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ISLAND HOMES LIFESTYLE MAGAZINE
North Shore Making Waves in Oahu Real Estate Market - by Connie Wright

Island Style Magazine Article - North Shore Making Waves in Oahu Real Estate Market

Real estate activity on Oahu's North Shore is surging like the winter surf that made its Sunset Beach and Waimea Bay world famous. Twenty or thirty years ago, the surf was the main attraction for new residents, both renters and home buyers. Now, according to Realtors active in the area, it’s the mystique the North Shore has gained through a series of films and television productions combined with great values in reaL estate that bring the waves of international buyers eager to stake a claim on a piece of Hawaii beachfront., and willing to pay big bucks for it. As a natural consequence, prices continue to escalate and inventory diminishes.

Juliana Simone, owner and principal broker of Sunset Homes specializes in North Shore properties She has lived on the North Shore since 1988 and started her own company, based in a historic building in Haleiwa, in 1992. She believes the ‘old charm of local communities and relaxed country lifestyle as well as the miles of sandy beach are attracting buyers to the North Shore and making its real estate market one of the hottest in Hawaii. She has recently made her own investment in the community by purchasing the building that houses her brokerage, a Haleiwa landmark that was originally a Bishop entire property where she plans to
develop

another building with the same architectural style and detailing. A member and sponsor of the North Shore Community Chamber of Commerce, Simone has supported historic preservation and other community projects over the years.

According to Simone, home buyers include local residents who are taking advantage of the low interest rates to ‘buy up’ and people from both within and outside the state who have discovered that the kind of atmosphere and environment they identify with the Neighbor Islands is available on the North Shore of Oahu.‘We are seeing a huge influx of people from Southern California who are relocating or investing here now with the intention of moving here in the future. Many of them have made small fortunes in real estate in southern California and now see the same opportunities here, Beachfront property is scarce there also, and our beachfront prices look like bargains to them. A number of people who have purchased homes tell us that they have been spending weekends at Turtle Bay or North Shore vacation rentals for years and have finally decided to make the North Shore their home base. Computer technology has made it possible for more and more people to work out of their homes and spend less time commuting to offices in Honolulu.

In addition to sales, Sunset Homes offers property and rental management. "Occupancy of vacation rentals is high. We are getting a lot of Californians, but also people from the Fast Coast, Europe, Australia, and South America. Most find us through the internet and many are repeat guests," Simone said.

Michael North, a native of Canada who is now a Pupukea resident, first came to Hawaii on business in 1988 and purchased his present home in 1996. As a technology executive with a company doing business with the state, he had an opportunity to see most of Hawaii and chose Oahu’s North Shore after touring the island with a Realtor. After coming here for several years, I got into the habit of working in Honolulu during the week, then taking the weekend off at Turtle Bay, which was my favorite getaway,". "Over time, I became familiar with the community and began to see it from the perspective of a future resident. I was impressed by the high quality of life and the purity of the environment...the earth, the ai and the ocean. It was a wonderful contrast to the virtual toxic waste dumps I’d become used to in the big U. S. and Canadian cities I’ve lived in. It’s practical, too -- from my home on the North Shore I can be at the airport in 45 minutes and on my way with equal ease to Europe or the Ear East ...which is just not possible in cities like New York or Los Angeles." Because North travels frequently for his company, Greenstar, which makes investments in third world countries, convenience to the airport is important. As an environmentalist, be values the community’s vigilance in protecting the rural environment and its respect for the native culture. North notes the activities of such organizations as Save the Sea Turtles International and the National Audubon Society, which now manages and operates Waimea Falls Valley. He considers Waimea Valley one of the world’s great ecological preserves as home to many rare and endangered species. The park, which has had a series of management changes since it opened in the 1960s, is both a visitor attraction and resource for the community, providing a venue for the study of native plants and Hawaiian culture.

North and Simone believe the North Shore will continue to experience growth as a visitor destination, but emphasize that the growth should be controlled and sensitive to the environment. “I recently made an investment at Ocean Villas, a beachfront condominium unit I purchased through Sunset Homes, because I believe Turtle Bay will continue to be the North Shores only complete, self-contained resort for the foreseeable future,” North said, “All the other islands have upscale resort developments with condos, hotels, golf courses, restaurants, and beaches, except for Ko Olina, Oahu had no such destination until the recent upgrading of Turtle Bay and addition of Ocean Villas and world-class golf courses. Here we have the natural shoreline, the old town, and an active arts community as well. I love the sense of civilization and wildness side by side that characterizes this resort. you (an leave a sophisticated piano bar, walk outside to the beach, and say hello to a six foot Hawaiian turtle, What also sets Turtle Bay apart from other resorts is that it welcomes the community. Business associations and clubs hold meetings here and it’s a popular venue for local weddings. School children on field trips to Waimea Valley stop for lunch, Turtle Bay reflects the kind of rich social diversity that makes Hawaii special.” Simone currently has two Ocean Villas units in escrow. “This is a first-class project and I’m happy to have an opportunity to sell here, North Shore residents, myself included, appreciate the upgrades Oak Tree Capital has put into the resort. Currently sales are brisk at the Kuilima Townhomes, and we continue to hope that the fee will be offered at some point. For people who want a vacation property and can’t afford beachfront homes, the Townhomes can be a viable alternative,” she said.

Ocean Villas fee simple condominium units, located in buildings about 30 feet from the beach at Kuilima Cove, are now nearing completion and expected to be ready for occupancy in early April. The developer, Oak Tree Capital Management, acquired the Turtle Bay Resort from Asahi Jyuken Co., Ltd. in 1998. The hotel at the Kabuku resort opened in 1972 as Del Webb’s Kuilima Resort and Country Club and was later operated as a Hilton property. Ocean Villas occupies a 5.1 acre parcel within the 880 acre resort, which extends along five miles of coastline and sandy beach from Kahuku Point and Turtle Bay to Kawela Bay at the western boundary. A 100-acre wetland preserve and bird sanctuary is another natural feature of the property.

Sunset Beach Colony, an upscale development at Velzyland, previously a neighborhood of old homes and surf shacks, literally sold out overnight” when it was first offered in 2003. Some lots in the 19-acre project are now in resale; construction has not yet started.

One of the north shore’s great estates has been placed on the market by Kahala Associates. The original Sullivan Estate, it was built in 1962 by prominent Honolulu businessman and Foodland founder Maurice Sullivan to serve both as a family compound and to house his antique car collection. Completely remodeled in 2003, the estate has been rented over the years to high profile people from all over the world. Listed at P499,000, the 5.27 acre property includes a primary residence with nine bedrooms and nine baths, a three bedroom, three bath guest house, a dozen cabanas, two swimming pools, game rooms, and a gym. The panoramic view from the terraced hillside lot extends from Kaena Point to Sunset Beach. Kahala Associates principal broker Myra Brandt said, “This is the perfect home for someone who wants to entertain on a grand scale, plus it’s very private and secured. When you are up there, you feel as though you are on top of the world.”

Brandt noted that from Kawela Bay to Mokuleia there are approximately 530 oceanfront homesites, about 100 more than East Oahu oceanfront from Diamond Head/Kahala to Koko Kai. The median price for North Shore oceanfront single family homes in 2004 was $1,525,000 against an East Oahu median of $2,930,000.


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