From just north of Kailua, all the way up the east side of Oahu to the North Shore, is the Kaneohe area. While not known primarily for luxury homes, there are many beautiful high-end properties both on the water and up in the hills.
In Kaneohe, you can purchase a large equestrian property or waterfront home for quite a bit less than you'd find in Honolulu, Diamond Head, or Kailua. Some of the homes situated right on the water have beautiful views of the sunrise and sweeping views of the ocean.
Much of Kaneohe's land is zoned as agricultural or preservation, which means less density, larger lots, and more acreage available for those who want to raise animals, farm, or just enjoy having some open land.
The Kaneohe Bay offers water sports like fishing, skiing, and diving, and has calm water all year round, and since Kaneohe is only a short drive from Kailua, it's a great alternative for those who want more property for less money, or for those who enjoy being away from the crowd.