Oahu Real Estate News & Market Trends 

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings and new project construction. That’s because we care about the community and want to help you find your place in it. Our blog posts are straight forward and we won't sugar coat anything as we feel you ought to hear what you need to know and not what you want to hear. As always, please reach out if you have any questions at all. We would love to talk with you!

May 14, 2019

Ke Kilohana in Ward Village

Ward Village's 4th Tower - Ke Kilohana - Set to open tomorrow

After initially going on sale in 2016, Ke Kilohana is finally ready to open it's doors to the newest owners of Ward Village - Howard Hughes' 60 acre master planned community. Ke Kilohana will have 4 bulk closings on May 15, May 23, June 5, and June 20. Enjoy the video below to take a sneak-peak at the newest condo to open it's doors in Kaka'ako.

 

Posted in New Projects
March 28, 2019

New Projects | Sky Ala Moana and Ililani in Kakaako

Are you looking for a Fee Simple affordable housing project in a new construction building? If you missed out on The Central Ala Moana's affordable housing release, you may just be in luck. There are two new projects that will both have an affordable housing component. Those two projects are: Sky Ala Moana and Ililani in Kakaako. 

Sky Ala Moana
Sky Ala Moana
Ililani in Kakaako
Ililani in Kakaako
Of the two new projects, Sky Ala Moana will be announced and opened to the public first. Then Ililani will occur later in the year and is expected to launch after the middle of the year but may end up going into the 3rd to 4th quarter. For Sky Ala Moana, market and investor sales will occur before the affordable housing sales. Ililani is expected to follow in a similar order where they focus on selling the market units first, then the affordable units (This is to prevent potential buyers from trying enter the affordable lottery, then if they do not get in, they buy a market unit).

A Quick Comparison of the 2 new projects

Sky Ala Moana

  • 474 Units + up to 300 Hotel Units (2 Towers)
  • ​390 Market Units + 84 Affordable Units for sale
  • Breakdown of Affordable Units (60 studios, 6 one beds, and 18 two bedroom units)
  • No access to amenity deck
  • State 30 year Affordable Housing Program. Will be reduced in years if units do not sell within certain periods of time. (new info to come)
  • Market Units to be sold first followed by the affordable units
  • Affordable Maintenance Fee and Price: TBD
  • Neighborhood: Ala Moana Kapiolani Corridor

Ililani in Kakaako

  • 328 Units Total (1 Tower)
  • 163 Market Units + 165 Affordable Units for sale
  • Breakdown of Affordable Units (exact number not finalized but will be only 1 and 2 bedroom units)
  • Access to amenity deck 
  • HHFDC 10 year Affordable Housing Program. Similar to Kapiolani Residence, Ohana Hale, and The Central, but won't have a minimum income.
  • Market Units to be sold first followed by the affordable units (Tentative and not finalized). 
  • Affordable Maintenance Fee and Price: TBD
  • Neighborhood: Kakaako near SALT in Our Kakaako
Oahu Condo Median Price and Sales Chart
A look at annual sales and median prices (Oahu)

A Realtor's Opinion

After helping hundreds of clients in numerous projects throughout the state; I have to say that I believe that Ililani in Kakaako will be the more competitive and more desired of the two projects. With no minimum AMI restriction, we will see a ton of applicants who didn't get a Central Ala Moana unit. Recent trends also show the popularity of 1 and 2 bedroom units over Studios, which Ililani has more of. Since Sky is majority studios and doesn't have access to the amenity deck, it is quite certain that Ililani will be the more popular of the two projects. However, both projects will be amazing buildings in fantastic neighborhoods in the urban core of Oahu. 
However, Sky may be appealing if the maintenance fees are significantly lower. Sky's market units are $0.95 a sq. ft, but the affordable units will be cheaper since they do not have access to the amenity deck. The downside other than the fact that majority of the affordable units (71%) are studios, is the fact that it will be in the East/Diamond head tower of Sky which will be the hotel tower. This tower is set for phase 2 which means it will be constructed after the first residential tower on the West/Ewa side of the complex. 

If you are looking for the next affordable housing project, then one of these new projects may be may be for you. Don't forget to sign up today to get the latest information below!

 

Fill out my online form.

Posted in New Projects
Jan. 30, 2019

Oahu Housing Inventory Continues To Rise

There have been several favorable market conditions that combined, create a window of opportunities for prospective buyers in early 2019. Median prices have stabilized, and inventory levels are rising, thanks in part to the new development in the urban core of Metro Honolulu. With interest rates at their lowest point in the past ten months, prospective home-buyers should act now before median prices and interest rates continue to rise.

Overview of the Market

Data reflects the 12-month period ending in Dec 2018 and compared to the previous 12 month period.

