Is the luxury housing marketing cooling down? The Honolulu Board of REALTORS® recently released March’s Local Market Update.
Within the Diamond Head region, comparing the 2016 median price to the 2017 median price:
There was a 6.1% decrease in the Aina Haina Area.
There was a 20.5% decrease in the Kahala Area.
There was a 24% decrease in Niu Valley.
There was a 23.3% decrease in Waialae Iki.
There was a 11.1% decrease in Kuliouou.
In addition, even though Kaimuki isn’t usually considered a luxury neighborhood, it’s still located in the Diamond Head Region. According to the data, there was a 48.4% decrease in the median price, from March 2016 to March 2017.
I wonder if homeowners are downsizing for luxury condos in Kaka’ako. If you are an older person, living in a luxury condo has its benefits.
When you live in a condo, you only maintain your unit. Yes, there are house rules you must follow. However, it’s not your responsibility to maintain the common areas. Owning a house in Kahala is probably great. But the upkeep can be time consuming and costly. Depending on the luxury condo, some condos offer a resort like experience.
I enjoy the suburban life. However, if you had a choice, would you prefer to purchase a home in Kahala or would you rather live in a luxury condo in Kaka’ako?
- RO