Hawaii The New "It" Spot for Lux Condos
Hawaii has always been known as a little piece of paradise and now it seems that the real estate market is booming there like never before, especially for buyers looking for second and third homes. Condos are especially popular because they can be as roomy and luxurious as a house, but take much less maintenance. Condos also often have luxurious amenities that stand-alone houses are not able to offer. Spectacular views from 20 and 30 stories high and easy beach access are among the obvious benefits, but new buildings like the Trump Waikiki Tower will include a wine cellar, lobby bar, cafe, fitness center, spa, concierge service, 24-hour room service and valet service, all of which will be available to both condo owners and hotel guests alike. These luxury condos are selling for up to $6 million, with demand expected to grow over the coming months as new developments are added.
Reader Comments (Page 1 of 2)
Honolulu condoDomain Jul 17th 2006 7:22PM
Continue to watch Hawaii, especially Honolulu. Its just the beginning of the boom!
Stacy Jul 25th 2006 8:54PM
There is no boom in Hawaii. Sellers can't sell their houses because they are so heavily overpriced. Buyers do not be fooled. Hawaii sellers are desperate with their million $ plus mortgages hanging over their heads. The bubble has burst in HI. Sellers are dropping their prices left and right.
Brad Heitz Jul 25th 2006 8:58PM
For anyone thinking that the real estate market has topped off or heading down, you better think again. Honolulu is still on the up and poised to go higher. It's location, location, location all over again. Who wants to live in Des Moins when you can have a second home in Honolulu's climate? Views, beaches, weather, people, it's not just about the Asian economy either, most buyers in this market are from the other 49 states. Hang on to your wallets, the ride isn't close to being over.
Shelby Harbison Jul 25th 2006 9:35PM
Try living on the North Shore, eating mushrooms from the farmer's field, rolling in the sand, buying your clothes at the thrift shop, and having lots of parties. All on four hundred dollars a month.
Lynn Jul 25th 2006 9:44PM
Here we go again! Monied people inflating property values out of site. It was one of the reasons I , a 33yr resident could not ever, in my lifetime be able to move back & retire there as a homeowner. I left in 1980, the inflation began shortly before then. I wondered a year ago what my former home was now worth. I had bought in 1978 & sold in 1980..made a nearly 150% profit..even then I was floored! Now my former basic tract home is worth over a half million. I worry that the few younger local residents can ever rise to that level of income to property values and realize the dream of homeownership. Paradise I suspect will forever be changed...thanks to all the Trumps of the world!
Jeff Jul 25th 2006 9:46PM
Honolulu real estate has gone from boom to bust and back again for the last 30 years. Everyone jumps from the mainland to the japenese invasion in the 80's but then reality hits. How do you pay for a 2nd homes in hawaii, The locals dont make the kind of money to pay you rent on the mortgage to support your $800,000 condo. So it will sit empty with you paying the mortgage on it, for the 2-4 weeks a year that you might be able to come use it, oh dont forget to buy a car and the airfare to get back and forth, etc. If you would like to live here 6 months out of the year great our state income taxes is 8.5% of your income dont forget to pay that too. and sales tax is called excess tax here because we tax every stop, from the wholesaler to the grocery to you, that another 4.166% and going up another .5 cents soon so we can get a railroad in 20 yrs. yah hoo! We like to call it the price of paradise. You'll be packing your bags and have the for sale sign out just in time for the next bust, but go ahead I have lots of realitor friends that love to see the mainlanders come over with their wide eyes and eat the BS up about the prices raising 15-35% in the last year, and the prices are double what they were 3-4 yrs ago. Buy now before they go higher, goodness knows there might be one more hill on the rollercoaster before the big fall again. hehehe
Kate Jul 25th 2006 9:51PM
I have to laugh at all the Chicken Littles out there.
God forbid that your million dollar home sells for only $900K. Trump would not be building there if there was no demand. Read between the lines....you don't want to buy when it is a sellers market !!
