Summary
It’s sad to say, but the Moana Pacific Association of Apartment Owners has entered into some form of litigation with the developer. While this is relatively common in new buildings, it is nonetheless cause for concern in the short term. Loans normally available through Fannie Mae and Freddie Mac are unavailable, forcing buyers to borrow from local banks at a higher interest rate. This will likely slow the sales rate and may force sales prices lower.
The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month. In the last six months, Moana Pacific averaged about 1.5 sales per month and if that pace continues, it will take 20 months to sell the 30 homes currently available.
Moana Pacific Listings vs. Sales
Take a look at the sales statistics below. Seven apartments sold in the last 90 days and in this market, that’s very encouraging. These owners were motivated; they didn’t set a high price and suffer through several months of inactivity. They set a price that today’s picky buyers perceived to be a good value and 5 of the 7 sold in 20 days or less. Contrast that with the homes that are still for sale (most were on the market long before the ones that just sold). These owners have been waiting 100, 200 or even 300 days and they still don’t have a buyer. Specific sales statistics are listed below.
Moana Pacific Condominium
1288-1296 Kapiolani Blvd., Honolulu, HI 96814
Built: 2007
Schools
Elementary School: Kaahumanu
Middle School: Washington
High School: McKinley
Location
Conveniently located a few blocks from the Ala Moana Shopping Center and the Nordstrom store located on Kapiolani Blvd.
Feature
Co-located with the Honolulu Design Center, Stage Restaurant and Amuse Wine Bar.
Availability
Apartments in the building: 720
Apartments available for sale: 30
Average days on market to date: 143
Apartments listed for sale in the last 30 days: 1
Months of inventory available: 20.0
Sales
Apartments under contract in escrow: 5
Apartments sold in the last 90 days: 7
Average days on market: 35
Sales Price / List Price: 96%
What else would you like to know about sales activity at Moana Pacific? Please visit my web site to view Moana Pacific apartments for sale or conduct your own Honolulu home search. If you’re thinking of selling your home and don’t want to wait six months for a sale, contact Michael Zimmerman for a no obligation consultation.
