The Kaneohe real estate market, a sector of the Oahu housing market, seemed to be trending towards a continued recovery despite uncertainty about a few indicators. According to a May 13, 2010 article in the Honolulu Star Bulletin, although the state of Hawaii overall faced a higher foreclosure rate, the island of Oahu did much better in comparison. This piece noted that “Oahu remained well below the national rate of foreclosures in April, but the Big Island and Maui markets took large hits.” The article, written by Gene Park, went on to say that “Oahu fared the best, with one in every 580 homes…Nationwide the number of homes facing foreclosure fell 2.4 percent from a year ago in April. James Saccacio, chief executive officer of RealtyTrac, said the April national numbers indicate a plateau in foreclosures, but ‘at a very high level that will not drop off in the near future.’”
The average purchase price of a Kaneohe or Oahu home for sale increased in the most recent tracking period, according to a June 3, 2010 article from the Pacific Business News. This piece noted that “Oahu home prices are up 5.1 on average over the past year, according to a report released Thursday by a provider of real estate valuation and risk assessment for financial services companies.” The article went on to say that “Comparing the three months end[ing] May 31 with the same period last year, California-based Clear Capital ranked Oahu as the seventh-highest performing major market nationally, with a 2.2 percent price increase, behind Dallas, Pittsburgh, San Diego, San Francisco, Houston and Minneapolis. The number of bank-owned properties on Oahu – 7.5 percent of the total – remains modest.”
Uncertainty over where exactly home prices stand in the Oahu and Kaneohe real estate market has proven to be controversial, according to a May 26, 2010 article in the Honolulu Advertiser. This piece by Andrew Gomes noted that “The Federal Housing Finance Agency yesterday reported that Oahu single-family home values in the first quarter were down 4.5 percent compared with the same quarter last year. The figures compares with a 4.4 percent rise in the median price for Oahu single-family homes sold in the first quarter as reported by the Honolulu Board of Realtors. It’s debatable which assessment is more accurate.”
Ko Olina, one of Oahu’s truly hidden secrets, has just recently begun to attract the attention of developers of Ewa real estate. A true island paradise, the Ko Olina area consists of a number of private plots of real estate, a hotel resort, vacation homes, a marina and harbor, and some of the best golfing in the state. The JW Marriott Ihilani Resort & Spa is the highlight of area and provides a world class luxury resort experience that is mixed with the true spirit of island hospitality. The hotel features 387 guest rooms and 36 suites, many offering spectacular ocean views and panoramic views of the crystal blue lagoons that are exclusively for hotel guests. The Marriott Beach Club is responsible for the operation of the timeshare units that are in facilities completely separate from the hotel.
The resort has partnered with the National Football League to sponsor all players, staff, and their families for the annual Pro Bowl held at Aloha Stadium. Large areas are devoted to Pro Bowl activities and a practice field is even painted and leveled for players’ use prior to the big day. A number of community events are also hosted by the NFL at the resort during the week leading up to the game.