Maui Dominates Pacific Business News Top 35 Luxury Sales List
This past week Pacific Business News had some great featured stories on Hawaii’s Wealthiest Communities, which covered Kahala on Oahu, the Kohala Coast on the Big Island, Hanalei on Kauai, and the Wailea-Makena area on Maui.
Top Residential Hawaii Luxury Real Estate Transactions
There was also a list that comprised the Top Residential Real Estate Transactions from July 1, 2011 through June 30th, 2012. After going through the list, it appeared Maui (by far) dominates our luxury real estate sales here in Hawaii. Based on what I read, over half the sales took place on Maui with 18, followed by the Big Island with 8, then Kauai with 7 and Oahu with only 2?
This Portlock Estate (MLS# 1113486) is Oahu’s priciest home listing at $23 million
How Accurate Are PBN’s Numbers for Oahu?
Although I’ve heard the luxury market is strong, according to our Brokers on Maui, the Big Island, and Kauai, it just didn’t seem like Oahu would be at the bottom of the list? The lowest sale at #35 on the list was $2,850,000.
I personally know we’ve had way more sales above that price here on Oahu. So, I decided to do some digging, and as suspected, our stats literally blew away what was reported. In the same period reported in the PBN Article, we had 44 homes and 7 condos on Oahu that sold over $2,850,000.
Hmmm…there was more that sold on Oahu than the entire list! Since their article targeted Kahala as being the wealthiest neighborhood (which is hard to argue with), let’s see where the bulk of the luxury sales on Oahu took place.
Luxury Home Sales Above $2,850,000:
- Kahala had 9 sales
- Beachside and Diamond Head each had 6 sales
- Portlock area had 4 sales – the remainder of the neighborhoods had 3 or less
Luxury Condo Sales Above $2,850,00:
- Diamond Head had 4 sales
- Kakaako had 3 sales
How Accurate Are PBN’s Numbers for the Rest of Hawaii?
Based on this, one could argue Diamond Head is the place for luxury real estate when you include the condo sales. In any event, it just goes to show you that when you’re looking for real estate advice, you should contact a REALTOR. We have many wonderful agents throughout the state on the ground that are here to help you with your next luxury real estate transaction.
I’d be curious to hear from agents on Maui, Kauai and the Big Island reporting back to see how accurate PBN’s numbers were also. Was it close? Did Maui have more than what was reported? Did the Big Island really have more sales above $2,850,000 than Kauai? I look forward to your replies.