This month kicks off a brand new decade and we are excited for whats in store for the Ala Moana/Kakaako neighborhoods. Homeownership is a goal that many of us want to achieve and our goal is to help educate prospective buyer's on whats new, available and a good deal in Ala Moana/Kakaako.
New Development Updates:
The Central Ala Moana - SOLD OUT
(image courtesy of Pacific Business News)
The Central Ala Moana sold its last remaining studio marking a 100% sell out of all of its 513 Market Rate + Affordable Housing Units. Quite an achievement in this day and age! Construction is well under way for a projected 2021 completion. This will be a fantastic addition to the neighborhood and will provide over 300 units to those meeting HHFDC Affordable Housing Guidelines. A great story for Ala Moana.
Ililani - Market Rate Units for Sale
The Ililani project in the SALT side of Kakaako's sales are well underway and new pricing is available for Market Rate residences. We've updated our page (link here) to reflect the new pricing and availability. Don't forget to scope out the new amenity renderings as well.
The Affordable Housing lottery has yet to take place but we've been informed by the developer that it should be coming within the next few months. We were happy to help support this project with over 15 hopeful buyers put into the program.
At this time they are no longer accepting applications for the affordable housing lottery but if you are interested in the market rate units, please let us know and we can help you immediately. There are still some 2 bedroom units priced under $700K which is considered a GREAT deal for Kakaako. These are being reserved on a first-come first-serve basis so contact Isaiah at (808) 721-3747 or email@example.com today.
There have been 50 closed transactions within the past 30 days in Ala Moana/Kakaako within the resale market.
The highest priced sale was at Park Lane Ala Moana Unit 7604 at $4,800,000 (https://www.condokakaako.com/search/details/27x/0/)
(Park Lane Ala Moana Unit 7604 Living Room)
This 2,065 SF 2 bedroom 2 bathroom unit was originally listed at $5,300,000 in November and went into contract shortly after. It closed in January at a contract price of $4,800,000. Looks like a total of $500K was negotiated off the sticker price, not bad.
(Moana Pacific East and West Towers)
There was a flurry of activity at Moana Pacific with 8 sales closed in January. We've noticed price drops occur more often in this building so it may be a place to watch out for good deals. The lowest priced 2 bedroom sold for $709,000. To learn more about Moana Pacific, please visit our Condo Guide.
The lowest priced closed sale last month was in Ala Moana at Atkinson Towers. A 1 Bedroom 1 Bath 664 SF unit sold for $340,000.
Interest Rates (as of January 27, 2020)
(courtesy Bank of Hawaii)
Mortgage rates still hover at historic lows which help drive the market. It's important before you start searching for real estate to get prequalified with a lender to see what price category you should shop in. We can help put you in touch with reliable lenders and start you on the real estate journey.
Talk to an agent today
A common misconception of Kakaako/Ala Moana is that there is only new high end condominiums for sale. There is a wide range of inventory at all different price levels. The tricky part is knowing where to look and what is considered a good deal. When we help buyers who are just starting to look at real estate, it's important that we educate them on the real estate market as a whole for the neighborhood, not just project sales. In this way, we are able to help buyers choose which way they want to go and recognize good deals.
To schedule a free buyer consultation, please feel free to call Isaiah Block (RB-21893) at (808) 721-3747 or email at info@condokakaako. Isaiah works with buyers of all types, from first-time home buyer to luxury homes. We help to get you prequalified, search the market and close on your dream home.