples with joint incomes between around $144,000 will likely find it more than sufficient for a lot of areas. As the family size grows, so too do the expenses - what you can afford from that point depends on the number of children you have, whether they're being sent to public or private school, pets, and other factors.
<a id="condo-estimate"></a>General Lifestyle Budget For A Median Priced Condo
It can be feasible to live a modest lifestyle on Oahu while enjoying all that the island has to offer without breaking the bank. The following is an example estimate of the expenses that an individual or a couple with no kids could reasonably expect while living in a median priced condo with 20% down.
Assume that you're buying a median-priced $500,000 condo with 20% down at 6.5% and use air conditioning. Keeping in mind that this is a rough estimate that doesn't account for savings, a modest lifestyle in Hawaii would incur the following monthly expenses of around $5,508:
Mortgage: $2,528
Taxes & Insurance: $180
Utilities: $500
Maintenance Fees: $650
Groceries, Necessities, and Entertainment: $1,100
Transportation: $550
This budget estimate is rough, and should be used as a starting point for a full financial plan that is comprehensive to your needs, including savings.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/HiEstates_Website_graphics-_average_living_expenses_rev_020724.jpg" width="775" height="394" alt="Cost Of Living - Average living expenses" title="Average living expenses" style="vertical-align: baseline;" />
<a id="sfh-estimate"></a>General Lifestyle Budget For Median Priced Single-Family Home
A well budgeted and comfortable lifestyle in Hawaii for a family of four can incur monthly expenses of roughly $9,982. This assumes that you’re buying a roughly median-priced home for $996,500 with 20% down at 6.5% and use air conditioning. The estimate includes expenses for kids’ activities and dining out, with the kids enrolled in a public school, but does not include savings.
Mortgage: $5,057
Taxes & Insurance: $475
Utilities: $650
Groceries and Activities: $2,700
Transportation: $1,100
This budget estimate is rough, and should be used as a starting point for a full financial plan that is comprehensive to your needs, including savings.
Wrapping Up
Hawaii is paradise. That much is known around the world. Between the gorgeous scenery and the fresh island air, life on the islands is amazing.
There isn’t a day that goes by for me after all these years that I am not taken aback by some of the natural beauty on a daily basis. The lifestyle is wonderful and relaxed. It’s a big reason why I never used my return trip ticket in 1999. The culture encourages meeting new people, caring for your community, and maintaining an active, healthy lifestyle - perfect for raising a family. <a href="https://www.hiestates.com/blog/living-in-hawaii-my-perspective-from-living-here-20-years/">I’ve lived here for 20+ years and I love it</a>.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Cost_Of_Living/O_Mountain_Coastline_1.jpg" alt="Mountain Coastline" title="Mountain Coastline" width="775" height="497" />
We rank high on various cost of living indexes, but it’s for good reason. Hawaii is a paradise like no other, offering gorgeous views, a healthy lifestyle, and a diverse cultural melting pot to those who seek it. It’s just about as close as you can get to living in a foreign country without a passport. If you are aware of the costs and spend your money with intent, you can easily do well here.
<a id="contact-form"></a>When you’re ready to take the plunge and start getting ready to move to Oahu - Reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or email me at scott@hiestates.com and we'll help find the right home for your needs.2024-01-27T15:00:00-07:002024-03-15T15:30:29-07:00Scott Startsmantag:hiestates.com,2012-09-20:32544Oahu Luxury Home Market Report For Q4 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_Market_Stats_4th_QTR_2023_Header.jpg" width="775" height="436" alt="Text saying "List Sotheby's International Realty" above an image of waves lapping at the beach with a mountain in the distance" title="Oahu Luxury Market Stats Q4 2023" style="vertical-align: baseline;" />
Welcome to the fourth quarter update for Oahu's luxury real estate market, presented by HiEstates with List Sotheby's International Realty. The luxury market as a whole trended downward for Q4 2023, with a few variations depending on price segments. Internationally, Japanese investors continue to lead in foreign real estate investment in Oahu.
Jump To | <a href="https://www.hiestates.com/#contact-form">Inquire Now</a> | <a href="https://www.hiestates.com/#sfh">Single-Family Home Stats</a> | <a href="https://www.hiestates.com/#condos">Condo Stats</a> | <a href="https://www.hiestates.com/#top">Top Luxury Sales</a>
As we delve into the last quarter of 2023, let's explore the varied dynamics that have shaped the luxury real estate landscape in paradise over this previous quarter. The Oahu luxury market is usually broken down into the following price segments for single-family homes and condos.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_Market_Segments.jpg" width="775" height="436" alt="Aerial view from the ocean of Honolulu shoreline on left side with 4th quarter luxury market segments on righthand side" title="Oahu Luxury Market Stats - Price Segments" style="vertical-align: baseline;" />
<br /><br /><a href="https://assets.site-static.com/userfiles/2805/file/market_stats/List_Luxury_Market_2023_4th_QTR_11x17_BLANK_low_res.pdf" title="View the full market report for Q4 2023" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
<a id="sfh"></a>Luxury Single-Family Homes
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_SFH_Segment_1.jpg" width="775" height="436" alt="SFH Price Segment 1 stats on left side, a living room on the right side" title="Oahu Luxury Market Stats Q4 2023 - SFH Segment 1" style="vertical-align: baseline;" />
The first price segment in the luxury single-family home market consists of those homes between $2 Million and $3 Million in price. Sales in this category have declined by 20% compared to the same period last year, with 32 homes sold in Q4 2023 versus 40 homes in Q4 2022. Notably, the months’ supply of inventory has increased significantly, up 55.1% to 7.6 months for Q4 2023 compared to 4.9 months for Q4 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_SFH_Segment_2.jpg" width="775" height="436" alt="A kitchen on the right side of the image and luxury market stats on the left side" title="Oahu Luxury Market Stats Q4 2023 - SFH Segment 2" style="vertical-align: baseline;" />
The next segment, $3 Million to $5 Million, saw a 22.2% decrease in sales. There were a total of 14 homes sold during Q4 2023, down from 18 homes sold during Q4 2022. Similar to the previous price segment, months' supply of inventory rose - up to 10.4 months, a 48.6% increase for Q4 2023 from the 7 months of the prior year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_SFH_Segment_3.jpg" width="775" height="436" alt="Image of an open floor plan home on the right, luxury market stats on the left " title="Oahu Luxury Market Stats Q4 2023 - SFH Segment 3" style="vertical-align: baseline;" />
The third price segment of $5 Million to $10 Million slightly reversed the trend for the fourth quarter of 2023, up 14.28% with 8 single-family home sales versus 7 closed sales the prior year for the same quarter. Inventory also saw a slight decrease of 8% for Q4 2023, down to 12.6 months from 13.7 months last year. The top single-family home sale for the quarter was in this segment, a home in <a href="https://www.hiestates.com/honolulu-neighborhoods/makiki-heights/" title="Makiki Heights Neighborhood Page">Makiki</a> that closed at $8,625,000.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_SFH_Segment_4.jpg" width="775" height="436" alt="Image of an in-home pool on right, oahu luxury market stats on the left" title="Oahu Luxury Market Stats Q4 2023 - SFH Segment 4" style="vertical-align: baseline;" />
The final price segment of $10 Million and up saw no sales for Q4 2023, consistent with the previous year. Months' supply of inventory for this price segment reached 20 months, an increase from 9.6 months for Q4 2022.
<a id="condos"></a>Luxury Condos
Luxury condo sales for Q4 2023 have reflected interesting trends, though at large have dipped in parallel with the single-family home market.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_Condo_Segment_1.jpg" width="775" height="436" alt="View from a condo unit balcony looking over the ocean and palm trees on left side, luxury market stats on right side" title="Oahu Luxury Market Stats Q4 2023 - Condo Segment 1" style="vertical-align: baseline;" />
The first segment of luxury condos in the $1 Million to $2.5 Million price range saw an overall decrease of 9.7% for the quarter year-to-year. This comes out to 84 closed sales for Q4 2023, compared to 93 closed sales for the same period the year before. Months' supply of inventory for this segment has slightly, up to 7.8 months from 7.5 months for Q4 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Luxury_Condo_Segment_2.jpg" width="775" height="436" alt="Image of an open floor plan condo unit with kitchen, dining, and living room on left side, luxury condo market stats on right side " title="Oahu Luxury Market Stats Q4 2023 - Condo Segment 2" style="vertical-align: baseline;" />
The second segment, condos priced at $2.5 Million and up, saw a total of 14 sales for the quarter. This is a 22.2% decrease compared to Q4 2022, which saw 18 closed sales in this price segment. Months' supply of inventory saw a large increase for this category, up 53.6% in Q4 2023 to 16.9 months from 11 months for the same quarter the prior year.
<a id="top"></a>Top Luxury Sales
Of the fourteen luxury condo sales in the $2.5 Million and up segment, six of them were at or above the $5 Million mark. Five of those units were located in the <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" title="Park Lane Condominium Main Page">Park Lane</a> luxury condo in <a href="https://www.hiestates.com/ala-moana/" title="Ala Moana Neighborhood Page">Ala Moana</a>, while the last one was at the Ocean Villas in Turtle Bay.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q4L/Top_Luxury_Sales_For_Quarter.jpg" width="775" height="436" alt="Aerial shot of Oahu coastline and a golf course on right side of image, with luxury market stats on left" title="Oahu Luxury Market Stats Q4 2023 - Top Sales For Quarter" style="vertical-align: baseline;" />
The top luxury condo sale for the quarter was a condo in <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" title="Park Lane Condominium Main Page">Park Lane</a> that closed at $27,500,000, while the top single-family home sale for the quarter was a home in <a href="https://www.hiestates.com/honolulu-neighborhoods/makiki-heights/" title="Makiki Heights Neighborhood Page">Makiki</a> that closed at $8,625,000.
<a id="contact-form"></a>Reach Out
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or email me at scott@hiestates.com to get started!2024-01-26T09:07:01-07:002024-03-05T18:43:58-07:00Scott Startsmantag:hiestates.com,2012-09-20:15565Oahu Private School Guide Heading Into 2024
Nestled in the heart of the Pacific, Oahu isn't just home to stunning beaches and rich cultural history; it also boasts some of the most prestigious private schools in the nation. If you’re looking to make the move to Oahu and enroll your child, you want to be sure to choose the right one - and that you choose the right neighborhood for your home to match. This blog post was updated with the latest info on January 20, 2024.
The community lifestyle around your home is as much a part of your home as the building itself. Not only that, commute times need to be taken into account. After all, if you move to a neighborhood that’s a long commute from your work or your child’s school, your family might be too tired to enjoy the beauty of the paradise state.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/School_Reading_At_Picnic_Table.jpg" alt="Three People Reading And Taking Notes At Picnic Table" title="School Reading And Studying" style="vertical-align: baseline;" width="775" height="517" />
Related: <a href="https://www.hiestates.com/blog/what-is-the-best-hawaiian-island-to-live-on/" title="What Is The Best Hawaiian Island To Live On?">What Is The Best Hawaiian Island To Live On?</a>
In this blog post we set our focus on the private schools of Oahu, where personalized education is a philosophy. From small class sizes to specialized programs, these private schools create nurturing environments for students to thrive and become the leaders of tomorrow. Choosing the right school for your family will come down to a couple key factors. We’ll start with tuition and then discuss the schools and the areas on Oahu they’re located in.
If you’re ready to make the leap and get help with your move to Oahu, reach out at <a href="tel:+18086986100">1-(808) 698-6100</a><br /><br />Tuition Costs
As of the latest update on January 20th, we are still in the 2023 - 2024 school year. This means these numbers are representative of the tuition for that period. They can be used to estimate the tuition for the 2024 - 2025 school year, but should be treated as just that - estimates.
Generally, tuition at these schools can range from around $10,000 to upwards of $25,000 per year. Some of the more prestigious institutions can run higher, with ‘Iolani offering Boarding admission for $63,600 and day admissions for $28,250. Smaller or religiously-affiliated schools often offer a more affordable option, with lower tuition rates while still providing quality education."
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/HiEstates_Website_graphics_-_Private_Schol_1_2.jpg" width="1600" height="812" alt="Private School Tuition Costs on Oahu" title="Private School Tuition Costs" />
Understanding the financial commitment of private education is crucial. It's important to factor in the likelihood of annual tuition increases, which can range from 2% to 5% per year.
Many private schools on Oahu are committed to making education accessible and offer various forms of financial assistance. Scholarships can significantly reduce the tuition burden, while some schools offer aid that covers a substantial portion of the fees.
Honolulu & Diamond Head
<a href="https://www.hiestates.com/honolulu-neighborhoods/" title="Honolulu Area Page">Honolulu</a> has it all - a bustling cityscape with plenty of boutique shopping and dining opportunities, wide open suburbs, and some of the best private schools in the United States. It has a unique blend of modern urbanity and traditional Hawaiian charm, and is a veritable melting pot of diverse cultures coming together in one.
Right next door, the <a href="https://www.hiestates.com/diamond-head/" title="Diamond Head Area page">Diamond Head area</a> is a residential area (not to be confused with the Diamond Head neighborhood) to the east of Honolulu, housing many exclusive and highly sought-after properties. It is home to Diamond Head Crater, one of Hawaii's most iconic landmarks.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Map_1.jpg" alt="Oahu Urban Core Private Schools" title="Oahu Urban Core Private Schools" width="775" height="517" />
The neighborhoods in these two areas come in a wide range of property types. Whether you desire a private ridge community like <a href="https://www.hiestates.com/honolulu-neighborhoods/makiki-heights/" title="Makiki Heights Neighborhood Page">Makiki Heights</a>, or the luxuriousness of the greatly coveted <a href="https://www.hiestates.com/diamond-head/kahala/" title="Kahala Neighborhood Page">Kahala</a> - there are plenty of options. My personal favorite is the <a href="https://www.hiestates.com/diamond-head/diamond-head-neighborhood/" title="Diamond Head Neighborhood page">Diamond Head neighborhood</a>, where I live.
Punahou
<a href="https://www.punahou.edu/" title="Punahou School - One of the largest private schools in the nation" target="_blank">Punahou School</a> is one of the country’s largest independent schools, with an enrollment of over 3,700 students. Over Punahou’s 183 years, it has produced many notable graduates - including former president Barack Obama, teen golf phenomenon Michelle Wie, Olympians, and more. By all rights, it seems to live up to its claims of encouraging students to unlock their highest potential.
The primary mission of Punahou is to prepare students for a changing world. Renovations over recent years have transformed significant amounts of the campus into cutting-edge learning environments and sustainable facilities with indoor and outdoor spaces. Education at Punahou isn’t just about the core subjects - it prepares the students for careers of the future by teaching students to be adaptable and innovative.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Punahao.jpg" alt="Punahao Private School Entrance" title="Punahao Private School" width="775" height="516" />
Punahou is located at 1601 Punahou St, Honolulu. The most convenient neighborhood for Punahou would be <a href="https://www.hiestates.com/honolulu-neighborhoods/manoa/" title="Manoa real estate information and homes for sale">Manoa</a>, a cool valley neighborhood with magnificent views set at the base of the Ko’olau mountain range. Just a little bit further away is <a href="https://www.hiestates.com/honolulu-neighborhoods/makiki-heights/" title="Makiki Heights Information And Homes For Sale">Makiki Heights</a> - just a little over a mile from the school and right around the corner from where Barack Obama grew up.
'Iolani
<a href="https://www.iolani.org" title="'Iolani - K-12 Private School in Honolulu Oahu" target="_blank">‘Iolani</a> recruits its teachers from across the world, bringing a wealth of experience united by their love of children and excellence in education. Although ‘Iolani is related to the Episcopal Church, there are no restrictions on religious background or gender. The only requirements are scholastic ability, good character, and promise of leadership.
More than 2,200 students of diverse backgrounds attend K-12 classes at ‘Iolani, working through a curriculum that prepares them for college. At the same time, the religious, athletic, extracurricular programs broaden their minds and allow them to enter the world with a sense of personal worth and responsibility to mankind.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Iolani.jpg" alt="Iolani Campus" title="Iolani Campus" width="775" height="581" />
‘Iolani is located at 563 Kamoku Street in Honolulu, just north of Waikiki. There are a few neighborhoods within a 10-20 minute drive of the school. <a href="https://www.hiestates.com/diamond-head/kaimuki/" title="Kaimuki Neighborhood Information And Homes For Sale">Kaimuki</a> is an adjacent neighborhood filled with charming older homes. <a href="https://www.hiestates.com/diamond-head/diamond-head-neighborhood/" title="Diamond Head Neighborhood Info & Homes For Sale">Diamond Head</a> is one of the closest and also one of my favorites, offering a lifestyle unlike any other. On the other side of Diamond Head is <a href="https://www.hiestates.com/diamond-head/kahala/" title="Kahala - Luxury Neighborhood In Oahu">Kahala - the ‘Beverly Hills of Hawaii.'</a>
Just 10 minutes away are two more options - <a href="https://www.hiestates.com/honolulu-neighborhoods/manoa/" title="Manoa real estate information and homes for sale">Manoa</a>, a lush valley community, and <a href="https://www.hiestates.com/diamond-head/st-louis-heights/" title="St Louis Heights Real Estate ">St. Louis Heights</a>, a ridge community.
Mid-Pacific Institute
Founded in 1908,<a href="https://www.midpac.edu" title="Mid-Pacific Institute - Innovative private school in Oahu" target="_blank">Mid-Pacific Institute</a> has evolved over the years to become a modern educational institution while maintaining its historical roots. The school is renowned for its innovative approach to education, embracing evolving technological platforms with state-of-the-art equipment. At the same time, it cultivates artistic and individual expression in its students, pushing them to their limits in a safe environment.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Child_In_VR_Set.jpg" alt="Child In VR Set" title="Mid-Pacific Institute boasts a virtual reality campus" class="img_box_left" width="375" height="562" />
Mid-Pacific Institute is a private school for Pre-K-12 founded on Christian values in 1908. It has a rich history of providing a challenging and developmentally-appropriate curricular continuum. The school today is recognized for multiple innovative programs including:
International Baccalaureate Diploma Programme
Mid-Pacific Exploratory Program
Mid-Pacific School of the Arts
Immersive Technology Program
The campus consists of 43 acres at 2445 Ka’ala Street in Manoa Valley, Honolulu. The school is at the mouth of <a href="https://www.hiestates.com/honolulu-neighborhoods/manoa/" title="Manoa real estate information and homes for sale">Manoa</a>, a lush valley neighborhood, and surrounded by ridge neighborhoods to the east and west. To the east is <a href="https://www.hiestates.com/diamond-head/st-louis-heights/" title="St Louis Heights Real Estate ">St. Louis Heights</a>, while to the northwest lies <a href="https://www.hiestates.com/honolulu-neighborhoods/tantalus/" title="Tantalus Oahu Real Estate Information And Homes FOr Sale">Tantalus</a> and to the west lies <a href="https://www.hiestates.com/honolulu-neighborhoods/makiki-heights/" title="Makiki Heights Information And Homes For Sale">Makiki Heights</a>.
Beach Town - Kailua
When talking about beach communities on Oahu that have good private schools nearby, there is one immediately leaps to mind: <a href="https://www.hiestates.com/kailua-neighborhoods/" title="Kailua Area Page">Kailua</a>.
Nestled on the windward coast of Oahu, Kailua offers a breathtaking blend of turquoise waters and fine, white sands. Known for its world-renowned Kailua Beach, the town is a haven for water sports enthusiasts, with activities ranging from kayaking to windsurfing.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Map_2.jpg" alt="Oahu Beach Town Private Schools" title="Oahu Beach Town Private Schools" width="775" height="517" />
Kailua is a town of around 38,000 people, known around the world for its beautiful beaches. Kailua Beach is one of these, minutes away from Kailua and winner of <a href="https://www.drbeach.org/kailua-beach-park" title="Kailua Beach Park - 2019 Top Beach by Dr. Beach" target="_blank">Top Beach in 2019 by Dr. Beach. </a>It tends to have smaller waves and steady winds, making it ideal for swimming, kayaking, and other water sports. If you're feeling adventurous, there are two small offshore islands that can be reached with effort.
Within Kailua there are two neighborhoods that really distinguish themselves. The first, <a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" title="Lanikai Kailua Neighborhood Info & Homes For Sale">Lanikai Kailua</a>, is a small neighborhood of about 500 homes that has a focus on exclusivity through simplicity - unmistakably high-end, but with less of a focus on extravagance. The second neighborhood, <a href="https://www.hiestates.com/kailua-neighborhoods/beachside/" title="Beachside Kailua Homes and Information">Beachside Kailua</a>, is one of the most desirable areas within the entire town.
Related: <a href="https://www.hiestates.com/blog/guide-to-moving-to-hawaii-with-pets/" title="Your Guide To Moving To Hawaii With Pets">Your Guide To Moving To Hawaii With Pets</a>
Le Jardin Academy
<a href="https://www.lejardinacademy.org/" title="Le Jardin Academy PK-12 Private School" target="_blank">Le Jardin Academy</a> (LJA) was originally founded in 1961 as a single-room preschool.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Old_Schoolhouse.jpg" alt="Old Schoolhouse" title="Old Schoolhouse" width="775" height="516" />
Since then, they have grown into a leader in world-class education. LJA is known as the premier PK-12 private school for the windward community, and strive to develop knowledge, responsibility, and care in every student that passes through their doors. Emphasizing global-mindedness and personal development, Le Jardin Academy provides a diverse and dynamic learning environment, encouraging students to excel academically while fostering a sense of global responsibility.
LJA has an average 1:9 faculty to student ratio, ensuring students have the aid needed to reach their full potential. Students are provided with an education that consists of three programmes united under the International Baccalaureate philosophies and approaches for an internationally recognized education. The school's progressive curriculum, infused with technology and hands-on learning experiences, prepares students not just for academic success, but also to be thoughtful, engaged members of society.
Le Jardin is located at 917 Kalaniana’ole Hwy, about 5-10 minutes from <a href="https://www.hiestates.com/kailua-neighborhoods/coconut-grove/" title="Coconut Grove Neighborhood Page">Coconut Grove</a> and <a href="https://www.hiestates.com/kailua-neighborhoods/kalama-tract/" title="Kalama Tract Neighborhood Page">Kalama Tract</a> and 10-15 minutes from more luxurious Kailua neighborhoods such as <a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" title="Lanikai Neighborhood Page in Kailua">Lanikai</a> and <a href="https://www.hiestates.com/kailua-neighborhoods/beachside/" title="Beachside Neighborhood Page in Kailua">Beachside</a>.
Trinity Christian School
<a href="https://www.tcskailua.net" title="Trinity Christian School - Fully Accredited Classical PK-12 Private School" target="_blank">Trinity Christian School</a> is a fully accredited, classical Christian PK-12 private grade school that has two campuses in Kailua, Hawaii. Trinity is the only classical Christian school in Hawaii, utilizing a method of education that matches how children learn naturally. They provide their students with the opportunity to learn a deeper vocation - beyond just getting a next job.
Trinity categorizes preschool and secondary education into three stages that are applied throughout the education.
During preschool through 6th grade, students at Trinity are tasked with the Grammar stage - building a foundation of knowledge. For 7th and 8th grade, the Logic Stage builds on that foundation and teaches students logical thinking, critical reading, and critical writing. From 9th to 12th grade, the Rhetoric stage teaches them how to combine their knowledge and logical thinking to form their own arguments.
Trinity has two campuses, located at 875 Auloa Road & 1110 Kailua Road, about 5 minutes away from each other and about 5-15 minutes from <a href="https://www.hiestates.com/kailua-neighborhoods/coconut-grove/" title="Coconut Grove Neighborhood Page in Kailua">Coconut Grove</a> and <a href="https://www.hiestates.com/kailua-neighborhoods/kalama-tract/" title="Kalama Tract Neighborhood Page">Kalama Tract</a>.
<a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" title="Lanikai Neighborhood Page in Kailua">Lanikai</a> and <a href="https://www.hiestates.com/kailua-neighborhoods/beachside/" title="Beachside Neighborhood Page in Kailua">Beachside</a> are roughly a 15-20 minute drive from Trinity Christian School each way.
West Oahu - Kapolei
Kapolei is a planned community in Oahu that takes its name from a volcanic cone. Often referred to as Oahu's "Second City," Kapolei is a vibrant hub located on the island's southwestern coast. As a planned city, Kapolei offers a unique blend of urban convenience and island charm, making it a popular destination for both residents and tourists seeking an alternative to the busier Honolulu metropolis.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Private_Schools_In_Oahu/Map_3.jpg" alt="West Oahu Private Schools" title="West Oahu Private Schools" width="775" height="517" />
The city is quickly becoming the second urban center of Oahu and is especially popular with military members stationed at the nearby bases. There is currently a project underway to construct a fixed-guideway elevated rail system - as of January 2024, the project runs from East Kapolei to the Aloha Stadium, with plans to extend to the city center by 2031.
Island Pacific Academy
<a href="https://islandpacificacademy.org" title="Island Pacific Academy - Premier K-12 Private School In Oahu" target="_blank">Island Pacific Academy</a> (IPA) is one of the premier independent K-12 schools in the nation. Students at IPA are encouraged to learn through experimentation, producing imaginative and self-reliant individuals. Critical thinking is nurtured in students, aiding them in the development of fundamental skills necessary to real-world situations.
Island Pacific Academy is located at 909 Haumea Street in Kapolei, Oahu. <a href="https://www.hiestates.com/northpark-by-gentry/" title="NorthPark By Gentry Homes And Information">NorthPark by Gentry</a> and <a href="https://www.hiestates.com/hoopili/" title="Hoopili Oahu Homes And Information">Ho'opili</a> are two new neighborhoods currently under construction nearby.
American Renaissance Academy
<a href="https://www.arahawaii.org/" title="American Renaissance Academy - fully accredited private school in Oahu" target="_blank">American Renaissance Academy</a> is a fully accredited private school founded in 2007 in Kapolei. Their aim is to enable their students to achieve their highest potential and lead the next generation of an evolving society. Students are provided with a comprehensive college-prep education that challenges students while instilling a passion for artistic growth and life-long learning.
American Renaissance Academy is located at 91-1180 Midway Street in Kapolei, Oahu. <a href="https://www.hiestates.com/northpark-by-gentry/" title="NorthPark By Gentry Homes And Information">NorthPark by Gentry</a> and <a href="https://www.hiestates.com/hoopili/" title="Hoopili Oahu Homes And Information">Ho'opili</a> are two new neighborhoods currently under construction nearby.
Which school is Best for your family?
As our guide to Oahu's private schools concludes, it's evident that the island is a hub for quality education.
Which private school is best for your family ultimately comes down to your specific situation. To better identify which school would work best for you and your children, ask yourself - what do you want out of your future community? What kind of daily commute are you comfortable with? A beautiful neighborhood that matches your life is great, but a long commute can affect how you feel about it.
A 30 minute drive each way might sound short at first - but it ends up being two hours in traffic every single day. That’s why it’s important to account for all the factors before deciding where to enroll your child in one of our prestigious schools.
If you're looking into private schools because you’re planning to relocate to Oahu, our real estate team is ready to assist you in finding a home that meets your family's educational and lifestyle needs. Reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or email me at scott@hiestates.com and take the first step in securing a bright future for your family in one of the most beautiful places in the world.2024-01-20T15:00:00-07:002024-01-20T17:39:38-07:00Scott Startsmantag:hiestates.com,2012-09-20:32218Oahu Real Estate Market Report for December 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-12/Monthly_Stats_-_December_2023.jpg" width="775" height="436" alt="An aerial shot of Honolulu and the Gold Coast from over the ocean " title="December 2023 Real Estate Market Report" style="vertical-align: baseline;" />
Aloha, Welcome to the 2023 December Market Report by List Sotheby's International Realty!
Over the course of 2023, Oahu home and condo sales fell more than a quarter. Despite this, the median sales price for both property types only had a modest dip. Overall, 2023 was a slower year than 2022, with properties spending longer on market and slightly fewer sellers receiving the original list price for their sales. Some small pockets of the market are continuing to see competition due to low inventory, however.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-12DEC.pdf" title="See the full market report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
Closing out the year, Oahu single-family home sales saw a 9.9% decline for December 2023 when compared to December 2022. The median sales price for these properties also saw a dip, though only by 5.1% - coming to $996,500 for the month. Buying activity seems to have dampened largely due to higher borrowing costs, with single-family home contract signings down 18.7% to 2,796 when comparing the year of 2023 as a whole to 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-12/Monthly_Stats_-_December_20232.jpg" width="775" height="436" alt="View of an open floor plan home with an upper level overlooking a dining area" title="Oahu Market Stats - December 2023 - SFH 1 " style="vertical-align: baseline;" />
For the year of 2023, single-family home sales have declined at most price points. The exception to this is properties in the price range of $699,999 and below, which saw a 10.7% increase in sales. The majority of the sales at this price point occured in the Leeward region. Meanwhile, properties in the $900,000 to $1,399,999 saw a decline of 34% over the entire year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-12/Monthly_Stats_-_December_20234.jpg" width="775" height="436" alt="Aerial shot of a cove in Hawaii " title="Oahu Market Stats - December 2023 - SFH 2" style="vertical-align: baseline;" />
Despite this, 98.3% of sellers received their original list price when the sale was closed, and 29% of single family-home sales for the year were sold at or above the asking price. Single-family homes for December 2023 stayed on the market a median of 18 days, with 182 closed sales for the month.
