NOTE:  I have nothing to do with any web site offering property for rent.  I work solely with real estate property sales and I do not manage property.

In the last few months, I have been contacted by no less than six people asking me about the validity of a 37th floor rental at Harbor Court listed on Rentals.com.  Each person told the same story: the web site offers a large 37th floor, two bedroom apartment with stunning ocean views for rent.  And all this for only $1800/month (red flag: that is substantially below the market rate rent).  Each went on to say they could never reach the property manager directly by phone…he would always call back (red flag).  The property manager asked for the down payment and security deposit to be sent via Western Union (yet another red flag).

Four of the six called me before they sent money via Western Union; unfortunately, two did not.  I sincerely doubt they recovered their money.  Bottom line, if it sounds too good to be true, it probably is.  Please proceed with caution.

Read what Rentals.com has to say about Avoiding Scams and Fraud.

Summary
It’s been more than two years since we’ve seen this many sales at Harbor Court.  Three apartments sold in the last quarter of 2009:  a penthouse sold for $800,000 and two other apartments sold for $560,000 and $545,000 (consistent with the sale at $550,000 in August 2009).  So, we’ve seen three non-penthouse apartments sell in the $550,000 range in the last five months.  That appears to be what a reasonable buyer is willing to pay in today’s market.  Further evidence of that is seen in the number of days higher priced Harbor Court apartments stay on market.  Apartments priced over $600,000 stay on the market for several months (some have been on the market for years) and ultimately sell for much, much less.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley

Availability
Apartments in the building:  120
Apartments available for sale:  1
Average days on market to date:  91
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  1.5

Sales
Apartments under contract in escrow:  0
Apartments sold in the last 90 days:  1
Average days on market:  121
Average price per square foot:  $410.56
Sales Price / List Price:  83%

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own Honolulu condo search or request special reports for home sellers or buyers.

Summary
Just one Harbor Court apartment sold in the last year, however the two-bedroom 41st floor penthouse is in escrow for the third time.  What I and no doubt others find disturbing is the dollar amount of the most recent sale.  Apartment 2701 sold for $550,000 after 261 days on the market.  To put that amount in perspective, apartment 1602 sold for $735,000 just over 12 months earlier.  That is more than a 25% annual drop while the Oahu median condo price fell 11.5% ($328,000 in 2008 to $290,000 in 2009).

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale has been in flux and there has been just one sale this year.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Apartments in the building:  120
Apartments available for sale:  2
Average days on market to date:  25
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  12.0

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  1
Average days on market:  261
Sales Price / List Price:  79%

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own Honolulu condo search or request special reports for home sellers or buyers.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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Summary
Only one Harbor Court apartment has been sold in the last ten months, but one condo just accepted an offer and opened escrow.  In addition, there is a very attractively priced apartment available on the 33rd floor for under $700,000.  And for someone desiring a penthouse, one of only four in the building is still for sale (41st floor).

Harbor Court Listings vs. Sales

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale rose slightly over the past year while sales have been nearly nonexistent.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Apartments in the building:  120
Apartments available for sale:  4
Average days on market to date:  139
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  infinite

Sales
Apartments under contract in escrow:  1
Apartments sold in the last 90 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own customized Honolulu home search or request special reports for home sellers or buyers.

Summary
Just one Harbor Court apartment has been sold thus far in 2008.  One.  And that was back in July.  As I stated in the July 2008 Market Report, the price asked by some sellers is just too high.  A high maintenance fee (when compared with similar luxury condos) doesn’t help either.  At the current sales pace, it will take two years to sell the four apartments offered for sale.

One of just six penthouses is currently offered for sale.  This apartment is on the top floor and I’m told it has high cathedral ceilings.  A rare opportunity for the right buyer. 

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Units in the building:  120
Units available for sale:  4
Average days on market to date:  80
Units listed for sale in the last 30 days:  1
Months of inventory available:  24.0

Sales
Units under contract in escrow:  0
Units sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own customized Honolulu home search or request special reports for home sellers or buyers.

Summary
There have been no sales at Harbor Court in the last six months, although one unit may close in the next few weeks.  Just two owners listed their units for sale in that same time frame, but were unable to locate a buyer.  In my opinion, price was their major sales impediment.  As I wrote in the March 2008 Report, 19 units sold in an average of 47 days in 2007.  What a difference a year makes.

Nearly every unit at Harbor Court has two bedrooms and two baths.  There are no one-bedroom units and only two three-bedroom units in the entire building.  The spacious two-bedroom floor plans vary in size from 1250 to well over 1600 sq. ft.  Most units have a lanai, but as you move to the higher floors, the lanai gives way to more interior space.  Most of the ’01 units have two lanai.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Units in the building:  120
Units available for sale:  2
Average days on market to date:  128
Units listed for sale in the last 30 days:  1
Months of inventory available:  12.0

Sales
Units under contract in escrow:  1
Units sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court units for sale, conduct your own customized Honolulu home search or request special reports for home sellers or buyers.

Harbor Court Condominium

66 Queen Street, Honolulu, HI 96813
Built: 1994

Elementary School:  Royal
Middle School:  Central
High School:  McKinley

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Summary
Nearly every unit at Harbor Court has two bedrooms and two baths.  There are no one-bedroom units and only two three-bedroom units in the entire building.  The spacious two-bedroom floor plans vary in size from 1250 to well over 1600 sq. ft.  Most units have a lanai, but as you move to the higher floors, the lanai gives way to more interior space.  Most of the ’01 units have two lanai.

There are only three units available as I write and all have been on the market over 100 days.  One is grossly overpriced.  After a fast paced 2007 that saw 19 sales in an average of 47 days, Harbor Court sales seem to be taking a rest.  If there is one shortcoming at Harbor Court, it might be parking.  Nearly half of the units have just one assigned parking stall and owners must circle up quite a few floors to reach resident parking.  Commercial parking occupies the lower floors in the structure.

If you are serious about selling your condominium, please contact Michael.  I say what I mean and mean what I say.  I will not tell you what you want to hear; I will tell you what you need to hear.  You deserve nothing less.

Availability
Units in the building:  120
Units available for sale:  3
Average days on market to date:  120
Units listed for sale in the last 30 days:  0
Months of inventory available:  2.0

Sales
Units under contract in escrow:  0
Units sold in the last 30 days:  0
Average days on market:  N/A

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court units for sale, conduct your own customized Honolulu home search or request special reports for home sellers or buyers.