Whatever you think your Hawaii home is worth, add 20%, because that's probably how much it will go up in the next few months. The real estate market is absolutely on fire right now. There are not enough homes on the market, and the average house is selling in under 10 days.
In Ewa and Kapolei, the inventory is currently 0.3 months, while normally it's about 6 months of inventory available. We have seen listings receive 20+ offers, all over asking, especially under $1million. The market over $4million is a lot slower, but anything up to about $2million sells quickly.
The number of sales dropped by 0.6% only because inventory is so low! Condo sales had a 1.7% increase compared to the same period last year. The number of homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%
Thousands of people are escaping the mainland chaos and moving to Hawaii! Well, here is your dream escape property - 5.5 acres of off the grid farm living with an ocean view.
I recently visited this amazing property on the North Shore, 56-1080 Kamehameha Hwy, and was blown away by what I saw. Great job Jana Staggs on this listing!
Priced at $2.5million, this amazing property is a good value, considering it sits on about 240,000 square feet of land and has room for farming, horses, and more. It's about 5 1/2 acres, which in Hawaii is massive.
As you wind up the nearly unmarked road away from the beach, you come around the bend and find this beautiful property that is completely off the grid and has a separate in law unit, a work shop, a farm, a shooting range, and more.
The main house is 4 bedrooms 4 baths, and the guest house above the garage has plenty of room for visitors.
It's completely off the grid with its many solar panels, and has ocean views from multiple rooms. You can watch the sunrise and have horses & farm animals on this massive lot. There is also a 768 Square foot workshop above the garage and a farm shed of about 1,000 Square Feet. Listed at $2.5mil by Corcoran Pacific Properties.
Look at this quality construction!
The property is on a private septic system and has its own well water with a 2,800-gallon storage tank. It's about 10 minutes past Rocky Point (coming from Haleiwa side) near Turtle Bay resort. Below is the beautiful wide open kitchen.
And you should watch the video
Here is a photo of the land itself, highlighted.
And you get a view of the ocean from the bedrooms.
If you're looking to escape California or NY and move to Hawaii - this is the property for you. No crowd, no pollution, and likely no Covid for miles!
And this is the 'worskshop' that would make a perfect homeschool room!
The Kawaguchi Group is excited to announce that we have joined eXp Realty Luxury Collection in Hawaii.
Since our previous broker became a Realogy company, we decided to avoid paying expensive franchise fees and commission splits for an office that we never used.
With 20 years in the business and 7 Top 100 awards, we had generous offers from a dozen brokers.
So why did we join eXp?
1.100% commission after paying a company cap of $16k at an 80/20 split. For the average agent with about $3mil per year in closings, that saves about $10,000 per year in their commission split. What would you do with $10,000 extra per year?
2. Stock Awards: eXp agents can invest 5% of commissions to purchase company stock (EXPI) at a 10% discount.
3. Revenue Share: eXp agents receive about 3% of the company’s income before profits, for any agent you attract to the company! This creates a monthly passive income for you, as long as that agent is with eXp. Many eXp agents are earning over $10k per month in revenue share.
4. Brick and mortar is dying, and cloud based business is NOW. No more desk fees and empty offices. The virtual office at eXp is like no other broker in the world, with dozens of free live classes offered weekly on the cloud.
5. We are rebranding eXp in Hawaii. The eXp Realty - Luxury collection is new to Hawaii, and The Kawaguchi Group will be growing that brand on Oahu to become one of the premier agencies for luxury business.
Let me begin with...It's an extremely difficult time right now, not only for Hawaii and the US, but for the whole world. Your stress and feelings of isolation and "when will this end" are not yours alone. We are fervently praying for full restoration from this major health crisis.
We have a lot of people asking us:
-"How can you see homes for sale in Hawaii while under during coronavirus?"
-"How can you can you buy a house while in quarantine in Hawaii?"
-"Do you have to stay in your hotel room during quarantine in Hawaii?"
Here is an official statement from the Governor...
"Governor David Ige has ordered that all persons entering the State of Hawai'i to self-quarantine for 14 days or for the duration of their stay in Hawai'i, whichever is shorter. Upon arrival, residents are required to quarantine in a designated location in their residence. Visitors will quarantine in their hotel room, rented lodging or in a room if staying at a residence. Quarantined individuals may only leave their designated location for medical emergencies or to seek medical care. Failure to comply with all rules and protocols related to quarantines is punishable by fines of up to $5,000 and/or imprisonment of up to one year."
How can you buy Hawaii real estate during Covid?
I have helped many people "look" at homes through face time and videos while they're in quarantine, or still on the mainland. While not everyone is ready to make an offer based on a video, some people actually are buying homes while not having seen them in person. It's quite common with our beloved military folks who sometimes just want to be able to walk into their own home when they first arrive on Oahu. We do extensive video walk throughs so that the buyer can truly see what is happening in the house, and of course you get a professional home inspection done after the offer has been accepted.
Hawaii is very dependent on tourism as it's major economic industry. It provides approx. 21% of the state's economy, with many of Hawaii's largest industries revolving around the constant flow of tourists.
Initially when the government "shut down" the state to tourists, locals were happy and we have really enjoyed having the beaches and establishments to ourselves. But that is long gone as we only want our 'normal' Hawaii back. To be able to go to the mall, or our favorite restaurants again and see everyone flourishing and enjoying each other. But, with interest rates so low right now, many local buyers are able to take great advantage of the lack of competition from mainland and international buyers.
Like most of the mainland, the Hawaii real estate market is hot right now. We still have more buyers than homes for sale (inventory), so that makes for multiple offers on some homes (in micro markets) and time crunches to get in to see the new listings that come up for sale. We recently had a listing with 29 offers - all over asking!