Oahu Condos | Market Stats
On the condo side of the market, properties have seen a decline in closed sales of about 24.4% for December 2023 when compared to December 2022. Despite this, condos have seen a slight increase in median sales price for the same period, up 1.5% to $510,000.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-12/Monthly_Stats_-_December_20233.jpg" width="775" height="436" alt="Picture overlooking the amenity deck of a condo tower" title="Oahu Market Stats - December 2023 - Condo 1" style="vertical-align: baseline;" />
For the year of 2023, Condo sales have declined at all price points and declined 28.0% overall. <a href="https://www.hiestates.com/kailua-neighborhoods/" title="View Kailua main page">Kailua</a> was the smallest decline, receiving only two fewer sales than the previous year. Of the condo sales in 2023, 21% of properties were sold at or above their asking price.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-12/Monthly_Stats_-_December_20235.jpg" width="775" height="436" alt="A sunset shot taken from a beach" title="Oahu Market Stats - December 2023 - Condo 2" style="vertical-align: baseline;" />
At the end of December 2023, there were a total of 1,234 active condo listings and sellers received approximately 97.9% of their original list price,
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2024-01-10T07:09:34-07:002024-01-18T09:02:00-07:00Scott Startsmantag:hiestates.com,2012-09-20:3181111 Step Process for Buying in a New Condo Development Project on OahuHonolulu is a city that effortlessly marries urban sophistication with the laid-back allure of island living and purchasing a new construction condo here provides a Hawaii lifestyle experience like no other. New condo developments are an amazing option but can be tricky to find out about and sorting through the clutter can be challenging as well. We’ve put together this handy guide for how to navigate the complicated process for you.
<a href="https://www.hiestates.com/new-developments/alia/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Unit_LivingRoom-2_s.jpg" width="1600" height="1000" alt="Alia Oahu condo living room" title="Living room at Alia" /></a>
In this step by step guide, we will navigate the how to of buying in a new construction condo project in Honolulu, unveiling the key factors that make these properties not only a sound investment but a lifestyle choice that seamlessly blends modern living with the unparalleled beauty of Hawaii.
<br /><br />1. Go to our New Developments page
Interested in Oahu new condo developments but don’t know where to begin? Finding all of the information about all of the available new projects can be a challenge. These projects are marketed by the individual developers themselves and they’re obviously only going to tell you all about the good stuff. Impartial information balances the equation, thus leading to an informed decision.
For over two decades, we’ve specialized in helping buyers purchase units in Oahu new housing developments, and we’ve condensed all of that experience and information on <a href="https://www.hiestates.com/new-developments/" target="_blank">our New Developments page</a>. It’s a great resource that helps you search current and upcoming projects to get the general lay of the land on all Oahu new developments.
Related: <a href="https://www.hiestates.com/blog/what-are-new-development-projects-on-oahu-and-how-do-they-work/" target="_blank">What are New Development Projects on Oahu and how do they work?</a>
2. Reach out and tell us what you’re looking for
The second step is even easier. Just contact us by filling the contact form below and tell us what you’re looking for. The more information you share, the better we can guide you in the right direction for your needs. Whether that’s enviable ocean views or ultra-luxury amenities that suit your lifestyle, we can steer you in the right direction.
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Victoria_Place_club_amenities_4-2_s.jpg" width="1600" height="842" alt="Amenity Deck of Victoria Place, Oahu" title="Victoria Place amenity deck" /></a>
This enables you to be efficient with your time as you browse Oahu's dynamic new development market. We’ve established long standing relationships with some of the best developers on the island, so we’re even able to advise you on options that may not be listed on the MLS yet, making it possible for you to get in on the ground floor of some of the hottest new developments on the island.
3. Consultation to evaluate your options
Once we hear from you, we’ll set up your consultation where you can let us know more about what you’re looking for. We can also answer any questions that you may have about the different new condo projects, neighborhoods, developers, etc. This helps us help you as we can then quickly put together a plan that enables you move through the entire process efficiently and make an informed decision.
We’ll build that plan around the new developments that best suit your unique lifestyle needs. If you’re interested in resale properties as well, we can also combine them with your new development options so that you have a curated list of properties to choose from.
Related: <a href="https://www.hiestates.com/blog/pros-cons-of-buying-in-new-development-projects-on-oahu/" target="_blank">Pros & Cons Of Buying In New Development Projects On Oahu</a>
4. Set up a visit to new condo development projects
Once we’ve narrowed down the Oahu new condo developments you’re interested in, we can go ahead and set up a presentation with the developers, whether in-person if you’re on the island or virtually if you’re elsewhere. This will be a full presentation about the finer details.
<a href="https://www.hiestates.com/kakaako/koula-ward-village/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Koula_living_room_3-2_s.jpg" width="1600" height="900" alt="Koula condo living room on Oahu" title="Koula Oahu living room" /></a>
Our expertise and knowledge of the market provides you with impartiality, so that you can weigh the pros and cons equally before making a decision. The developers are offerring compensation to buyer's agents, so long as we go with you on that first meeting, so you might as well have representation with the top agents in the Oahu new developments market.
5. Get pre-approved with the developer’s preferred lender
Developers will typically have preferred or project lenders that they require you to work with or at least get qualified by one. These are local lenders that the developer has worked out competitive loan options with for that specific project.
This is an important part of the process as it establishes the foundation for you to actually proceed with the acquisition. It signals to the developer that you’ve got the financing secured and are in a position to enter into a contract.
Related: <a href="https://www.hiestates.com/blog/financing-for-new-development-projects-on-oahu/" target="_blank">Financing for New Development Projects on Oahu</a>
6. Selecting your unit and contracting
After you’ve selected your building and picked out a unit you like best, it’s time to sign the contract on that unit. You’ll typically be required to put 5% down at the time you’re contracting. Our article on how to get the best deal on new condos on Oahu explains everything you need to know.
<a href="https://www.hiestates.com/kakaako/koula-ward-village/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Koula_corner_kitchen-2_s.jpg" width="1600" height="900" alt="Corner kitchen at Koula, Oahu" title="Koula condo kitchen" /></a>
These new condo development projects take at least a couple of years to complete. As time goes on, the developers raise prices and you'll have fewer options to choose from since all of the best units get picked up during the initial launch. The law provides you with ample time to change your mind and get your full deposit back, so there’s little risk in being proactive.
7. Rescind your offer or move forward
The law guarantees a 30-day rescission period after you’ve contracted. Use this time to study the developer’s public report and consider any other information about the Oahu new condo developments you’ve chosen. You can back out of the contract during this period without any penalty.
Once the 30-day rescission period is up, the contract becomes binding and you're committed to moving forward with it. You’ll typically need to put another 5% down, followed by an additional 10% after 120 days. It’s pertinent to note here that the procedure is different for affordable housing units and will vary by project, which we can guide you on.
Related: <a href="https://www.hiestates.com/blog/oahu-affordable-housing-guide-programs-options/" target="_blank">Oahu Affordable Housing Guide: Programs & Options</a>
8. Wait for construction to finish
This is the part of the process where you can’t do much other than wait. The developer will start construction on the project once they’ve sold enough units to obtain construction financing. The expected handover date will have been communicated to you at the time of signing, but know that it’s not set in stone and delays can be common.
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Victoria_Place_tower_mockup_2-2_s.jpg" width="1600" height="1087" alt="Exterior view of Victoria Place condo tower on Oahu" title="Victoria Place Oahu" /></a>
The time it takes to complete construction on the project varies based on the size and complexity of the project as well as other factors.
Related: <a href="https://www.hiestates.com/blog/our-kakaako-development-plans/" target="_blank">Our Kaka'ako Development Plans</a>
9. Finalize the financing
You’ll need to finalize the financing close to closing. The developer will then reach out about six months or so prior to closing for updated financial documents and to move forward in completing the financing.
They’ll also want to see the conditional and final loan approval as well as the balance funds in escrow. Keep in mind that the balance funds need to be in escrow over a month or so before the closing date.
10. Pre-closing walkthrough
Prior to closing, the developer will notify you in advance so that you can make arrangements to do the walkthrough. It’s not uncommon for new condo developments to require minor cosmetic touch ups. The developer then works with the contractor to make the repairs and touch ups before handing over the unit to you.
11. Close, get your keys, and move in
The day that you’ve been so patiently waiting for is finally here. After everything is said and done and all of the closing paperwork is complete, you’ll be handed the keys to the unit. Finally, the condo that you booked a few years ago and had been dreaming about is now yours to call home.
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/10_Step_Process_for_Buying_in_a_New_Condo_Development_Project_on_Oahu/Victoria_Place_living_room_1-2_s.jpg" width="1600" height="904" alt="Living room in a Victoria Place, Oahu, condo" title="Living room at Victoria Place" /></a>
Along with the keys, you’ll be handed some additional paperwork that will provide information about setting up all of the utilities as well as the warranties for the appliances that come with the unit. Time to move in and start creating memories in your new home!
Getting Started with Us
This guide has given you a good idea of what it's like buying into a new development project. If you’re looking for professional help as you navigate the Oahu market, contact us today and see how our decades of experience and expertise can make the entire process easier for you.
We specialize in helping buyers find the best new development projects on Oahu and provide a complete concierge service. Reach out at <a href="tel:+18084357754">1-(808) 435-7754</a> or fill out the form below to request a consultation.2024-01-10T00:15:00-07:002024-02-14T09:57:25-07:00Scott Startsmantag:hiestates.com,2012-09-20:32174What You Might Not Know About Buying a New Build in HawaiiBuying new construction in Hawaii represents a unique opportunity. New developments on Oahu feature top amenities, modern construction, and the features and finishes you want in a move-in ready home. They also may offer the opportunity to get an amazing deal, if you lock in your price early on in the building process and close when there is already equity built.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/new_construction/New_Hawaii_Build.jpg" width="775" height="581" alt="A newly constructed house in Ho'opili" title="New Construction Home" style="vertical-align: baseline;" />
Before you decide to look at <a href="https://www.hiestates.com/new-developments/" target="_blank" rel="noopener">homes for sale in new developments on Oahu</a>, check out this post on things you might not know about buying a new build. And, as always, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time with your questions.
Flexible Timelines and Costs
When you sign a contract to buy a new build, you will be given an estimated completion date. However, the further out you are from that date, the less firm the timeline is. Construction costs in Hawaii can be higher than in other parts of the United States due to factors such as shipping materials to the islands. Additionally, there might be delays in construction timelines, influenced by weather conditions, permitting processes, or a shortage of skilled labor. Shipping materials to the mainland can also affect timelines. Buyers should be prepared for potential delays and factor this into their plans.
Land Tenure
In Hawaii, land tenure is a critical consideration. The two main types are Fee Simple and Leasehold. Fee Simple ownership provides the buyer with full ownership of both the land and the property. Leasehold ownership, on the other hand, means the buyer owns the home but leases the land from a landowner. Understanding the land tenure structure is crucial in making informed decisions.
If you want <a href="https://www.hiestates.com/blog/understanding-leasehold-and-fee-simple-properties-in-hawaii-real-estate/" target="_blank" rel="noopener">to learn more about fee simple versus leasehold properties, check out this post</a>.
HOA Fees
Many new construction developments, especially condominiums and townhomes, come with homeowners' associations (HOA). Buyers should be aware of the HOA fees and any restrictions or covenants that come with it. HOA fees may cover maintenance, amenities, and insurance, but it's crucial to understand the financial obligations and rules.
We can help you navigate the details of the HOA agreement to make sure the regulations fit your plans for the property. For example, if you plan to invest in the home as an income property, you will need to first be sure that this is allowed by the HOA and that your type of renting plans will be accommodated.
Tourist versus Residential Areas
Hawaii is a popular tourist destination, and some areas may be more geared towards tourism than residential living. Buyers should consider whether they prefer a community-oriented residential area or a location with a more tourist-centric atmosphere. This decision can impact the day-to-day living experience and long-term satisfaction.
You will find new developments in various parts of the island, suited to different lifestyles and plans. If you are looking to invest in a primary residence, consider the lifestyle you want to live and whether proximity to the beach, schools, or your workplace is a top priority. On the other hand, if you plan to buy a short term vacation rental property, choosing a tourist area and a new development with resort style amenities may be the better choice.
When you buy a new construction home in Oahu, you need to partner with a real estate agent who knows local developers and has experience with the local market. That's us. Ready to find your new home on Oahu? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to get started.2024-01-08T09:10:48-07:002024-01-23T21:54:27-07:00Scott Startsmantag:hiestates.com,2012-09-20:31735Oahu Real Estate Market Report for November 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-11/Monthly_Stats_-_November_2023.jpg" width="775" height="436" alt="An aerial shot over Honolulu with Diamond Head crater in the background on the left" title="Oahu Market Stats - November 2023" style="vertical-align: baseline;" />
Aloha! The Oahu real estate market has seen a slight decline in activity for the month, on both sides of the market. Active listings for single-family homes have taken a slight dip, though active listings are up for condos. New listings have slowed for both condos and single-family homes, as single-family homes see a slight decline in median price year-over-year and condo see a slight increase in median price for the same period.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-11NOV.pdf" title="View Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
Single-Family home sales for the month of November 2023 saw a moderate decline of 6.3% compared to November 2022. The year-over-year median sales price dipped to match, down by 4.3% to $1,100,055. November 2023 ended with 672 active single-family home listings, down 1.5% year-over-year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-11/Monthly_Stats_-_November_20232.jpg" width="775" height="436" alt="A living room on one side with single-family home market stats November 2023 vs November 2022 on left" title="Oahu Market Stats - November 2023 - SFH 1" style="vertical-align: baseline;" />
The price range of $800,000 to $1,199,999 for single-family homes experienced a decrease in sales volume of 28% year-over-year, from 82 is November 2022 to 59 in November 2023. In the price range of $500,000 to $799,999 there was an increase in sales of 60.9% year-over-year, with 37 sales.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-11/Monthly_Stats_-_November_20234.jpg" width="775" height="436" alt="3 palm trees on right side, November 2023 market stats on left" title="Oahu Market Stats - November 2023 - SFH 2" style="vertical-align: baseline;" />
21% of transactions closed above the original asking price for single-family home sales in November 2023, down from 31% closing above the asking price the year before. Properties in the past month had a median days on market of 29 days, up from 18 median days on market the year before in November 2022.
Oahu Condos | Market Stats
The Oahu condo market saw a lot of similarities to the single-family home market, with sales for November 2023 seeing an 8.8% decrease compared to November 2022. Despite this, condos saw a year-over-year in the median price by 7.5% for November 2023, up to $516,179. The month ended with 1,337 condo listings, up by 7.5% year-over-year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-11/Monthly_Stats_-_November_20233.jpg" width="775" height="436" alt="Picture from the kitchen of a condo overlooking town" title="Oahu Market Stats - November 2023 - Condo 1" style="vertical-align: baseline;" />
Sales in most condo price ranges stayed consistent year-over-year, with the largest decrease occuring between the $200,000 and $499,999 price points - down 23% at 127 sales. Similar to the single-family home side of the market, less condo sales closed above original asking price than last year - down to 19% for November 2023 compared to almost a quarter in November 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-11/Monthly_Stats_-_November_20235.jpg" width="775" height="436" alt="Photo of Honolulu condos with mountains veiled in clouds in the background" title="Oahu Market Stats - November 2023 - Condos 2" style="vertical-align: baseline;" />
Condos had a median days on market of 23 days, up five days compared to November in the previous year. New listings have slowed compared to last year, with new listings in November 2023 down by 13.1% compared to November 2022.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-12-08T11:44:27-07:002023-12-15T11:53:28-07:00Scott Startsmantag:hiestates.com,2012-09-20:31101Oahu Luxury Condos | Lifestyle GuideOf the many Oahu luxury condos listed for sale, not all will be best suited to your unique needs. Luxury is highly subjective so what others consider luxury might be routine for you. What you want is something that supports and elevates your lifestyle. It’s only when you look at the options from the lifestyle perspective that you find a place that helps you live your best life.
<a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/1388_Ala_Moana_Blvd_Unit_8803-print-031-010-1388_Ala_Moana_Blvd_Unit-3200x2136-300dpi-2_s.jpg" width="1600" height="1068" alt="Pool at an Ala Moana Luxury Condo Building" title="Oahu luxury condos" /></a>
There are many ways in which Honolulu luxury condos can represent your lifestyle. You have oceanfront towers steps from the beach with unobstructed views of the beautiful coastline, ultra-luxury buildings that prioritize exclusivity and offer the best white-glove service, new developments with some of the finest building materials and craftsmanship to world-class amenities that could put most 5-star hotels to shame.
If that’s what you’re looking for, here’s an extensive list of luxury condos in Honolulu for sale that you should consider.
Related: <a href="https://www.hiestates.com/blog/5-reasons-to-love-homeownership-in-hawaii-in-any-market/" target="_blank">5 Reasons to Love Homeownership in Hawaii</a><br /><br />Oceanfront/Beachfront Luxury condos
<a href="https://www.hiestates.com/diamond-head/gold-coast-condos/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/GC-2_s.jpg" width="1600" height="1065" alt="View from Gold Coast Condos on Oahu" title="Oahu Gold Coast Condos" /></a>
Imagine walking out on your lanai at dawn, seeing the sun emerging from the horizon, its rays shimmering across the waves, as the gentle ocean breeze energizes you for the day ahead. Watch the spectacular Hawaii sunsets juxtaposed against a pristine coastline that stretches as far as the eye can see. That’s just a snippet of the oceanfront luxury condo lifestyle you can have.
Some of the best Oahu luxury condos for an oceanfront lifestyle include the following buildings in these areas:
Diamond Head - Gold Coast Condos
The <a href="https://www.hiestates.com/diamond-head/gold-coast-condos/" target="_blank">Gold Coast Condos</a> are an exclusive cluster of 16 condo buildings on the oceanfront of Oahu's south shore. Zoning laws no longer allow buildings so close to the beach so these are the only Oahu luxury condos that put you literally steps from the beach. You’ll wake up to the sounds of waves washing up on the shore and enjoy sweeping views of the ocean from most units.
<a href="https://www.hiestates.com/diamond-head/gold-coast-condos/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/29-print-DSC04292-2_s.jpg" width="1600" height="1068" alt="Oahu Gold Coast condo lanai" title="Oahu Gold Coast condos" /></a>
It's a super relaxing and great lifestyle on the Gold Coast. You're just on the edge of Waikiki with easy access to the urban district yet removed in a mature tree-lined neighborhood next to 300 acre Kapiolani Park. Some of the best surf spots on Oahu can be found here and you'll enjoy year-round easy beach access. Spend your days hiking up Diamond Head, catching some waves, before relaxing on the beach to watch one of the most spectacular sunsets around. Then catch dinner or shopping at one of the many amazing restaurants in Waikiki or Honolulu. This is island living at its finest.
Turtle Bay - Oceanfront Complex
North Shore offers a country setting in the true sense of the word. It’s located about an hour’s drive out of the urban core, so it’s quiet, laid back, and easy going. Life moves at a slower pace here, allowing you to relax and make the most of the moment. Some of the best surfing spots in the world, the likes of Pipeline, Sunset and Haleiwa, are also here. If you’re after a relaxed, small town feel with incredible ocean access and all of the amenities that a resort can offer, this is for you.
<a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041972" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Turtle_Bay_iStock-186748959-2_s.jpg" alt="Turtle Bay on Oahu's North Shore" title="Turtle Bay Oahu" /></a>
The North Shore lifestyle is the epitome of tropical luxury, blending the comfort of home with the convenience of resort living. Each unit is practically on the beach itself. This oceanfront enclave, nestled in the pristine surroundings of <a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041972" target="_blank">Turtle Bay</a>, boasts miles of golden sand beaches, spacious lanais for lounging and hearing those swells wash up on your property.
Beach Villas at Ko Olina
Spread across more than 600 acres, <a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041969" target="_blank">Ko Olina</a> is on the sunniest side of Oahu. It has a beautiful string of four jewel-like lagoons that are connected by over a mile of seaside pathways. The Beach Villas here are right on the ocean, providing you with a relaxed environment in a resort setting with every amenity you could think of. You’re removed from the hustle and bustle of Waikiki but still close to Kapolei for easy access to big bog stores, shopping, restaurants, and other conveniences.
The Beach Villas at Ko Olina provide a luxury resort lifestyle with great amenities. Enjoy panoramic ocean views from the large lanais, designer furnishings, and all of the modern conveniences you can imagine. In addition to its pristine surroundings, the resort even includes a championship LPGA Golf Course.
You get the added benefit of being on the Ko Olina resort so you can basically walk to the Four Seasons and Marriott for their world-class services. Immerse yourself in the Disney magic at their Aulani resort right here on Ko Olina for memorable experiences with your family.
Related: <a href="https://www.hiestates.com/blog/best-scenic-views-on-oahu/" target="_blank">Best Scenic Views on Oahu</a>
Urban Luxury Condos
<a href="https://www.hiestates.com/kakaako/koula-ward-village/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Koula_living_room_3-2_s.jpg" width="1600" height="900" alt="Koula condo living room" title="Koula condos on Oahu" /></a>
If you prefer an urban luxury lifestyle that places you smack dab in the middle of a thriving commercial and residential district, consider the various options in Ward Village. This eclectic neighborhood is buzzing with energy and offers some of the best retail and dining experiences on the island.
Despite being in the beating heart of the urban core, you’ll still have easy access to the Ala Moana Beach Park. Several ocean accesses close by means surfing can always be on the daily agenda. This entire stretch of the coastline here is an ocean playground for enthusiasts. The vibrant neighborhood of Waikiki is only a short drive away. So you get the best of both worlds, easy access to the ocean and beach activities while all of the conveniences of the hip and trendy urban core are just a stroll away.
<a href="https://www.hiestates.com/kakaako/ward-village/" target="_blank">Ward Village</a> in Kaka'ako is a master-planned community that perfectly blends the island lifestyle with the urban core of Honolulu. Enjoy a shopping spree at Ala Moana Center followed by a meal at one of the many spectacular establishments in <a href="https://www.hiestates.com/kakaako/our-kakaako/" target="_blank">SALT at Our Kaka'ako</a>, a curated restaurant and retail district, before retiring to your luxury dwelling in one of the many top-notch buildings, including:
Victoria Place
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Victoria_Place_living_room_2_s.jpg" width="1600" height="900" alt="View from Victoria Place Condo Living Room" title="Victoria Place Oahu" /></a>
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank">Victoria Place</a> is a new development right next to Victoria Ward Park and Kewalo Harbor. It puts one of the best open spaces on Oahu right next to you and provides unobstructed views of the ocean. All of the amenities have been designed to support your physical and mental wellbeing. Living here will be like living in a nature oasis in the urban core with amazing views, luxury amenities, and top-notch service.
One Ala Moana
One Ala Moana's 206 luxury condo units are a few minutes away from the beach and provide amazing views over the Ala Wai Boat Harbor. <a href="https://www.hiestates.com/ala-moana/one-ala-moana/" target="_blank">One Ala Moana</a> also provides direct access to the Ala Moana Center, so you'll always have an easy route to some of the best shopping and dining experiences in the urban core of Honolulu. The luxury amenities here will support your active lifestyle and provide plenty of fun experiences to enjoy with friends and family.
Anaha
Anaha's prime location in Ward Village will provide you with the perfect blend of the urban core and island lifestyle. It offers you an acre of amenity spaces with a glass-bottomed pool that provides an incredible view of the plaza below. The Ala Moana Beach is a short walk away, Ward Entertainment Center is across from the building so there will always be plenty of exciting nights out. In addition to having the second largest amenity deck in the state, <a href="https://www.hiestates.com/kakaako/anaha-condo-tower/" target="_blank">Anaha</a> also offers unmatched concierge service to residents, making sure that your every need is well looked after.
Ko’ula
Located in the center of the master-planned pedestrian-friendly community of Ward Village, next to the park, Ko’ula's striking design exudes its luxurious appeal. All units feature private lanais, soaring ceilings, and floor-to-ceiling windows to maximize your views. Everything from its world-class amenities to the Yabu Pushelberg-designed interiors strike a balance between the island and urban core life. There will be amazing commercial spaces at <a href="https://www.hiestates.com/kakaako/koula-ward-village/" target="_blank">Ko'ula</a> so you’ll be able to enjoy luxury shopping and dining right outside your front door.
The Park Ward Village
<a href="https://www.hiestates.com/new-developments/the-park-on-ward/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/The_Park_Ward_Village_Residence00_Living_Room_s.jpg" width="1600" height="941" alt="Views from Park Ward Village Condo" title="Park Ward Village" /></a>
<a href="https://www.hiestates.com/new-developments/the-park-on-ward/" target="_blank">The Park Ward Village</a> offers new development Oahu luxury condos right next to the Victoria Ward Park, an oasis of calm and serenity in a bustling metropolitan neighborhood. The units have been designed to provide impressive mountain and ocean views with Hawaiian mid-century architecture as the style inspiration. It will also boast the largest amenity deck of any luxury condo building in the state, meaning that there’s always going to be something fun for you to do without having to leave the building.
Waiea
<a href="https://www.hiestates.com/kakaako/waiea/" target="_blank">Waiea</a> provides amazing views of the Pacific Ocean and Diamond Head from its amazing location on the quieter side of Ward Village. It’s immediately attached to Ala Moana Beach Park so you just need to step outside to enjoy everything that it has to offer. SALT at Our Kaka'ako is calso loseby with easy access to some of the best dining options in the city. You also have the Kaka'ako Farmers' Market just minutes away. Amenities at Waiea are top-notch with a proactive concierge service that takes care of all your needs.
Park Lane
Park Lane's enviable front-row location on Ala Moana Boulevard puts it directly across from the Ala Moana Beach Park. Enjoy plenty of water activities on the calm waters of the inner reef all year round. A private elevator gives you direct access to the Ala Moana Shopping Center and all that it has to offer. Amenities at <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank">Park Lane</a> will never leave you wanting for more. The staff there is in a class of its own when it comes to providing discrete, thoughtful service that makes you feel well cared for.
Kalae
<a href="https://www.hiestates.com/new-developments/kalae/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Kalae_3_bedroom_res_s.jpg" width="1000" height="539" alt="Kalae Condo views" title="Kalae condos" /></a>
<a href="https://www.hiestates.com/new-developments/kalae/" target="_blank">Kalae</a> is coming up close to Victoria Ward Park so you’ll have this massive open space closeby. This ultra-luxury new development maximizes views of the ocean vistas while placing you right in the action in Ward Village. Ala Moana Shopping Center and SALT at Our Kaka'ako remain easily accessible. There will be plenty of amenities on offer, including a 25-meter lap pool. It also has beautiful, European-inspired courtyards that are essentially like a single family home without bedrooms that you can reserve. Relax or network in the beautifully appointed owner’s lounge with sweeping views of the coast and Diamond Head.
Alia
Situated at the border of Ward Village, <a href="https://www.hiestates.com/new-developments/alia/" target="_blank">Alia</a> is a new urban luxury condo project with a front-row location. Ward Village's 30,000+ sq ft of commercial space and community amenities will be at your doorstep, with SALT at Our Kaka'ako in close reach. The high-end residences ooze luxury, provide amazing views, and amenities that are among some of the best on the island.
Launiu
<a href="https://www.hiestates.com/new-developments/the-launiu-ward-village/" target="_blank">Launiu</a> is another new development urban luxury tower in Ward Village located across the street from Kalae. You'll be able to comfortably walk to Ala Moana Beach Park and enjoy all of the amenities offered in the Ward Village neighborhood. The tower will maximize ocean and mountain views while providing an impressive amenity terrace on the 7th floor with additional indoor and outdoor recreation spaces on the ground floor. Since its amenity deck is located higher than the buildings around it, your views will be unlike those any other building can provide.
Related: <a href="https://www.hiestates.com/blog/what-are-the-best-condos-in-honolulu-for-luxury/" target="_blank">Top 10 Luxury Condos In Honolulu</a>
Countryside Luxury Condos
<a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041969" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/29-2_s.jpg" width="1600" height="1067" alt="Ko Olina Resort Oahu" title="Ko Alina" /></a>
Luxury extends far beyond the urban core. There are some great options for people who prefer country living without sacrificing any of the modern comforts. The locations outside the urban area are quieter and more relaxing, there will be fewer tourists around so you’ll have more privacy, and it’ll put you in closer proximity to nature.
