Celebrating a New Year – and new opportunities
I always look forward to the start of a new year.
Besides feeling a measure of energy and optimism, I also look forward to embracing new opportunities that await.
One of the traditions I enjoy ringing in a new year is celebrating Chinese New Year. It’s an opportunity to gather with friends and family along with participating in the many activities that are held which celebrate this special occasion.
This year’s symbol is Year of the Rabbit and one expert predicts 2023 will be more ‘tranquil’ with people being ‘more conservative and reflective in their decision-making.’
If he’s right – and I hope he is – I think that’s a good thing for real estate. As I highlighted in a recent post, I think it’s important that people try to make sound decisions when buying a property to invest or live in. Taking a calm, thoughtful approach is a great way to ensure a purchase can not only meet your needs now but also provide potential future growth in value.
This is particularly important with the rise in interest rates that we have seen over the past year. A January 2023 report from Locations Hawaii noted that both median prices and transactions have declined over the past year not only on our island of Oahu but throughout the Hawaiian islands as well as in many states across the United States.
Historically, Hawaii remains a very attractive place for real estate as this 13-year chart from the Hawaii government demonstrates. Inventory remains low and our weather, scenery and special Aloha Spirit remain a very attractive draw.
My experience has been that people from all over the United States – and around the world – continue to be attracted to Hawaii. In particular, multi-family homes remain in strong demand as they allow several families to live together and share the costs.
I also continue to assist many military families in finding a home that they can sell in the future when their transfer to Hawaii has concluded and they are ready to return back to their home state.
While interest rates are higher compared to a year ago, so are rents so it often makes more sense to purchase a home to gain equity rather than rent one. That’s likely why I continue to see multiple offers on properties I represent along with continued interest from international investors – particularly from Asia – who realize Hawaii remains an excellent place to invest or live in.
New Year, new project!
With inventory continuing to remain tight in the Hawaii real estate market, I always get excited when a new project – such as Kuilei Place – is announced.
Besides being located in a great location in Oahu – with Ala Moana Shopping Center and Ala Moana Beach Park nearby – the planned 43-story project has excellent amenities and features market-rate units ranging in price from $685,000 to $1.25 million.
An additional plus is that the developers behind the project (BlackSand Capital and Kobayashi Group) are well-regarded and have led other developments in Oahu such as the Park Lane Ala Moana and Hokua.
If you want to learn more after you review details about the project, feel free to reach out. I would be honored to assist you.
Whether this project interests you – or you need help looking for your dream property – don’t hesitate to contact me. It’s a new year after all and I would be happy to help you get off to a great start.
