Insights

Sept. 5, 2018

Lilia Waikiki, affordable rentals coming to Waikiki

Image result for lilia waikiki

Lilia Waikiki is the latest project announced for Waikiki and will contain rentals exclusively. The project is planned to have a total of 455 units, including one 28-story, 285 foot tower and four low-rise buildings along Kuhio Avenue and Kanekapolei Street (where Food Pantry currently is). 

In a hearing before the Honolulu's Department of Planning and Permitting, the developer, Oliver McMillan (Symphony, Pacifica), has announced that 91 of the units - 38 studios in the tower and 53 one- and two- bedroom units in the low-rise buildings, will be reserved for those that meet the affordable housing income requirements (80 percent of the area median income). In addition, Oliver McMillan is committing to keep the units affordable for 30 years, double the originally proposed 15 years. 

Construction on the project is supposed to start in mid-2019 with a target completion date of 2021. The tower will be mixed-use and is planning commercial space for the ground floor. Details are limited but approximate unit sizes for the affordable rentals are: 

Studios - 385 SF

One-Bedroom - 500 SF

Two-Bedroom - 905 SF

The location is perfect for those who work in Waikiki and are looking to cut down their commute times. Kuhio Avenue has undergone quite a change in recent years with additions like the new International Market Place and The Ritz-Carlton project giving it a much needed face lift. 

For future updates, don't forget to join our mailing list!

 

 

Posted in In the News
Sept. 1, 2018

Midtown Ala Moana, The New Kakaako?

With the development spotlight shining on Kakaako for the past few years, it has been easy to overlook the revitalization of Ala Moana, the gateway to Waikiki and one of the most important neighborhoods of Honolulu. 

Recently dubbed “Midtown Ala Moana”, the development will be centered around the Honolulu Rail Transit’s new Ala Moana Center Station and will be planned in accordance with the TOD (Transit Oriented Development) guidelines.

One goal for TOD is to make Ala Moana more pedestrian friendly and to encourage the use of public transportation which will make the community a more livable, breathable neighborhood with new open park spaces and walkways.

TOD zoning will also allow additional density and additional height (400 feet) for new building projects in the area and is the reason why developers are lining up at the chance to break ground this year.

As of now, there are 8 proposed mixed-use projects being planned for the area, lets take a look: 

1500 Kapiolani

Location: 1500 Kapiolani Boulevard (Heald College site)

  • Hotel-Condominium
  • 40 Stories
  • 450 Hotel & Residential Units
  • 78 Affordable Units
  • Developer: Salem Partners

Azure Ala Moana

Location: 1518 Makaloa Street

  • Mixed-use Residential Condominium
  • 41 Stories
  • 347 Market Rate Units
  • 78 “affordable” rentals
  • Developer: Prospac  

The Central Ala Moana

Location: 1391 Kapiolani Boulevard

  • Residential Condominium
  • 43 Stories
  • 512 Units
  • Expected Completion: 2021
  • Developer: SamKoo Pacific

Hawaii City Plaza

Location: 733 Cedar Street

  • Residential Condominium
  • 26 Stories
  • 133 Market Rate Units
  • 40 “Affordable” Rate Units
  • Developer: Prospac  

Hawaii Ocean Plaza

 Location: 1362 Kapiolani Blvd

  • Hotel-Condominium
  • 40 Stories
  • 207 Residential Units
  • 200 Hotel Units
  • Developer: Prospac

Kapiolani Residences

Location: 1631 Kapiolani Blvd

  • Residential Condominium
  • 45 Stories
  • 484 Residential Units
  • Expected Completion: Fall 2018
  • Developer: SamKoo Pacific

The Residences at Mandarin Oriental

 

Location: Atkinson Drive

  • Hotel Condominium
  • 36 Stories
  • 107 Luxury Residences
  • 125 Hotel Rooms
  • Developer: Salem Partners

Sky Ala Moana

Location: 1388, 1400 & 1416 Kapiolani Blvd.

  • Hotel Condominium
  • 389 Residential Units
  • 300 Condo Hotel Units
  • Developer: Avalon Development Co.,

As you can see, most of the development will be taking place along Kapiolani Boulevard and Keeaumoku Street which will be in close proximity to the new Ala Moana Rail Station. Also interesting to note is that there are 4 projects with a possible hotel component.

