Queen of the Waterfront

After selling $120 million in real estate last year — including Hawaii’s most expensive home — Patricia Choi is close to $90 million in ’05

In 1994, she moved her office to Kahala, initially renting a 400- square-foot space in the American Savings Bank Building behind Kahala Mall. Cedric Choi, a Realtor associate as well as an attorney, came on board about the same time, assisting the company on a part-time basis until retiring from his practice in 2000. As managing director, he oversees more than 30 agents and licensed assistants in a space that’s grown to 2,000 square feet in the last 10 years.

“You don’t have to be big but you have to be knowledgeable and good at what you do,” insists Choi, whose success stems from a savvy understanding of her target market and the service her clients expect. Her clientele includes the “rich and famous,” who expect a high level of personal attention and absolute discretion — and they get both.

“As a paralegal all those years, there was reward from an intellectual standpoint, and it was fascinating to meet people,” she explains. “In real estate, the experience becomes more personal. You come to know a lot about the client, and you’re trusted to guard that.”

To say she has a corner on the Kahala luxury home market is an understatement. In the last decade, she’s sold and resold —sometimes up to five times —dozens of Kahala properties to the tune of a staggering $175 million-plus.

Oceanfront property continues to be in high demand and short supply, says Choi. The agency currently has just three active listings — a beachfront Diamond Head estate for $7.2 million and two Kailua beachfront lots for $9 million and $10 million apiece.

“People who come to Hawaii want to buy oceanfront. They either want to be on the water, see it or be able to walk to it,” she says, adding that many recent Mainland buyers are coming from the Western U.S. — from Texas to California — along with a handful of clients from the East Coast.

“Mainland buyers want to be in the sought-after neighborhoods like Kahala, Diamond Head, Lanikai and Kailua, or the North Shore.”

Business has been better than brisk. Properties around the $1 million mark “sell right away,” says Choi, while homes in the $2.5 to $4 million range are also moving quickly.

“Turnaround depends on price and location,” she explains. “Once you move over $4 million it tends to take a while. More expensive properties need more market time. I’ve sold some $10 to $12 million properties in three weeks and some in three years.”

As Kahala prices spiral up, the market moves east, she says, “I’ve sold everything I have along Kalanianaole.”

Hawaii Loa Ridge is still strong for view and because it’s a gated community, particularly popular with Mainland buyers.

The agency also caters to international clientele from Canada, Australia, Europe, South America and Asia.

Choi is predicting a strong market through the first quarter of 2006 and possibly into next summer, depending on interest rates and conditions on the Mainland. Many of these are cash buyers.

“It takes about a year to feel the effect,” she says of Mainland economic activity.

Choi considers education and experience critical to her success in the profession. “I’m always training myself, and the designations I’ve earned are the result of study and transactions,” she explains.

She is a Certified Commercial Investment Member, Certified International Property Specialist, and Certified Luxury Home Marketing Specialist. She is also a member of the Board of Regents, an exclusive network of the world’s most elite luxury real estate brokers.

Choi International is an affiliate of LuxuryRealEstate.com, comprised of 500 of the world’s top brokers.

Over the years, Choi has donated her time and talent to numerous regional, national and international real estate organizations. She was the first recipient of the Aloha ‘Aina Realtor’s Choice Award in 1998. The National Association of Realtors presented her with an award in 2000 as the Outstanding International Reciprocal Director. In 1999, Choi was appointed by then Gov. Ben Cayetano to a four-year term on the Hawaii State Real Estate Commission.

All those hours devoted to work leave little time for play in Hawaii, so travel is a primary escape and pleasure for the pair. They recently returned from Hong Kong, Vietnam, Thailand and Singapore. Last year’s itinerary took them to the Mediterranean, including Greece, Venice and Rome. It was Scotland and Ireland the year before, and China the year before that. They also travel to Japan frequently.

“We like Asia,” she adds. “We have a lot of clients from there.”

Confidence in their staff’s capability and today’s electronic communication allow them to travel a bit more these days.

“It’s gotten to a point in the last few years where we have a great staff that we can leave in charge. I take a laptop and I have an international phone. I’m in the middle of the ocean taking calls.”

Also on the travel agenda are twice yearly trips to Alabama to visit her son, Richard, and three grandchildren. Her son and family also return to Hawaii regularly.

The Chois live in a Kahala condominium situated between Waialae County Club, where Cedric serves on the board of directors, and the Kahala Mandarin Oriental Hotel. “No kids, no animals. It’s an easy lifestyle,” Patricia says of condo living.

The couple strives to maintain a good, healthy lifestyle, says Patricia, who takes Pilates and yoga classes. “I’m very focused, so I try to exercise and find balance and to give back to the community.”

“Giving back” includes charitable work for such institutions as the YMCA and the Washington Place Foundation.

“I have a great life,” Choi asserts. “Hawaii has been so great to me. And I have a wonderful husband — we’ll be married 25 years in December. He’s made my business blossom.”

Cedric shares the same heartfelt admiration. “It’s nice to see her have her career and be so successful. It makes her happy.”

 

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