You’ll enjoy the beach and wonderful access to nature living in a place that has a small town feel. There will be less at your fingertips from an urban standpoint as you’ll need to drive into the city for much of it, but the tradeoff is well worth it for someone who’s after a relaxing lifestyle surrounded by nature. If that fits what you’re looking for, consider one of these neighborhoods:
Turtle Bay
Turtle Bay is the entrance to <a href="https://www.hiestates.com/north-shore/" target="_blank">Oahu's legendary North Shore</a>, one of the most scenic parts of the coastline. From its wild coastal beaches to unique rock formations, the area is a haven for nature enthusiasts. The Turtle Bay Resort is spread across 1,300 acres in this pristine area, offering luxury condos with top-notch amenities shared with the resort.
Ko Olina
<a href="https://www.hiestates.com/property-search/results/?searchtype=2&searchid=1041969" target="_blank">Ko Olina</a> is on the tranquil leeward coast of Oahu. It's a lush green oceanfront retreat spanning 642 acres with several lagoons connected by over a mile of seaside pathways. Ko Olina is adjacent to the exceptional nature preserve of Lanikuhonua, so there's plenty of nature to explore here. The area is home to the world's leading luxury resorts where you can also buy condos.
Luxury Condos That Emphasize Amenities
<a href="https://www.hiestates.com/new-developments/kalae/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Kalae_PoolHarbor-2_s.jpg" width="1600" height="1000" alt="Swimming pool at Kalae" title="Kalae swimming pool" /></a>
The number of amenities available to you in a luxury condo building have a direct impact on your quality of life. They enable you to be more efficient by accessing the services and conveniences you require to maintain your lifestyle within the building. For example, if your building has a lap pool and a well equipped gym, you don’t need to travel to a gym in another part of town.
Amenities for luxury condos in Honolulu for sale can include fitness centers, meeting rooms, wine cellars, pools, guest suites, concierge services, and more. This means that you as the consumer have everything you need right where you live. It saves you time and money, and since those amenities are only used by residents, they’ll be more private and the quality and maintenance will be much better than other places. The following towers have some of the best amenities you can find:
Anaha
<a href="https://www.hiestates.com/kakaako/anaha-condo-tower/" target="_blank">Anaha</a> has a massive one-acre amenities deck with sports courts, a fitness center, dog run, and a glass-bottomed pool that juts out over the plaza below. Enjoy the sunsets from the ocean-view hot tub or just sit back and relax in one of the ocean-view lanais. There's even an indoor golf simulator, library, bar, business center, and more, all staffed by highly trained resident specialists.
Park at Ward Village
<a href="https://www.hiestates.com/new-developments/the-park-on-ward/" target="_blank">Park at Ward Village</a> aims to provide residents with everything they need so they can spend long periods in comfort without having to leave the tower. The amenities are being built with that concept in mind. They will include clubrooms for entertaining guests, a large private lanai with gorgeous views, BBQ cabanas, a play area for children, tennis court, lap pool, resort pool, spa, and more. There's even going to be a landscaped Makai Lawn and Mauka Lawn, fitness center, guest suites, and treatment rooms.
Waiea
Waiea's ultra luxury ethos extends to its amenities as well. Residents have access to a deluxe fitness center, yoga room, resort-style locker rooms, steam, sauna, and treatment rooms. There's also a theater for residents, a separate dining room and chef's kitchen, bar, library, quiet lounges, and indoor golf simulator at <a href="https://www.hiestates.com/kakaako/waiea/" target="_blank">Waiea</a>. The infinity-edge ocean view pool and hot tub is in a class of its own, dotted by poolside cabanas for relaxing evenings.
Alia
Once completed, <a href="https://www.hiestates.com/new-developments/alia/" target="_blank">Alia</a> will offer residents lavish amenities focused on health and wellness. These include two infinity pools, walking paths, garden nooks, a basketball court, and a fitness center. There will also be community gathering places that include a bowling alley, lounge, movie theater, and more. There will be two sets of amenities in total, one on the ground floor and another amenity area on the 6th floor.
Kalae
<a href="https://www.hiestates.com/new-developments/kalae/" target="_blank">Kalae</a> is another luxury new development that will include high-end amenities. Residents will have access to water features, numerous pools and courtyards that elevate the look and feel of the property. Sports amenities will be located on the ground floor while the level 5 deck will have club-style amenities for residents, including an owner's lounge, great lawn, spa, personal training room, private dining rooms, BBQ area, and more.
Victoria Place
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/4_photo-clubamenities-amenitydeck6-2000x1052-2_s.jpg" width="1600" height="842" alt="Amenity deck at Victoria Place" title="Victoria Place Oahu amenity deck" /></a>
<a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank">Victoria Place</a> will offer residents many luxurious amenities overseen by an on-site resident manager. Spread over two levels, these club-style amenities include a pool house, sunset lawn and lanai, infinity pool, terrace lawn, spa, treatment rooms, theater, chef's table and kitchen, wine room, and a lot more. It’s also a stone’s throw from Victoria Ward Park, providing you with a natural sanctuary right outside your door.
Park Lane
Privacy is at the heart of the Park Lane experience. The entire development has been designed in a way to maximize privacy for the units. Some even have garages with a private entrance, allowing you to come and go discretely and in complete security. The amenities at <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank">Park Lane</a> are second to none.
From a movie theater to a club lounge with a fire pit, spas, private guest suites, lap pool, children's play area, your every need is looked after. There's even a private wine cellar should you desire to store your precious bottles. It provides a resort-like feel with its manicured lawns and thoughtful landscaping. The staff is the best you can find in any Oahu luxury development, providing proactive, discrete service to ensure that you're well looked after.
Hokua
Hokua's third-floor amenities deck offers a gym, tennis court, guest suites, pool, hot tub, covered BBQs, dog park, and tennis court. There are also meeting rooms and a playground. <a href="https://www.hiestates.com/kakaako/hokua/" target="_blank">Hokua</a> was the first luxury condo building of its kind on Oahu, and its exceptional suite of amenities continues to serve as a blueprint for new luxury developments.
Related: <a href="https://www.hiestates.com/blog/buying-a-home-in-hawaii-how-do-i-get-the-best-deal/" target="_blank">Buying A Home In Hawaii - How Do I Get The Best Deal?</a>
Luxury Condos That Emphasize Privacy
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Park-Lane-4_s.jpg" width="1600" height="1068" alt="Park Lane condos" title="Park Lane Oahu" />
True luxury doesn’t announce itself, it’s discrete and private. You’ll find many luxury condo buildings on Oahu where privacy is at the heart of it all. The lifestyle there means fewer people, private entrances, and highly trained staff that value discretion, enabling you to let your guard down and make the most of your life.
These buildings typically have a smaller number of units which means the number of residents will be less compared to other buildings. The amenities tend to be of a higher level as well, designed in a way to ensure that there's not much crowding, so that residents can exist in their own space without overlapping.
Waiea
At just over 150, <a href="https://www.hiestates.com/kakaako/waiea/" target="_blank">Waiea</a> has half the number of units as other towers in Ward Village, so you'll have less people moving in and around the tower compared to other places. You’ll most likely be able to come and go without running into other residents. That not only makes the building more exclusive and private, it also results in larger floor plans and a higher staff to resident ratio.
Park Lane
<a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank">Park Lane</a> is second to none when it comes to privacy. The design itself makes all units more private and some even have garages with a private entrance to the unit. The resident base is largely international with almost half being non-owner occupant, so it never feels like there are a lot of people on the property. From its round-the-clock private security to highly trained staff that provide discreet and proactive service, Park Lane has quickly become the benchmark for luxury condos on Oahu.
Victoria Place
Victoria Place's private gated entry from Auahi Street makes it stand out from other buildings in the area. Special attention has been paid to deliver residents with a more private lifestyle. There's even an amenity space at <a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank">Victoria Place</a> that you can reserve to privately enjoy facilities such as a pool, garden area, dining and lounging areas, and more for your friends and family.
Ultra Luxury Condos
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/photo-residences-waiea-inset1_s.jpg" width="2408" height="1311" alt="Waiea living room at sunset" title="Waiea condos on Oahu" />
The lifestyle in an ultra luxury condo building will be more upscale and elevated compared to a conventional luxury building. You’ll notice the use of more premium materials, higher craftsmanship, luxury appliances, and a greater level of security and privacy.
The staff at these buildings will be attentive, anticipating your every need, and ensuring that you’re well looked after in complete privacy. The quality of the amenities will be better, maintenance and upkeep will be done proactively to maintain the high standards. Some of the best ultra luxury condo buildings on Oahu include:
Waiea
<a href="https://www.hiestates.com/kakaako/waiea/" target="_blank">Waiea's</a> front-row location and fewer units compared to other buildings put it firmly in that ultra luxury category. It has been developed with privacy and prestige in mind. From the gorgeous interiors designed by Ingrao to premium materials like onyx walling, hardwood and stone flooring, as well as Miele kitchen appliances, a conscious effort has been made to deliver a superior living experience to residents.
Park Lane
<a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank">Park Lane</a> is a reimagination of what an ultra luxury condo can be. It's spread across 6 acres and looks like a high-rise tower turned on its side, this makes the unit more private. The 200 or so units feature gorgeous interiors designed by Philpotts with luxury amenities and high-end fittings. The staff at Park Lane sets it apart. They're legendary among luxury condo developments on Oahu for their exceptional service quality.
Quality of Project Overall
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Anaha_New_Picture-2_s.jpg" width="1600" height="1200" alt="View from Anaha Living room" title="Anaha Oahu" />
Some buildings are just a cut above the rest. Whether it be due to the quality of the amenities to fewer units for increased privacy or discrete, proactive service from the staff. These are some of the best buildings that fit the bill with all of that, and more, such as an elevated quality of finishes and enviable locations.
Park Lane
Park Lane doesn’t feel like a traditional condo building. The units feel like homes given the unique design that looks like a skyscraper turned on its side. It has been designed to maximize privacy for residents. The units have incredible finishings that exude luxury and residents enjoy access to world-class amenities. The staff at <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" target="_blank">Park Lane</a> is legendary for their amazing service. All of these factors contribute to the impressively high overall quality of the project.
Waiea
Waiea's fewer units contribute to a greater sense of privacy overall. It's a true ultra-luxury condo building with finishes and amenities to match. The prime location of <a href="https://www.hiestates.com/kakaako/waiea/" target="_blank">Waiea</a> in Ward Village puts you close to the beating heart of the urban core, so your cozy afternoons at home can seamlessly transition into an amazing night on the town.
Anaha
Anaha's great location in Ward Village lets you make the most of an island and urban core lifestyle. Walk for a few minutes and you'll reach the pristine Ala Moana Beach with its abundance of water activities. It offers the second largest amenity deck in the state and the staff provide amazing services. Few buildings can match the standard of living that <a href="https://www.hiestates.com/kakaako/anaha-condo-tower/" target="_blank">Anaha</a> provides.
Alia
Alia's units will be decked with ultra-luxury finishes and will offer enviable views of the coastline. It's located close to a thriving commercial and retail district, perfect for retail and gastronomic experiences. From its community gathering places to multiple amenities decks, <a href="https://www.hiestates.com/new-developments/alia/" target="_blank">Alia</a> will offer one of the best luxury condo living experiences on Oahu.
New Construction Luxury Condos
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahu_Luxury_Condos__Lifestyle_Guide/Alia_Tower_Render_3_s.JPG" width="1388" height="882" alt="Alia Tower open spaces" title="Alia Oahu" />
If you’d much rather prefer moving into a luxury condo that nobody else has owned before, there are plenty of new developments that you can consider. Given the high demand for luxury condos on Oahu, there are several <a href="https://www.hiestates.com/new-developments/" target="_blank">new developments that are under construction</a> and some have only just been announced.
These towers are being built with the needs of customers today in mind. So you’ll find more amenities focused on health and wellness, smart home features, a greater use of energy efficient and sustainable materials, etc. Here are a few new construction luxury condos that you should check out:
Kalae
<a href="https://www.hiestates.com/new-developments/kalae/" target="_blank">Kalae</a> is a front-row luxury new development in Ward Village due to be completed in 2026. Its design inspiration comes from vintage Hawaiian architecture that's blended with modernity. Ocean views are maximized in the units with Juliet balconies in the living rooms. Premium materials will be used throughout and the amenities will be of a similarly high standard.
Victoria Place
As if its front-row location wasn't a plus point already, <a href="https://www.hiestates.com/new-developments/victoria-place/" target="_blank">Victoria Place</a> also sits next to the impressive Victoria Ward Park, giving residents plenty of open spaces to enjoy. The design is a blend of vintage Hawaii with modern elegance. Most units will have 9' ceilings and all come with premium appliances, luxury fixtures, and custom materials for a truly luxury lifestyle.
Alia
<a href="https://www.hiestates.com/new-developments/alia/" target="_blank">Alia</a> is another front-row tower in Our Kaka'ako, a pedestrian-friendly community on the border of Ward Village. The units are decked out with Duchateau European white oak wood flooring and exclusive Italian porcelain. The amenities have been designed to promote health and wellness. Alia is also unique in its extensive use of photovoltaic technology to reduce common electricity consumption.
Related: <a href="https://www.hiestates.com/blog/pros-cons-of-buying-in-new-development-projects-on-oahu/" target="_blank">Pros & Cons of Buying In new Development Projects On Oahu</a>
Inquire Now
There’s a luxury condo on Oahu for just about any lifestyle. Whether you want to be in a secluded, country-like setting or right in the middle of the action in the Urban Core, you can find a condo that ensures your privacy, provides access to world-class amenities, and helps you make the most of your lifestyle.
Looking to buy a luxury condo on Oahu? We’ll help you find one that best suits your lifestyle. Reach out at <a href="tel:+18086986100">1-(808) 698-6100</a> or fill out the form below to request a consultation and we'll get back to you as quick as we can. 2023-11-28T02:30:00-07:002023-12-05T13:19:41-07:00Scott Startsmantag:hiestates.com,2012-09-20:31569What You Need to Know About the HOA Before Buying a Condo in Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/What_You_Need_to_Know_About_the_HOA_Before_Buying_a_Condo_in_Oahu/What_You_Need_to_Know_About_the_HOA_Before_Buying_a_Condo_in_Oahu.jpg" width="1280" height="720" alt="What You Need to Know About the HOA Before Buying a Condo in Oahu" title="What You Need to Know About the HOA Before Buying a Condo in Oahu" />
<a href="https://www.hiestates.com" target="_blank" rel="noopener">Buying a condo in Oahu</a> offers a unique opportunity to embrace the island lifestyle, with its stunning landscapes and vibrant culture, while enjoying the low-maintenance lifestyle and amenities offered by the condo HOA. However, when considering a condominium purchase, understanding the workings of the Homeowners Association (HOA) is essential.
The HOA plays a crucial role in the condominium community, influencing not only your living experience but also potential resale value and the overall harmony of the development.
We can help you find your ideal <a href="https://www.hiestates.com" target="_blank" rel="noopener">condo for sale in Oahu</a>, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time. Before making a condo purchase in Oahu, remember these key questions to ask about the HOA.
What are the HOA dues, and what do they cover?
Understanding the monthly HOA dues is fundamental. Ask for a breakdown of the fees, including how often they are paid, how much they are, and what they cover. This typically includes common area maintenance, insurance, and amenities. Knowing the financial commitment upfront helps you assess affordability and ensures you're aware of what services are included.
Is there a reserve fund, and if so how well funded is it?
A well-maintained reserve fund is crucial for handling unexpected expenses and major repairs. Ask about the reserve fund's health, how often it's assessed, and whether there are any upcoming large projects. A robust reserve fund indicates the HOA's ability to handle future financial obligations without significantly increasing dues.
What restrictions does the HOA impose on homeowners?
Condos often come with rules and restrictions set by the HOA. These can cover anything from pet policies and rental restrictions to parking regulations. Understanding these restrictions beforehand ensures that the condo living experience aligns with your lifestyle and preferences.
How are disputes handled within the community?
In a communal living setting, disagreements can arise. Inquire about the HOA's process for handling disputes among residents. Understanding the conflict resolution mechanism ensures that there is a fair and efficient process in place for addressing issues.
Are there any pending special assessments?
Special assessments are one-time fees imposed by the HOA for unexpected expenses or major repairs. It's crucial to ask whether there are any pending special assessments, as they can significantly impact your financial obligations. Knowing about these assessments in advance allows for better financial planning.
How are maintenance and repairs handled?
Inquire about the HOA's approach to maintenance and repairs. Understand how frequently routine maintenance is conducted and how major repairs are handled. A proactive approach to maintenance often indicates a well-managed HOA.
What insurance coverage does the HOA provide?
The HOA typically carries insurance for common areas, but the extent of coverage can vary. Ask for details on the insurance policy, including what it covers and whether it includes liability, hazard, and flood insurance. Knowing the level of coverage helps you determine the need for additional personal insurance.
How are HOA meetings conducted, and can anyone attend?
HOA meetings are essential for decision-making and community updates. Inquire about the frequency of meetings, how they are conducted, and whether owners can attend. Being able to participate in meetings allows you to stay informed and have a voice in community matters.
What is the HOA's policy on rentals?
If you plan to rent out your condo, understand the HOA's policies on rentals. Some associations have restrictions on the duration and frequency of rentals. Knowing these policies in advance prevents surprises and ensures that your plans align with the community's guidelines. Whether you hope to rent out your condo to offset the cost of the investment when not in personal use, or perhaps you prefer a condo where only owners are living in the residences, the answer to this question is relevant to help you make the best choice for your unique needs.
How is security handled within the community, and how are emergencies handled?
Security is a crucial aspect of condo living. Inquire about the security measures implemented by the HOA, such as surveillance systems, access control, and on-site security personnel. Understanding the safety protocols in place contributes to your peace of mind.
Emergencies can happen, and it's essential to know how the HOA responds. Inquire about the procedures in place for emergencies, such as natural disasters or major infrastructure failures. Understanding the emergency protocols ensures that the community is well-prepared.
Navigating condo living in Oahu involves more than just selecting the right unit; understanding the dynamics of the Homeowners Association is equally important. By asking these key questions about the HOA, you gain insights into the community's governance, financial health, and policies. This information not only helps you make an informed decision before purchasing but also ensures a harmonious and well-managed living experience in your Oahu condo.
Ready to find your <a href="https://www.hiestates.com" target="_blank" rel="noopener">condo in Oahu</a>? We are here to help, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2023-11-27T11:26:20-07:002023-11-27T11:29:20-07:00Scott Startsmantag:hiestates.com,2012-09-20:31104Oahu’s Top 5 Most Luxurious Homes For SaleOahu has some of the best luxury homes for sale in Hawaii. You can find that perfect blend of luxury with an island lifestyle here. While there’s no shortage of Oahu luxury homes that you can consider, here are the top 5 most luxurious Oahu luxury homes for sale based on different lifestyle options that Oahu has to offer.
<a href="https://www.hiestates.com/property-search/detail/354/202224397/213-kaalawai-place-honolulu-hi-96816/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/top-oahu-luxury-home.jpg" width="1600" height="1035" alt="Top luxury home on Oahu for sale" title="Oahu luxury home for sale in Diamond Head" /></a>
Let’s take a closer look at what makes them so special, what you can expect these different neighborhoods to be like and what makes the lifestyle of living in each of these properties so unique and different.
Related: <a href="https://www.hiestates.com/blog/what-are-the-most-luxurious-neighborhoods-on-oahu/" target="_blank">What Are The Most Luxurious Neighborhoods on Oahu?</a><br /><br />5. North Shore Luxury Home
<a href="https://www.hiestates.com/property-search/detail/354/202301973/61-465-kamehameha-highway-haleiwa-hi-96712/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/GetMedia.ashx_s.jpg" width="1600" height="1042" alt="Oceanfront estate home on Oahu's north shore" title="Oahu top luxury home for sale" /></a>
<a href="https://www.hiestates.com/property-search/detail/354/202301973/61-465-kamehameha-highway-haleiwa-hi-96712/" target="_blank">This 7-bedroom oceanfront estate home</a> in Kawailoa, the <a href="https://www.hiestates.com/north-shore/" target="_blank">North Shore</a> of Oahu, is the embodiment of relaxed Hawaii living and a surfer’s paradise. Its country setting makes it an oasis of tranquility and serenity, away from the hustle and bustle of the city. It’s the epitome of beach lifestyle, located on a stretch of Oahu’s coastline that’s a literal playground for surfers all year.
This is one of the most sought after estate properties in Hawaii for sale, partly because a new estate of this size may never be built again due to building restrictions. The residence maximizes the views up and down the shoreline from its 116’ of linear beach frontage, so you’ll enjoy whale watching and spectacular sunsets from all over the property.
<a href="https://www.hiestates.com/property-search/detail/354/202301973/61-465-kamehameha-highway-haleiwa-hi-96712/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/GetMedia.ashx-3_s-2.jpg" width="1600" height="1043" alt="Oceanfront views from North Shore estate home" title="North Shore Oahu luxury home for sale" /></a>
Inside, the 20’ ceilings in the living room evoke the grandeur of classic mansions with 9’ ceilings in rooms on both levels adding to that spacious, airy feel. It exudes luxury with its use of premium materials like marble floors, African Mahogany, Soapstone, Oak, and more. The detached guest quarters help you be the perfect host without disturbing the privacy of the main home.
You’ll be steps from two of the most popular surf breaks on Oahu’s North Shore, Chun’s Reef and Piddleys. Catch the picture-perfect North Shore sunsets right from your patio with undisturbed visibility as far as Kaena point down the coast.
<a href="https://www.hiestates.com/property-search/detail/354/202301973/61-465-kamehameha-highway-haleiwa-hi-96712/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/GetMedia.ashx-2_s.jpg" width="1600" height="1040" alt="North Shore estate home pool" title="North Shore luxury home on Oahu" /></a>
The golden sand beach is right outside your door, so leisurely strolls along the coast and sunbathing will become second nature. Listed by Compass.
Related: <a href="https://www.hiestates.com/blog/what-you-should-know-about-oahu-beachfront-oceanfront-homes/" target="_blank">What You Should Know About Oahu Beachfront & Oceanfront Homes</a>
4. Hawaii Loa Ridge Luxury Home
<a href="https://www.hiestates.com/property-search/detail/354/202301317/360-puuikena-drive-honolulu-hi-96821/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/hawaii-loa-ridge-custom-home-1_s.jpg" width="1592" height="1168" alt="Casa di Alta Moda exterior view " title="Casa di Alta Moda Oahu luxury home" /></a>
<a href="https://www.hiestates.com/diamond-head/hawaii-loa-ridge/" target="_blank">Hawaii Loa Ridge</a> is a gated custom home neighborhood on the east side of Oahu. It’s slightly removed from the urban core but a short 10-minute drive puts you in the center of the action. Enjoy spectacular and protected views of the coastline with Diamond Head and Koko Head in the distance from your lanai. <a href="https://www.hiestates.com/property-search/detail/354/202301317/360-puuikena-drive-honolulu-hi-96821/" target="_blank">Casa di Alta Moda</a> stands out among Hawaii luxury homes because of its beautiful, secluded ridge location. From the outside, Casa di Alta Moda looks like a Japanese-style fortress that ensures total privacy and security with its German-made hurricane shelters and a 24/7 security system. You can lock up and go without a care in the world.
<a href="https://www.hiestates.com/property-search/detail/354/202301317/360-puuikena-drive-honolulu-hi-96821/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/hawaii-loa-ridge-custom-home-2_s.jpg" width="1600" height="1035" alt="Casa di Alta Moda interiors" title="Hawaii Loa Ridge luxury homes for sale on Oahu" /></a>
Set on an almost 23,000 sqft lot, this 5-bed estate home has been designed by award-winning architect Jeff Long as an ultra-luxury abode. From the Snaidero kitchen cabinets by Pininfarina, a Ferrari design company, to high-end Gaggenau appliances and Molteni&Dada custom Italian closets, every square inch of the place exudes luxury.
<a href="https://www.hiestates.com/property-search/detail/354/202301317/360-puuikena-drive-honolulu-hi-96821/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/hawaii-loa-ridge-custom-home-3_s.jpg" width="1596" height="1034" alt="Pool at Casa di Alta Moda on Oahu" title="Oahu luxury home pool" /></a>
Step out on your limestone lanai to the most spectacular view in Honolulu, perfect for hosting outdoor parties all year round. The ocean stretches out as far as the eye can see, juxtaposed by the emerald mountain ranges and the palm trees gently swaying in the breeze. Catch the sunsets from your private saltwater infinity pool and hot tub with envious views of the ocean.
With exclusive community amenities including tennis courts, hiking trails, park, BBQ area, and more, there won't be much you need to leave the privacy of this gated community for. Listed by List Sotheby's Int'l Realty.
Related: <a href="https://www.hiestates.com/blog/buying-a-home-in-hawaii-how-do-i-get-the-best-deal/" target="_blank">Buying A Home In Hawaii - How Do I Get The Best Deal?</a>
3. Kaneohe Luxury Home
<a href="https://www.hiestates.com/property-search/detail/354/202302504/47-958-kamakoi-road-kaneohe-hi-96744/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/Kaneohe-luxury-home-1.jpg" width="1595" height="1163" alt="Kaneohe luxury home on Oahu" title="Kaneohe estate home for sale" /></a>
<a href="https://www.hiestates.com/kaneohe/" target="_blank">Kaneohe</a> epitomizes the country setting on the windward side of Oahu. There’s heavier rainfall here so the entire area is extremely lush and green. You’re surrounded by nature in this stretch with the gorgeous Koʻolau mountain looming in the background. The charming local town of Kaneohe is closeby and it’s just a 30-40 minute hop to the urban core, much more convenient than the North Shore. Enjoy living on the land here with beautiful mountains around you in a lush green setting. <a href="https://www.hiestates.com/property-search/detail/354/202302504/47-958-kamakoi-road-kaneohe-hi-96744/" target="_blank">This 5-bed estate home</a> set on 23 acres is perfect for those who like their creature comforts in seclusion.
<a href="https://www.hiestates.com/property-search/detail/354/202302504/47-958-kamakoi-road-kaneohe-hi-96744/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/Kaneohe-luxury-home-2.jpg" width="1593" height="1166" alt="Interior view of Kaneohe luxury home" title="Kaneohe Oahu top luxury home" /></a>
Beautifully designed in the Mediterranean style, every room of this home provides unmatched views of the mountains and the coastline. Transition seamlessly from indoor to outdoor living on the gorgeous lanai that boasts an infinity pool, outdoor kitchen, and custom folding outswing patio doors.
Have a quiet moment of reflection in your private zen garden or a picnic by the koi pond. From delightful, intimate walks in the moonlight to hikes up the Ko'olau Mountains, there aren’t many Oahu luxury homes for sale that help you connect with nature at such a deep level.
<a href="https://www.hiestates.com/property-search/detail/354/202302504/47-958-kamakoi-road-kaneohe-hi-96744/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/Kaneohe-luxury-home-3.jpg" width="1592" height="1168" alt="Zen garden at Kaneohe luxury home" title="Luxury homes for sale on Oahu" /></a>
You get the best of both worlds here, a luxurious home in a secluded setting embraced by nature, with a thriving, bustling metropolis in close proximity. Listed by Keller Williams Honolulu.
2. Diamond Head Luxury Home
<a href="https://www.hiestates.com/property-search/detail/354/202224397/213-kaalawai-place-honolulu-hi-96816/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/diamond-head-luxury-home-1_s.jpg" width="1595" height="1036" alt="Luxury home on Diamond Head" title="Diamond Head Oahu luxury home" /></a>
<a href="https://www.hiestates.com/diamond-head/diamond-head-neighborhood/" target="_blank">Diamond Head</a> is an active lifestyle oasis with multiple world-class surf spots and the amazing Kapiʻolani as your backyard. Go on one of Oahu’s best hikes up Diamond Head and run the whole loop spanning four miles. You get all this while being just slightly removed from the urban core, with the bustling district of Waikiki just a short walk away. The beach is literally steps from the property so you'll be fully immersed in the island lifestyle.
<a href="https://www.hiestates.com/property-search/detail/354/202224397/213-kaalawai-place-honolulu-hi-96816/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/diamond-head-luxury-home-2_s.jpg" width="1594" height="1034" alt="Bedroom of a Diamond Head luxury home" title="Oahu luxury home for sale in Diamond Head" /></a>
<a href="https://www.hiestates.com/property-search/detail/354/202224397/213-kaalawai-place-honolulu-hi-96816/" target="_blank">This 4-bed award-winning property</a> is located down a private lane in Diamond Head. From treatments in your private spa to a library, office, and game room, this luxury Oahu home will be your private oasis. It also features a state-of-the-art home automation system, an elevator, and enough parking spaces for all of your cars. The design prioritizes sweeping views of the coastline from every room while being distinctly warm and cozy.