 

Posted in Market Updates
Jan. 7, 2019

The Central Ala Moana | Market Unit Results

DID YOU SIGN UP FOR MARKET UNITS AT THE CENTRAL ALA MOANA? IF YOU DID YOU CAN FIND YOUR RESULTS HERE

The other day was probably the most hectic day for buyers looking to buy a market unit at The Central Ala Moana. Market buyers were literally camped out in front of a computer/phone waiting for the start time to sign up online. The 202 Market units are offered to "owner occupants" who plan to reside in the unit. Part of the application was to submit a pre-qual letter along with a notarized owner occupant affidavit. Those who submitted their paperwork were allowed to sign up online via EventBrite on a first-come-first-serve basis. The developer stated the EventBrite link would go live at 10am on January 5th. There were also strict rules, the EventBrite sign up link was only open for 1 day and if you registered twice, you would go to the end of the list. If there are any left over units after owner occupant, they will then be opened to the unrestricted release (may be bought by investors or by those wanted to live in the unit). 

Prior to signing up online, there was just about 404 people who submitted paperwork, but only 367 signed up during the allotted time. Depending on what unit you want, there is a good chance you may get something. The reason is simple, not everyone chooses during their selection period. Some people simply do not show up, and others pass due to the lack of inventory of their desired units, or the units left are too expensive and exceed their pre-qualification letter.  Unit selection begins on the 3rd week of January 2019. ​

Central Ala Moana Market Lottery Results

Posted in New Projects
Nov. 11, 2018

The Central Ala Moana Affordable Housing | What Do AMI Ranges Do?

For the Central Ala Moana There will be 3 main AMI (Area Median Income) groups that are very important. This is one of the first projects to ever have a minimum income level in order to purchase an affordable unit. For The Central Ala Moana that minimum AMI will be 80%. There will also be a maximum AMI going up to 140%.
The Ranges will be:
  • 80 - 100%
  • 101 - 120% 
  • 121 - 140%
​Depending on the AMI range you fall within, you will only be able to select certain units. There are
  • 69 units for 80-100%
  • 122 units for 101-120%
  • 119 units for 121-140%
The Central Ala Moana Income Limits
Based on your family size, you need to fall within the orange box
Below is The Central Ala Moana Price Sheet showing both Market (in grey) and Affordable units (colored with green being the 80-100%, blue being the 101-120%, and the yellow being 121-140%). HHFDC will determine the order and if there are not enough applicants in the 80-100% AMI group, then the 101-120% AMI group may select from the lower AMI group. Unfortunately you cannot choose a unit above your AMI group. 
Depending on what type of unit you are looking for, there are certain groups that would allow for a greater selection. I would highly advise you take the time to chat with a lender as they can help think of creative ways to qualify you and to see what you would pre-qualify for. Feel to ask me as many as questions that come to mind. We have until January 14, 2019 to complete the application so we can definitely plan out what would work for you and go over the floor plans and see the model showroom.

 

Fill out my online form.

Posted in New Projects
Oct. 30, 2018

The Central Ala Moana Vs. Ohana Hale

 

Which to Choose?

If you have been keeping up with our page, you may have heard that there's another new project called Ohana Hale that is also new construction and features Affordable Housing.
 

Now how do you choose which one is the right fit for you? Do I choose The Central Ala Moana or do I choose Ohana Hale

Lets Compare the both buildings and their amenities

The Central Ala Moana
  • 43 Story building with 512 Units (310 Affordable 202 Market)
  • Residential floors 2-43 
  • All affordable units have 1 parking (possibility for 2 beds to buy additional parking but may be offered to market units first)
  • Estimated Maintenance Fee: $0.62 a sq. ft.
  • Pool, Jacuzzi, and Children's pool with outdoor shower
  • BBQ Pits / Grilling Stations / Cabanas
  • Children Play area / Multi-purpose room / Fitness Area
  • Residence Bicycle Storage
  • Secured Entrance
  • Electric Vehicle Charging Stalls Available
  • Pet Friendly and Dog Play Area
  • Affordable Units Available: 
    • Studios
    • 1 Beds
    • 2 Beds
    • 3 Beds
Ohana Hale
  • 21 Story building with 180 units (108 Affordable 72 Market)
  • Residential floos 9-21 (lower floors parking)
  • All affordable units have 1 parking
  • Estimated Maintenance Fee: $0.50 a sq. ft.
  • Roof Deck
  • Community Garden
  • Trash Room on Each Floor
  • Secured Bike Storage
  • Secured Entrance
  • Recreational Area
  • Pet Friendly up to 35 pounds
  • Affordable Units Available: 
    • Studios
    • 1 Beds
Ohana Hale will have Studio and 1 bed Affordable Units. Whereas The Central Ala Moana will have Studio, 1, 2, and 3 bed Affordables.

