Summary
As you can see in the chart below, Imperial Plaza sales have perked up since the slow winter months.  Standard size (around 1000 sq. ft.) 2-bedroom apartments have accounted for most of the recent sales.  There are no standard size 2-bedroom apartments currently on the market.  Five of the seven apartments for sale have three bedrooms and all are larger than 1200 sq. ft.  Three offer more than 2000 square feet of living space.  Those three apartments carry a maintenance fee ranging from $1800-2500 and unfortunately, many buyers prefer to spend those dollars in another manner. 

Imperial Plaza Listed vs. Sold

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 fallen sharply since last fall and that’s a good thing.  In the last six months, Imperial Plaza averaged one sale per month and at that pace, it will take 7 months to sell the 7 apartments listed for sale. 

Availability
Apartments in the building:  205
Apartments available for sale:  7
Average days on market to date:  107
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  7.0

Sales
Apartments under contract in escrow:  1
Apartments sold in the last 90 days:  3
Average days on market:  52
Sales Price / List Price:  99%

Do you have questions about The Imperial Plaza?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Imperial Plaza apartments for sale or conduct your own Honolulu condo search.

Summary
Imperial Plaza has experienced a reasonably brisk sales pace during the last six months (10 units sold in the last six months – 10% annual rate).  Nevertheless, it took 107 days, on average, for each sale.  It’s still a buyer’s market in the building because even at the higher sales rate, it will take over nine months to sell all units currently offered for sale.  There are at least 10 different floor plans available right now…so there’s a lot to choose from.

However, the number of sales may begin to fall if some sellers hold firm on their list price.  Prices are all over the place ranging from $424 to $752 per square foot.  Based on historical sales data, some asking prices may not be very realistic.  This hasn’t changed since the March 2008 report.  One thing buyers should be aware of is the maintenance fee paid per square foot is a good deal higher than that paid in comparable buildings.

The Imperial Plaza Condominium
725 Kapiolani Blvd., Honolulu, HI 96813
Built: 1991

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Units in the building:  205
Units available for sale:  16
Average days on market to date:  114
Units listed for sale in the last 30 days:  2
Months of inventory available:  9.6

Sales
Units under contract in escrow:  1
Units sold in the last 30 days:  1
Average days on market:  46
Sales Price / List Price:  96%

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

The Imperial Plaza Condominium

725 Kapiolani Blvd., Honolulu, HI 96813
Built: 1991

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

Summary
The Imperial Plaza has a wide range of floor plans to choose from.  The condos range from 2 bedroom/2 bath units with around 900 sq. ft all the way up to 4 bedroom/3 bath units exceeding 3000 sq. ft. of living space.  Imperial Plaza also has 32 two-story townhouse units with varying bed and bath combinations.

The number of units for sale at Imperial Plaza has nearly doubled in the last 30 days.  Normally, I would be very concerned with that many units on the market at one time, but there is a great mix of floor plans for sale.  That means one seller isn’t necessarily competing with the other 13 sellers.  Buyers have many choices, so they can pick the unit configuration that meets their needs.  Many people prefer the ‘04 unit on each floor because all of its are rectangular.  Most other units have at least one triangle-shaped bedroom. 

In my opinion, there are a few units for sale on the upper floors that are grossly overpriced.  I’m talking about several hundred thousand dollars above the last recorded sale price for a comparable unit.  I have doubts that those homes would appraise near the list price.  It really makes me wonder what agents are thinking when allow their client to select a list price that bears no relation to reality.

If you are serious about selling your condominium, please contact Michael.  I will give you an honest assessment of what I believe your condo will sell for.  I will not tell you what you want to hear; I will tell you what you need to hear.  My clients deserve nothing less!

Availability
Units in the building:  205
Units available for sale:  14
Average days on market to date:  69
Units listed for sale in the last 30 days:  6
Months of inventory available:  11.2

Sales
Units under contract in escrow:  2
Units sold in the last 30 days:  3
Average days on market:  116

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