O‘ahu’s Kaka‘ako Condo Sale Prices Hit the Stratosphere

More ultra-luxury properties have been selling on O‘ahu this year. We take a look at why, and where the buyers are coming from.

By Rachel Ross Bradley

The units in Waiea can go for more than $10 million.

Photo: Courtesy of Howard Hughes Corp.

In recent years, it seemed O‘ahu was no longer a top choice for luxury second-homeowners in Hawai‘i, with buyers opting for Kūki‘o or Hualālai on the Big Island, Hanalei or Kukui‘ula on Kaua‘i, or Wailea and Kā‘anapali on Maui. However, the Honolulu Board of Realtors September statistics show that O‘ahu has seen a large increase in the number of ultra-high-end home sales recently, namely those greater than $10 million.

THE UNITS IN WAIEA CAN GO FOR MORE THAN $10 MILLION.

PHOTO: COURTESY OF HOWARD HUGHES CORP.

In 2016, only three homes sold for more than $10 million. Two were estate properties and one was a condominium. In 2017, we saw that number spike to nine, largely due to the closing of sales at Waiea, Anaha and Park Lane, which all brought a high level of luxury not previously found in O‘ahu condos. Seven of those sales were condominiums and two were estates.

And now, three-quarters of the way through 2018, we’ve seen 12 sales greater than $10 million on O‘ahu. Surprisingly, 10 of those were single-family residences and only two were condos. Statewide, we saw 12 homes over $10 million sell so far this year on all the Neighbor Islands combined.

THE UNITS IN WAIEA CAN GO FOR MORE THAN $10 MILLION.

PHOTO: COURTESY OF HOWARD HUGHES CORP.

Our island is attracting high-end buyers once again, likely due in part to the new high-end condominium options available, such as Park Lane, Kāhala by the Sea and Ward Village. We took a look at where they’re coming from, and the demographics are surprising: It’s not all Japan, as we expected. Of the 12 sales over $10 million this year, tax records show that five buyers were from California, three were from Japan, one was from Singapore and the remaining three were local buyers from Honolulu.