Summary
The number of apartments for sale has decreased from 13 to 9 since my June Market Report.  Some listings expired, some were withdrawn and re-listed at another price and some sold.  The competition between the two-bedroom apartments has been keen and some owners have priced their condo to sell quickly while others are ignoring the market’s message (they’ve been on the market over 140 days are priced with a very optimistic outlook). 

I am listing apartment 1902 in the Makai Tower for sale and can’t get over how quiet this home is.  This is one of the largest one-bedroom floor plans available in Kakaako.  The two-bedroom apartments are just as spacious.  There appear to be a few good values available at One Waterfront Towers for those willing to hold property long term.  Finally, one leasehold apartment is still for sale and the fee is available for purchase.

One Waterfront Towers Condominium
415-425 South Street, Honolulu, HI 96813
Built: 1989

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Features
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and the Restaurant Row 9 Theatres.  It’s just a short walk to Kakaako Waterfront Park. 

Availability
Apartments in the building:  302
Apartments available for sale:  9
Average days on market to date:  102
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  10.8 

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A 

What else would you like to know about One Waterfront Towers?  Please visit my web site to view Waterfront Towers apartments for sale or conduct your own Honolulu home search.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.

Nauru Tower Condominium
1330 Ala Moana Blvd., Honolulu, HI 96814
Built: 1991

The number of Honolulu single family home and condominium sales is slowing along with the U.S. economy.  It’s no surprise that several financial bailouts and a widespread credit crunch have made it more difficult, at least in the short run, for the average consumer to purchase a home.  The good news is that Honolulu real estate is performing better than most of the comparable Mainland markets.

Don’t let the hyper-negative news reports get you down.  If you don’t have to sell your home or investment property, this news shouldn’t worry you that much.  Our nation and its economy are strong and we’ll weather this passing storm as we have in past economic downturns.

Slow markets spawn millionaires.  As I wrote in my last Honolulu Residential Resale Market Report, a slow market presents qualified buyers with an opportunity to buy the Honolulu real estate they’ve wanted for years.  If you already own property, you may consider moving from an under performing properties to others with better prospects.

The Honolulu Board of REALTORS^® released the following resale figures for the third quarter of 2008.  The Board analyzed data collected from the Multiple Listing Service (MLS) and provided the following statistics:

Single Family Home Resales

Condominium Resales

*Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below.  Click Oahu Map to view the geographical references used above.

During the third quarter, the number of sales declined from one year ago.  The median price paid for a single-family home declined by 5.4% and the condominium price decreased by 2.4%.  Total dollar sales volume was $987 million in the third quarter, a decrease of $323 million (24.7%), from the $1.310 billion in sales achieved in the same quarter last year.

The median sales prices shown in the chart below are the prices paid for existing residential properties reported sold through the MLS system during the third quarter.  The columns labeled “Change” indicate the direction of price change from the prior time period.  The following table provides the quarterly median prices for the Oahu neighborhood groups.

Contact Michael Zimmerman if you have question about Honolulu real estate.  Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.

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
Hawaiki Tower has a wide range apartments for sale.  High floor, low floor and condos with different views await you.  Since I wrote the May Hawaiki Tower Condominium Market Report, the number of apartments for sale has jumped dramatically from 3 to 14!  This is great news for buyers who didn’t have much to choose from in the first half of 2008.  Once again, there are no 1-bedroom apartments or highly desired, large 2-bedroom ‘09 units for sale.  However, there are two 3-bedroom, 2.5-bath homes listed for sale.  The 3-bedroom apartments are rarely available, so this is a unique opportunity.

Five Hawaiki apartments were sold in the last six months.  Most sold in a reasonable amount of time because they were priced near what the market would bear (what a reasonable buyer is willing to pay).  These five condos sold for an average of 96% of their listing price.  Now that there are more Hawaiki condos to choose from and people are a bit unnerved by the current credit crunch, it may take a bit longer to sell.  Nevertheless, as I explained in my Honolulu Condominium Maintenance Fee Comparison post, Hawaiki Tower has the lowest maintenance fee per square foot of the Kakaako condos I follow.  Finally, it offers all the great things I mentioned in my post titled Top 10 Reasons Why You Should Live in Ala Moana.

