Kailua has established international notoriety with its fabulous beaches and views. It is also a favorite location and been visited by many celebrities as well as President Obama and his family. I would say last year and now this year, the market has taken off big time on Oahu in general. Kailua is crazy right now!!! Our inventory is probably historically low along with the interest rates. There are agents/buyers just swarming over new listings and this one is a prime example.
This quaint and lovely property entered the market last week by Coldwell Banker Pacific Properties. I visited the brokers open on Thursday and it was like a party. There were at least 30-40 people previewing the property flowing in and out of the house on a consistent basis. The location of this property is a couple blocks from Kailua Beach in a quiet and understated neighborhood we call it "Koolaupoku".
It is a three bedroom, 2 bath house sitting on 10,381 sf with 1300 sf of interior in fair condition, asking price $898,500. It showed beautifully because of how it was prepared and staged. However, there were stains on the ceiling, and apparent termite damage. Everything looks original and the house was built 1956. So the buyer that will be purchasing this will certainly be putting in some elbow grease into repairing and upgrading this little gem of a property.
Regardless of the condition, the location is prime. There were 16 offers that was reviewed on this property some, if not all were over asking price! Buyers obviously know and understand that we are now in a "perfect storm" situation where the interest rates will soon be rising along with property values increasing. GETTING WHILE THE GETTING IS GOOD :)