GREAT VALUE OAHU – KAKAAKO – SOUTH EAST CORNER LUXURY CONDOS
Welcome to the Summer 2018 edition of our Great Value Hawaii Luxury Real Estate! We feature both Homes & Condos which we think offer especially great value for potential Buyers. Presently most of the luxury home and condo neighborhoods on Oahu are experiencing Buyers’ Markets (defined as having more than 5 to 6 months of inventory currently on the market) with average inventory levels at 15.2 months for homes over $1.9M and 9 months for condos over $700K (see Latest Oahu Hawaii Real Estate Statistics). Prices are somewhat decreasing for homes (final sales prices for luxury homes are on average approximately 8-9% less than the last listed MLS asking prices) and luxury condos have been suffering from an over-supply in some areas making it a great time for Buyers to find great value luxury properties in general. For ultra luxury condos the surplus may have abruptly come to an end (a topic covered in the main article of this Summer Hawaii Damon Newsletter – see previous column). For these reasons I believe the whole Kakaako – South East Corner area covering 6 buildings offers great value luxury right now. For reasons addressed in the Summer Hawaii Damon Newsletter, I believe prices in Kakaako – South East Corner may start rising again*. Two of the buildings and their units will be showcased here.
The first building we showcase is the Koolani. Built in 2005, it is a relatively newer building with a median sold price of $1.025M over the last 12 months. As of this writing there are 5.8 months of inventory with 13 units active on the market now in this luxury high-rise putting it in the Goldilocks’ (neutral – neither hot nor cold) Market territory (neutral is about 5 to 6 months, below that would be Sellers’ Market and above it a Buyers’ Market). Although overall luxury condos are in a Buyers’ Market, the trend is now downwards (inventories falling) moving towards a neutral market with Koolani leading the pack.
Kakaako – South East Corner Luxury Condos
Value Features:
- Price $2,980,000, beautiful luxury Penthouse condo with $/SQF price nearing that of the other non Penthouse upper level units.
- Stunning ocean views and features a rooftop lanai/deck with 360° views from Diamond Head & ocean to mountain.
- Sprawling total of 2,877 SQF with two main levels and access to the 3rd level rooftop lanai.
- Features hardwood flooring, granite and marble countertops.
- 24 hour security with FOB key access only to the specific floor of each unit.
- The building has stunning curb appeal with gorgeous trees, and tropical landscaping.
- Amenities rivaling the best resort hotels including personal training and massage services.
This polished gem of a luxury condo has suffered from an excess of surplus from the Ward Village. However, as the surplus begins to recede now we may start to see some upward pressure on prices for units in this beautiful building*.
The second building showcased here is in the Hokua. Built in 2006, it is also a relatively newer building where units have sold at a median price of $2.43M in the last 12 months. This building also located in Kakaako – South East Corner, sits with a front row seat to Ala Moana Beach Park and the clear blue ocean beyond. There are currently 15 units active on the market with a lofty 16.6 months of inventory (extreme buyers’ market). This well managed building has, without a doubt, suffered from the rising Ward Village Development and namely the Anaha and Waiea buildings there creating competition with a flood of new ultra luxury condos. However, there is every reason to believe that inventories will start to decrease with recent developments in Ward Village (see main article in this Newsletter for more details on Hokua and Kakaako SE Corner)*.
Kakaako – South East Corner Luxury Condos
Value Features:
- Price $2,999,000, beautiful ultra luxury condo with a front row seat to Ala Moana Beach Park and the ocean beyond.
- Stunning ocean views from almost every room.
- Sprawling total of 2,325 SQF indoor living space, larger than most single family homes.
- $/SQF = $1,289 which is almost half the price of Ward Village, Waiea A & B units.
- Features hardwood flooring, granite and marble countertops.
- 24 hour security with FOB key access only to the specific floor of each unit.
- The building has stunning curb appeal with gorgeous trees, and tropical landscaping.
- Amenities rivaling the best resort hotels including personal training and massage services.
This fantastic gem of a luxury condo which is a level up from Koolani has also suffered from an excess of surplus from the Ward Village. It really comes close to competing with Waiea, perhaps falling just short of it in exuberance but with $/SQF prices approximately half the amount. As the surplus begins to recede now we should start to see some upward pressure on prices for units in this beautiful building*.
If you would like to know more about these properties please contact me (Damon Rhys) for more information. Disclosure: Some properties in this section may be listed by the brokerage firm I work with, Sachi Hawaii. My goal is to give my unbiased opinion on great value Hawaii Real Estate for all brokerage firms on Oahu. In this month the two featured properties here are listed by Damon Rhys, Sachi Hawaii.
Please check out this site’s easy to use Search Tool to find current listings of Hawaii Real Estate now on the market. Homes for sale in Oahu and Condos for sale in Honolulu (Waikiki, Ala Moana, Kakaako, Hawaii Kai etc.) can all be found here using the Hawaii Condo Search or Hawaii Home Search tools.
Aloha!
Damon Rhys
*Disclaimer: Any opinions expressed in this newsletter are that of Damon Rhys only and do not necessarily reflect the views of his brokerage firm, Sachi Hawaii Pacific Century Properties. Though knowledgeable including Management Science / Quantitative Economic Decision Science & Master (MPIA) Degrees from the University of California, Damon Rhys is a licensed Realtor in the state of Hawaii. He is not a licensed Financial Advisor. For any specific investment decisions, it is advised that one consults with a licensed financial advisor. Because of the litigious nature of our society, Sachi Hawaii legal counsel has advised Damon Rhys to include this disclaimer on his newsletters and blogs. Common sense should always prevail – fair advised and fair warned!