Team Kiriu Neighborhood Market Report & Maps - Q3 2023

Page 1

TEAM KIRIU

RD QUARTER | OAHU 2023 3

market report

A Matter of Perspective: Originally, the plan for this article was to summarize the results of the current real estate market and highlight our view of the near-term future of Hawaii real estate. We will give a short synopsis of the Hawaii real estate market, but to start, we will focus on a drastically more important issue: the recent catastrophe that occurred on Maui. It is hard to believe that wildfires could cause such traumatic loss of life and property. A hurricane, maybe, but no one would have predicted a wildfire. The shocking speed at which the fire spread left so many helpless when the fire came upon them. It is one of the most catastrophic fires in the history of the United States. As the entire world knows, Maui is a very special place. It has a rare blend of natural beauty and numerous entertainment/ shopping/dining options. It is loved by both the permanent residents of the island and the tourists who visit. Truly, Maui No Ka ‘Oi. The people of Maui are extremely kind, but at the same time, they are strong and resilient. Although the damage left by this tragedy will not be resolved easily, the people of Hawaii will band together to ensure that the journey Maui takes to recovery will not be alone and will be supported by all.

We are an island community, and we stick together and hold each other up through both good and bad times. It is amazing to see how quickly Maui residents aided those most affected by the fires. Continuous prayers go out to the people of Maui and to the first responders who are still working tirelessly to assist the people in need. A quick overview of the Hawaii real estate market. The August 2023 median sales price for single-family homes ($1,110,000) is down slightly from August 2022 ($1,125,500) and up for condominiums ($515,000) from August 2022 ($498,500). The number of closed sales has dropped off substantially for both single-family homes (-19.7%) and condominiums (-16.9%) in August on a year over year basis. We have a very interesting phenomenon. Many believed that the higher interest rates would have resulted in a much greater decline in median sales price than we have seen thus far, but the lack of inventory has kept the median sales price relatively constant for the time being. Homeowners locked in at low interest rates (some lower than 3%) are not likely to part with that interest rate and sell their homes. Therefore, even though today’s buyers cannot afford as much with the higher interest rates, the median sales price of homes has stayed relatively constant in August year over year due to a lack of inventory. Where do we go from here? No one has a crystal ball, but if there is an upcoming recession, it will not be as deep as many experts originally anticipated. Due to the lack of inventory, it doesn’t appear that the median price for homes will drop much further even in this high interest rate environment unless there is some unforeseen occurrence (such as a spike in inflation resulting in more significant interest rate increases by the Federal Reserve). Experts believe the Federal Reserve may still call for a couple of smaller interest rate increases (even though the inflation rate has slowed significantly), but the increases, if they occur, should not be anywhere near the rate increases of early 2023 and late 2022. Hopefully, in 2024, the Federal Reserve will start decreasing interest rates, the Japanese visitors will return to Hawaii, and we will return to a more normal real estate market. Keeping everything in perspective, Maui is foremost on everyone’s minds. The Hawaii real estate market will do what it will do. Doing what we can to assist the people of Maui is priority number one.

MYRON KIRIU, R (808) 864-9000

SHERRIE SASAKI, RA (808) 255-7739

PROPERTY MAPS INSIDE >>


ACTIVE & SOLD PROPERTY MAP AINA HAINA • HAWAII LOA NIU VALLEY • WAILUPE KULIOUOU KALANIANAOLE HIGHWAY ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.


SOLD

549 WEST HIND DRIVE

Sold at $1,500,000 (Represented Seller)

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

SOLD

650 KAULANA PLACE

Sold at $2,400,000 (Represented Buyer & Seller)


ACTIVE & SOLD PROPERTY MAP KAHALA DIAMOND HEAD ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area

ACTIVE

DIAMOND HEAD APTS #1204

ACTIVE

DIAMOND HEAD APTS #1005

Listed at $2,638,000 (Representing Seller)

SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT MYRONKIRIU.COM

Listed at $3,450,000 (Representing Seller)

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.


virtually staged

SOLD

REGENCY AT KAHALA #23C

Sold at $1,488,000 (Represented Seller)


ACTIVE & SOLD PROPERTY MAP KAIMUKI • KAPAHULU PALOLO VALLEY ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

JUST LISTED

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.

4143 PAHOA AVENUE

Listed at $ 1,399,000 (Representing Seller)


JUST SOLD

3252 CHARLES STREET

Sold at $1,705,000 (Represented Seller)

$1,399,000 – 3/1/1 1164 sqft / 5130 sqft


ACTIVE & SOLD PROPERTY MAP KOKO HEAD TERRACE KOKO KAI • PORTLOCK ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.

