Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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Ala Moana & Kakaako area lead island in condo sales

Photo: Jack Tyrrell & Company

Photo: Jack Tyrrell & Company

Hawaii Public Radio's Molly Solomon reported on the Ala Moana and Kakaako areas' lead on the island in terms of condominium sales.  Listen to the story or read more below:

When it comes to Honolulu condominium sales, Ala Moana and Kaka‘ako remain king. That’s according to a new report that compares housing trends in neighborhoods across Oahu. HPR’s Molly Solomon explains.

The report, issued by the Honolulu Board of Realtors, found that condo sales in Ala Moana and Kaka‘ako were particularly strong last month. Compared to June of last year, sales for units rose by 42 percent. And the median sales price jumped nearly $300,000 —a 71 percent increase.

“For the condo market in general, Kaka‘ako really led the way,” said Kalama Kim, a realtor with Coldwell Banker Pacific Properties and the President of the Honolulu Board of Realtors. He explained that the continued development in Kaka‘ako hasn’t slowed buyers.

“I think that surprised people because as you get more units built to live in, usually you see a slowdown in price,” he said. “That certainly didn’t happen in June.”

Kim said despite many luxury towers being built in the area, most buyers aren’t international or out-of-state residents. “The vast majority of the buyers for the units that they’re selling are local residents, people purchasing with a local address,” said Kim. “So I think a lot of it has to do with what people believe the future of Kaka‘ako holds.”

The report also revealed that condos in Kaka‘ako spent more days on the market. Last June, the average was 18 days, on par with past years for Honolulu. This time, it was 56. But Kim said, with sale prices increasing, that’s not necessarily a bad thing. He thinks the longer wait period on the market is largely due to more choices in the area.

“You have all of these new development units that are taking reservations, selling, closing, and having people move in. And then you have the resells in that same area,” said Kim. “So unlike the other side of the island, a home in Kapolei, you have time to look at all of it before you make a choice.”

Earlier this year, a report from the University of Hawaii Economic Research Organization projected median Oahu home prices will set new records this year just shy of $400,000 for condos and close to $750,000 for single-family homes.

 

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Ke Kilohana Reserved Housing Workshop NOW ONLINE!

Photo: Ward Village/The Howard Hughes Corp.

Photo: Ward Village/The Howard Hughes Corp.

Earlier this year, the Ward Village team began holding workshops to inform the public about its most affordable option yet- the Ke Kilohana Reserved Housing Program. The project will be located at 988 Halekauwila, and will be comprised of 43 stories and 424-unit condominium high-rise units. With 49 market residences and 375 residences reserved for qualified Hawaii residents, Ke Kilohana offers a great opportunity for local people to make Ward Village their home! Units will range in price from $300,000 to $500,000.  The project will also be steps away from the shopping and dining at Ward Village, and near the future Kakaako Rail Station beside the Sports Authority. For added convenience to your living, 25,000 square feet of commercial space on the ground floor will include a Longs Drugs.

There are certain requirements that must be made the qualify for the 375 reserve units, so please watch Ward Village's online workshop to see if you qualify!  And please contact us to ensure that you have all of the necessary documents.  We are also the best to help you choose which unit will be the best fit for your family size and lifestyle. 

To watch the full workshop online, please follow this link to the official Ke Kilohana website.

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