Luxury Real Estate

By Cedric Choi

SEPTEMBER 2008 STATISTICS FOR SINGLE FAMILY RESIDENCES – HONOLULU, HAWAII
Honolulu Board of REALTORS’® Monthly Statistical Report for September 2008 (released October 1, 2008). Each month, the Honolulu Board of REALTORS® issues a statistical report analyzing residential real estate activity on the island of Oahu. In addition to the general island-wide statistics, following is information for select individual neighborhoods:

Waialae/Kahala – See page 8 of Monthly Statistical Report
The statistics for this month are significantly different from last month, it is amazing! Comparing September 2007 to September 2008, the median price for a home in 2008 was down 33.3% (the same comparison for August 2007 and August 2008 showed the median price was up 37.8%). For the year-to-date statistics for January through September of 2007 versus January through September 2008, the median price for the neighborhood was up 7%.

Diamond Head – See page 8 of Monthly Statistical Report
The statistics are not specific (as provided by the Honolulu Board of REALTORS®), since the Diamond Head area (a high-end neighborhood) is mixed into the Kapahulu area (a moderately priced neighborhood). For the Kapahulu-Diamond Head area, the median price decreased by 3.3% compared to the same month in 2007. For the year-to-date (January through September of 2007 compared to 2008), the median price decreased by 3.3%.

Kailua-Waimanalo – See page 8 of Monthly Statistical Report
September 2007 compared to September 2008 had a -14.1% increase in the median price. Comparing January through September 2007 and the same period in 2008 shows a decrease of 4.9% in the median price. 



Other Specific Neighborhoods – There is no substitute for market information from people who are qualified and who know your market. The best way to view a specific neighborhood is to have your agent prepare and review a Comparative Market Analysis with you. For example, the MLS service permits us to do searches within very discrete Oahu neighborhoods, including Kahala/Black Point, Diamond Head, Ala Moana/Kaka’ako, Waikiki/Gold Coast, Hawaii Kai/Portlock, Hawaii Loa Ridge, Kailua/Lanikai and the North Shore.

It has been our experience that the neighborhoods that we concentrate on are less volatile than the market as a whole, which is down about 10%. Part of that involves the worldwide demand for spectacular luxury properties in outstanding locations.

Relative to the overall Oahu market, according to Harvey Shapiro, the Research Economist for the Honolulu Board of REALTORS®, “It appears that the Oahu housing market is reacting to the economic crisis that has been affecting financial markets worldwide.”


Editor’s Note:
Cedric Choi is the Vice President and Administrative Manager of Choi International, a member of the Luxury Real Estate Board of Regents. As a practicing attorney for more than 25 years, Mr. Choi has principally concentrated in areas involving commercial matters. Very interesting blog entry. Every one I post on the Luxury Real Estate Blog seems completely distinct in both tone and voice from every other. You can see similarities and fun little patterns when you read one person’s blog entries over a period of time, but it’s also fun to get a breadth of styles and information from a bunch of different sources, as well. Be sure to visit www.ChoiRealty.com for more resources on buying a luxury home in Hawaii.

By Brian Langhorst

LuxuryRealEstate.com is the most-viewed and most-visited luxury real estate website in the world. For this reason we opt not to capture the visitors of our website right away to search properties around the world.

We realize many of our visitors are of very high net worth and have very limited time, thus the idea of creating restrictions does not make sense. On the other hand, I see many websites who capture their visitor traffic right away.

I personally prefer not being captured right away on websites and opt to view websites where the capture of data does not occur until later.

What are your thoughts?


Editor’s Note:
Brian Langhorst is LuxuryRealEstate.com’s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. This is an interesting topic because the Internet is all about letting customers remain anonymous until they want to identify themselves to take advantage of offers and other things online. Is it better to ask people for information sooner or later? It’s hard to tell. I smell a great discussion brewing…

By Robert Lockard

I have some good news and some even better news. The good news is that RE/MAX Cayman Islands just joined LuxuryRealEstate.com, expanding our global network even further into the Caribbean. The even better news is that Kass Canada Coleman, the Broker/Owner of Beachcastles and an agent with RE/MAX Cayman Islands is No. 6 on the list of top international RE/MAX brokers, based on residential commissions paid from January through April 2008.

It’s always nice to hear good news like this. Apparently the Cayman Islands are enjoying a very healthy real-estate market right now. Check out Kass’ website www.beachcastles.com for some in-depth information about the Cayman Islands, in case you’d like to go visit.


Editor’s Note:
Robert Lockard is the Public Relations & Media Specialist with LuxuryRealEstate.com. I am Robert. I create all of Luxury Real Estate’s newsletters, write the editorials in LuxuryRealEstate.com Magazine and much more. Good job, Kass, and welcome to the network! I’d like to include the actual list to back up this claim, but I’m not sure if I’m allowed to yet. I hope you don’t mind. The above picture is from: www.beachcastles.com/home/team.php?id=0.

By Grant Hermes

“Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit.”
~ William Pollard

Nowadays, information spreads and multiplies exponentially throughout the Internet. Who has time to spend hours a day sifting and sorting through endless websites in search of useful and, more importantly, up-to-date news? I know I certainly do not. This is where RSS feeds are a lifesaver for me.

When you see the  icon all you have to do is click on it and add it as a bookmark or to a reader of your choice. Try it out by clicking on the “Articles” RSS feed on this blog page (just look for the  icon to find it). Now you have a current look at the most-recent posts to the LuxuryRealEstate.com Blog. I personally place all my feeds in my bookmarks toolbar so they’re right in front of me. Another useful RSS feed I use is from RISMedia.com (they have dozens of feeds but I use the Real Estate-specific feed as well as a few others – check them out).

I always saw links for RSS feeds before, but just never clicked on them until this past week. Let me tell you, it is the greatest addition to my Internet browser. In one click, I get a snapshot of a site’s blog posts or articles and, most importantly, if any new ones have been posted. I feel more informed than ever on world news by being able to quickly and effortlessly scan through headlines, and if I want more detailed information it’s just a click away.

Hopefully this will help you narrow down and sort through the overwhelming amount of information out there that’s important to you but which you just don’t have time to sort through.

If you need it…RSS picture is complements of http://office.microsoft.com/en-us/help/HA102200751033.aspx


Editor’s Note:
Grant Hermes is the Staff Accountant for LuxuryRealEstate.com. He assists Controller James Hughes with all of the necessary paperwork and accounting to keep LuxuryRealEstate.com running smoothly. This is the first blog entry I’ve received from Grant, and it’s quite a smashing one. RSS feeds are quite helpful in our information-saturated environment, like the quote at the start of this blog entry notes. It doesn’t help to have a huge library if none of the books are correctly ordered or easily accessible to readers. Thank goodness for RSS feeds, which are kind of like a high-tech Dewey Decimal System. And thanks for the explanation, Grant!