As reported by KITV News, the number of single-family homes and condominiums resold on Oahu in August dropped while the median price climbed, according to figures released Wednesday by the Honolulu Board of Realtors.
In parallel with the overall housing market, the luxury market follows a cyclical pattern. Sales of luxury homes hit a low point in early 2009, mirroring the overall market. Traditionally, luxury home sales lead a market recovery, where we have seen increased sales in luxury homes before the pace of sales in the rest of the market catch up.
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Please view the links below for this week’s Listing Alerts.
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Oahu’s Prudential Locations, a local Real Estate Brokerage firm, produces some of the industry’s best quarterly reports concerning the real estate mrket. This was taken from a larger report, “Oahu Luxury Home Real Estate Market Report”.
“Sales of homes priced in the million-dollar-plus range throughout Oahu’s highend neighborhoods are on the upswing so far this year. A variety of factors, including limited supply, elevated international appeal and increased investor levels are contributing to this market segment’s recovery, despite a continued down cycle in the overall mainland luxury home market. These factors have resulted in better performance in pricing, sales pace and inventory levels.
| Most people think that the lower the selling price of a house, the lower the monthly payment. Borrow less, pay less. It’s common sense, right? But what many people fail to realize is the cost of money – the mortgage interest rate – can be far more important than the cost of the home. |
Waterfront, View Condo at Ilika Marina in Waikiki – Incedible Value at $375,000
Ilikai Marina Condominiums
1765 Ala Moana Blvd 486
Honolulu, HI 96815
Price: $375,000
1 Bedrooms, 1 Bathrooms
679 Square Ft
Listing # 1010144
You’ll find absolutely stunning views of the Ala Wai Yacht Harbor, Pacific Ocean, Ala Moana Beach park, Magic Island and sunsets to drool over.
STUNNING direct ocean, yacht harbor & Magic Island views. Enjoy Hawaiian sunsets & Friday night fireworks. Totally remodeled in 2006 w/granite counters, maple kitchen & bath cabinets, stainless appliances, patterned tile flooring & custom built in living room cabinets w/Mahogany wood counter top. Walking distance to Waikiki, restaurants & beaches.
In a move that sends either shivers of delight or shudders of loathing among fans of Hawaii, Disney is set to open its first resort in Oahu next year.
The 800-plus-unit property, dubbed “Aulani, a Disney Resort & Spa,” is designed as a Polynesian village (albeit one with high-rise towers) that will include hotel rooms and two-bedroom Disney Vacation Club Villas.
The 8.5-hectare resort is being built in Ko Olina, a golf and vacation development that already has a Marriott resort and a man-made beach carved out of the rocky coastline.
U.S. Energy Secretary Steven Chu says a wind farm planned for Oahu is using innovative technology and could set an example for other wind farms across the country.
Kahuku Wind Power LLC will use batteries to store energy generated by the farm’s wind turbines.
The system will allow Kahuku Wind to deliver a steady supply of power to local utility Hawaiian Electric Co., even as wind levels fluctuate.
The City & County of Honolulu will upgrade its aging sewer system to prevent spillage and contamination as part of a settlement announced Monday with the U.S. Environmental Protection Agency.
The settlement is in response to four lawsuits filed over the past 16 years.
The questionable fitness of the city’s water treatment gained greater public awareness after nearly 48 million gallons of sewage entered Waikiki canals in 2006 when rainwater overloaded the wastewater system.
Honolulu Condo Buyers: Freddie Mac Says Interest Rates at Historic Lows
According to “USA Today”, “Mortgage rates fell this week to the lowest level on records since to 1971, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
The average rate for 30-year fixed loans sank to 4.69%, from 4.75% last week, mortgage company Freddie Mac said Thursday.
That’s the lowest point since Freddie Mac began tracking rates in April 1971. The previous record of 4.71% was set in December. Rates for 15-year and five-year mortgages also hit lows.
