The Kailua real estate market

The Kailua real estate market, which is closely linked to the Kaneohe housing market and a subsidiary of the larger Oahu real estate market, has been facing largely positive indicators despite confusion over housing prices and statewide high rates of foreclosure. According to a May 26, 2010 article in the Honolulu Advertiser, “A federal report suggests that Oahu home values aren’t as positive as indicated by local sales data, though the market appears to be on a path of improvement. 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 piece, written by Andrew Gomes, continued to note that “The figure 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.”

The impact of foreclosures on Kailua homes for sale, as well as the rest of the Oahu housing market, may be less pronounced than the statewide rate may suggest, according to a May 13, 2010 article in the Honolulu Advertiser. This piece found that “Real estate in Hawaii’s foreclosure pipeline hit a high for the year last month, signaling that homeowners continue to struggle with mortgage payments even as the economy and real estate are showing signs of a slow recovery.” The article, also written by Andrew Gomes, went on to state that “Among Hawaii counties, Honolulu (Oahu) had the most filings at 581, but the lowest rate, at one filing for every 580 households…Statewide, the bulk of the foreclosure filings in April – 1,093 of the 1,474 filings – were trustee sale notices representing properties headed to auction.”

A May 13, 2010 article from the Associated Press echoed the dire news for the statewide foreclosure rate, which does not necessarily translate to the foreclosure rate in the Kailua real estate market specifically. This piece said that “While there are signs of economic recovery, homeowners in Hawaii continued to struggle to meet their mortgage payments. The real estate research firm RealtyTrac reports 1,474 properties in the state received foreclosure notices in April. That’s more than double the 684 recorded in the same month last year.”

Continuing an Island Tradition

Canoe paddling is a popular recreational sport and exercise activity around the world. Outrigger canoeing, a variation on the typical canoe, is one of Hawaii’s most notable activities and traditions.  Brought to Hawaii by different Pacific cultures that migrated to the islands several centuries ago, competitive outrigger canoeing has caught on in Hawaii.  A number of the most popular and successful racing clubs are actually located on some prime Kailua Oahu real estate on the island’s windward side.  Not only are these launch sites beautiful in themselves, but the waters that front such properties are quite good for paddling due to the relatively flat waves and challenging currents.  The Kailua clubs have typically performed quite well in recent history. Outrigger canoe paddling has become so engrained in the local community that it is now an official sport for interscholastic high school leagues.  But for people of all ages, canoe clubs can participate in a number of major races.  The Molokai Hoe, a 43-mile race from Molokai to Oahu and the Queen Lilioukalani Race, held near Kailua-Kona on the Big Island, are two of the most popular events.  Winners of such competitions oftengarner large media attention and valuable bragging rights within the racing community.