GREAT VALUE HAWAII LUXURY REAL ESTATE | PINNACLE CONDO & LOWER WAIALAE IKI | July 2019 by Damon Rhys

By September 1, 2019

Great Value Hawaii Luxury Real Estate

Welcome to the Summer 2019 Great Value Hawaii Luxury Real Estate section featuring 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 14.8 months for luxury homes over $1.9M (exactly the same as last year) and 8.6 months for condos over $700K (see Latest Oahu Hawaii Real Estate Statistics). Prices are somewhat decreasing for upper end homes (final sales prices for luxury homes are on average approximately 7-8% less than the last listed MLS asking prices) and upscale condos – especially in the $1M plus range, see July’s Kakaako Update – 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. In this month’s Great Value Luxury we will showcase both a beautifully remodeled Modern Style home on Lower Waialae Iki Ridge and a an ultra-rare 3 bedroom on the 17th floor of Downtown Honolulu’s “The Pinnacle” building  – both with asking prices within about 5% of tax assessed values. 

The first property showcased here, listed by Damon Rhys – Sachi Hawaii, is an ultra-rare half floor (17A) 3 bedroom unit in Downtown Honolulu’s prestigious “The Pinnacle” building.  Built in 2008, this unit is situated in the favored “A” units facing Diamond Head and the Ko’olaus.  With only two units per floor; arrive home to luxury with FOB secured elevator opening into your own private foyer. Spacious 1,423 SQF open floor plan enjoys sweeping Honolulu city, Ko’olau mountain, and Diamond Head views with a slim corridor of the ocean. The Pinnacle where half-floor units have sold at a median price of $930K – approximately $621 per SQF –  in the last 12 months; offers great value. Including 1 other unit there are currently only 2 half floor units on the market making 6 months of inventory and putting The Pinnacle in Neutral Market territory (5 -6 months of inventory). The asking price for this modern unit is within about 1% of tax assessed value which tends to undervalue in an expanding economy so in terms of $/SQF it is quite a bargain. In and excellent location, The Pinnacle is conveniently located in Downtown with a short distance to office buildings, nearby conveniences and restaurants. This 3 bedroom unit offers fantastic value in today’s luxury condominium market.


The Pinnacle – Unit 17A

Value Features:

  • Priced at $930K for ultra-rare luxurious 3 bedroom in “The Pinnacle” building.
  • Sweeping Diamond Head, Honolulu City, and Ko’olau Mountain views. 
  • Spacious total of 1,423 SQF living space, larger than most condos.
  • Asking price in $s per SQF = $653 which is excellent for a relatively new (2008) and modern building.
  • Maintenance fee, $1,053 which works out to be $.74/SQF includes electricity and air conditioning.
  • Features luxury flooring and granite countertops.
  • Security with Fob Keyed elevator access only.
  • The building has stunning “Pinnacle” & Citadel-like curb appeal and is centrally located for easy access to office buildings, shopping and dining downtown.
  • First rate amenities include Pool, Jacuzzi,BBQ, Exercise Room, Billiard Room and reservable Party Room with its own full kitchen for entertaining.

Pinnacle – Half-floor Unit 17A Open House Video
Please do not miss out on this great opportunity to own this gem of a 3 bedroom half-floor “Pinnacle” unit with sweeping views. Its current price offers great value – completely move in ready – in today’s luxury condo market.

The 2nd property we showcase is a luxury home on Lower Waialae Iki Ridge listed by Damon Rhys – Sachi Hawaii, currently in escrow, on the quiet and exclusive Ehupua St. Originally built in 1962, it was remodeled in 2015 and features a single story layout with sweeping panoramic Ocean and Diamond Head views. As of this writing there are 4.3 months of inventory on the market in this neighborhood bringing it into mild Sellers’ Market territory (a neutral market is 5 – 6 months of inventory). Note this is markedly lower than the 7.5 months of inventory reported in the previous year (see Buyers/Sellers Market Info – Strategize Accordingly!). Though inventories in luxury homes neighborhoods are trending higher, at least in this entry level Luxury Home neighborhood, inventories have decreased pushing it into Sellers’ Market territory.

Lower Waialae Iki Luxury Home
1454 Ehupua St

Value Features:

  • Priced at $1,890,000 – within about 5% tax assessed value. 
  • Stunning ocean and Diamond Head views and a 1 story layout.  
  • Fuses Ranch island-style architecture with a unique moderness.
  • Spacious total of 2,234 SQF indoor area including a 481 SQF lanai in a tropical landscaped lot.
  • Features engineered hardwood flooring, marble and granite countertops.
  • 24 hour patrolling security in the exclusive Waialae Iki neighborhood.
  • The home has stunning curb appeal with a gorgeous stucco front wall in an overlooking-the-ocean setting.
  • Nearby access to Waialae Iki community park and playground while being within a few minutes drive of  the ocean/surfing activities.

This polished ruby of a luxury home in the entry-level luxury home neighborhood of Lower Waialae Iki is now on offer within 5% of tax assessed value in a Sellers’ Market. Great Luxury Value for the discerning Buyer!

1454 Ehupua Open House Video

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.

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