<a href="https://www.hiestates.com/property-search/detail/354/202224397/213-kaalawai-place-honolulu-hi-96816/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/diamond-head-luxury-home-3_S.jpg" width="1594" height="1029" alt="Diamond Head luxury home lanai" title="Diamond Head luxury home for sale" /></a>
Imagine starting your day out on the large lanai, feeling the gentle breeze against the sounds of the waves washing up on the shore, as you decide whether you’d like a dip in the ocean or in your private pool.
When the mood strikes, go and catch some waves. Enjoy kiteboarding or windsurfing on the windy days, or just go for a leisurely stroll along miles of pristine golden sand with your loved ones. Island living never looked so good. Listed by Coldwell Banker Realty.
Related: <a href="https://www.hiestates.com/blog/buying-your-first-home-in-hawaii/" target="_blank">Buying Your First Home in Hawaii</a>
1. Beachside Kailua Luxury Home
<a href="https://www.hiestates.com/property-search/detail/354/202225156/123-kailuana-loop-kailua-hi-96734/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/beachside-kailua-oahu-home-1_s.jpg" width="1600" height="1068" alt="Kailua Beachside Luxury Home" title="Oahu Kailua luxury home" /></a>
<a href="https://www.hiestates.com/kailua-neighborhoods/" target="_blank">Kailua</a> is a small, boutique beach town based around two amazing beaches, Kailua and <a href="https://www.hiestates.com/kailua-neighborhoods/lanikai/" target="_blank">Lanikai</a>, the latter being voted world’s best beach multiple years. It’s a small community with a laid back vibe and an almost European feel to it with al-fresco seating at cafes and shops. Kailua is an ocean playground for surfing, open ocean swimming, canoeing, etc. You’re also right over the hill to Honolulu so a 30 minute drive is all it takes to be in the center of it all.
<a href="https://www.hiestates.com/property-search/detail/354/202225156/123-kailuana-loop-kailua-hi-96734/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/beachside-kailua-oahu-home-3_s.jpg" width="1595" height="1035" alt="Interior view of Kailua Beachside Home" title="Oahu luxury home interior" /></a>
<a href="https://www.hiestates.com/property-search/detail/354/202225156/123-kailuana-loop-kailua-hi-96734/" target="_blank">This 8-bed oceanfront estate home</a> is one of the best beachfront Hawaii luxury homes for sale right now. Designed by the award-winning Gast Architects of San Francisco, it’s a privately gated estate with 125 feet of beachfront width on one of the world’s best beaches.
<a href="https://www.hiestates.com/property-search/detail/354/202225156/123-kailuana-loop-kailua-hi-96734/" target="_blank"><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Oahus_Top_5_Most_Luxurious_Homes_For_Sale/beachside-kailua-oahu-home-2_s.jpg" width="1594" height="1033" alt="Kailua luxury home indoor outdoor living spaces" title="Living space at Beachside Kailua luxury home" /></a>
You get unobstructed views of the ocean from much of the 11,000+ square feet of indoor-outdoor living spaces. Spectacular sunsets become the norm and so do the sounds of the swells washing up on the shore, but it never gets old.
The beach is mere steps from the property and stretches for miles. You can walk, swim, etc at your leisure. It even has a presidential seal of approval, seeing how President Obama stayed nearby during Christmas holidays when he was in office! Listed by Carvill Sotheby's Intl. Realty.
Related: <a href="https://www.hiestates.com/blog/5-tips-for-remotely-buying-a-home-in-hawaii/" target="_blank">5 Tips for Remotely Buying a Home in Hawaii</a>
Wrap Up
Looking to buy a luxury home on Oahu? We can help! These are just a few of the amazing homes on the market right now. Once we understand your needs, we can assist you in finding the perfect Hawaii mansion, by drawing on our decades of experience helping buyers from across the globe find the most exclusive and luxurious properties on Oahu. Reach out via the contact form below or give us a call at <a href="tel:+18084008854">1-(808)-400-8854</a> and we’ll reach out to you promptly.2023-11-14T08:15:00-07:002023-11-14T13:37:24-07:00Scott Startsmantag:hiestates.com,2012-09-20:31333Common Regrets When Selling a Home in OahuAre you getting ready to sell your home in Oahu? While many sellers in Oahu achieve their desired outcomes and experience a smooth selling process, there are some common regrets that we see among sellers that lead to less-than-ideal scenarios. Understanding these regrets can help you navigate the selling process more effectively and make informed decisions to minimize potential pitfalls and maximize the benefits of the sale.
<img src="https://assets.site-static.com/userfiles/2805/image/Untitled_design_43.jpg" width="1280" height="720" alt="Common Regrets When Selling a Home in Oahu" title="Common Regrets When Selling a Home in Oahu" style="margin: 11px;" />
We are always available to help you enjoy the selling process, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to learn more about selling your home in Oahu.
Before you list your home, pay attention to these common sellers' regrets.
Pricing the Home Wrong
Pricing your home correctly is essential, but it's not always an easy process. Some sellers in Oahu regret underestimating the dynamic nature of the real estate market and the actual value of their property, leading to pricing their homes inaccurately and potentially missing out on maximizing their property's selling price. Pricing too high or too low each come with their own consequences.
Failing to conduct comprehensive market research and obtain professional property appraisals may result in undervaluing the property, leading to missed opportunities and financial losses that could have been avoided with a more accurate assessment of market trends and property value. Similarly, pricing a home too high may lead you to have issues when the property will not appraise for that amount, or may simply deter your best buyers because they are priced out. We can help you find that pricing sweet spot that is an accurate market value without leaving money on the table.
Skimping on Marketing
It's common among sellers to be resistant to investing in comprehensive and effective marketing strategies to promote their properties. This is understandable, but limited exposure and inadequate visibility within the competitive real estate market can result in fewer inquiries, reduced interest from potential buyers, and prolonged listing periods.
Leveraging various marketing channels, utilizing professional photography and virtual tours, and engaging in targeted advertising campaigns can significantly enhance a property's online presence and visibility. We can help you attract a broader audience and generate more interest and competitive offers from prospective buyers through a dynamic marketing strategy.
Neglecting Maintenance and Repairs
If you want to get the best price for your home, it has to be in its best condition. Sellers often regret neglecting necessary property maintenance and repairs before listing their homes, as the lack of upkeep and unresolved issues can deter potential buyers, decrease the property's overall appeal, and potentially lead to prolonged listing times and lower offers.
Addressing essential repairs, enhancing curb appeal, and ensuring the overall condition of the property is well-maintained can significantly increase the property's marketability and attractiveness to prospective buyers. This will ultimately facilitate a smoother and more successful selling process. If you're not sure what to repair or focus on as you prepare your home for sale, we can help.
Unrealistic Expectations
Remember that a successful real estate transaction benefits both the buyers and the sellers, and negotiating is designed to arrive at a mutually beneficial result. Some sellers have unrealistic expectations that ultimately hinder their success by slowing the process or forcing them to miss out on excellent potential buyers.
Some sellers may regret being inflexible and holding unrealistic expectations regarding the selling price, negotiation terms, and timeline for the property sale, which can impede the negotiation process, deter potential buyers, and prolong the closing of the transaction.
Adopting a more flexible approach and remaining open to reasonable offers, and setting your expectations based on current market conditions and comparable property sales, can facilitate smoother negotiations, foster positive buyer-seller interactions, and increase the likelihood of achieving a successful and mutually beneficial sale.
Ready to learn more about selling your home in Oahu? We are ready to partner with you, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2023-11-13T10:03:49-07:002023-11-13T10:06:12-07:00Scott Startsmantag:hiestates.com,2012-09-20:31301Oahu Real Estate Market Report for October 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-10/Monthly_Stats_-_October_2023.jpg" width="775" height="436" alt="An aerial shot over a varied green landscape with clouds in the distance" title="Oahu Market Stats - October 2023" style="vertical-align: baseline;" />
The Oahu real estate market during October 2023 displayed mixed trends for single-family homes and condos. While both property types saw a decline in year-over-year sales volumes, single-family homes experienced a rise in median sales prices. This contrasts with the condo side of the market for year-over-year, which showed a slight decrease in price. The monthly dynamics differed in terms of sales, with Single-Family Home sales dipping as condo sales increased.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-10OCT.pdf" title="View Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
Oahu Single-Family Homes for the month of October 2023 saw a moderate decline in sales compared to the previous year, down 4.1% at 213 closed sales. Despite this, the median sales price increased by 4.8% to $1,100,000 when compared to October 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-10/Oahu_Single-Family_Home_Monthly_Stats_-_October_2023_-_1.jpg" width="775" height="436" alt="An image of a living room on the right with market stats on the left" title="Oahu Single-Family Homes - October 2023" style="vertical-align: baseline;" />
Pending sales volume year-over-year saw a slight decrease of 3%, though single-family homes priced over $1,000,000 saw a slight increase in closed sales - up to 127 in October 2023 from 122 in October 2022. The largest dip in sales volume for single-family homes occurred in the $800,000 to $999,999 price segment, dipping 25.6% to 29 sales.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-10/Oahu_Single-Family_Home_Monthly_Stats_-_October_2023_-_2.jpg" width="775" height="436" alt="Aerial shot of Oahu from the distance" title="Oahu Single-Family Homes - October 2023 - 2" style="vertical-align: baseline;" />
On the month-over month side, single-family homes saw pending sales volume fall by 17.2%. Median days on the market still remains under 30 days for most Single-Family Home regions of Oahu, at 18 days for October 2023 compared to 19 days in October 2022. The single-family home market has seen a 4.6% decrease in new listings compared to the prior year.
Oahu Condos | Market Stats
The condo market for Oahu saw a moderate decline of 8.3% in closed sales year-over-year, at 399 total closed sales for October 2023. The Median Sales Price for condos also saw a slight dip, down 1% from the prior year to $515,000.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-10/Oahu_Condo_Monthly_Stats_-_October_2023_-_1.jpg" width="775" height="436" alt="Image of a condo living room on the left and market stats on the right" title="Oahu Condo Stats - October 2023 - 1" style="vertical-align: baseline;" />
Pending sales volume for condos year-over-year saw a decrease of 5%, with condos priced between $600,000 and $699,999 seeing the largest decline at 27.1% fewer sales than the previous year. On the flipside, units priced between $500,000 and $599,999 saw a jump in closed sales of 44.7% year-over-year at 68 sales for October 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-10/Oahu_Condo_Monthly_Stats_-_October_2023_-_2.jpg" width="775" height="436" alt="Aerial shot of a harbor in Hawaii looking outward" title="Oahu Condo Stats - October 2023 - 2" style="vertical-align: baseline;" />
Condos saw pending sales volume decrease by 12.4% month-over-month. Most condo regions of Oahu are maintaining a median of under 30 days on the market, at 21 days for October 2023 compared to 19 days in October 2022. In contrast to the Single-Family Home market, the condo market has seen a 6.4% increase in new listings compared to the prior year.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-11-10T07:25:41-07:002023-11-17T05:40:56-07:00Scott Startsmantag:hiestates.com,2012-09-20:31178Oahu Luxury Home Market Report For Q3 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_2023.jpg" width="775" height="436" alt="Text saying "List Sotheby's International Realty - 3rd Quarter 2023 Oahu Luxury Market Stats" and then an aerial shot of Hawaii" title="Oahu_Luxury_Market_Report_Header" style="vertical-align: baseline;" />
As the third quarter draws to a close, let's take a look at recent real estate activity in the luxury segment of Oahu Real Estate Market with List Sotheby's International Realty. This market report breaks Single-Family Homes down into four price segments, and Condos into two price segments
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20232.jpg" width="775" height="436" alt="Four Price Segments of Luxury Market Stats over white on the right side, aerial image of Oahu on the left side" title="Oahu Luxury Market Stats - Price Segments" style="vertical-align: baseline;" /><br /><br /><a href="https://assets.site-static.com/userfiles/2805/file/market_stats/List_Luxury_Market_2023_3rd_QTR_11x17_BLANK_lo_res.pdf" title="View Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Luxury Single-Family Homes | Market Stats
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20233.jpg" width="775" height="436" alt="Oahu Market Stats - Single-Family Home Image showing text from paragraph below " title="Oahu Market Stats - Single-Family Home Price Segment 1" style="vertical-align: baseline;" />
In the first price segment, $2 to $3 Million, there was a decline in sales of 32.8% for this quarter at 43 homes sold compared to 64 during Q3 2022. Months' supply of inventory is up as well, increasing 26.5% compared to last year - up to 6.2 months in Q3 2023 from 4.9 months in Q3 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20234.jpg" width="775" height="436" alt="Oahu Market Stats - Single-Family Home Price Segment 2" title="Oahu Market Stats - Single-Family Home Price Segment 2" style="vertical-align: baseline;" />
The second segment of luxury single-family homes, from $3 million to $5 million, saw a decline in sales of 14.3% during Q3 2023 when compared to the previous year. The months ' supply of inventory is up 87.7%, from 5.7 months in Q3 2022 to 10.7 months in Q3 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20235.jpg" width="775" height="436" alt="Oahu Market Stats - Single-Family Home Price Segment 3" title="Oahu Market Stats - Single-Family Home Price Segment 3" style="vertical-align: baseline;" />
Bucking the trend, the $5 to $10 million segment saw an increase in closed sales - twelve single-family homes sold in this price range during Q3 2023, compared to nine the year before. Months' supply of inventory for decreased slightly, down to 13.7 months for Q3 2023 from 13.8 months in Q3 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20236.jpg" width="775" height="436" alt="Oahu Market Stats - Single-Family Home Price Segment 4" title="Oahu Market Stats - Single-Family Home Price Segment 4" style="vertical-align: baseline;" />
The final luxury home price segment of $10 million plus saw a single sale during this quarter, matching the single sale for this segment in Q3 2022. That home was one in <a href="https://www.hiestates.com/makiki-heights/" title="Makiki Heights Neighborhood Page" target="_blank">Makiki Heights</a>, which sold for $10,500,000. Months supply of inventory in Q3 2023 has doubled at 14 months compared to 7 months in Q3 2022.
Oahu Luxury Condos | Market Stats
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20237.jpg" width="775" height="436" alt="Oahu Luxury Market Stats - Condo Price Segment 1" title="Oahu Luxury Market Stats - Condo Price Segment 1" style="vertical-align: baseline;" />
The Oahu luxury condo market segment of $1 to $2.5 million saw an increase in closed sales during Q3 2023, up 8.2% with 105 closed sales compared to the 97 closed sales for Q3 2022. Months supply of inventory has increased for the same time period, up 27.9% to 7.8 months in Q3 2023 when compared to 6.1 months the previous year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20238.jpg" width="775" height="436" alt="Oahu Luxury Market Stats - Condo Price Segment 2" title="Oahu Luxury Market Stats - Condo Price Segment 2" style="vertical-align: baseline;" />
For condos above $2.5 million, there were a total of fourteen closed sales for Q3 2023 - the same number as the year before. Months' supply of inventory has increased by 86.7% to 18.3 months for this quarter when compared to 9.8 months during Q3 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q3L/Luxury_Market_Stats_3rd_QTR_20239.jpg" width="775" height="436" alt="Top Sales For 3rd Quarter 2023 on left side, overhead shot of ocean and cliffside properties on right side" title="Oahu Luxury Market Stats - Top Sales For Quarter" style="vertical-align: baseline;" />
Four breakout luxury condos sold at or above the $5 million mark during Q3. Two of these (including the top sale at $12,000,000) were at the luxurious <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" title="Park Lane Condominium Main Page" target="_blank">Park Lane</a> condominium, while the other two were in the <a href="https://www.hiestates.com/diamond-head/" title="Diamond Head Page" target="_blank">Diamond Head </a>area.
Reach Out
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-11-03T04:00:00-07:002023-11-03T13:05:04-07:00Scott Startsmantag:hiestates.com,2012-09-20:30946Casual Restaurants You Will Love on Oahu<a href="https://www.hiestates.com/blog/5-fine-dining-restaurants-to-try-on-oahu/" target="_blank" rel="noopener">Oahu is known for being home to many upscale restaurants</a>, with 5 star dining opportunities that boast impressive ocean views near luxury resorts. If you're looking for something more laid-back, though, don't worry. There are just as many amazing casual restaurants to choose from on the island. It's true that Oahu has affordability challenges, but there are plenty of ways to enjoy the island without breaking the bank. If you'd like to learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a> that fit your budget or <a href="https://www.hiestates.com/blog/leverage-your-home-equity-to-buy-a-second-home-on-oahu/" target="_blank" rel="noopener">how to leverage your current home equity to invest in an Oahu vacation home</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.
Whether you're looking for traditional Hawaiian dishes, fresh seafood, or international flavors, Oahu has something to satisfy every palate. Here are some of the best casual restaurants on Oahu:
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_14.jpg" width="900" height="600" alt="Casual Restaurants You Will Love on Oahu" title="Casual Restaurants You Will Love on Oahu" />
Giovanni's Shrimp Truck
Known for its famous garlic shrimp, <a href="http://www.giovannisshrimptruck.com" target="_blank" rel="noopener">Giovanni's Shrimp Truc</a>k is a <a href="https://www.hiestates.com/north-shore/" target="_blank" rel="noopener">North Shore</a> institution. Enjoy succulent shrimp served with heaps of garlic, butter, and rice in a casual, outdoor setting.
It's a great place to grab a quick lunch before or after heading to the beach or out on a hike. And don't worry, if someone in your group can't eat or doesn't like shrimp, they have some other choices too.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_15.jpg" width="900" height="600" alt="Rainbow Drive-In" title="Rainbow Drive-In" />
Rainbow Drive-In
A local favorite since 1961, <a href="https://rainbowdrivein.com" target="_blank" rel="noopener">Rainbow Drive-In</a> is famous for its plate lunches. Try their iconic mix plate with items like barbecue beef, chicken, and mahi-mahi, along with macaroni salad and rice. It doesn't get more authentic island comfort food than this, so make sure you stop by when you are in Kapahulu.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_16.jpg" width="900" height="600" alt="Leonard's Bakery" title="Leonard's Bakery" />
Leonard's Bakery
Satisfy your sweet tooth with malasadas from <a href="https://www.leonardshawaii.com/home/" target="_blank" rel="noopener">Leonard's Bakery</a>. These Portuguese doughnuts are filled with various flavors, including custard, guava, and chocolate, and are a must-try treat whenever you are in <a href="https://www.hiestates.com/honolulu-neighborhoods/" target="_blank" rel="noopener">Honolulu</a>.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_17.jpg" width="900" height="600" alt="Ono Seafood" title="Ono Seafood" />
Ono Seafood
Craving fresh poke? Ono Seafood is a popular spot for delicious and affordable poke bowls made with the freshest seafood. Customize your bowl with a variety of poke flavors and toppings, and take it to go or enjoy it at their Kapahulu location.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_18.jpg" width="900" height="600" alt="Musubi Cafe Iyasume" title="Musubi Cafe Iyasume" />
Musubi Cafe Iyasume
<a href="https://iyasumehawaii.com" target="_blank" rel="noopener">Musubi Cafe Iyasume</a> offers a modern twist on the traditional Hawaiian snack, musubi. Try their creative musubi varieties, including spam and egg, teriyaki chicken, and more. They have multiple locations to make it convenient to try this local favorite.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_19.jpg" width="900" height="600" alt="Haleiwa Joe's" title="Haleiwa Joe's" />
Haleiwa Joe's
Nestled in the lush Windward side of the island, <a href="https://www.haleiwajoes.com" target="_blank" rel="noopener">Haleiwa Joe's</a> offers a relaxed atmosphere and a menu featuring fresh seafood, prime rib, and delicious cocktails. Enjoy your meal with a view of the river and tropical gardens.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_20.jpg" width="900" height="600" alt="Helena's Hawaiian Food" title="Helena's Hawaiian Food" />
Helena's Hawaiian Food
<a href="https://www.helenashawaiianfood.com/index.html" target="_blank" rel="noopener">Helena's</a> is a local institution for traditional Hawaiian cuisine. Their laulau (pork wrapped in taro leaves) and kalua pig are beloved dishes that offer a taste of Hawaii's culinary heritage.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_21.jpg" width="900" height="600" alt="Marugame Udon" title="Marugame Udon" />
Marugame Udon
Craving udon noodles? Even if you haven't had them before, it's worth stopping by. <a href="https://www.marugameudon.com" target="_blank" rel="noopener">Marugame Udon</a> serves freshly made, chewy udon noodles in a cafeteria-style setting. Customize your bowl with various tempura options and toppings.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_22.jpg" width="900" height="600" alt="Uncle Clay's House of Pure Aloha" title="Uncle Clay's House of Pure Aloha" />
Uncle Clay's House of Pure Aloha
For a refreshing treat, visit <a href="https://houseofpurealoha.com" target="_blank" rel="noopener">Uncle Clay's House of Pure Aloha (HOPA)</a> for their authentic Hawaiian shave ice. They use all-natural ingredients and offer a variety of flavors and toppings.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_23.jpg" width="900" height="600" alt="The Pig & The Lady" title="The Pig & The Lady" />
The Pig & The Lady
This Vietnamese-inspired eatery in Chinatown offers a fusion of flavors with a creative menu. <a href="https://thepigandthelady.com" target="_blank" rel="noopener">The Pig & The Lady</a>'s pho French dip and banh mi sandwiches are popular choices, and their menu features both meat and vegetarian options.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Casual_Restaurants_You_Will_Love_on_Oahu/Untitled_design_24.jpg" width="900" height="600" alt="Mud Hen Water" title="Mud Hen Water" />
Mud Hen Water
Chef Ed Kenney's restaurant offers a farm-to-table experience with a focus on local, sustainable ingredients. Enjoy dishes inspired by traditional Hawaiian recipes with a modern twist. <a href="https://www.mudhenwater.com" target="_blank" rel="noopener">Mud Hen Water</a> is a must-try while you're on the island.
To learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">living or vacationing on Oahu</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to begin the search for your ideal home (or second home).2023-10-23T12:09:58-07:002023-10-23T12:46:27-07:00Scott Startsmantag:hiestates.com,2012-09-20:308295 Tips for Remotely Buying a Home in Hawaii<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/5_Tips_for_Remotely_Buying_a_Home_in_Hawaii/5_Tips_for_Remotely_Buying_a_Home_in_Hawaii.jpg" width="900" height="500" alt="5 Tips for Remotely Buying a Home in Hawaii" title="5 Tips for Remotely Buying a Home in Hawaii" style="margin: 11px;" />
When you are looking for <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale in Hawaii</a> while living on the mainland, it is very possible that you may end up making an offer on a property you have not seen in person. Buying a home remotely is possible when you have a real estate agent you can trust and a smart strategy.
If you are considering<a href="https://www.hiestates.com/blog/why-you-should-choose-oahu-for-your-second-home/" target="_blank" rel="noopener"> investing in a second home in Hawaii</a>, <a href="https://www.hiestates.com/blog/scouting-your-future-home-before-moving-to-hawaii/" target="_blank" rel="noopener">moving to Hawaii from the mainland</a>, or <a href="https://www.hiestates.com/blog/pros-and-cons-to-investing-in-oahu-real-estate/" target="_blank" rel="noopener">looking for an income property on Oahu</a>, we can help. <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to learn more and keep reading for essential tips when buying a home remotely.
Research Your Location
If possible, it's best to plan a trip to Oahu to get a feel for different communities and determine which is right for you. Even if you do not end up buying a home during the exploratory trip, having this time to research in person will help you make confident decisions when potential properties come on the market.
We are also here to help you determine the best community on the island for you. Check out our <a href="https://www.hiestates.com/communities/" target="_blank" rel="noopener">area profiles</a>, and <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">reach out to us</a> to learn more about the diverse neighborhoods on Oahu.
Understand Hawaii's Unique Real Estate Laws
Hawaii is a unique real estate market for many reasons. One of these is the different types of real estate transactions that can be made, which are distinct from many mainland markets.
On Oahu, homes can be sold as fee simple or leasehold. Check out this post to <a href="https://www.hiestates.com/blog/understanding-leasehold-and-fee-simple-properties-in-hawaii-real-estate/" target="_blank" rel="noopener">understand the difference between fee simple and leasehold</a> so you can determine what is right for you as you invest.
Embrace Technology
Thanks to many technological advances in real estate, you can explore the property you are considering without ever seeing it in person, getting a far more accurate pictures of the home as a whole than you could from pictures alone.
One way we can do this is by bringing you into the home on a video call, showing you everything you want to see in real time and answering questions as we go through a virtual showing. This is why it is so important to be working with a real estate agent you can trust. We can walk you through as many properties as you want to in order to get the information you need.
Virtual tours have also come a long way. Many properties offer a 360 degree virtual tour so that you can see the entire thing, even referring back to it as you make up your mind about putting in an offer.
Some properties, particularly luxury homes on Oahu, will even offer a VR tour. If you have access to a virtual reality headset you may be able to see the home in such a way that feels like you have actually stepped foot into it from miles and miles away.
Lean On Your Home Inspection
Remember that even after you have put in an offer and entered escrow, you are not stuck. We recommend paying careful attention to your home inspection report and allowing it to guide your final decision. With a home inspection contingency in the offer, you don't have to worry about penalties for backing out if the inspection reveals a major issue.
Visit in Person Before Closing
If at all possible, it is recommended to visit the property before closing. We understand it is not always realistic to visit before even putting in an offer, but when you know that closing is coming up and you have the ability, taking a quick trip to see it all in person will give you that peace of mind and excitement about moving forward with the transaction.
Ready to look for <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale in Hawaii</a>? Contact us any time.2023-10-16T09:45:07-07:002023-10-16T09:51:32-07:00Scott Startsmantag:hiestates.com,2012-09-20:30716Oahu Real Estate Market Report for September 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-9/OAHU_MARKET_REPORT_social_media_Sept_2023.jpg" width="1225" height="1225" alt="Oahu Real Estate Market Report - September 2023" title="Oahu Real Estate Market Report - September 2023" style="vertical-align: baseline;" />
September was a wild one in the Oahu Real Estate market. The single-family home side of the market remained relatively stable, while condos experienced a notable downturn in sales volume. Active inventory on Oahu has been riding along with the changing seasons and mortgage rates, with some areas experiencing surges in buyer activity while others witness declines.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-09SEP.pdf" title="Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
On the Single-Family Home side, the market has maintained a 12-month rolling average of over 200 sales. The median sales price for Single-Family Homes decreased by 4.5% year-over-year compared to September 2022, down to $1,050,000.
While sales have decreased by 16.5% for homes year-over-year, month-over-month data showed 232 homes were sold in September. The sales volume in the segment of $700,000 to $999,999 accounted for 36% of the month’s transactions, with most sales in this price range happening in '<a href="https://www.hiestates.com/ewa-beach/" title="'Ewa Plan / Ewa Beach main page">Ewa Plain</a>.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-9/OAHU_MARKET_REPORT_social_media_Sept_20232.jpg" width="1225" height="1225" alt="Oahu Real Estate Market Report September 2023 - SFH" title="Oahu Real Estate Market Report September 2023 - SFH" style="vertical-align: baseline;" />
The largest year-over-year decrease in inventory occurred in the North Shore and <a href="https://www.hiestates.com/ewa-beach/" title="'Ewa Plan / Ewa Beach main page">‘Ewa Plain</a> regions, dropping by 46.7% and 17.6%, respectively. The Kane’ohe region displayed a 25% increase in inventory, adding 10 additional homes compared to the prior year. Homes spent a median of 20 days on the market for the month of September 2023.
Oahu Condos | Market Stats
The 12-month sales average for Oahu Condos fell below 400 sales - marking the first such decline since January 2021. During the month of September 2023, the median sales price for rose by 6.0% year-over-year to $532,500.
