Spotlight On North Shore-Sunset Beach
First in a series
In the neighborhood defined as Oahu’s North Shore, the names of the famous surfing beaches along the coast generally also identify the local communities. Probably the best known is Sunset Beach, as a result of international media coverage that has increased exponentially with the popularity of big wave surfing events. Riding on this wave of media publicity is the desirability and value of real estate in the area.
Richard Sterman, owner and Principal Broker of Sterman Realty, has specialized in properties on the North Shore for more than three decades. He first came to Hawaii from his native New York to attend UH Manoa, where he received a degree in East-West Philosophy, then stayed to surf and enter the real estate business.
He recalls the first North Shore surfing competitions as “casual, local-style events with a folding table on the beach and a few chairs for the judges.” “Today the annual competitions held in winter months, which vary according to surf conditions, have been sponsored by major surfing vendors, such as Billabong, Hurley, Volcom, and Quiksilver. They attract competitors from all over the world and tens of thousands of on-beach spectators. A full media operation broadcasts live to literally millions of viewers worldwide.
“Many professional surfers and retired pros have settled here, as well as a fair amount of celebrities. So, it’s not surprising that property values have continued to escalate. The house I rented at Sunset Beach in 1974 for $150 a month was worth around $70,000 at that time. I sold it about six years ago for $625,000, and it is now worth around $825,000.”
Sterman Realty has been involved in a number of new North Shore developments over the years, including the area’s only gated community, Sunset Beach Colony, also known as Velzyland, the name of the local surf break.
The oceanfront parcel, previously occupied by old, neglected homes, was subdivided into 29 fee simple lots which were marketed by Sterman Realty and sold out in a one-day auction in 2003.
Currently Sterman Realty sales agent Chaney Padaca (RA) is offering a prime beachfront property at 59-255 Ke Nui Road for $5.8 million. The 21,476 square foot parcel has 140 linear feet of frontage on one of the North Shore’s best sections of sandy beach between Pipeline and Rocky Point. Sterman pointed out that R-5 zoned properties in the area typically have only 50 feet of beach frontage and 5,000 square feet of buildable land.
The beach cottage on the property has two bedrooms, one-and-a-half baths, and a large lanai with views of the ocean, mountains, and year-round sunsets. Built in 1938, the charming one-story house was remodeled in 2008. Lush vegetation surrounds the home, providing a sense of privacy. Sterman noted that the property has potential for further development.
Chaney Padaca is showing the home by appointment and can be reached at Sterman Realty.