Hawaii real estate is expensive. Oahu’s luxury homes are selling like hotcakes
Exactly 50 luxury homes sold last year during this first quarter, Coldwell Banker Realty said. This year, 103 were snatched up by rich buyers. These properties included single-family homes and luxury condominiums.
“In March 2020 when the global pandemic caused havoc throughout the world, the residential real estate industry came to a screeching halt. Many properties that were in escrow were canceled as job security, public safety, and the economy became volatile,” Patti Nakagawa, Global Luxury director for Coldwell Banker Realty said.
“The second quarter of 2020 worsened as travel restrictions affected foreign buyer sales, most significantly with luxury condominium sales which saw a decline of 64 percent with nine sales compared to 25 in 2019,” Nakagawa added.
The agency didn’t provide the sale price of the most expensive home sold last month, but it was described as a single-family Diamond Head home with three bedrooms and three baths on 13,456 square feet of land.
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