Hawaiki Tower Condominium
88 Piikoi Street, Honolulu, HI 96814
Built: 1999 

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

Features
Conveniently located across the street from the Ala Moana Shopping Center and one block from Ala Moana Beach Park.  Just blocks away from the Nordstrom store located on Kapiolani Blvd.  The Tropical Smoothie Café is located on the bottom floor of the building facing Waimanu Street.

Availability
Units in the building:  422
Units available for sale:  14
Average days on market to date:  69
Units listed for sale in the last 30 days:  4
Months of inventory available:  16.8

Sales
Units under contract in escrow:  2
Units sold in the last 90 days:  2
Average days on market: 105
Sales Price / List Price:  96%

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

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
Moana Pacific sales have been plentiful, despite the fact that the number of 2008 Oahu home sales are lower than the number of sales recorded in 2007.  Curiously, as I write, there is just one 1-bedroom unit for sale.  On the other hand, there are several high floor, 3-bedroom units for sale.  There’s a little something for everybody at Moana Pacific and if you price your home right, it will sell quickly.  15 of the 29 condos for sale have been on the market over 100 days, which tells me the sellers have not fully grasped the market’s message.  Specific sales statistics are listed below.

Moana Pacific Condominium
1288-1296 Kapiolani Blvd., Honolulu, HI 96814
Built:  2007

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

Location
Conveniently located a few blocks from the Ala Moana Shopping Center and the new Nordstrom store located on Kapiolani Blvd.

Feature
Co-located with the Honolulu Design Center, Stage Restaurant and Amuse Wine Bar.

Availability
Units in the building:  760
Units available for sale:  29
Average days on market to date:  113
Units listed for sale in the last 30 days:  2
Months of inventory available:  5.1

Sales
Units under contract in escrow:  8
Units sold in the last 30 days:  6
Average days on market:  89
Sales Price / List Price:  96%

What else would you like to know about sales activity at Moana Pacific?  Please visit my web site to view Moana Pacific units for sale or conduct your own Honolulu home search.  If you’re thinking of selling your home and don’t want to wait six months for a sale, contact Michael Zimmerman for a no obligation consultation.

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 number of Honolulu single family home and condominium sales continues to fall.  As I noted in my March 2008 Oahu Condo Outlook, the number of sales peaked in 2005 and fell in both 2006 and 2007, but this isn’t necessarily bad news.  The good news is, that second quarter sales prices are slightly higher than those realized in the first quarter of 2008.  The really good news is that the Honolulu real estate market is outperforming most of the comparable Mainland markets.

A slower market presents buyers with the opportunity to purchase the Honolulu real estate they’ve always wanted, but were afraid to chase when prices were quickly rising.  Given the real possibility of higher inflation in the coming year, it’s a great time to buy.  If you already own property, you may wish to consider repositioning your investment dollars.  These posts provide more food for thought:  Now is the Time to Invest in Oahu Real Estate, Should I Wait for Hawaii Home Prices to Drop? and Are You Ready to Buy Your Hawaiian Dream Home?

The Honolulu Board of REALTORS^® released the following resale figures for the second quarter of 2008.  The Board analyzed data collected from the Multiple Listing Service (MLS) and provided the following statistics:

Single Family Home Resales

Condominium Resales

During the second quarter, the number of sales declined from last year and the median price paid for a single-family home declined by 4.4% from the record price paid one year ago, but the condominium price increased by 0.6%.  Total dollar sales volume was $997.2 million in the second quarter, a decrease of $457.7 million (31.5%), from the $1.454 billion in sales achieved in the same quarter last year. 

The median sales prices shown in the chart below are the prices paid for existing residential properties reported sold through the MLS system during the second quarter.  The columns labeled Change indicate the direction of price change from the prior time period (NC is no change).  The following table provides the quarterly median prices for the Oahu neighborhood groups.

*Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below.  Click Oahu Map to view the geographical references used above.

Contact Michael Zimmerman if you have question about Honolulu real estate.  Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.

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
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.