Summary
Despite a weak economy, apartment sales continue at Hokua. In the last six months, the average sale price has exceeded $2.2 million and five of the eight sales were cash purchases. Tough economic conditions have forced new, high-end condo construction projects on Ala Moana Blvd. to the back burner, thus preserving Hokua’s position as the premier Kakaako condominium.
The chart below shows the number of sales recorded each month vs. the number of apartments available for sale at the end of each month. As you can see, the number of apartments for sale remained in a narrow range for most of the past year. In the last six months, Hokua averaged 1.33 sales per month and if that pace continues, it will take 12 months to sell the 16 apartments currently available. In my opinion, the inventory of apartments for sale is at a healthy level.
Hokua Listings vs. Sales
Seven Hokua apartments have been on the market over 100 days and while that’s not a good sign, it is somewhat understandable given the large purchase prices. As always, some apartment prices represent a better value than others. Care should be exercised, but there are some attractively priced apartments available. Specific sales statistics are listed below.
Hokua at 1288 Ala Moana Condominium
1288 Ala Moana Blvd., Honolulu, HI 96814
Built: 2006
Schools
Elementary School: Kaahumanu
Middle School: Central
High School: McKinley
Location
Conveniently located one block from Ward Centers and the Whole Foods Market currently under construction. Just a few blocks from the Ala Moana Shopping Center and Nordstrom located on Kapiolani Blvd.
Features
P.F. Chang’s China Bistro and the Tango Contemporary Café are located on the bottom floor.
Availability
Apartments in the building: 246
Apartments available for sale: 16
Average days on market to date: 113
Apartments listed for sale in the last 30 days: 2
Months of inventory available: 12.0
Sales
Apartments under contract in escrow: 0
Apartments sold in the last 90 days: 3
Average days on market: 177
Sales Price / List Price: 92%
Do you have questions about Hokua at 1288 Ala Moana? If so, contact Michael Zimmerman for a no obligation consultation. Please visit my web site to view Hokua apartments for sale or conduct your own Honolulu home search.
