Bill Cresenzo Reporter – Pacific Business News
Honolulu ranked eighth on its list of the top markets in the U.S. for luxury home sales.
And Trulia, a real estatte tracking service, ranked Honolulu eighth on its list of cities with the most homes listed for over $1 million.
The Coldwell Banker Previews International Luxury Market Index aid that six properties on Oahu were sold for more than $10 million in 2013.
“Honolulu has seen an uptick in luxury inventory on a famed stretch of Kahala Avenue, often referred to as the “Rodeo Drive” of the island,” the company said.
Trulia said that about 20 percent of the homes listed right now in Honolulu cost at least $1 million.
“In a few places such as Hawaii, million-dollar homes are the norm, and what you get with that price tag is anything but a mega-mansion, said Kacey Snodgrass, a Trulia spokeswoman. “The difference in million-dollar homes across the country are so extreme that you could fit million-dollar properties from New York, San Francisco, Honolulu and Miami together inside a million-dollar mansion in Birmingham and still have room to spare.”
Meanwhile, a report from the University of Hawaii Economic Research Organization says that the median price of a single-family home could top $774,000 by 2015.