Location | Ala Moana or Mo'ili'ili

The next biggest difference is the Location. Both are centrally located in Metro Oahu and are just a short distance from one another. One thing to keep in mind is the neighborhoods are different. The Central will be in Ala Moana whereas Ohana Hale will be in the Mo'ili'ili/McCully Area

The Central Ala Moana

Ohana Hale


Here is my personal opinion of the two.
 

When comparing the two buildings you are essentially comparing apples and oranges. Both buildings will be different not only in physical location, but the level of amenities, and all the way down to the maintenance fees of the units. The obvious similarities are that they will both feature affordable housings (both with the 10 year owner occupant hold period). It just depends on what you are looking for and which neighborhood you prefer. If you are looking for a Studio or 1 bedroom you may want to try for both as you can cross shop. But if you are hoping to get a 2 bedroom or 3 bedroom then you would have to try your luck at The Central. Both are lotteries and I am pretty sure that The Central Ala Moana will definitely have more applicants. 

 

Fill out my online form.

Posted in New Projects
Oct. 28, 2018

Kapiolani Residence | Exclusive First Hand Look During Final Walkthrough Inspection

In a few months Kapiolani Residence will Officially Open - Est Move In 12/2018

Shown below is a video from the final walkthrough inspection for a top floor 1 bedroom at Kapiolani Residence. 

Lanai View of Kapiolani Residence

Beautiful Ocean Views and the top floor clears the Ala Moana Hotel

Posted in New Projects
May 31, 2018

Oahu Real Estate Report - Quarter 2 - 2018

The Oahu single-family home and condo median prices rose in the second quarter of 2018 compared to the same period last year. Inventory also continues to grow.

 

 

Oahu Real Estate Activity Q2 2018

Both Single-Family Homes and Condo median prices rose in Q2 2018

The Single-family home median price rose at a moderate rate of 4% to $785,000 and Condo median prices rose by 5% to $427,750. 

Days on Market rose for both Single-Family Homes and Condos

Days on Market for Single-Family Homes increased slightly from 15 days to 17 days, while Days on Market for Condos increased from 15 days to 19 days. 

Both Single-Family Homes and Condo inventory rose in nearly all price points.

The greatest increase in Oahu Real Estate inventory occurred in the $750K to $999K range for single-family homes and the $250,000 to $499,000 range for condos. 

Featured Single-Family Home Neighborhood

Mililani Activity

Featured Condominium Neighborhood

Makiki Activity Q2 2018

 

Posted in Market Updates
Sept. 29, 2017

Oahu's "Second-City" Neighborhoods Taking Off

Kapolei Golf Course

Whether you are a "townie" or a long time West Oahu Resident, it can be tricky to keep track of all the growing neighborhoods in Kapolei. But while Kapolei's neighborhoods may appear similar, each has their own unique market value and characteristics. 

A Brief History of Kapolei

The development of Kapolei can be traced back to the 1850s, when James Campbell purchased more than 40,000 acres across the Ewa Plain for only $95,000 (or about $2 million in today’s money). Campbell drilled a well and transformed Kapolei's dry ranch land into thriving sugar and pineapple fields. 

When the sugar business became less profitable in the mid-century, the estate of John Campbell outlined plans for a mix of agricultural, commercial, industrial and residential use in 1955. The City and County designated Kapolei as Oahu’s “Second City” in 1977, and construction of the first homes in this master-planned community began in 1990. Kapolei's planners envisioned plenty of green space, environmentally friendly buildings, and lots of pedestrian walkways and bike paths to encourage a healthy, live-work-play lifestyle. ​

Old KapoleiAerial view of the Ewa Plain, circa 1950 | Photo courtesy of the Hawaii Aviation Preservation Society

Kapolei's Growing Value

Thanks to Kapolei's reputation for newer, larger and more affordable single-family homes, the Kapolei market has been heating up since 2010. The median price for single-family homes in Kapolei just seven years ago was $478,500--the lowest point following steady price acceleration between 2000 - 2006.

 

In 2017, the median price for single-family homes in Kapolei has risen to $669,000, making for a median increase in home value of $190,500 (which is significantly higher than the island-wide single-family home median price appreciation of $158,000 since 2010) - giving Kapolei homeowners a nice chunk of home equity.

According to my brokerage firm, Locations' Research, the Ewa Plain on which Kapolei is located, was affected more by the nationwide housing recession in the late 2000's than other parts of the island. In 2006 - the peak of the last cycle of appreciation in Kapolei - the median price hit $575,000. Those who purchased at the height of the last cycle saw home values dip for a few years, before shooting up again in the years following 2010. By 2014, the median price rose above the peak 2006 price to $585,000, and it's only continued to climb since then.

The number of sales for Kapolei homes peaked in 2004 with 158 homes sold annually, but are now climbing back up, with 126 and counting at mid-year for 2017--the most sales in one year since 2006.

