Summary
Just look at the robust sales recorded in the chart below!  As you’d expect, things were a little slow over the holidays (those sales typically record in February of the following year).  In previous reports, I wrote that it was difficult for some buyers to finance their Moana Pacific purchase and that most sales were for cash.  I’m glad to write that 5 of the last 7 sales were made with financing.  This provides sellers with greater prospects of selling their home.  If you’re looking for a 1-bedroom here, there’s not much to choose from since four 1-bedroom apartments were sold in the last 90 days.

The chart above depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Moana Pacific averaged 2.5 sales per month and if that pace continues, it will take 6 months to sell the 15 apartments currently available.

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe via email to Honolulu Real Estate and Community News
Subscribe via RSS to Honolulu Real Estate and Community News]]> http://blog.michael-zimmerman.com/2010/03/22/march-2010-honolulu-condominium-market-report-moana-pacific/feed/ 0 http://blog.michael-zimmerman.com/2009/11/17/honolulu-real-estate-moana-pacific-storage-unit-for-sale/ http://blog.michael-zimmerman.com/2009/11/17/honolulu-real-estate-moana-pacific-storage-unit-for-sale/#comments Tue, 17 Nov 2009 10:17:33 +0000 Michael Zimmerman http://zimmerman.realty-buzz.com/?p=2042

Michael Zimmerman just listed a large Moana Pacific storage unit for sale.

Moana Pacific Condominium
1296 Kapiolani Blvd. S317
Honolulu, HI 96814
MLS # 2914844

Sale of storage unit only.  Large walk-in storage unit located on the third floor of the Moana Pacific East Tower.  Approximately 168 square feet.

Very few storage units have been sold since Moana Pacific opened in 2007, so don’t miss this unique opportunity to purchase this ideal storage. 

Please contact Michael Zimmerman if you have a specific question or visit my Featured Properties web page to learn more about this storage unit.

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

Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.michael-zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Summary
As mentioned in the June 2009 report, the Moana Pacific Association of Apartment Owners is litigating with the developer.  In many instances, banks will not lend on property in litigation.  While eight of the ten 3rd quarter sales were for cash, two apartment sales were financed.  That is good news for owners trying to sell or contemplating a sale of their Moana Pacific apartments.

The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Moana Pacific averaged just over 2 sales per month and if that pace continues, it will take 8 months to sell the 17 apartments currently available.  The number of apartments for sale is just half of what it was six months ago.  I think that’s a huge step forward and a healthy sign for the building in general.  Sales are slower than a year ago, but that’s no surprise given the state of Hawaii’s economy.

Summary
It’s sad to say, but the Moana Pacific Association of Apartment Owners has entered into some form of litigation with the developer.  While this is relatively common in new buildings, it is nonetheless cause for concern in the short term.  Loans normally available through Fannie Mae and Freddie Mac are unavailable, forcing buyers to borrow from local banks at a higher interest rate.  This will likely slow the sales rate and may force sales prices lower.

The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Moana Pacific averaged about 1.5 sales per month and if that pace continues, it will take 20 months to sell the 30 homes currently available.

Moana Pacific Listings vs. Sales

Take a look at the sales statistics below.  Seven apartments sold in the last 90 days and in this market, that’s very encouraging.  These owners were motivated; they didn’t set a high price and suffer through several months of inactivity.  They set a price that today’s picky buyers perceived to be a good value and 5 of the 7 sold in 20 days or less.  Contrast that with the homes that are still for sale (most were on the market long before the ones that just sold).  These owners have been waiting 100, 200 or even 300 days and they still don’t have a buyer.  Specific sales statistics are listed below.

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

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

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

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

Availability
Apartments in the building:  720
Apartments available for sale:  30
Average days on market to date:  143
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  20.0

Sales
Apartments under contract in escrow:  5
Apartments sold in the last 90 days:  7
Average days on market:  35
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 apartments 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
If you’re a buyer in the market for a virtually new condominium, Moana Pacific has a lot to offer.  Kakaako has so much going for it because of its proximity to shopping, relaxation, entertainment and restaurants.  As you can see in the chart below, the inventory of apartments reached its high point in the middle of the year, but ended just slightly higher than where it began.  Frankly, I’m surprised the inventory isn’t higher given only two apartment sales in the last three months.

The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Moana Pacific averaged about 3 sales per month and if that pace continues, it will take over 11 months to sell the 33 homes currently available.

Moana Pacific Listings vs. Sales

12 Moana Pacific apartments have been on the market over 100 days and that forces me to question how serious those owners are about selling their home or investment property.  One of the two condos that sold recently and two of the three in escrow right now set aggressive prices or repositioned themselves in the market on a regular basis until they found the market price, i.e. what rational buyers are willing to pay.  There still are some attractively priced apartments available.  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 Nordstrom store located on Kapiolani Blvd.

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

Availability
Apartments in the building:  720
Apartments available for sale:  33
Average days on market to date:  92
Apartments listed for sale in the last 30 days:  6
Months of inventory available:  11.6

Sales
Apartments under contract in escrow:  3
Apartments sold in the last 90 days:  2
Average days on market:  67
Sales Price / List Price:  98%

What else would you like to know about sales activity at Moana Pacific?  Please visit my web site to view Moana Pacific apartments 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
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
Moana Pacific sales are still strong despite the fact that several units are listed significantly above market price.  18 units sold in the first quarter of 2008.  Two of these sales were initial sales by the developer.  Of the 36 units for sale, there is a great mix of one, two and three-bedroom floor plans, evenly spread from low to high floors.  12 of these units have been on the market over 100 days, presenting an opportunity for patient buyers.  The last five units sold at an average of 98% of their list price.  Specific sales statistics are listed below.

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

Schools
Elementary:  Kaahumanu
Middle:  Central
High:  McKinley

Location
Conveniently located a few blocks from the Ala Moana Shopping Center and the new Nordstrom store located at 1519 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:  36
Average days on market to date:  90
Units listed for sale in the last 30 days:  10
Months of inventory available:  5.1

Sales
Units under contract in escrow:  6
Units sold in the last 30 days:  5
Average days on market:  50

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.

Moana Pacific Condominium

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

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

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

Summary
Moana Pacific re-sales have been robust since the building opened a year ago (10% of original owners have sold their unit), but the pace is slowing to a healthier level.  The developer is slowly selling a few units held in its inventory.  In addition, a large number of units have recently come on the market as owners reached the required one year holding period. 

Here’s a quick breakdown of 73 unit resales from April 2007 to February 2008:
East Tower – 33
West Tower – 40
’01 units – 10
’02 and ’09 units – 14
’03 and ’08 units – 14
’04 and ’07 units – 16
’05 and ’06 units – 19

It comes as no surprise, several units are listed significantly above market price.  It’s no wonder 9 units have been on the market greater than 100 days.  Over pricing leads to a large supply and there isn’t enough buyer demand, so the units remain on market much longer.  At the current sales rate, it will take 6.6 months to sell all units currently listed for sale.  Improper pricing forced some owners to wait well over 200 days for a sale.

Availability
Units in the building:  760
Units available for sale:  33
Average days on market to date:  75
Units listed for sale in the last 30 days:  11
Months of inventory available:  6.6

Sales
Units under contract in escrow:  9
Units sold in the last 30 days:  6
Average days on market:  76 

What else would you like to know about 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.