Would You Live In Kaneohe?
If I didn't live in town, I probably would live in Kaneohe. Like metro Honolulu, Kaneohe has an array of housing options. There are single family detached homes, there are town homes, and there are condos at all different price points.
A year or two ago, one of my millennial first time home buyers purchased a unit in the Windward Estate neighborhood. This was a split-level, 2-bedroom town home in a well established condo development. Unlike other 2-bedroom units in town, my Buyer's unit was over 1,200 living sq ft. In addition, the monthly maintenance fee was reasonable -- well less than the $1 per 1 living sq ft ratio.
The Honolulu Board of REALTORS® recently released April 2017's Local Market Update. Scrolling through the data, it seems that Buyers are trickling to the Kaneohe region.
Comparing April 2016's median condo price to April 2017's median condo price, condo units in Kaneohe appreciated 10.3% across the board.
Using the same metrics, within the Kaneohe region, condo prices within the Windward Estates neighborhood jumped 36% from the same time last year. The second largest price increase occurred in Haiku Village. Condo units in this neighborhood appreciated 30.6%.
What makes Kaneohe so attractive? If you work near downtown, the communicate from Kaneohe is tolerable. Second, the environment. Kaneohe, unlike other parts of the island, is green. It rains, there's a breeze, and you can see the mountains and water. Some of my Buyers have told me that Kaneohe gives them a "homey" feel.
What do you think of Kaneohe? As prices continue to sky rocket in metro Honolulu, it'll be interesting to see if (first time) home Buyers continue to settle down in areas like Kaneohe.