Kailua, HI

Kailua Oceanfront Real Estate Picks of the Week

This week I have to emphasize that my first pick is my oceanfront 6 bedroom, 5 full baths listing located at 613 Kaimalino Place. Priced at $3,199,000 it is the lowest priced oceanfront property within the Kailua bay. The next oceanfront/beachfront properties within the Kailua bay are in the neighborhood of Beachside and the prices start at $4,900,000!

Recent renovations include an all new kitchen, flooring, and more throughout the home. The real treasure of this property is the exquisite and unique views! From just about every room in this home, you can see amazing ocean views with the added bonus of the entire stretch of world-famous Kailua beach and the Ko'olau mountains in the background. Kaimalino is known for where turtles congregate and this home does not disappoint! On any given day, you can see turtles swim by! A quick few steps down the cove in the backyard and you can launch your kayak or surf board to start the water play fun...or simply get your heartrate up with a few laps swimming and snorkeling. Located in the heart of a cul-de-sac, this home is ideally located and provides a lifestyle most can only dream!

My second pick is the new oceanfront listing located at 742 Mokulua Dr (MLS 2914711) that just hit the market and is priced at $5,995,000. It is a 3,332 sf 4 bedroom, 3 bath property that features a hot tub overlooking the gorgeous Pacific Ocean. Did you know that there are less than 100 oceanfront lots in Lanikai? That's right, so as you can imagine, each lot is highly valuable! This beauty has been completed remodeled from the roof down. The property is being sold completely furnished, complete with a car! You read correctly, the Jeep Liberty in the garage is to be conveyed with the property. (Listing courtesy: Williams Realty LLC)

If you would like more information on either of these properties, or would like to receive a weekly list of luxury homes in Kailua, please send me an email, jmellor@realestateofoahu.com. Thanks for reading!

Until next time...All the best!
June Mellor
Your Source for Oahu Real Estate
www.realestateofoahu.com

Whether buying or selling a home in gorgeous Oahu, Hawaii or relocating to Oahu, Hawaii, pcsing to Oahu, Hawaii, count on me! You will gain from the provide professional real estate services I provide to buyers, sellers, and military transferees interested in Oahu Real Estate, Kailua Real Estate, Honolulu Real Estate, Kaneohe Real Estate, Kapolei Real Estate, Hawaii Kai Real Estate, Aiea Real Estate, and more.

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Copyright © 2009 By June Mellor, All Rights Reserved. *Kailua Oceanfront Real Estate Picks of the Week*

Last week, the latest and most expensive to date Kerr Michaels project was listed in Kailua Beach. 210 Kalaheo Ave. has it all. This exclusive beach-side estate is nearly 1.5 acres on the ocean and has 8 bedrooms and 8 + bathrooms and was recently completed in 2009. If they achieve their goal in selling near the price of asking of $36 million, it would be a record setting sale for Windward Oahu.

Two homes sold over the last few years at $22 and $24 million on Oahu, however they were older homes whereas this is new construction...

It will be interesting to monitor the traffic this home receives. At $36m, this estate is now the 2nd highest-priced residential offering the State of Hawaii. The top spot belongs to the Tara Plantation at Papaa Bay on Kauai, which is rumored to be in negotiations.

LANIKAI, KAILUA NEIGHBORHOOD
LUXURY & BEACHFRONT HOMES FOR SALE IN KAILUA, OAHU

Lanikai means "heavenly seas" and is one of the most desired and expensive areas of Kailua. Lanikai is where you will find many of the luxury homes for sale in Kailua and has the best beacfront luxury homes on Oahu. Lanikai is the home or vacation spot to many local and national celebrities, such as the beloved late Don Ho. Elvis once had a home here too. Now, faces from the TV series "Lost," filmed on Oahu are often seen living and playing in Lanikai.