Developers are hoping that with the ease of transportation from the airport (Rail Connectivity), the area’s existing attractions (Ala Moana Center, Ala Moana Beach Park) and a never-ending shortage of hotel rooms in Waikiki, tourists and locals alike will be drawn to “Midtown Ala Moana”. 

For a more comprehensive overview of each of the above projects, please visit our “New Projects” page and sign up for updates!

 

Posted in In the News
Sept. 1, 2018

Ke Kilohana at Ward Village Update: Lottery For Final 28 Homes

The last 28 homes available in Ward Village's Ke Kilohana project are being released for Owner-Occupants. The building is 93% sold and on track to close in Q2 of 2019. There are a selection of two and three bedroom, two bath homes which will be available at market rate. The location is directly across from the old Sports Authority site on Ward Avenue and comes chock full of modern amenities including fitness center, theater, Sky Deck and karaoke room. For a full project overview with more renderings, please check out our Ke Kilohana page. 

Here are the important dates:

  • August 24: Owner-Occupant Annoucement
  • September 19: Affidavits Due to Sales Center (1240 Ala Moana Blvd, Suite 100)
  • September 21: Owner-Occupant Lottery starting 9:00 AM
  • September 22: Owner-Occupant Unit Selection starting 9:00 AM

Important Documents (To Do List):

  1. A completed & notarized Owner-Occupant Affidavit
  2. A pre-qualification letter from any one of the project lenders (click here for lender list)

(*The Owner-Occupant Affidavit shall be personally executed by all the prospective owner-occupants of the residential unit and shall not be executed by an attorney-in-fact.)

Here are some floor plans of the final release:

#4008, 2BR / 2 BA, 742 SQ FT / Facing: Diamond Head

View

 

#3606, 3BR / 2 BA, 1173 SQ FT / Facing: Diamond Head 

 

View

Please contact us for guidance on how to register for the lottery and get the home of your dreams!

 

Posted in In the News
Aug. 21, 2018

Residences At Mandarin Oriental To Begin Construction This Fall

The Residences at Mandarin Oriental, Honolulu

Mandarin Oriental Hotel Group, A Hong Kong based luxury hotel owner and operator, is returning to Hawaii. Construction is moving ahead for the brand new project and will break ground this fall. Mandarin Oriental operates 31 hotels and eight residences in 21 different countries and are widely considered one of the best luxury hotel brands in the world.This will be the first Mandarin Oriental hotel in Hawaii since 2006, which used to occupy the Kahala Hotel & Resort property. 

The tower will be the first of the newly adopted Ala Moana Transit Oriented Development Plan which will be the newest development zone within urban Honolulu. Though not the first hotel in Ala Moana (Ala Moana Hotel), this will be the first luxury resort brand to cross over from Waikiki, so this will be an important test for the area as several other Hotel projects are in planning such as Hawaii Ocean Plaza and 1500 Kapiolani.

The project is being developed by Salem Partners, an LA based financial services firm, and will be designed by Architects Hawaii Ltd. and [au]workshop architects. The project will be 418 feet in height and offer 125 hotel guest-rooms and suites plus 99 luxury condominium residences. The site is located directly across from the convention center and in very close proximity to Waikiki which will help to satisfy a current shortage of hotel rooms in Oahu. 

Penthouse Kitchen

The interiors are being designed by world renowned designer Dianna Wong and recent renderings show an open-concept living area with floor-to-ceiling glass walls to offer breathtaking panoramic views of Diamond Head, Ala Moana Beach and  expansive ocean views. Mandarin Oriental will be built on a 5 star level and looks to compete with brands such as The Ritz-Carlton and Trump Hotel, also 5-star Hotel-Condominiums. 

The Residences at Mandarin Oriental will offer owners exclusive and immediate access to unrivaled services and facilities together with world class management and attention.

Sales are expected to begin later this year. For more renderings and building information please visit our Mandarin Oriental page. Don't forget to register for exclusive project updates!

Posted in In the News
Aug. 4, 2018

The Price of Kakaako, By the Foot

Image result for kakaako

Price per square foot is a calculation used to determine the value of a square ft. in a real estate property. This method is commonly used by real estate professionals and investors to compare the value of different condominium buildings within a neighborhood, especially for new development. 

