A common request I get from buyers is to find them a sandy beachfront home under $3 Million dollars. It’s difficult to explain why this is a challenge without showing the data and numbers for sold properties here in Hawaii.
On Oahu, of the 72 sandy beachfront homes sold in the past year, only 9 of them had less than a thousand square feet(sq ft) of living space. A third of those 72 homes were on the lots with less than 10,000 square feet. With the cost of sandy beachfront properties being so high it’s easy to see why most owners “Went Big” and built a luxurious home to get the most value out of their land.
Statistically the average price per sq ft being $1,798.00 this puts the average sold price for homes at almost $4.4 Million dollars for these homes.
Only three of these sold homes were under $1 Million, and just ten were sold under $2 Million.
The highest priced home was sold in Diamond Head for $19.6 Million in March 2022. This home was roughly four thousand square feet built on almost a full acre.
Oahu offers luxurious homes in Kahala, Mokulea, Haleiwa, Kailua, and Hawaii Kai.
If you are looking for a bargain on the beach, west Oahu might offer some opportunities. Just be prepared to be near a major roadway or put a little love into a home that needs work. Another opportunity is to buy into a condominium, which is a WIN for many. Some even choose to own on an island that is less developed like Molokai or has an active volcano on it like Hawaii Island (The Big Island)
Even with the effects of climate change increasing flood hazards for ocean front properties, we realtors are still seeing strong demand from buyers. It is super important to let your realtor know exactly what you are looking for so when a beach front deal does come by, the opportunity can be seized. Thanks and Mahalo!
