Kailua Attracts Both Entry Level And Luxury Buyers

With the dramatic backdrop of the Koolau mountains to the west and a shoreline that includes a beach rated among the world’s best to the east, Kailua has a well deserved reputation as one of Hawaii’s most desirable residential communities.The escalation of prices for both single family homes and condominiums and the declining inventory experienced over the past ten years reflect its appeal to a wide range of buyers.

While single family home and condo prices on smaller lots in the off-water subdivisions hover around the median price for Oahu, prices are now soaring up over the millions for the larger view estates and beachfront or beachside properties.

Prudential Locations Realtor and Partner Corinda Wong CRS notes that although the median sold price for the last six months for Kailua single family homes is $760,000,the median list price is $1,249,500 reflecting the 79 homes listed at over $1 million and three priced at over $10 million.

“In general,Kailua is a very stable market for both single family homes and condos,” Wong said.”Condo listed and sold median prices over the past six months,have been $437,000 and $365,000, respectively. The condos and townhomes generally provide the best opportunity for first time home buyers and the young families who have set their sights on Kailua. Occasionally a single family home may go on the market in the low $500,000s but you really have to be ready to make an offer for these kinds of buys when they become available…I would urge potential buyers at this price point to get their financing lined up and keep an eye on the market.We are also seeing a lot of move-up buyers within the Kailua neighborhoods who are ready to transition from,for example,a condo or townhome to a single family home,but they also have to find a buyer for their present home,so timing for these types of transactions is critical.”

Wong is herself a 25 year resident of Kailua who considers it the quintessential Oahu family neighborhood. “We have great schools,lots of parks,all kinds of youth activities,and plenty of options for dining and shopping.The downtown area has been redeveloped and upgraded in recent years,but the small town atmosphere has been retained.Local people patronize the numerous boutique style shops and restaurants.New businesses continue to come in,and we are now looking forward to the opening of Whole Foods in 2011.Our own Prudential Locations Windward office has moved to a new building at 151 Hekili Street which is in the redeveloped area.”

Kailua is conscious of itself as a “green” community, and a very active Lani-Kailua Outdoor Circle has supported the mission to keep the neighborhoods “clean,green,and beautiful” with numerous programs and special events.Beautification projects are coordinated with government agencies and businesses.In April,the organization sponsors the “I Love Kailua” town party and conducts a “Holiday House Tour” in early December.The Kailua Independence Day Parade,which will be presented on July 5th by the Kailua Chamber of Commerce,has been a much anticipated annual event for more than 60 years.