Neighbor Island condo sales up
By Debbie Sokei
Advertiser Staff Writer
The number of condominiums sold on the Neighbor Islands continued to climb in March as Mainland baby boomers bought second homes in Hawai'i for vacation and retirement.
On Kaua'i, 59 condominiums were sold, almost double the amount sold in March 2003. On Maui, 182 condos were sold, up from 166 a year ago. Eighty-seven condos were sold on the Big Island, up from 79 a year ago, according to Hawaii Information Service.
The median price for condos on the Neighbor Islands also went up in March compared to a year ago.
Fueled largely by Mainland buyers and low mortgage rates, the median price for a condo on Kaua'i increased 22 percent to $329,000, up from $270,735 a year earlier, but down from February when the median price soared to a record $420,000, which was more than the price of a single-family home on the island.
The median-priced Maui condo in March sold for $327,000, up from $199,750 a year ago. On the Big Island, the median price for a condo was $275,000, a 77 percent increase from $155,000 in March 2003.
"Basically, it's the baby-boomer generation starting to pick their retirement homes," said Terry Kamen, broker for Maikai Properties on Kaua'i. "It's the second-home phenomenon."
Kaua'i condos are selling fast, said Michael Schmidt, principal broker with Kaua'i-based Coldwell Banker Bali Hai Realty Inc. The average days a Princeville condominium is on the market is only 65, he said.
Asha Randall and her husband, Paul, missed out on the opportunity to buy a $420,000 condo in Princeville.
"We were absolutely floored," said Asha Randall, who lives in Malibu, Calif. "Overnight, before we could make a decision, it was in escrow."
The Randalls ended up paying $612,000 for a 1,800-square-foot condo with three bedrooms at the Villas of Kamali'i in Princeville. They plan to use the condo as a vacation home.
While the condo market remained hot, single-family home sales and prices were also strong.
Reach Debbie Sokei at 525-8064 or dsokei@honoluluadvertiser.com.
