Sales and median prices of all luxury homes on Oahu declined by 4% in May, compared to a year ago, but the number of condominiums that sold for $1.5 million or more last month rose by 36%, according to a report from Coldwell Banker Pacific Properties.
This oceanfront home has the feel of complete privacy; when you’re inside the house, or enjoying the sun-drenched expansive lanai, you are hidden away with the shorebirds to keep you company, and an occasional surfer in the distance.
An affiliate of Blackstone Group has purchased the Kalaeloa Rental Homes — a portfolio of 520 former military apartments at Kalaeloa, the former Barbers Point Naval Air Station in West Oahu — from Rockpoint Group for $211.5 million.
Sky Ala Moana, Avalon Development’s $510 million twin-tower condominium and hotel project near Ala Moana Center, has sold nearly half of the 390 residential units in one tower less than two months after launching sales, and is on track to start construction as early as January.
It’s nearing 9pm when the cravings begin. After the end of a long work week, the lure of a late-night sushi dinner shared with a handful of close friends proves all too appealing. And on this night, it’s the siren song from Rinka, a lovely homestyle Japanese restaurant, that can’t be denied.
Sales of luxury homes on Oahu that sold for $1.5 million or more declined slightly in February, compared to a year ago, while the median price of those homes fell 20 percent to $1.9 million, according to a report from Coldwell Banker Pacific Properties.
In Manhattan, there are around 500 homes asking $10 million and up, and a surfeit of mega-pricey properties is also appearing in Los Angeles and Miami. The growing glut of wildly expensive homes begs the question: Are there enough people who can afford them?
The growth of Hawaii’s economy has slowed, with lower visitor spending, negative population growth and a dropoff from several record years in construction activity, yet the University of Hawaii Economic Research Organization sees a positive forecast for 2019.