HMC Jul 25th 2006 10:14PM
Housing Boom..... sure is on Oahu, not sure about the other islands although I'm sure they are experiencing it as well. Try renting a studio for under $1000.00 a month. If people keep paying the high prices for homes on this island, then of course the prices will keep rising. And of course the more you buy the more people come here to live and then there's more traffic. Our roads are not equipped for it. I'm all for making a buck but at who's expense.
Paula Jul 25th 2006 10:38PM
North Shore Condos, only 8 left-Turtle Bay Resort. Very special setting in an aread poised to see tremendous value in the next 18-24 months.
Debbie Jul 25th 2006 11:10PM
It is truly a shame that in Hawaii that those who can afford to buy vacation homes and the like have inflated the market so much that the average working class person cannot afford to live there. My husband and I have checked in to relocating (in part because our children are Asian and feel so much at home there). However, we'd have to work 2 jobs to make ends meet -- so what would be the point of living in paradise?
kimi Jul 25th 2006 11:18PM
ah yes, left Hawaii early 90's for more opportunities, only thing is, now my poor kamaaina husband will never get to retire in his homeland because everyone thinks paradise can be bought.
Rick Martin Jul 25th 2006 11:44PM
the font you picked looks cool but is really hard to read. I am sure older people and people with slightly bad eye sight like myself have trouble reading it
Robin Jul 26th 2006 12:05AM
Pushing Hawaiian luxury towers may not be such a good idea. Especially on Oahu where in and around Waikiki traffic, parking, infrastructure and unrealistic cost of living prices make it very undesirable to be an "It" place. Albeit beautiful and a desirable place to visit, it remains a small island far out in the south pacific and not supported by a large nearby coast line.
Robert Ballew Jul 26th 2006 12:22AM
Great place to visit, but, at 3:30 in the afternoon, it is bumper to bumper traffic along the coast roads..then, there is the multitude of neon fast food signs thru-out paradise...IZ hit the nail on the head when he lamented, "What would the King and Queen say now," if they could see what we have done to paradise? The Islanders cannot even get down to the water without getting arrested for trespassing on hotel property....Despite us tourists, some of the real island still shines thru and around, the development...
Surf Dad Jul 26th 2006 12:24AM
The housing bubble has burst!Forclosures are way up due to all the Interest only and Adjustable rate mortgages. Check back in 9 years, thats how long it took after the last (Japanese) bubble popped.
thegreatjason Jul 26th 2006 1:15AM
Locals in Hawaii are rich. The national news reported that one in ten is a millionaire. If they are poor locals, you people must be zillionaires.
DMC Jul 26th 2006 1:36AM
EWA BEACH is the place to go!!! Nice Condos and reasonable!!Starting at $450K (Ocean Point)...Nice family neighborhood. The Island is small....prices are only going up! The climate is awesome all year! The ocean is wonderful! What more could you ask for.....
James Jul 26th 2006 1:45AM
I have to laugh at some of the comments posted that tell you the real estate market is still booming in Hawaii--sure the prices haven't dropped yet but they will--check how much inventory is stagnating this year as compared to last year--anyone telling you the market is still hot is probably desperate to sell.
Jim Jul 26th 2006 3:17AM
Housing bubble has not burst at all on Oahu. Homes are still selling quite well and real estate agents are reaping the big benefits. My home doubled in value in less than three years and will be on the market soon. This will be my second time making a good profit in Hawaii, but this time I will put it in several acre's and a home in Texas and not have any house payments. Thats my real American dream becoming a reality. Oahu is screwed because of the poor planning by career politicians. Allowing all these new homes in Ewa and Kapolei without doing something about preexisting traffic jams is the problem. You dont build thousands of new homes and allow more without changing the infrastructure. "politicians/taxes/traffic" Thats the three key items causing people to leave Oahu behind.
LLCC Jul 26th 2006 3:26AM
Can't comment on trends but I just paid $800,000 for a piece of cr#p house in an average neighborhood and there were multiple cash offers comp to ours.
We got out bid last week on another $800,000 dump.