Sales for condos during the month of September 2023 are down 24.2% compared to the prior year. Condo sales in the price range of $900,000 to $1,999,999 experienced a notable increase, jumping 31.0%. On the reverse side, sales in the $200,000 to $599,999 price range decreased by about 30.2%.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-9/OAHU_MARKET_REPORT_social_media_Sept_20233.jpg" width="1225" height="1225" alt="Oahu Real Estate Market Report September 2023 - Condos" title="Oahu Real Estate Market Report September 2023 - Condos" style="vertical-align: baseline;" />
New listings for condos during September 2023 are down 4.1% compared to September 2022. Condos on Oahu spent a median of 21 days on the market - a slight increase compared to the previous year.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-10-09T14:08:01-07:002023-11-10T07:52:44-07:00Scott Startsmantag:hiestates.com,2012-09-20:30565Leverage Your Home Equity to Buy a Second Home on Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Leverage_Your_Home_Equity_to_Buy_a_Second_Home_on_Oahu/Leverage_Your_Home_Equity_to_Buy_a_Second_Home_on_Oahu.jpg" width="900" height="500" alt="Leverage Your Home Equity to Buy a Second Home on Oahu" title="Leverage Your Home Equity to Buy a Second Home on Oahu" style="margin: 11px;" />
Would owning a second home in a tropical paradise like Oahu be your dream come true? If you already own a house on the mainland, you may be able to leverage your home equity to make this dream a reality. In addition to helping you find <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a> that are right for your second home, we can help you figure out how to make it happen. Keep reading for steps and considerations involved in using your mainland property's equity to <a href="https://www.hiestates.com/blog/8-neighborhoods-to-consider-for-your-second-home-on-oahu/" target="_blank" rel="noopener">purchase a second home in Oahu</a>, and <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to learn more.
Understanding Your Home Equity
Home equity is the difference between how much you owe on your home and how much it is worth. Many homeowners in America today are in a position of having substantial home equity thanks to rising property value in the past 3 years.
The first step in leveraging your equity to buy a second home in Oahu is making sure you understand your home equity position. Calculate your mainland property's current market value and subtract any outstanding mortgage balance. The difference is your home equity. To get an accurate estimate, consider hiring a professional appraiser to evaluate your property.
When you realize how much equity you have to work with, your dream might start to look more like a reality.
Understand Your Financial Position
After figuring out how much equity you have, talk with a few lenders about your options. There are a few ways to access home equity, including home equity loans (HEL), home equity lines of credit (HELOC), and cash-out refinancing.
HEL provides a lump sum, while HELOC functions like a credit card, offering a line of credit you can draw from as needed. Refinancing your mainland property at a higher value can provide cash that you can use for the Oahu home purchase.
Exploring these options with your lender can help you determine which is the right route for you and define your budget.
Secure pre-approval so you have real numbers and can begin the search for your second home with all the financial information you need.
Choose the Right Second Home Based on Your Goals
Before you begin searching for homes for sale in Oahu, consider your goals and plans for the property. Will it be reserved solely for your personal vacations, or something you will also plan to retire in? Deciding how you want to use the property and how long you plan to own it can help shape the criteria we will follow as we search for your home.
Some questions to ask yourself in this process are:
How many people will be staying in this second home?
Do I plan to entertain in this home, and if so how many people would I like to be able to accommodate?
How long do I plan to own the property, and will I retire during that time?
How much maintenance am I comfortable with, and am I budgeting to hire people to handle that when I'm away?
You may also decide to leverage this second home even further by allowing it to do double duty: a personal vacation home when you want to use it and a short term vacation rental when you're on the mainland. This can be an ideal way to offset the investment further, even making it a net positive investment from month to month.
Ready to learn more or begin the search for your <a href="https://www.hiestates.com/blog/why-you-should-choose-oahu-for-your-second-home/" target="_blank" rel="noopener">second home in Oahu</a>? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time.2023-10-02T09:18:46-07:002023-10-02T09:22:06-07:00Scott Startsmantag:hiestates.com,2012-09-20:30433Renovating and Remodeling in Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Renovating_and_Remodeling_in_Oahu/Renovating_and_Remodeling_in_Oahu.jpg" width="1640" height="924" alt="Renovating and Remodeling in Oahu" title="Renovating and Remodeling in Oahu" style="margin: 11px;" />
Whether you have bought an investment property, a second home, a primary residence, or a short term rental in Oahu, you may decide that some renovations and remodeling are in order. Home improvement on an island comes with its own set of challenges, so we have some tips and information to help you prepare.
To learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale in Oahu</a> and finding your ideal property, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.
Historic Renovations: Preserving Island Heritage
Oahu boasts a rich history, and many of its homes reflect a blend of Hawaiian, Asian, and Western architectural influences. Preserving the island's heritage is a priority for many property owners, and historic renovations are a way to honor the past while creating a comfortable living space.
One of the iconic architectural styles found on Oahu is the "Plantation Style" home. These charming houses typically feature wide lanais (verandas), louvered windows, and high-pitched roofs designed to capture the trade winds. Restoring and updating these homes often involves reinforcing their structural integrity, preserving original features like shiplap walls and vintage fixtures, and incorporating modern amenities such as air conditioning and updated kitchens.
If you have decided to purchase a historic home, remember that it may require a unique level of attention and care during the renovation process, but the ROI is likely to be quite high.
Modernizing Oceanfront Condos
For those seeking a more contemporary lifestyle on Oahu, beachfront condos provide an enticing opportunity. Remodeling these units often centers around optimizing the breathtaking ocean views and creating an open and airy atmosphere. Sliding glass doors, expansive balconies, and minimalist design elements are key features of modern beachfront condos.
The renovation process might include opening up the living space, updating the kitchen with high-end appliances and sleek finishes, and enhancing the overall flow of the unit to maximize the ocean vista. Many condo owners invest in soundproofing measures to create a tranquil oasis amidst the sounds of the ocean waves.
If a condo is what you are planning to buy and renovate, pay careful attention to any HOA requirements or other restrictions that may impact your plans. We can help you navigate the fine print and make sure you will be able to pursue your plans for the property.
Embracing Sustainability
Oahu's commitment to sustainability and environmental conservation is reflected in many renovation projects. Homeowners are increasingly embracing eco-friendly renovation practices to reduce their carbon footprint and take advantage of Oahu's abundant natural resources.
Solar panels are a popular addition to many Oahu homes, harnessing the island's abundant sunshine to power households and reduce energy costs. Rainwater harvesting systems and low-flow plumbing fixtures help conserve water in a region where water resources are precious.
Incorporating sustainable materials and energy-efficient appliances in renovations is another way to support eco-friendly living on Oahu. Bamboo flooring, reclaimed wood, and recycled glass countertops are popular choices that blend beauty with sustainability.
Shipping and Logistics
Remember that renovations, as with most projects on an island, can be significantly impacted by shipping timelines. Building materials, if they are not readily available on the island, will need to be shipped from the mainland or another country. This shipping process can present delays because it is so unpredictable, so build some flexibility into your project timeline to avoid frustration. This is all a part of living on an island, and it's worth every ounce of patience.
Still looking for that perfect property on Oahu to renovate? We can help, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2023-09-25T08:28:00-07:002024-02-27T12:57:21-07:00Scott Startsmantag:hiestates.com,2012-09-20:30302Furnishing Your Second Home on Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Furnishing_Your_Second_Home_on_Oahu/Furnishing_Your_Second_Home_on_Oahu_4.jpg" width="1920" height="1080" alt="Furnishing Your Second Home on Oahu" title="Furnishing Your Second Home on Oahu" style="margin: 11px;" />
Owning a second home on the beautiful island of Oahu is a dream come true for many. Whether you're seeking an escape from the hustle and bustle of city life or envisioning a vacation rental property, furnishing your second home on this Hawaiian paradise requires careful consideration. Creating a comfortable and inviting space that simultaneously captures the essence of island living is key to enjoying your property to the fullest.
If you're still on the hunt for <a href="https://www.hiestates.com" target="_blank" rel="noopener">your second home in Hawaii</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time. We can help you <a href="https://www.hiestates.com/blog/8-neighborhoods-to-consider-for-your-second-home-on-oahu/" target="_blank" rel="noopener">determine where to buy your second home on Oahu</a> and find the property that best suits your criteria.
Keep reading for tips and considerations to keep in mind as you prepare to furnish your property.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Furnishing_Your_Second_Home_on_Oahu/Furnishing_Your_Second_Home_on_Oahu.jpg" width="1920" height="1080" alt="Furnishing Your Second Home on Oahu" title="Furnishing Your Second Home on Oahu" />
Embrace Island-Inspired Decor
To truly capture the spirit of Oahu, consider furnishing your second home with island-inspired decor. Opt for a tropical color palette that includes shades of turquoise, coral, and lush greens, reflecting the ocean, flora, and fauna of the island.
Incorporate natural materials like bamboo, rattan, and teak for furniture and decor items. These natural textures and colors will keep the design from becoming cheesy and instead feel inspired. Tropical prints and patterns, such as palm leaves or hibiscus flowers, can adorn cushions, curtains, and artwork, infusing your space with the island's vibrant energy.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Furnishing_Your_Second_Home_on_Oahu/Furnishing_Your_Second_Home_on_Oahu_5.jpg" width="1920" height="1080" alt="Furnishing Your Second Home on Oahu" title="Furnishing Your Second Home on Oahu" />
Choose Durable and Low Maintenance Materials
Oahu's tropical climate can be both beautiful and challenging for furnishings. High humidity, salty air, and occasional rain can take a toll on furniture and decor. Select durable, low-maintenance materials that can withstand these conditions.
Outdoor furniture made from weather-resistant materials like aluminum, synthetic wicker, and teak is an excellent choice for patio and lanai areas. For indoor spaces, consider furniture with removable, washable slipcovers or easy-to-clean surfaces.
The last thing you want to spend your time and money on is replacing furniture on a regular basis. Allow your second home to be low maintenance and ready for your guests or personal use any time, investing in your own peace of mind by investing in high quality furniture.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Furnishing_Your_Second_Home_on_Oahu/Furnishing_Your_Second_Home_on_Oahu_2.jpg" width="1920" height="1080" alt="Furnishing Your Second Home on Oahu" title="Furnishing Your Second Home on Oahu" />
Create Indoor-Outdoor Living Spaces
One of the joys of Oahu living is the seamless transition between indoor and outdoor spaces thanks for the beautiful year-round climate. Embrace this concept by designing your second home to maximize indoor-outdoor living. Sliding glass doors or large windows that open fully to a lanai or outdoor patio are excellent architectural features. Furnish your outdoor spaces with comfortable seating, dining sets, and loungers, allowing you to enjoy the island's natural beauty day and night.
Prioritize Comfort
In addition to being beautiful, your second home should also put you right at ease. Comfort is paramount in any home, especially in your second home where relaxation is a top priority. Invest in quality, comfortable furniture for both indoor and outdoor areas.
Consider plush sofas and armchairs for your living room, cozy beds with luxurious linens for the bedrooms, and cushioned seating for the outdoor spaces. Ample throw pillows and blankets can enhance comfort while adding a touch of island charm.
Incorporate Local Art and Craftsmanship
Support local artists and artisans by incorporating their work into your home's decor. Oahu boasts a vibrant art scene, with talented artists showcasing a range of styles, from traditional Hawaiian to contemporary.
Visit local galleries and craft markets to discover unique paintings, sculptures, and crafts that reflect the island's culture and landscapes. Displaying these pieces not only adds character to your second home but also supports the local community.
Invest in a Well-Equipped Kitchen
Your second home should have a kitchen that is equally as functional as your primary residence. Opt for modern appliances, ample countertop space, and quality cookware and utensils. Ensure your kitchen is stocked with essentials for preparing fresh seafood, tropical fruits, and other local delicacies. A spacious island or breakfast bar can serve as a gathering place for family and friends to enjoy meals together. Set yourself up to relax and fully enjoy your time in your second home with a kitchen that is fully equipped to support your culinary endeavors.
Ready to search for your <a href="https://www.hiestates.com/blog/why-you-should-choose-oahu-for-your-second-home/" target="_blank" rel="noopener">second home on Oahu</a>? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time.2023-09-18T09:52:16-07:002023-09-18T10:06:50-07:00Scott Startsmantag:hiestates.com,2012-09-20:30022What Oahu Home Buyers Should Know Before Deciding on a Piece of Property<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/What_Oahu_Home_Buyers_Should_Know_Before_Deciding_on_a_Piece_of_Property/What_Oahu_Home_Buyers_Should_Know_Before_Deciding_on_a_Piece_of_Property.jpg" width="1640" height="924" alt="What Oahu Home Buyers Should Know Before Deciding on a Piece of Property" title="What Oahu Home Buyers Should Know Before Deciding on a Piece of Property" style="margin: 11px;" />
Home buyers in Oahu, Hawaii, would want to consider a variety of factors before deciding on a piece of property. <a href="https://www.hiestates.com/central-oahu/">Oahu</a> is a popular destination known for its stunning landscapes, beautiful beaches, and diverse culture. Here are some key considerations that home buyers in Oahu should keep in mind:
Location: The specific neighborhood and its proximity to amenities, schools, work, and recreational activities are important. Consider factors like traffic patterns, access to public transportation, and convenience to daily needs.
Property Type: Decide whether you're interested in a single-family home, condominium, townhouse, or another type of property. Each option has its own benefits and drawbacks.
Budget: Determine your budget and get pre-approved for a mortgage to understand how much you can afford. Oahu's real estate market can be competitive, so having your finances in order is crucial.
Condition of the Property: Inspect the property for any maintenance or repair issues that might affect your decision. This includes checking for water damage, structural integrity, roofing, plumbing, electrical systems, and more.
Views and Landscaping: Oahu is known for its breathtaking views. Consider whether the property offers ocean views, mountain views, or other natural landscapes that contribute to its value and your enjoyment.
Zoning and Restrictions: Be aware of zoning regulations, homeowners' association (HOA) rules, and any restrictions that could impact how you use and modify the property.
Resale Value: Research the property's potential resale value by examining historical price trends in the area. Properties in desirable neighborhoods tend to hold or appreciate in value over time.
Climate and Weather: Oahu has a tropical climate, which can influence your lifestyle and maintenance requirements. Consider factors like humidity, rainfall, and the potential for natural events like hurricanes.
Schools and Education: If you have or plan to have children, research the quality of local schools and educational opportunities in the area.
Safety and Crime Rates: Investigate the safety of the neighborhood by looking into crime rates and getting a sense of the community's overall security.
Commute and Transportation: Oahu has traffic congestion, so consider how your daily commute will be affected by the property's location and proximity to major roads.
Local Amenities: Check for nearby amenities such as grocery stores, shopping centers, restaurants, parks, and recreational facilities that align with your lifestyle preferences.
Lifestyle and Recreation: Consider the types of recreational activities available nearby, such as hiking trails, beaches, water sports, cultural events, and entertainment options.
Future Development: Research any planned developments or infrastructure projects in the area that could impact property values and your quality of life.
Local Culture and Community: Oahu has a unique blend of cultures and communities. Investigate whether the neighborhood aligns with your values and preferences.
It's essential to conduct thorough research, work with a <a href="https://www.hiestates.com/about/the-hiestates-team/">knowledgeable local real estate agent,</a> and visit the properties in person to get a comprehensive understanding of the factors that will influence your decision to <a href="https://www.hiestates.com/buyers/moving-to-oahu-hawaii-relocation-assistance/">buy a property in Oahu</a>.2023-09-12T08:36:00-07:002023-09-05T08:39:48-07:00Scott Startsmantag:hiestates.com,2012-09-20:28904Pros and cons to investing in Oahu real estateInvesting in real estate is a proven way to build generational wealth. As you’d expect, the money flows to where the most lucrative opportunities exist. Hawaii remains a highly sought-after market for local and international real estate investors. There are many factors behind this phenomenon, including the fact that Hawaii is a dream destination where a lot of people want to live and invest. It also doesn’t hurt that the unique market dynamics heavily favor investors with a long-term investment horizon.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/Unit_LivingRoom_s.jpg" width="1600" height="1000" alt="Oahu luxury condo" title="Luxury condo purchase on Oahu" />
Even though Hawaii has several islands that attract people from across the globe, the vast majority of resident and non-resident investment buying options are on Oahu, and with good reason. Oahu is the economic epicenter of Hawaii. It's the beating heart of the state's economy. That's why Oahu's real estate market is so diversified. Whether you're looking to acquire a cozy condo or an oceanfront mansion, you'll find it on Oahu.
Related: <a href="https://www.hiestates.com/blog/abcs-of-oahu-real-estate-investing/" target="_blank">ABC’s of Oahu Real Estate Investing</a>
Every investment has its pros and cons, and it’s very important to consider them before you start writing checks. Let’s take an in-depth look at the advantages and disadvantages of Oahu real estate investing so that you’re able to make an informed decision.<br /><br />The Pros
Oahu has Historically Strong Price Appreciation
Investors prefer the real estate market of Hawaii for its high property values, particularly when you compare how Hawaii real estate investments perform compared to the mainland. The demand and supply imbalance contributes to the consistent price appreciation. There’s only a finite amount of land available in Hawaii and with strict regulations on new developments, the supply can never be enough to meet the increasing demand from mainland and international investors.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/sPark_On_Keeaumoku_Residence_Living_Room_s.jpg" width="1600" height="939" alt="Living room of Park On Keeaumoku" title="Park On Keeaumoku Hawaii investing" />
That’s why it’s recommended to approach Oahu real estate investing with a long-term horizon. The unique market dynamics provide an exceptional long-term investment opportunity. <a href="https://www.hicentral.com/oahu-historical-data.php" target="_blank">Past data</a> shows that property values have doubled every 10 years here and the rate of appreciation also surpasses major metros on the mainland. This is evident by the fact that from 1985 through 2022, the median sales price of single-family homes and condos on Oahu have increased by 596.7% and 467.9% respectively.
Oahu has Historically Strong Rent Appreciation
The reason why Oahu has strong rent appreciation is the same reason that Oahu properties have strong price appreciation. There's limited supply and strong demand, not just from people on the mainland but from across the globe. The supply remains limited, and that results in a tighter market with rent appreciation that follows similarly to the price appreciation of properties.
As the appreciation rate grows over time, the rents follow. Since vacancy rates tend to be lower, this means that the properties are rented almost all the time, so there’s little to no excess supply in the market that could bring the rates down.
Related: <a href="https://www.hiestates.com/blog/3-ways-to-invest-in-hawaii-real-estate/" target="_blank">3 Ways to Invest in Hawaii Real Estate 2023</a>
Low Vacancy Rates
With economic diversity, strong demand and limited supply, the vacancy rates tend to be very low as well. To put that into perspective, 2% has been the norm over the past decade. This means that landlords don’t need to provide many concessions even in an economic downturn.
Long Term Holds Yield Strong IRR
The formula to investing in Hawaii real estate is simple enough. The longer you hold the property, the better your overall return will be. Investors who are long term holders will find that their properties will yield strong IRR. So even if it’s a bit more costly to get started with real estate in Hawaii, it’s certainly going to pay you dividends in the long run.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/Waialae_Iki-7_s.jpg" width="1600" height="1066" alt="Aerial view of Waialae" title="Investing in Waialae real estate" />
Substantial Inventory For Fixer Uppers And Flips
If you have house flipping experience, particularly with fixer uppers, Oahu can be a goldmine for you. There’s a substantial inventory of housing that’s ripe for upgrading. Investors who are skilled in these projects stand to make a considerable return on their investment and can do it over and over again.
The reason for these opportunities is that Hawaii became a state in 1959, and in doing so, Hawaii became a safe place to invest in. In the 1960s and 1970s, there was a boom in building homes and condos on Oahu where we added on average 14,000 new homes and condos every year. Now we are only adding 4,000 new homes and condos on average.
Oahu was developed from the Urban Core of Waikiki and Honolulu outward. Since Oahu real estate is more expensive, most people do not tear down and rebuild and so there’s a substantial amount of inventory in the Urban corridor, from that era that’s suitable for being upgraded. Investors who are experienced in these projects have a lot of inventory to work with.
Hawaii Real Estate Investments Have Historically Been Very Safe
The investment value also tends to remain very consistent. It’s simply not possible for developers to move a mile down the road and build new subdivisions that devalue your property by adding more inventory. There is only so much land we can build on and strict government regulations have meant that we historically underbuild new developments on Oahu. So there’s simply not enough supply coming up to meet the consistently high global demand. This factor is also what helps keep Oahu housing prices steady during economic downturns.
Related: <a href="https://www.hiestates.com/blog/financing-options-for-hawaii-real-estate-investments/" target="_blank">Financing Options For Hawaii Real Estate Investments</a>
It's Hawaii!
For many investors, it’s as simple as that. There’s no denying that Hawaii is one of the most beautiful places on the planet. It’s a joy and a privilege to live here. The kind of lifestyle that you can get here is second to none.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/DH_Waikiki_iStock-500135032_s.jpg" width="1600" height="596" alt="Waikiki coastline" title="Waikiki Hawaii investment" />
People across the globe dream of owning property in Hawaii and if you have that opportunity, you’re quite literally living the dream!
The Cons
Hawaii Housing Is Comparatively Expensive To Get Into
The obvious disadvantage when you’re a buyer is that housing costs are more expensive so the barrier to entry is a bit higher compared to other places on the mainland. It’s going to cost more to acquire an investment property in Hawaii but don’t look at this in isolation. It may cost more now but it’s going to provide higher returns in the future. To put that in context, consider the fact that the median sales price of a single-family home and condo on Oahu has surged 596.7% and 467.9% respectively from 1985 through 2022.
Related: <a href="https://www.hiestates.com/blog/category/market-stats/" target="_blank">Hawaii Real Estate Market Stats</a>
Cap Rates Tend To Be Lower
Potential real estate investments are assessed on the basis of their CAP rates. The CAP or Capitalization Rate simply provides the yield of a property over one year. It lets you know at a glance what the return would be on the property this year if you acquired it with cash and rented it out.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/Muanalani_Heights-4_s.jpg" width="1600" height="1066" alt="View from Muanalani Heights" title="Oahu real estate investment pros and cons" />
The CAP rates tend to be lower in Hawaii compared to the mainland. This means that if you are getting a loan to help purchase the property, you will need to put more money down to breakeven. Don’t think that you can just buy a vacation rental on Oahu with 20% down, rent it out and break even, while also using it yourself from time to time. Given the overall higher property prices in Hawaii, your cost of entry will be higher while the CAP rates will be lower. This is why Hawaii isn’t going to be the best cash flow investment initially. You will only realize the true potential of a Hawaii real estate investment over the long term.
Related: <a href="https://www.hiestates.com/blog/what-are-some-unexpected-difficulties-of-investing-in-hawaii-real-estate/" target="_blank">What are some unexpected difficulties of investing in Hawaii Real Estate?</a>
Remote Location Can Be Challenging
The state’s remote location is also a challenge for investors. Hawaii is an island in the middle of the Pacific. It’s quite a way from the mainland and has no direct land route to it. Your only options to arrive here are either by plane or a boat. This makes it difficult to manage your properties on the island, particularly if you can’t travel frequently. You’ll need a property manager anyway, as it’s required by law to have a property manager on the island where your investment property is located.
Material Costs Are Higher
The logistics of bringing goods into Hawaii is not just complicated but also expensive. That’s why building materials and other items tend to be more costly. Your repairs and renovations won’t just cost more but will also need to be planned meticulously so that the work is not held up due to the unavailability of materials or longer lead times.
When doing new developments or renovations, keep in mind that there will always be longer lead times for materials to get here if they're not readily available on the island. This can push your projects off track and increase costs considerably.
Island Life Goes At An Easy Pace
Hawaii is an island state and that comes with its unique attributes. The island life is much slower, things move at an easy pace, so you can’t expect to get things done at the same intensity as New York. That’s why it’s vital to have a good team on the ground, such as a trusted handyman or a property management company, that can look after your properties.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Pros_and_cons_to_investing_in_Hawaii_real_estate/DSC_3686_s.jpg" width="1600" height="1064" alt="Oahu real estate investment properties" title="Investing in Oahu real estate" />
The island lifestyle also means that workers move at a slower pace, so you'll need to adjust your expectations accordingly, as projects tend to move slower and take a longer time to finish compared to the mainland..
Government Regulations Are Tough
It can be a challenge for most new Hawaii real estate investors to navigate the local regulatory environment if you need to get permits and are having to submit plans. You'll need to go through a long and tedious process to get the permits you need for alterations, additions, and modifications.
Expect having to jump through a lot of hoops to get work started on your projects. DPP (Department of Planning & Permitting) is notoriously slow for granting permits and this can lead to unnecessary delays for your projects.
Flips And New Construction Projects Can Be Risky
The tough regulations and the high cost of materials, not to mention the longer lead times for materials, can make new developments and flips on Hawaii a riskier proposition compared to other places on the mainland. Cost overruns can compound quickly and threaten to blow your entire budget for the project.
Related: <a href="https://www.hiestates.com/blog/what-are-new-development-projects-on-oahu-and-how-do-they-work/" target="_blank">What are New Development Projects on Oahu and how do they work?</a>
Wrapping Up
The Hawaii real estate market has immense potential. Investors have reaped consistently high returns for decades. The market still hasn’t lost its shine, on the contrary, the global demand for real estate in Hawaii continues to grow. There’s exceptional long term potential here for investors, as long as they properly weigh all of the pros and cons to make an informed decision that’s aligned with their financial goals.
I’ve personally been investing in Hawaii and other markets for over 24 years and put all of that knowledge to good use for my clients. I also have my own development company so I understand the intricacies of building new developments and renovating fixer uppers on the island. Call us at <a href="tel:%20+18087451602">1-(808) 745-1602</a> or reach out using the form below for a consultation today and we can walk you through the various investment options in Hawaii real estate that best suit your goals.2023-09-10T08:45:00-07:002024-03-12T09:43:07-07:00Scott Startsmantag:hiestates.com,2012-09-20:30146Oahu Real Estate Market Report for August 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-8/Monthly_Stats_-_August_2023.jpg" width="4000" height="2250" alt="Oahu Real Estate Market Stats August 2023 - 1" title="Oahu Real Estate Market Stats August 2023 - 1" />
Sales are down from last year, as was to be expected, but it seems we have leveled out on prices. Additionally, the number of sales over the last few months has increased in some price segments. Our price pullback already happened. We are basically going sideways now and are flat on price. The market has made it's interest rate adjustment and we will perform moving forward based on what interest rates do.
Rates jumped up some about a month ago so I expect our sales numbers to slow a bit over the next month or two, especially since we are getting out of the summer months. If rates drop, expect activity to pick up.
<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-08AUG.pdf" title="Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
The median sales price for Single-Family Homes decreased by 1.4% year-over-year, down to $1,110,000 compared to August 2022. On the year-to-date side, the median sales price is $1,050,000 - down 5.7% compared to the same time last year.
While sales have decreased by 19.7% for homes year-over-year, month-over-month sales have increased by 12.5% compared to July 2023. The sales volume in the segment of $600,000 to $899,999 increased by 13.1% year-over-year, with eight more sales than August 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-8/Monthly_Stats_-_August_2023-SFH-1.jpg" width="1225" height="689" alt="Oahu Real Estate Market Stats August 2023 - Single-Family Homes" title="Oahu Real Estate Market Stats August 2023 - Single-Family Homes" style="vertical-align: baseline;" />
Homes spent a median of 18 days on the market for the month of August, up from 13 days during the same month last year. The slowest region was Leeward, with a median of 50 days on the market. Month-over-month contract signings rose 8.1% compared to July,
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-8/Monthly_Stats_-_August_2023-SFH-2.jpg" width="1225" height="689" alt="Oahu Real Estate Market Stats August 2023 - Single-Family Homes 2" title="Oahu Real Estate Market Stats August 2023 - Single-Family Homes 2" style="vertical-align: baseline;" />
The price range of $799,999 and below saw the largest rise in inventory, up 33.8% from a year ago. The largest year-over-year increase in inventory occured in the Kane'ohe region (up 52.9%) and Leeward region (up 16.7%).
Oahu Condos | Market Stats
The median sales price for Oahu Condos rose 3.3% compared to August 2022, up to $515,000. On the year-to-date side, the median sales price is $502,000 - a slight 1.6% down from last year. Contract signings for Condos during August 2023 rose 1% when compared to July 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-8/Monthly_Stats_-_August_2023-Condo-1.jpg" width="1225" height="689" alt="Oahu Real Estate Market Stats August 2023 - Condos 1" title="Oahu Real Estate Market Stats August 2023 - Condos 1" style="vertical-align: baseline;" />
During the month of August 2023, Condos on Oahu spent a median 18 days on the market - about 5 days slower when compared to August 2022. The slowest sales happened in the Waipahu region at 41 days.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-8/Monthly_Stats_-_August_2023-Condo-2.jpg" width="4000" height="2250" alt="Oahu Real Estate Market Stats August 2023 - Condos 2" title="Oahu Real Estate Market Stats August 2023 - Condos 2" />
Sales for Condos on Oahu for August 2023 are down about 16.9% compared to the prior year, but have remained consistent when compared month-over-month to July's sales. Listings in the $300,000 to $699,999 range rose about 20.7% compared to last August.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-09-09T08:30:32-07:002023-09-25T05:38:06-07:00Scott Startsmantag:hiestates.com,2012-09-20:30021Why You Should Choose Oahu for Your Second Home<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Why_You_Should_Choose_Oahu_for_Your_Second_Home/Why_You_Should_Choose_Oahu_for_Your_Second_Home.jpg" width="1640" height="924" alt="Why You Should Choose Oahu for Your Second Home" title="Why You Should Choose Oahu for Your Second Home" style="margin: 11px;" />
Oahu is not just a tropical paradise for vacationers; it's also an ideal destination for a second home. With its stunning natural beauty, vibrant culture, and a plethora of activities and amenities, Oahu offers a unique lifestyle that's hard to resist.
