Michael Zimmerman just sold the Ko’olani condominium with this breathtaking view.  It was the first high floor two bedroom sale in nearly two months.  Ko’olani is conveniently located, just minutes away from Ala Moana Shopping Center, Ala Moana Beach Park, Ward Centers, Downtown and Waikiki.

Ko’olani Condominium, 1177 Queen Street #4207
Sold for $915,000 Fee Simple

Ko’olani is one of Honolulu’s newest luxury condos.  The building’s superb amenities include fitness center, saltwater pool, whirlpool, billiard room, tennis courts, movie theater for 18 guests, business center, putting green, party room, concierge, conference room and a dog park.  The sold apartment’s highlights included:

• Panoramic Pacific Ocean Views
• Large bright rooms throughout
• 2 bedrooms & 2 baths
• Living area approximately 1108 square feet
• Open lanai approximately 49 square feet
• 2 covered, assigned, parking stalls
• Gourmet kitchen with with Viking appliances and granite counters
• Luxurious bath to match the lovely master bedroom

Looking for your very own high floor condo with a spectacular view?  Contact Michael Zimmerman or visit my web site to perform your own specific Honolulu home search.

Summary
Ko’olani sales slowed in the second quarter, but were relatively strong when compared with other condo building sales in the Kakaako market.  Just six units sold in the second quarter of 2008 vs. 12 sales in the first quarter.  The sales were completed, mainly because the homes were priced right.  The inventory of units for sale rose dramatically in the second quarter from 23 to 33.  33 units represent a full 11 months of sales.  Ten homes have been on the market over 100 days, indicating they carry a price buyers are not willing to pay.  The last three condos sold at an average of 99% of their list price.  Specific sales statistics are below.

Address:  1177 Queen Street, Honolulu, HI 96814
Built:  2006

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

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

Availability
Units in the building:  370
Units available for sale:  33
Average days on market to date:  86
Units listed for sale in the last 30 days:  5
Months of inventory available:  11.0

Sales
Units under contract in escrow:  0
Units sold in the last 30 days:  3
Average days on market:  87
Sales Price / List Price:  99%

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.

The Ko’olani Condominium
1177 Queen Street #4207

Affordable Luxury

Enjoy life at one of Honolulu’s newest luxury condos.  Gourmet kitchen with Viking kitchen appliances and granite counters.  Superb amenities include fitness center, saltwater pool, whirlpool, billiard room, tennis courts, movie theater for 18 guests, business center, putting green, party room, concierge, conference room and dog park. 

• Panoramic Pacific Ocean Views
• Large bright rooms throughout
• 2 bedrooms & 2 baths
• Living area approximately 1108 square feet
• Open lanai approximately 49 square feet
• 2 covered, assigned, parking stalls
• Gourmet kitchen with every convenience built-in
• Luxurious bath to match the lovely master bedroom
• MLS #2809153 

Conveniently located!  Just minutes away from Ala Moana Shopping Center, Ala Moana Beach Park, Ward Centers, Downtown and Waikiki.  Ward Village Shops’ construction is underway; this is THE place to be.

Please Contact Michael Zimmerman if you have a specific question or visit my Featured Properties web page to learn more about this fine home.

This information is provided as a courtesy only, is not a warranty and should be independently investigated by buyers. This information is deemed reliable, but NOT guaranteed. 

Summary
Ko’olani sales are still strong despite the fact that several units are listed significantly above market price.  11 units sold in the first quarter of 2008, but three of those sales were slow-moving penthouse units that were on the market well over a year.  Of the 23 units for sale, there is a great mix of two and three-bedroom units.  Eight of these units have been on the market over 100 days, perhaps presenting an opportunity for patient buyers.  The last three units sold at an average of 95% of their list price.  Specific sales statistics are below.

Address:  1177 Queen Street, Honolulu, HI 96814
Built:  2006

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

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

Availability
Units in the building:  370
Units available for sale:  23
Average days on market to date:  104
Units listed for sale in the last 30 days:  5
Months of inventory available:  6.3 

Sales
Units under contract in escrow:  2
Units sold in the last 30 days:  3
Average days on market:  121

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.

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.