CONGRATULATIONS to CHELSEA PFERSCHY and ELAINE VAN de ZANDE for the Sell and Buy transactions for their client. Chelsea and Elaine assisted their client to sell her property and quickly found a perfect upgrade for their client to move to right away, in a building with more amenities and a great location!

If you are planning to sell and upgrade, work with professionals who know how to fit the pieces of your puzzle together in this super-competitive market. Contact Chelsea and Elaine at www.AlohaTony.com today to discuss the logistics of selling and buying simultaneously!

I've lived through 2 real estate bubbles: the Japanese Bubble of the 90's and the 2008 mortgage bubble, but are we in another one now? In March, Oahu’s Housing Prices shattered records with a new median sales price of $950,000

Closed sales of homes and condos saw double-digit growth of 19.1% and 52.7%, compared to March 2020. Single family home prices rose 17.3% year-over-year a 3.5% increase in one month.  

But is it a bubble? I really don't think so. In the 1990's, we had Japanese speculators buying up property with almost no knowledge of the market, and no intent to hold long term.  They were investors throwing money around, buying at stupid prices with hopes of making crazy money.  

In 2007, we had investors buying properties with no money down, interest only, no credit, and speculating on prices continuing to rise forever. I remember one guy said to me, "Real estate prices always rise."  That's when I knew the bubble was about to burst, so I sold all my properties as fast as I could.  

But today it's different.  We have owner occupants with huge down payments, many with all cash, buying properties they want to live in forever.  It's not a bubble, it's a shift.  A shift of people leaving crazy California and coming to paradise. It's a tech shift of people working from home, others retiring.  It's a global shift, and I don't see a bubble anywhere except in the US debt, which is a different topic, but somewhat related.  

Government debt means inflation, and inflation means real estate prices rise.   

With low inventory and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020. During the first quarter of 2021, single-family homes sold over asking price made up 50% of the sales compared to just 19% in quarter one last year, while condos sold above the list price accounted for 29% of the sales compared to 10% in the previous year’s first quarter.

It's not a bubble.  It's an opportunity.

CONGRATULATIONS to LEON CHINGCUANGCO! Leon closed his biggest sale to date with the sale of this beautiful resort unit at Beach Villas @ Ko Olina! Leon was able to negotiate a quick close for his client, and closed in just 22 days! If you've been dreaming of buying a Hawaii resort property, stop dreaming and make it happen with Leon Chingcuangco and his team at www.AlohaTony.com

Since thousands of people are moving to Hawaii in 2021, here are some things to know before moving to Hawaii:


We measure distance by time, not miles.

20 miles in the mainland could be a 30 minute drive, but on Oahu, expect it to be up to an hour.  We do have freeways, but they don’t connect towns like you might be used to. There are no rest stops or food signage. Your map app is a necessity - even for locals. Social media groups and local news/radio are also important traffic guides. Before you buy, know your commute. 


The tropic sun 

Wear sunscreen.  The sun you might be used to in the mainland may not feel the same.  No matter your skin tone, you will burn easier.  The heat is also different.  Until you have lived here for awhile, you will feel hot and muggy and sweaty.  Air conditioners are common, but energy prices are steep. The 2019 average cost of electricity in Oahu was $0.29 per kWh (it’s higher for other islands).Fans and cooler showers will be your best friends.  Also - always keep sunglasses in your car.  Even if it’s cloudy and rainy, the weather can change with a 10 minute drive. 


Hawaiian culture

There is an entertaining side to Hawaii culture, but it is all steeped in history and tradition.  Be ready to learn.  “Hawaiian” is not the same as “Texan” or “Californian.”  Hawaii is born from a rich and diverse Polynesian heritage. This ancestry and bloodline are the only ones who can be called “Hawaiian.”  Many people groups came here to work on the plantations, creating a special melting pot. This resulted in the Pidgin language, blended cuisine, and community becoming like family.  Local children grow up referring to most adults as “auntie” and “uncle.  They also grow up learning Hawaiian words, music, and dance, often culminating in a school program called “Lei Day.”  


Moving your pets

If you are moving with your pets, you will need to start the process early. Hawaii is a rabies-free state and has strict quarantine laws for any cats or dogs moving here. Some highlights from the Hawaii’s Animal Industry Division are listed below. Following these rules will be the difference from having your your dog or cat being released directly on the day you arrive or having them stay up to 120 days of quarantine.

