Kailua Real Estate News
Kailua Attracts Both Entry Level and Luxury Buyers
Article from the Honolulu Star Advertiser on June 27, 2010
With the dramatic backdrop of the Koolau mountains to the west and a shoreline that includes a beach rated among the world’s best to the east, Kailua has a well deserved reputation as one of Hawaii’s most desirable residential communities.
The escalation of prices for both single family homes and condominiums and the declining inventory experienced over the past ten years reflect its appeal to a wide range of buyers.
While single family home and condo prices on smaller lots in the off-water subdivisions hover around the median price for Oahu, prices are now soaring up over the millions for the larger view estates and beachfront or beachside properties.
Prudential Locations Realtor and Partner Corinda Wong CRS notes that although the median sold price for the last six months for Kailua single family homes is $760,000, the median list price is $1,249,500 reflecting the 79 homes listed at over $1 million and three priced at over $10 million.
"In general, Kailua is a very stable market for both single family homes and condos," Wong said. "Condo listed and sold median prices over the past six months, have been $437,000 and $365,000, respectively. The condos and townhomes generally provide the best opportunity for first time home buyers and the young families who have set their sights on Kailua. Occasionally a single family home may go on the market in the low $500,000s but you really have to be ready to make an offer for these kinds of buys when they become available...I would urge potential buyers at this price point to get their financing lined up and keep an eye on the market. We are also seeing a lot of move-up buyers within the Kailua neighborhoods who are ready to transition from, for example, a condo or townhome to a single family home, but they also have to find a buyer for their present home, so timing for these types of transactions is critical. Buyers from other Oahu communities looking for a single family home in the $900,000 range are generally pleasantly surprised when they see what’s available at that price point in Kailua."