GREAT VALUE HAWAII LUXURY REAL ESTATE | Waialae Iki Home & Esplanade Condo | Jan 2019 by Damon Rhys

By January 22, 2019

Great Value Hawaii Luxury Real Estate

Welcome to the Winter 2019 edition of our Great Value Hawaii Luxury Real Estate where feature both Homes & Condos which we think offer especially great value for potential Buyers. Presently most of the luxury home and condo neighborhoods on Oahu are experiencing Buyers’ Markets (defined as having more than 5 to 6 months of inventory currently on the market) with average inventory levels at 14.8 months for luxury homes over $1.9M (exactly the same as last year) and 8.6 months for condos over $700K (see Latest Oahu Hawaii Real Estate Statistics). Prices are somewhat decreasing for upper end homes (final sales prices for luxury homes are on average approximately 7-8% less than the last listed MLS asking prices) and upscale condos – especially in the $1M plus range, see July’s Kakaako Update – have been suffering from an over-supply in some areas making it a great time for Buyers to find great value luxury properties in general. In this month’s Great Value Luxury we will showcase both a beautifully remodeled Modern Style home on Lower Waialae Iki Ridge and a 2 bedroom jewel “Beach House Condo” in the renowned Esplanade Complex on Koko Marina – both with asking prices within about 10% of tax assessed values. 

The first property we showcase is a luxury home on Lower Waialae Iki Ridge on the quiet and exclusive Ehupua St. Originally built in 1962, it was remodeled in 2015 and features a single story layout with sweeping panoramic Ocean and Diamond Head views.  As of this writing there are 4.3 months of inventory on the market in this neighborhood bringing it into mild Sellers’ Market territory (a neutral market is 5 – 6 months of inventory). Note this is markedly lower than the 7.5 months of inventory reported in the previous year (see Buyers/Sellers Market Info – Strategize Accordingly!). Though inventories in luxury homes neighborhoods are trending higher, at least in this entry level Luxury Home neighborhood, inventories have decreased pushing it into Sellers’ Market territory.
Lower Waialae Iki Luxury Home
1454 Ehupua St

Value Features:

  • Priced at $1,990,000 – within about 10% tax assessed value. 
  • Stunning ocean and Diamond Head views and a 1 story layout.  
  • Fuses Ranch island-style architecture with a unique moderness.
  • Spacious total of 2,234 SQF indoor area including a 481 SQF lanai in a tropical landscaped yard.
  • Features engineered hardwood flooring, marble and granite countertops.
  • 24 hour patrolling security in the exclusive Waialae Iki neighborhood.
  • The home has stunning curb appeal with a gorgeous stucco front wall in an overlooking-the-ocean setting.
  • Nearby access to Waialae Iki community park and playground while being within a few minutes drive of  the ocean/surfing activities.

This polished ruby of a luxury home in the entry-level luxury home neighborhood of Lower Waialae Iki is now on offer within 10% of tax assessed value in a Sellers’ Market. Great Luxury Value for the discerning Buyer!  

The second property showcased here is a Citadel-in-the-Sky 2 bedroom unit in the renowned Esplanade Complex situated right on Koko Marina. Built in 1973, this Greco-Mediterranean styled white stucco fortress of a building where units have sold at a median price of $718K – approximately $646 per SQF – in the last 12 months; offers great value. Including 2 other units there are currently 3 units on the market with 6 months of inventory putting it in Neutral Market territory (5 -6 months of inventory). The asking price for this completely remodeled unit is within about 10% of tax assessed value which tends to undervalue remodel work so in terms of $/SQF it is quite a bargain. The Esplanade Complex, located on Koko Marina, sits with a front row seat to both Koko Head and the marina with fantastic view of Diamond Head from most units (yes, all the way from Koko Marina in Hawaii Kai). This well managed building has also has all the amenities of a First Class Country Club with a plethora of amenities (BBQs, Salt Water Pool, Tennis Courts, Boat Docks etc.). All of this with a low maintenance fee that works out to be about $.79 per SQF for a 2 bedroom unit. From this particular unit one can wake up to a panoramic view of Diamond Head from the Master Bedroom.
Esplanade Complex
Unit 1

Value Features:

  • Priced at $834K for this Citadel-in-the-Sky ultra luxury 2 Bedroom Beach House Condo.
  • Stunning ocean, marina, Diamond Head (from Master Bedroom) and mountain views.
  • Spacious total of 1,202 SQF living space, larger than most 2 bedroom condos.
  • Asking price in $s per SQF = $770 which is excellent for a completely and exquisitely remodeled unit in this building.
  • Features hardwood flooring and granite countertops.
  • 24 hour security with Fob Keyed elevator access.
  • The building has stunning Citadel-like Greco-Mediterranean curb appeal and is centrally located for easy access to shopping and dining in Hawaii Kai and Koko Marina town centers.
  • Amenities rivaling resort hotels with Pool, BBQ, Exercise Room, Tennis Courts & Boat Docks.

Esplanade Complex – Unit 15H Video
Please do not miss out on this great opportunity to own this gem of a two bedroom Esplanade unit with stunning views of both Koko and Diamond Heads. For a completely remodeled unit, its current price offers great value – completely move in ready.

If you would like to know more about these properties please contact me (Damon Rhys) for more information. Disclosure: Some properties in this section may be listed by the brokerage firm I work with, Sachi Hawaii. My goal is to give my unbiased opinion on great value Hawaii Real Estate for all brokerage firms on Oahu. In this month the two featured properties here are listed by Damon Rhys, Sachi Hawaii.

Please check out this site’s easy to use Search Tool to find current listings of Hawaii Real Estate now on the market. Homes for sale in Oahu and Condos for sale in Honolulu (Waikiki, Ala Moana, Kakaako, Hawaii Kai etc.) can all be found here using the Hawaii Condo Search or Hawaii Home Search tools.

Damon Rhys

*Disclaimer: Any opinions expressed in this newsletter are that of Damon Rhys only and do not necessarily reflect the views of his brokerage firm, Sachi Hawaii Pacific Century Properties. Though knowledgeable including Management Science / Quantitative Economic Decision Science & Master (MPIA) Degrees from the University of California, Damon Rhys is a licensed Realtor in the state of Hawaii. He is not a licensed Financial Advisor. For any specific investment decisions, it is advised that one consults with a licensed financial advisor.