Homes are also selling faster in Kapolei than ever before, another indicator of very strong demand. While Kapolei homes remained on market for a median of 70 days in 2008, they are now selling in only 13 days--the shortest Days on Market in the Second City's entire history! 

 

Almost 70 percent of Kapolei homes are owner occupied, which is similar to Oahu's overall owner-occupancy rate, but unlike neighborhoods such as Kakaako or Kahala, there are very few international investors in Kapolei homes. Hawaii and Mainland investors make up almost 30 percent of Kapolei's non owner occupied homeowners.

Kapolei is home to several government offices, as well as the University of Hawaii - West Oahu. Kapolei’s newest attraction, Ka Makana Ali’i  Shopping Center, has also created many new jobs and generated more economic activity for the area. Family-friendly attractions like Wet 'n' Wild, the Kroc Center, iTrampoline Hawaii and more, make Kapolei a hit with young families. 

Where Are Kapolei's Most Expensive and Least Expensive Homes?

Kapolei Map

Median home prices in Kapolei have yet to top $1 million, but when they do, odds are that the Kapolei Knolls neighborhood will lead the way. Of Kapolei's eight neighborhoods, only Kapolei Knolls - built in 1998 - has seen median prices above $750,000, putting homes there on par with Oahu's overall median price. Lower-priced neighborhoods of Kumu Iki (built in 1990)and Kekuilani (built in 1994), which just last year (2016) had median prices in the $560,000's, now fall into the $600,000 - $650,000 range. Kapolei's remaining five neighborhoods - Malanai (built in 1992), Aeloa (built in 1994), Iwalani (built in 1994), Kapolei Kai (built in 2002)and Mehana (built in 2011) - fall somewhere in between at $650,000 to $749,000. 

The Aeloa neighborhood boasts the second-highest median price, at $747,500--just slightly below the median in nearby Kapolei Knolls. Many Aeloa homes have the luxurious benefit of golf-course frontage.

What's Next For Kapolei?

According to urban planners, they say that Kapolei is still in its early stages of growth. Much more development - including housing - is slated for the Second City. Kapolei is the starting point for Honolulu’s rail transit system, which, once complete, promises to transport Kapolei residents to downtown Honolulu in only 38 minutes.

Today, Kapolei is home to nearly 12,000 homes and condos, and the Honolulu Department of Planning and Permitting anticipates that number will exceed 50,000 by 2035 with the addition or expansion of developments like Ho'opili, Mehana, Hoakalei, Seabridge and more. Register below to learn a little more about the new developments in Kapolei/Ewa.

Posted in Market Updates
Aug. 2, 2017

Do you know which Oahu Neighborhoods Have the Least and Most Turnover?

Do you know what Waimanalo, Waipio Gentry, and Manoa have in common? If you guessed home prices, you'd be wrong. 

Oahu Neighborhood

Top 5 Neighborhoods with the lowest turnover of single-family homes in the past year*

  1. Seaview (Waipahu): 3%
  2. Waiau (Pearl City): 4%
  3. Keaahala (Kaneohe) & Royal Summit (Pearl City): 5% each
  4. Waihee (Kaneohe), Waipahu Estates, Nanakuli, Ualakaa (Metro Oahu) & Salt Lake: 6% each
  5. Kahala-Puupanini: 7%

These are the low-turnover neighborhoods that run the gamut in their location and average home price - what they have in common is that all the residents love living there and are rarely inclined to move. 

*Excludes the neighborhoods with no sales in the past year and neighborhoods that are designated Hawaiian Homestead Communities.

Top 5 Neighborhoods with the highest turnover of single-family homes in the past year

  1. Maili Sea Makalae: 39.3%
  2. Ewa Gentry, Montecito/Tuscany: 23.4%
  3. Ewa Gentry, Cypress Point: 18.5%
  4. Makakilo-Wai Kaloi: 16.7%
  5. Huelani (Ewa Plain): 15.8%

All five of these neighborhoods are located on Oahu's West Side

What does this mean for home buyers and sellers? If you're looking to buy in a neighborhood with low turnover, like Manoa, be prepared to be patient and pay a premium for this sought-after area. On the other hand, if you're looking to buy and aren't tied to a particular area, you may want to focus your search on high turnover neighborhoods--like those in the Ewa region--where you may be able to score a better deal. Sellers in low-turnover neighborhoods have an advantage, too--particularly if the neighborhood has other desirable attributes, like ocean frontage. Sellers in neighborhoods where there is higher turnover are not necessarily at a disadvantage, however, as overall housing inventory remains very low, as does the median Days on Market. In these higher turnover neighborhoods, sellers should be sure to have their properties ready to show in good condition and priced appropriately. A qualified Realtor, like The Dream Team Hawaii, can advise sellers on how to show and price homes in competitive areas.

Want to know what the turnover is in your neighborhood? Contact us for your custom neighborhood report.

Posted in Market Updates