The good news is that when your pet finally is reunited with you in Hawaii, there are several great dog parks and animal-friendly condos and communities to find a home.

• 10 days before you arrive, assure your cat or dog has a working electronic microchip.

• More than 30 days before you arrive, assure your cat or dog has been vaccinated at least twice for rabies in its lifetime. The vaccines must be administered more than 30 days apart. Obtain a rabies vaccination certificate for each of the vaccines from your veterinarian.

• More than 30 days before you arrive, do a FAVN Rabies Antibody Test at an approved lab. Once you have a successful test, wait at least 30 days before you arrive in Hawaii, or your pet will be subject to quarantine for $14.30 each day along with a $244.00 fee.

• Complete all the documents and send them in a set, so they arrive 10 days before your arrival.

• Schedule flights to arrive by 3:30 p.m., so the Airport Animal Quarantine Holding Facility has time to inspect and release your pet before 5 p.m. closing time. Otherwise your pet will have to stay overnight for an additional $59 fee.

• Be ready to pay the $185 Direct Airport Release fee upon arrival.

• Owners wishing to fly their pet direct to the island of Hawaii, island of Maui or island of Kauai must send in documents in 30 days or more before arrival and request a Neighbor Island Inspection Permit.

Speaking of animals:

You won’t have squirrels or snakes or gators to deal with, but Hawaii has it’s own variety of wildlife. Geckos, peacocks, whales, turtles, mongoose, wild boars, fish, roosters… you could find them all in one day here.  There is diversity amongst the islands, too. Kauai is known for its chickens and Nene birds. Molokai and Maui are known for their deer. In the mountains of Oahu, wild boar are found, and are often hunted by the locals.


Banking in Hawaii

There are no brick and mortar national banks: no Wells Fargo, Bank of America or Chase. So make sure you can have your ebanking information handy and have enough cash and checks to help you get settled. Alternatively, set up a local account in advance. Some of the more prevalent banks in Hawaii are Bank of Hawaii, Central Pacific Bank, American Savings Bank, and First Hawaiian Bank. 

A spacious, beautifully remodeled 3 bedroom 2.5 bath condo with a double wide lanai and peaceful garden view in the heart of Kailua town. Ride your bike to the beach or to nearby shopping from this gorgeous condo with a brand new wide open kitchen, brand new floors, fixtures, and remodeled baths. You'll love the cool breezes that flow through this unit in quiet Gardenia Manor, one of the best complexes in Kailua. A gorgeous immaculate unit you have to see to appreciate!

"Gorgeous new floors in the spacious living room"

"Check out this beautiful kitchen"

"Relaxing view for a double wide lanai"

"A comfortable place to sleep"

"A spacious laundry room"

"Clean Bathroom"

This is one of the best units in Esplanade, a 2 bedroom ground floor corner location with a private enclosed yard that leads to a large grassy common space.  With no elevators or stairs to this unit, it has the convenience and accessibility of a single story home, but with the benefits of the Esplanade condo. This beautiful condo has remodeled bathrooms and floors, a spacious kitchen and living space, and has been expanded to larger than the standard size.  Pet friendly Esplanade has a salt water pool and jacuzzi, 2 tennis courts, pool table, BBQ areas, gym, putting green, beautiful common areas with koi ponds, storage lockers, security guards, and of course marina frontage with docks!  One of the best condo buildings in Hawaii Kai!

Everyone I know was wrong about the real estate market in 2020. I've been in the business for 21 years now, and I am usually pretty accurate with my predictions, but last year I thought the market would fall dramatically because of Covid, and I could not have been more wrong.  

The Hawaii real estate market finished at $870k median price for single family and $455k for condos, both up in the last 12 months, with sales very strong. 

Most surprising is that the average home sold in just 10 days, and most sold at asking price or higher!  We had many listings in 2020 that received more than 10 offers. 

So now with the government printing money and interest rates low, what will 2021 be like?  Maybe we will be dead wrong again, but we feel that prices will rise about 5-7% because inventory is low and money is cheap, and everyone wants to live in Hawaii.  

We've had dozens of clients coming from CA, NY, NJ, and WA.  It's probably going to pick up even more when it's easier to travel, and when people are taking vaccines.  

Whatever you think the market will do in 2021, I know for sure, I was wrong in 2020.