HAWAII—Luxury is on Oahu, in Ko Olina and on the North Shore. It is on the Big Island's Kona coast. On Maui, where Canadian investors are cashing in on favorable exchange rates. On the Kohala Coast, where power players from all over the world come to live and play near world-class resorts.
In short, so far as the luxury market in Hawaii—especially on the Big Island—life is a beach. And getting better. "The market trend is definitely up," says Steve Williams of Coldwell Banker Pacific Properties in Waikiki. "The year-to-date median sale price of single-family homes in East Oahu is up 26.9 percent from last year, and on the North Shore it's up 58.9 percent, according to MLS figures."
Margaret Murchie of Coldwell Banker Pacific Properties in Kahala agrees. "Things are booming on Oahu," she says. Condos, especially, are hot, she says, thanks partly to a plethora of hotel construction and partly to smart investors. "Buyers planning on retiring here, who want to get into the market now, are buying condos as the maintenance is easier to manage," she says.
While some luxury investors are first-time buyers, most are second- and third-home buyers from around the Pacific Rim—and American mainlanders looking for a calm port away from world political turmoil, says Anne Hogan Perry of Coldwell Banker Pacific Properties in Kahala. "They love the fact we are paradise yet in the United States versus the pros and cons of buying in foreign countries."
They also come because—let's face it—it's Hawaii, and people want to enjoy it. "Younger buyers seemed very focused on quality of life enjoyment," she says.
This article provided courtesy of Unique Homes Magazine and does not express the views of Coldwell Banker Real Estate Corporation.
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