If you are looking for Lanikai real estate, you will find multi-million dollar mansions and modern architechtural masterpieces mingled with plantation style homes and shabby beach cottages. As one of the first and oldest areas of Kailua, there are more very old (incl. 20's & 30's) homes left in this area of Kailua than any other, some beautifully restored. The beach, with it's soft white sand is world renowned and many homes are either beachfront or have a views of the ocean and nearby Mokulua islands, a wildlife preserve, to which people take out kayaks. Lanikai is located just past the South end of Kailua Beach Park, up and over the Lanikai Hill (Alala Street). Homes start on a relatively flat loop road and branch out up the hills from there. The Mid-Pacific Country Club and Golf Course is located in Lanikai, Kailua, but there are no other local businesses. Commuting out of Kailua to town (Honolulu) is a bit slower from this area, as there is only one road in and out but many people don't find that to be an issue. Bellows Air Force Station recreation Area is located directly South of Lanikai and the Bluestone condominiums and Keolu Hills neighborhoods are on the backside of Lanikai's hills.

Prices for homes for sale in the Lanikai Neighborhood of Kailua can start in low 7 figures, usually around $1.0 for fixers or tear downs not on the beach and range to possibly, $9-10 million, (and more for larger sized parcels and luxury homes and estates that could be further subdivided to still large lots). Lots vary in size as well, usually, from around 10,000 square feet to over an acre, though there are a few smaller lots resulting from property CPRs. Zoning in this area is typically R-10, meaning one single-family residence per 10,000 sq ft. There are both homes and a few vacant lots available.

Public schools in Lanikai are Kailua Elementary and Lanikai Elementary (charter schools), Kailua Middle School, and Kailua HS, depending upon location. Private schools, such as St. Anthony School, is within a few miles and goes PS-8th. Grocery and restaurants are all within a mile or two from Lanikai. locations.

2009 SALES DATA FOR LANIKAI NEIGHBORHOOD IN KAILUA - KAILUA LUXURY BEACHFRONT HOMES

This year, with only one quarter left in 2009, the number of sales in the Lanikai Neighborhood of Kailua is down very significantly. As of the end of September 2009 there have only been 4 sales, with 3 of those sales in the under $2 million price range and the average sale price at $2,028,750. Unlike last year, in which we saw the sale of one property, 1554 Alapapa Drive for under $1 Million, the lowest sale in 2009 was $1.1 Million for 751 Alapapa. In 2009, only one Lanikai sale was beachfront: a 1935 home at 1206/1208 Mokuloa, which sold for $3,500,000.
LANIKAI HOMES SOLD IN 2009, THROUGH Q3 LUXURY HOMES IN KAILUA OAHU 2009 STATS THROUGH Q3 Average Sale Price: $2,028,750 Average Days on the Market: 103		Right now (end Q3 2009), there are 25 homes for sale in Lanikai. Just over half have lot sizes of around 8-12,000 sq feet. 11 have lots larger than 12,000 sq ft, and 5 of these 11 are on lots over an acre in size. 10 Homes for Sale in Lanikai are beachfront. The asking price for the least expensive beachfront Lanikai home for sale is $4,950,000 and the highest priced beachfront home for sale in Lanikai is $13,000,000. If you are searching for Lanikai beachfront Homes by address the even-numbered side of Mokulua Drive has all the beachfront homes in Lanikai. Luxury homes and estates in Lanikai can be found on this street and throughout the area. I would expect to see some downward price pressure on Lanikai homes for sales, as a result of this years sales (or lack thereof). If you want more specifics on what is currently on the market, please contact me directly at 808-721-8088. I didn't want to post all of the sales data here, because prices and availability may change frequently.

