O'ahu Market Report - March 2024

March may have marked the month of divergence. The demand and supply indicators for homes and condominiums are moving at different speeds.  Home prices were relatively flat as compared to last year, while condominium/townhome prices dropped compared to last year. New listings for sale for homes were flat while new listings for condominium/townhomes increased by 22.1%. Closed sales or demand for condo/townhomes dropped by 22.5% while homes hovered near flat, moving down just 2.5% or 6 sales less than the year prior.

If this trend for condominiums/townhomes continues, buyers may experience improved affordability, more choice, and more time to make the buying decision. Last year, sellers waited 36 days to accept an offer on their home. This year, that number dropped to 31 days. While sellers are experiencing steady demand for homes, they may want to consider being aggressive in marketing and pricing for condominium/townhomes given the drop in demand and increase in competitive inventory.

There are so many factors that are the cause of the current market. Here are just a few:

• Insurance coverage for condominiums increases maintenance fees and eliminates buyer financing for under-insured properties,
• The unpredictability of mortgage interest rates,
• The lack of new housing over the past 30 years, and
• The strength of the dollar influences international sellers and buyers.

These are complicated and require study and data. Contact me, your trusty real estate agent, for more information about these topics and neighborhood trends.

Read the full report from the Honolulu Board of REALTORS® here.

Luxury Bathroom Trends for 2024

The luxury homeowner’s bathroom for 2024 is more than a spa-like retreat where sumptuous comfort is paramount. It’s a step back in time to a calmer, more natural world that comes alive with a touch of 70’s boho chic.

According to the National Kitchen and Bath Association, many of the colors, textures, and sustainable materials that were popular in the 1970s are getting renewed attention for their timeless appeal, including warm treetop and fernlike greens, teak and other natural woods, and woven textures of linen, hemp, and cotton. The trick is to incorporate these elements with modern aesthetics, including minimalism, universal design principles, and personalization.

Water closets: A room within a room, the “toilet room” can be closed off with a door, screen or cabinet for privacy. It can also include a one-person sink and storage for paper supplies. 

Curbless showers: With the shower floor flush with the rest of the bathroom, spraying water is kept in check with a subtle cascading drain and strategically placed open glass door. Enhance the look and safety underfoot with a pebbled stone tile.

Unique focal points: Personalize the bath with something hand-crafted—a one-of-a-kind antique chest, rattan vanity stool, or a fine hand-knotted tribal rug from Asia. Handsomely framed mirrors should be backlit and all lights should be dimmable.

Concierge features: Make coffee or a cold drink at a built-in bar complete with a mini fridge.

New-old colors: Choose colors that have warm yellow-gold undertones, including greens, yellows, and ochre.

Unmarried? Buy Property as Joint Tenants

For those who aren’t married, the housing market doesn’t have to pass you by: you and your significant other, best friend, family member, or business partner can purchase a home together as joint owners. Simply decide how you want to buy, use and, eventually, sell the property to determine what form of ownership goes onto the deed—as tenants in common, or as joint tenants with the right of survivorship.   

As tenants in common, you both own shares of the property, you both have the right to use the property and you can make your own financial agreements. Either of you can sell your share of the property to a third party or pass your share to heirs.

Joint tenancy with right of survivorship (JTWROS) has specific requirements: each joint tenant must take title of their share at the exact same time, using the same legal instrument to create a JTWROS. Each tenant must have an equal interest in the property and can use and/or profit from the property equally, but shares cannot be sold or inherited, instead going to the remaining tenant(s).

The benefits of joint ownership are numerous as long as you each disclose your finances honestly and are willing to share the responsibilities of maintaining the property. You share the debt on the property, making it more affordable to own. Building equity leads to more financial security and having a clear deed that outlines your ownership rights helps to protect your interests and those of your partner.