Our recent post of a $775,000 Tear Down that was just listed went viral with over 14,400 Likes, Comments, and Shares.
We received two very strong cash offers on it within 3 days.
I think people could not take that a home in horrible condition would sell for that much. It would have been much better if it was already torn down and just showed a clear vacant lot.
There were three tear-downs that sold within the 2 years for $4.8 million in Kailua, $3.7 million on the North Shore, and $2.1 million in Kahala. This gives you an idea of the value of the land on Oahu.
I do understand people’s frustration with the cost of homes on Oahu. The issue is not because sellers are greedy, or Realtors are pricing it too high, as some comments implied. The real issue is supply and demand along with very low-interest rates.
Oahu, despite the high cost of homes, is still a very nice place to live, and the demand for homes along with our limited land and supply of homes causes the prices to go up.