Hawaii Kai Real Estate Market Update for 2008
Single Family Homes
162 homes sold in 2008 in Hawaii Kai. The lowest price was $551,000 for a 3 bedroom/2 bath 1,372 sq ft home in Kalama Valley. This was a fixer property sold in probate, on the market 11 days. The highest price was $6,400,000 for a 6 bedroom/4.5 bath 5,869 sq ft home in Koko Kai. This was an oceanfront property on a promontory of 29,190 sq ft, on the market 323 days.
As compared to 2007, the lowest sale was $590,000 in Kalama Valley and the highest $15,900,000 in Portlock, followed by $5,625,000 in Portlock. 229 total sales closed in 2007.
Based on data supplied by the Honolulu Board of Realtors, the median price for the year was $850,000 compared to $875,000 in 2007, a decrease of 2.9%. Total sales decreased 29.7%.
Condos and Townhomes
192 condo sales closed in 2008 in Hawaii Kai. The lowest price was $245,300 for a 1 bedroom/1 bath 697 sf home in Kaimala Marina. This was sold Fee Available, and was a waterfront unit with 2 parking stalls, on the market 14 days. The lowest priced sale of a Fee Simple home was $350,000 for a 1 bedroom/1 bath 733 sq ft unit in Plaza Hawaii Kai on the 11th floor, on the market 30 days. Both sales were rarely-available one bedroom units. The highest priced sale was $868,000 for a 3 bedroom/2.5 bath home in the Peninsula of Hawaii Kai I. The home was waterfront, built in 2002, with 180 degree views, on the market 42 days.
As compared to 2007, the lowest price was $300,000 Fee Available in Village Green and the highest $1,400,000 in Kalele Kai. 245 condo sales closed in 2007.
Based on data supplied by the Honolulu Board of Realtors, the median price for the year was $539,000 compared to $545,000 in 2007, a decrease of 1.1%. Total sales decreased 20.4%.
Hawaii Kai prices are holding even though inventory has increased and fewer sales closed. It is a Buyer's Market here, and buyers have excellent choices, plus low low rates, and the $7,500 tax credit to close before 6/30/2008.
Contact me with any questions about the market or specific neighborhoods in Hawaii Kai.
Barbara Abe, REALTOR
barbara@barbarashawaii.com
808-226-2537
www.movetohawaiikai.com
www.barbarashawaii.com