If you are considering where to invest, consider these reasons that we think Oahu should be at the top of your list when considering a second home.
Year-Round Paradise
Oahu's climate is a major draw for those seeking a second home in a tropical paradise. With average temperatures ranging from 75°F to 85°F (24°C to 29°C) year-round, you can enjoy outdoor activities, relax on the beach, or savor al fresco dining at any time of the year. Oahu's weather is remarkably consistent, making it an ideal destination for those seeking a sunny and temperate climate.
The benefit of a consistently pleasant climate all year round is that you can enjoy your second home whenever your schedule allows. Rather than being stuck with a few months out of the year that you can take advantage of the property, you can enjoy a trip any time you are available.
Diverse Beaches
Oahu boasts some of the world's most famous and picturesque beaches. From the legendary Waikiki Beach, known for its vibrant atmosphere and crystal-clear waters, to the serene Lanikai Beach, with its powdery white sand and iconic Mokulua Islands in the distance, Oahu offers a beach for every preference.
Whether you're into surfing, snorkeling, sunbathing, or beachcombing, Oahu's diverse coastline has you covered. Having a second home here means you're never far from a day at the beach, and the beaches available to you will never get old.
Outdoor Adventures
If you're an outdoor enthusiast, Oahu is a dream destination. The island offers a wide range of activities for adventure seekers. Hike to the summit of Diamond Head for panoramic views of Honolulu, explore lush rainforests, and discover hidden waterfalls. Oahu's landscape provides endless opportunities for hiking, biking, and exploring the great outdoors.
For water lovers, the island offers world-class surfing, stand-up paddleboarding, snorkeling, and scuba diving. You can swim with sea turtles, explore vibrant coral reefs, and even go whale-watching during the winter months.
Cultural Experience
Oahu is a melting pot of cultures, with a diverse population that has contributed to its unique cultural tapestry. The island's cultural heritage is celebrated through festivals, events, and historical sites.
Visit the historic Pearl Harbor National Memorial, where you can pay tribute to the events of December 7, 1941. Explore the Polynesian Cultural Center to learn about the rich cultures of the Pacific Islands. Oahu's cultural offerings provide enriching experiences for residents and visitors alike.
Culinary Scene
Oahu's culinary scene is a delightful fusion of flavors from around the world. From traditional Hawaiian dishes like poke and laulau to international cuisine, the island offers an array of dining experiences. Whether you're dining at a beachside food truck or a Michelin-starred restaurant, <a href="https://www.hiestates.com/blog/5-fine-dining-restaurants-to-try-on-oahu/" target="_blank" rel="noopener">Oahu's culinary scene</a> is sure to satisfy your taste buds.
For food enthusiasts, Oahu is a paradise of fresh, locally sourced ingredients. The island's farmers' markets and seafood markets offer an abundance of delicious, farm-to-table options.
World-Class Entertainment
Oahu's entertainment options are second to none. You can attend a traditional hula performance, enjoy live music at a beachfront bar, or catch a Broadway-style show at one of the island's theaters. Honolulu's vibrant arts and entertainment scene ensures there's always something exciting happening.
The island is also known for its lively nightlife. Whether you prefer a relaxed evening sipping cocktails on a rooftop bar or dancing the night away in a nightclub, Oahu has a nightlife scene to suit your style.
Excellent Healthcare
As you consider where to invest in a second home, you may also be considering where you will eventually retire. If this is the case, you would be wise to consider a location with high wealthy medical facilities nearby. Oahu is home to world-class healthcare facilities and medical professionals. The island has numerous hospitals, medical clinics, and specialists, ensuring that residents have access to top-notch healthcare services.
Even if you don't plan to retire here, having a second home in Oahu provides peace of mind knowing that you're in a place where your healthcare needs can be met with the utmost care and expertise.
Investment Potential
Owning a second home in Oahu can also be a smart investment. The island's real estate market has historically shown stability and the potential for appreciation over time. With a strong demand for vacation rentals, you can even generate income from your property when you're not using it.
To learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">buying your second home in Oahu</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2023-09-05T08:33:34-07:002023-09-05T08:35:48-07:00Scott Startsmantag:hiestates.com,2012-09-20:28899Types Of Residential Oahu Real Estate InvestmentsReal estate investing is a proven way to secure your financial future and build generational wealth. There's a wide variety of options available for investing in Hawaii real estate. You can buy everything from a humble apartment, or condo in a luxury building to an oceanfront mansion. These options provide further variety based on ocean views, proximity to and location on the beach, access to nature, and amenities to suit every lifestyle.
The fundamentals of real estate investing are the same no matter where you’re putting your money. It’s just that property in Hawaii tends to be unique in its own way. Even if you’re accustomed to real estate investing elsewhere, you may be a bit confused with all of the different options available here, which is why it’s important to have the right guidance when you’re looking to start.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/Windward-GMiasnikStock-020_s.jpg" width="1600" height="1067" alt="Living room of an Oahu luxury home" title="Oahu residential investments" />
Related: <a href="https://www.hiestates.com/blog/abcs-of-oahu-real-estate-investing/" target="_blank">ABC’s of Oahu Real Estate Investing</a><br /><br />The Long-Term Hold
Investing in long term hold properties in Hawaii can be a smart and stable investment strategy for those looking for steady returns over a longer time frame. Long term hold properties are typically purchased with the intention of holding onto the property for many years, usually 10 years or more, and generating income through rental income, rather than selling the property for a quick profit.
One advantage of investing in long term hold properties in Hawaii is the stability of the local real estate market. The state's limited land availability, strong demand for housing, and growing tourism industry contribute to a consistent demand for properties, particularly in desirable locations. As a result, rental income from long term hold properties in Hawaii can provide a steady source of income and long-term value for investors.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/Mariners_Ridge-2_s.jpg" width="1600" height="960" alt="View of a luxury home on Mariner's ridge" title="Oahu luxury homes" />
For example, if you buy a condo as an Oahu real estate investment for $1 million dollars and put 20% down, you're $200,000 out of pocket. You then secure a tenant paying a high enough rental amount to cover the mortgage payment. After a few years, if the property prices increase by 10%, you have $100,000 in equity, which is effectively a 50% return on your $200,000 down payment.
Even if you don't sell, the rent goes up over the years while owning the property and your mortgage payments decrease, thus increasing your positive cash flow and equity, providing you with more wealth. You can also extract additional value from the property through refinancing.
Investing in long term hold properties in Hawaii can be a wise investment choice for those seeking steady returns and long-term growth. With a stable and growing real estate market, desirable locations, and favorable tax benefits, long term hold properties in Hawaii can provide an excellent opportunity for investors looking to build a solid real estate portfolio.
Related: <a href="https://www.hiestates.com/blog/how-hawaii-real-estate-investments-perform-vs-mainland-real-estate-investments/" target="_blank">How Hawaii real estate Investments perform vs mainland real estate investments</a>
Short-Term Vacation Rental
When it comes to investing in the Hawaii real estate market, short-term rental properties have become a highly popular choice, especially for those who plan to use the property periodically. Owning a short-term vacation rental on Oahu can provide a range of benefits for investors. First, it can generate significant income, as visitors are often willing to pay a premium to stay in a prime location on the island. It can also offer flexibility, allowing owners to use the property themselves or rent it out as they see fit. Owning an Oahu vacation rental can serve as a valuable long-term investment, as the demand for vacation rentals on Oahu is expected to continue to grow. Finally, it can provide an opportunity to share the beauty of the island with others, creating unforgettable memories for both owners and guests alike.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/Windward-GMiasnikStock-030_s.jpg" width="1600" height="1067" alt="Oahu short term vacation rental backyard" title="Short term vacation rental on Oahu" />
Be aware, short term vacation rentals on Oahu are restricted to designated resort-zone areas and there are very specific rules and regulations for short term vacation rentals, from advertising to licensing that you should be aware of. Also, managing a short-term rental is like running a business which requires a great deal of attention to detail, costs and upkeep to maintain the property's charm and functionality for your guests. Despite the work involved, the opportunity to make a return on investment while also sharing the beauty of Hawaii with others can be too alluring to pass up.
Related: <a href="https://www.hiestates.com/blog/3-ways-to-invest-in-hawaii-real-estate/" target="_blank">3 Ways to Invest in Hawaii Real Estate 2023</a>
Flipping
Flipping properties in Hawaii can be a lucrative investment strategy for those who are willing to put in the time and effort required to make it a success. The process of flipping involves purchasing a property that is in need of repairs or renovations, completing the necessary work, and then selling the property for a profit. Hawaii's real estate market is particularly appealing for flippers due to the high buyer demand for properties, a large number of older homes, as well as the island's natural beauty and reputation as a tourist destination.
The reason why there’s a large amount of older homes in need of upgrading is because once Hawaii became a state in 1959, there was a boom of housing in the 1960’s and 1970’s. Many of those homes have remained the same ever since, largely because it’s quite expensive to tear down and rebuild a home in Hawaii. So there’s a lot of opportunity in renovating and revamping the older homes to modern tastes and standards as buyers are willing to pay a price premium for upgraded properties.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/residences-04-1440x735_s.jpg" width="1600" height="817" alt="Oahu luxury condo living room" title="Condo on Oahu" />
One key factor to consider when flipping properties in Hawaii is the cost of materials and labor. As Hawaii is an island state, many materials need to be shipped from the mainland, which can increase costs and cause time delays. Additionally, labor costs are often higher in Hawaii due to the state's high cost of living. It's important to carefully budget for these costs in order to accurately project potential profits.
Another important consideration is the state's permitting and regulatory requirements. Hawaii has strict building codes and permit requirements, which can add additional time and costs to renovation projects. It's important to understand these regulations and obtain the necessary permits to avoid potential legal issues and fines.
Despite these challenges, flipping properties in Hawaii can offer significant potential returns on investment, particularly for those who are willing to put in the time and effort to identify and renovate properties with potential. With its desirable location, beautiful natural scenery, and strong demand for quality properties, Hawaii can be an ideal location for flipping properties for those with the right skills and mindset.
Related: <a href="https://www.hiestates.com/blog/financing-options-for-hawaii-real-estate-investments/" target="_blank">Financing Options For Hawaii Real Estate Investments</a>
Spec Build
Spec building, or speculative building, is the practice of constructing a property without a specific buyer in mind. In Hawaii, spec building can be a high-risk, high-reward investment strategy that can potentially yield significant profits for builders and developers. It enables you to channel your creative energy on an empty canvas to design a home with a trendy and modern design, and equip it with the latest materials and conveniences. You’re effectively creating art and selling it for a profit.
However, it's important to carefully evaluate the local real estate market and other factors before embarking on a spec building project in Hawaii. This Hawaii real estate investment option is better suited to those with construction and land use experience.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/IMG_6582_s.jpg" width="1600" height="1200" alt="A spec build on Oahu" title="Oahu spec build" />
Another important consideration is the cost of construction and permitting and regulatory requirements. Construction costs in Hawaii can be higher than in other parts of the country due to the need to import many materials and pay higher labor costs. Additionally, the state’s planning and permitting department is long known for a lengthy permitting process, which can cause higher than expected carrying costs.
With careful planning, research, and financing, spec building in Hawaii can provide an opportunity to capitalize on the state's desirable location and strong real estate market.
New Development Projects
Investing in new development projects is a hands-off way to get in on the ground floor of a substantial new real estate development. The construction and management are left to the developers as you buy pre-construction properties such as a condo three years before the tower is even built with just a down payment.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/Koula_living_room_2_s.jpg" width="1600" height="901" alt="Living room at Koula, Oahu" title="Koula new development" />
Substantial returns can be generated by investing in new development condo projects as new developments tend to see considerable appreciation when the properties hit the market after they’re completed. Investors sometimes prefer this option as they can invest with a 20% down payment, have a binding contract for a specific unit and not have any carrying costs for three years while the condo tower is being built. Yes, that’s correct, I said you are waiting three years for the condo tower to be built and close on the unit. It requires doing nothing more than just waiting for the work to finish, obtaining a loan for the balance at the end and closing. Once completed, the investor now has three years of appreciation built into the unit's value as they had bought at three years ago prices.
There are quite a few new development projects on Oahu to consider. We have brought all of those projects and their information into one location for you to have access to. Check out our <a href="https://www.hiestates.com/new-developments/" target="_blank">New Developments page</a> for the latest project info.
Related: <a href="https://www.hiestates.com/blog/pros-and-cons-of-buying-a-condo-in-hawaii/" target="_blank">Pros and Cons of Buying a Condo in Hawaii</a>
ADUs and Ohanas
The supply of real estate is very limited in Hawaii which makes ADUs (accessory dwelling units) a viable investment option. ADUs are permitted on a single-family lot in Hawaii and are self-contained with a sleeping area, a bathroom, a full kitchen with an oven, and a parking stall. They can be built either as an extension of the main house or as an entirely separate building, thus giving you the option to build two separate homes on a single-family lot.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Types_Of_Residential_Oahu_Real_Estate_Investments/Waialae_Iki-1_s.jpg" width="1600" height="1066" alt="Oahu investment property types" title="Oahu residential property investment" />
ADUs can’t be sold separately but can be used to generate rental income. Rentals for ADU’s require a minimum 6 month rental timeframe. Even if you're not renting it out, building an ADU adds more value to your property, and could help you fetch a higher price compared to other properties down the line.
An "Ohana unit" is a term used in Hawaii to describe a separate living unit on the same property as a main residence, typically smaller in size and used for family members or guests. The term "Ohana" comes from the Hawaiian word for "family" and reflects the cultural value of extended families living together. Ohanas are similar to ADUs as they function as a second home on a single-family lot. The primary difference is that “Ohana units” are reserved for related family members. You can rent out an ohana through a restricted agreement but only to a family member, so that will limit your ability to generate passive income. However, Ohanas also add more value to your property and would increase its appeal to buyers who require a property for multi-generational living.
In recent years, ohana units have become increasingly popular as a way to provide additional housing in Hawaii's tight real estate market.
Wrapping Up
Investing in Hawaii real estate can be a great investment as real estate tends to appreciate consistently due to the low supply and high demand. As an investor, you must be sure about your investment objectives and the type of return you expect. Conducting the necessary due diligence will ensure that your Hawaii real estate investments continue to add a lot of green to your portfolio.
We have been working with investors from the mainland and across the globe for over 20 years, helping them find the perfect residential Oahu real estate investments. Ready to make an investment? Reach out at <a href="tel:%20+18087451602">1-(808) 745-1602</a> or send us a query through the contact form below and we’ll get back to you as quickly as we can.2023-09-02T07:45:00-07:002024-03-12T09:44:43-07:00Scott Startsmantag:hiestates.com,2012-09-20:29856Buying A Home In Hawaii - How Do I Get The Best Deal?So you’ve been thinking about buying a home in Hawaii. That’s great! Hawaii is one of the most spectacular places on the planet and owning a home here can give you a foothold in a place for you to build amazing experiences. The consistent global demand for Hawaii real estate and limited supply translates to more expensive home prices than in most areas of the country, so making sure you get the best deal is important in making sure you don’t waste money or miss a great opportunity. Securing the best deal involves planning and preparation.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/park-lane-oahu_s.jpg" width="1600" height="1066" alt="View from Park lane Oahu condo" title="Park Lane, Oahu" />
To help guide you through this process, I’ve put together a step-by-step guide to help you navigate how to get the best deal. This Hawaii home buying guide will provide you with the knowledge and tips you need to find the perfect home for the best price.<br /><br />Step 1: Surround Yourself With The Right Team of Advisors
Whenever you're considering an expensive, high involvement investment or endeavor or any new venture that requires considerable resources, it's a good idea to surround yourself with the right team of advisors that can provide effective guidance. When you're buying real estate, the first and most important advisor you should pick is the Realtor, and not just any Realtor. The right Realtor. When I buy in other areas outside of Oahu, I find someone with the knowledge and expertise (minimum 20 years in the business and minimum 20 transactions a year) in the type of property I’m looking for, and a track record in the area that I want to purchase the property in.
Related: <a href="https://www.hiestates.com/blog/buying-your-first-home-in-hawaii/" target="_blank">Buying Your First Home in Hawaii</a>
They also need to have similar values and beliefs and be someone I get along with and trust. Buying a home takes time and you’ll be spending a lot of time with that person. You should make sure you get along and trust that person’s advice. Picking one that's the best in the area of expertise you need will take some work to find. Once you’ve chosen the right Realtor, it’s important to trust their advice and lean on their expertise. They know the intricacies of the market and can help guide you in the right direction.
The right Realtor will have insight and knowledge beyond what you can find online and will have the depth of experience and knowledge that you can tap into to make sure you make the best decision when going through the process of buying your home.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/Luxury_Home_iStock-524650915_s.jpg" width="1600" height="1067" alt="Oahu luxury home" title="Best Oahu home buying guide" />
Why this first step is so important is because we manage and control the process for you and coordinate all of the people and moving parts to the process. Think of your Realtor as the conductor of an orchestra who makes the entire process flow effortlessly like a symphony, not a cacophony. The right realtor should have access to and be able to recommend various other "right" professionals, such as lenders, attorneys, architects, contractors, etc, if needed, for your unique situation. We'll coordinate and interact with all of these other professionals during the process to ensure that everything goes smoothly for you and that mistakes can be avoided so you're not losing money.
Once you have selected the right Realtor for your needs and have a consultation with that Realtor, then the rest of the team should be put together. This could include a lender, attorney, accountant, architect, contractor, etc. Surrounding yourself with a strong advisement team allows you to have quick access to information that is relevant to your personal situation as meeting with and discussing your situation with all the team members upfront will allow you to put the proper plan together and avoid costly mistakes and a lot of stress.
Step 2: Get Pre-Approved with a local lender
The second step in the process is sorting out your financing. You should do this before you even begin to consider looking at properties. This crucial part of the process is based on your financial situation. It will help clarify how much you can afford, what down payment will be required, and provide you with enough time to choose the right loan program for you. With the financing in place, you'll be in a better position to quickly capitalize on opportunities in the market.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/888_Kapiolani_Blvd_Unit_3806-print-043-039-888_Kapiolani_Blvd_Unit-3200x2127-300dpi_s.jpg" width="1600" height="1064" alt="Oahu luxury home patio" title="Oahu home buying guide" />
Making sure that you have chosen the right financing up front is one of the biggest ways you can save money. You'll avoid unnecessary costs that would add to your monthly payments if you choose the wrong financing program. These costs get compounded the longer you keep the loan you use to buy the home, so take the time to conduct the necessary due diligence so that you're using debt effectively.
Related: <a href="https://www.hiestates.com/blog/financing-options-for-hawaii-real-estate-investments/" target="_blank">Financing Options For Hawaii Real Estate Investments</a>
Not all lenders are created equal, though, and that’s where the right Realtor comes in. You can rely on their expertise and knowledge to make an informed decision. I’ve been in this business for more than 20 years and have done a lot of deals. This depth of experience is what enables me to effectively guide clients so that they know which lender is good and which isn’t and which lender would be the right fit for their particular situation and has the best rates and programs. It goes beyond that though. The lender's reputation matters and it has the potential to make the difference in the listing agent choosing to work with you or choosing to work with someone else.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/Waialae_Iki-1_s.jpg" width="1600" height="1066" alt="Waialae Iki Homes" title="Oahu homes in Waialae Iki" />
It's not uncommon for seller's agents to advise their clients against an offer if they're not confident about the lender. That’s why I walk my clients through the various options, informing them about lenders who have a great reputation and are good to work with, advising them on the best type of loan program for their needs, and providing support when negotiating the rate and terms. I’ve been involved in countless deals where the offers have been accepted by the seller because of the lender we are working with.
Step 3: Create a Plan Of Action with your Realtor
Finding the right property goes beyond just looking at several houses in Hawaii and then picking the one you like best. You’ll need to create a plan of action. You should be able to rely on the expertise and knowledge that your Realtor can provide in creating a plan of action together that’s going to be effective, and efficient and will prevent you from making costly mistakes. Sitting down and having a consultation with your Realtor is a key part to finding success in buying a home.
That meeting is an information transfer. You are transferring to your Realtor what you and your family’s wants and needs are from the home to the lifestyle you are trying to achieve, and what I do as a Realtor is try and transfer my 20+ years of market experience and knowledge to you so you can make the most informed decision and together we can create the plan together of how we get from A to Z accomplishing your real estate goals and what other needs there might be during that process.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/Waikiki_iStock-1073973576_s.jpg" width="1600" height="643" alt="Scenic view of Oahu" title="Buying Oahu homes" />
For example, if you are moving to Hawaii and buying a home, the right Realtor will have Relocation or Move-Management experience and help guide you through that process from the mainland to Hawaii. Also, they will be able to help if you’re going to need other advisors, such as movers, bankers, community services, etc.
If you’re looking at making renovations to an existing property, you may need an architect and contractors. Your realtor should be able to assist in finding the right experts so that you get the right advice, you can make an informed decision and your project doesn’t turn into an endless money pit.
I am oftentimes the “connector” in the community, connecting my clients with the right people to help them with their needs. Sitting down and discussing all of your needs and creating a plan for executing from A to Z is critical in being prepared so when the right property comes up you can get the best deal for it.
Step 4: Execute the Plan Of Action
Once the plan of action is in place and everything is in order, it’s now time to execute it. The plan will include everything that the realtor is going to assist you with. Whether that’s familiarizing you with different neighborhoods, showing you properties that fit your budget, bringing you options that may not even be on the market, assisting you with new developments, identifying good investment options, etc.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/1189_Waimanu_Street_Unit_1403-print-026-022-1189_Waimanu_Street_Unit-3400x2276-300dpi_s.jpg" width="1600" height="1071" alt="Oahu luxury home amenity deck" title="Oahu home buying" />
If you’re moving from the mainland or outside the United States, you’ll need more help during the relocation than you can imagine. Whether that has to do with shipping over your belongings, getting all of the paperwork in order, sorting out taxation matters, understanding how to bring your pets to Hawaii, etc.
Related: <a href="https://www.hiestates.com/blog/guide-to-moving-to-hawaii-with-pets/" target="_blank">Your Guide To Moving To Hawaii With Pets</a>
We provide a full concierge service to clients buying a home in Hawaii. It starts by helping you understand what you’ll need for a fulfilling life in Hawaii and what you can leave behind.
Step 5: Find the right place and submit an offer
As the plan of action is executed and the right property is found, we make sure to find out what the true value of that property is by analyzing different factors. We'll address all of the concerns with the value to make sure that you don't overpay. It’s important to figure out the value, how it is priced compared to other similar properties, if there’s any unforeseen value there whether through land use or zoning, etc. This analysis is what will help you unlock the true value of that property and get the best deal possible.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/22_Residence15_LivingRoom_2208x1127-2-1440x735_s.jpg" width="1600" height="817" alt="Living room of a Oahu luxury condo" title="Oahu luxury homes" />
If it all checks out, we submit the offer. We make the offer from a position of strength, enabling us to structure it with our best foot forward. This has the added benefit of inspiring confidence in the seller as we can demonstrate to them that we’ve put in the work and are prepared to make this a seamless transaction.
Step 6: Get into contract
You'll get into contract on the property when your offer has been formally accepted by the seller. A written agreement to that effect will be signed between the parties. It includes details about the parties and the property being purchased. A breakdown of the price, costs, and other modalities related to the deal are also explained in this document.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/Tantalus-4_s.jpg" width="1600" height="1066" alt="Tantalus, Oahu" title="Oahu homes" />
You're at the halfway point at this stage as once the contract is signed, the parties are bound to follow the terms highlighted in the agreement under the relevant laws. However, it's common to have contingencies in the contract. These are protections for either party built into the contract and if any of the contingencies aren't met, the deal can fall through.
Related: <a href="https://www.hiestates.com/blog/reasons-a-pending-sale-might-fall-through/" target="_blank">Reasons a Pending Sale Might Fall Through</a>
Step 7: Due Diligence
Conducting due diligence is an essential part of the process. It’s only once you go through the process do you realize if you’re actually buying what you think you’re buying. Unforeseen issues can pop up so you need to get the property checked out by the right advisors to cross the t’s and dot the i’s. That’s where we come in. We can provide the appropriate advisors, be it electricians, plumbers, architects, contractors, home inspectors, termite inspectors, etc. They’ll take a thorough look at the property and highlight any issues or concerns.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/hawaii_oahu_hoopili_kohina_fp-h_0021__s.jpg" width="1600" height="900" alt="Living room of an Oahu home" title="Buying Oahu home" />
Do these concerns affect the value? Can it be negotiated? A good Realtor won’t just provide the right advisors but also help you understand what impact they have on value and if you’re in a good position to negotiate with the seller. This entire process is simply the act of intimately understanding the property that you’ll be investing your money and life into. It’s important you get this right the first time which is why due diligence is so important.
Related: <a href="https://www.hiestates.com/blog/what-you-need-to-know-about-home-inspections-in-hawaii/" target="_blank">What You Need to Know about Home Inspections in Hawaii</a>
Step 8: Closing, getting your keys, and moving in
If everything has been sorted out, all of the contingencies have been met, it’s time to close on the deal and get the keys to your new home. It’s going to be an exciting time! You’re moving into a home in one of the most beautiful places on the planet.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Buying_A_Home_In_Hawaii_-_How_Do_I_Get_The_Best_Deal/Koko_Kai-5_s.jpg" width="1600" height="1067" alt="Koko Kai, Oahu" title="Homes in Koko Kai, Oahu" />
The lifestyle that you’ll have in Hawaii will be second to none. It offers an abundance of natural beauty, from its miles of golden sand beaches to its rolling hills and year-round tropical weather. Take full advantage of everything that Hawaii has to offer. Live life to the fullest and make memories with your loved ones in your new home.
Ready? Inquire Now!
Your experience of buying a home in Hawaii will be influenced by how prepared you are when you begin the process. To make sure that you're getting the best deal, you need to surround yourself with a good team of advisors so that you're prepared for everything upfront. This will also ensure that you don't make any costly mistakes. Buying a property in Hawaii is expensive and a big financial commitment. We're there with you every step of the way to make sure that you make a sound financial investment.
We’ve been helping clients buy their dream homes in Hawaii for more than 20 years. We put our expertise, knowledge, connections, and solid market reputation to work for you. Once we’ve found you the right property, we help you through the moving process, so that you’re able to start living life to the fullest once you arrive in Hawaii. Reach out today at <a href="tel:%20+18087451602">1-(808) 745-1602</a> or through the form below and our team will reach out to you as quickly as possible.2023-08-30T02:30:00-07:002023-09-02T08:05:01-07:00Scott Startsmantag:hiestates.com,2012-09-20:29444Where to Retire on Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Where_to_Retire_on_Oahu/Untitled_design_20.jpg" width="900" height="600" alt="Where to Retire on Oahu" title="Where to Retire on Oahu" />
Oahu is a paradise known for its stunning beaches, lush landscapes, and vibrant culture. With its year-round pleasant climate and plethora of recreational activities, Oahu is a dream destination for many retirees looking to enjoy their golden years in a tropical paradise. When considering where to buy a house on Oahu for retirement, several factors come into play, including lifestyle preferences, budget, convenience, and community amenities.
When you are ready to search for <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a>, we are ready to help. <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time, and keep reading for helpful tips and considerations to keep in mind on your Oahu house hunting journey.
<br /><br />Honolulu
As the capital city of Hawaii, <a href="https://www.hiestates.com/honolulu-neighborhoods/" target="_blank" rel="noopener">Honolulu</a> offers a mix of urban conveniences and natural beauty. Retirees who enjoy a city lifestyle will appreciate the vibrant arts scene, shopping districts, and diverse dining options.
The <a href="https://www.hiestates.com/ala-moana/" target="_blank" rel="noopener">Ala Moana</a> area is known for its upscale shopping center and proximity to popular Waikiki Beach. For a quieter atmosphere, areas like Manoa Valley offer lush landscapes and a more suburban feel.