We have compiled a list of the average price per square ft. for popular condominiums located within Ala Moana-Kakaako from most expensive to least. See where your desired condominium stacks up:

(PSF = Price Per Square Foot)

Park Lane $2,474 PSF
Waiea $2,015 PSF
Hokua $1,719 PSF
Anaha $1,445 PSF
One Ala Moana $1,297 PSF
The Collection $1,064 PSF
Waihnoua $1,004 PSF
Keahou Place $968 PSF
Symphony $967 PSF
Hawaiki Tower $913 PSF
Pacifica $888 PSF
Ko’olani $869 PSF
Nauru Tower $856 PSF
909 Kapiolani $837 PSF
Moana Pacific $804 PSF
1350 Ala Moana $795 PSF
Vanguard Lofts $746 PSF
400 Keawe $700 PSF
Imperial Plaza $637 PSF

(MLS data from 7/16/18)

(These figures were based on sold prices within the last 6 months)

We can see that the top of the list is mostly comprised of very recently built luxury buildings, with the exception of Hokua, which was built in the mid 2000's. Ko'olani was suprising in value as it sits in a prime location in Ward Village - this could be due to upcoming development that may block its ocean views. 

Disclaimer: price per square foot is a good method for looking at trends within a neighborhood but not necessarily on judging the value of a piece of real estate. Often times, especially in luxury buildings, higher floor levels command a large premium compared to the lower floors and can skew an average up sharply.  

Posted in Market Data
Aug. 4, 2018

3 Market Trends for Kakaako Housing Market (2018)

#1: Homes are selling faster

(MLS data, 06/19/2018)

The median and average DOM (days on market) for properties in Kakaako have been steadily decreasing since the beginning of 2016.

What this means: Homes are selling at a quicker rate than ever before. For potential buyer’s this means there is strong competition for quality inventory as Kakaako continues to improve and develop.

#2 Kakaako median home prices are steadily increasing

(MLS data, 06/19/2018)

The “median sales price” is the sales price in the middle of our data set when we arrange all sales prices from low to high. We have used the median sales price instead of the “average sales price” to eliminate any extravagantly high outliers (which Hawaii real estate tends to have) that can skew the average sales price up.

We can see a general upward trend going from $500K in 2009 up to the $800K-900K range in 2017-18.

What this means: The median sales price suggests what you can be expecting to spend on a home in Kakaako. This likely represents the price range of a 2 bedroom or 3 bedroom condominium depending on which building you are looking in. The gradual rate in which the median prices have increased suggest a healthy market which doesn’t show signs of slowing down.

#3 Close Price to List Price Ratio is decreasing

(MLS data, 08/02/2018)

The Close Price to List Price Ratio represents the average percentage of price a buyer has paid of the asking price of a home for sale in Kakaako. We can see a slight downward trend since October 2017 from a high of over 100% to 97.5% in July 2018.

What this means

When the ratio exceeds 100%, this typically means sellers are receiving multiple offers at or above asking price.A ratio close to 100% indicates that there is a little leverage for potential buyers at the moment, if even just a little. 

Summmary

With homes selling quicker, prices rising higher and offers close to 100% of asking price, trends are indicating a healthy market with strong demand for home in Kakaako. Now may be the best time to get in the ground floor of the fastest growing neighborhood in Hawaii.

Posted in Market Data
Aug. 4, 2018

Whole Foods Queen Street (Now Open in Ward Village)

Whole Foods Market is now open at Ward Village. Directly across from Anaha condo, the new mega market is packed with two stories of incredible food and local treats. The much anticipated Whole Foods Market is the cornerstone of the Ward Village experience located right off Queen Street directly behind the Ward 16 Theaters.

This is the fourth and largest Whole Foods Market to open in Hawaii measuring in at 72,000 square feet and two massive sprawling floors. The bottom floor is packed with fresh produce, seafood, deli, hot food bar, pizza by the slice, Coffee, & over 900 locally sourced food items.

A bounty of local fish offerings purchased from the Honolulu Fish Mart ensures freshness and variety. Check out the poke bowl bar complete with 7-15 different types of fish, toppings and seasonings. Of course, no poke bowl would be complete without a local brew. The High Tides Bar has over 24 beers on tap and enough TVs to make game day last all week.

