The Central Ala Moana market rate pricing is finally public and we decided to break down the value it presents compared to the resale market. We took a look at the specs for the least expensive one bedroom at The Central in comparison to the least expensive one bedrooms at existing Ala Moana condominiums.
One Bedroom -
Lowest Price 1 bedroom (market price): $580,000
HOA Fee: $484/mo
Living Area: 702 SF
Lanai: 71 SF
Amenities: Pool, Hot Tub, Kid's Play Area, Gym, BBQ, Party Room, Dog Park, Cabanas, Bike Storage, Electric Vehicle Charge Stations
Lowest Price 1 Bedroom: $615,000
HOA Fee: $483/mo
Living Area: 701 SF
Amenities: Pool, Hot Tub, Kid's Play Area, Gym, Tennis Court, BBQ, Party Room, Theater
Analysis: Moana Pacific has a better amenity package although they are almost 12 years old at this point and in need of an update. The interior square footage is the same but does not have a lanai. Also, this lowest priced unit at MP is on the 16th floor, 10 floors lower than The Central's lowest priced market 1 bedroom.
Lowest Available Price: $755,000
HOA Fee: $980/mo
Living Area: 980 SF
Amenities: Pool, Hot Tub, Tennis Court, BBQ,
Analysis: With a price difference of $175K, the premium is due to Nauru's fantastic ocean view and larger interior square footage. No lanai is disappointing. Overall, The Central has a better amenity package and much lower maintenance fees.
Lowest Available Price: $860,000
HOA Fee: $544/mo
View: Partial Ocean
Living Area: 842 SF
Amenities: Pool, Hot Tub, Putting Area, Tennis Court, Kid's Play Area, BBQ, 35F Winter Garden
Analysis: Hawaiki has a size advantage at 842SF. The maintenance fees are also reasonable, like the Central. This unit seems to be in great shape for an older building and Hawaiki has a large rec deck with a tennis court but no gym. The price tag is also almost $300K more with no lanai.
Lowest Available Price: $995,000
HOA Fee: $778/mo
Living Area: 778 SF
Amenities: Pool, Hot Tub, Exercise Room, Meeting Room, Private Dining, Spa, Putting Green
Analysis: There's no argument that One Ala Moana is superior to The Central in every category - amenities, build quality, finishes, design aesthetics. One Ala Moana is considered a luxury building, The Central is not. The Central does however have around the same square footage and a lanai (One Ala Moana does not). One Ala Moana has some fancier amenities including sauna, movie theater and private dining room. The questions you should ask yourself as a buyer - is that worth almost double the price tag at $1M vs $580K?
For questions about any of the above mentioned properties, please contact Isaiah Block (RB-21893) for an expert opinon on Ala Moana and Kakaako condominiums.