#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.

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.

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

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.

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.

Although Kakaako is undergoing major transformation with high end restaurants and big box retail stores start to open up, there will always be a local undercurrent in the form of local food. Kakaako Kitchen has prided itself on keeping that local food tradition alive and well with their rich offering of everything from loco mocos to fried catfish. Located directly across the street from Waiea and Anaha, this local favorite is easy to spot on the corner of Ward Warehouse.

Known mostly for their lunch options, Kakaako Kitchen has a sprawling patio perfect for large parties or intimate lunch meetings to enjoy the sunshine. The menu is complete with daily specials that rotate based on the particular day. If you have a sweet tooth check out the small but potent desert options next to the register.

If you’re in the mood for some local favorites, Kakaako Kitchen is best known for their Mix Plate where you can try various local favorites on a plate lunch complete with a side of toss green salad and their signature dressing. Looking for healthier option? Not to worry, check out the vast salad options or Ahi wraps.

CondoKakaako Insider Tip: Feel like take out? Call in your order ahead of time for a quick take out option and skip the line.

Hawaii is best known for its Japanese cuisine. With a healthy stream of locals and visitors, Hawaii is melting pot of cultures and the best way to experience it is the food. Doraku Izakaya & Sushi in Kakaako is the perfect place to sample modern style Japanese food with a twist.

Located in the ground floor of Pacific Honolulu, on Kapiolani Blvd. is one the best known chains of casual Japanese dining. Doraku is a hip and modern take on an Izakaya which is an informal Japanese restaurant.

The bar is lined with massive sake barrels and the bar hosts everything from high end cocktails to sake. Feel like taking in the city at night or during lunch? Ask for an outside table on the patio and get lost in the deep house music and fresh sashimi. If you happen to be in Waikiki as well, Doraku also has a sister location located at the Royal Hawaiian Shopping Center and is identical in the food and drink menus.

Most popular with the locals is the Happy Hour. Doraky has an incredible happy hour menu compete with $4-$5 dishes and $5 sake carafes. Sushi lovers rejoice. Doraku boasts a full sushi bar in addition to sit down dining and private seating areas great for a date night or large birthday party.

CondoKakaako Insider Tip: Make sure to make a reservation Thursday - Saturday as these evenings can be very popular and wait times without a reservation can easily exceed 1.5hours. Our favorite dish is the fresh salmon sashimi.

Chef Chai has long been a staple brand in the Hawaii food scene. Chai is a Thai national who built an incredible reputation backed by flavor filled pacific island style dishes with hints of his Thai roots. In fact, Chef Chai was the former executive Chef for Hawaiian AIrlines and has won countless culinary awards for his innovation.

Chef Chai’s is a contemporary sit down restaurant with a very polished bar perfect for an after work drink or intimate date. Located in the ground floor of Pacifica Honolulu nextdoor to Blue Tree Cafe & Doraku Sushi. They offer a wide open dining room experience with plush ambiance and optional outdoor seating on the patio.

Calling on his Thai roots, Chai uses hints of curry paste, peanut sauce, and other Thai accents laced throughout his impressive menu. Be sure to make a reservation before walking in to Chai’s if you plan on dining or you can sit at the bar for quick friendly service.

CondoKakaako Insider Tip: Chai’s is a bit on the pricey side so make sure your ready to drop some bills. Ask for the set tasting menu as the portions are massive and the food is top notch.

Located in the ground floor of Pacifica Honolulu, Blue Tree Cafe Honolulu is the second location to open from its sister location in Miami Beach. Accented by a cozy coffee shop feel and friendly staff, this coffee shop whips up some of the best coffee drinks in Kakaako.

This study and work friendly hipster shop vibe is not only a coffee shop but a health food lovers oasis complete with cold press juices, vegan food options, acai bowls & vegetarian sandwiches.

Looking to detox? Look no further. Blue Tree makes juicing easy with their drink programs so you can focus on your day while keeping up with your health regime. Blue Tree Cafe takes the hassle out of eating healthy by offering a stellar selection of cold press juices, vegan food options, smoothies, & more.

CondoKakaako Insider Tip: Be sure to inquire about the daily soup option. They change it quite often but the soup is usually incredible and easy on the wallet too.

The best way to enjoy the new attractions around Kakaako is to ditch the car.

With over 1,000 bikes for rent at 100 conveniently located “Biki Stops” throughout the city, Biki is a convenient and quick way to get around Kakaako easily without worrying about parking.

The process is simple –

• go to the closest “Biki Stop”
• hop on a bike
• ride to your destination,
• hop off and dock the bike at the next station

Here is a map of all of their locations: https://gobiki.org/map-of-biki-stops/