Venture up the escalators to the second floor and find a host of entertainment and dining options. Shoppers can retreat to the top floor and enjoy the indoor/outdoor seating area complete with a full bar and live music. Visit the first ever Whole Foods Market Brand Shop gift store to shop branded bags and other merch.

Featured inside Whole Foods Market is a host of local food and drink vendors.

Lanikai Juice: A tropical juice and smoothie specialty company with a host of health conscious drink options and acai bowls.

La Tour Cafe: Specializing in fresh baked Banh Mi sandwiches made to order complete with local produce.

Juicy Brew: Vegan lovers rejoice. This heart freindly local option is encompases all vegan food options.

CondoKakaako Insider Tip: Be sure to swing by the cheese section located next to the hot food bar. They have samples and a wide selection of rare cheeses, crackers and sweets. The perfect combination to any charcuterie board.

Posted in Lifestyle
Aug. 4, 2018

Salt at Our Kakaako (Restaurants & Attractions)

New residential development has created an exciting scene for new dining and entertainment options in Kakaako. Kakaako residents can expect an influx of new shops in the coming years as more and more residents populate the area. Here are some of the latest developments:

Salt at Kakaako

691 Auahi St, Honolulu, HI 96813

https://saltatkakaako.com/

Salt at Our Kaka’ako is a wonderful addition to the West end of Kakaako. Taking up an entire city block with 85,000 square feet of shopping and dining, Salt provides an exciting mix of dining options, coffee shops, boutique shops and more for residents and visitors. First opening in 2015, the space is now thriving with about 91 percent of the available 43 spaces already being leased out.

Dining options include:

  • Bevy & Bevy Market - Award-winning European style cocktail and bites
  • Butcher & Bird - new specialty meat store by Hawaiian butcher Charles Wakeman launched just this week
  • Moku Kitchen - a chef-driven concept restaurant that brings Hawaii’s rich upcountry farming and ranching heritage to downtown Honolulu’s urban lifestlye
  • Village Bottle Shop & Tasting Room - first dedicated craft beer bottle shop and beer cafe in the state of Hawaii

Coming soon:

  • Vein - bar and restaurant specializing in Asian and Italian cuisine with local ingredients
  • Pioneer Saloon - Japanese-style plate lunch restaurant

Posted in Lifestyle
Aug. 4, 2018

Piggy Smalls in Ward Village (Trending in Kakaako)

Kakaako is the breeding ground of new businesses and trendy hot spots. PIggy Smalls is the testament to this fact. This trendy hipster lunch and dinner eatery boasts neon lights, street art and their famous banh mi dip sandwich.

Know around Honolulu as the go-to spot for crunchy warm bread and the optional side noodle pho dish, Piggy Smalls is a versatile restaurant sure to impress. Complete with an open kitchen format and an Los Angeles or Brooklyn vibe PIggy Smalls makes a statement in it’s decor alone.

The restaurant was established after the first success of their sister location in Chinatown, The Pig and the Lady. Taking on the same concept of open market layout and farm to table menu items from local sources, even picky eaters are able to find their next favorite dish here.

Be sure to make a reservation here as this place usually fills up for dinner and has a line in front most of the time. If you are interested in lunch, also get here early.

CondoKakaako Insider Tip: Vegetarian or not - the veggie pho is simply the best pho in Kakaako The broth is an explosion of flavor unlike anything we have tasted before.

Posted in Lifestyle
Aug. 4, 2018

Nobu in Waiea (Ward Village)

One of the pinnacle food options of the Ward Village neighborhood is the popular Japanese Fusion chain Nobu. The former Waikiki location has been relocated to the ground floor of Waiea condo across from Starbucks and is a true work of art.

Designed by renowned design firm Studio PCH, the new Nobu is the perfect setting for Chef Nobu Matsuhisa to display the culinary journey to patrons.

Nobu has a reputation for freshness and top rated service and the Ward Village location is nothing short of stunning. The restaurant has a sweeping floor plan complete with elegant style and ambiance. The new design comes packed with a new outdoor bar & lounge setting with weekend nightlife DJs and perfect cocktails.

CondoKakaako Insider Tip: Looking for some Japanese whiskey? The bar at Nobu has a robust selection of premier Japanese whiskeys.

Posted in Lifestyle