Barbara Abe

The Honolulu Board of Realtors has released November statistics which show an increase in sales for the month, probably spurred by the federal tax credit, originally scheduled to expire Nov. 30.  November sales of condominiums were 103 percent above sales during the same month last year.

Condo sales island-wide soared to 407 from 201 in the same period. The median price was $320,000, up 1 percent from $316,200.  

November home sale volume, while higher than a year ago, was still well off the pace near the height of the market. In November 2004 and 2005, there were roughly 370 single-family homes and 620 condo sales before a significant decline in 2006.  Condo sales during the first 11 months of this year are down 16 percent to 3,118 and the median price is down 7 percent to $302,750.

The combination of low interest rates, tax breaks, and declining inventory have given a great boost to the Oahu and Hawaii Kai condo markets.  Last month, the federal government announced it would extend the stimulus program through April for first-time homebuyers, and add a credit up to $6,500 for qualifying repeat buyers. Under the program, purchase contracts must be signed by April 30 and close by June 30.

For specific numbers on Hawaii Kai condo sales, visit the Hawaii Kai Market News page on my web site.  I can provide detailed analyses of any condo complex on the island, but Hawaii Kai is my home and I have personal knowledge of these buildings.  It's a great buyer's market - give me a call!

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com 
http://barbarashawaii.blogspot.com/ (blog)

 

East Oahu Condos:

In October, total sales decreased from last year, to 226 from 276.  Median sales price also decreased, to $450,000 from $511,500.  The majority of these sales have been Fee Simple, 201 sales vs 25 sales in leasehold.

Months of inventory remainng was 4.9 as of month-end, compared to 9.4 months last year.

Hawaii Kai Condos:

In October, 16 homes sold, compared to 19 last year.  Median sales price was $485,000 compared to $515,000 in 2008.

Year-to-date, 148 condos have closed, compared to 171 last year.  Median sales price has been $489,500 this year, vs. $540,000 in 2008.

Listing activity is markedly down, only 20 condos listed in October vs. 48 last year.  Median list price has fallen to $479,500 from $598,500.

Availability of housing was 44 active units in October, 46 units in September, and 120 in October, 2008, down 63.3%.

While the downward numbers of sales and prices are expected, and mirror the mainland activity, the inventory figures are startling.  Thinking of supply and demand, with inventory dropping, prices may start rising, especially if rates stay low.  The Feds have extended the "jumbo" loan limits, and Congress is moving toward extension of the 1st Time Buyer credit.  All this seems to point to a Great Time to Buy Hawaii Kai Real Estate.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com

Condo prices in Hawaii Kai have held their ground this past year, but the number of sales dropped for many months, and large inventory continues to offer great buyer bargains.  While the market may be coming back just a bit, there are specific considerations buyers should weigh before making a condo purchase in Hawaii Kai.

As a Realtor, I can help you with market conditions and sales history.  But you should also thoroughly investigate any Homeowners Association, read the condo documents completely, and ask questions if you don't understand - especially about the reserves and planned expenditures.  Ask an attorney and/or CPA to explain these to you, if you don't fully comprehend the financials and by-laws.

Under Hawaii law, the seller has to provide a complete package of condo documents in addition to a seller's disclosure of what might be wrong with the home (unless it is bank-owned - they are exempt from this requirement).  There are also reserve requirements for any association.

A few specific questions you, as a buyer, might ask are:

Does the association budget include money for operating expenses such as water, lights, elevator maintenance, and landscaping?

Is there extra money set aside in a reserve fund for long-term maintenance? If there is an outside reserve study, that should be provided. If not, there should be adequate money in the reserves right now to cover 50 percent of the estimated cost of repairs over the next 30 years.

Do the condo’s expenses exceed revenues due to a high foreclosure rate or other reasons that owners’ debts go unpaid?

If there is a shortfall, does the association have a plan besides cutting back on services for making it up?

With the increased number of foreclosures nationwide, homeowner associations have been affected by loss of revenue and vacancies.  Be sure you factor this into your purchase decision.

I've lived and worked in Hawaii Kai for more than 20 years.  Just ask me about any of the condo complexes here in East Oahu.  I can give you a thumbnail sketch of the amenities and number of units, and help you find the resources to research the associations.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com

For Hawaii Kai, 25 single family homes sold in September with a median sales price of $830,000, compared to 7 sales last year, and a median price of $665,000.  Year-to-date, 127 homes have sold in Hawaii Kai, vs. 121 last year.  In  2009, median price has been $766,000 vs. $830,000 last year.

For condos, 21 sales closed in September vs. 15 last year; the median price hardly changed, $510,000 in 2009 vs. $511,000 in 2008.  Year-to-date, 133 condos have sold, with a median price of $489,000, vs. 152 sales in 2008, and a median price of $541,500.

Inventory has declined from a year ago.  There were 74 single family homes active in Hawaii Kai in September, vs 101 last year, and 46 condos vs. 59 last year.

Island-wide, median sales prices have risen for single family homes from $539,500 in January to $600,000 in September; for condos, there has been no change, $305,000.  Median days on market has decreased for single family from 71 in January to 54 in September; condos from 59 to 51.

