The Ocean Resort Hotel Waikiki, a 451-room property located on the Diamond Head side of Waikiki at the intersection of Paoakalani and Kuhio Avenues, was acquired last week for an undisclosed sum by Chartres Lodging Group, a San Francisco-based hotel investment and advisory firm.

Sixty Parkside, Mililani’s newest gated townhome community, is ideal for those looking to buy new in the low- to mid-$300,000 range.

Ala Moana Tower is a former apartment building that was recently converted into 105 fee-simple condominiums listed for less than $365,000.

The Pensacola Chelsea, located near the intersection of Pensacola and Kinau Streets, is a budget-friendly condominium building with 46 one-bedroom, one-bath units listed for less than $315,000.

Manoa has it all--location, amenities and stately, historic homes. Unfortunately, those perks come with a hefty price tag: Last month, the median sales price of a single-family home in Manoa was $986,000.

A couple of investors picked up a run-down property in Kailua for $491,000, spent three months completing a top-to-bottom rehab and, last week, sold the property for $730,000.

It helps to think of open houses as learning experiences, not shopping expeditions, where you’ll zero in on the type of house you want and which neighborhood you want to live in. Here, some additional guidelines for making the most of an open house.

Homes in Mililani are selling at a steady pace. Case in point: This REO property sold in just 10 days.

A lot of factors—home values, location, inventory, etc.—contribute to whether or not a home sells. But staging a house prior to putting it on the market can lead to faster closing times and more money.

This Hart Wood-designed residence is located on an exclusive street of multi-million-dollar homes tucked away on the lower makai slopes of Diamond Head, with views of the Pacific Ocean and, if you look up, tourists snapping pictures from the top of the trail. The current owner, who resides on the Mainland and has recently had the home rented out, also owns the neighboring property, a low-slung Ossipoff design that I wrote about a few weeks ago.

Mililani is a popular market, thanks to the town's built-in amenities and highly rated public schools. And with the median sales price of condominiums hovering around $285,000, Mililani is an affordable option for house hunters.

Short sales can be challenging buys, but bargains can be had if you’re up to the task. This Kapolei Knolls short sale has been on the market for a week and was reduced by $20,000. Similarly sized homes in the community are listed for $654,000 to $739,000, so this house is priced to move.