Hawaii homes not among top 10


POSTED: Thursday, September 24, 2009

Hawaii neighborhoods did not make the list of the nation's top 10 most expensive or most affordable real estate markets for 2009, according to a recent Coldwell Banker study.

When it comes to Hawaii, the study, which was released yesterday, could be somewhat misleading since single-family homes tend to be smaller in the islands. The annual survey is based on the average price of a 2,200-square-foot home with four bedrooms, 2 1/2 baths and an attached garage in 310 markets.

Coldwell Banker tapped Honolulu as the state's most expensive market. It would cost a buyer an average of $712,500 to purchase a home fitting Coldwell Banker's criteria in Honolulu. In comparison, the survey pointed to Kihei, Maui, as Hawaii's most affordable market. A home fitting Coldwell Banker's criteria would cost an average of $540,044, according to the survey.

“;We mainly use this data to illustrate sticker shock to clients that are coming to Hawaii from other markets,”; said Chason Ishii, president of Coldwell Banker Pacific Properties. “;There is almost always sticker shock. After all, we are one of the only states where a gallon of milk costs more than a gallon of gas.”;