Tucked between the Waianae and the Koolau Mountain Ranges, Central Oahu is composed of various residential communities and is home to the world's largest pineapple fields found along the Leilehua Plateau. Historic Pearl Harbor borders Central Oahu on the southern shore, while H-2 winds through Mililani and Wahiawa providing open roads to surf breaks on the North Shore and Honolulu's busy city life. Of the two communities, Wahiawa is the island's most central and has strong Native Hawaiian roots. It was extremely important to the early Hawaiians because of healing stones found there that were said to cure the ills of sufferers. Complimenting the town's spiritual aspect is the Wahiawa Botanical Gardens, a 27-acre woodland oasis of beauty and testament to the natural phenomenon of undeveloped Oahu. Today, the town's population is mostly made up of military families. Wahiawa's infrastructure is driven by young, family-oriented homeowners, a factor that seems to have improved Central Oahu's condominium market. "The younger buyer doesn't mind starting out in a condo," says Mary Edu, Realtor at Prudential Locations Hawaii. "They know it's just their first step into home ownership — they are open minded and very easy to work with. And they are willing to stay with what they can afford." Furthermore, she states a sense of independence is a major motivator of this generation, along with a tremendous sense of pride that comes with owning real estate (Honolulu Advertiser, 10/15/06). This translates into good news for Central Oahu condo investors and buyers alike in that young buyers show initiative in maintaining and improving properties, thus enhancing the community in which they live while still striving to acquire a greater property for their family. Mililani identifies itself in much different terms than the historic, yet younger Wahiawa. As a booming bedroom community, most of Mililani's residents work blue- and white-collar jobs in Honolulu. Well-trimmed, manicured hedges, blooming flowers, and premiere Mililani condos and homes paint the Central Oahu town as an image of a well-to-do, quiet suburban community of the 50's. Despite double-digit price increases on Central Oahu condominiums in late 2006, which have mirrored Mililani's growing wealth, the market never bubbled. "Comparisons to the all-time-high prices set [in September 2006] will likely level off or even dip slightly — they just can't continue to appreciate indefinitely — it's all part of the natural cycle," commented Scott Higashi, Prudential Location Hawaii's executive vice president of sales, in September 2006. Now, one year later, the Central Oahu condo market has stabilized itself, along with the rest of the island, keeping prices at steady, single digit increases. |
