Exploring Ho'opili in 2024: What to Expect from Oahu's Mega Master Plan
For the first time in many years, the wind of opportunity was taken out of the sails, or sales, of the Oahu Real Estate market. Oahu home prices have seen year over growth over the last decade, seeing appreciation rates well into the double digits over the COVID real estate boom. But as the record low interest rate tide pulled back from shore in early 2023, so did the homeownership hopes of inumerous qualified buyers fighting tooth and nail to secure a home before rising rates closed the affordability window.
There was some initial optimism that rising interest rates would usher in significant price decreases, if not for an unforeseen market dynamic that soon rear its head. Contrary to expectations, the surge in interest rates led to an inventory freeze as homeowners became reluctant to sell, preferring to hold onto their lower-rate mortgages. This hesitation drastically reduced the number of homes available for sale, driving supply to record lows.
This unexpected twist in the supply and demand equation skewed market dynamics, defying the anticipated outcome where higher rates would cool down prices. Instead, the scarcity of available homes helped to prop up real estate prices, keeping them elevated despite the financial pressures that typically accompany higher borrowing costs. This phenomenon underscored the complex interplay between interest rates, housing supply, and market prices, challenging conventional wisdom about how these factors influence one another.
Hoopili Homes Bring Relief to Affordability and Inventory Squeeze
But if there were any relief amidst the inventory and affordability crunch, it was was found at Ho'opili in Ewa Beach. This DR Horton development is one of 3 regions offering new construction homes on Oahu on a consistent basis, not to mention being the most affordable option of the three. Aside from devivery hundreds of new homes to market during the supply freeze, buyers were often able to take advantage of special promotional interest rates offered through the developer's affiliated lender, DHI Mortgage, on top of a closing cost credit of to $6000.
At times, promotional interest rates could be a whole 1% lower than market rates resulting in increased buying power and/or hundreds of dollars in savings per month. The fully realized compounded benefit at Ho'opili, for some, meant that they were able to buy a brand new construction home for prices lower than the available resales homes (previously owned), the lowest available interest rate in the market, closing cost savings, and a 1-year home warranty.
So What's on the Ho'opili Horizon in 2024?
As a comprehensive mixed-use development, Ho'opili will continue to transform the landscape of Ewa Beach into 2024 by introducing a blend of residential, commercial, and agricultural spaces. The plan emphasizes sustainability and community living, featuring thousands of homes alongside parks, farms, schools, and retail spaces where residents can live, work, and play within close proximity. Ho'opili's design focuses on connectivity and accessibility, promising to enhance the quality of life for its inhabitants while preserving the natural beauty and cultural heritage of the area.
Here's what you can expect from available and incoming Ho'opili homes for sale in the new year:
- Kanalani - Traditional Single Family Homes - only (1) remaining release expected in Q1 2024.
- Ikena - Contemporary Single Family Homes - (2) more releases expected to deliver in April or May.
- Nahele - New Ewa Beach Condos - all remaining (20+) Nahele condos are currently on the market and available for sale but beware that due to litigation, the developer cannot accept VA, USDA, FHA, or Conventional loans. Acceptable loan products are available from appropved lenders for buyers with minimum 10% down payment. Please reach out to us for recommendations.
The next iteration of the Ho'opili community will come by way of Phase 11. We'll see the developer departing from it's current location in the community and continuing their expansion near the new East Kapolei High School location which just broke ground months back. This area is more easily referenced by the area closest to Farrington Highway that connects Kaulakai Pkwy to Old Foft Weaver Rd as you pass Aloun Farms. Here's what to expect from Phase 11:
- Noho Papa at Ho'opili - Think Kohina style townhomes plus the return of the highly popular Ho'opili FLEX Home. Expect split level with garage options, lanais. We may see a few offerings resemble the Ilima phase which were the largest split level townhomes featuring small courtyards.
- Molehu at Ho'opili - These will be smaller Single Family Condominium homes similar to what we saw in the Mamaka phase.
- What about single family homes? Yes, we should see the developer offer their traditional single family home concept though a phase name has not been made available yet. Expect something similar to Kanalani homes that range from 1,200sq - 1,900sq. Hopefully we'll see more of the ADU floor plans come back however we don't expect to see any future homes offered above 2,000sq like what we saw in the Bluffs at Ikena and Nanaina. These were rare gems but keep you eyes peeled to the resale market over the next few years!
Community and Amenities
One of my favorite parts about driving through Ho'opili today, contrary to just a few years back, is seeing how active the residents are active at Konane Park, Soho Park, the Bark and Ride, or the Soho Community Center. A weekend at Ho'opili sees the soccer fields booming with club soccer games and families shielding themselves with umbrellas under the endless Ewa sun. We should see the community assets further expanded in 2024 via:
- The Pearl; a new exercise park near The Bluffs at Ikena.
- Basektball, volleyball, and pickle ball courts near Ho'oulu.
- The Community Garden on the corner of Kaikea.
Ho'opili will see a total of 9 parks and 5 community recreation centers with pools upon full completion of the master plan. I like to tell all of my clients that living in Ho'opili is really like a newer, hotter, Mililani Town!
Buying or Selling a Home in Ho'opili?
If you're contemplating buying or selling a home in Ho'opili, we invite you to reach out to us. With a proud track record of over 80 homes sold in the neighborhood, our team is deeply embedded in the pulse of Ho'opili's market dynamics, as well as the broader Ewa region. Our expertise isn't just limited to transactions; we engage daily with prospective buyers actively seeking homes just like yours.
Beyond our hands-on experience, we offer an active monthly newsletter, Youtube Channel, and Social Media assets totalling over 50,000 subscribers, filled with insightful Real estate information, Neighborhood Insights and new construction happenings across the entire island of Oahu. Whether you're looking to find your dream home or sell your current property, our knowledge and resources are at your disposal to guide you through the process with confidence and ease. Let us be your trusted partner in navigating the vibrant Ho'opili real estate landscape.