KAPOLEI, OAHU (HawaiiNewsNow) –
Oahu’s housing market is so tight, developer D.R. Horton says people have camped out overnight for a chance to buy market priced homes at Hoopili.
A single family home at Hoopili starts at about $640,000.
“The fact that people show up in droves to purchase our homes really highlights the need for housing,” said Ryan Gross, sales manager for D.R. Horton.
The developer was selling the homes on a first-come, first-serve basis, but Gross says they chose to switch to a lottery system to give everyone a fair shot.
“People did indeed start showing up very early in the morning — even camping out overnight — without even knowing if we were going to have a sales release. We really wanted to make it feel like more of an even playing field for folks who didn’t have the ability to do those types of things or who maybe live further away,” said Gross.
At full build out, Gross says Hoopili is expected to have 11,000 homes with 30-percent of them available as affordable housing.
The latest market numbers from real estate firm Locations show the median price of a single-family home on Oahu reached $761,000 in September.
That’s up 3-percent from last year and up 30-percent since 2011.
Sean and Christine Terazono were at Hoopili looking for more space now that they have a growing family of three.
“We need to move into a single-family home now that our daughter is getting bigger,” said Sean Terazono.
They say the high prices and lack of housing options make it challenging for many local families to own a home in Hawaii.
“It requires so much budgeting and it becomes so unrealistic to people in Hawaii because it’s really expensive,” said Christine Terazono.
Hoopili is accepting lottery applications now through October 14. The first and only drawing will be held on October 15.