Looking to buy or sell a luxury home in Kailua, a beachfront home in Lanikai, Kailua, or a relaxed beach cottage or retreat in the Lanikai Area of Kailua, Oahu, Hawaii? Or would you like help with luxury homes on Oahu in other areas of Oahu? I can help - I have specialized training in working with buyers of upscale homes and have 20 years experience in counseling and advising senior business executives and business owners, as well as handling multi-million dollar business transactions. I make it a point to stay up to date on market statistics and trend and track the relevant data. My membership in the Insitute for Luxury Home Marketing includes global networking and special resources for the luxury home market. Proud to be a full-service REALTOR-Broker and licensed transactional attorney, I help my clients get the best price in the shortest time, with the most information and the least hassle.

BEACHSIDE, KAILUA NEIGHBORHOOD
LUXURY & BEACHFRONT HOME FOR SALE IN KAILUA, OAHU

9/28/2009 [2009 SALES DATA] [PAST SALES DATA]

ABOUT BEACHSIDE, KAILUA, OAHU The Beachside Neighborhood in Kailua is one of Kailua's and Oahu's most prolific luxury home and beachfront home neighborhoods. All of the homes in the Beachside area of Kailua are located beachfront or within a short walking distance to the beach. Many homes, even some of those with a busy street address like Kalaheo Avenue, are down quiet streets and off private lanes. There are several mini-neighborhoods and HOA's, in these charming beachside lanes, with amenities not usually seen in Kailua, like underground utilitites, and most having a private beach access path for residents. There are also several public beach access points in the Beachside Neighborhood in Kailua. Prices in the Beachside Neighborhood of Kailua can start in low 7 figures, usually around $1.0 for fixers or tear downs on Kalaheo Ave. and range to possibly, $9-10 million, (and double that for larger sized parcels and luxury homes and estates that could be further subdivided to still large lots). These super-deluxe Kailua luxury homes can be sprawling Balinese or plantation-style compounds, while the lesser expensive homes may be shabby beach cottages and anything in-between. Lots vary in size as well, usually, from around 10,000 square feet to over an acre, though there are a few smaller lots resulting from property CPRs. Zoning in this area is typically R-10, meaning one single-family residence per 10,000 sq ft. There are both homes and a few vacant lots available. Older homes, unless of historical significance tend to get torn down and replaced in this area.

The Beachside Neighborhood of Kailua, where some of the best luxury homes on Oahu, is located in the perfect location, along the 3 miles of white sandy beaches of Kailua Bay (on the makai side) bounded by and including the even-numbered side of North Kalaheo Drive (but not including all of N. Kalaheo). To the Northwest, it is bounded by the Kaiwanui Canal to the ocean, and to the Southeast by Kailua Road and the Kawailoa neighborhood (Kailua Beach Park). The Beachside Neighborhood includes the prestigious Castle Point area, with incredible luxury homes and estates, an area once owned by Harold HK Castle. Also, the coveted subdivision of Kainalu Park, with some luxury estates and some more modest homes, and small associated areas and associations such as Dune Circle, L'Orange, etc. Public schools are Kailua & Kainalu Elementary, Kailua Middle School, and Kailua and Kalaheo HS, depending upon location. Private school, St. Anthony, is within walking distance for most areas and goes PS-8th. Grocery and restaurants all within a mile from most locations.

