Ko’olani Condominium

1177 Queen Street, Honolulu, HI 96814
Built:  2006

Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Location
Just two blocks from Ward Centers and one block from the Whole Foods Market currently under construction.

Summary
The sales pace at Ko’olani has been fairly strong. Ten units sold in the fourth quarter of 2007 and it’s quite possible more than 10 will be sold in the first quarter of 2008.  However, I am very disturbed by the number of units that appear to be listed at least $100K above current market price. This practice leads to larger inventories and longer times on market.  As I write, it will take six months to sell all units currently listed for sale and that’s too long.  In many instances, over pricing ultimately leads to a final sales price below market. 

The three bedroom units (’01, ‘02, ‘09) and the largest two bedroom ‘08 units are highly sought after and can be sold rather quickly due to their limited supply and unique floor plans.  Conversely, the smaller two bedroom units numbered ‘03 - ‘07 may take longer to sell because there are nearly 200 units in the building with the same floor plan.  The preceding statements are only true when units are offered at market price.  Improper pricing has caused some owners to wait over 300 days for a sale. 

Availability
Units in the building:  370
Units available for sale:  22
Average days on market to date:  96
Units listed for sale in the last 30 days:  7
Months of inventory available:  6.1 

Sales
Units under contract in escrow:  7
Units sold in the last 30 days:  3
Average days on market:  37**
** This figure is misleadingly low because two of these three units were penthouses that had been on and off the market for 16 months prior to their sale.

Would you like to learn more?  Please visit my web site to view Ko’olani units for sale, contact Michael Zimmerman for a no obligation consultation or conduct your own Honolulu home search.

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