Question: We own a condo in Kakaako and we're interested in selling. We've been told that when we sell, we'll have to disclose everything we know about the property, even if it might kill the deal. Why do we have to 'disclose' if it's not in my best interest?
Disclosure Statement image above by Nick Youngson CC BY-SA 3.0 Alpha Stock Images
Great question, Mark, thank you for asking. To start, please keep in mind that this is not legal advice, this is for informational purposes only and you are highly encouraged to speak to an attorney well-versed with Hawaii real estate. In Hawaii, Hawaii Revised Statute Chapter 508D details the legal responsibility of a Seller to disclosure 'material facts' to the Buyer during the course of due diligence, as agreed upon in…
With multiple islands, each diverse in micro-markets acting independently of each other yet with in some ways in harmony, the Hawaii Real Estate market is among the most simple yet complex in the country.
So with that, let's take a look at the market is doing across the four major markets, broken down by category.
SINGLE FAMILY RESIDENCES
Maui - Single-Family Residences on Maui saw marked improvements, broken down by type - Single Family: median $837,500 (+20%), based on 78 sales (-20%) ; Single Family with Attached Ohana: median $927,500 (+18%), based on 2 closed sales ; Single Family with Detached Ohana: $837,500 (-11%), with 18 sales closed (+125%).
Oahu - The record set last month for Oahu with the $835K median sales price remains safe, as the…