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.
Honolulu has been mostly resilient as far as foreclosures go compared to the rest of the mainland U.S. The numbers have been rising lately however. Today's article in the Star Bulletin shows how we are now in the middle of the pack with nationwide foreclosures. Although nowhere near Las Vegas, etc. the trend is we will have many more foreclosure occurring based on the number of short sales on Oahu.
If you're looking for a great buy, here are some listings I put together of REO or "lender owned" properties available on Oahu:
On Oahu, inventory of short sale single family homes is nearly 10 TIMES that over REO inventory and condo short sales are almost 8 TIMES that of REO condo inventory. As of today, there are 18 available single family home REO listings on the market. There are an additional 40 in escrow right now! Meanwhile there are 207 available short sale homes on the market and an additional 97 homes in escrow. For condos, there are 33 available condo REO listings available and 19 units in escrow. Meanwhile, there are 234 available short sale condos with 106 in escrow. What does this mean? Many more REO listings will be coming on market on Oahu as short sales don't go through & you'll see that they sell much faster than short sales. If you're looking for a great buy, it's important to line yourself up with a good buyer's agent!
On a recent Friday, I loaded a new REO listing in MLS & by mid Saturday, we had 3 calls for showings! Since then, we've had multiple offers, several above asking price! REO or lender owned property can be a great source for purchasing a home. We at Hawaii Life represent lenders to help them sell their assets when they get them back from a foreclosure. In addition, we can help buyers looking for a great deal. Here's a gallery I've put together of some Oahu REO homes for sale. Stay tuned... we'll have more to come!
In our 3rd part in a series of Where to Find Oceanfront Condos on Oahu, we leave Waikiki and head clockwise all the way to Ko Olina before we run into more oceanfront condos. A number of harbors take up a good portion of prime real estate along the way... Ko Olina is a resort along Oahu's leeward or west shore. The climate is very similar to the resorts on the western shores of outer islands like Maui's Kaanapali and the Kona side of the Big Island. It is also a relatively new resort and kind of reminds me of what Kaanapali was like when I was a kid there in the early '80's... There's a number of newer construction condo projects there, however only 2 oceanfront complexes: Kai Lani (built by Armstrong builders in 2003) and The Beach Villas at Ko Olina (Recently built by Centex). Although both on the ocean, they are quite different. Kai Lani is more of a low rise, townhome style & The Beach Villas are in a high rise on one of the man made lagoons. Some of the other properties that front the ocean in Ko Olina are the Ihilani by JW Marriott, a timeshare project by Marriott and Hawaii's soon to be built Disney themed hotel.
Ko Olina real estate has been hit harder than other areas of Oahu because the majority of the people that bought were speculators and second home owners. There are a number of short sales & foreclosures on the market there. This in my opinion is a good time to buy within the next year. In addition to the Disney hotel going in, there are now going to be retail shops and a convenience store so you won't have to drive all the way to Kapolei to pick up some necessities. Once these projects are built, there won't be a whole lot left there, especially when it comes to oceanfront!
Here's a gallery I put together of Ko Olina oceanfront condos. Enjoy 
The "Buck" Stops Here for All Your Real Estate Needs! David E. Buck (RA) at your service! Your local source for information, satisfying his buyers and sellers needs! Servicing all of Oahu, Hawaii.
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