Summary
As mentioned in the June 2009 report, the Moana Pacific Association of Apartment Owners is litigating with the developer. In many instances, banks will not lend on property in litigation. While eight of the ten 3rd quarter sales were for cash, two apartment sales were financed. That is good news for owners trying to sell or contemplating a sale of their Moana Pacific apartments.
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 just over 2 sales per month and if that pace continues, it will take 8 months to sell the 17 apartments currently available. The number of apartments for sale is just half of what it was six months ago. I think that’s a huge step forward and a healthy sign for the building in general. Sales are slower than a year ago, but that’s no surprise given the state of Hawaii’s economy.
Take a look at the sales statistics below. Ten apartments sold in the last 90 days and in this market, that’s great news. This is proof that buyers will engage with well-motivated owners who price their home at today’s market price. Of course, there are several owners who are unwilling to sell at current market price and they must wait. Several have already been on the market for 200 to 350 days. Unfortunately, their wait will be a long one. 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: 17
Average days on market to date: 145
Apartments listed for sale in the last 30 days: 5
Months of inventory available: 7.3
Sales
Apartments under contract in escrow: 1
Apartments sold in the last 90 days: 10
Average days on market: 76
Sales Price / List Price: 97%
What else would you like to know about Moana Pacific? Please visit my web site to view Moana Pacific apartments for sale, request special reports or conduct your own Honolulu condo search. If you’re thinking of selling your home and want to do so quickly, contact Michael Zimmerman for a no obligation consultation.
Contributed by Michael Zimmerman
Direct: 808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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