In August, both single-family home and condo sales hit their highest point in more than 10 years on Oahu. Additionally, the Oahu median home price hit $786,000 in August, the second-highest median price on record.

If you're looking to buy in a neighborhood with low turnover, be prepared to be patient and, possibly, to pay a premium. On the other hand, if you're looking to buy and aren't tied to a particular area, you may want to focus your search on high turnover neighborhoods, where you may be able to score a better deal

Whether you're considering your first investment-property purchase or your fifteenth, to turn a profit in Hawaii's complex condominium market, you'll need to understand the various factors affecting condo appreciation, including the building's age, location, maintenance fees and cash-flow potential.