Real Estate Virtually Changes Its Game

While everyday life slows its pace due to the effects of COVID-19, some industries are rebounding. Real estate is one of those industries, with Oahu’s median sales price for single-family homes reaching its highest ever level at $839,000 during the month of August. Coupled with historic low interest rates, all segments of the market – from starter homes to luxury residences for the mega-wealthy – have allowed temptations of a buying dream home to remain a reality.

Using technology during a pandemic with social distancing, mandatory masks and modified shutdowns, real estate firms have easily and rapidly adapted by showcasing homes in just the right fashion to entice those looking to make the big move.

Oahu recently recorded its seventh-largest real estate transaction by virtual means with a notable sale of a 3 bedroom, 3 ½ bath, 3,324 sq. ft. residence at Park Lane near Ala Moana Center – for $8.3 million. Originally listed at $8.8 million by Noel Pietsch Shaw, (RA) of Hawaii Life, a buyer from the West Coast inquired about purchasing a residence from the company’s website, corcoranpacific.com.

Patrick Chandler (RA), a Corcoran Pacific Properties agent who works with military relocation and online inquires, received the inquiry on an early May morning.

“Familiar with Hawaii real estate, the buyer knew what he wanted. Fortunately, the Park Lane residence had just been listed 22 days prior and viewings and inspections were conducted through video chats and online photos. We are so pleased and grateful that a sale of this magnitude went smoothly and within a matter of 60 days with the use of technology available today,” said Patrick.

Patrick and his west coast buyer followed strict mandatory COVID-19 travel restrictions.

Today’s buyers and agents typically meet their home inspector just prior to the scheduled closing date. Meetings occur outside of the home to first conduct an exterior inspection, followed by waiting in their respective cars while the home inspector uses online video communication as part of a new standard procedure for interior walkthroughs. All parties meet immediately after, with social distancing rules, to review the findings and answer any questions.

The new work-from-home trend enables high-tech and other workers to work from anywhere.

According to Chuck Garrett (R), Sr. Vice President of Brokerage for Corcoran Pacific Properties, “We’ve definitely seen an increased level of online inquiries from buyers who are seeking a residence with a safer environment when compared to some parts of the U.S. mainland. We’re benefiting from some buyers exiting big cities in search for suburban locations. This new buyer behavior positions Hawaii as a coveted location with a perfect place to live and work from home in paradise.”

“Preferences are moving toward larger condominiums or single-family homes with more indoor and private outdoor space, which provides ample opportunity and comfort for social distancing,” added Garrett.