BY DAVID BUCK – In 2010, there were 379 homes on Oahu that sold above $1 Million.
503 Portlock Road (MLS# 1014387) in Portlock is priced just over 2010′s highest sale
Not only did 2010 finish strong overall, million dollar home sales outpaced 2009′s 273 sales by 39%. Although financing hasn’t gotten any easier than 2009, buyers started to jump back in the market to realize some great bargains. What was even more interesting was 265 of those sales were in Honolulu, which was almost as much as 2009 island wide! Honolulu Magazine recently ran an article on Oahu’s Top 25 Single Family Homes Sales in 2010.
Topping the list were 2 homes bought in Kahala by Japanese billionaire Genshiro Kawamoto for $22 and $17.5 million. Both were significantly higher than 2009′s highest sale of $8.75 million in Diamond Head. The top 10 homes that sold were $5 million and above, which was equal to 2009′s 10 sales above the $5 million mark.
However, this is still only half of 2008′s 20 sales above $5 million. Last year, there were 54 homes for sale on Oahu above $5 million, whereas there are now 46 as of today. Although less, there is still a lot on the market to choose from. Here’s my gallery of favorite luxury homes on Oahu.
I’m not sure what the highest outer island sales were in 2010, however, I heard one recently closed on Kauai for around $20 million! I’d be curious to hear what some of the largest sales were elsewhere, and what we may anticipate for 2011?
David Buck was born and raised in Hawaii, growing up on both Oahu and Maui. He is a 2nd generation real estate professional and 3rd gereration businessman in Hawaii. He graduated from Punahou School and went on to earn his degree in Environmental Analysis and Design from the University of California at Irvine. His hard work didn’t stop there. He went on to become a Honolulu Firefighter. After 7 years of two careers “putting out fires” figuratively and literally, David made the decision in 2007 to sell real estate full time. However, he still carries on the Honolulu Fire Department’s motto of Pride, Service and Dedication to servicing his clients’ needs. See more articles at HawaiiLife.com