January 2012 Honolulu Condominium Market Report: One Waterfront Towers

Summary
Despite a large 2011 maintenance fee increase/special assessment, One Waterfront Towers sales were strong throughout the past year.  There is just one 1-bedroom apartment available as I write, but there are several low floor and high floor 2-bedroom apartments on the market.  Many offer great views of Diamond Head.  Nine of the 11 apartments offered for sale have been on the market over 100 days (some more than 200) and that indicates they may be priced well above market price.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale trended slightly lower throughout 2011.  In the last six months, One Waterfront Towers averaged two sales each month.  At that pace, it will take more than five months to sell the 11 apartments listed for sale.

One Waterfront Towers Condominium
415-425 South Street, Honolulu, HI 96813
Built: 1989

Apartments currently available:

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Features
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and it’s just steps away from Kakaako Waterfront Park. 

Availability
Apartments in the building:  302
Apartments available for sale:  11
Average days on market to date:  139
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  5.5

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  3
Average days on market:  90
Average price per square foot:  $534.08
Sales Price / List Price:  93%
Last three sold:
A3102 sold on 11/30/11 for $520,000
A4002 sold on 11/18/11 for $750,000
A501 sold on 11/8/11 for $579,000

What else would you like to know about One Waterfront Towers?  Please visit my web site to request free reports for buyers or sellers or conduct your own Honolulu condo search.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.