PAST SALES DATA FOR BEACHSIDE NEIGHBORHOOD IN KAILUA

This year, with only one quarter left in 2009, the number of sales in the Beachside Neighborhood of Kailua is already down significantly. As of the end of September 2009 there have only been 10 sales, with the median price at $2,195,000 and the average price at $3,180,500. The lowest sale so far in Beachside, for 2009, at a jaw droppingly low price of $780,000 was for a tear down home on an 11,000 sq ft lot, right on North Kalaheo Ave. This went under contract at the end of 2008, and closed in Q1 2009, when the Kailua real estate market was looking its most dismal. I don't think anyone expects to see more deals like this.
BEACHSIDE HOMES SOLD IN 2009, THROUGH Q3 LUXURY HOMES IN KAILUA OAHU 2009 STATS THROUGH Q3 Median Price: $2,275,000 Average Sale Price: $3,180,500 Average Days on the Market: 181		Right now (end Q3 2009), there are 23 homes on the market. Over half of these are on estate sized lots (i.e. around 1/3 acre or more). The former Castle Estate, now listed for $15M, is on 1.5 acres at Castle Point, with three homes, but in the process of being divided into three single-family lots. Another 2/3 acre lot with a compound of two new residences on South Kalaheo, near Kailua Beach Park, is listed for $21,000,000. The home at Castle Point, used by President Obama for his vacation last year, is also for sale. Many of the homes currently for sale are newly renovated/developed properties, resulting from speculation in the boom years of 2004-2006 and the division of some larger lots. Some of these are now lender/investor owned, due to the market downturn and inability to build/sell. As you can see, average days on the market has gone up tremendously, more than doubling. May be time to see some major price reductions for some of these. If you want more specifics on what is currently on the market, please contact me directly at 808-721-8088. I didn't want to post all of the sales data here, because prices and availability may change frequently.

Looking to buy or sell a luxury or beachfront home, or a relaxed beach cottage or retreat in the Beachside Area of Kailua, Oahu, Hawaii? Or would you like help with luxury homes on Oahu in other areas of Oahu? I can help - I have specialized training in working with buyers of upscale homes and have 20 years experience in counseling and advising senior business executives and business owners, as well as handling multi-million dollar business transactions. I make it a point to stay up to date on market statistics and trend and track the relevant data. My membership in the Insitute for Luxury Home Marketing includes global networking and special resources for the luxury home market. Proud to be a full-service REALTOR-Broker and licensed transactional attorney, I help my clients get the best price in the shortest time, with the most information and the least hassle.

Here are some recent statistics on Single Family Home Sales that may give some insight into what is going on in the East Oahu real estate market. Over the past 6 mo, we have seen many more properties getting into bidding wars and/or selling over the list price at the time of sale, especially in Kailua. Many first time homebuyers have finally decided that they want to get in the market and some, who may qualify, are eager to take advantage of the $8K First Time Homebuyer Tax Credit for 2009. Others see this as a very good time to trade up, with interest rates still so low. I expect the market will get a little more crazy in the next few months as the end of year approaches, particularly, in the lower price points and condo market.

Kailua
Price Point
- Under 700K, 47 sold, with 17 (36%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg 76 DOM
- 700K to $1M, 57 sold, with 14 (25%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg 64 DOM
- $1M to $2M, 14 sold, with 2 (14%) AT asking price, Avg sold to list ratio was 93%, avg 116 DOM
- over $2M, 2 sold, with 0 at or over asking, Avg sold to list ration was 95%, 72 DOM

Hawaii Kai
Price Point
- Under 700K, 30 sold, with 6 (20%) AT or ABOVE asking price, Avg sold/list ratio was 95%, avg. 90 DOM
- 700K to $1M, 43 sold, with 11 (26%) AT or ABOVE asking price, Avg sold/list ratio was 97%, avg. 79 DOM
- $1M to $2M, 11 sold, with 0 at or above asking price, Avg sold/list ratio was 93%, avg. 139 DOM
- over $2M, 4 sold, with 0 over asking, Avg sold to list ratio was 88%, avg. 113 DOM

Diamondhead
Price Point
- Under 700K, 43 sold, with 9 (21%) AT or ABOVE asking price, Avg sold/list ratio was 95%, avg. 72 DOM
- 700K to $1M, 52 sold, with 8 (15%)AT or ABOVE asking price, Avg sold/list ratio was 96%, avg. 71 DOM
- $1M to $2M, 48 sold, with 6 (13%) AT or ABOVE asking price, Avg sold/list ratio was 92%, avg. 79 DOM
- over $2M, 14 sold, with 0 at or over asking, Avg sold/list ratio was 87%, avg. 84 DOM

Please note: The days on market statistics do not take into account that some properties may be re-lists. Also, the Sold to List price ratios are based on list price at time of sale, not the original list price data.