Oahu Luxury Real Estate Sales up in 1st Quarter

Both single family homes and condos that sold on Oahu above $1 million outpaced 2010 levels as of the end of March.

Diamond Head home (MLS# 1100011) overlooking grounds of the Doris Duke Estate

Single family homes sales above $1 million increased 9.7% with 79 sales compared to 72 last year. The highest sale to date was an estate on Diamond Head Road listed for $14 million I wrote about in November, that closed for $10.6 million (cash).

Although this was a significant discount off the asking price, this same home sold for $9 million in a much stronger market of 2005. This really says something about our luxury market on Oahu today. There aren’t too many parts of the country that multi-million dollar homes are selling for more today than they were back then.

Even more impressive was the luxury condo market. Condo sales above $1 million were up 292% from last year, jumping from just 13 sales to 38! The highest condo sale to date was a tight race with 2 sales neck and neck. There were two combined units that sold at Hokua for $4,550,000 and one at Trump Tower Waikiki that sold for $4,497,900.

This penthouse at The Pinnacle Honolulu (MLS# 1012111) is listed at $12.5 million

If you have home interest in luxury real estate here on Oahu, feel free to contact me for more information.