There are many positive signs in the Hawaii Kai and Oahu real estate markets.  For a more detailed review of the September or year-to-date sales, or for a community analysis, please contact me for an in-depth report, and read more at my Active Rain blog.

Inventory
for August was down slightly for East Oahu, which includes Aina Haina and Kuliouou, down to 6.6 months remaining from 7.6 last year.  In Hawaii Kai, 59 condos were listed in August, with a median list price of $547,000 compared to 71 in July at $555,000, and 125 units last year at $585,000.  This was a change of -52.8% since last year in number of listings, and -6.5% in median list price.

Sales
19 sales closed in Hawaii Kai in August, compared to 17 in 2008.  Median sales price was $575,000 both years.  Year-to-date, 117 units have sold compared to 137 last year.  This year's median sales price is $485,000 vs $545,000 last year.

Oahu
Median sales price has dropped since January for condos island-wide from $305,000 to $290,000.  Median days on market has also dropped, from 59 to 51 year-to-date.

Contact me for neighborhood analysis and comprehensive island trends.  The 1st Time Buyer Tax Credit expires soon, so don't wait to get pre-approved and start looking at homes before the market turns around.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com

SOURCE: Honolulu Board of Realtors® Research Department, compiled from MLS data.

I've finished the Complete Hawaii Kai Relocation Package and the Hawaii Kai Condo Relocation Package with sales data through June, 2009, and updates on new waterfront condo complexes that have sold this year.

Request your free copy at my web site, MovetoHawaiiKai.com, or for condos only, the Condo Page. Or just call/email for your free copies.

If you want additional information on real estate throughout Oahu, but specifically on Hawaii Kai, just let me know. It's my home, and I've been a Realtor here for more than 20 years.

Aloha,

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com

29 condos sold in Hawaii Kai in May and June of this year, compared to 32 in 2008.  

The lowest price was $349,900 for a 1 bedroom/2 bath home in the Commodore, 2nd floor, 1019 sq ft.  The home was on the market 28 days, and sold for list price.  The Commodore of Hawaii Kai offers clubhouse, exercise room, pool, Resident Manager, BBQ, meeting room, sauna, security guard, and 2 rooftop tennis courts.






The highest price was $704,000 for a 3 bedroom/2 bath home in Kuapa Isle, marinafront, 1164 sf ft.  The unit was on the market 90 days, and sold for $35,000 below list price.  The unit had been recently remodeled.  Kuapa Isle in Hawaii Kai offers waterfront living, boat docks, clubhouse, BBQ, meeting room, pool, storage, and decks/lanais.



Last year, the low sale was $396,000 in the Mauna Luan, and the high sale $855,000 at Kalele Kai.

Contact me for full details on any of the Hawaii Kai condo complexes, and full analysis of the real estate sales.  Visit my web site to request a free Condo Relocation package.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaii.com
www.barbarashawaii.com

In the first 4 months of this year, 49 condo units have sold in Hawaii Kai, ranging in price from $300,000 for a 1 bedroom in Naniwa Gardens fee simple to  $655,000 for a 3 bedroom/2.5 bath home in Moana Kai  (a sale for $273,000 in the Moorings, 3 bedrooms, 2.5 baths, was leasehold).   Five sales closed at $600,000 or more. 

To illustrate how dramatically prices have fallen, last year in the same timeframe the high sale was $868,000, with 3 over $800,000.  And last year, 25 sales over $600,000 closed.

Naniwa Gardens enjoys panoramic views of Maunalua Bay and Koko Head.  One elevator services only 2 units per floor, and the amenities include BBQ, clubhouse, exercise room, meeting room, pool, rec area, storage, patio-deck, and resident manager.  Like the other high rises on Hawaii Kai Drive, Naniwa Gardens was built in the early 1970's (1974).  Maintenance fees on the 1 bedroom/1 bath home are $482.







Moana Kai was built in 2005, and the newness is reflected in the prices.  While it has no views or pool, there are garages, double wall and steel construction, central A/C, and all appliances.  Maintenance fee runs about $375 for a 3 bedroom/2.5 bath home.







Visit the condo page on my web site for information on other complexes, and to request my Relocation Package for Hawaii Kai, which describes all the condo developments in Hawaii Kai.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com

The condo market in Hawaii Kai continues to be strong, although prices are down somewhat and inventory higher than last year.  19 homes sold, compared to 19 last year, when the highest sale was $750,000 in the Colony at the Peninsula.

The highest sale was a 3 bedroom home in Gateway Peninsula, pictured at left, for $600,000.  The home was remodeled, included a boat dock, gourmet kitchen, 2 lanais, and outdoor wetbar.



For the first quarter, 39 units have sold in Hawaii Kai, for a high sale of $655,000 in the Moana Kai. a newer complex with central air not on the marina.  This compares to 2008, when 52 sales closed in the first quarter, with a high price of $868,000 in the Peninsula of Hawaii Kai.

Contact me for free reports on every condo complex in Hawaii Kai, sales, amenities, and the real estate market.  Also visit the Condo page on my web site to get a good idea of the variety and quality of our condo market in Hawaii Kai.

Barbara Abe, Realtor
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
808-226-2537

Getting your Hawaii Kai property ready for sale involves more than cleaning and staging the home. If you have pets, their welfare needs to be considered - but so does their effect on potential buyers.