Kailua
<a href="https://www.hiestates.com/kailua-neighborhoods/" target="_blank" rel="noopener">Kailua</a> is a charming beach town on Oahu's windward side known for its white sandy beaches, crystal-clear waters, and laid-back ambiance. Retirees can enjoy activities like kayaking, stand-up paddleboarding, and hiking in nearby areas like the Koolau Mountain Range. Kailua also offers local boutiques, restaurants, and a close-knit community atmosphere.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Where_to_Retire_on_Oahu/Untitled_design_21.jpg" width="900" height="600" alt="Where to Retire on Oahu" title="Where to Retire on Oahu" />
Kaneohe
Adjacent to Kailua,<a href="https://www.hiestates.com/kaneohe/" target="_blank" rel="noopener"> Kaneohe</a> offers a similar coastal lifestyle with beautiful views of Kaneohe Bay and the Koolau Mountains. The area features a mix of single-family homes and condominiums, making it suitable for retirees looking for a range of housing options.
The North Shore
The <a href="https://www.hiestates.com/north-shore/" target="_blank" rel="noopener">North Shore</a> of Oahu is famous for its world-renowned surf breaks, laid-back vibe, and breathtaking coastline. Retirees seeking a more relaxed and rural setting may find the North Shore appealing. While the area is known for its seasonal waves, there are many tranquil spots for swimming, snorkeling, and enjoying the natural beauty of the island. If your dream retirement lifestyle includes lots of time spent surfing or otherwise enjoying the ocean, the North Shore is a perfect spot.
East Honolulu
East Honolulu features areas like <a href="https://www.hiestates.com/hawaii-kai-neighborhoods/" target="_blank" rel="noopener">Hawaii Kai</a>, which offers a mix of suburban living with convenient access to outdoor activities. Hawaii Kai is known for its marina, waterfront properties, and proximity to hiking trails. The area offers a variety of shopping centers, restaurants, and community events.
Central Oahu
<a href="https://www.hiestates.com/central-oahu/" target="_blank" rel="noopener">Central Oahu</a>, including towns like Mililani, offers a suburban lifestyle with a strong sense of community. The area features parks, golf courses, and shopping centers. Its central location provides easy access to both the North Shore and Honolulu. This area is perfect for those who want the best of both worlds on the island.
Leeward Oahu
Towns on the <a href="https://www.hiestates.com/leeward-coast/" target="_blank" rel="noopener">leeward side of the island</a>, such as Kapolei, offer a growing urban center with shopping, dining, and entertainment options. This area is also home to beautiful beaches and parks, making it suitable for retirees who want a mix of convenience and outdoor activities.
Waimanalo
Waimanalo is a quieter area on the windward side known for its stunning beach and rural atmosphere. It's an ideal choice for retirees who value tranquility and want to escape the hustle and bustle of city life. Much of Oahu is well-developed, but Waimanalo has preserved some of the more rural and natural beauty of the island.
Ewa Beach
Ewa Beach offers a range of housing options, from single-family homes to townhouses. The area features golf courses, shopping centers, and a laid-back vibe that appeals to retirees seeking a mix of relaxation and convenience.
To learn more about the right location for your retirement in Hawaii or finding <a href="https://www.hiestates.com" target="_blank" rel="noopener">homes for sale on Oahu</a>,<a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener"> contact us</a> any time.2023-08-14T09:54:48-07:002023-08-28T12:43:44-07:00Scott Startsmantag:hiestates.com,2012-09-20:292878 Neighborhoods to Consider for Your Second Home on Oahu<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_5.jpg" width="900" height="500" alt="8 Neighborhoods to Consider for Your Second Home on Oahu" title="8 Neighborhoods to Consider for Your Second Home on Oahu" />
<a href="https://www.hiestates.com/blog/why-you-should-choose-hawaii-for-your-second-home/" target="_blank" rel="noopener">Buying a second home on Oahu</a> is a dream come true for many of our clients, whether it is exclusively for personal use, shared among friends and family, or an income property before being transferred to personal use. Whatever your plans for your second home in Hawaii, we have a list of 8 areas on Oahu you may want to consider. As you have likely heard before, the location of your property is the only thing you can't change about it, so you should select it carefully.
For <a href="https://www.hiestates.com/blog/am-i-ready-for-a-second-home-in-hawaiii/" target="_blank" rel="noopener">more information about buying a second home in Hawaii</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time. To get an idea of where you would like to look, consider these 8 neighborhoods on Oahu that are perfect for a second home.
<br /><br />1. Waikiki
<a href="https://www.hiestates.com/honolulu-neighborhoods/waikiki/" target="_blank" rel="noopener">Waikiki</a> is one of the most famous neighborhoods on Oahu, located on the southern shore of the island. It is a bustling area known for its world-class beaches, luxury resorts, shopping, dining, and vibrant nightlife. Investing in a vacation home in Waikiki offers the convenience of being close to popular attractions like Diamond Head, the Honolulu Zoo, and the Waikiki Aquarium. The area is also known for its stunning sunsets and a wide range of water sports and activities.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_8.jpg" width="900" height="500" alt="8 Neighborhoods to Consider for Your Second Home on Oahu" title="8 Neighborhoods to Consider for Your Second Home on Oahu" />
2. North Shore
For those seeking a more laid-back and <a href="https://www.hiestates.com/blog/where-to-live-on-oahu-if-you-love-to-surf/" target="_blank" rel="noopener">surf-centric location</a>, the <a href="https://www.hiestates.com/north-shore/" target="_blank" rel="noopener">North Shore of Oahu</a> is an excellent option. Famous for its big-wave surfing and charming beach towns, the North Shore offers a relaxing escape from the city. The area is known for its beautiful beaches, including Sunset Beach, Pipeline, and Waimea Bay. A vacation home here provides easy access to fantastic surf spots, local food trucks, and a more rural atmosphere.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_6.jpg" width="900" height="500" alt="8 Neighborhoods to Consider for Your Second Home on Oahu" title="8 Neighborhoods to Consider for Your Second Home on Oahu" />
3. Kailua
<a href="https://www.hiestates.com/kailua-neighborhoods/" target="_blank" rel="noopener">Kailua</a> is a charming beach town on the windward side of Oahu. It boasts beautiful sandy beaches, including Kailua Beach and Lanikai Beach, which consistently rank among the best in the world. Kailua offers a more residential feel, with a variety of shops, restaurants, and outdoor activities. It's an excellent choice for vacationers looking for a laid-back beach vibe and a community atmosphere.
4. Ko Olina
Located on the southwestern coast of Oahu, <a href="https://www.hiestates.com/ewa-beach/ko-olina/" target="_blank" rel="noopener">Ko Olina</a> is a resort community known for its luxurious vacation properties. The area features several upscale resorts, golf courses, lagoons, and stunning oceanfront properties. Ko Olina offers a tranquil and serene environment, making it an attractive option for those seeking a more exclusive and relaxing vacation experience.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_9.jpg" width="900" height="500" alt="8 Neighborhoods to Consider for Your Second Home on Oahu" title="8 Neighborhoods to Consider for Your Second Home on Oahu" />
5. Kahala
<a href="https://www.hiestates.com/diamond-head/kahala/" target="_blank" rel="noopener">Kahala</a> is a prestigious neighborhood on Oahu's eastern shore, known for its upscale properties and beautiful beachfront homes. The area offers a sense of privacy and exclusivity while still providing easy access to attractions like Waikiki and Diamond Head. Kahala is a great choice for those looking for a luxurious second home with a sense of sophistication and refinement.
6. Hawaii Kai
<a href="https://www.hiestates.com/hawaii-kai-neighborhoods/" target="_blank" rel="noopener">Hawaii Kai</a> is a suburban neighborhood located on the southeastern coast of Oahu. It offers a variety of vacation homes, including waterfront properties with private boat docks. Hawaii Kai provides a blend of outdoor activities, such as hiking, water sports, and golf, as well as shopping and dining options. The area's marina offers opportunities for boating and exploring nearby islands.
7. Haleiwa
Haleiwa is the main town on the North Shore of Oahu and offers a charming and laid-back atmosphere. It's known for its art galleries, boutiques, and surf shops. A second home in Haleiwa provides easy access to the area's stunning beaches and world-renowned surf spots.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/8_neighborhoods/Coastal_Realty_7.jpg" width="900" height="500" alt="8 Neighborhoods to Consider for Your Second Home on Oahu" title="8 Neighborhoods to Consider for Your Second Home on Oahu" />
8. Makaha
Makaha is located on the western coast of Oahu and offers a more remote and secluded vacation experience. The area is known for its beautiful beaches and is a popular spot for snorkeling, diving, and surfing. A second home in Makaha provides an escape from the crowds and a chance to experience the natural beauty of Oahu.
Ready to begin searching for second homes for sale on Oahu? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time.2023-08-08T08:40:56-07:002023-08-31T12:25:44-07:00Scott Startsmantag:hiestates.com,2012-09-20:29285Oahu Real Estate Market Report for July 2023<a href="https://assets.site-static.com/userfiles/2805/file/market_stats/MSR_2023-07JUL.pdf" title="Full Market Report" target="_blank">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Single-Family Homes | Market Stats
The median sales price for Single-Family Homes decreased by 1.6% year-over-year, down to $1,090,000 compared to July 2022. Sales have decreased by 28.2% for homes and 18.2% for condos. However, it is worth noting that just a few months ago, sales were down by over 40% for both, so we have seen an increase in the number of buyers over the recent months. There were 247 pending sales during July 2023, with contract signings for the month up 6.9% from June 2023. Approximately 53% of sales closed in July 2023 did so at the full asking price or more, down from 65% during the month of July 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-7/OAHU_MARKET_REPORT_social_media_July_20232.jpg" width="775" height="775" alt="Oahu Real Estate Market Stats July 2023 - Single-Family Homes" title="Oahu Real Estate Market Stats July 2023 - Single-Family Homes" style="vertical-align: baseline;" />
Homes spent a median of 16 days on the market during July 2023, up from 11 days in July 2022. New listings dropped 28.8% year-over-year, with closed sales similarly dropping by 28.2%. The <a href="https://www.hiestates.com/ewa-beach/" title="Ewa Plain Page">Ewa Plain</a>, Waipahu, and Pearl City areas saw an increase in contract signings with growth rates of 18.5%, 18.8%, and 13.3%.
The Oahu single-family home market ended the month of July 2023 with a slight growth in active inventory year-over-year, up 2.6% from July 2023 but at 590 homes actively available for sale that is off by over 60% compared to pre-pandemic levels.
Oahu Condos | Market Stats
The median sales price for Oahu Condos stayed stable at $500,000 year-over-year. Closed sales saw a decline of 18.5% compared to July of the previous year, though contract signings saw a slight month-over-month increase of 1.4% from June 2023 to July 2023.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-7/OAHU_MARKET_REPORT_social_media_July_20233.jpg" width="775" height="775" alt="Oahu Real Estate Market Stats July 2023 - Condos" title="Oahu Real Estate Market Stats July 2023 - Condos" style="vertical-align: baseline;" />
Condos spent a median of 16 days on the market during July 2023, a slight increase compared to July 2022. About 47% of closed sales received the total asking price or more, down from 60% of closed sales in July 2022. The Leeward region experienced a significant increase in contract signings year-over-year, 92.3%. While the Ewa Plain region pending sales were stable year-over-year, there was a rise of 38.2% compared to June 2023.
The Oahu condo market ended the month of July with an increase of 9.9% in active inventory compared to July 2022.
The lack of inventory is going to be a consistent problem going forward for quite a while. Activity on the buy side has started to increase compared to earlier months. When interest rates begin to dro, affordability for buyers will increase. This will encourage more buyers to enter the market, increasing buyer demand. Consequently, it will create more competition for buyers, meaning many could find themselves in multiple offer situations more frequently. As a result of this process playing out across the market, we could see a corresponding rise in prices.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!<br /><br /><img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-7/OAHU_MARKET_REPORT_social_media_July_2023.jpg" width="775" height="775" alt="Oahu Real Estate Market Stats July 2023 - 1" title="Oahu Real Estate Market Stats July 2023 - 1" style="vertical-align: baseline;" />
The news regarding the Oahu Market Stats from the past month indicate that this summer's market is activity is up on buyer activity over the last few months, but essentially flat in price when compared to last summer's market.
Additionally, the current active inventory levels remain relatively unchanged. The continuing lack of inventory poses a problem - as new inventory enters the market, it is being absorbed at an equal rate by new buyers. Currently I believe we are at the market's bottom and trending sideways. Exercise caution if interest rates fall, as they are expected to do. We don't yet have a solution for the lack of inventory.
2023-08-08T05:24:28-07:002023-09-09T09:02:39-07:00Scott Startsmantag:hiestates.com,2012-09-20:29226Oahu Luxury Home Market Report For Q2 2023<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_2023.jpg" width="775" height="436" alt="Oahu Luxury Market Stats Q2 2023" title="Oahu Luxury Market Stats Q2 2023" style="vertical-align: baseline;" />
The second quarter of 2023 saw varied dynamics across the single-family home and condominium markets on Oahu. In the single-family home market, a decrease in sales was noted across the price ranges, with a larger drop in homes in the $2 to $3 million and $3 to $5 million categories. Simultaneously, the supply of inventory saw an increase across all price categories.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20232.jpg" width="775" height="436" alt="Luxury Housing Price Segments Q2 2023" title="Luxury Housing Price Segments Q2 2023" style="vertical-align: baseline;" />
<br /><br /><a href="https://assets.site-static.com/userfiles/2805/file/market_stats/List_Luxury_Market_2023_2nd_QTR_SINGLEPGS_SCOTT.pdf">Want to see the full market report? Click here to download the .pdf!</a>
Oahu Luxury Single-Family Homes | Market Stats
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20233.jpg" width="775" height="436" alt="Single Family Home First Price Segment" title="Single Family Home First Price Segment" style="vertical-align: baseline;" />
In the $2 to $3 million range, Q2 2023 saw a decline of 42% in single-family home sales compared to Q2 2022, with 47 homes sold this quarter versus 81 homes in the same period last year. Months’ supply of inventory saw a slight increase of 1.9%, rising to 5.3 months in Q2 2023 from 5.2 months in Q2 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20234.jpg" width="775" height="436" alt="Oahu Luxury Single Family Home Market 2" title="Oahu Luxury Single Family Home Market 2" style="vertical-align: baseline;" />
The $3 to $5 million category also experienced a drop, with sales falling 63.2% from 38 in Q2 2022 to 14 in Q2 2023. The supply of inventory in this category climbed dramatically, increasing by 124.4% to 10.1 months from 4.5 months last year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_2023_5-10M_rev.jpg" width="775" height="436" alt="Oahu Luxury Market Stats Q2 2023" title="Oahu Luxury Market Stats Q2 2023 3" style="vertical-align: baseline;" />
Within the $5 to $10 million range, ten single-family homes were sold in Q2 2023, slightly more than the nine homes sold during the same quarter last year. The top sale was a home in Kailua, sold for $8,675,000. Months’ supply of inventory increased by 65.8% to 19.9 months from 12 months in Q2 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20236.jpg" width="775" height="436" alt="Oahu Luxury Single Family Home Market 4" title="Oahu Luxury Single Family Home Market 4" style="vertical-align: baseline;" />
For the homes priced at or above $10 million, there were no sales recorded in Q2 2023, marking a decrease from four homes sold in Q2 2022. The inventory supply for this category increased 62.5%, climbing from 8 months in Q2 2022 to 13 months in Q2 2023.<br /><br />Oahu Luxury Condos | Market Stats
Our report also delves into two condominium price segments.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20237.jpg" width="775" height="436" alt="Oahu Luxury Condo Market Stats Q2 1" title="Oahu Luxury Condo Market Stats Q2 1" style="vertical-align: baseline;" />
For condos in the $1 to $2.5 million range, sales decreased 40.6% in Q2 2023 from Q2 2022. A total of 95 units were sold in the second quarter this year compared to 160 units in the same period last year. The months’ supply of inventory saw a significant increase of 63.5%, growing to 8.5 months from 5.2 months in Q2 2022.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20238.jpg" width="775" height="436" alt="Oahu Luxury Condo Market Stats Q2 2" title="Oahu Luxury Condo Market Stats Q2 2" style="vertical-align: baseline;" />
Sales for condos priced at $2.5 million and higher declined by 38.1% to thirteen in Q2 2023 from twenty-one sales in Q2 2022. The supply of inventory increased 72.9% compared to Q2 2022, rising to 16.6 months from 9.6 months in the same quarter last year.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Market_Reports/2023-Q2L/Luxury_Market_Stats_2nd_QTR_20239.jpg" width="775" height="436" alt="Oahu Luxury Condo Market Stats Q2 3" title="Oahu Luxury Condo Market Stats Q2 3" style="vertical-align: baseline;" />
Q2 saw six condos sold at or above $5 million: four at <a href="https://www.hiestates.com/ala-moana/park-lane-condos/" title="Park Lane main page">Park Lane</a>, two in <a href="https://www.hiestates.com/kakaako/waiea/" title="Waiea main page">Waiea</a>, and one at the Ritz-Carlton Residences. The top sale was a unit at Park Lane sold for $10,000,000.
Inquire Now
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!2023-08-04T12:30:45-07:002023-08-18T18:09:52-07:00Scott Startsmantag:hiestates.com,2012-09-20:28858Investing with Friends or Family in a Second Home in Hawaii<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Investing_with_Friends_or_Family_in_a_Second_Home_in_Hawaii/Untitled_design_4.jpg" width="1640" height="924" alt="Investing with Friends or Family in a Second Home in Hawaii" title="Investing with Friends or Family in a Second Home in Hawaii" style="margin: 11px;" />
<a href="https://www.hiestates.com/blog/buying-a-second-home-in-hawaii-what-you-need-to-know/" target="_blank" rel="noopener">Buying your second home in Hawaii</a> can be a dream come true. Any time you want to visit the islands, you will know you have your ideal place to stay already "booked," while knowing that your second home is located in a reliably solid real estate market that will lead to significant appreciation over time.
<a href="https://www.hiestates.com/blog/am-i-ready-for-a-second-home-in-hawaiii/" target="_blank" rel="noopener">If investing in a second home in Hawaii is a goal of yours</a> that is still just a touch out of reach financially, you may be considering splitting the investment with some family or friends. If you are looking for second homes for sale in Hawaii, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time, and consider these pros and cons of investing with friends or family.<br /><br />Benefits of Investing Together
There are many benefits of investing with friends or family to keep in mind.
Shared Costs
Perhaps the most obvious benefit, and a primary reason people consider investing together, is the shared burden of cost. Sharing the financial burden of purchasing a second home can make it more affordable for each party involved. By pooling resources, you can access a property in a desirable location like Hawaii that may have been otherwise out of reach for you financially.
Shared Responsibilities
Owning a property with others means sharing the responsibilities and costs of maintenance, repairs, and property management. This can help alleviate the burden and make the ownership experience more manageable.
One of the factors that holds many people back from investing in a second home is the responsibilities associated with homeownership. When you share the load, your second home will immediately become lower maintenance.
Shared Memories and Experiences
Owning a second home with friends or family creates an opportunity to build lasting memories and enjoy shared experiences together. If the property is large enough to vacation together with your co-owners, it can strengthen bonds and provide a special retreat for gatherings and quality time.
Rental Income Potential
Any time the property is not occupied by one of the owners, it can be rented out as a vacation rental to generate income. Hawaii has a steady demand for vacation rentals at all times, providing potential rental income that can offset ownership costs and benefit all owners.
This can also be a great strategy to cover maintenance, furnishing, and upkeep costs. Even if the short term rental profits do not become a major source of income, they will likely be able to offset the expenses of ownership in a meaningful way.
Concerns of Investing with Friends and Family
While there are many benefits to motivate you to <a href="https://www.hiestates.com/blog/buying-a-second-home-in-hawaii-what-you-need-to-know/" target="_blank" rel="noopener">invest in a second home in Hawaii</a> with friends or family, there are some potential challenges to keep in mind.
Schedule Conflicts
Coordinating the usage of the property among multiple owners can be challenging. Different schedules, preferences, and priorities may lead to conflicts and difficulties in finding mutually convenient times for each party to use the property.
Rather than just assuming the schedule will work out, come up with a detailed agreement to make sure everyone gets the time they are entitled to in the home.
Maintenance and Upkeep
Shared ownership means shared responsibilities for property maintenance and repairs. Ensuring that all owners fulfill their obligations and contribute fairly to the upkeep of the property can be a potential challenge.
Decision Making
Shared ownership requires effective communication and decision-making processes. Disagreements may arise regarding property management, repairs, renovations, and other financial or operational aspects. Differences in expectations and conflicting viewpoints can lead to tensions and challenges in reaching consensus.
Exit Strategy and Future Plans
It is important to have a clear exit strategy in place in case one or more owners wish to sell their share or no longer want to be part of the arrangement. Coordinating the sale of a jointly owned property can be complex and may require legal assistance. Before diving into this type of investment, be sure the exit strategy for any party is clearly outlined in the legal documents.
Legal and Financial Considerations
Shared ownership of a property entails legal and financial considerations. It is important to establish clear agreements, such as a co-ownership agreement or partnership agreement, to address ownership shares, financial responsibilities, usage rights, and dispute resolution mechanisms.
Nearly all of these challenges can be worked around by having an attorney draft a legal agreement between co-owners. By communicating clearly and being sure everyone is legally obligated to do what they have agreed to, you can invest with more peace of mind.
Ready to learn more about buying a <a href="https://www.hiestates.com/blog/what-is-a-hawaii-second-home-as-defined-by-the-irs/" target="_blank" rel="noopener">second home in Hawaii</a>? We would love to help, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time.2023-08-02T13:01:00-07:002023-07-28T14:13:10-07:00Scott Startsmantag:hiestates.com,2012-09-20:29030Our Kaka'ako Development PlansNestled within the heart of the Kaka’ako area of Honolulu lies a burgeoning urban neighborhood that is redefining the approach to sustainable and vibrant city life: Our Kaka'ako.
<img src="https://assets.site-static.com/userfiles/2805/image/Kakaako_Towers/Kahuina/sKahuina-Renderings3.jpg" alt="Rendering of Kahuina" title="Our Kaka'ako Development Plans - Kahuina Rendering" style="vertical-align: baseline;" width="775" height="501" />
Our Kaka'ako is not just about creating a group of buildings, but cultivating a sustainable community. The Our Kaka'ako Master plan is a pioneering endeavor to transform 29 acres across nine blocks, started in 2009. It seeks to strike a delicate balance between modern city life and the preservation of local heritage, with towers taking on names from the native Hawaiian language.
Our Kaka’ako is being designed and developed by Kamehameha Schools and by guest developers under their invitation. This organization was founded by the will of the last direct descendant of King Kamehameha, Princess Bernice Pauahi Bishop, who desired to create educational opportunities in perpetuity to improve the capability and well-being of those of Hawaiian ancestry.
The commercial assets under Kamehameha Schools help to fund statewide educational programs that serve more than 47,000 learners. Our Kakaako is being developed as a part of that, comprising nine city blocks in the heart of Kakaako.
<img src="https://assets.site-static.com/userfiles/2805/image/Kakaako_Towers/Alia/Alia4.jpg" alt="Rendering of Alia at Our Kaka'ako" title="Our Kaka'ako Development Plans - Alia Rendering" style="vertical-align: baseline;" width="775" height="436" />
All development plans are subject to change at any time by the developers, who we are not associated with. Images are taken from early development plans submitted for permitting and may not accurately represent the completed project.
Where does Our Kaka’ako fit into Honolulu as a whole?
Our Kaka’ako is a vibrant and lively pedestrian-friendly community within the urban core of Honolulu on south Oahu. To the west lies Downtown Honolulu, while to the east lies Ward Village - another pedestrian friendly master-planned community. Beyond Ward Village and slightly to the south lies Ala Moana and the golden sands of Ala Moana Beach.
Construction In Our Kaka’ako
Construction in the Our Kaka’ako neighborhood covers nine total blocks over two phases of construction, Increment I & Increment II. The overall development plan of Our Kaka’ako calls for the development of a mixed-use, mixed-income neighborhood that has a range of housing options for both owners and renters. Similarly, it aims to feature buildings that range from low-rise residences to high-rise towers.
<img src="https://assets.site-static.com/userfiles/2805/image/Kakaako_Towers/Alia/Alia_Tower_Render_3.JPG" alt="Alia Rendering" title="Our Kaka'ako Development Plans - Alia Rendering 2" style="vertical-align: baseline;" width="775" height="492" />
Outside of housing, the development of the Our Kaka’ako Master Plan includes open green spaces, pedestrian walking paths, and unique shopping and dining opportunities.
Construction Phases
Increment I is a now complete phase that represents four total blocks (A, B, E, and F). The completion of this phase brought a total of 1,336 total residential units, with 456 of those being affordable/workplace housing units. Additionally, this phase brought a total of 184,000+ Sq. Ft. Commercial space and 50,000+ Sq Ft open space.
Condo projects completed during Increment I include The Collection, 400 Keawe, and Keauhou Place.
Increment II is an ongoing phase in the Our Kaka’ako Master Plan that is transforming five additional blocks over the coming years. Three of these blocks are currently reserved for projects that are undergoing planning with guest developers, with no announcements yet about the remaining two blocks. Increment II is anticipated to break ground in late 2023, starting with Kahuina - a mixed-use project being developed by Stanford Carr.
Our Kaka'ako Increment I - Condos Completed
Block A: <a href="https://www.hiestates.com/kakaako/keauhou-place/" title="Keauhou Place Main Page">Keauhou Place</a>
Block B: <a href="https://www.hiestates.com/kakaako/400-keawe/" title="400 Keawe Main Page">400 Keawe</a>
Block E: <a href="https://www.hiestates.com/kakaako/the-collection/" title="The Collection Main Page">The Collection</a>
Our Kaka'ako Increment II - Condos In Development
Block C: <a href="https://www.hiestates.com/new-developments/kahuina/" title="Kahuina Main Page">Kahuina</a> - Expected to break ground late 2023, expected to complete in 2026
Block D: Unannounced
Block I - <a href="https://www.hiestates.com/new-developments/alia/" title="Alia Main Page">Ālia</a> - Expected to break ground late 2023, expected to completed in 2026
Block G: <a href="https://www.hiestates.com/new-developments/kaliu/" title="Kali'u Main Page">Kali'u</a> - Timeline Pending
Block H: Unannounced
<br /><br />Our Kaka’ako Today
Our Kaka’ako of today has offerings to suit every taste and shopping inclination, with many of these can be found in SALT, an 85,000+ Sq Ft. shopping center that spans an entire city block. It holds over 200 specially curated retail, restaurant, and mixed-use spaces and won the 2018 Shopping Center Of The Year Award.
<img src="https://assets.site-static.com/userfiles/2805/image/Kakaako_Towers/The_Collection/The-Collection-Tower.jpg" width="775" height="1105" alt="The Collection at Our Kaka'ako" title="The Collection At Our Kaka'ako" />
While SALT may hold the largest collection of such, Our Kaka’ako has plenty of selections to choose from. The H-Mart Kaka’ako is one such famous store, loaded with specialty goods imported from South Korea, Japan, and more.
Our Kaka’ako Tomorrow
The visionary Our Kaka'ako Master Plan aims to transform Kaka'ako into a dynamic, mixed-use neighborhood spread over nine city blocks, each with its unique identity. The plan is built upon three pillars: enhancing community life, fostering arts and culture, and promoting sustainability and resilience.
<img src="https://assets.site-static.com/userfiles/2805/image/Kakaako_Towers/Development.JPG" width="775" height="764" alt="Our Kaka'ako Development Plans" title="Our Kaka'ako Development Plans" />
Kamehameha Schools are currently engaging with their development partners in the planning stages for the remaining five blocks (C, D, G, H, I) under the Our Kaka’ako Master Plan. Kahuna (Block C) and Ālia (Block I) are the next two condo towers to be developed, both expected to break ground by late 2023 and finish by summer 2026. Kali’u (Block G) is still pending a solid timeline.
All development plans are subject to change at any time by the developers, who we are not associated with. Images are taken from early development plans submitted for permitting and may not accurately represent the completed project.
Inquire About Our Kaka’ako
Looking to buy a brand new property in Hawaii? We specialize in helping buyers connect with new development projects on Oahu while providing the complete concierge service. Reach out at <a href="tel:+18084357754">1-(808) 435-7754</a> or fill out the form below to request a consultation and we'll get back to you as quick as we can. We have decades of experience assisting with buying in new development projects - and we love putting that experience to work helping people get settled in their perfect Oahu home.2023-07-28T16:34:00-07:002023-08-05T12:59:12-07:00Scott Startsmantag:hiestates.com,2012-09-20:28857Why You Should Choose Hawaii for Your Second Home<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Why_You_Should_Choose_Hawaii_for_Your_Second_Home/Untitled_design_3.jpg" width="1640" height="924" alt="Why You Should Choose Hawaii for Your Second Home" title="Why You Should Choose Hawaii for Your Second Home" style="margin: 11px;" />
Hawaii is a dream destination for many, with its stunning natural beauty, year-round tropical climate, and unique culture. It's not surprising that Hawaii is often considered an ideal location to buy a second home.
