Honolulu Hawaii Real Estate
by Bob Ellal
Prices on the Rise
Honolulu is Hawaii’s political, social and economic center and the heart of the island of Oahu and the entire state. And it’s real estate prices are on the rise. On Oahu, the median price for a single family home is now $505,000 and for a condominium $224,000. That’s a sizable increase over January 2004 by 26.3% and 19.8% respectively. Real estate prices for houses and condos have increased 2% and 3.2% just in the last month. Honolulu Hawaii real estate prices are on the rise.
In a press release issued on January 4, 2005, Harvey Shapiro, Research Economist of the Honolulu Board of Realtors, said, “The unanticipated strong December housing market fittingly capped a record year both for median prices and sales volume. These record housing prices continue to be fueled by Hawaii’s expanding economy, the revival of job growth, and of course, favorable financing costs.” Projections suggest that these record prices for Honolulu Hawaii real estate will continue to escalate.
If prices are on the rise, why would you buy Honolulu Hawaii real estate? The answer is simple—for the opportunity to live in paradise. And paradise it is. The city of Honolulu stretches twelve miles around the southern coast of the island of Oahu and is home to almost 500,000 people. It’s Hawaii’s biggest city. It is prime Honolulu Hawaii real estate.
The setting is unbelievably beautiful—how can you fail to be in a good mood when you draw your curtains in the morning and the first site you see is the gentle waves of the Pacific Ocean cascading on a pure white sandy beach speckled with palm trees? And in the background, the magnificent cliffs of the Ko’olau mountains. For all its primitive beauty, Honolulu is an ultra-modern city of enormous diversity. Its multitude of racial and ethnic peoples gives Oahu the nickname of “The Gathering Place.” It’s the heart of the state and the first place you should look for Honolulu Hawaii real estate.
And Honolulu is famous for many historic sites:
- Hanuama Bay Marine Reserve—Famous for its sandy beach and turquoise waters, it’s one of the best snorkeling spots in the world as it’s home to thousands of colorful tropical fish. An essential section of Honolulu Hawaii real estate.
- Pearl Harbor and the Arizona Memorial—Scene of the tragic attack that spurred the United States to enter World War II. Over 1,100 men alone died when the battleship Arizona was sunk. These sites draw huge crowds and are free to enter.
- Waikiki Beach—The most famous beach in the world! Since the 1950’s it’s been a must-see experience for all visitors.
- Diamond Head State Monument—Diamond Head is actually the crater of an extinct volcano. It got its name when British soldiers mistook calcite crystals, basically worthless, for diamonds. They thought they were rich! In a sense, they were, because they were standing on a prime piece of Honolulu Hawaii real estate. Hikers who ascend the 761-foot trail to the summit are rewarded with a 360-degree view of Oahu.
Honolulu Hawaii real estate prices are on the rise. But why not? It just means that people are willing to pay more to live in paradise.
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