Summary
The number of Hokua condo sales have fallen dramatically since my May Market Report.  Consequently, if the sales rate doesn’t change, it will take over 25 months to sell all units offered for sale.  12 of the 17 condos for sale have been on the market over 200 days and some have been available a great deal longer than that.  I recognize the number of people who can afford to buy a Hokua condo is limited, but the number of sales is half of what it was six months ago.  It’s clearly become a buyer’s market at Hokua and if sellers really want to move, they will have to price their homes accordingly.  The market is speaking to sellers, but are they listening?  It’s a shame, but I don’t think so.  Specific sales statistics are below.

Hokua at 1288 Ala Moana Condominium
1288 Ala Moana Blvd., Honolulu, HI 96814
Built:  2006

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

Location
Conveniently located one block from Ward Centers and the Whole Foods Market currently under construction.  Just a few blocks from the Ala Moana Shopping Center and Nordstrom located on Kapiolani Blvd.

Features
P.F. Chang’s China Bistro and the Tango Contemporary Café are located on the bottom floor. 

Availability
Units in the building:  246
Units available for sale:  17
Average days on market to date:  132
Units listed for sale in the last 30 days:  2
Months of inventory available:  25.5

Sales
Units under contract in escrow:  3
Units sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A

Do you have questions about Hokua at 1288 Ala Moana?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Hokua units for sale or conduct your own Honolulu home search.

Summary
The sales pace at Hokua slowed since my last report.  At the current sales rate, it would take over 11 months to sell all units offered for sale and that assumes sellers move their asking price closer to the price buyers are willing to pay.  11 of 15 units for sale have been on and off the market for more than 90 days (three units have been on the market more than 300 days).  Several owners have shaved hundreds of thousands of dollars off their price and they may have to do more to attract a buyer.  The single unit sold in the last 30 days went for just 71% of its list price.  This is a clear indication of overpricing.  Specific sales statistics are below.

Hokua at 1288 Ala Moana Condominium
1288 Ala Moana Blvd., Honolulu, HI 96814
Built:  2006

Schools
Elementary:  Kaahumanu
Middle:  Central
High:  McKinley

Location
Conveniently located one block from Ward Centers and the Whole Foods Market currently under construction.  Just a few blocks from the Ala Moana Shopping Center and the new Nordstrom store located at 1519 Kapiolani Blvd.

Features
P.F. Chang’s China Bistro, Starbucks and the Tango restaurant are all located on the bottom floor. 

Availability
Units in the building:  246
Units available for sale:  15
Average days on market to date:  137
Units listed for sale in the last 30 days:  4
Months of inventory available:  11.3

Sales
Units under contract in escrow:  2
Units sold in the last 30 days:  1
Average days on market:  212
Sales Price / List Price:  71.3%

Do you have questions about Hokua at 1288 Ala Moana?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Hokua units for sale or conduct your own Honolulu home search.

Hokua at 1288 Ala Moana Condominium

1288 Ala Moana Blvd., Honolulu, HI 96814
Built:  2006

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

Features
P.F. Chang’s China Bistro, Starbucks and the Tango restaurant are all located on the bottom floor.

Summary
17 Hokua units sold in the last 12 months and 4 of the 17 sellers waited over 200 days for their sale.  On average, the 17 sellers received only 91% of their asking price.  With 17 units currently offered for sale, that means a full year of inventory is on the market.  Put another way, if sales continue at the same pace as they have the last 12 months, it may take a year to sell all 17 units currently listed for sale.  The average sales price during the last year is over $2.3 million, so the number of interested and qualified buyers is limited. 

Six units recently came on the market as some owners may have reached the two year occupancy point, potentially yielding significant tax savings.  These six units dramatically understates the average days on market figure (97).  The remaining 11 units average 140 days on market thus far.

Those who sold their Hokua units over the last year doubled or tripled their money in a very short time.  I wonder if these units were really worth the price just paid?  At least 11 of the 17 buyers paid cash, which means an appraisal wasn’t required to consummate the sale.  Maybe the beautiful ocean views are too good to pass up?  I think some caution is warranted.  For example, one unit just sold on Nov 28, 2007 for $1,950,000.  That same unit was put right back on the market on Dec 13, 2007 for $2,995,000.  A $1 million price increase in just two weeks?  How does that sound to you?

Availability
Units in the building:  246
Units available for sale:  17
Average days on market to date:  97
Units listed for sale in the last 30 days:  6
Months of inventory available:  12.0

Sales
Units under contract in escrow:  2
Units sold in the last year:  17
Average days on market:  110
Sales Price / List Price:  91%

Do you have questions about Hokua at 1288 Ala Moana?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Hokua units for sale or conduct your own Honolulu home search.