Want to find out more about investing in Hawaii? <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time. If you are still on the fence about where to buy your second home, here are 8 reasons to consider Hawaii.<br /><br />1. Climate
Hawaii's year-round tropical climate is another major draw for homeowners. With warm temperatures and gentle trade winds, the islands offer an enjoyable climate throughout the year. The consistent weather allows for outdoor activities, such as swimming, surfing, hiking, and golfing, no matter the season.
Owning a second home in Hawaii means you can escape to a place where the sun is almost always shining and the weather is conducive to an active and healthy lifestyle, no matter what the weather is like in your primary home's location.
2. Multi-Cultural Environment
Hawaii is known for its multicultural environment, with a blend of Hawaiian, Asian, and Western influences. The islands embrace diversity, making it a welcoming and inclusive community. Living in Hawaii allows you to experience a unique mix of cultures, cuisine, traditions, and celebrations, adding depth and richness to your lifestyle.
3. Rental Income Potential
If you're not using your second home in Hawaii year-round, you have the option to generate rental income by renting it out as a vacation property. Hawaii is a sought-after vacation destination, attracting millions of visitors each year. Renting out your property when you're not using it can help offset the costs of ownership, making it a financially viable investment that provides passive monthly income in addition to the appreciation of the asset. Vacation rental platforms and property management services make it easier than ever to manage the rental process remotely.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Why_You_Should_Choose_Hawaii_for_Your_Second_Home/Untitled_design_2.jpg" width="1640" height="924" alt="Why You Should Choose Hawaii for Your Second Home" title="Why You Should Choose Hawaii for Your Second Home" />
4. Strong Real Estate Market
Hawaii's real estate market has historically shown strength and stability, making it an attractive place to invest in a second home. Limited land availability and high demand contribute to property values that tend to hold their worth well over time. While market conditions can fluctuate, owning a second home in Hawaii has the potential for long-term appreciation and can serve as a solid investment that supports your long term financial goals.
5. Travel Potential
Hawaii's convenient location in the Pacific Ocean makes it accessible from many major cities in the United States and around the world. Several airlines offer direct flights to the islands, making it convenient for homeowners to travel to their second home. Additionally, with Hawaii being a U.S. state, there are no international travel requirements or currency exchanges, providing a seamless travel experience.
6. Tight Knit Community
Hawaiians place great importance on community and ohana (family). The tight-knit communities in Hawaii offer a strong sense of belonging and a warm aloha spirit. As a second homeowner, you can become part of the local community, engaging in neighborhood events, festivals, and volunteer activities. Building connections and friendships with both residents and fellow homeowners can enhance your overall experience and create a sense of home away from home.
7. Active Lifestyle
Hawaii offers a diverse range of activities and experiences for residents of all ages. Whether you're interested in water sports, hiking, golfing, or exploring the unique flora and fauna, the islands provide endless opportunities for outdoor adventures.
You can snorkel among vibrant coral reefs, hike through lush rainforests, or simply relax on pristine beaches. Hawaii's rich cultural heritage also provides opportunities to learn about and participate in traditional Hawaiian practices and events, immersing yourself in the unique local lifestyle.
8. Natural Beauty
Hawaii's breathtaking landscapes, including pristine beaches, lush rainforests, and majestic volcanoes, create an idyllic and unparalleled backdrop. Owning a second home in Hawaii allows you to wake up to stunning ocean views, enjoy golden sunsets, and immerse yourself in the natural beauty of the islands. The serene and paradise-like setting offers an escape from the stresses of everyday life and provides an ideal retreat for relaxation and rejuvenation.
Once you decide you are <a href="https://www.hiestates.com/blog/am-i-ready-for-a-second-home-in-hawaiii/" target="_blank" rel="noopener">ready to buy a second home in Hawaii</a>, we are here to help. <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">Contact us</a> any time to learn more about properties for sale on the island.2023-07-23T12:59:06-07:002023-08-31T12:23:22-07:00Scott Startsmantag:hiestates.com,2012-09-20:28717How Hawaii real estate Investments perform vs mainland real estate investmentsPeople who live in Hawaii consider themselves to be incredibly fortunate. It’s one of the most beautiful places on the planet and provides a lifestyle that few other places can rival. From its endless golden sand beaches, all open to the public, to its lush, rolling hills with incredible hiking trails, Hawaii offers so much that enriches your life.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Luxury_Home_iStock-154956772_s.jpg" width="1600" height="1067" alt="Pool at an Oahu luxury home" title="Oahu investment property" />
It’s not just the lifestyle that draws people here from the mainland and across the globe. Hawaii real estate investing can be very lucrative, in some cases, even more so than on the mainland. The real estate market here is different and has its own dynamics and that provides investors with an incredible opportunity to make a great return on their investment.
I have been practicing what I preach for a very long time, investing in real estate, doing development projects and syndications for over 20 years. Based on my experience and in-depth knowledge of the market, I can share with you some insights on how Hawaii, and in particular, Oahu vs mainland real estate investments differ.
Related: <a href="https://www.hiestates.com/blog/pros-and-cons-of-buying-a-condo-in-hawaii/" target="_blank">Pros and Cons of Buying a Condo in Hawaii</a><br /><br />Understanding Oahu real estate investing
Before making any investment, it’s important to understand the market dynamics, and several factors make these dynamics unique for Hawaii. We are a part of the US but we’re also a small dot of islands in the middle of the Pacific. Hawaii is one of the most remote islands in the world and it’s because of its unique geography that the land is in limited supply. Yet, Hawaii has a truly global brand and is widely regarded as a slice of paradise on earth, one where owning property is possible in a beautiful yet safe place for investing.
People from not just the mainland but across the globe aspire to buy property in Hawaii. The internet has made it much easier for them to do much of their due diligence without even setting foot here. The barrier of entry is much lower now that you can research everything about Hawaii through the internet without having to make many trips here first.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Ala_Moana_iStock-184646557_s.jpg" width="1600" height="749" alt="View of Ala Moana Skyscrapers" title="Ala Moana, Oahu" />
As you can imagine, this leads to an incredibly high demand for Oahu real estate, and since we’re a remote island, there’s a very limited quantity of land available. The government also doesn’t want unchecked development going on so it has very restrictive regulations in place for new developments. This leads to a supply-demand imbalance and consequently, prices for housing and for investment properties rise more than most other places in the US. It also means that our CAP rates (Capitalization Rates) are lower here than they are in many areas of the mainland US.
Typically you will see 3-4% CAP rates, and sometimes lower, here on Oahu. That's why, if you are leveraging, or using a bank loan to acquire an investment property here, it costs more money down to break even or to be cash flow positive. Typically, it takes a down payment of 35-45% of the purchase price to break even on Oahu.
Compared to many parts of the mainland the down payment amount is usually between 20-25%, so be prepared for a higher price to acquire the investment and a lower initial cash flow to begin with. We’ll discuss this in more detail later on in this article.
Related: <a href="https://www.hiestates.com/blog/abcs-of-oahu-real-estate-investing/" target="_blank">ABC’s of Oahu Real Estate Investing</a>
Avoid this mistake when evaluating Hawaii vs mainland real estate investments
The crucial mistake real estate investors make when evaluating deals in Hawaii is that they focus solely on cash flow based on a 3-4% cap rate on residential and multi-family investments. When you focus on just the CAP rate you neglect other key elements such as appreciation, depreciation, etc. The question then becomes, why would you invest in Hawaii if you can get a 6-7% CAP rate anywhere else?
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Ala_Moana_iStock-1256238538_s.jpg" width="1600" height="1067" alt="Ala Moana, Oahu" title="Ala Moana towers" />
The simple answer, backed by decades of data, is that Oahu properties over the life of the investment, typically outperform mainland investments. Our IRR (Internal Rate of Return) far outstrips the mainland the longer you hold the property. So even if it costs more to buy the investment property initially and more down payment to breakeven, the longer you hold on to a real estate investment on Oahu, the more you will potentially make on the investment over time than if you invested on the mainland. The Supply Demand imbalance leads to historically higher appreciation rates for the property and rent rates typically follow the appreciation rate so the overall yield performs well over time.
When evaluating a potential opportunity, make sure that it aligns with your investment goals. If your primary consideration is cash flow and you’re not interested in overall long term performance, then Hawaii is probably not for you, since you can probably get better cash flow on mainland properties, even if you sacrifice significant value appreciation and higher rents down the line. If you have a long term objective, the property appreciation and higher rents as a result of consistently low vacancies bring high demand which delivers great overall returns.
Related: <a href="https://www.hiestates.com/blog/financing-options-for-hawaii-real-estate-investments/" target="_blank">Financing Options For Hawaii Real Estate Investments</a>
Lower Capitalization Rates
CAP rates or capitalization rates are an assessment of the yield of a property over one year. Effectively it is a snapshot of what the return would be for the property this year if you paid cash for it and rented it out. It is used to do a simple back of the napkin kind of estimate and compare the rates of return on multiple commercial or residential real estate properties. It can be described in simple terms as the yield a property will bring in over one year. The formula to calculate CAP rates is:
Annual net operating income (NOI)/the property’s market value
For example, if a property is worth $1 million and generates $40,000 of NOI, it will have a CAP rate of 4% ($40,000/$1,000,000). This means that based on the price paid for the property, you can expect around 4% as the annual operating cash flow.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Luxury_Home_iStock-524650915_s.jpg" width="1600" height="1067" alt="Pool at a luxury home on Oahu" title="Oahu investment property returns" />
For the purpose of this calculation, it’s also important to define NOI or Net Operating Income. NOI is simply the income from the property minus expenses. Keep in mind that when calculating NOI, debt servicing is not included in expenses. In other words, the expenses don’t include the repayments of the loan on the property.
Since the CAP rates tend to be on the lower side in Hawaii and prices of properties are higher than in most areas of the US, this means that as an investor, you should come in with realistic expectations. Don’t expect to put 10% down for a vacation rental, rent it out, use it for some time, and even make positive cash flow. Investing in real estate here doesn’t work like it does in Texas or Arizona. If you’ve been utilizing this strategy elsewhere, you will need to pivot your investment strategy here.
Historically Higher Appreciation Rates
Hawaii real estate typically has higher appreciation rates than most areas of the mainland. This means that in the long term, the price of property here rises more than it does on the mainland during that same period. Since rent rises usually tend to follow appreciation, this provides Hawaii real estate investors with a higher internal rate of return or IRR.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Victoria_Park-20_sjpg.jpg" width="1600" height="1067" alt="Victoria Park" title="View from Victoria Park" />
IRR, or internal rate of return, is a financial metric used to evaluate the profitability of an investment or project over the life of the investment. It represents an estimate of the value it generates during the time frame in which you own it. Effectively, the IRR is the percentage of interest you earn on each dollar you have invested in a property over the entire holding period.
A higher IRR means that the investment will likely make you a lot of money in the long run while a low or negative IRR would mean that the investment won't be as profitable. Hawaii real estate investments typically have a higher IRR compared to the mainland so even though it may cost a bit more to get in, you'll usually end up making more money in the long run.
Related: <a href="https://www.hiestates.com/blog/3-ways-to-invest-in-hawaii-real-estate/" target="_blank">3 Ways to Invest in Hawaii Real Estate 2023</a>
Over The Long-Term
The Federal Housing Finance Agency's House Price Index <a href="https://www.fhfa.gov/DataTools/Tools/Pages/Four-Quarter-Heat-Map.aspx">tracks</a> changes in single-family home values from all 50 states. Based on its data, the five-year appreciation for a single-family home in Hawaii is at 53.3% compared to 45.5% in California, 48.3% in New York, 52% in Colorado, and 37.2% in Illinois. The delta becomes more significant when the time period is extended to multiple decades.
The <a href="https://www.hicentral.com/oahu-historical-data.php" target="_blank">data</a> from the Honolulu Board of Realtors also tells a similar story. From 1985 through 2022, the median sales price of a single-family home and condo on Oahu has increased 596.7% and 467.9% respectively.
Evidently, the long term performance of real estate investments in Hawaii gets better and better, compounding over time with higher rentals to yield higher IRR. Investors can capitalize on this opportunity but it’s important that they keep a longer investment horizon.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Mariners_Ridge-7_s.jpg" width="1600" height="1067" alt="Single family home on Oahu" title="Oahu investments vs mainland investments" />
So if you put 35% down on a Hawaii property now and breakeven on the cash flow, it may appear to not be a great investment for you, but if you hold it over a 10 year timeframe, then you get the benefit of having put a fraction of the value of the property down as a down payment, and you will get the benefit of the entire property's higher appreciation rate over that time and the higher rental appreciation as well, therefore, getting you an overall better return over a 10 year period. You are sacrificing upfront cash flow for future larger returns down the road.
Ways To Increase Your Hawaii Investment Property Performance
Smart real estate investing isn’t just about buying a property and letting it do its thing. There are many different strategies that you can use to increase your CAP rate and generate even better returns. These include adding more value to the property through renovations, building ADUs, investing in fixer uppers, etc.
Investing in new developments is also a great way to cash in on significant value increases. Also, consider buying properties in emerging areas. These would have a much longer investment horizon but the potential increase in value will be far more significant once demand in the area catches up.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/How_Hawaii_Investments_Perform_vs_Mainland_Investments/Trump_Waikiki_iStock-450253925_s.jpg" width="1600" height="1067" alt="Trump Waikiki terrace" title="Trump Waikiki" />
There are several ways to increase your cap rate and generate better returns. These include adding value to a property, buying properties in emerging areas, and more.
Challenges of investing in Hawaii real estate
All investments can face challenges and it’s up to savvy investors to make sure that they limit their downside risk. Despite having consistently high demand and limited supply, there remain some challenges that you must consider when investing here.
For example, if you’re buying a property that requires considerable renovations, keep in mind that the material and labor cost will be higher than it is on the mainland. Factor that into your calculations accordingly. The maintenance costs tend to be on the higher side as well, particularly for oceanfront properties.
Hawaii’s distance from the mainland could also be a hindrance for you and there are laws that you need to be aware of when it comes to handling the management of your own investment properties. If you’re not planning to live here yourself, you’ll need to have a dedicated team of property managers.
Related: <a href="https://www.hiestates.com/blog/what-are-some-unexpected-difficulties-of-investing-in-hawaii-real-estate/" target="_blank">What are some unexpected difficulties of investing in Hawaii Real Estate?</a>
Wrapping Up
When comparing Hawaii vs mainland real estate investments, it’s clear that the numbers don’t lie. Properties here appreciate more in the long run than properties on the mainland and the rents rise in sync with that appreciation. This provides you with a higher IRR even though the initial cost to invest is higher.
Once you understand this simple truth of Hawaii real estate investing, you can begin to realize the incredible potential that the state offers to investors. You’ll be in a better position to make informed decisions and generate a substantial return on your investment. Remember, you must always be mindful of your goals and consult your financial advisors before making any significant investments.
Are you convinced about investing in Hawaii real estate? Great! We can help find a strategy that best suits your investment objectives. Our complete concierge service also ensures that the management of your investment properties in Hawaii always remains in good hands. Reach out at <a href="tel:%20+18087451602">1-(808)-745-1602</a> or fill out the form below to request a consultation and we'll get back to you as quickly as we can.2023-07-20T11:45:00-07:002024-03-12T09:45:18-07:00Scott Startsmantag:hiestates.com,2012-09-20:28686Where to Live on Oahu if You Love to Surf<img src="https://assets.site-static.com/userfiles/2805/image/Where_to_Live_on_Oahu_if_You_Love_to_Surf.jpg" width="1640" height="924" alt="Where to Live on Oahu if You Love to Surf" title="Where to Live on Oahu if You Love to Surf" style="margin: 11px;" />
Oahu is renowned for its world-class surf spots and attracts surfers from around the globe for vacations, competitions, and a dream home base. Moving to Hawaii often means the chance to finally take up a hobby you have always been interested in, or spend more time doing the things you already love. Surfing might be your dream pastime for your retirement years, or maybe you just want to adjust your lifestyle to include more time at the beach. If you love to surf and are considering <a href="https://www.hiestates.com" target="_blank" rel="noopener">moving to Oahu</a>, <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to learn more about homes for sale in any of these locations.
These are some of the <a href="https://www.hiestates.com" target="_blank" rel="noopener">best places to live on Oahu</a> if you want to surf every day.
<br /><br />North Shore
The <a href="https://www.hiestates.com/north-shore/" target="_blank" rel="noopener">North Shore</a> of Oahu is a world famous mecca for surfers, particularly during the winter months when massive swells roll in. Famous surf breaks like Pipeline, Sunset Beach, and Waimea Bay are located here. Living on the North Shore allows you to immerse yourself in the surf culture and enjoy consistent waves. Haleiwa is the main town on the North Shore, offering a laid-back vibe, local shops, and dining options.
You will find condos, townhomes, and single family homes available on the North Shore. Everything from luxury properties to affordable condos can be found, whether you are interested in a <a href="https://www.hiestates.com/blog/understanding-leasehold-and-fee-simple-properties-in-hawaii-real-estate/" target="_blank" rel="noopener">fee simple or leasehold transaction</a>.
Waikiki
Waikiki is known for its iconic surf breaks, including Queens and Canoes. While it may not offer the same power and size as the North Shore, Waikiki is a great spot for beginners and those looking for a more accessible surf experience.
Living in Waikiki allows you to enjoy the vibrant beach lifestyle, proximity to surf breaks, and easy access to amenities, restaurants, and nightlife. This is a great place to find a low maintenance high rise condo or a townhome, but you will also find beautiful single family homes with close proximity to the beach.
East Side (Windward Coast)
The Windward Coast of Oahu, specifically areas like <a href="https://www.hiestates.com/kailua-neighborhoods/" target="_blank" rel="noopener">Kailua</a> and Waimanalo, offers a combination of beautiful beaches and quality surf. Kailua Beach and nearby Lanikai Beach are popular for their clear waters and reliable surf conditions. The East Side provides a more laid-back residential atmosphere with a range of housing options, while still being within reach of Honolulu and its amenities.
South Shore
The South Shore of Oahu, including areas like Waikiki, Ala Moana, and <a href="https://www.hiestates.com/diamond-head/" target="_blank" rel="noopener">Diamond Head</a>, is another popular region for surfers. While it may not have the same magnitude of waves as the North Shore, the South Shore offers consistent surf year-round and a variety of breaks suitable for all skill levels. Living in this area provides easy access to the surf, as well as the urban amenities of Honolulu.
If you want to live near the beach but still have access to travel, dining, nightlife, or a job in Honolulu, South Shore might be your ideal location.
West Side (Leeward Coast)
The <a href="https://www.hiestates.com/leeward-coast/" target="_blank" rel="noopener">Leeward Coast</a> of Oahu, particularly Makaha, is known for its powerful and challenging waves. Makaha Beach is legendary in the surfing world and is a favorite spot for experienced surfers. The West Side offers a more relaxed and less crowded environment compared to the more touristy areas of the island, perfect if you want to live where you have a bit more space and privacy.
Ready to learn more about <a href="https://www.hiestates.com" target="_blank" rel="noopener">buying a home on Oahu</a>? We would love to help you find your ideal property, so <a href="https://www.hiestates.com/contact/" target="_blank" rel="noopener">contact us</a> any time to get started.2023-07-17T08:09:07-07:002023-08-11T18:37:18-07:00Scott Startsmantag:hiestates.com,2012-09-20:28421Financing Options For Hawaii Real Estate InvestmentsReal estate investing is a time-tested way of building wealth. Savvy investors realize they don’t need to put up the entire investment amount in cash. They can leverage various funding options to leverage their purchase and exponentially increase profits. It’s easier said than done, though, but there’s also no denying the fact that investment loans can help you establish and expand a solid real estate portfolio.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/Koula_living_room_3_1_s.jpg" width="1600" height="900" alt="View from Koula living room" title="Koula Hawaii condo" />
Hawaii real estate is viewed very favorably by investors from not just the mainland but across the globe. There’s the obvious allure of the islands being one of the most beautiful places on the planet. Few places can provide the kind of lifestyle that Hawaii does. On Oahu, where I'm located, it doesn’t hurt that there has always been a greater demand for Hawaii real estate than there is supply.
This helps keep prices up so even if it’s a bit more expensive to get started with Oahu real estate investing, the consistent long-term appreciation more than makes up for the higher barrier of entry. If you’re looking to invest in Hawaii real estate, rest assured, that it’s going to be a smart financial move if done the right way. However, you must consider your financing options carefully to improve your chances of success.
Let’s dive into a few of the investment real estate financing options that you can consider.
Related: <a href="https://www.hiestates.com/blog/abcs-of-oahu-real-estate-investing/" target="_blank">ABC’s of Oahu Real Estate Investing</a><br /><br />Traditional Options
Investment loans
Many banks and financial institutions in the United States offer investment property loans. You can get one of these loans to purchase second homes and investment properties, either as an income-producing property through rentals or from renovation and flipping for a profit. The only difference you need to keep in mind between these loans and a conventional mortgage is that you won't be living in the property that you purchase.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/Sky_Ala_Moana_Bedroom_1_s.jpg" width="1600" height="1085" alt="Sky Ala Moana bedroom view" title="Aky Ala Moana Oahu" />
However, some loan programs may allow the purchase of multifamily investment homes if you're planning to live in one of the units as well. Other types of investment properties include condos and single-family homes. Most lenders will require a 20% downpayment for the loan and may also require mortgage reserves. You'll need to demonstrate up to six months' worth of mortgage payments in the bank.
Hard money loans
Hard money loans are typically easier to obtain as credit scores aren't a factor in the approval decision. Investors are willing to offer hard money loans to borrowers at short terms and higher interest rates. It's also likely that there may be prepayment penalties, so if you decide to pay off the loan earlier than when it's due, you'll end up paying a penalty. Interest rates can be higher than 10% with a shorter term length of up to 3 years.
These loans are backed by property value with a lower loan-to-value (LTV) ratio compared to conventional loans. LTV is the maximum percentage of the property value that you can borrow. For example, if you take a hard money loan at 60% LTV and your property is worth $1 million, the investor will loan you $600,000. Hard money loans are a suitable option if you have a short-term financing need for a quick property flip.
Related: <a href="https://www.hiestates.com/blog/pros-and-cons-of-buying-a-condo-in-hawaii/" target="_blank">Pros and Cons of Buying a Condo in Hawaii</a>
Construction loans
If you're planning to start your Oahu real estate investing journey by constructing a new property, you can opt for a construction loan. These are typically shorter term and higher interest rate loans that are paid out directly to the contractor, not the borrower. What this means is that the lender would give the money you borrow to the contractor you hire for that job, instead of giving the loan to you directly.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/04_1_s.jpg" width="1600" height="1067" alt="Single family home on Oahu, Hawaii" title="Oahu single family home" />
The prerequisites tend to be a bit tougher, particularly if the property hasn't been built yet, since no collateral may be available to secure the loan against. Lenders usually ask for a higher down payment of up to 30%, good credit scores, and a debt-to-income ratio of under 50%. However, if you meet the eligibility criteria, construction loans provide quick access to capital that you can use to execute your development project.
Rehab loans
Fixer-uppers are the jewel in the crown of Oahu real estate investing. There's a steady supply of older properties coming on the market that need to be renovated and refurbished. Once the required work is done, they fetch a decent premium, enabling investors to turn a tidy profit. These loans are designed to finance both the acquisition and renovation of the property, thus providing investors with a single loan to finance the entire project.
The process of obtaining a rehab loan is similar to that of any other home loan. The lender will seek information about their finances, check their credit score, and appraise the property before ultimately making their offer. Once you have the funds, utilize them to purchase the distressed property and breathe new life into it.
Cash / Delayed Financing
Cash is one of the simplest ways to begin your Oahu real estate investing journey. You'll have enough liquid cash to purchase a property outright without needing to obtain a loan. For example, you find a great Oahu condo for $2 million, and you have that readily available in cash, so you can go ahead and put in your offer instantly.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/1555_Kapiolani_Blvd_Unit_808-print-022-031-1555_Kapiolani_Blvd_Unit-3200x2137-300dpi_1_s.jpg" width="1600" height="1069" alt="Kapiolani Residences common area" title="Kapiolani Residences Oahu" />
It's not uncommon for sellers to even accept a lower price for their property if you make a cash offer since they'll receive the money instantly as well. Since Hawaii real estate tends to be a bit more expensive compared to similar properties on the mainland, you’ll need a fair bit of cash on hand for these transactions.
Delayed financing or refinancing is a strategy that cash buyers often utilize. They opt to pay for the property in cash to close out the transaction quickly but would then take out a loan on the new property after the transaction has closed. The loan can be used to do repairs on the property before flipping it for a profit or for investing in another property.
Related: <a href="https://www.hiestates.com/blog/3-ways-to-invest-in-hawaii-real-estate/" target="_blank">3 Ways to Invest in Hawaii Real Estate 2023</a>
Other Options
Private financing
Plenty of private lenders are willing to provide loans to borrowers that will invest the funds in real estate. These lenders provide their capital to finance these investments and profit from the interest paid by borrowers. These lenders aren't affiliated with banks or other financial institutions.
They can often be suitable since private lenders don't have the kind of approval requirements that conventional banks do and they move at a faster pace than the traditional process. The qualification requirements and interest rates will vary, typically being on the higher side, but it ultimately provides an alternative source of financing for real estate investors.
Portfolio loans
The vast majority of mortgages aren't held by the lender that originates the loan. They sell it on the secondary mortgage market so that their capital can be freed up to provide more loans to borrowers. Portfolio loans are different. These are the mortgages that the lender originates and retains on its books instead of selling them on the secondary market.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/Victoria_Place_club_amenities_4_1_s.jpg" width="1600" height="842" alt="Victoria Place Club Amenities" title="Victoria Place Oahu" />
Since the lender retains the loan, they can set their own standards and qualifications, thereby making it easier for borrowers who may not meet the otherwise more strict requirements to obtain financing as well, since the debt and credit requirements are typically more relaxed compared to conventional mortgages.
Related: <a href="https://www.hiestates.com/blog/reasons-a-pending-sale-might-fall-through/" target="_blank">Reasons a Pending Sale Might Fall Through</a>
Self-directed IRAs and 401(k)s
If you're saving up for retirement in a self-directed IRA, you don't actually have to wait until you retire to invest that money. You can utilize those tax-advantaged funds to purchase real estate investment properties that are then titled in the name of your IRA. A self-directed 401(k) can similarly be used to utilize retirement funds for real estate investment.
There's even a further leveraging opportunity by financing the real estate in your IRA with an investment property mortgage which can then be paid off using the surplus cash from the self-directed IRA. It's important to note that there are significant rules and regulations on real estate investing through self-directed IRAs, so be mindful of them to ensure that you don't get on the bad side of the IRS.
Syndications and Partnerships
You can also work with other investors that you trust through syndications and partnerships to invest in real estate. Multiple people can thus pool their funds together to make investments. The risk gets distributed as well, thereby lowering the leverage risk for all parties.
<img src="https://assets.site-static.com/userfiles/2805/image/Blog_Post_Images/Financing_Options_For_Hawaii_Real_Estate_Investments/Aalii_sunset_lounge_1_s.jpg" width="1600" height="817" alt="Aalii sunset lounge at dusk" title="Aalii Oahu" />
Such deals are generally executed through partnership agreements and it's decided beforehand if equity partners will have a passive or active role. Partners would receive a return on their investment that may include profit on property value appreciation as well as cash flow.
Related: <a href="https://www.hiestates.com/blog/buying-real-estate-in-hawaii/" target="_blank">Buying Real Estate in Hawaii</a>
Wrapping Up
As you’ve seen so far, there are plenty of financing options for Hawaii real estate, you can choose the one that’s most suitable for you and begin creating long-term wealth. Regardless of whichever option you choose, you must carefully consider the terms and conditions associated with them. This will help you make borrowing decisions that align with your financial goals and help you manage risk.
It’s always a great idea to consult with your financial advisors before making major financial decisions such as these. They will also be able to provide you with more clarity on the tax liabilities that these investment activities may create.
Investors from the mainland and across the globe view Hawaii as a very attractive market for active and passive real estate investment. Many different real estate investment options are available. From oceanfront mansions to apartments, condos in luxury new developers, single-family homes in master planned communities, and more. Making strategic investment decisions can lead to generational wealth.
Looking to buy an investment property in Hawaii? We’ll help you find one that fits your investment objectives and also provide a complete concierge service for effortless management of your portfolio here. Reach out at <a href="tel:%20+18087451602">1-(808) 745-1602</a> or fill out the form below to request a consultation and we'll get back to you as quickly as we can. 2023-07-12T14:00:00-07:002024-03-12T09:45:55-07:00Scott Startsman