The Thriving Community Of Pearl City – Aiea
If you’re looking for proof that Oahu’s housing market is strong, look no further than Pearl City-Aiea, a neighborhood with something for everyone, from condos and townhomes to single-family homes with luxury views.
Pearl City-Aiea attracts many different types of buyers because of its central location, its diversity of homes and their solid values. Here you can find 1- to 3-bedroom units in high-rise, ocean-view condominiums as well as 3-bedroom townhomes in serene golf course settings. There are affordable 3-bedroom, 2-bath single-family homes as well as 3,000-plus square-foot luxury homes with views.
Pearl City-Aiea exemplifies the market trends Oahu experienced in 2013: rising sales, rising prices, buyer demand and low inventory.
Last year there were 310 condominium sales, with a median sales price of $285,500, and 230 single family home sales, with a median price of $610,000. As a sign of 2013’s competitive market, one in every three home sales was bidup over the asking price, and one in every five condo sales was bid-up over asking price.
Even with climbing prices, the neighborhood’s current median prices still fall just under Oahu’s, making it more affordable despite the resources the neighborhood offers.
“For a good price point without feeling like you’re overpaying, this is the neighborhood,” says Chad Takesue, partner and REALTOR at Prudential Locations. In Pearl City-Aiea, buyers get more for their money compared to similar neighborhoods in Honolulu.
“This is a great place for people looking to buy their first condo, as well as people ready to settle into a longer-term home,” Takesue says. “It is the only place on the island where you have the comforts of a suburban neighborhood with solid public schools, community-based activities, and beautiful parks, while still also offering the destination retail shopping and big box stores you might see in more urban areas.
“People may refer to Kapolei as ‘the Second City’ but really, Pearl City-Aiea is already a true second city. There’s a multi-layered, thriving professional community, a medical center (Pali Momi) – all the services and community that a true city offers.”
Not surprisingly, Pearl City-Aiea is attractive to buyers who are investors. “Condominiums are great investments here, so people tend to hold on to them,” says Takesue. “I’ve transitioned some of my investors from the metro area to the Pearlridge area because they want a better cash flow and the buildings here aren’t as old as many in the metro Honolulu neighborhoods such as Waikiki and Makiki.”
Pearl City’s close proximity to the military bases makes for a strong and steady rental market. “Military buyers like this area because it combines everything a city offers with easy commutes to the bases,” Takesue explains. Pearl City is close to Pearl Harbor, Hickam Air Force Base, Schofield Barracks and the Kaneohe Marine Corps base – closer than metro Honolulu.
If you’re looking to buy in Pearl City-Aiea, be prepared for competition. Currently there are just 71 single-family homes and 86 condominiums listed for sale. The months of remaining inventory, which is the time it takes to sell out of all the current homes listed for sale, is very low at two months. (Six months of inventory is considered the tipping point between a buyer’s and a seller’s market.) For sellers, especially those looking to downsize, the low inventory and rising prices offer opportunity to maximize their value.
Takesue points out that Oahu has a rich variety of neighborhoods and “the most important thing when you’re considering any neighborhood is how the pros and cons of that particular neighborhood match up with what is most important to you.”
Working with an expert real estate agent who knows the unique attributes and differences in neighborhoods can help match your needs and desires with the best homes and communities for you.
For more information on properties in Pearl City and Aiea, call 377-4646.