Summary
The number of recent sales and apartments currently for sale at Ko’olani is very, very encouraging.  I am very optimistic by these sales dynamics.  Look at the graph below and you’ll notice that two very positive trends continue:  sales are solid the number of apartments for sale is still falling.

Given that the number of apartments on the market has decreased to its lowest level in three years, not all floor plans are available as I write.  For example, if someone is looking for a 3-bedroom ’09 apartment, none are for sale.  In addition, a few other floor plans are not available on higher floors, so buyers should be patient, but be ready to act when something comes on the market.

Ko’olani Condominium
Address:  1177 Queen Street, Honolulu, HI 96814
Built:  2006 

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

Would you like to learn more about Ko’olani?  If so, contact Michael Zimmerman, the condominium expert.  Please visit my web site to view Ko’olani apartments for sale, request special reports or conduct your own Honolulu condo search.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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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.

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.

The Ala Moana Tower
1617 Kapiolani Boulevard
Honolulu, HI 96814

Kakaako’s newest, affordable fee simple condo conversion just opened this past weekend.  Conveniently located next to the Ala Moana Shopping Center and the brand new Nordstrom, this condo is also a few blocks from Wal-Mart and Don Quijote.  These apartments are terrific starter homes or a great place to retire as they are within walking distance of shopping, restaurants, the beach and entertainment.

All Apartments have a range, refrigerator, A/C, disposal and an assigned parking stall.  The building is pet friendly.  As I write, one-bedroom/one-bath units begin at just over $275,000 and two-bedroom/two-bath units begin at just over $373,000.

If you’d like to learn more about this condo conversion project, contact Michael Zimmerman

Hawaiki Tower Condominium

88 Piikoi Street, Honolulu, HI 96814
Built: 1999

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

Feature
Conveniently located across the street from the Ala Moana Shopping Center and just blocks away from the new Nordstrom store located at 1519 Kapiolani Boulevard.

Summary
For the last four months, the number of units offered for sale at Hawaiki has been quite small.  Three to five units at any one time has been the norm.  The average days on market remained low because there’s been more than enough demand for the meager supply of units.

There were only 24 sales in the last 12 months, due in part to so few units being offered for sale.  I am very happy to report that most of the units have been offered at reasonable prices and sold, on average, for 97% of their listing price.  Buyers recognize this and have quickly stepped in to purchase units priced fairly.  Hawaiki is one of few buildings I monitor where the inventory of units for sale hasn’t ballooned to an unhealthy level.  The large two-bedroom ’09 units are highly desired and usually sell rather quickly due to their limited supply and unique floor plans.  Even in this building, buyers have little tolerance for improper pricing.

Availability
Units in the building:  422
Units available for sale:  4
Average days on market to date:  27
Units listed for sale in the last 30 days:  2
Months of inventory available:  2.0

Sales
Units under contract in escrow:  3
Units sold in the last 30 days:  1
Average days on market:  28

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.