It has recently been reported that Castle and Cooke has completed the construction of Hawaii’s first master planned community. After 40 years, 16,000 homes, 19 parks, 7 public schools, and 3,500 previously undeveloped acres, Mililani is finally complete.
Most would agree that Mililani is a charming suburb comprised of a diverse group of Hawaii residents in Central Oahu. The area’s planned communities composed of tranquil tree-lined streets, good schools and well-kept recreational centers attract families and young couples, while managing to retain long time residents.
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Although there are several shopping centers and businesses, including the Hawaii’s first Wal-Mart, and numerous restaurants with varying culinary specialties, most Mililani residents must commute to work. Potential residents need not be discouraged by the somewhat lengthy drive to Town; the H-2 freeway provides welcome relief to the bottleneck from Leeward Oahu.
Mililani is also near Schofield Barracks and Wheeler Army Airfield, making it a high-demand neighborhood for military personnel who want to enjoy life outside of the base. Mililani’s significant military presence adds even more cultural diversity to an already diverse community.
Home values in the area have enjoyed a steady upward appreciation over the last decade; median single family home prices rose from $261,000 in 1998 to $630,000 in 2007. Even as the number of sales continue to decline in 2008, Mililani is one area that will likely stay stable.
Inventory in Mililani is not as tight as it is in other neighborhoods, thanks to both Mililani Town and Mauka areas. And, says Prudential Locations Realtor and Partner Linda McCabe, buyers often choose Mililani over neighborhoods farther west because of its more established feel and closer proximity to town.
Since its initial planning in the 1960’s, Mililani has managed to grow from a small tract of about 100 houses, to a 16,000 home satellite city, all the while maintaining that clean cut, small town charm.
Millilani Real Estate Chart – Click for full size
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