Only 2 Marina Front Homes for Sale in Hawaii Kai | Why This Market Is on Fire

Can you believe that there's only two marina front homes on the market today in Hawai'i Kai, which is incredible considering how vast the marina is in Hawai'i Kai. This is David Buck with Harcourts Island Real Estate. It's another Wednesday. We're going to do another episode of We Need Inventory, and one of the areas that is sparse today on O'ahu for inventory are marina front homes in Hawai'i Kai. I've done a few segments in the past about say Co-op Isle or Coco Isle in some of the townhomes that can get limited supply with a high demand, and that's what we're seeing today. There's a very high demand for marina front homes in Hawai'i Kai, and there's literally only two single family homes on the market. I'm going to put some stats up here in a second, but don't let it fool you. There's actually three in MLS, but the first of which I'm going to have to put a little asterisk next to it because it is going to be a cottage at the peninsula in Hawai'i Kai, so that's actually going to be an attached dwelling. When they're selling them, they're selling them as single family homes, but they're actually an attached dwelling, but that's the lowest price listing today. There's a cottage listing on the market for $1,868,000, and from there, it bumps right up to $3 million, which at one point in time, a decade ago, that was like the cap of the marina, $3 million, and during our previous market, back in the bubble, quote unquote, in 2007, the marina front homes capped out at just over $2 million, so now we're starting to see that price go up and up. The first true single family home on the market is going to be a home in Luna Kai, which is right here. Luna Kai is basically that front entrance to the marina off Kalani Ana'olea Highway, closer to Coco Marina Shopping Center, and there you have one that's currently listed for $3 million. It's a five-bedroom, three-bath, and then the only other one on the market right now is one over in Spinnaker Isle for just under $4 million at $3,999,000. That's for a five-bedroom, five-and-a-half bath at Spinnaker Isle. Meanwhile, there's three listings that are under contract on the marina in Hawaii Kai. Well, I have to put an asterisk next to this one as well because of those three that I said that are under contract, one of them is actually a townhome as well, so there's really only two for sale and then two that are under contract, so that townhome that's under contract, it's a semi-distressed sale, and we'll see how that one plays out, and it's at a much lower price point, obviously, because it's a townhome. So as far as the single-family homes go, there's one under contract with an asking price of $2,888,000, and that's in Marina West, and then there is another one, and if this one sticks, it's going to set a record for the highest single-family home sale on the marina in Hawaii Kai. There's one with an asking price. It's kind of a newer home that was redone for $5.5 million, and that's also going to be in West Marina. So two homes under contract, two true single-family homes on the market, and then there's only been three sales over the past six months. Okay, so the lowest price of those three homes was one that went for $1,950,000, and that was going to be for a home on Spinnaker Isle, and then the next highest price was $2,660,000 for one in Mariner's Cove, and the third one is going to be one also in Luna Kai for $3,450,000. So as you can see, two of those asking, or excuse me, sale prices are south of $3,000,000. So it seems like what's out there, people at this point almost ask whatever they want, because there's just literally nothing for sale, and we do need inventory, hence the name of this topic in this video. So with that said, yeah, there's a high demand and lack of inventory for marina front homes in Hawaii Kai. We talked about pricing earlier, and we're seeing almost record prices going on, and we have a family friend that owns a marina front home, and at one point in time, they mentioned that the prices in Hawaii Kai on the marina would actually double if the bridge were higher. And I'm not sure if you'd catch on to that, but basically what he's saying is if you could have a bigger boat that could fit under the bridge here, sorry, as the entrance to the marina, then a lot of wealthy people with their big boats would pay a premium to be able to park their large boat in front of their home. Now, don't get me wrong, that's one of the huge advantages to owning a marina front home in Hawaii Kai is that you can have a boat dock with your own boat right out the back door. So perhaps maybe there aren't as many boaters these days because the prices are still going up despite our market, and despite everything else that's going on, and despite what's happening in the condo market. There's a lot more inventory in the condo market right now, which I think creates a good buying opportunity for someone that's in the condo market. With that said, let's wrap up this topic, which is on single family homes on the marina in Hawaii Kai. So if you know someone that's thinking about selling their place on the water in Hawaii Kai, now would be a great time because there's only two homes for sale and we need inventory. Mahalo.