MARKET REPORTINTEGRITY - HONESTY - EXCELLENCE

2010 Average Sales Price Per Transaction for Top 9 Oahu Brokers in Sales Volume

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 STATISTICAL REPORT which analyzes residential resale activity on the island of Oahu.

DECEMBER 2011
LUXURY REAL ESTATE MARKET - HONOLULU, HAWAII
As the year closes, there is not much that has changed since our last Market Report.  This has been a good year for luxury or high-end real estate in Honolulu as far as prices go for the Sellers. Yes, it was a good year for Sellers.

Choi International is squarely in the high end market, having sold 5 out of the 6 total sales of Single Family properties on Kahala Avenue (our most prestigious properties) in 2011.  This reflects our detailed market knowledge of high end transactions. For the high end market, we have seen 37 sales of Single Family homes over $3 Million islandwide in 2011 versus 32 sales in 2010.

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

Buyers from markets that have seen sharp decreases in prices may have difficulty understanding 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 are 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 for Hawaii properties is high because our islands represent a worldwide search for paradise, which Hawaii represents. People seeking clean water, clean air, security, good schools, world-class medical care and a healthy lifestyle 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.

For those who are not familiar with Honolulu real estate, it is important to obtain specific information from the best professionals. Starting with Patricia Choi, Honolulu’s #1 Realtor for the last 15 years and her team of experienced agents at Choi International. Please feel free to e-mail us at hawaii@choi-realty.com or call 808-734-7711.

Blog Notes: We are planning to start a Blog, but in the meantime, here are some resources/information that may be helpful for local residents:

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.

**Traffic Hazard: Corner of Pueo Street and Kahala Avenue**
The homeowner at the corner has bushes that block the sight line to the left as you enter Kahala Avenue. 
 
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.