The Marina Lifestyle

In 1959, Henry J. Kaiser began a massive dredging project on 6,000 acres of east Oahu land that would eventually be known as Hawaii Kai. Two years later, a lease agreement with the landowner, Bishop Estate, projected development of the 521 acre Kuapa fishpond into residential tracts with a marina and channels separated by peninsulas and islands.

Today the Hawaii Kai Marina is the centerpiece of one of the nation’s most successful masterplanned communities. Neighborhoods fronting the Marina include 527 single family homes and approximately 1,800 condos and town homes, all of which are members of the Hawaii Kai Marina Community Association.

Dan Madden, Realtor and Broker-in-Charge of East Oahu Realty, has been active in sales throughout Hawaii Kai for 23 years, with 69 marina-front home sales among his transactions. A resident of Mariner’s Ridge, he has chronicled Hawaii Kai real estate activity for 20 years and publishes a quarterly Hawaii Kai newsletter which is distributed to 4,500 local residents and clients.

Data gathered over the past five years shows 18 single family Marina-front homes sold in 2007 at an average price of $1,330,000. Then, after a low of $993,000 on average in 2009 for 13 homes sold, prices rebounded in 2011 with an average of $1,137,000 for 6 homes sold to date. Average sale prices for Marina-front town home communities, such as Kuapa Isle and Koko Isle, have followed single family home trends, peaking in 2006 at $888,000, bottoming in 2010 at $660,000, and rebounding in 2011 to $767,000.

Madden has recently listed a Marina-front town home in Mawaena Kai for $490,000 leasehold, the lease expiring in 2042. He notes that the property overlooks a wide sweep of the Marina toward Koko Head and includes a position along the seawall where a dock can be installed.

East Oahu Realty Realtor James M. Smith has listed a condominium apartment on the fifth floor of the Esplanade for $518,000. The mid-rise condo features a one acre private park, extensive amenities, and boat docks for the use of residents.

“The shortage of available homes and low interest rates has driven prices up throughout Hawaii Kai but particularly in the Marina,” Madden said.

“This is a unique community..a protected inland marina where you can access shops and restaurants by boat from your own dock. There’s nothing like it anywhere else in Hawaii.”

Realtor Pat Reilly of East Oahu Realty commented, “With the scarcity of oceanfront property, we are increasingly in awe of the brilliance of Henry Kaiser’s masterplan which called for residential development on the inland waterways. A great feature of living on a marina is the opportunity to park an oceangoing boat at your private dock…something that can’t be done at most shoreline property. You can also swim right off your dock and cruise out to the swimming holes on the reef where people often anchor their boat while they dive, fish, or surf.”

Ownership of the Hawaii Kai Marina was transferred from Bishop Estate to the Hawaii Kai Marina Community Association in 1991. Designated as private property, it is not open to the general public. In addition to providing security and management services, the Association sponsors the annual “Festival of Lights” Christmas Boat Parade. “As in previous years, the 2011 event will start at sundown on the third Saturday in December,” said Hawaii Kai Marina manager Beverly Liddle. “People from all parts of Oahu gather at the three Hawaii Kai shopping centers to view the procession of decorated, lighted boats. Practically every Marina-front home will be having a Boat Parade party. It’s a unique holiday spectacle that has become Hawaii Kai’s signature community event.”