Aloha and welcome to yet another month of 2020. Real estate continues to soar, with new records being set as people are revisiting their priorities, lifestyles, careers, homes, and maybe even spouses, and in the end, many are choosing to make a change. We’ve had a whirlwind summer representing both buyer and sellers, and are enjoying managing massive interest, showings, and negotiation for our sellers and winning a good bidding war for our buyers. August statistics show a new record high median price for single family homes, a 6 percent increase over August 2019. Average sales price was $1,022,449. Average sale prices of condos are up more than 8 percent from last August to $527,523.
If you’re ready to buy, don’t be discouraged by the term “seller’s market.” Our buyer clients have been taking advantage of low interest rates to buy the Oahu home they’ve dreamed of. Inventory is down as a result of the pandemic, but competitive is our middle name. We’ve got a lot of tricks up our sleeves to make sure you win the home you want. We do recommend that you come prepared: start by contacting a lender. To win, we’ve got to be armed with a solid pre-approval. Contact us for a recommendation, we’ve got great lenders for you.
Ever notice that the cost of selling your home is a little blurry and vague? Here’s a summary to clear up some of the mystery.
– Escrow Costs: We use 1 percent as a rule of thumb.
– Conveyance Tax: This ranges from 0.1 to 1.0 percent of sales price, based on price & buyer’s use.
– Commissions: Typical rate in Hawaii is 6 percent of sales price
– Survey and termite inspection, seller costs during escrow, typically cost $1000 and $500, respectively.
– Staging: anywhere from $1000 – $10,000+, but we help with this one.
– Photos, video, marketing materials: $500 – $5,000, but again, we’ve got you on this one.
– Home Prep: decluttering is free, and we recommend inexpensive fix-ups with big impact. This one depends on home condition and your price goals.
NEIGHBORHOOD SPOTLIGHT: NORTH SHORE
Oahu’s North Shore is famous for its winter surf, but as fans of knee-high surf lacking the adrenaline-junkie genes, we absolutely love it in the summer. Calm, glassy water, wide open beaches and beautiful reefs and wildlife make it a perfect place for a summer home. We’re seeing a lot of mainland-based buyers house-hunting on the North Shore right now, and some townies making the leap to the country, too. Our Sunset Beach Colony listing, just steps from Velzyland and Backyards, is a perfect North Shore retreat. Click to see a slideshow of this gorgeous property.
We do our best to support local businesses, so here are some of our favorites:
– Banzai Bowls: We don’t show property without a stop at one of two Banzai Bowls locations, Haleiwa or Sunset Beach. Order ahead on the app! We get the Diamond Head.Storto’s: This deli’s sandwiches are huge, delicious and perfect after a day in the water. Located right in historic Haleiwa Town.
– Haleiwa Joe’s: For a great dinner overlooking the marina and under the tiki torches, we love Haleiwa Joe’s, right near the iconic Haleiwa Bridge.
– Guava Shop: For all the cute beach clothes and gifts, Guava Shop is the spot! Great swimsuits, hats, jewelry, and more.
– Golf at Turtle Bay: Golf at one of Turtle Bay’s two courses, then head over to Leilei’s for great happy hour and dinner outside overlooking the course.
Sold! August allowed us the opportunity to represent buyers in Honolulu and Windward Oahu, like this sweet family of five who bought their first home in Hawaii in a great Kailua condominium. Chad & Whitney are now happily taking in views of the Koolau range from their living room every day with their three rescue Chihuahuas in one of the only buildings with no limit on the number of dogs.
847 9th Avenue and 847A 9th Avenue are a pair of separate, brand-new modern homes in Kaimuki. Both boast high ceilings, luxury finishes, and plenty of space with more than 3,400 square feet of interior living area. With 7 bedrooms, 5 baths, and separate entrances and living rooms/kitchens for each level, these homes are ideal for multi-generational living. Listed for $1,850,000. Click here for a virtual walk-through
Just steps from the sand and surf at Velzyland in gated Sunset Beach Colony, this modern plantation home has wrap-around lanais, an open floor plan, oak floors and custom details throughout, and lovely ocean views. The main home has three bedrooms with two master suites and a large, open floor plan. A separate studio is perfect for visitors. The quality of construction is like nothing else in the area! Listed for $2,599,000.
Colony Surf is an oceanfront building on the slopes of Diamond Head with a sandy beach, direct access to great south-shore surf, a restaurant, and Kapiolani Park right outside. 207 has been transformed into a beachy getaway, you walk in and immediately feel you’re on vacation. This one-bedroom has been opened up into an oversize studio with a wall of windows that slide away to ocean and Diamond Head views. Listed for $858,000.
Escape to the quiet Mokuleia end of Oahu’s North Shore at this special property. It’s been in the same family for over 100 years, and was initially granted by royal patent. With more than 20,000 square feet of land, a five bedroom main home and a separate cottage, this gated property is the perfect private beach house. The large lawn leads to a quiet beach and direct access to Day Star surf break. Come enjoy wrap around lanais, outdoor showers, and swaying palms while you listen to the waves. Listed for $2,900,000.
HIGHS & LOWS
Here are the highest priced condo and single family home sales on Oahu in August:
Single Family: 146 S. Kalaheo Avenue on Kailua Beach sold for $10,488,000. This home sits on over half an acre of oceanfront land.
Condo: Park Lane #8305 sold for $8,300,000. This beautiful unit at Park Lane was a developer’s unit and has it’s own private garage and swimming pool.
The Library of Legends by Janie Chang – Historical fiction with a twist of folkloric fantasy! Set in China in 1937 during the Second-Sino Japanese War. Based on the true tale of a group of chosen University students are lead on a thousand mile march to protect the priceless treasure a mythical collection of books know as, the Library of Legends. The journey across China is long and dangerous for this group of intellectuals. The story is captivating and our recommended read this month. Please hit reply to share reading recommendations with us!
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