SOLD

106 LUMAHAI STREET

Sold at $3,342,500 (Represented Seller)


SOLD

759 AIPO STREET

Sold at $1,220,000 (Represented Buyer & Seller)


ACTIVE & SOLD PROPERTY MAP MAKIKI HEIGHTS NUUANU ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area


ACTIVE

2835 ROUND TOP DRIVE

ACTIVE

2391 AINA LANI WAY

ACTIVE

2942 PAHOEHOE PLACE

Listed at $7,900,000 (Representing Seller)

Listed at $3,100,000 (Representing Seller)

Listed at $2,250,000 (Representing Seller)

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

3,100,000

LEARN MORE AT

MYRONKIRIU.COM


ACTIVE & SOLD PROPERTY MAP MANOA ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.

JUST SOLD

3401 PATY DRIVE

Sold at $1,770,000 (Represented Seller)


SOLD

2531 FERDINAND AVENUE

Sold at $1,800,000 (Represented Seller)


ACTIVE & SOLD PROPERTY MAP MARINERS COVE KALAMA VALLEY MARINERS RIDGE WEST MARINA HAHAIONE VALLEY ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

SOLD

1045 KUEKUE STREET

Sold at $2,379,000 (Represented Bu


uyer)

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.

SOLD

1023 KOKO KAI PLACE

Sold at $2,388,000 (Represented Seller)


ACTIVE & SOLD PROPERTY MAP WAIALAE NUI RIDGE WAIALAE NUI VALLEY WAIALAE IKI RIDGE

ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area

JUST LISTED

5287 POOLA STREET

Listed at $1,988,000 (Representing Seller)

SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM

JUST SOLD

1434 IHILOA STREET

Sold at $2,325,000 (Represented Seller)

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.


JUST LISTED

5119 PALAOLE PLACE

Listed at $2,950,000 (Representing Seller)

ACTIVE

5123 PALAOLE PLACE

Listed at $5,750,000 (Representing Seller)

$1,988,000 - 5/ 3/0 2899 sqft / 14250 sqft


ACTIVE & SOLD PROPERTY MAP ST. LOUIS HEIGHTS WILHELMINA RISE ACTIVE & SOLD LEGENDS ACTIVE PROPERTIES LEGEND: Property Address (Tenure) List Price - Beds/Full Baths/Half Baths Roofed Living Area / Land Area SOLD PROPERTIES LEGEND: Property Address (Tenure) - Sold Price (Sold Date) Beds/Full/Half Baths Roofed Living Area / Land Area

If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. These maps represent data compiled from public & private sources. Compiled from MLS as of September 2023. Every precaution was taken, yet errors may have occurred. Refer to current tax assessor maps for actual parcel location or dimensions. Better Homes and Gardens Real Estate Advantage Realty does not warrant, guarantee or make representations on the use of this map data, or related materials in terms of completeness, accuracy reliability or otherwise. ©2023 Better Homes and Gardens Real Estate Advantage Realty. Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise.


SOLD

1554 KANALUI STREET

SOLD

1607 ALENCASTRE STREET

Sold at $1,960,000 (Represented Seller)

Sold at $960,000 (Represented Seller)

TEAM KIRIU MYRON KIRIU, R (808) 864-9000

LEARN MORE AT

MYRONKIRIU.COM


Better Homes and Gardens Real Estate Advantage Realty BHGRE Advantage Realty, LLC. Kahala Mall, Upper Level 4211 Waialae Avenue, Box 9050 | Honolulu, HI 96816

MYRONKIRIU.COM

MEET TEAM KIRIU

MARY MARTIN TRISHA KAGAWA GRACE H. MIRZA

RA | RS-61523 Executive Associate

MYRON & AMBUR KIRIU

SHERRIE SASAKI

Brokerage Owner, CEO, Realtor | RB-17242 Brokerage Owner, VP Public Relations*

Realtor-Associate, JD | RS-74829 Director of Team Kiriu Operations

MyronK@betterhawaii.com

SherrieS@betterhawaii.com

808.864.9000

RA | RS-80452 Listing Specialist

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RA | RS-85120 Buyers Specialist

RA | RS-79927 Buyers Specialist

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808.255.7739

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This map is provided as a courtesy to you to help you understand the value of your property. If you no longer wish to receive these mailers, please contact Carlee Hirano at 808-738-3600 or CarleeH@betterhawaii.com, Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC. Equal Opportunity Company. Equal Housing Opportunity. An Independently Owned and Operated Franchise. If your property is listed with another real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. ©2023 Better Homes and Gardens Real Estate Advantage Realty.

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Please contact each company directly for answers to questions regarding their offers, products and services. These coupons are being provided as a convenience and are for informational purposes only; they do not constitute an official or personal endorsement or an approval by Myron Kiriu and Better Homes and Gardens Real Estate Advantage Realty of any of the products, services or opinions of the corporation or organization or individual, and Myron Kiriu and Better Homes and Gardens Real Estate Advantage Realty were not compensated for their placement or promotion.


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