New Forbes Affiliation

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The Choi Group with Hawaii Life is excited to announce Hawaii Life is a founding member of Forbes Global Properties, an invitation-only worldwide network of top-tier brokerages with direct access to qualified luxury buyers.  An exceptional, trusted and globally recognized brand for 100 years, Forbes targets top executives and influential leaders and entrepreneurs, reaching 6.3+Million readers and 133 Million unique monthly website visitors. Hawaii Life is the exclusive Hawaii member, and has a key ownership stake in this new elite international network and is also a member of the Board of Directors.

As you know, Choi International merged with Hawaii Life about 3 years ago.  The reason was clear to us, as Hawaii Life has become the dominant force in the luxury market statewide, especially from the $3 Million price point with an increasingly larger market share as the sales price goes up.  This groundbreaking association with Forbes was spearheaded by Jeff Hyland of Hilton & Hyland in Beverly Hills, Andy Nelson of Willis Allen in San Diego, and Hawaii Life’s CEO, Matt Beall.  We have worked with Jeff and Hilton & Hyland for decades as they have always been dynamically innovative in the luxury market.  This new online presence seeks to bring our clients closer to those high net worth individuals who rely on Forbes for financial information.  Forbes is a great brand and the creation of www.ForbesGlobalProperties.com is another innovation in high-end real estate.

Visit www.ForbesGlobalProperties.com/about to learn more about our new affiliation.

November 2020 Oahu Real Estate Statistics by the Honolulu Board of Realtors; Luxury Market Update

The Honolulu Board of Realtors released their latest monthly Oahu residential real estate statistical reports for November 2020. You can view the reports here:

General Housing Statistics

Local Neighborhood Market Update

Following are charts illustrating activity in the luxury real estate market for November 2020 YTD compared to the same time period last year:

DIAMOND HEAD & KAHALA  SINGLE FAMILY HOME SALES (Excludes Condos) – November 2020 YTD vs November 2019 YTD

$0-$3M $3M-$5M $5M+ TOTAL SALES Average Sale Price
2020 NOV YTD SOLDS 34 13 9 56 $3,134,750
2019 NOV YTD SOLDS 36 13 9 58 $3,078,138

 

OAHU $3M+  HOME/CONDO/LAND SALES – November 2020 YTD vs November 2019 YTD

HOME SALES CONDO SALES LAND SALES TOTAL SALES Average Sale Price
2020 NOV YTD SOLDS 70 26 5 101 $4,985,573
2019 NOV YTD SOLDS 58 30 1 89 $5,171,114

 

Limited Travel from Target Buyers

Travelers from Silicon Valley, Japan and Canada may be able to come to Hawaii with a valid COVID test, but they face a significant quarantine upon returning to their city/country.  Thus, what is considered to be a decent source of buyers is still limited due to travel restrictions.  In addition, Japan is providing incentives for residents to travel within the country, promoting its own tourist destinations and keeping its citizens within Japan’s own bubble.  It seems we are still going to depend upon a vaccine for a return of substantial numbers of out-of-state buyers.