Aloha, my name is Mike Gallagher. I own my Brokerage.
You have to understand Hawaii Real Estate, at least on the Island on Oahu the home value is not in the home, it is mostly in the land upon which it sits upon. However, you are correct that the total Asking Price in terms of Price per Square Foot for both the home and the land is reflected in the per square foot figure. If you look at the Public Records Tax Map for any property you will see taxable values: home and land.
Hope this helps.
For a better understand of Real Estate in Hawaii please visit my website: hawaiirealestatestatistics.com
Mike Gallagher Real Estate, Inc.