If you have questions about this, or any aspect of real estate here OR on the mainland, please don't hesitate to call us. We want to be able to help answer your questions, and ease your mind during this crazy time.
I'm looking forward to the day where I can give my friends and clients a big hug again. That is truly what Hawaii is about. ALOHA.
Don’t miss out on this unique opportunity to own this striking, beachfront home located in Haleiwa at Rocky Point. This property is one of the few homes on the North Shore to hold a Legal Vacation Rental License and it is currently the only one available for sale.
59-181D Ke Nui Rd, Haleiwa, is situated between Rocky Point and Sunset Beach, this property is a sought-after location for tourists and locals, as it displays breathtaking sunset views all year round. Within minutes of many snorkel sites and a short walk from the big swells of the famous Banzai Pipeline, this home is an epicenter of endless opportunities for surf and sun.
One of the best parts of this home is the expansive great room. The great room is perfect for hosting, as it is extremely spacious and accommodates a large dining room table and double sofas. It also enjoys a panoramic view of the ocean, which allows for cool ocean breezes and picturesque sunsets.
The great room rolls out into a tranquil, beachfront deck with impeccable views of the ocean and the mountains of the North Shore.
The upstairs has a renovated full kitchen, which features new stainless-steel appliances and beautiful counter tops. The spacious master bedroom is also located upstairs along with an immaculate en suite bathroom.
The master bathroom is a modern masterpiece. This attached bathroom includes new white subway tiles, a vast rainfall shower, and a pristine vanity.
Two additional bedrooms are located downstairs along with a guest bathroom. Each bedroom is spacious and includes large closets. The guest bathroom has updated white subway tiles and a rainfall shower, similar to the master bath.
Additionally, a cozy, stylish den is located downstairs with a retractable privacy curtain, which allows for an additional sleeping area if needed. The den also opens up into a deck with striking ocean views.
This home is thoroughly equipped to make beach trips effortless, as a sliding door downstairs leads directly to the beach. Additionally, there is a private outdoor shower to rinse off after returning from all the fun in the sun.
On top of this, the property includes premium amenities, such as central
A/C, secured parking for 2 vehicles, fully gated yard with view of the mountains, and more. As a bonus, windows on all sides of the house have beautiful views of both the beach and mountains.
This stunning 3-bedroom, 2-bath home at 59-181D Ke Nui is a total of 2,738 square feet. Listed at $2,990,000, this one-of-a-kind, TVU licensed home is a remarkable find!
Here is a video of the property:
Contact Team Aloha Tony today to check out this must-see home as soon as possible!
A report by First American Title broke down the 2019 Oahu buying market by country, state, and region. According to the report, the top four buyers on Oahu in 2019 were:
1.United States: 11,569 buyers, Sale Price Sum: $8,082,383,847
2.Japan: 242 buyers, Sale Price Sum: $242,751,568
3.Canada: 26 buyers, Sale Price Sum: $16,728,167
4.South Korea: 23 buyers, Sale Price Sum: $27,053,963
According to the top buyers by state, the number of buyers from Hawaii was drastically more than any other U.S. state. Below are the top five buyers by state:
1.Hawaii: 10,563 units sold
2.California: 439 units sold
3.Washington: 85 units sold
4.Nevada: 49 units sold
5.Texas: 39 units sold
Lastly, the report highlights the top buyers per zone on Oahu in 2019. It is clear how the Kapolei area continues to grow with new neighborhoods and businesses, giving credit to its title as Oahu’s Second City.
The three zones on Oahu with the highest number of buyers were:
1.Zone 9 with a total of 4,153 buyers
a.Zone 9 includes communities such as Kapolei, Ewa, Waipahu, and Pearl City
2.Zone 2 with a total of 3,798 buyers
a.Zone 2 includes Honolulu and Waikiki
3.Zone 3 with total of 1,176 buyers
a.Zone 3 includes Kahala and Hawaii Kai
Overall, Oahu remains a sought-after place to live and work, reflected by its prevalent real estate market for many buyers.
If you have any questions about the current housing market, do not hesitate to give Team Aloha Tony a call today!
According to a market survey by Freddie Mac, mortgage rates dropped to an all-time low as of Thursday, May 28th.
“The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year history, breaking the record for the third time in just the last few months”, Freddie Mac reported.
Mortgage rates fell to an average 3.15% for a 30-year-fixed-rate-mortgage, compared to 3.28% at this time last week.
With interest rates at a historic low, now is a great time to speak with a real estate professional about moving forward in your buying process. Taking advantage of these record low mortgage rates today could save you a lot of money in the long run.
This is also good news for anyone considering selling, as low interest rates are drawing homebuyers back to the market.
Whether you are considering buying or selling, be sure to connect with a trusted real estate expert to help you make informed decisions.
According to the latest report released by the Honolulu Board of REALTORS ® on May 6, last month’s (April 2020) median sales price remained steady and even showed a slight uptick compared to last year.
The report showed single-home median sales price had risen 5.5 percent to $809,000 compared to $766,650 in April 2019. The median sales price for condominiums also rose 7.4 percent from $418,950 to $450,000 compared to last year at this time.
Although COVID-19 has affected the number of listings on the market, Tricia Nekota, president of Honolulu Board of REALTORS ®, remains confident that “once consumers begin to feel some relief from the impacts of the pandemic, it’s likely we will see listing and buying activities slowly increase”.
In the meantime, Nekota also added that“despite our low inventory, REALTORS® continue to help serious buyers secure their perfect home.” If you are considering selling your home, now may be a great time as sale prices remain steady and buyer options may be limited.
Contact Team Aloha Tony to speak with a trusted real estate advisor today!