MARKET REPORTINTEGRITY - HONESTY - EXCELLENCE

2011 Average Sales Price Per Transaction for Top 10 Oahu Brokers in Sales Volume, Jan-Dec 2011

View Larger Graph As part of Choi's commitment to excellence, our Market Report ensures that each client has access to the most up-to-date real estate market information for their specific needs. Buyers and sellers can obtain current information and statistics that allow them to stay apprised of market developments, alert them to dynamic trends, and ultimately enable them to make practical, informed decisions on their investments.

View the latest Honolulu Board of Realtors' MONTHLY HOUSING STATISTICS and LOCAL NEIGHBORHOOD reports which analyze residential resale activity on the island of Oahu.

APRIL 2012
LUXURY REAL ESTATE MARKET - HONOLULU, HAWAII
Asia Markets: As the market continues on the upswing, Patricia Choi is traveling through Asia, promoting Hawaii real estate. 

Korea continues to be an economic giant, which is good news for Hawaii.  A limiting factor in purchasing homes is an ethics limit of USD$3 Million.  That is not to say that more expensive homes cannot be purchased, but it takes different circumstances to justify greater amounts.

China’s interest in Hawaii is growing.  Choi International has 2 agents who visit Beijing regularly to develop our ties with qualified sources of Chinese business.  Monetary limitations of $50,000 per person make funding purchases more complex.  Shanghai and Hong Kong have been rewarding venues for real estate sales, with Patricia’s 4th visit to these cities.

As for the health of the Honolulu market, there is a steady continuation of the upswing in the market.  The easiest way for non-residents to gain a perspective of the health of our markets is to look at the chart illustrating the median prices in Honolulu since 1987, which can be viewed on page 24 of HBR’s March Housing Statistics report.

Choi International is squarely in the high end market, having sold 5 out of the 6 sales of single family and vacant land on Kahala Avenue (our most prestigious properties) from July 2010 to December 2011.  This reinforces our detailed market knowledge of high end transactions.  For the high end market, we have seen 37 sales over $3 million island wide in 2011 versus 32 sales in 2010, and the prices have been getting higher.

In our view, the current demand for high-end properties validates the MSNBC study, cited here last June and which noted that Honolulu is the second most robust market in the United States, second only to Silicon Valley in California.

Buyers from markets that have seen sharp decreases in prices simply cannot understand the dynamics of our market.  The market here is stable for the following reasons:    

First, Honolulu has relatively few foreclosures, due to conservative banking practices that were more like Canadian Banks.  There were very few sub-prime loans in Honolulu.  Our lending practices involved substantial down payments and strict appraisal standards.

Second, there is not a lot of inventory.  Unlike Las Vegas or parts of California or Florida, Honolulu had relatively little housing development in the high end market.  There were some developments in lower price ranges, but new high-end single family homes are small in number.  The available inventory of luxury homes does not afford a lot of choices, so when a spectacular property or one with a good location comes on the market, the demand is high.  It is the law of supply and demand that drives our prices. 

Third, demand is high, because we are the targets of a world-wide search for paradise, which Hawaii represents.  People seeking clean water, clean air, security, good schools, world class medical care and a healthy life style all gravitate towards Honolulu.  It is simply the best place in the world to live.  Couple that with a weak dollar compared to other currencies (like the yen) and one can begin to understand why our real estate market is so strong.

All of this points out that if you are not familiar with Honolulu Real Estate, you should be getting specific information from the best professionals, starting with Patricia Choi, Honolulu’s #1 Realtor for the last 16 years, and the team of experienced agents at Choi International.  We invite you to e-mail us at hawaii@choi-realty.com or call 808-734-7711.

Here are some resources/information that may be helpful for local residents:

CorePower Yoga - Kahala Mall (recently opened in former Lenscrafters location)
www.corepoweryoga.com

Simply Organized - Kahala Mall (opening soon in former Champs location)
http://www.simplyorganized.net/

Kahala Fitness – Located above Urgent Care, across Kahala Mall.
Provides personal training that has been helpful to our staff. Call Garrett Bell at 732-3427.

Jazzercise – Niu Valley Elementary School; Waikiki Elementary School
Group fitness class combining cardio, strength, and stretch moves for a total body workout using moves from hip-hop, yoga, Pilates, jazz dance, kickboxing, and resistance training. jcls.jazzercise.com

Zumba – Kahala Elementary School
Workout routines set to a lively fusion of Latin and international music and feature aerobic/fitness interval training and resistance training. www.nrgizefitnesshawaii.com

Appliance Service Center (Earned an A+ rating from the Better Business Bureau.)
We have used the company for a wide range of upscale appliances like Sub Zero, Wolf, etc. and found the service to be exceptional - Call Alan Kurahara at 521-2337.
 
Choi International stands apart from other companies in our emphasis on representing buyers and sellers of exceptional properties. For further information, please feel free to e-mail us at hawaii@choi-realty.com or call us at 808-734-7711.